Category: Events

Dear Friends,

Tangents:  Start every day off with a smile and get it over with. -W.C. Fields, 1880-1946

On July 18, 1936, the Spanish Civil War began as Gen. Francisco Franco led an uprising of army troops based in North Africa.  Go to article »

-from the Stanford commencement speech by Steve Jobs, June, 2005:
Remembering that I’ll be dead soon is the most important tool I’ve encountered to help me make the big choices in life.  Because almost everything, all external expectations, all pride, all fear of embarrassment or failure – these things just fall away in the face of death, leaving only what is truly important.
Remembering that you are going to die is the best way I know to avoid the trap of thinking you have something to lose.  You are already naked.  There is no reason not to follow your heart.
PHOTOS OF THE DAY

The Lunar eclipse over Bembridge lifeboat station on the Isle of Wight.
CREDIT: BNPS

A hummingbird plays in water droplets sprayed from a sprinkler in California. US.
CREDIT: WEI LIAN/ SOLENT NEWS & PHOTO AGENCY.

People watch as the Saturn V rocket that took Apollo II to the moon is displayed on the Washington Monument on the National Mall during a light show in Washington, DC.
CREDIT: UPI/ BARCROFT MEDIA
Market Closes for July 18^th, 2019

Market Index	Close	Change
Dow Jones	27222.97	+3.12 +0.01%
S&P 500	2995.11	+10.69 +0.36%
NASDAQ	8207.242	+22.036 +0.27%
TSX	16494.23	+10.02
		+0.06%

International Markets

Market Index	Close	Change
NIKKEI	21046.24	-422.94
		-1.97%
HANG SENG	28461.66	-131.51
		-0.46%
SENSEX	38897.46	-318.18
		-0.81%
FTSE 100*	7493.09	-42.37
		-0.56%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.4999		1.528
CND. 30 Year Bond		1.737		1.733
U.S.    10 Year Bond		2.0242		2.0451
U.S. 30 Year Bond		2.5640		2.5568

Currencies

BOC Close	Today	Previous
Canadian $	0.76751	0.76623
US $	1.30292	1.30509
Euro Rate 1 Euro=		Inverse
Canadian $	1.46941	0.68055
US $	1.12777	0.88671

Commodities

Gold	Close	Previous
London Gold Fix	1410.35	1409.85
Oil
WTI Crude Future	55.30	56.78

Market Commentary:
All money is a matter of belief. -Adam Smith, 1723-1790.
On this day in 1996, “Chainsaw Al” Dunlap became chairman of Sunbeam, a maker of coffee machines, barbecue grills and massaging shower heads. The veteran tough-guy turnaround artist announced massive layoffs, factory closings, and other steps that he predicted would save the company $225 million and double revenues by 1999; the stock soared 50% on Dunlap’s first day. Less than two years later, Dunlap stepped down amid allegations of massive accounting fraud. He died earlier this year. 
Canada
By Michael Bellusci
(Bloomberg) — Canadian stocks finished higher Thursday, with material producers leading the way after gold and silver rose amid weaker U.S. dollar and Iran geopolitics. The S&P/TSX Composite Index up less than 0.1% to 16,494.23. Material stocks jumped 1.7% while Aurora Cannabis Inc. paced losses among pot shares.
Meanwhile, energy shares slipped along with oil. Crude prices slid to the lowest in almost a month as pessimism about a trade truce between the U.S. and China continued to dog markets, while the resumption of Russian pipeline flows fed worries about a supply glut.     In other moves:
Stocks
* Neptune Wellness Solutions jumped 16% after closing a private placement
* Sandstorm Gold rose 8.6%
* First Majestic Silver gained 6.3%
* iAnthus Capital Holdings lost 6.9%
* Aurora Cannabis fell 6.5% after BofA downgraded to neutral
Ratings
* ATD/B CN: Couche-Tard Cut to Market Perform at BMO; Price Target C$84
* CVE CN: Cenovus Energy Upgraded to Outperform at CIBC; PT C$16.50
* FM CN: First Quantum Minerals Upgraded to Buy at Canaccord; PT C$16
* GDI CN: GDI Integrated Rated New Buy at Cormark Securities; PT C$35
* IMO CN: Imperial Oil Rated New Buy at Accountability; PT C$43
* TCW CN: Trican Well Service Downgraded to Neutral at CIBC; PT C$1.50
* VET CN: Vermilion Energy Downgraded to Sector Perform at RBC; PT C$33
* WCN CN: Waste Connections Downgraded to Perform at Oppenheimer
Commodities
* Western Canada Select crude oil traded at a $14.75 discount to WTI
* Gold spot price rose 1.4% to $1,446.23 an ounce
FX/Bonds
* The Canadian dollar climbed about 0.1% to C$1.3036 per U.S. dollar
* The Canada 10-year government bond yield fell to 1.501%
US
By Rita Nazareth
(Bloomberg) — U.S. stocks rebounded and the dollar fell after Federal Reserve Bank of New York President John Williams highlighted the need for swift action should policy makers conclude the economy is in trouble. Consumer and financial stocks led gains in the S&P 500 Index, while Treasury 10-year yields dropped. A positive outlook from Apple Inc. supplier’s Taiwan Semiconductor Manufacturing Co.’s lifted chipmakers. The NYSE FANG+ Index slid on Netflix Inc.’s surprise loss of U.S. customers.
A report that Iran made a “substantial” offer on its nuclear program in return for fewer sanctions gave a lift to equities that was later tempered by news that the U.S. shot down an Iranian drone. In after-hours trading, Microsoft Corp. and CrowdStrike Holdings Inc. rallied after sales topped estimates.The futures market edged closer to the idea of a half-point U.S. rate cut this month, with fed funds now pricing in about 42 basis points of easing. Fed Vice Chairman Richard Clarida told Fox Business Network that policy makers shouldn’t wait for the economy to turn down to act. Cutting rates could help cushion some of the blow from uncertainty about trade that’s likely to prove persistent, according to Fed Bank of St. Louis President James Bullard.
“We’re in a trade war, you’re seeing the impact on corporate earnings, you’re seeing the central banks forced to scramble to react to that,” Bob Michele, CIO and head of global
fixed income at JPMorgan Asset Management, said in a Bloomberg TV interview.
Elsewhere, oil slid to the lowest in almost a month as pessimism about a trade truce between the U.S. and China continued to dog markets, while the resumption of Russian pipeline flows fed worries about a supply glut. The pound climbed as the British Parliament backed measures to prevent the next prime minister suspending the legislature to pursue a no-deal Brexit.

These are the main moves in markets:
Stocks
* The S&P 500 rose 0.4% to 2,995.11 as of 4 p.m. New York time.
* The Stoxx Europe 600 Index decreased 0.2%.
* The MSCI Asia Pacific Index fell 0.6%.
Currencies
* The Bloomberg Dollar Spot Index dipped 0.5%.
* The euro gained 0.5% to $1.1276.
* The British pound climbed 1% to $1.2554.
* The Japanese yen added 0.6% to 107.26 per dollar.
Bonds
* The yield on 10-year Treasuries dipped two basis points to 2.03%.
* Germany’s 10-year yield declined two basis points to -0.31%.
* Britain’s 10-year yield was unchanged at 0.759%.
Commodities
* The Bloomberg Commodity Index dipped 0.8%.
* West Texas Intermediate crude declined 2.6% to $55.30 a barrel.

–With assistance from Nancy Moran, Sophie Caronello, Todd White, Yakob Peterseil, Cecile Gutscher, Tom Keene, Nejra Cehic, Adam Haigh and Vildana Hajric.

Have a great night.

Be magnificent!

As ever,

Carolann

You cannot find peace by avoiding life.
              –Virginia Woolf, 1882-1941

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 17, 1975, an Apollo spaceship docked with a Soyuz spacecraft in orbit in the first superpower linkup of its kind.  Go to article »

Apollo 11 engineers discuss what it took to get to the moon.

A swan census

This week, scarlet-clad teams are rowing the River Thames in southern England, counting swans.

Since the 12th century, British monarchs have asserted exclusive rights to most of the country’s mute swans. But two groups descended from London’s medieval craft guilds own swans on the Thames, and mark them to show as much.

 

The Queen’s Swan Marker examining a young bird in London on Tuesday.  Toby Melville/Reuters It’s called “Swan Upping,” perhaps because the searchers “take up” the swans they find for examination and enumeration.

Swans were a medieval delicacy, prized at banquets. But these days, they are protected in Britain, and eating them is forbidden.

In 2005, the composer and conductor Peter Maxwell Davies made a terrine from a swan he said had died after flying into a power line. The police questioned him, and he pondered whether he might have to serve time “with a ball and chain in the Tower of London.”

He got off, maintaining that “making a delicious terrine” was within his rights. –The New York Times.

PHOTOS OF THE DAY

The bright orange disc of the full moon is seen rising over Glastonbury Tor, late on July 15 2019. The full moon is July is called the Buck Moon – named after the time new antlers emerge from a Buck’s forehead.
CREDIT: PAUL SILVERS / SWINS

Model rockets are launched at the U.S Space & Rocket Center in Huntsville, US, on the 50^th anniversary of the Apollo II liftoff. Organisers attempted to break a Guinness World Record by launching 5,000 simultaneously.
CREDIT: JOE SONGER/THE HUNTSVILLE TIMES – AL.COM/AP

Competitors are given drinks during the men’s 10km open water swimming final during the 2019 World Championships in Yeosu, South Korea.
CREDIT: FINA ORGANISING COMMITTEE / YONHAP/ AFP

Market Closes for July 17^th, 2019

Market Index	Close	Change
Dow Jones	27219.85	-115.78 -0.42%
S&P 500	2984.42	-19.62 -0.65%
NASDAQ	8185.207	-37.590 -0.46%
TSX	16484.21	-18.21
		-0.11%

International Markets

Market Index	Close	Change
NIKKEI	21469.18	-66.07
		-0.31%
HANG SENG	28593.17	-26.45
		-0.09%
SENSEX	39215.64	+84.60
		+0.22%
FTSE 100*	7535.46	-41.74
		-0.55%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.528		1.588
CND. 30 Year Bond		1.733		1.784
U.S.    10 Year Bond		2.0451		2.1096
U.S. 30 Year Bond		2.5568		2.6209

Currencies

BOC Close	Today	Previous
Canadian $	07.6623	0.76441
US $	1.30509	1.30819
Euro Rate 1 Euro=		Inverse
Canadian $	1.46509	0.68255
US $	1.12259	0.89077

Commodities

Gold	Close	Previous
London Gold Fix	1409.85	1412.40
Oil
WTI Crude Future	56.78	57.62

Market Commentary:
Behind every stock is a company.  Find out what it’s doing. -Peter Lynch, b. 1944.
On this day in 1995, the Nasdaq rose 6.56 points to close at 1005.89, its first finish above the 1000 barrier. The index has gained more than 700% since then, closing at 8222.80 on Tuesday.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 0.1 percent, or 18.21 to 16,484.21 in Toronto. The index dropped to the lowest closing level since July 8. Canadian National Railway Co. contributed the most to the index decline, decreasing 3.0 percent. Precision Drilling Corp. had the largest drop, falling 4.9 percent. Today, 127 of 239 shares fell, while 110 rose; 6 of 11 sectors were lower, led by industrials stocks.

Insights
* The index was little changed in the past 52 weeks. The MSCI AC Americas Index gained 6 percent in the same period
* The S&P/TSX Composite is 1.1 percent below its 52-week high on April 23, 2019 and 19.7 percent above its low on Dec. 24, 2018
* The S&P/TSX Composite is down 0.5 percent in the past 5 days and rose 0.8 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 17.7 on a trailing basis and 15.2 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.1 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.55 trillion
* 30-day price volatility fell to 6.02 percent compared with 6.04 percent in the previous session and the average of 7.53 percent over the past month
* The benchmark 10-year bond rose and the yield fell 5.6 basis points to 1.532 percent
* The S&P 500 Index declined 0.7 percent
US
By Rita Nazareth and Vildana Hajric
(Bloomberg) — U.S. stocks fell as investors assessed mixed corporate earnings amid concern over the U.S.-China trade spat. Treasuries rose. Industrials led the S&P 500 Index below 3,000, with CSX Corp. plunging 10% after a weakened sales forecast stoked fears of a prolonged freight slump. The Dow Jones Transportation Average, a barometer of economic growth, tumbled. Bank of America Corp. advanced as gains in its retail division drove overall profit to a record, while the trading unit saw a drop in revenue. Netflix Inc. plummeted in after-hours trading as its subscriber ads missed estimates.
While early indications are usually unreliable when it comes to earnings, investors have closely watched corporate reports for clues on the state of the world’s largest economy amid the threat of a trade war. Market sentiment was clearly dented after President Donald Trump said Tuesday he could impose more tariffs on China, pushing stocks down from a record high.
“Stocks’ strong gains are finally succumbing to profit- taking,” said Alec Young, managing director of global markets research at FTSE Russell. “Earnings and guidance so far have been mixed and, given the big run-up, it’s no surprise there’s little investor tolerance for even a hint of disappointment.”
The U.S. economy expanded at a modest pace with job gains slowing somewhat and  inflation remaining stable or slightly weaker, a Federal Reserve survey showed. The report is unlikely to sway the debate policy makers will have during the July 30-31 meeting. They’re expected to reduce rates by a quarter point, though a handful of regional Fed presidents appear uneasy about a cut. Elsewhere, oil sank after a mixed U.S. government report showed a surprising drop in fuel demand last week. Bitcoin climbed, while still trading below $10,000.
Here are some key events coming up:
* Monetary policy decisions are due in Indonesia, South Korea and South Africa on Thursday.

These are the main moves in markets:

Stocks
* The S&P 500 lost 0.7% to 2,984.42 as of 4 p.m. New York time.
* The Stoxx Europe 600 Index fell 0.4%.
* The MSCI Asia Pacific Index fell 0.1%.
Currencies
* The Bloomberg Dollar Spot Index decreased 0.1%.
* The euro rose 0.1% to $1.1224.
* The Japanese yen increased 0.1% to 108.08 per dollar.
Bonds
* The yield on 10-year Treasuries sank five basis points to 2.05%.
* Germany’s 10-year yield sank five basis points to -0.29%.
* Britain’s 10-year yield fell six basis points to 0.759%.
Commodities
* The Bloomberg Commodity Index fell 0.1%.
* West Texas Intermediate crude dipped 1.5% to $56.78 a barrel.
* Gold rose 0.9% to $1,423.30 an ounce.
–With assistance from Adam Haigh, Samuel Potter, Laura Curtis
and Robert Brand.
Have  a great night.

Be magnificent!
As ever,

Carolann

In the realm of ideas, everything depends on enthusiasm;
in the real world, all rests on perseverance.
 –Johann Wolfgang von Goethe, 1749-1832

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

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

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

Dear Friends,

Tangents: Full moon tonight!
On July 16, 1918, Russia’s Czar Nicholas II, his wife and their five children were executed by the Bolsheviks.  Go to article »

I am almost finished reading a terrific novel that takes place in Russia just after the revolution.  It is entitled “A Gentleman in Moscow”  and is written by Amor Towles.   I began reading it this past weekend and am unable to put it down.  I hope to finish it tonight, but based on the 300 or so pages I’ve read thus far, I can highly recommend it with confidence.  I hope you enjoy it as much as I have – fascinating times.
PHOTOS OF THE DAY

The Fireworks of the Champ de Mars on the occasion of the National Day in Paris, France.
CREDIT: BACKGRID

A man dressed in regalia is seen during the 32nd annual Squamish Nation Youth Pow Wow at Capilano Reserve Park in west Vancouver, Cabnada, July 14, 2019. First Nations people from Canada and the U.S. took part in the 32nd Annual Squamish Nation Youth Pow Wow in celebration of indigenous cultures. Pow Wow is an indigenous cultural activity in which people socialize together via different activities like dancing, singing, and honouring the traditions of their ancestors.
CREDIT: XINHUA / BARCROFT MEDIA

Trevor the peacock, whose lovelorn mating calls left residents in Burnopfield, County Durham, sleep deprived when he escaped from his home in search of a partner, has now became a dad-of-three after finding love with Poppy the peahen at Leazes Hall care home.
CREDIT: WILL WALKER / NORTH NEWS
Market Closes for July 16^th, 2019

Market Index	Close	Change
Dow Jones	27335.63	-23.53 -0.09%
S&P 500	3004.04	-10.26 -0.34%
NASDAQ	8222.797	-35.389 -0.43%
TSX	16502.42	-8.40
		-0.05%

International Markets

Market Index	Close	Change
NIKKEI	21535.25	-150.65
		-0.69%
HANG SENG	28619.62	+64.74
		+0.23%
SENSEX	39131.04	+234.33
		+0.60%
FTSE 100*	7577.20	+45.48
		+0.60%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.588		1.591
CND. 30 Year Bond		1.784		1.788
U.S.    10 Year Bond		2.1096		2.0887
U.S. 30 Year Bond		2.6209		2.6099

Currencies

BOC Close	Today	Previous
Canadian $	0.76441	0.76641
US $	1.30819	1.30478
Euro Rate 1 Euro=		Inverse
Canadian $	1.46629	0.68202
US $	1.12089	0.89215

Commodities

Gold	Close	Previous
London Gold Fix	1412.40	1407.60
Oil
WTI Crude Future	57.62	59.58

Market Commentary:
Amazon.com: The e-commerce giant’s annual Prime Day featuring discounts and deals on its site for members ends today.   Amazon’s Prime service penetrates 30% of U.S. households and less than 5% of international markets, according to Jeffries.
Canada
By Michael Bellusci
(Bloomberg) — Canadian stocks were little changed Tuesday, while U.S. shares fell from a record high as President Donald Trump said he could impose more tariffs on China. The S&P/TSX Composite Index fell less than 0.1% to 16,502. Industrial stocks advanced, led by Canadian Pacific Railway Ltd. after the company beat second-quarter earnings estimates and closed at a record high. Meanwhile, the Bank of Canada is taking over a new risk- free overnight rate that could become the dominant benchmark for the country’s C$12 trillion ($9.2 trillion) market for loans and derivatives.
In other moves:
Stocks
* Fortuna Silver Mines gained 15%, most since November 2014
* Organigram rose 11%; see outlook here
* Richelieu Hardware advanced 5.3%
* Turquoise Hill Resources plunged 43% after saying its development capex may increase by $1.2-$1.9 billion from its previously disclosed $5.3 billion at its Oyu Tolgoi mine
* CannTrust Holdings fell 9.6%
* NFI Group lost 10% after 2Q deliveries, backlog update
Ratings
* ABX CN: Barrick Gold Downgraded to Equal-weight at Barclays
* BTE CN: Baytex Among Favorites in Credit Suisse’s Canada E&P Initiation
* BYD-U CN: Boyd Group Downgraded to Hold at Desjardins; PT C$190
* CAS CN: Cascades Downgraded to Hold at TD; Price Target C$13.50
* FTT CN: Finning International Downgraded to Neutral at CIBC; PT C$27
* MEG CN: MEG Energy Rated New Neutral at Credit Suisse
* NVA CN: NuVista Energy Rated New Outperform at Credit Suisse
* POU CN: Paramount Resources Rated New Underperform at Credit Suisse
* TRQ CN: Turquoise Hill Downgraded to Neutral at Eight Capital; PT C$3
* VET CN: Vermilion Energy Rated New Neutral at Credit Suisse
* WEF CN: Western Forest Products Cut to Market Perform at Raymond James
* WPM CN: Wheaton Precious Metals Upgraded to Overweight at Barclays
Commodities
* Western Canada Select crude oil traded at a $9.20 discount to WTI
* Gold spot price fell 0.6% to $1,405.50 an ounce
FX/Bonds
* The Canadian dollar dropped 0.3% to C$1.3086 per U.S. dollar
* The Canada 10-year government bond yield fell to 1.588%
US
By Rita Nazareth and Vildana Hajric
(Bloomberg) — U.S. stocks fell from a record high as President Donald Trump said he could impose more tariffs on China, reminding investors that the trade spat remains unresolved. Treasuries dropped and the dollar rose. The S&P 500 Index halted a five-day rally, with energy producers joining an oil sell-off and technology giants facing an antitrust showdown with Congress. Goldman Sachs Group Inc. jumped on better-than-estimated results in its trading unit, and JPMorgan Chase & Co. rebounded from losses triggered by a disappointing lending outlook. Benchmark 10-year yields climbed on solid data, then pared their surge after Federal Reserve Chairman Jerome Powell said the central bank “will act as appropriate” amid increased uncertainties.
Investors remained locked into the notion of a Fed rate cut this month even after strong retail sales, factory output and housing data. While Powell’s remarks resembled his July 10-11 testimony to U.S. lawmakers, they continued to support the case for monetary easing amid risks stemming from Trump’s trade policies and slower global growth. “Trade’s a big, big issue,” said Dave Campbell, a principal at San Francisco-based BOS, which manages about $4.5 billion.“There’s a lot of uncertainties — all of these are weighing on people’s minds right now.”
Elsewhere, Bitcoin slid below $10,000 just three weeks after surging above it for the first time in more than a year as U.S. legislators expressed deep skepticism about the viabilityof cryptocurrencies. The euro slipped as investor confidence in Germany’s economic outlook fell. The pound slumped as the market once again reckoned with no-deal Brexit risk after the contenders to be U.K. prime minister toughened their rhetoric.
Here are some key events coming up:
* Bank of America Corp. and Taiwan Semiconductor are among
companies due to report results this week.
* Monetary policy decisions are due in Indonesia, South Korea
and South Africa on Thursday.

These are the main moves in markets:
Stocks
* The S&P 500 dipped 0.3% to 3,004.04 as of 4 p.m. New York time.
* The Stoxx Europe 600 Index added 0.4%.
* The MSCI Asia Pacific Index decreased 0.2%.
Currencies
* The Bloomberg Dollar Spot Index increased 0.4%.
* The euro declined 0.4% to $1.1209.
* The British pound decreased 0.9% to $1.2408.
* The Japanese yen dipped 0.3% to 108.28 per dollar.
Bonds
* The yield on 10-year Treasuries gained three basis points to 2.11%.
* Germany’s 10-year yield climbed one basis point to -0.24%.
* Britain’s 10-year yield increased two basis points to 0.821%.
Commodities
* The Bloomberg Commodity Index slid 1.1%.
* West Texas Intermediate crude sank to $57.62 a barrel.
–With assistance from Adam Haigh, Samuel Potter, Laura Curtis and Yakob Peterseil.

Have a great night.

Be magnificent!

As ever,

Carolann

Penguins mate for life.  Which doesn’t surprise me that much,
because they all look alike – it’s not like they’re gonna
l meet a better-looking penguin one day.
                                             -Ellen Degeneres, b. 1958

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:

Birthday: Rembrandt, July 15, 1606

The Storm on the Sea of Galilee
Painting by Rembrandt

Isabella Stewart Gardner Museum
Google Arts & Culture

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

Two women hold torches in the late evening during a medieval event in Bueckeburg, Germany.
CREDIT: PETER STEFFEN/DPA VIA AP

A passanger in an American classic car watches as the train using new equipment from China rides past, in Havana, Cuba.
CREDIT: AP PHOTO/RAMON ESPINOSA

Chaps and Chappettes during The Grand Flaneur Walk, celebrating 20 years of The Chap Magazine, in London.
CREDIT: JEFF GILBERT FOR THE TELEGRAPH
Market Closes for July 15^th, 2019

Market Index	Close	Change
Dow Jones	27359.16	+27.13 +0.10%
S&P 500	3014.30	+0.53 +0.02%
NASDAQ	8258.188	+14.043 +0.17%
TSX	16510.82	+22.70
		+0.14%

International Markets

Market Index	Close	Change
NIKKEI	21685.90	+42.37
		+0.20%
HANG SENG	28554.88	+83.26
		+0.29%
SENSEX	38896.71	+160.48
		+0.41%
FTSE 100*	7531.72	+25.75
		+0.34%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.591		1.608
CND. 30 Year Bond		1.788		1.793
U.S.    10 Year Bond		2.0887		2.1219
U.S. 30 Year Bond		2.6099		2.6467

Currencies

BOC Close	Today	Previous
Canadian $	0.76641	0.76676
US $	1.30478	1.30419
Euro Rate 1 Euro=		Inverse
Canadian $	1.46921	0.68064
US $	1.12598	0.88811

Commodities

Gold	Close	Previous
London Gold Fix	1407.60	1413.75
Oil
WTI Crude Future	59.58	60.21

Market Commentary:
On this day in 1916, William Boeing incorporated the Pacific Aero Products Co. in Seattle with $100,000 in capital. In 1917, he renamed his firm the Boeing Airplane Co. Boeing later made jet travel an accepted part of everyday life. Today, the aerospace giant has a market value of $206 billion and is the largest component of the Dow industrials. The stock is up 13% for the year despite fallout over its 737 MAX planes after two fatal crashes earlier this year. 
Canada
By Michael Bellusci
     (Bloomberg) — Canadian stocks advanced for the first time in three sessions, led by technology companies, as their U.S. counterparts drove the Nasdaq-100 Index to a fresh record.The S&P/TSX Composite Index rose 0.1% to 16,510 in Toronto. Information technology shares rose the most among 11 industry groups, gaining 2.2%. Shopify Inc. advanced 4.6%. Health-care also gained, with pot stocks advancing after Organigram Holdings Inc. reported earnings.
In other moves:
Stocks
* MediPharm Labs Corp. jumped 8.3%
* Peyto Exploration & Development Corp. gained 6.2%
* NuVista Energy Ltd. advanced 6.1%
* Cameco Corp. lost 7.8% after arbitration ruling
* Flowr Corp. dropped 7.1%
* Precision Drilling Corp. fell 5.9%
Commodities
* Western Canada Select crude oil traded at a $10.50 discount to WTI
* Gold spot price about flat to $1,415 an ounce
FX/Bonds
* The Canadian dollar fell 0.2% to C$1.3051 per U.S. dollar
* The Canada 10-year government bond yield fell to 1.587%
US
By Rita Nazareth and Vildana Hajric
     (Bloomberg) — A technology rally drove U.S stocks to fresh records at the start of a  busy week for corporate earnings, economic data and Federal Reserve speakers. Treasuries climbed. Gains in tech shares outweighed losses in energy and financial companies in the S&P 500 Index. Both the Nasdaq-100 Index and the Dow Jones Industrial Average also closed at all-time highs. Citigroup Inc., the first big U.S. bank to report results, was little changed. After last week’s surge, Treasury 10-year yields dropped as investors bought bonds at cheaper prices. Oil fell below $60 a barrel. Investors will sift through speeches by Fed officials this week after Chairman Jerome Powell left it all but certain that the central bank will reduce rates this month for the first time in a decade. As the July 30-31 meeting nears, the debate now is how deep they will cut and what will they do afterward. Key data points such as U.S. retail sales may provide more clarity as the earnings season gets under way.
     “It’s very, very well advertised that earnings are expected to come out weaker,” said Jim Caron, managing director of global fixed-income at Morgan Stanley Investment Management. “If we connect this with the Fed and say, ‘OK, if the Fed is doing these insurance cuts to really stave off any real significant slowdown, then hey, you know what, then maybe earnings in the fourth quarter might be pretty good.”’ Profits are expected to drop from last year, making this season “the worst of times,” according to Bloomberg Intelligence analyst Gina Martin Adams. Eight of 11 sectors are forecast to post declines in per-share earnings growth, with analysts and companies cutting second-quarter views “to the bone,” she said.
     Investors also assessed data showing that China’s economy slowed to the weakest pace since quarterly data began in 1992 amid the ongoing trade standoff with the U.S., while monthly indicators provided signs that a stabilization is emerging. Elsewhere, Bitcoin trimmed losses, following another weekend sell-off that saw some digital tokens plunge by more than 20%. Treasury Secretary Steven Mnuchin said Monday that the Trump administration has “very serious concerns” about Facebook Inc.’s proposed cryptocurrency Libra.
Here are some key events coming up:
* JPMorgan Chase & Co., Bank of America Corp., Goldman Sachs Group Inc. and Taiwan Semiconductor are among companies due to report results this week.
* U.S. June retail sales, due Tuesday, are expected to rise from the prior month.
* Monetary policy decisions are due in Indonesia, South Korea and South Africa on Thursday.

These are the main moves in markets:
Stocks
* The S&P 500 rose less than 0.1% to 3,014.30 at 4 p.m. in New York.
* The Dow Jones Industrial Average gained 0.1% while the Nasdaq-100 Index added 0.3%.
* The Stoxx Europe 600 Index gained 0.2%.
* The MSCI Asia Pacific Index climbed 0.3%.
Currencies
* The Bloomberg Dollar Spot Index increased 0.1% to 1,191.71.
* The euro fell 0.1% to $1.1257, the biggest fall in more than a week.
* The Japanese yen was unchanged at 107.91 per dollar, the strongest in more than a week.
Bonds
* The yield on 10-year Treasuries declined four basis points to 2.09%, the biggest decrease in almost two weeks.
* Germany’s 10-year yield decreased four basis points to -0.25%, the first retreat in a week and the largest tumble in almost four weeks.
* Britain’s 10-year yield declined three basis points to 0.801%.
Commodities
* The Bloomberg Commodity Index dipped 0.6%.
* West Texas Intermediate crude dipped 1.1% to $59.58 a barrel.
–With assistance from Adam Haigh, Joanna Ossinger, Samuel
Potter, Todd White, Laura Curtis and Sarah Ponczek.
Have a great evening.

Be magnificent!
As ever,

Carolann

Diligence is the mother of good fortune.
       -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: Happy Friday!
July 12, 1817 – Samuel Jarvis kills John Ridout, 18-year-old son of Surveyor General Thomas Ridout, in the last fatal duel in York. Toronto, Ontario  Go to article »
A treasury of special places
Migratory bird sanctuaries in China. A radio astronomy observatory in northwest England. Burial mounds in Japan. Eight Frank Lloyd Wright constructions.
These are just a handful of the 29 additions Unesco made this week to its World Heritage List of sites that have cultural, natural, scientific, historical or other significance. (The criteria for selection are broad.)
The list began in 1978 with 12 sites, including the Galápagos Islands and Yellowstone National Park. It now has 1,121.
Inclusion can spur preservation and protection. But it can also stimulate tourism, and some sites have struggled to manage an increase in visitors.

The Grand Canal in Venice.  Marco Bertorello/Agence France-Presse — Getty Images

Venice and its lagoon received the designation in the 1980s, enhancing their already extraordinary appeal. It’s now one of the most heavily toured cities in the world, with tens of millions of visitors annually, overwhelming a population of just 50,000.

In fact, this year, Unesco almost added Venice to another list: endangered World Heritage sites. -from The New York Times

PHOTOS OF THE DAY

Over one hundreD yachts prepare to race during the Salcombe Gin Merlin Rocket Week off the shores of Salcombe in Devon.
CREDIT: APEX

Researchers and employees celebrate after receiving confirmation of Hayabusa2’s touchdown on the asteroid Ryugu, at the mission control room in Sagamihara city, Japan. Japan’s Hayabusa2 probe touched down on a distant asteroid on Thursday on a mission to collect samples that could shed light on the history of the solar system.
CREDIT: YUKATA IUIMA/ ISAS-JAXA/ AFP

Dancer’s from English National Ballet rehearse for Akram Khan’s production of Giselle on the New Stage of the Bolshoi Theatre in Moscow, Russia. The play will be performed at the 2019 Chekov International Theatre Festival.
CREDIT: VALERY SHARIFULIN/TASS VIA GETTY IMAGES

Market Closes for July 12^th, 2019

Market Index	Close	Change
Dow Jones	27332.03	+243.95 +0.90%
S&P 500	3013.77	+13.86 +0.46%
NASDAQ	8244.145	+48.102 +0.59%
TSX	16488.12	-39.78
		-0.24%

International Markets

Market Index	Close	Change
NIKKEI	21685.90	+42.37
		+0.20%
HANG SENG	28471.62	+39.82
		+0.14%
SENSEX	38736.23	-86.88
		-0.22%
FTSE 100*	7505.97	-3.85
		-0.05%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.608		1.627
CND. 30 Year Bond		1.793		1.802
U.S.    10 Year Bond		2.1219		2.1396
U.S. 30 Year Bond		2.6467		2.6593

Currencies

BOC Close	Today	Previous
Canadian $	0.76676	0.76528
US $	1.30419	1.30670
Euro Rate 1 Euro=		Inverse
Canadian $	1.47122	0.67971
US $	1.12808	0.88646

Commodities

Gold	Close	Previous
London Gold Fix	1413.75	1408.30
Oil
WTI Crude Future	60.21	60.20

Market Commentary:
On this day in 1943, women were allowed on the floor of the New York Stock Exchange for the first time in its 151-year history. With so many men off serving in the military, the exchange allowed women to fill some jobs. They were still not allowed to trade and worked as pages and reporters, shuttling orders around the floor of the exchange.
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks fell for a second day as the ongoing fallout from a compliance breach at CannTrust Holdings Inc. hit the entire cannabis sector.
The S&P/TSX Composite Index lost 0.2% to 16,488.12. Health- care stocks slid 4.6%, the most since December, as CannTrust tumbled 17% after halting all sales and shipments of its products. Canopy Growth Corp. fell 8% and Cronos Group Inc. lost 6%.
Industrials followed their U.S. counterparts higher, gaining 0.4%. Air Canada rose 1.5% and trucking company TFI International Inc. added 1.3%. In other moves:
Stocks
* Cameco Corp. gained 4% and NexGen Energy Ltd. jumped 11% after
U.S. President Donald Trump decided against placing a cap on uranium imports
* Aritzia Inc. added 7% after the clothing retailer reported
earnings and revenue that beat estimates
* Alaris Royalty Corp. gained 2.3%. CIBC upgraded the stock to
outperform, citing its additional investment in Planet Fitness Inc.
Commodities
* Western Canada Select crude oil traded at a $10.65 discount to
WTI, the narrowest gap since April
* Gold rose 0.4% to $1,412.20 an ounce
FX/Bonds
* The Canadian dollar strengthened 0.3% to C$1.3035 per U.S. dollar
* The Canada 10-year government bond yield fell 2 basis points to 1.61%
US
By Vildana Hajric
(Bloomberg) — U.S. equities closed at a record high for a second straight day, and recorded a second consecutive weekly advance, as investors remained cautiously optimistic about prospects for easier monetary policy, despite a bigger-than-projected rise in a key inflation measure.The dollar retreated for a third day.
The S&P 500 Index rose Friday, led by technology and industrial shares, while drug stocks continued to weigh on the benchmark. An unexpected increase in American producer prices seemed to do little to alter investor sentiment toward the Federal Reserve’s next policy move. Treasury 10-year yields slipped. “The important thing is that the Fed has reassured themarket that ‘Hey, we’re not hiking rates anymore and we may actually ease, if necessary,”’ Scott Wren, a senior global equity strategist at Wells Fargo Investment Institute, told Bloomberg TV. “I think that’s really what the market wanted. It’s a very important concept that global central banks — and you could have said this for the last several months — they’re not in hiking mode anymore. They are in easing mode.”
The Stoxx Europe 600 eked out its first gain of the week, while shares dipped in Australia and Japan and posted modest gains in Hong Kong, China and South Korea. Emerging-market shares declined. Government bonds extended declines in Europe, heading for the worst week since at least October, after industrial output data for the euro region beat expectations.
The single currency advanced. The rally in risk assets is continuing to benefit from Federal Reserve Chairman Jerome Powell’s dovish comments this week, even after strong U.S. consumer inflation data on Thursday offered a potential complication to policy makers when they set rates at the end of the month.
Meanwhile, weak data from both Singapore and China sent another warning shot to the world economy on the impact of trade tensions. The reports came after President Donald Trump complained that China hasn’t increased its purchases of American farm products, a promise he said he had secured at his G-20 meeting with the country’s president Xi Jinping last month. Elsewhere, West Texas intermediate crude gained as operators in the Gulf of Mexico braced for Tropical Storm Barry. The lira weakened after Turkey said it started receiving parts of a Russian-made missile defense system, a move opposed by the U.S.
Here are the main moves in markets:
Stocks
* The S&P 500 Index climbed 0.5% as of 4:01 p.m. New York time.
* The Stoxx Europe 600 Index gained less than 0.05%.
* The U.K.’s FTSE 100 Index fell 0.1%.
* The MSCI Emerging Markets Index sank 0.3%.
Currencies
* The Bloomberg Dollar Spot Index declined 0.3% to the lowest in over a week.
* The euro rose 0.2% to $1.1271.
* The British pound advanced 0.4% to $1.2573, the strongest in more than a week.
* The Japanese yen climbed 0.6% to 107.86 per dollar, the biggest gain in over three weeks.
Bonds
* The yield on 10-year Treasuries declined three basis points to 2.11%, the biggest drop in over a week.
* Germany’s 10-year yield gained two basis points to -0.21%, the highest in more than five weeks.
* Britain’s 10-year yield decreased less than one basis point to 0.835%.
Commodities
* West Texas Intermediate crude increased 0.1% to $60.26 a barrel.
* Gold gained 0.8% to $1,414.69 an ounce.
–With assistance from Adam Haigh and Laura Curtis.
Have  a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

Follow your  honest convictions and stay strong.
                     -William Thackeray, 1811-1863

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 11, 1979, the abandoned United States space station Skylab made a spectacular
return to Earth, burning up in the atmosphere and showering debris over the Indian Ocean and Australia.     Go to article »

July 11, 1804: Burr-Hamilton duel.

From todays’ New York Times:
Our art critic…. thought quite highly of “Saint Jerome Praying in the Wilderness,” by Leonardo da Vinci, on loan to the Met in New York from the Vatican’s collections for the 500th anniversary of Leonardo’s death.

The unfinished painting “leaves an expression of fever-pitch emotion ever burning,” he writes.
PHOTOS OF THE DAY

The images show a free diver being swallowed by a massive fish bait ball, made to attract sharks. Vincent E Sousa, an author from Paris, France, photographed his friend Scott Wilson underwater, in the Solomon Islands in the Marovo Lagoon.
CREDIT: CATERS NEWS AGENCY

Children play with water in the fountains around the Unisphere at the Flushing Meadows Corona Park in New York, the United States.
CREDIT: XINHUA / BARCROFT MEDIA
First Edinburgh base jump.
CREDITS: CATRES NEWS AGENCY
Market Closes for July 11^th, 2019

Market Index	Close	Change
Dow Jones	27088.08	+227.88 +0.85%
S&P 500	2999.91	+6.84 +0.23%
NASDAQ	8196.043	-6.488 -0.08%
TSX	16527.90	-35.39
		-0.21%

International Markets

Market Index	Close	Change
NIKKEI	21643.53	+110.05
		+0.51%
HANG SENG	28431.80	+227.11
		+0.81%
SENSEX	38823.11	+266.07
		+0.69%
FTSE 100*	7509.82	-20.87
		-0.28%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.627		1.583
CND. 30 Year Bond		1.802		1.728
U.S.    10 Year Bond		2.1396		2.0648
U.S. 30 Year Bond		2.6593		2.5404

Currencies

BOC Close	Today	Previous
Canadian $	0.76528	0.76171
US $	1.30670	1.31283
Euro Rate 1 Euro=		Inverse
Canadian $	1.47034	0.68014
US $	1.12528	0.88868

Commodities

Gold	Close	Previous
London Gold Fix	1408.30	1400.10
Oil
WTI Crude Future	60.20	57.66

Market Commentary:
Cooperation is essential to address 21^st-century challenges; you can’t fire cruise missiles at the global financial crises. -Nicholas D. Kristof, New York Times columnist, 10/23/08.
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks fell even as U.S. equities closed at a record high, with cannabis companies and materials weighing on the benchmark.
The S&P/TSX Composite Index lost 0.2% to 16,527.90. Health- care shares led the decline as pot stocks weakened and pharma company Bausch Health Cos. slid 4.3%. CannTrust Holdings Inc. fell 1.9%, its fourth day of declines after a regulatory breach.
Materials lost 0.8% as gold prices slipped. A key measure of U.S. consumer prices rose more than forecast in June. That failed to boost gold or the miners. Yamana Gold Inc. fell 3.2% and Kinross Gold Corp. slid 2.6%.
In other moves:
Stocks
* Methanex Corp. fell 2.9% to the lowest since 2017 after CIBC downgraded it to neutral on a “lower-for-longer” methanol market outlook
* Cogeco Communications Inc. gained 5.5% to a record high. Third-quarter earnings per share beat analyst estimates
* Alimentation Couche-Tard Inc. slipped 1.5% after the stock was downgraded at TD Securities and Desjardins Securities
Commodities
* Western Canada Select crude oil traded at an $11.25 discount to WTI
* Gold fell 0.4% to $1,406.70 an ounce
FX/Bonds
* The Canadian dollar strengthened 0.1% to C$1.3065 per U.S. dollar
* The Canada 10-year government bond yield rose 4 basis points to 1.62%
US
By Vildana Hajric and Olivia Rinaldi
(Bloomberg) — U.S. equities rallied late to close at a record high, while Treasuries retreated after the latest American inflation reading came in hotter than anticipated. The dollar dropped for a second day and gold slipped.
The S&P 500 gained for a straight third day after drifting much of the session. The benchmark briefly crossed above 3,000, while the Dow Jones Industrial Average surpassed 27,000. A mid- morning tweet from President Donald Trump, complaining about China trade policy, sent equities into a fleeting swoon and showed how sensitive the market remains to trade-related developments. Financial and technology shares led gainers in the
S&P, while real estate and communications lagged. An oil rally stalled out as investors weighed the threat of a tropical storm off the U.S. Gulf Coast against the prospects of more trade conflict. Yields on 10-year Treasuries hit a one-month high. Federal Reserve Chair Jerome Powell, who struck a dovish tone before a congressional panel Wednesday, returned to Capitol Hill to answer senators’ questions and suggested that the
central bank has room to ease as the tie between the inflation and jobless rates has broken down.
“Inflation appears to have stabilized and this will put a wrench in some Fed rate-cut bet forecasts,” Edward Moya, senior market analyst at Oanda, wrote in a note. “With wage pressure not delivering a powerful effect on inflation, we should still see day two of Fed Chair Powell’s testimony keep the rate cut expectations in place for the July 30-31st meeting.”
The Stoxx Europe 600 Index faded late in the session, putting in its fifth straight daily drop. Shares rallied across most of Asia, with the South Korean and Hong Kong markets
outperforming and stocks in China edging higher. Emerging-market equities jumped alongside developing-nation currencies, while the pound continued its rebound from a two-year low as the greenback fell.
This year’s rallies across stocks, bonds and credit got a fresh jolt on Wednesday thanks to comments from Powell that persuaded investors rates are headed lower by at least a
quarter-point in July. Minutes from the central bank’s last meeting further cemented expectations for a cut in borrowing costs.
Here are some key events coming up:
* U.S. producer prices are due on Friday.
Here are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.2% to close at a record high as of 4:01 p.m. New York time.
* The Stoxx Europe 600 Index fell 0.1%.
* The U.K.’s FTSE 100 Index fell 0.3%, its sixth consecutive decline.
* The MSCI Emerging Market Index increased 0.6%.
Currencies
* The Bloomberg Dollar Spot Index dipped 0.1% to the lowest in a week.
* The euro climbed less than 0.05% to $1.1255.
* The British pound climbed 0.2% to $1.2525.
* The Japanese yen rose less than 0.05% to 108.45 per dollar.
Bonds
* The yield on 10-year Treasuries climbed seven basis points to 2.13%, the highest in four weeks.
* Britain’s 10-year yield jumped eight basis points to 0.836%, the largest surge in 14 weeks.
Commodities
* West Texas Intermediate crude rose 0.1% to $60.47 a barrel.
* Gold dipped 0.8% to $1,407.11 an ounce.
–With assistance from Ruth Carson, Chester Yung, Cormac Mullen,
Gregor Stuart Hunter and Laura Curtis.

Have a great evening.

Be magnificent!
As ever,

Carolann

The most wasted day of all is that on which we have not laughed.
                                               -Nicolas Chamfort, 1741-1794

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 10, 1985: Rainbow Warrior sunk, Greenpeace.
1871~ Marcel Proust, author, born.
On July 10, 1940, during World War II, the 114-day Battle of Britain began as Nazi forces began attacking southern England by air. By late October, Britain managed to repel the Luftwaffe, which suffered heavy losses.  Go to article »

“Happiness is beneficial for the body, but it is grief that develops the mind.” ~Marcel Proust.

SUMMER AND SALT WATER

Back reaches of some creek
I have no name for

Pale jellies parse
The pulse of summer

A crow comments
On marsh margins

I watch light ripple
Across a flight of swallows.
              –B.R. Strahan

PHOTOS OF THE DAY

Luke Rasmussen climbing a rock tower in Page, Arizona,, USA wearing LED lights as to make a rainbow effect on the side of the rock face. These fascinating images show a climber turning his route into a rainbow as he scales sheer rocks while wearing LED lights. Luke Rasmussen takes to sky-high ridges across the USA under the cover of darkness, tracking his journeys with colorful patterns. He records the routes through a series of long exposure images taken from the foot of each rock face.

CREDIT: LUKE RASMUSSEN/SWNS.COM

Flamingos are seen on Lake Tuz, one of the most important center that flamingos incubate, as the sun sets in Konya province of Turkey.

CREDIT: MURAT ONER TAS/ANADOLU AGENCY/GETTY IMAGES

Horses and Cows stand together in a paddock in the outskirts of Frankfurt, Germany, as the sun rises Tuesday.

CREDIT: AP PHOTO/MICHAEL PROBST

Divers tend to ‘coral nurseries’ where different species are grown before being planted into the wild in a bid to restore dying reefs. Over 900 tree-like structures built underwater on the coast of Bonaire Island in the Caribbean are used to culture different strains of coral. Each 5ft PVC and fibreglass tree has 10 branches, and can hold around 100 of the young organisms. Marine biologist Lorenzo Mittiga, 49, took photographs of the process, before the young corals are planted on a reef.

CREDIT: LORENZO MITTIGA/ SOLENT NEWS & PHOTO AGENCY
Market Closes for July 10^th, 2019

Market Index	Close	Change
Dow Jones	26860.20	+76.71 +0.29%
S&P 500	2993.07	+13.44 +0.45%
NASDAQ	8202.531	+60.803 +0.75%
TSX	16563.29	+18.08
		+0.11%

International Markets

Market Index	Close	Change
NIKKEI	21533.48	-31.67
		-0.15%
HANG SENG	28204.69	+88.41
		+0.31%
SENSEX	38557.04	-173.78
		-0.45%
FTSE 100*	7530.69	-5.78
		-0.08%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.585		1.583
CND. 30 Year Bond		1.755		1.728
U.S.    10 Year Bond		2.0613		2.0684
U.S. 30 Year Bond		2.5758		2.5404

Currencies

BOC Close	Today	Previous
Canadian $	0.76464	0.76171
US $	1.30780	1.31283
Euro Rate 1 Euro=		Inverse
Canadian $	1.47194	0.67937
US $	1.12549	0.88850

Commodities

Gold	Close	Previous
London Gold Fix	391.55	1400.10
Oil
WTI Crude Future	60.43	57.83

Market Commentary:
T-Mobile US—The telecommunications company will replace Red Hat in the S&P 500 following the completion of IBM’s acquisition of Red Hat, S&P Dow Jones Indices said.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.1 percent, or 18.08 to 16,563.29 in Toronto. Canadian Natural Resources Ltd. contributed the most to the index gain, increasing 2.7 percent. Crescent Point Energy Corp. had the largest increase, rising 9.3 percent. Today, 147 of 239 shares rose, while 85 fell; 5 of 11 sectors were higher, led by energy stocks.
Insights
* The index was little changed in the past 52 weeks. The MSCI AC Americas Index gained 6.9 percent in the same period
* The S&P/TSX Composite is 0.7 percent below its 52-week high on April 23, 2019 and 20.2 percent above its low on Dec. 24, 2018
* The S&P/TSX Composite is little changed in the past 5 days and rose 2.1 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 17.8 on a trailing basis and 15.3 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.1 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.56 trillion
* 30-day price volatility fell to 6.66 percent compared with 7.45 percent in the previous session and the average of 7.94 percent over the past month
* The benchmark 10-year bond fell and the yield rose 0.3 basis points to 1.586 percent
* The S&P 500 Index advanced 0.5 percent
US
By Vildana Hajric and Jeremy Herron
(Bloomberg) — U.S. stocks rose toward all-time highs, gold rallied and the dollar fell as comments by Jerome Powell cemented market bets for a rate cut this month. Treasuries were mixed.
Equities that had slumped since Friday’s strong jobs report rallied back to intraday records after the Fed chairman signaled a willingness to lower rates, citing a slowing global economy and trade issues. Minutes from the Fed’s June meeting confirmed an inclination among officials to cut rates soon. Gains faded as Powell testified to Congress, with financial shares leading the pullback. The S&P 500 briefly topped 3,000 for the first time.
“Psychologically, when you hit those round numbers you get a little bit of resistance — you hit it and it fails,” said Aaron Clark, portfolio manager at GW&K Investment Management. “The big round numbers, you tend to get a level that’s tough to
power through.”
The yield on 10-year Treasuries fell as low as 2.04% after climbing above 2.10% for the first time in a month before settling around 2.06%. Two-year rates slumped while longer-dated bond yields rose. The dollar weakened versus major peers, gold topped $1,400 again and oil rose above $60 a barrel in New York. “A rate cut in July is now all but certain,” said James McCann, senior global economist at Aberdeen Standard Investments. “The strength of last week’s jobs number did lead some to think that the Fed may pause for thought. It’s clear from this that they won’t.”
Powell’s remarks came ahead of two days of testimony in Congress on the economic and policy outlook. With both equities and bonds sitting on outsize gains since the start of the year, it’s unclear what further impetus they can get given that traders are already discounting a cycle of interest-rate cuts.
In Europe, strong manufacturing data from France and low demand at an auction of German bunds weighed on government debt. The pound halted a drop to a two-year low as data showed the U.K. economy rebounded in May. The trading session in Asia was mixed, with modest gains in Hong Kong and South Korea and slides in Japan and China.
Here are some key events coming up:
* Powell testifies to Senate Banking Committee on Thursday
* ECB minutes are due on Thursday.
* A key measure of U.S. inflation — the core consumer price index, due Thursday — is expected to have increased 0.2% in June from the prior month, while the broader CPI is forecast to remain unchanged.
* U.S. producer prices are due on Friday.
Here are the main moves in markets:
Stocks
* The S&P 500 rose 0.5% to 2,993 as of 4 p.m. New York time.
* The Dow Jones Industrial Average advanced 0.3%, while the Nasdaq-100 Index gained 1% to a record high.
* The Stoxx Europe 600 Index declined 0.2%.
* The MSCI Asia Pacific Index climbed 0.3%.
Currencies
* The Bloomberg Dollar Spot Index fell 0.3%.
* The euro climbed 0.4% to $1.125.
* The British pound rose 0.3% to $1.2506.
* The Japanese yen added 0.4% to 108.448 per dollar.
Bonds
* The yield on 10-year Treasuries fell one basis point to 2.06%.
* The two-year rate dropped nine basis points to 1.82%.
* Germany’s 10-year yield climbed five basis points to -0.31%.
Commodities
* The Bloomberg Commodity Index climbed 1.8%.
* West Texas Intermediate crude surged 4.4% to $60.35 a barrel.
* Gold futures rose 1.3% to $1,419 an ounce.
–With assistance from Adam Haigh, Sophie Caronello, Laura
Curtis, Rita Nazareth and Colin Beresford.
Have a great night.

Be magnificent!
As ever,

Carolann

You will never win if you never begin.
           -Helen Rowland, 1875-1950

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 9, 1893: first successful open heart surgery.
July 9, 1944 – World War II – Canadians and British capture Caen after massive bombardment by 467 planes from Bomber Command; urban area north of Orne River secured by nightfall by two British Divisions and the 3rd Canadian Division; the Stormont, Dundas and Glengarry Highlanders and the Sherbrooke Fusilier tanks are the First into the ruined city, although the famous Abbaye-aux-Hommes, 1000 years old, is untouched; 1,194 Canadian casualties after a month of fighting, 334 are fatal. Caen, France

PAMPLONA BULL RUNNING FESTIVAL
The Festival of San Fermin is better known as the Pamplona Bull Running Festival where its original essence as a religious celebration of the feast of San Fermin has been lost through the ages. In its stead are the week long festivities of music, drinking, dancing, street theatre and bullfighting. Wear a red scarf or shawl and you’ll blend well in the throng of people this side of historic Spain.
Just what is the significance of the color red in the San Fermin Festival other than it being particularly attractive to the eyes of the bull? The truth is, there is clearly no explanation as to why majority of the revelers in the San Fermin festivities wear red clothing or have red fashion accessories worn around their bodies.
Perhaps it has something to do with what the color red conveys. Red is well known as the most emotionally intense color as it is often associated with faster heart beats as well as breathing. It is a very powerful magnet for the eyes to behold, often making the wearer look a lot heavier. These characteristics of the color red make it a perfect choice in sheer festive atmospheres.
Bull fighting has nothing to do with the color red, however. Contrary to popular belief, bulls – and all animals for that matter – are color-blind. So it does not actually matter whether you are wearing a red colored shawl or a gray or black one. Chances are, the bull will only see shades of gray cloth. What matters more are the agitated movements you’ll make as you run from them.
The Pamplona Bull Running Festival was not at all an original July festival but rather an October event. More specifically it coincided with the Feast of San Fermin on the 10th of October, a celebration which began as early as the thirteenth century. However, because of the growing number of varied festivities aside from the usual religious undertones, the festival was essentially moved to the more weather-friendly month of July.
Article Source: http://EzineArticles.com/4062468

PHOTOS OF THE DAY
Revellers run next to fighting bulls from Cebada Gago ranch during the running of the bulls at the San Fermin Festival, in Pamplona, northern Spain.
CREDIT: ALVARO BARRIENTOS/AP

Cars pile up in a crash at Daytona International Speedway in Florida, USA. The eventual winner, Justin Haley, was 27^th when the 17 car crash took out half of the field.
CREDIT: DAVID GRAHAM/AP

People jump into the Mediterranean Sea on  the French Riviera city of Nice.
CREDIT: VALERY HACHE/AFP/GETTYIMAGES

Market Closes for July 9^th, 2019

Market Index	Close	Change
Dow Jones	26783.49	-22.65 -0.08%
S&P 500	2979.63	+3.68 +0.12%
NASDAQ	8141.727	+43.345 +0.54%
TSX	16545.21	+82.26
		+0.50%

International Markets

Market Index	Close	Change
NIKKEI	21565.15	+30.80
		+0.14%
HANG SENG	28116.28	-215.41
		-0.76%
SENSEX	38730.82	+10.25
		+0.03%
FTSE 100*	7536.47	-12.80
		-0.17%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.583		1.582
CND. 30 Year Bond		1.728		1.728
U.S.    10 Year Bond		2.0648		2.0476
U.S. 30 Year Bond		2.5404		2.5290

Currencies

BOC Close	Today	Previous
Canadian $	0.76171	0.76388
US $	1.31283	1.30911
Euro Rate 1 Euro=		Inverse
Canadian $	1.47152	0.67960
US $	1.12081	0.89219

Commodities

Gold	Close	Previous
London Gold Fix	1400.10	1388.65
Oil
WTI Crude Future	57.83	57.66

Market Commentary:
On this day in 1999, the S&P 500 closed above 1400 for the first time, less than four months after breaking the 1300 barrier. The index, which finished the day at 1403.28, had doubled in less than three years. The broad equity gauge closed Monday at 2975.95 and has closed in on 3000 recently with its rally to record highs. 

Canada
By Kristine Owram
(Bloomberg) — Canadian stocks rose, outpacing gains in
their U.S. counterparts as Canadian crude prices rose to their
highest level versus the U.S. benchmark in nearly four weeks.
The S&P/TSX Composite Index added 0.5% to 16,545.21. Energy
stocks gained 1.6%, the most in three months, as the discount
for Western Canada Select crude narrowed even as U.S. oil prices
rose. Canadian Natural Resources Ltd. added 3.2% after it said
it’s looking at transporting crude by rail.
Health-care stocks were little changed as CannTrust
Holdings Inc. fell 5.4%, bringing the pot stock’s two-day
decline to 27%. Regulators have put a hold on a majority of the
company’s inventory after they found it grew cannabis in unlicensed rooms.

In other moves:

Stocks
* First Quantum Minerals Ltd. lost 6.5%. Macquarie said the
company is highly leveraged and exposed to political risks
* West Fraser Timber Co. fell 6%, the most since December, after
RBC Capital Markets cut estimates for most lumber stocks, citing
lower-than-expected prices
* Open Text Corp. gained 1.8% to a record high. The software
company announced an expanded partnership with Google’s cloud division

Commodities
* Western Canada Select crude oil traded at an $11.75 discount to WTI
* Gold was little changed at $1,400.50 an ounce

FX/Bonds
* The Canadian dollar weakened 0.3% to C$1.3129 per U.S. dollar
* The Canada 10-year government bond yield was little changed at 1.58%

US
By Vildana Hajric
(Bloomberg) — U.S. stocks closed a whisker higher after
treading water for most of the session as markets braced for an
onslaught of central bank news this week. The dollar
strengthened to its highest level since mid-June and Treasuries slipped.
The S&P 500 Index perked up just before the close Tuesday,
with gains in technology shares helping to offset a slump in
materials and consumer staples. So-called FAANG shares —
including Amazon.com Inc. and Facebook Inc. — led advancers in
the equity benchmark.
Trading may stay choppy ahead of key testimony this week
from Federal Reserve Chair Jerome Powell as observers assess
prospects for easing following conflicting signals on the global
economy. Stock and bond investors are struggling to find fresh
reasons to chase this year’s rallies, but an interest rate cut
by the Fed this month is already priced and recent economic data
has been mixed, making the path for future policy less clear.

“Powell is likely to walk a fine line between the hawks and
doves in his testimony — giving a nod to the underlying
strength in the domestic economy on the one hand, while also
acknowledging the persistently subdued inflation backdrop and
global uncertainties on the other,” said Candice Bangsund, vice
president and portfolio manager at Fiera Capital Corp.

The Stoxx Europe 600 Index closed lower after the world’s
largest chemical company, BASF, slashed its 2019 earnings
forecast, blaming global trade conflicts. Stocks reversed gains
in Japan, fluctuated in South Korea and saw modest slides in
Hong Kong and China.
Italian bonds rose as the country tookadvantage of low borrowing costs to sell 50-year bonds. The Mexican peso slid after the country’s finance minister announced his resignation.

Elsewhere, West Texas intermediate crude gained following a
report that Russian output declined. Bitcoin extended Monday’s
11% jump. The pound weakened as economists predicted the U.K.
economy likely shrank for the first time since 2012 in the second quarter.

Hong Kong’s dollar dipped as the city’s leader Carrie Lam
said a controversial bill that would allow extraditions to China
was “dead,” but stopped short of saying she’d withdraw the
legislation after weeks of protests.

Here are some key events coming up:

* Powell testifies before Congress on monetary policy and the
state of the U.S. economy on Wednesday (the House of
Representatives) and Thursday (the Senate).
* Fed minutes are due on Wednesday, ECB minutes on Thursday.
* A key measure of U.S. inflation — the core consumer price
index, due Thursday — is expected to have increased 0.2% in
June from the prior month, while the broader CPI is forecast to
remain unchanged.
* U.S. producer prices are due on Friday.

Here are the main moves in markets:

Stocks
* The S&P 500 Index gained 0.1% as of 4:01 p.m. New York time.
* The Stoxx Europe 600 Index sank 0.5% to the lowest in more than a week.
* The U.K.’s FTSE 100 Index decreased 0.2%.
* Germany’s DAX Index slid 0.9%, the biggest decrease in more than five weeks.
* The MSCI Emerging Market Index fell 0.4%.

Currencies
* The Bloomberg Dollar Spot Index rose 0.2% to its highest in three weeks.
* The British pound fell 0.4% to $1.2464, the weakest in more than two years.
* The euro decreased 0.1% to $1.1207, the lowest in three weeks.
* The Japanese yen weakened 0.2% to 108.89 per dollar.
* The Mexican peso dropped 1.1% to 19.1273 per dollar, the
biggest tumble in over five weeks.

Bonds
* The yield on 10-year Treasuries rose one basis point to 2.06%,
a three-week high.
* Germany’s 10-year yield increased one basis point to -0.35%,
the highest in more than a week.
* Britain’s 10-year yield rose one basis point to 0.72%.

Commodities
* West Texas Intermediate crude gained 0.6% to $58.02 a barrel.
* Gold rose 0.1% to $1,396.76 an ounce.
–With assistance from Laura Curtis.

Have a great night.

Be magnificent!
As ever,
Change is inevitable.  Change is constant.
            -Benjamin Disraeli, 1804-1881

Carolann

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 8, 1857 – Finance – The Bank of Toronto founded by distiller George Gooderham, with a branch at 78 Church Street and a staff of three; its first president is James Grant Chewett; in 1860, it opens its first branch outside of Ontario in Montreal; will merge with The Dominion Bank on February 1, 1955 to form the Toronto-Dominion Bank. Toronto, Ontario

The Poem:
Basho

An old silent pond…
A frog jumps into the pond,
Splash! Silence again.

Basho

Farewell!  Like a bee
reluctant to leave the deeps
of a peony.

WIMBLEDON:

The tournament takes its name for an area less than 10 miles southwest of central London.

The Museum of Wimbledon traces human habitation there to at least 4000 B.C., as hunters ceded territory to those clearing forests to cultivate crops and raise domesticated animals.

The name was first recorded in the Middle Ages as Wunemannedun, or Wynnmann’s Hill. In 1550, when an official serving King Edward VI established a residence there, it became a haunt of high society.

In 2013, Wimbledon officials made Roger Federer ditch his orange-soled shoes.  Adrian Dennis/Agence France-Presse — Getty Images

In the 1870s, it was also a center for the genteel game of croquet, soon to be overshadowed by a novel sport that became known as lawn tennis.

The All-England Croquet Club at Wimbledon held its first tennis tournament in 1877.

The niceties carried over from croquet, including a distaste for seeing sweat soaking through clothes.

White makes that far less noticeable, and when the club sitting on land once plowed by man and beast updated its name to include Lawn Tennis, it kept the rule that players must wear white (though a few colored accents are allowed). -from The New York Times, July 8th, 2019

 PHOTOS OF THE DAY

A woman in Vietnamese traditional costume walks among lotus flowers adjacent to the West Lake in Hanoi, Vietnam
CREDIT: WANG DI

Aerial photo of tourists and farmers peel lotus seeds together at the opening ceremony of the 4^th China Jianning County, southeast China’s Fujian Province.
CREDIT: SONG WEIWEI

One of the eagles catching a fish. Bald eagles swoop over the surface of an Alaskan lake to pluck from beneath the water. Photographs show the birds gliding just inches above the water before plunging their talons in to grab herring. The bald eagles even try to steal each other’s fish, sometimes leaving their own dinner behind to pursue a rival’s catch instead if it’s bigger than theirs. Professional bird photographer Alan Murphy photographed the impressive hunters in Kachemak Bay in Alaska, USA.
CREDIT: ALAN MURPHY/BIA/SOLENT NEWS
Market Closes for July 8^th, 2019

Market Index	Close	Change
Dow Jones	26806.14	-115.98 -0.43%
S&P 500	2975.95	-14.46 -0.48%
NASDAQ	8098.383	-63.408 -0.78%
TSX	16462.95	-79.04
		-0.48%

International Markets

Market Index	Close	Change
NIKKEI	21534.35	-212.03
		-0.98%
HANG SENG	28331.69	-443.14
		-1.54%
SENSEX	38720.57	-789.82
		-2.01%
FTSE 100*	7549.27	-3.87
		-0.05%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.582		1.572
CND. 30 Year Bond		1.728		1.741
U.S.    10 Year Bond		2.0476		2.0338
U.S. 30 Year Bond		2.5290		2.5419

Currencies

BOC Close	Today	Previous
Canadian $	0.76388	0.76432
US $	1.30911	1.30835
Euro Rate 1 Euro=		Inverse
Canadian $	1.46850	0.68097
US $	1.12170	0.89150

Commodities

Gold	Close	Previous
London Gold Fix	1388.65	1414.90
Oil
WTI Crude Future	57.66	57.34

Market Commentary:
On this day in 1932, In the icy grip of the Great Depression, the Dow closed at 41.22—its lowest level since June 1897. Since its peak in September 1929, the Dow had lost 89% of its value. The average stock traded at 0.49 times book value and 9.7 times reported earnings; the average dividend yield, among stocks that could afford to pay one, was 12.5%.
Canada
By Kristine Owram
(Bloomberg) — Canadian equities fell for a second session as a regulatory blunder weighed on pot stocks and investors continued to assess the likelihood of central-bank rate cuts.
The S&P/TSX Composite Index lost 0.5% to 16,462.95. Health- care stocks led the decline, falling 1.8% as CannTrust Holdings Inc. tumbled 23%, the most on record. Canadian regulators found the cannabis company grew pot in unlicensed parts of its greenhouse, resulting in a hold on inventory that one analyst said could pressure sales into 2020.
Technology was one of the bright spots in Monday’s session as Shopify Inc. added 2.7%. The e-commerce platform could be a viable competitor to Amazon.com Inc., according to analysts at KeyBanc Capital Markets.
In other moves:
Stocks
* SNC-Lavalin Group Inc. lost 6.3%, the most in more than two months, after BMO Capital Markets cut its price target on the stock amid expectations for a weak second quarter
* Bombardier Inc. fell 3.1%. Brazil’s antitrust regulator fined the company for taking part in an alleged cartel related to subway works
* Rogers Communications Inc. slid 0.7% and BCE Inc. lost 0.9%. Both stocks were downgraded at JPMorgan
Commodities
* Western Canada Select crude oil traded at a $12.15 discount to WTI, the narrowest gap in more than three weeks
* Gold was little changed at $1,400 an ounce
FX/Bonds
* The Canadian dollar weakened 0.1% to C$1.3096 per U.S. dollar
* The Canada 10-year government bond yield rose 1 basis point to 1.58%
US
By Laura Curtis and Olivia Rinaldi
(Bloomberg) — U.S. equities fell as investors took a cautious approach to a week full of central bank activity. Treasuries edged lower and gold retreated.
The S&P 500 slipped for a second day after Friday’s blow- out jobs report altered market calculus for Federal Reserve rate cuts. Tech and health-care shares led decliners, with Apple Inc. falling 2.1% after a downgrade. U.S.-listed shares of BASF SE tumbled more than 5% after the German company cut its forecast. Shorter-term Treasuries fell and gold slipped fell for a third day, while the dollar edged higher versus major peers. The main focus for markets this week looks to be Fed Chairman Jerome Powell, who will testify in Congress just days
after the latest payroll report signaled that the American economy remains on track.
U.S. stocks hit a record last week and a bond rally took yields to multiyear lows amid expectations the Fed will lower interest rates by at least a quarter of a percentage point at its July meeting. Joe “JJ” Kinahan, the chief market strategist at TD Ameritrade, sees a high likelihood of a July cut.
“If they don’t do something, it’s going to be mightily
disappointing,” he said. “I think, September, you have high probabilities also — but there may be a little bit of waiting to see what the data says going into September.”
The Stoxx Europe 600 Index slipped, with Deutsche Bank AG surrendering earlier gains as traders weighed a plan to cut its workforce by one-fifth. The euro fell after German industrial- production data saw a slight pick-up in May. Greek bonds rose amid hope a new government elected over the weekend will prove to be market-friendly.
Elsewhere, oil gained amid heightened geopolitical risks in the Middle East. Emerging-market shares were dragged down by the Asia sell-off. Turkey’s lira fell after President Recep Tayyip Erdogan’s shock decision to replace the country’s central bank governor, which has fueled concern the regulator could lower borrowing costs more than expected.
Here are some key events coming up:
* U.K. Conservative Party members start voting Monday to chooseTheresa May’s successor. Front-runner Boris Johnson and Jeremy Hunt will appear at events through the week, including a televised debate on July 9.
* Federal Reserve Chairman Jerome Powell testifies before
Congress on monetary policy and the state of the U.S. economy on Wednesday (the House of Representatives) and Thursday (the Senate).
* Fed minutes are due on Wednesday, ECB minutes on Thursday.
* A key measure of U.S. inflation — the core consumer price index, due Thursday — is expected to have increased 0.2% in June from the prior month, while the broader CPI is forecast to remain unchanged.
* U.S. producer prices are due on Friday.
Here are the main moves in markets:
Stocks
* The S&P 500 Index decreased 0.5% as of 4 p.m. New York time.
* The Nasdaq 100 lost 0.7% and the Dow Jones Industrial Average fell 0.4%.
* The Stoxx Europe 600 Index declined 0.1%.
* Germany’s DAX Index dipped 0.2%.
* The MSCI Emerging Market Index fell 1.3%, the biggest fall in more than six weeks.
Currencies
* The Bloomberg Dollar Spot Index gained 0.1%.
* The euro fell 0.1% to $1.1218, the weakest in almost three weeks.
* The Japanese yen decreased 0.2% to 108.672 per dollar, the weakest in more than five weeks.
* The Turkish lira declined 1.9% to 5.7392 per dollar, the biggest decrease in two months.
Bonds
* The yield on 10-year Treasuries rose more than one basis point to 2.05%.
* The two-year rate rose three basis points to 1.89%, while 30- year yields fell two basis points to 2.53%.
* Germany’s 10-year yield was flat at -0.366%.
Commodities
* West Texas Intermediate crude was flat near $57.50 a barrel.
* Gold futures slipped 0.4% to $1,394.80 an ounce.
–With assistance from Emily Barrett.
Have a great night.

Be magnificent!
As ever,

Carolann

Great things are done by a series of small things brought together.
                                               -Vincent Van Gogh, 1853-1890

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! 
Tynwald Day: Viking Mid-summer Day

July 5, 1946:First bikini swimsuit modelled at Piscine Molitor, Paris, France.
On July 5, 1975, Arthur Ashe became the first black man to win a Wimbledon singles title as he defeated Jimmy Connors. Go to article »
 

A SYMBOL OF LONDON, –from The New York Times:

In 1938, a Times film critic wrote that there were “three unique and valuable institutions the British have that we in America have not”: Alfred Hitchcock, Magna Carta and Tower Bridge.

Last Sunday was the 125th anniversary of the opening of the bridge, one of London’s most recognizable landmarks. It took eight years to build.

To allow ships more than 29 feet tall access along the River Thames, a hydraulic system raises and lowers the bridge’s twin sections. In 1894, its first year of operation, the bridge opened more than 6,000 times; it now does so just two or three times a day.

In 1952, a bus driver was crossing the bridge when it began to open. He accelerated safely over the gap, resulting in only minor injuries. He was rewarded with 10 pounds (nearly £300, or about $380, today), and later served as best man at the wedding of one of his passengers.

PHOTOS OF THE DAY

A man walks on a slackline during the 7^th edition of the European ‘Marmotte Highline Project’ (MHP) festival in Lans-en-Vercors, near Grenoble, eastern Gremoble, eastern France.
CREDIT: PHILIPPE DESMAZES/AFP/IMAGES

Seabirds fly among breaking waves at sunrise on Saltburn beach on in Saltburn-By-The-Sea, England.
CREDIT: IAN FORSYTH/GETTY IMAGES

London Children’s Ballet-Baller Shoes Choreography by Ruth Brill a ballet based on a novel by Noel Streatfeild at the Peacock Theatre, London. It will be brought to life by the company’s talented cast comprising 56 young dancers aged 9-16. With specially commissioned choreography, sets, costumes and scores and a live orchestra accompanying each performance.
CREDIT: ELLIOTT FRANKS
Market Closes for July 5^th, 2019

Market Index	Close	Change
Dow Jones	26922.12	-43.88 -0.16%
S&P 500	2990.41	-5.41 -0.18%
NASDAQ	8161.793	-8.438 -0.10%
TSX	16541.99	-46.86
		-0.28%

International Markets

Market Index	Close	Change
NIKKEI	21746.38	+43.93
		+0.20%
HANG SENG	28774.83	-20.94
		-0.07%
SENSEX	39513.39	-394.67
		-0.99%
FTSE 100*	7553.14	-50.44
		-0.66%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.572		1.469
CND. 30 Year Bond		1.741		1.662
U.S.    10 Year Bond		2.0338		1.9498
U.S. 30 Year Bond		2.5419		2.4666

Currencies

BOC Close	Today	Previous
Canadian $	0.76432	0.76637
US $	1.30835	1.30485
Euro Rate 1 Euro=		Inverse
Canadian $	1.46920	0.68064
US $	1.12305	0.89043

Commodities

Gold	Close	Previous
London Gold Fix	1414.90	1413.50
Oil
WTI Crude Future	57.34	57.34

Market Commentary:
Net futures bets on a higher dollar fell to $20.3 billion last week, the lowest level in a year, according to data from Scotiabank and the Commodity Futures Trading Commission, another sign that investors believe rate cuts are on the way.  
Canada
By Aoyon Ashraf
      (Bloomberg) — Canadian stocks fell the most in seven sessions as strong U.S. jobs data raised investor fears that the Federal Reserve will have less reason to lower interest rates. Canada’s labor market, meanwhile, shed jobs in June.
      The S&P/TSX Composite Index lost 0.3% to 16,541.99 in Toronto. Metals and mining stocks were the worst performers as prices for most metals slid. Communication services, financials and utilities were the only sectors that were positive.
In other moves:
Stocks
* Chemtrade Logistics rose 4.7%, extending a 9% gain in last three days
* OceanaGold gained 2.1% after falling the last two days on Didipio operations restraint
* Peyto Exploration & Development rose 2.1% after crude rebounded as the U.S. payrolls surge eased economic jitter
* First Quantum, Lundin Mining, Teck Resources were among industrial metal miners that fell on copper price declines
Commodities
* Western Canada Select crude oil traded at a $13.10 discount to WTI
* Gold spot price fell -1.3% to $1,402.70 an ounce
FX/Bonds
* The Canadian dollar fell 0.2% to C$1.3075 per U.S. dollar
* The Canada 10-year government bond yield rose to 1.568%
US
By Olivia Rinaldi and Vildana Hajric
      (Bloomberg) — U.S. stocks fell from all-time highs, Treasuries tumbled and the dollar rallied after a strong jobs report clouded the Federal Reserve’s rate plans. Gold retreated.
     The S&P 500 Index fell in thin post-holiday trading to pare a weekly advance to 1.7%. The measure slumped as much as 0.9% after the jobs data signaled a vibrant labor market, but ground higher in the afternoon. Banks led the recovery after the 10- year Treasury yield retook 2% and two-year rates hit 1.85%. The dollar surged versus major peers. Gold fell toward $1,400 an ounce.
      The latest labor report delivered signs that the economy remains on track, countering some recent data that showed weakness in manufacturing. Stocks had rallied to records and bonds surged on market expectations that the central bank will lower interest rates by at least a quarter percentage point at its July meeting, though fed fund futures showed traders trimming the amount of easing they expect.
      “The positive numbers for the labor markets have given investors a bit of a conundrum as continuing strength in employment should support earnings while at the same time they make a FOMC cut less likely,” said Chris Gaffney, president of world markets at TIAA Bank. “Very thin markets due to the holiday weekend have also contributed to some of the volatility.”
     Elsewhere, the euro declined after German factory orders came in far weaker than expected, with most European bonds edging down. Earlier, equity benchmarks in Japan, China and South Korea rose along with Australian stocks. Iron-ore prices tumbled after China’s largest steel-industry group urged officials to maintain order after the commodity’s recent surge to a five-year high.
Here are the main moves in markets:
Stocks
* The S&P 500 Index fell 0.2% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index sank 0.7%, the biggest dip in more than a month.
* The MSCI Asia Pacific Index declined 0.1%.
* The MSCI Emerging Market Index decreased 0.5%.
Currencies
* The Bloomberg Dollar Spot Index gained 0.4%.
* The euro decreased 0.5% to $1.1225, the weakest in two weeks.
* The British pound fell 0.4% to $1.2526.
* The Japanese yen dipped 0.7% to 108.507 per dollar.
Bonds
* The yield on 10-year Treasuries climbed nine basis points to 2.04%.
* The two-year rate jumped 11 basis points to 1.87%.
* Germany’s 10-year yield rose four basis points to -0.363%.
Commodities
* Gold futures fell 1.3% to $1,402.90 an ounce.
* West Texas Intermediate crude fell 0.3% to $57.51 a barrel.
* Iron ore sank 5.8% to $107.70 per metric ton, the largest tumble in more than two years.
–With assistance from Yakob Peterseil and Laura Curtis.

Have a wonderful weekend everyone.

Be magnificent!
As  ever,

Carolann

The important thing is not to stop questioning.  Curiosity has its own reason for existing.
                                                                                    -Albert Einstein, 1879-1955

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