Category: Events

Dear Friends,

Tangents:
Independence Day, USA.

Happy 4^th of July!

 The Gift of Outright

     -by Robert Frost

The land was ours before we were the land’s.
She was our land more than a hundred years
Before we were her people. She was ours
In Massachusetts, in Virginia,
But we were England’s, still colonials,
Possessing what we still were unpossessed by,
Possessed by what we now no more possessed.
Something we were withholding made us weak
Until we found out that it was ourselves
We were withholding from our land of living,
And forthwith found salvation in surrender.
Such as we were we gave ourselves outright (The deed of gift was many deeds of war)
To the land vaguely realizing westward,
But still unstoried, artless, unenhanced,
Such as she was, such as she would become.

 ~Spoken by the Poet at the Inauguration of John F. Kennedy.

 July 4, 1905 – House of Commons passes bills establishing Alberta and Saskatchewan as provinces.  Go to article >>

PHOTOS OF THE DAY

A woman poses for a photo at the sunflower field in Edirne, Turkey
CREDIT: SALIH BARAN/ANADOLU AGENCY/GETTY IMAGES

A sculpture celebrating Aston Martin and the 70^th anniversary of the car company’s first race at Goodwood displayed outside Goodwood, ahead of the Goodwood Festival of Speed this weekend.\
CREDIT: PAUL MELBERT

Aerial view of fields in Wick near Pershore, Worcestshire which has now closed to the public so that the flowers can be harvested to make 100% biodegradable confetti.
CREDIT:TRISTAN POTTER/SWNS

A person gestures while observing a solar eclipse at Incahuasi, Chile
CREDIT: REUTERS/JUAN JOSE GONZALEZ GALAZ
Market Closes for July 4^th, 2019

Market Index	Close	Change
Dow Jones	Market Close	N/A
S&P 500	Market Close	N/A
NASDAQ	Market Close	N/A
TSX	16588.85	+12.65
		+0.08%

International Markets

Market Index	Close	Change
NIKKEI	21702.45	+64.29
		+0.30%
HANG SENG	28795.77	-59.37
		-0.21%
SENSEX	39908.06	+68.81
		+0.17%
FTSE 100*	7603.58	-5.74
		-0.08%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.469		1.457
CND. 30 Year Bond		1.662		1.658
U.S.    10 Year Bond		N/A		1.9498
U.S. 30 Year Bond		N/A		2.4666

Currencies

BOC Close	Today	Previous
Canadian $	0.76637	0.76567
US $	1.30485	1.30605
Euro Rate 1 Euro=		Inverse
Canadian $	1.47270	0.67902
US $	1.12865	0.88602

Commodities

Gold	Close	Previous
London Gold Fix	1413.50	1397.05
Oil
WTI Crude Future	N/A	57.34

Market Commentary:
It wasn’t raining when Noah built the ark.  –Warren Buffet, CEO, Berkshire Hathaway.
Canada
By Aoyon Ashraf
     (Bloomberg) — Canadian stocks ended Thursday’s session slightly higher in thin trading given the July 4 U.S. holiday. Gains in industrial shares were offset by a decline in marijuana stocks.
     The S&P/TSX Composite Index rose 0.08% to 16,588.85 in Toronto. Industrials were led by airline stocks, while the health-care index slid as cannabis stocks retreated.
     Meanwhile, Toronto home sales jumped again in June, nudging prices higher and narrowing affordable options for buyers. A total of 8,860 homes changed hands in Canada’s biggest city in the month, up 10% from the same month a year earlier, the Toronto Real Estate Board reported Thursday.
In other moves:
Stocks
* Richelieu Hardware rose 11% after reporting second quarter earnings 
* Lightspeed POS Inc. gained 6.2% 
* MEG Energy rose 3.9% after 6-day for decline; additional energy stocks also rose after several days of decline
* OceanaGold fell 5.6% after the company filed injunction against restraint of operations at Didipio 
* CES Energy Solutions Corp. lost 4.8% 
Commodities
* Western Canada Select crude oil traded at a $13.10 discount to WTI
* Gold fell 0.2% to $1,416.19 an ounce
FX/Bonds
* The Canadian dollar was little changed at C$1.3055 per U.S. dollar
* The Canada 10-year government bond yield rose 1 basis point to 1.47%
US
By Laura Curtis
     (Bloomberg) — U.S. stock futures and European shares edged higher Thursday in a lackluster session marked by thin trading volumes thanks to the American holiday. Brazilian stocks surged and the real gained as a congressional committee voted to advance the pension-reform bill. Gold slipped but stayed above $1,400 and WTI futures fell.
     The Stoxx Europe 600 Index finished modestly higher, with real estate firms and banks lifting the gauge. Contracts on the S&P 500 Index also nudged up after Asia’s benchmark finished higher overall thanks to gains in Japan and South Korea. Trading volumes were well below average across the board, with U.S. markets shut for the July 4 holiday and investors counting down to Friday’s American jobs report.
     Core European bonds climbed, with German 10-year yields sliding below the European Central Bank’s deposit rate for the first time. Treasuries aren’t trading thanks to Independence Day. The dollar was slightly lower in the wake of accusations from President Donald Trump that the European Union and China engage in currency manipulation, while the euro edged higher. Thursday’s holiday in the U.S. is giving many investors a breather after a hectic few weeks in which bonds surged and stocks hit records as they tracked every twist in the trade war, tried to second guess central bankers and analyzed every data point. Next up, a U.S. jobs report that will be closely monitored for clues on the Federal Reserve’s next move.
     “Friday’s data is important to the extent that it will calibrate expectations for what the Fed could deliver later this month,” said Ned Rumpeltin, European head of FX strategy at Toronto-Dominion Bank in London. “It is more about confirming the market’s current bias rather than setting fresh expectations.”
     On the currency-war front, Trump in a Twitter post Wednesday said China and Europe are playing a “big currency manipulation game” and “pumping money into their system” to compete with the U.S. He said America should match their efforts “or continue being dummies” who watch other countries manipulate currencies.
Here are some key events coming up:
* U.S. equity markets close Thursday for the Independence Day holiday.
* The U.S. jobs report is due Friday and is projected to show non-farm payrolls rose by 160,000 in June, rebounding from 75,000 the month prior.
Here are the main moves in markets:
Stocks
* Futures on the S&P 500 Index increased 0.1% as of 2:16 p.m. New York time.
* The Stoxx Europe 600 Index gained 0.1%, reaching the highest in 12 months.
* The U.K.’s FTSE 100 Index decreased 0.1%, the first retreat in a week.
* The MSCI Asia Pacific Index rose 0.3% to the highest in two months.
* The MSCI Emerging Market Index jumped 0.5%.
* Brazil’s Ibovespa index surged as much as 1.9% to a record high.
Currencies
* The Bloomberg Dollar Spot Index fell 0.1%.
* The euro increased less than 0.05% to $1.1283.
* The British pound gained less than 0.05% to $1.258.
* The Japanese yen climbed less than 0.05% to 107.78 per dollar.
* The Brazilian real climbed 0.8% to 3.7956 per dollar, the strongest in three months.
Bonds
* Britain’s 10-year yield dipped two basis points to 0.673%, the lowest in almost three years.
* Germany’s 10-year yield decreased two basis points to -0.402%.
Commodities
* Gold dipped 0.2% to $1,415.48 an ounce.
* West Texas Intermediate crude dipped 0.9% to $56.80 a barrel.
–With assistance from Anchalee Worrachate.

Have a great night.

Be magnificent!

As ever,

Carolann

 

The one unchangeable certainty is that nothing is unchangeable or certain.

                                                  -John Fitzgerald 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:  Dog Days – hottest days of the year July 3-August 11

July 3, 1934 – Finance – Bank of Canada Act receives royal assent, following recommendations of the 1933 Royal Commission on Banking and Currency; the Bank will open for business March 11, 1935 under Governor Graham Towers; has a mandate to issue currency and regulate the money supply; will begin as a privately owned institution, with shares sold to the public; shortly becomes a government-owned central bank. Ottawa, Ontario  Go to article >>

The Banking Dynasty Older Than the Rothschilds

In the U.K. there’s old money, really old money and then there’s C. Hoare & Co. The London firm was started in 1672 by Richard Hoare and has tended to the affairs of diarist Samuel Pepys, poet Lord Byron and novelist Jane Austen. That’s almost a hundred years older than the famous Rothschild dynasty, which was founded in the 1760s. After more than three centuries of continuous operation, the family still runs the show, overseeing about 4.4 billion pounds ($5.6 billion) of deposits and sticking to a traditional way of doing business. –from Bloomberg Pursuits.

I am proud to tell you that I belong to a religion in whose sacred language, the Sanskrit, the word exclusion is untranslatable. -Swami Vivekananda, 1863-1902.

PHOTOS OF THE DAY

A colossal 7,500 light years away from Earth, beans of red, white and blue gas shoot from Eta Carinae, one of the Milky Way’s most “petulant” star systems. The image is the latest from Nasa’s Hubble Space Telescope
CREDIT: ESA/HUBBLE/SWINS.COM

Attendees perform indigenous dance during a celebration for Mexican President Andres Manuel Lopez Obrador in Mexico City, Mexico
CREDIT: ALEIANDRO CEGARRA/BLOOMBERG

Former Scotland Rugby international and Motor Neurone campaigner Doddie Weir, with wife Kathy and their three sons (from left) Angus, Ben and Hamish, after receiving his OBE from Queen Elizabeth II during an Investiture ceremony at the Palace of Holyroodhouse in Edinburgh
CREDIT: JANE BARLOW/PA WIRE
Market Closes for July 3^rd, 2019

Market Index	Close	Change
Dow Jones	26966.00	+179.32     +0.67%
S&P 500	2995.82	+22.81   +0.77%
NASDAQ	8170.230	+61.138   +0.75%
TSX	16576.20	+104.91
		+0.64%

International Markets

Market Index	Close	Change
NIKKEI	21638.16	-116.11
		-0.53%
HANG SENG	28855.14	-20.42
		-0.07%
SENSEX	39839.25	+22.77
		+0.06%
FTSE 100*	7609.32	+50.13
		+0.66%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.457		1.468
CND. 30 Year Bond		1.658		1.678
U.S.    10 Year Bond		1.9498		1.9740
U.S. 30 Year Bond		2.4666		2.5013

Currencies

BOC Close	Today	Previous
Canadian $	0.76567	0.76305
US $	1.30605	1.31052
Euro Rate 1 Euro=		Inverse
Canadian $	1.47325	0.67877
US $	1.12806	0.88648

Commodities

Gold	Close	Previous
London Gold Fix	1397.05	1390.10
Oil
WTI Crude Future	57.34	56.25

Market Commentary:
On this day in 1884, Charles Dow, partner in Dow Jones & Co., published the first modern index of American stocks in his “Customer’s Afternoon Letter,” a two-page financial bulletin. The 11 stocks included nine railroads (Chicago & North Western, Delaware, Lackawanna & Western, Lake Shore, New York Central, St. Paul, Northern Pacific, Union Pacific, Missouri Pacific, and Louisville & Nashville), a steamship company (Pacific Mail) and telegraph giant Western Union.
Canada
By Aoyon Ashraf
     (Bloomberg) — Canadian stocks closed higher Wednesday, led by consumer staples and real estate shares. The energy complex also aided the rally after crude oil rebounded on drop in U.S. gasoline supplies.
     The S&P/TSX Composite Index gained 0.6% to 16,576.52. Materials and communication services were the worst performing sectors in the index. Cascades Inc. was among top gaining stocks after an upgrade to outperform at National Bank.
     Meanwhile, Bruce Linton, who founded Canopy Growth Corp. in an abandoned chocolate factory and turned it into the world’s biggest cannabis firm, has been ousted as chief executive officer effective immediately. The stock pared early losses and advanced 2%.
In other moves:
Stocks
* Mullen Group Ltd. advanced +3.3% after the company announced acquisitions of trucking/logistics companies and got upgraded by CIBC
* Alaris Royalty Corp. rose 4.6% after falling for 7 straight days
* Linamar Corp. fell 3.3%
* Knight Therapeutics Inc lost 2.3% after rising for 2 days
* Transat A.T. dropped 8.2% after report that Group Mach withdrew its bid for the company
Commodities
* Western Canada Select crude oil traded at a $13.10 discount to WTI
* Spot gold fell 0.06% to $1,417.80 an ounce
FX/Bonds
* The Canadian dollar gained 0.3% to C$1.3064 per U.S. dollar
* The Canada 10-year government bond yield fell to 1.453%
US
By Vildana Hajric and Jeremy Herron
     (Bloomberg) — Major U.S. indexes rose to all-time highs in thin trading ahead of a holiday and the rally in global bonds extended as investors weighed the prospect of more dovish appointees to two of the world’s major central banks.
     The Dow Jones Industrial Average notched its first record since October, while the S&P 500 climbed a fifth day to extend its high. Futures on the broader index briefly topped 3,000 for the first time. The Nasdaq indexes rose past closing records set in early May. Stock investors piled into high dividend-yielding sectors like utilities and REITs after 10-year Treasury yields dipped to the lowest since November 2016 on rising market bets that the Federal Reserve will cut rates this month. Markets closed at 1 p.m. ahead of the July 4 holiday.
     “We’ve seen continued doubt and worry over this bull market for a decade now, yet it continues to defy all skeptics,” said Ryan Detrick, senior market strategist for LPL Financial. “The bottom line is the dual benefit of both fiscal and monetary policy should help extend this business cycle potentially much longer than many expect.”
     The dollar fell after jobless claims came in broadly as forecast and private hiring numbers missed expectations. A reading on the services sector fell to the lowest since 2017, but Wednesday’s batch of data did little to move markets, with jobs numbers coming Friday. The euro erased a small drop as purchasing manager data for the region was revised slightly higher. Europe’s leaders have nominated Christine Lagarde to take the helm of the ECB later this year, ushering in a candidate analysts anticipate will take up departing President Mario Draghi’s mantle in providing stimulus. And U.S. President Donald Trump said he’s planning to nominate Christopher Waller and Judy Shelton to serve on the Fed Board, candidates both seen as likely to advocate lower interest rates.
     The yield difference between Italian 10-year government bonds and the equivalent German securities fell to below 200bps for the first time since May 2018 after the European Commission deciding not to penalize Italy for breaking government spending limits. “An absence of inflation, the shortages of ‘safe’ positive yielding bonds that is a legacy of QE, geopolitical concerns and a dovish monetary policy bias almost everywhere are seeing the bond rally go on, and on,” Kit Juckes, chief global FX strategist at Societe Generale, wrote in a note.
     Meanwhile, Cleveland Fed President Loretta Mester said she’d need to see more data before supporting an immediate rate cut, while many of her colleagues are leaning toward loosening policy.
     Elsewhere, oil rebounded after tumbling Tuesday. Shares in Japan, China and South Korea led losses in Asia as equities in Australia edged higher. The yen strengthened after the Bank of Japan made small tweaks to its bond buying program.
Here are some key events coming up:
* U.S. markets equity markets close at 1 p.m. on Wednesday and remain shut Thursday for the Independence Day holiday.
* The U.S. jobs report is due Friday and is projected to show non-farm payrolls rose by 164,000 in June, rebounding from 75,000 the month prior.
Here are the main moves in markets:
Stocks
* The S&P 500 Index increased 0.8% as of 1 p.m. New York time, hitting the highest on record with its fifth straight advance.
* The Dow rose 0.7% for its first record since Oct. 3.
* The Stoxx Europe 600 Index jumped 0.8%, reaching the highest in almost 13 months on its fifth consecutive advance and the biggest increase in more than two weeks.
* The MSCI Emerging Market Index dipped 0.5%, the biggest decrease in more than a week.
* The MSCI Asia Pacific Index fell 0.3%, the largest fall in a week.
Currencies
* The Bloomberg Dollar Spot Index decreased 0.1%, the biggest dip in more than a week.
* The euro increased less than 0.05% to $1.1282.
* The Japanese yen climbed 0.1% to 107.82 per dollar, the strongest in more than a week.
Bonds
* The yield on 10-year Treasuries declined two basis points to 1.95%, the lowest in more than two years.
* The two-year rate was little changed at 1.76%.
* Italy’s 10-year rate fell 25 basis points to 1.58%.
* Germany’s 10-year yield dipped two basis points to -0.38%, hitting the lowest on record with its fifth straight decline.
Commodities
* West Texas Intermediate crude gained 1% to $56.82 a barrel.
* Gold futures increased 0.8% to $1,419.30 an ounce, the highest in more than a week.
–With assistance from Laura Curtis.

Have a great night.

Be magnificent!
As ever,

Carolann

 

The stories of past courage can teach, they can offer hope,

they can provide inspiration.  But they cannot supply courage

itself.  For this each man must look into his own soul.

                                   -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:
On July 2, 1937, aviator Amelia Earhart and navigator Fred Noonan disappeared over the Pacific Ocean while attempting to make the first round-the-world flight at the equator.  Go to article »

Scientists search for a mirror universe.

Good Company
The evening closes in on a warm summer’s day.
The wine is coursing through you and through your friends but not down into the tributary of political discourse that can end up in an almighty row, but down the waterfalls of laughing memory.
Long forgotten stories and cackles emerge of times past while grand plans are made for the future still to be lived.
Sharing bread, barbeques and those generous anecdotes –
the simple gentleness of caring for the people you love.
–Dan Kieran, The book of Idle Pleasures
PHOTOS OF THE DAY

The Olga bulk carrier sits off the coast near Tynemouth, UK, just before sunrise.
CREDIT: OWEN HUMPHREYS/PA WIRE

A loon internet balloon, carrying solar powered mobile networking equipment flies over rugged terrain in New Zealand.
CREDIT: REUTERS

Aerial view of the anti government protester’s front line and the police cordon seen during the standoff between the police and demonstrators. Thousands of anti government protesters faced off with riot police and occupy major roads around the Hong Kong government complex during the 22^ndanniversary of Hong Kong return to Chinese rule.
CREDIT: ZUMA PRESS INC/ALAMY LIVE NEWS
Market Closes for July 2^nd, 2019

Market Index	Close	Change
Dow Jones	26786.68	+69.25     +0.26%
S&P 500	2973.01	+8.68   +0.29%
NASDAQ	8109.094	+17.931   +0.22%
TSX	16471.29	+89.09
		+0.54%

International Markets

Market Index	Close	Change
NIKKEI	21754.27	+24.30
		+0.11%
HANG SENG	28875.56	+332.94
		+1.17%
SENSEX	39816.48	+129.98
		+0.33%
FTSE 100*	7559.19	+61.69
		+0.82%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.468		1.466
CND. 30 Year Bond		1.678		1.685
U.S.    10 Year Bond		1.9740		2.0051
U.S. 30 Year Bond		2.5013		2.5291

Currencies

BOC Close	Today	Previous
Canadian $	0.76305	0.76194
US $	1.31052	1.31244
Euro Rate 1 Euro=		Inverse
Canadian $	1.47951	0.67590
US $	1.12900	0.88574

Commodities

Gold	Close	Previous
London Gold Fix	1390.10	1402.50
Oil
WTI Crude Future	56.25	58.47

Market Commentary:
On this day in 2008, the Dow industrials entered a bear market when they fell 1.5% to 11215.51 as the financial crisis gained momentum. The blue-chip index is up nearly 140% since then, after closing at 26717.43 on Monday.
Canada
By Aoyon Ashraf
     (Bloomberg) — Canadian stocks rose after a long weekend as Shopify Inc. led technology to outperform, while a decline in oil prices led to underperformance for energy stocks.
     The S&P/TSX Composite Index rose 0.5% to 16,471 in Toronto. Tech stocks, communications and industrials were the top three outperformers, while pot stocks and energy lagged the most.
     Meanwhile, Canada’s export financing agency lifted its suspension on Saudi Arabian-related activity, citing an improving environment for the nation’s businesses since a diplomatic blowout with the kingdom last summer.
In other moves:
Stocks
* Eldorado Gold gained 7.8% as gold prices rallied
* Cascades Inc. rose 7.8%, after saying it will buy Orchids Paper Products assets for $207m
* Dollarama Inc. gained 7.7% to the highest in nearly 10 months. The retailer is buying a majority stake in Latin American firm Dollarcity
* Crescent Point, Ensign Energy and Gran Tierra among energy stocks fell after crude oil declined
Commodities
* Western Canada Select crude oil traded at a $13.50 discount to WTI
* Gold spot price rose 2.2% to $1,414.17 an ounce
FX/Bonds
* The Canadian dollar strengthened 0.2% to C$1.3111 per U.S. dollar
* The Canada 10-year government bond yield rose to 1.470%
US
By Vildana Hajric and Sarah Ponczek
     (Bloomberg) — U.S. stocks edged higher to a fresh record, while haven assets from Treasuries to gold resumed rallies as investors awaited a slew of economic data around the Fourth of July holiday. The euro erased gains after Christine Lagarde was nominated to lead the European Central Bank.
     The S&P 500 swung between gains and losses before rising into the close for a second straight all-time high. The 10-year Treasury yield slumped to 1.98% and gold surged back above $1,400 an ounce. Demand for riskier assets ebbed after a Federal Reserve official said she’s not ready to support a rate cut and news broke that House Democrats are stepping up their investigation into the president’s taxes.
      U.S. markets close early tomorrow and are shut Thursday for the Fourth of July holiday. Data on private hiring, factory orders and the services sector are due Wednesday, with June’s government jobs report coming the final day of the week. The Japanese yen climbed and crude plunged more than 4% in New York.
      “Everything’s two-fold oriented: what’s the Fed going to do in July with interest rates and then everything geopolitical is basically an everyday headline,” said Bob Phillips, managing principal at Spectrum Management Group. “Every time the market stalls, anxiety skyrockets and goes through the roof. There’s just a lot of fear out there.”
     The Stoxx Europe 600 Index extended a modest advance while U.K. shares climbed to the highest in nine months. U.K. gilts rallied as construction data disappointed. The euro edged higher after Bloomberg reported ECB policy makers don’t see a need to rush into a rate cut this month. U.S. notes nudged up with most government bonds in Europe, where the yield on two-year Italian debt briefly dipped below zero.
      In Asia, shares rallied in Hong Kong and its dollar strengthened as the market reopened after a holiday to catch up with Monday’s move — despite violent local protests overnight. Chinese stocks were steady.
Here are some key events coming up:
* U.S. equity markets close at 1 p.m. Wednesday and all day Thursday for the Independence Day holiday. The bond markets close early Wednesday.
* The U.S. jobs report is due Friday and is projected to show non-farm payrolls rose by 164,000 in June, rebounding from 75,000 the month prior.
And here are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.3% at 4 p.m. New York time.
* The Nasdaq 100 Index added 0.4% and the Dow Jones Industrial Average gained 0.3%.
* The Stoxx Europe 600 Index climbed 0.4% to the highest in two months.
* The MSCI Asia Pacific Index increased 0.4% to the highest in two months.
* The MSCI Emerging Market Index fell 0.1%, the largest fall in a week.
Currencies
* The euro was flat at $1.1284.
* The Japanese yen strengthened 0.5% to 107.887 per dollar, the biggest increase in more than a week.
* The Australian dollar advanced 0.4% to 0.699 per dollar, the largest rise in more than a week.
Bonds
* The yield on 10-year Treasuries declined four basis points to 1.98%.
* The two-year rate lost three basis points to 1.75%
* Germany’s 10-year yield fell one basis point to -0.367%.
Commodities
* Gold futures gained 1.5% to $1,409.30 an ounce, the largest rise in more than a week.
* West Texas Intermediate crude fell 3.4% to $57.12 a barrel.
–With assistance from Paul Allen and Laura Curtis.

Have a great night.

Be magnificent!
As ever,

Carolann

 

Although the world is full of suffering, it is also full of the overcoming of it.

                                                                   -Helen Keller, 1880-1968

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

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

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

Dear Friends,

Tangents: Happy Friday!
On June 28, 1919, the Treaty of Versailles was signed in France, ending World War I. Go to article »

What’s the best Beatles song?, June 28, 2019

The Negroni, The New York Times

Never mind the Aperol spritz. This is Negroni Week.

Or so says Campari, the company behind marketing blitzes for both cocktails.

Negroni gets its place in the sun now because it is said to have been invented 100 years ago when Count Camillo Negroni in Florence, Italy, asked his bartender at the Cassoni Cafe to replace the soda in his Americano drink with gin.

An array of Negronis.  Leah Nash for The New York Times

(Another version puts its origins in Senegal in 1870, with Gen. Pascal Olivier Comte de Negroni.)

Equal parts of Campari and sweet vermouth make up the rest of the classic recipe, though there are infinite variations, many with bitters and an orange slice.

The company is mixing a little charity into its promotion. By drinking a Negroni at a participating bar or restaurant (10,000 around the world have signed up), you can designate contributions to any of nearly 50 nonprofits. Negroni Week ends on Sunday.
PHOTOS OF THE DAY

The sun sets as revellers look out from a viewing platform over the Tipi Village as they attend the Glastonbury Festival of Music and Performing Arts on Worthy Farm near the village of Pilton in Somerset, South West England
CREDIT: OLI SCARFF/ AFP

Children play under water jets in a fountain as they cool off during a heatwave in Nice
CREDIT: VALERY HACHE/ AFP

Polar bear “Milana” holds an ice cake with frozen fruit as she takes a bath in her pool at the zoo in Hanover, northern Germany, where temperatures reached around 33 degrees Celsius
CREDIT:HAUKE-CHRISTIAN DITTRICH /DPA/ AFP

Horses run past the Hermitage of El Rocio during the annual ‘Saca de las Yeguas’(round-up of the wild mares) in Andalusia
CREDIT: CRISTINA QUICLER/AFP
Market Closes for June 28th, 2019

Market Index	Close	Change
Dow Jones	26599.96	+73.38     +0.28%
S&P 500	2941.76	+16.84   +0.58%
NASDAQ	8006.246	+38.488   +0.48%
TSX	16382.20	+74.47
		+0.46%

International Markets

Market Index	Close	Change
NIKKEI	21275.92	-62.25
		-0.29%
HANG SENG	28542.62	-78.80
		-0.28%
SENSEX	39394.64	-191.77
		-0.48%
FTSE 100*	7425.63	+23.30
		+0.31%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.466		1.474
CND. 30 Year Bond		1.685		1.712
U.S.    10 Year Bond		2.0051		2.0140
U.S. 30 Year Bond		2.5291		2.5292

Currencies

BOC Close	Today	Previous
Canadian $	0.76194	0.76337
US $	1.31244	1.30998
Euro Rate 1 Euro=		Inverse
Canadian $	1.49436	0.66918
US $	1.13866	0.87822

Commodities

Gold	Close	Previous
London Gold Fix	1402.50	1403.95
Oil
WTI Crude Future	58.47	59.43

Market Commentary:
Apple Inc. said its chief design officer, Jony Ive, will leave later this year to form an independent design company, with Apple being one of its primary clients
Canada
By Michael Bellusci
     (Bloomberg) — Canadian equities gained ahead of the Canada Day long weekend after dropping for five consecutive sessions, following U.S. shares up on optimism the U.S. and China will make progress during trade talks this weekend.
     The S&P/TSX Composite Index rose 0.5% to 16,382. Ten of 11 sectors advanced, with only consumer staples slipping. WTI crude fell late in trading on Europe’s Iran sanctions workaround, while energy investors remain focused on next week’s OPEC meeting in Vienna. Additionally, BCE Inc. named Mirko Bibic to take over as chief executive officer of Canada’s largest telecommunications company by market value when George Coperetires in January.
In other moves:
Stocks
* Canaccord Genuity Group Inc. jumped 16% after share buyback plan
* Resolute Forest Products Inc. gained 11% 
* New Gold Inc. rose 7.6% 
* Paramount Resources Ltd. advanced 3.7% after a gas facility sale
* TORC Oil & Gas Ltd. dropped 3.1% 
* Seven Generations Energy Ltd. fell 3% 
Ratings
* ACO/X CN: Atco /Canada Upgraded to Sector Perform at RBC; PT C$48
* CP CN: Canadian Pacific Downgraded to Peer Perform at Wolfe
* CR CN: Crew Energy Downgraded to Hold at GMP; PT C$1.15
* CRON CN: Cronos Group Rated New equalweight at Consumer Edge Research
* DGC CN: Detour Gold Cut to Sector Perform at National Bank; PT C$18.50
* HSE CN: Husky Energy Downgraded to Hold at GMP; PT C$14
* HYG CN: Hydrogenics Downgraded to Neutral at HC Wainwright 
* HYG CN: Hydrogenics Downgraded to Hold at Canaccord 
* HYG CN: Hydrogenics Downgraded to Hold at Craig-Hallum
* ITP CN: Intertape Polymer Rated New Outperform at BMO; PT C$23
* VET CN: Vermilion Energy Downgraded to Hold at GMP; PT C$30 
* WEED CN: Canopy Growth Rated New Equal-weight at Consumer Edge Research
* WPK CN: Winpak Rated New Market Perform at BMO; PT C$48
* YRI CN: Yamana Gold Upgraded to Outperform at National Bank; PT C$4.25
Commodities
* Western Canada Select crude oil traded at a $13.25 discount to WTI
* Gold spot about flat at $1,410.75 an ounce
FX/Bonds
* The Canadian dollar flat at C$1.3099 per U.S. dollar
* The Canada 10-year government bond yield fell to 1.467%
US
By Randall Jensen and Sarah Ponczek
     (Bloomberg) — Stocks rose for a second day, notching the best month since January on optimism the U.S. and China will make progress during trade talks this weekend. Treasuries edged higher.
     The S&P 500 Index pushed its June advance to 6.9% and rose by more than 3.5% in the quarter, rebounding from the rout in May. Materials producers surged 11% in June, buoyed by crude’s best month in five and gold’s biggest rally since the Brexit vote. Chipmakers saw the best monthly gain since 2011 as the sector has shown signs of resilience amid the trade war. Banks led benchmarks after the Federal Reserve cleared the way for better-than-expected payouts, while Apple Inc. weighed on tech after a report said it was moving some production from the U.S. to China.
     Ten-year Treasury yields lingered above 2%, dropping nearly 40 basis points since the end of the last quarter, as fresh evidence that American manufacturing growth is slowing boosted expectations for deep rate cuts this year. The dollar was little changed versus peers, heading for its worst month since January.
     All eyes now turn to the G-20 gathering in Osaka, where Presidents Donald Trump and Xi Jinping will meet Saturday to seek a breakthrough in the trade war. Trump on Friday said while he hasn’t promised not to issue new tariffs on China he does think “at a minimum” Saturday’s meeting will be “productive.” Meanwhile Xi warned that “bullying practices” won’t work, without mentioning Trump by name. “Markets just have simple needs right now and they want to see signs of progress,” Nela Richardson, investment strategist at Edward Jones, said in an interview at Bloomberg’s New York headquarters. “If they get something that say, ’look we’re not going to start a new round of tariffs,’ I think that would be good for next week.”
These are the main moves in markets:
Stocks
* The S&P 500 Index advanced 0.6% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index gained 0.7%.
* The MSCI Emerging Market Index was little changed.
* The MSCI Asia Pacific Index declined 0.2%.
Currencies
* The Bloomberg Dollar Spot Index was little changed.
* The euro was steady at $1.1372.
* The British pound gained 0.2% to $1.2704, the biggest gain in a week.
* The Japanese yen fell less than 0.05% to 107.83 per dollar.
Bonds
* The yield on 10-year Treasuries fell one basis point to 2.00%.
* Germany’s 10-year yield dropped one basis point at -0.327%.
* Britain’s 10-year yield gained one basis point to 0.833%.
Commodities
* Gold advanced 0.1% to $1,413.70 an ounce.
* West Texas Intermediate crude fell 2.3% at $58.06 a barrel.
–With assistance from Justina Lee, Laura Curtis and Vildana Hajric.

Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

Time you enjoy wasting, was not wasted.

                       -John Lennon, 1940-1980

 

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 BIRTHDAY TO YOU” song composed on this day in 1859.

 
Helen Keller born June 27, 1880.  Some of her insights:

Many persons have a wrong idea of what constitutes true happiness.

It is not attained through self-gratification but through fidelity to a worthy purpose.

Character cannot be developed in ease and quiet.  Only through experience of trial and suffering can the soul be strengthened, ambition inspired, and success achieved.

Science may have found a cure for most evils; but it has found no remedy for the worst of them all – the apathy of human beings.

Read: The Times’s book critics select the most outstanding memoirs published since 1969

 ~On June 27, 1950, President Truman ordered the Air Force and Navy into the Korean War following a call from the United Nations Security Council for member nations to help South Korea repel an invasion from the North.  Go to article »

ICYMI
The Kennedy estate on Martha’s Vineyard is on sale for $65 million.

PHOTOS OF THE DAY

Daniela, 3, and Siena, 6, take a well earned rest as they arrive at Glastonbury Festival
CREDIT: GEOFF PUGH FOR THE TELEGRAPH

Lightning strikes during an electrical storm over Port-au-Prince, Haiti
CREDIT: CHANDAN KHANNA/AFP/GETTY IMAGES

North Korean soldiers show their skills during a mass game performance of “The Land of the People” at the May Day Stadium in Pyongyang, North Korea, Tuesday, June 25, 2019
CREDIT: AP PHOTO/CHA SONG HO
Market Closes for June 27th, 2019

Market Index	Close	Change
Dow Jones	26526.58	-10.24   -0.04%
S&P 500	2924.92	+11.14   +0.38%
NASDAQ	7967.758	+57.787   +0.73%
TSX	16307.73	-4.49
		-0.03%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	21338.17	+251.58
		+1.19%
HANG SENG	28621.42	+399.44
		+1.42%
SENSEX	39586.41	-5.67
		-0.01%
FTSE 100*	7402.33	-14.06
		-0.19%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.474		1.501
CND. 30 Year Bond		1.712		1.735
U.S.    10 Year Bond		2.0140		2.0468
U.S. 30 Year Bond		2.5292		2.5695

Currencies

BOC Close	Today	Previous
Canadian $	0.76337	0.76196
US $	1.30998	1.31240
Euro Rate 1 Euro=		Inverse
Canadian $	1.48921	0.67152
US $	1.13679	0.87967

Commodities

Gold	Close	Previous
London Gold Fix	1403.95	1431.40
Oil
WTI Crude Future	59.43	59.38

Market Commentary:
Facebook’s libra could give the dollar, and banks, some welcome competition. Facebook’s new digital currency has the potential to become a true alternative to national currencies by creating a de facto central bank, which other fin-tech startups and cryptocurrencies have failed to do.
Canada
By Michael Bellusci
     (Bloomberg) — Canadian equities made a late push to gain Thursday, though closed down for their fifth straight session.
     The S&P/TSX Composite Index fell less than 0.1% to 16,307. Information technology, consumer staples, and health care rose while energy lagged.
     Alberta raised its mandatory production limit by 25k b/d in August from July levels to 3.74m b/d, while Ontario Teachers’ Pension Plan has invested an undisclosed amount in Elon Musk’s Space Exploration Technology Corp.
     Also, Acreage Holdings Inc. has some “head-turner” acquisitions in the works now that its planned sale to pot giant Canopy Growth Corp. has been sealed, according to the New York- based company’s chief executive officer. 
In other moves:
Stocks
* MedMen Enterprises Inc. rose 5.9% 
* Stars Group Inc. rallied 4.7% 
* Shopify Inc. gained 4% 
* OceanaGold Corp. fell 7.8% 
* Kelt Exploration Ltd lost 7.2% 
* ARC Resources Ltd dropped 6.2% 
Ratings
* ALS CN: Altius Minerals Rated New Buy at Cormark Securities; PT C$20
* AGF/B CN: AGF Management Downgraded to Hold at TD; PT C$5.50
* BAD CN: Badger Daylighting Rated New Buy at TD; PT C$55
* CP CN: Canadian Pacific Cut to Sector Perform at National Bank
* CR CN: Crew Energy Downgraded to Sector Perform at Scotiabank; PT C$1
* HSE CN: Husky Energy Rated New Sector Perform at National Bank; PT C$16
* INO-U CN: Inovalis REIT Rated New Hold at Canaccord; PT C$10.50 
* KSI CN: kneat.com Rated New Speculative Buy at Cormark Securities
* MG CN: Magna International Rated New Neutral at Credit Suisse; PT $55 
* OSS CN: Onesoft Solutions New Speculative Buy at Cormark Securities 
* VPY CN: VersaPay Rated New Speculative Buy at Cormark Securities
* ZENA CN: Zenabis Global Inc Rated New Buy at GMP; PT C$3.25
Commodities
* Western Canada Select crude oil traded at a $13 discount to WTI
* Gold spot price flat at about $1,408.85 an ounce
FX/Bonds
* The Canadian dollar rose 0.2% to C$1.3099 per U.S. dollar
* The Canada 10-year government bond yield fell to 1.471%
US
By Randall Jensen and Vildana Hajric
     (Bloomberg) — Stocks halted four days of declines as trade optimism reigned ahead of U.S.-China talks at the Group of 20 conference this weekend in Japan. Treasuries advanced.
     The S&P 500 headed for its best month since January, rebounding from a rout in May to leave it higher by more than 3% for the quarter. Banks led gains on the day as Chinese and American officials jockeyed before the highly anticipated meeting between Presidents Donald Trump and Xi Jinping on Saturday. Energy producers fell as oil hovered just under $60 a barrel.
     The 10-year Treasury yield slipped below 2.02%, with Goldman Sachs Group Inc. cutting its year-end forecast for the rate to 1.75%, matching JPMorgan Chase & Co.’s call from May 31. The yield has plunged from 2.4% at the end of the first quarter. The two-year rate hit 1.74%. The dollar was little changed, on track for its first monthly decline since January. Gold futures slipped a second day after reaching a six-year high, paring its best monthly rally since 2016 to 7.9%.
     The Saturday sit-down between President Donald Trump and Xi in Japan looms as a key event for markets, with reports about a tariff pause contrasting with Trump’s repeated threats of more duties. Even with all of the noise surrounding trade, investors are keeping a close eye on monetary policy and expectations central banks will cut rates to counter signs of a slowing global economy. “Investors need to be sensitive to this rally, that it’s not driven by corporate fundamentals or better economic data,” Deepak Puri, Americas CIO at Deutsche Bank Wealth Management, said in an interview at Bloomberg’s New York headquarters. “It’s purely driven by two things: one is the Fed and ECB, the global concerted effort to go on an easing cycle. And second, with this near-term resolution on trade, which they might be up for disappointment because we don’t expect the G-20 summit to bring anything materially different than a handshake and a continuation of talks.” These are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.4% as of 4 p.m. New York time.
* The Nasdaq composite rose 0.7%
* The Dow Jones Industrial Average was little changed. 
* The Stoxx Europe 600 Index was little changed.
* The MSCI Emerging Market Index climbed 0.7%.
* The MSCI Asia Pacific Index jumped 1%.
Currencies
* The Bloomberg Dollar Spot Index was steady.
* The euro was little changed at $1.1369.
* The British pound fell 0.2% at $1.2669.
* The Japanese yen was little changed at 107.76 per dollar.
Bonds
* The yield on 10-year Treasuries fell four basis points to 2.01%.
* Germany’s 10-year yield dropped two basis points to -0.32%.
* Britain’s 10-year yield fell one basis point at 0.822%.
Commodities
* West Texas Intermediate crude fell 0.2% at $59.24 a barrel.
* Gold dipped 0.3% to $1,411.30 an ounce.
–With assistance from Laura Curtis and Sarah Ponczek.

 Have a great night.

Be magnificent!
As ever,

Carolann

 

It is not true that people stop pursuing dreams because they grow old,

they grow old because they stop pursing dreams.

                                               -Gabriel Garcia Marquez, 1927-2014

 

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 the lighter side of the conversation, here’s a few stories in Bloomberg Opinion today:
The science of making perfect chocolate-chip cookies.
These are the world’s most expensive cities for expats in 2019.
A colonial quirk gives some Hong Kong men houses on the cheap.
7-Eleven to wrap 2 billion rice balls in plant-based plastic.

                                                –from Bloomberg Opinion.

Abner Doubleday, invented baseball, b. June 26, 1819

June 26,1948:The Berlin Airlift began in earnest as the United States, Britain and France began ferrying supplies to the isolated western sector of Berlin after the Soviet Union cut off land and water routes. Go to article »
PHOTOS OF THE DAY

An aerial view of the unique pattern of the Herb Garden at RHS Wisley Garden
CREDIT: CHRIS GORMAN/BIG LADDER

The sun rises over a poppy field in the Worcestershire countryside
CREDIT: VERUTY MILLIGAN / SWNS

Alicante’s Townhall bonfire, one of the 180 bonfires placed in the town, burns during the ‘Nit de la Crema’ to close the Bonfire Fiestas in Alicante, eastern Spain
CREDIT: MANUEL LORENZO/ EPA-EFE/REX

People cool off in the Trocadero fountains across from the Eiffel Tower in Paris as a heatwave hit much of the country, France
CREDIT: REUTERS/CHARLES PLATIAU
Market Closes for June 26th, 2019

Market Index	Close	Change
Dow Jones	26536.82	-11.40   -0.04%
S&P 500	2913.78	-3.60   -0.12%
NASDAQ	7909.973	+25.256   +0.32%
TSX	16312.22	-59.06
		-0.36%

International Markets

Market Index	Close	Change
NIKKEI	21086.59	-107.22
		-0.51%
HANG SENG	28221.98	+36.00
		+0.13%
SENSEX	39592.08	+157.14
		+0.40%
FTSE 100*	7416.39	-6.04
		-0.08%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.501		1.437
CND. 30 Year Bond		1.735		1.588
U.S.    10 Year Bond		2.0468		1.9850
U.S. 30 Year Bond		2.5695		2.5192

Currencies

BOC Close	Today	Previous
Canadian $	0.76196	0.75951
US $	1.31240	1.31664
Euro Rate 1 Euro=		Inverse
Canadian $	1.49209	0.67020
US $	1.13694	0.87956

Commodities

Gold	Close	Previous
London Gold Fix	1431.40	1405.70
Oil
WTI Crude Future	59.38	57.59

Market Commentary:
On this day in 1950, one day after North Korea invaded the South and set off the Korean War, the Dow fell more than 10 points, or 4.7%, to close at 213.91. Panicky investors redeemed nearly one-eighth of all mutual-fund assets by year-end. Those who sold missed out on one of the best stretches in stock-market history, as the S&P 500 rose 19.4% annually during the decade.
Canada
By Michael Bellusci
     (Bloomberg) — Canadian equities fell for a fourth day despite a rally in crude oil prices.
     The S&P/TSX Composite Index lost 0.4% to 16,312. Real estate led the declines as yields on 10-year treasuries rose. Energy and health care were the only two groups to advance.
     Meanwhile, The Trump administration is throwing a lifeline to the massive Pebble Mine planned near Alaska’s Bristol Bay. Separately, Pieridae Energy Ltd. will buy Shell’s southern Alberta assets as part of plan to build a $10-billion LNG plant in Nova Scotia.
In other moves:
Stocks
* Tervita Corp. jumped 10.8%, the most on record 
* Paramount Resources Ltd. rose 6.1% 
* BlackBerry Ltd. fell 9.1% as an earnings update disappointed investors
* TransAlta Corp. lost 4.4%, most since Dec. 24 
* Kinaxis Inc. dropped 3.3% 
Ratings
* CG CN: Centerra Gold Upgraded to Sector Perform at RBC; PT C$9.50
* ELD CN: Eldorado Gold Upgraded to Neutral at JPMorgan 
* RX CN: Biosyent Cut to Market Perform at Raymond James; PT C$7.50
Commodities
* Western Canada Select crude oil traded at a $12.75 discount toWTI
* Gold spot price fell 1% to $1,409.25 an ounce
FX/Bonds
* The Canadian dollar rose 0.4% to C$1.3119 per U.S. dollar
* The Canada 10-year government bond yield rose to 1.501%
US
By Randall Jensen and Vildana Hajric
     (Bloomberg) — Most U.S. stocks fell as trade concerns countered strength in the tech sector. Treasuries declined with gold after investors eased back bets on a deep cut to interest rates next month.
     The S&P 500 dropped for a fourth-straight day, with three stocks retreating for every two that rose. The benchmark swung between gains and losses for most of the afternoon session as investors weighed mixed messages on trade heading into this weekend’s highly-anticipated meeting between Presidents Donald Trump and Xi Jinping.
     The Nasdaq indexes advanced, even as Facebook Inc. and Google fell after Trump said the U.S. “perhaps” will sue the two companies. Micron Technologies Inc.’s profit topped estimates, spurring the Philadelphia Semiconductor Index to the highest level in more than a month. Ten-year Treasury yields pushed back above 2%, and gold retreated as investors continued to digest rate-cut comments Tuesday by Federal Reserve officials that didn’t match market expectations. The dollar was little changed versus major peers, while West Texas crude rose toward $60 a barrel.
     “There are two things we’re focusing on: the G-20 meeting this week in Osaka, and the second one is the Fed and the potential for monetary easing, not only at the Fed but also at a lot of these major central banks,” Jack Janasiewicz, a portfolio strategist at Natixis Investment Managers, said in an interview. “Both of those are giving quite a few different cross-currents which could have pretty significant implications for how the market will react going forward.”
     The trade spat between the U.S. and China is looming large for investors ahead of this weekend’s meeting at the Group of 20 conference. Trump once again threatened Wednesday substantial additional tariffs if a deal can’t be reached. Meanwhile, many traders hope the Federal Reserve will counter any headwinds to global growth with deep interest-rate cuts, though Fed member James Bullard made clear Tuesday that’s not a given.
     Elsewhere, Bitcoin surged above $13,000 to the highest since January 2018. New Zealand’s dollar strengthened after its central bank left rates unchanged. U.S. futures spiked higher overnight after a CNBC report that Treasury Secretary Steven Mnuchin said a trade deal was 90% done. The report was corrected to indicate that the comments referred to May.
Here are some key events coming up:
* The Group of 20 summit is in Osaka, Japan, on Friday and Saturday.

These are the main moves in markets:
Stocks
* The S&P 500 Index fell 0.1% as of 4 p.m. New York time.
* The Nasdaq composite gained 0.3%, while the Nasdaq 100 advanced 0.5%.
* The Stoxx Europe 600 Index declined 0.3%.
* The MSCI Emerging Market Index increased 0.3%.
* The MSCI Asia Pacific Index sank 0.3% to the lowest in a week.
Currencies
* The Bloomberg Dollar Spot Index was little changed.
* The euro rose 0.1% to $1.1376.
* The British pound fell 0.1% $1.2677.
* The Japanese yen dipped 0.4% to 107.67 per dollar, the weakest in a week.
Bonds
* The yield on 10-year Treasuries advanced six basis points to 2.05%.
* Germany’s 10-year yield gained two basis points to -0.301%.
* Britain’s 10-year yield increased three basis points to 0.819%.
Commodities
* West Texas Intermediate crude gained 2.3% to $59.17 a barrel, the highest in more than four weeks.
* Gold fell 0.4% to $1,413.40 an ounce, the first retreat in more than a week.
–With assistance from Ksenia Galouchko, Robert Brand and Laura Curtis.

Have a great night.

Be magnificent!
As ever,

Carolann

 

Through the unknown, we’ll find the new.

           -Charles Baudelaire, 1821-1867

 

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:
Today is Anthony Bourdain’s birthday. Two of the late CNN host’s long-time friends, chefs José Andrés and Eric Ripert, want fans to share memories of him with the hashtag #BourdainDay. -CNN

ICYMI
Mirazur is the best restaurant in the world. This is the first time chef Mauro Colagreco and his sunny Provencal dining room have clinched the top spot; previously it was No. 3. That’s in part because executives behind the World’s 50 Best Restaurants list made a profound change to the rules this year, decreeing that no previous winner can be tops again — or even be ranked. Gaggan in Bangkok was No. 4 and the best restaurant in Asia. The best of North America was Mexico City’s Pujol, coming in at No. 12. Listen to the Latest in Food podcast about the world’s best restaurants. -Bloomberg News

And…
On June 25, 1951, The first commercial color telecast took place as CBS transmitted a one-hour special from New York to four other cities.  Go to article »

June 25, 1950: Korean War Begins
After decades of Japanese occupation, Korea was divided in two by Allied Forces at the end of World War II, with the south administered by the US and the north by Soviet Russia.  Deep divisions built over several years, leading to skirmishes and finally an invasion by North Korean troops on June 25^th, 1950.  The United Nations sent troops and support from 21 countries to support South Korea, primarily from the United States and Britain.  The war lasted for three years, with large advances and retreats on both sides, and many casualties.  Hundreds of thousands of civilians and soldiers were killed.  The two Koreas are technically still at war since hostilities ended in a ceasefire, not a peace treaty, in 1953.  It is often referred to as “The Forgotten War.”

Canadian Memorial Naechon/Kapyong
PHOTOS OF THE DAY

Performer Lijana Wallenda begins her high wire walk near the New Years Eve Ball above Time Square in New York City. On Saturday night, Nik and Lijana Wallenda successfully walked and crossed paths a quarter-mile on a wire strung 25 stories above Midtown Manhattan.
CREDIT: UPOO/BARCROFT MEDIA

Members of the public attend an opening event for the “Fly The Flag” project, a major new project for which artist and activist Ai Weiwei has designed a new flag at Somerset House in London, England. The project marks the 70^th anniversary of the Universal Declaration of Human Rights.
CREDEIT: JOHN PPHILLIPS/ GETTY IMAGES

Former U.S. astronauts Harrison Schmitt, Clarlie Duke, Alfred Warden, Buzz Aldrin, Russel Schweickart and Walter Cunningham address a news conference of the Starmus Festival V in Zurich, Switzerland.
CREDIT: REUTERS/ARND WIEGMANN
Market Closes for June 25th, 2019

Market Index	Close	Change
Dow Jones	26548.22	-179.32 -0.67%
S&P 500	2917.38	-27.97   -0.95%
NASDAQ	7884.719	-120.977   -1.51%
TSX	16371.28	-152.19
		-0.92%

International Markets

Market Index	Close	Change
NIKKEI	21193.81	-92.18
		-0.43%
HANG SENG	28185.98	-327.02
		-1.15%
SENSEX	39434.94	+311.98
		+0.80%
FTSE 100*	7422.43	+5.74
		+0.08%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.437		1.461
CND. 30 Year Bond		1.588		1.710
U.S.    10 Year Bond		1.9850		2.0143
U.S. 30 Year Bond		2.5192		2.5443

Currencies

BOC Close	Today	Previous
Canadian $	0.75951	0.75850
US $	1.31664	1.31839
Euro Rate 1 Euro=		Inverse
Canadian $	1.49714	0.66794
US $	1.13685	0.87963

Commodities

Gold	Close	Previous
London Gold Fix	1405.70	1397.15
Oil
WTI Crude Future	57.59	57.70

Market Commentary:
On this day in 1974, Texas Instruments and three of its key engineers, Jack S. Kilby, Jerry D. Merryman and James H. VanTassel, received U.S. Patent No. 3,819,921 for their hand-held aluminum calculator. The gizmo weighed 2 lbs. and 13 oz. It could add, subtract, multiply and divide. It sold for between $84.95 and $119.95.
Canada
By Michael Bellusci
     (Bloomberg) — Canadian equities fell for a third-straight session, following the U.S. market lower.
     The S&P/TSX Composite Index fell 0.9% to 16,371 led by technology while materials also underperformed. No sector advanced Tuesday. Shopify Inc.’s biggest drop of 2019 shows the e-commerce stock is testing the limits of what investors are willing to pay for rapid revenue growth.
In other moves:
Stocks
* New Gold Inc. gained 9.1% after B.C. environmental approval
* MedMen Enterprises Inc. jumped 6.8% 
* Flowr Corp. lost 20% after an equity offering
* MAG Silver Corp. dropped 6.4% 
* Osisko Gold Royalties Ltd. fell 5.3% after share offering
Commodities
* Western Canada Select crude oil traded at a $12.95 discount to WTI
* Spot gold rose 0.2 to $1,422.75 an ounce
FX/Bonds
* The Canadian dollar strengthened 0.1% to C$1.3163 per U.S. dollar
* The Canada 10-year government bond yield fell to 1.440%
US
By Randall Jensen and Sarah Ponczek
     (Bloomberg) — U.S. stocks fell the most in more than three weeks as Federal Reserve Chairman Jerome Powell warned the downside risks to the economy have increased and Trump administration officials signaled a trade deal at the Group of 20 meeting is unlikely. Treasuries and the dollar advanced.
     The S&P 500 fell for a third-straight session, the longest streak since May 9, as Powell reiterated the case for somewhat lower interest rates, but stopped short of signaling a cut was imminent. Markets have been pricing in a reduction of nearly 50 basis points in July. St. Louis Fed President James Bullard said a cut of that magnitude seemed unwarranted.
     Tech shares led losses, with the Nasdaq 100 falling more than 1.7%, after a senior Trump administration official told Bloomberg the U.S. won’t accept further conditions on tariffs as part of reopening negotiations and no detailed trade deal is expected from the leaders’ summit.
     The two-year Treasury was little changed around 1.73%, while the 10-year dropped below 2%, a level that until last week it hadn’t breached in three years. The dollar rose for the first time in six sessions.
     With stress between the U.S. and Iran building and the White House apparently playing down hopes of a trade breakthrough when Trump and China’s Xi Jinping meet this week, investors have edged away from risk assets following the recent central bank-fueled rally. The market has been betting the Fed will produce deep cuts to interest rates this year, and comments by officials Tuesday highlighted investor sensitivity to any hints that may not happen.
     There’s “the short-term headlines related to people watching the G-20 and the potential for any news related to the US-China negotiations. That’s one piece that in the shorter run is making the markets a little uneasy. The other one is related to the geopolitical tensions with Iran,” said Omar Aguilar, the chief investment officer for equities at Charles Schwab Investment Management. “The bigger picture still drives the markets, which is we have lower interest rates coming up and the market continues to place a big bet on a July rate cut by the Fed.”
     Elsewhere, Drugmaker Allergan surged after agreeing to be bought by AbbVie Inc. Bitcoin extended its gains through $11,000. West Texas oil edged lower as investors weighed escalating tensions between the U.S. and Iran against the possibility of OPEC+ extending production cuts.
Here are some key events coming up:
* MSCI Inc. announces results of its 2019 Market Classification Review on Tuesday, including whether Kuwait gets upgraded from frontier to emerging-market status.
* The Group of 20 summit is in Osaka, Japan on Friday and Saturday.
These are the main moves in markets:
Stocks
* The S&P 500 Index fell 0.95%, the biggest decline since May 31, as of 4 p.m. New York time.
* The Stoxx Europe 600 Index dipped 0.1%.
* The MSCI Emerging Market Index sank 0.8%.
* The MSCI Asia Pacific Index decreased 0.4%.
Currencies
* The Bloomberg Dollar Spot Index rose 0.1%.
* The euro dropped 0.3% to $1.1370, the first retreat in a week.
* The British pound declined 0.4% to $1.2696.
* The Japanese yen climbed 0.1% to 107.16 per dollar.
Bonds
* The yield on 10-year Treasuries declined three basis points to 1.99%.
* Germany’s 10-year yield fell two basis points to -0.31%, the lowest on record.
* Britain’s 10-year yield dipped two basis points to 0.794%.
Commodities
* West Texas Intermediate crude was little changed at $57.89 a barrel.
* Gold increased 0.6% to $1,426.50 an ounce.
–With assistance from Cormac Mullen and Samuel Potter

Have a great night.

Be magnificent!
As ever,

 Carolann

 Champions keep playing until they get it right.

                            -Billie Jean King, b. 1943

 

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:
St. Jean Baptiste Day~ big celebrations in Quebec taking place.  

June 24, 1497: Discovery of Newfoundland
On June 24, 1997, the Air Force released a report on the so-called “Roswell Incident,” suggesting the alien bodies witnesses reported seeing in 1947 were actually life-sized dummies. Go to article »

 RULES TO LIVE BY
These 11 rules are part of Charles Syke’s book “Dumbing Down Our Kids”. 

1. “Life is not fair – get used to it.” The more time you spend complaining about the things you can’t control, the less time you’ll devote to the things you can.
2. “The world doesn’t care about your self-esteem.” Respect is earned, not given. You need to achieve something on your own in order for others to stand up and applaud your contribution.
3. “You won’t earn $60,000 right out of high school.” You’ll need to work your way up, and – in many ways – the lessons and failures you experience along the way will serve as your real education.
4. “If you think your teacher is tough, wait till you get a boss.” In many cases, it’s your tuition that’s paying the teacher. In the business world, it’s the teacher who’s paying you.
5. “Flipping burgers is not beneath your dignity.” When your grandparents were young, flipping burgers was an opportunity to learn.
6. “If you mess up, it’s not your parents’ fault … It’s yours.” Don’t waste time blaming others. They’ll resent you, and it doesn’t earn you any real respect.
7. “Take responsibility for your own contribution, rather than waiting for others to place opportunities in front of you.” Don’t waste years of your life waiting for someone to show up on your doorsteps and hand you the roadmap to success. Go out and grab it.
8. “Your school may have done away with winners and losers, but life has not.” Hard work is often its own reward. And consistent hard work leads to greater rewards.
9. “Life is not divided into semesters and you won’t have the summers off.” Make time for yourself, but devote yourself to being focused and equal to the task on a daily basis.
10. “Television is not real life.” You need to step outside your comfort zone to really experience life.
11. “Be nice to nerds … Chances are, you’ll end up working for one.”

 PHOTOS OF THE DAY

With Chatsworth House as a backdrop, Freya Kirkpatrick flies a kite over a field of poppies near Baslow in the Derbyshire Peak District.
CREDIT: ROD KIRKPATRICK/F STOP PRESS/NATIONAL TRUST

A motorcyclist from Switzerland arrives with his motorcycle to attend a Blessing of the Bikes service at the Cathedral St-Nicolas in Fribourg.
CREDIT: STEFAN WERMUTH/AFP

Tom Power and Emma Louise at the Harrogate 1940s festival. PRESS Association Photo. Pictures date: Sunday June 23.2019. The annual 1940s festival in Yorkshire sees the clock wound back eight decades with a variety of wartime costumes, vintage vehicles and music from the decade. Many of the regular attendees dress for the event that organisers say attracted more than 40,000 visitors last year.
CREDIT: DANNY LAWSON/PA
Market Closes for June 24th, 2019

Market Index	Close	Change
Dow Jones	26727.54	+8.41   +0.03%
S&P 500	2945.35	-5.11   -0.17%
NASDAQ	8005.695	-26.012   -0.32%
TSX	16523.47	-1.96
		-0.01%

International Markets

Market Index	Close	Change
NIKKEI	21285.99	+39.29
		+0.14%
HANG SENG	28513.00	+348.29
		+1.24%
SENSEX	39122.96	-71.53
		-0.18%
FTSE 100*	7416.69	+9.19
		+0.12%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.461		1.485
CND. 30 Year Bond		1.710		1.725
U.S.    10 Year Bond		2.0143		2.0284
U.S. 30 Year Bond		2.5443		2.5401

Currencies

BOC Close	Today	Previous
Canadian $	0.75850	0.75548
US $	1.31839	1.32365
Euro Rate 1 Euro=		Inverse
Canadian $	1.50265	0.66549
US $	1.13976	0.87737

Commodities

Gold	Close	Previous
London Gold Fix	1397.15	1341.35
Oil
WTI Crude Future	57.70	53.76

Market Commentary:
On this day in 1971, an entrepreneur named Fred Smith founded a company to compete with the U.S. Postal Service. He called the new outfit Federal Express.
Canada
By Michael Bellusci
     (Bloomberg) — Canadian stocks ended slightly lower Monday despite a strong rally in gold.
     The S&P/TSX Composite Index edge down to 16,523. Technology dropped, led by Shopify Inc., after the latter was downgraded at Roth Capital on valuation.
     Separately, lawyers for Huawei Technologies Co.’s chief financial officer urged Canada’s justice minister to end extradition proceedings, arguing that he has the power to withdraw a process that’s been politicized by the U.S.
In other moves:
Stocks
* Continental Gold Inc. jumped 12.2% after Eric Sprott agreed to buy shares 
* New Gold Inc. rose 8.9% 
* Gran Tierra Energy Inc. lost 6.1% 
* Charlottes Web Holdings Inc. dropped 6.1% 
* Seven Generations Energy Ltd. fell 4.6% 
* Ritchie Bros Auctioneers Inc. declined 4.1% after CEO to step down
Commodities
* Western Canada Select crude oil traded at a $13.35 discount to WTI
* Spot gold rose 1.4% to $1,419.14 an ounce 
FX/Bonds
* The Canadian dollar strengthened 0.3% to C$1.3183 per U.S. dollar 
* The Canada 10-year government bond yield fell to 1.458%
US
By Randall Jensen and Sarah Ponczek
     (Bloomberg) — U.S. stocks edged away from records as investors weighed expectations for easier monetary policy against concerns about a slowing global economy. Treasuries gained, while the dollar dropped.
     The S&P 500 fell for a second session, stalling below last week’s all-time high that was fueled by the prospect of rate cuts. Health-care paced losses as Bristol-Meyers Squibb Co. tumbled after the company said it will strip out a top drug from its merger with Celgene Corp. to get regulatory approval. Energy producers dropped in the wake of new U.S. sanctions on Iran. The Russell 2000 Index slumped. 
     Investors in risk assets have continued to shrug off signs of an economic slowdown and focus on the increasingly dovish tone at central banks around the world. That attention will intensify Tuesday when Fed Chair Jerome Powell discusses monetary policy. But sentiment could be at a crossroads as the conflict between the America and Iran has ramped up, and themeeting between China’s President Xi Jinping and Donald Trump this week at the Group of 20 conference in Japan presents a pivot point for trade relations between the two countries. The 10-year Treasury yield dropped to 2.02%, while West Texas crude rose toward $58 a barrel. The euro touched a three- month high against the dollar even as data showed that a slump in German business confidence deepened in June.
     It’s “a pretty good guess that we won’t see a whole lot of movement in front of the big upcoming meetings (G20 and OPEC),” wrote Matt Maley, equity strategist at Miller Tabak & Co. “Given the meeting between President Trump & President Xi at the one and the impact the situation with Iran could/should have on the other, the results of those meetings should be quite important to the stock market’s next move.”
     Elsewhere, gold extended its advance above $1,400 an ounce, while Bitcoin surged toward 11,000.
Here are some key events coming up:
* Fed Chairman Jerome Powell speaks at the Council on Foreign Relations in New York Tuesday. He’ll discuss the challenges facing the U.S. economy.
* MSCI Inc. announces results of its 2019 Market Classification Review on Tuesday, including whether Kuwait gets upgraded from frontier to emerging-market status.
* The Group of 20 summit is in Osaka, Japan on Friday and Saturday.
These are the main moves in markets:
Stocks
* The S&P 500 fell 0.2% as of 4 p.m. in New York.
* The Nasdaq 100 Index dropped 0.3%, while the Russell 2000 Index slid 1.3%.
* The Stoxx Europe 600 Index decreased 0.3% to the lowest in a week.
* The MSCI Emerging Market Index advanced 0.1%.
Currencies
* The Bloomberg Dollar Spot Index dropped 0.1%. 
* The euro rose 0.2% to $1.1388, the strongest in almost 14 weeks.
* The British pound was little changed at $1.2736.
* The Japanese yen was little changed at 107.31 per dollar.
Bonds
* The yield on 10-year Treasuries dipped four basis points to 2.02%.
* Germany’s 10-year yield declined two basis points to -0.31%.
* Japan’s 10-year yield advanced less than one basis point to -0.154%.
Commodities
* West Texas Intermediate crude rose 0.6% to $57.78 a barrel.
* Gold climbed 1.5% to $1,421.60 an ounce, reaching the highest in almost six years.
–With assistance from Anchalee Worrachate, Yakob Peterseil and Vildana Hajric.

Have  a great night.

Be magnificent!
As ever,

 Carolann

 

Nothing is so firmly believed as that which we least know.

                                -Michel De Montaigne, 1533-1592

 

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!  It’s officially summer!  

 On this day

 
1749 – Edward Cornwallis founds settlement at Halifax with 2,576 English colonists.
Go to article »

-from today’s New York Times:

It’s the summer solstice in the Northern Hemisphere, the period when the region is most tilted toward the sun. The opposite is happening in the Southern Hemisphere.

A Mongolian shaman performing a sun ritual during the summer solstice last year.  Kevin Frayer/Getty Images

Jenna Wortham, the host of The Times’s “Still Processing” podcast, says the solstice “is an invitation to lean into the light and awaken the awareness that lives inside of us all.” How?

Your Back Story writer today is a communications director at The Times, and also a yoga instructor. So, of course, I recommend a few postures.

As it happens, the United Nations has declared today the International Day of Yoga, so I invite you to look up at the sky and consider our connection to the universe. The word yoga, after all, means “union” in Sanskrit.

You can do an abbreviated sun salutation by inhaling and reaching both arms straight up to the sky, then exhaling, bending at the waist and bowing forward. Or try the full version.

You can do an abbreviated sun salutation by inhaling and reaching both arms straight up to the sky, then exhaling, bending at the waist and bowing forward. Or try the full version.

Whichever you choose, namaste — meaning the teacher in me salutes the teacher in you.

PHOTOS OF THE DAY

HM The Queen and The Princess Royal arrive at Ascot races, UK, on Ladies Day.
CREDIT: EDDIE MULHOLLAND FOR THE TELEGRAPH

Children dressed in the tradition clothes of the Sorbs attend a holy mass during a Corpus Christi procession in Crostwitz, Germany, Thursday. The catholic faithful Sorbs are acknowledged as a national minority near the German-Polish border with their own language in eastern Germany. The procession to commemorate the solemnity of the body and blood of Christ has been a tradition in Lusatia (Laustiz) region.
CREDIT: AP PHOTO /JENS MEYER

Men dressed in traditional clothes start for a Corpus Christi procession at lake Staffelsee in Seehausen near Murnau, Germany
CREDIT: AP PHOTO/ MATTHIAS SCHRADER

A woman walking along a suspension bridge at a height of 2320 metres at the Rosa Khutor alpine ski restore in Krasnaya Polyana
CREDIT: DMITRY FEOKTISTOV/TASS/BARCROFT MEDIA
Market Closes for June 21st, 2019

Market Index	Close	Change
Dow Jones	26719.13	-34.04   -0.13%
S&P 500	2950.46	-3.72   -0.13%
NASDAQ	8031.707	-19.633   -0.24%
TSX	16525.43	-49.40
		-0.30%

International Markets

Market Index	Close	Change
NIKKEI	21258.64	-204.22
		-0.95%
HANG SENG	28473.71	-76.72
		-0.27%
SENSEX	39194.49	-407.14
		-1.03%
FTSE 100*	7407.50	-16.94
		-0.23%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.485		1.468
CND. 30 Year Bond		1.725		1.705
U.S.    10 Year Bond		2.0540		2.0284
U.S. 30 Year Bond		2.5841		2.5401

Currencies

BOC Close	Today	Previous
Canadian $	0.75548	0.75806
US $	1.32365	1.31916
Euro Rate 1 Euro=		Inverse
Canadian $	1.50537	0.66429
US $	1.13728	0.87929

Commodities

Gold	Close	Previous
London Gold Fix	1379.50	1344.05
Oil
WTI Crude Future	57.28	56.65

Market Commentary:
On this day in 1970, Penn Central, one of the world’s largest and oldest railroad operators, declared bankruptcy when the Federal government refused to guarantee $200 million in emergency loans.  Investors—especially banks and holders of the railway’s commercial paper—were caught almost completely by surprise.
Canada
By Michael Bellusci
     (Bloomberg) — Canadian equities ended their six day win streak as the market couldn’t shake off weakness from Canopy Growth Corp.’s disappointing earnings.
     The S&P/TSX Composite Index lost 0.3% to 16,525. Health care and consumer staples lagged while materials rose.
     Meanwhile, Bill C-69 passed Canada’s Senate last night. A broad range of social, economic, and health impacts will become part of the federal permitting plan for major industrial, transportation, and energy projects under the bill.
In other moves:
Stocks
* Village Farms International Inc. lost 8.8% 
* Canopy Growth Corp. dropped 7.6% 
* Ensign Energy Services Inc. fell 3.7% 
* Wesdome Gold Mines Ltd. rose 5.8% 
* Eldorado Gold Corp. gained 5.7% 
Commodities
* Western Canada Select crude oil traded at a $13.35 discount to WTI=
* Gold spot price rose 0.4% to $1,403 an ounce
FX/Bonds
* The Canadian dollar fell 0.2% to C$1.3212 per U.S. dollar
* The Canada 10-year government bond yield rose to 1.483%
US
By Vildana Hajric and Olivia Rinaldi
     (Bloomberg) — U.S. stocks were mixed after touching record highs as an escalation of tensions with Iran slowed this week’s rally in risk assets sparked by dovish central banks. Oil gained as escalating tensions with Iran fanned fears of conflict.
     The S&P 500 spiked to a fresh intraday high and the Dow Jones Industrial Average briefly surpassed its Oct. 3 closing record. The index whipsawed Friday with volumes higher than the 30-day average as futures and options expire. The dollar was little changed after slumping in the wake of the Federal Reserve’s dovish signals earlier in the week, while gold traded around $1,400 an ounce for the first time since 2013. U.S. crude topped $57 a barrel. “The last time we had a quad-witching day like this we had similar volatility,” said Sean O’Hara, president of Pacer ETFs Distributors. “Bigger picture issue is I think people are trying to sort of digest all of the news of the week and weigh that against the potential threats in Iran.”
     The risk-on mood was damped after President Donald Trump said he approved strikes overnight against Iran in retaliation for downing a U.S. drone, but then called off the operation. West Texas Intermediate remained on pace for its biggest weekly increase since December 2016.
     “I’m curious about what happens over the next 24-48 hours because this aborted strike on Iran leaves open the question about what does happen next? It has implications for oil prices and potentially the economy,” said Kevin Caron, a senior portfolio manager at Washington Crossing Advisors. Policy makers in the U.S., Europe and Australia were among those signaling a readiness to do more to support growth this week, helping fuel gains for equities while putting increased pressure on sovereign bond yields. Next week, the trade issue is back up: Trump and Chinese President Xi Jinping are set to meet during the Group of 20 summit in Japan.
     Gains for stocks have “been built on the potential for monetary policy support from the Federal Reserve on one side, and the easing of trade tensions on the other,” Alex Dryden, global market strategist at JPMorgan Asset Management, told Bloomberg TV. “That is not the best basis for building an equity market rally in a sustainable manner.”
     The euro strengthened and most European bonds slipped after data showed economic activity in the region improved in June. Health care firms weighed on the Stoxx 600 Index. Asian markets were also red overall, with Japanese, South Korean and Australian shares declining as Chinese stocks rose.
These are the main moves in markets:
Stocks
* The S&P 500 Index was little changed as of 2:32 p.m. New York time. The Nasdaq Composite Index dropped 0.2% and the Dow Jones Industrial Average added 0.2%.
* The Stoxx Europe 600 fell 0.4%.
* The MSCI Emerging Market Index eased less than 0.1%.
* The MSCI Asia Pacific Index dropped 0.4%, the first decrease in four days. 
Currencies
* The Bloomberg Dollar Spot Index fell 0.1%.
* The euro gained 0.6% to $1.1365, while the yen weakened 0.1% to 107.40 per dollar. 
* The British pound rose 0.2% to $1.2713.
* The MSCI Emerging Markets Currency Index was little changed.
Bonds
* The yield on 10-year Treasuries increased 3 basis points to 2.06%.
* Germany’s 10-year yield climbed 3 basis points to -0.29%.
* Britain’s 10-year yield rose 4 basis points to 0.85%. 
Commodities
* West Texas Intermediate rose 1.6% to $57.54 a barrel. 
* Gold increased 0.7% to $1,398 an ounce. 
* The Bloomberg Commodity Index fell 0.2%.

Have a wonderful weekend everyone.

 Be magnificent!

Carolann

As ever,

Since you are like no other being ever created since the beginning of time, you are incomparable.

                                                                              -Brenda Ueland, 1891-1985

 

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:
-from CNN today:
If you’ve been pining for a change of scenery, you’re in luck: Astronomers have found two planets that meet pretty much every requirement for supporting life.

Today is World Refugee Day, a day to learn more about and support refugees.  Canada took in more refugees last year than the United States. Canada accepted 28,100 refugees, more than any other nation, a UN report says. The US resettled 22,900 refugees, the second-most.

From Bloomberg today:
A working solar sail may go into orbit next week. (h/t Scott Kominers)
To be more creative, cheer up.
Italians have all the secrets to living well.

U.S. national poet: Joy Harjo has been named the 23rd poet laureate. A member of the Muscogee Creek Nation, she is the first Native American person to be selected for the role. Read her poem “Fall Song.” –NY Times.

On this day, 1997 The tobacco industry agreed to a massive settlement in exchange for relief from mounting lawsuits and legal bills. Go to article »

Advice for life from 103-year old Julia Hawkins:
Julia “Hurricane” Hawkins, who took up running late in life, competes in the 50- and 100-meter events at the National Senior Games. She is believed to be the oldest woman to formally compete on an American track. Two years ago, she set a record: 100 meters in 39.62 seconds.

In a Q. and A., she offered readers some wisdom. Stay in shape, she advised, and keep an eye out for life’s magic moments, “like sunsets and sunrises, rainbows, beautiful birds, music and people’s lovely comments to you.”

PHOTOS OF THE DAY

Olympic House, the new headquarters of the International Olympic Committee, designed by 3XN+IttenBrechbehl, is pictured before its official opening in Lausanne, Switzerland
CREDIT: REUTERS/DENIS BALIBOUSE

A gallery assistant holds the King William & Queen Mary Royal Tompion clock, one of the world’s most valuable clocks, which sold for £1.93M by auction at Bonhams yesterday.
CREDIT: KIRSTY O’CONNOR/PA

Selah Schneiter climbs “The Nose” route on EI Capitan, in Yosemite Park, California. The 10-year-old US girl has made rock climbing history by becoming the youngest person to ever scale Yosemite’s iconic EI Capitan. Selah Schneiter, of Colorado, scaled the nearly 3,000 – foot route with her father, an experienced climber, and a family friend, over five days – and celebrated her feat on June 12 with a pizza.
CREDIT: SCHNEITER FAMILY/REUTERS
Market Closes for June 20th, 2019

Market Index	Close	Change
Dow Jones	26753.17	+249.17   +0.94%
S&P 500	2954.18	+27.72   +0.95%
NASDAQ	8051.340	+64.017   +0.80%
TSX	16574.83	+63.04
		+0.38%

International Markets

Market Index	Close	Change
NIKKEI	21462.86	+128.99
		+0.60%
HANG SENG	28550.43	+348.29
		+1.24%
SENSEX	39601.63	+488.89
		+1.25%
FTSE 100*	7424.44	+20.90
		+0.28%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.468		1.425
CND. 30 Year Bond		1.705		1.673
U.S.    10 Year Bond		2.0284		2.0233
U.S. 30 Year Bond		2.5401		2.5351

Currencies

BOC Close	Today	Previous
Canadian $	0.75806	0.75273
US $	1.31916	1.32850
Euro Rate 1 Euro=		Inverse
Canadian $	1.48939	0.67142
US $	1.12904	0.88571

Commodities

Gold	Close	Previous
London Gold Fix	1344.05	1341.35
Oil
WTI Crude Future	56.65	53.76

Market Commentary:
Federal Reserve officials held their benchmark interest rate steady on Wednesday, but hinted they would cut rates in the months ahead if the economic outlook weakens.
Canada
By Michael Bellusci
     (Bloomberg) — Canadian stocks gained for a sixth session as commodities including crude oil and gold posted strong rallies.
     The S&P/TSX Composite Index added 0.4% to 16,574.83. Materials led the way, while health care and energy also gained. Horizons Marijuana Life Sciences ETF (HMMJ CN) rose for a fourth-straight session. Canopy Growth Corp. is set to report fourth-quarter earnings tonight.
     Meanwhile, China National Gold Group Corp., the nation’s second-biggest miner of the metal, is studying a bid for a stake in Canada’s Iamgold Corp., people familiar with the matter said. Additionally, Shopify Inc. is now more valuable than Manulife Financial Corp.and Canadian Imperial Bank of Commerce.
In other moves:
Stocks
* Bellus Health Inc. jumped 43.6% after Merck pipeline remark
* Cornerstone Capital Resources Inc. rose 22.5% after Ecuador constitutional court decision
* Crescent Point Energy Corp. jumped 8.7% amid energy stock rally 
* MediPharm Labs Corp. lost 5.6% after being downgraded to market perform at Mackie  
* BlackBerry Ltd. fell 4.3% 
* Dirtt Environmental Solutions dropped 3.6%, most since May 9 
Ratings
* NRTH CN: 48North Cannabis Corp Rated New Buy at Eight Capital; PT C$1.40
* WDO CN: Wesdome Gold Mines Cut to Hold at Canaccord; Price Target C$5.50
* SHOP CN: Shopify Downgraded to Neutral at CIBC
Commodities
* Western Canada Select crude oil traded at a $13.85 discount to WTI
* Gold spot price rose over 2% to $1,389.54 an ounce
FX/Bonds
* The Canadian dollar strengthened about 0.6% to C$1.3197 per U.S. dollar
* The Canada 10-year government bond yield rose to 1.453%
US
By Vildana Hajric and Sarah Ponczek
     (Bloomberg) — U.S. stocks rose to a record, while sovereign bonds extended gains and the dollar slumped after central banks around the world continued a shift toward easier monetary policy. Oil surged amid rising tensions with Iran.
     The S&P 500 opened at an all-time high, spurred by speculation the Federal Reserve will cut rates soon enough to avert an economic slump. The benchmark retreated after President Donald Trump hinted at possible retaliation for Iran shooting down a U.S. drone, only to rebound and close above the previous high set on April 30. Energy shares led the gain as crude surged more than 5%. The Cboe Volatility Index rose above 15.
     The geopolitical tensions briefly overshadowed fresh impetus for risk assets from the Fed, Bank of Japan and Bank of England, all of which signaled a readiness to support growth. The 10-year U.S. Treasury note yield dropped below 2% for the first time since November 2016, while the greenback sank the most since January. Gold surged toward $1,400 an ounce.
     “In the big scheme of things, it’s a concern because it creates uncertainty,” said Ernie Cecilia, chief investment officer at Bryn Mawr Trust Co. “From a longer-term perspective, we’d think that any issues would get resolved diplomatically.” Traders are now pricing in a virtual certainty the U.S. central bank will cut rates by July, Fed fund futures show. Seven of 17 Fed officials now think it will be appropriate to lower the benchmark overnight rate by a half-percentage point by the end of the year, according to updated projections published Wednesday. Fed Chairman Jerome Powell cited “uncertainties” in the outlook that have increased the case for a rate reduction as officials seek to prolong the near-record American economic expansion.
“The Fed did a great job walking what had to be a pretty fine line between giving the markets what they were wanting, the removal of ‘patience,’ the knowledge that the Fed does stand ready to cut rates, if needed,” Chris Gaffney, president of world markets at TIAA Bank, said in an interview at Bloomberg’s New York headquarters.
These are the main moves in markets:
Stocks
* The S&P 500 Index rose 1% to a closing record of 2,954.18 as of 4:06 p.m. New York time. The Nasdaq Composite Index gained 0.8% and the Dow Jones Industrial Average increased 0.94%.
* The Stoxx Europe 600 increased 0.4% to the highest in about seven weeks.
* The MSCI Emerging Market Index surged 1.6% to the highest in more than six weeks.
* The MSCI Asia Pacific Index climbed 1.4% to the highest in more than six weeks. 
Currencies
* The Bloomberg Dollar Spot Index declined 0.6%, to the lowest since January.
* The euro rose 0.5% to $1.1277, the strongest in more than a week. 
* The yen strengthened 0.5% at 107.52 per dollar, the strongest in more than five months.
* The British pound increased 0.5% to $1.2696, the strongest in more than a week.
* The MSCI Emerging Markets Currency Index rose 1%.
Bonds
* The yield on 10-year Treasuries fell 2 basis points to 2%.
* Germany’s 10-year yield eased 3 basis points to -0.32%.
* Britain’s 10-year yield declined 6 basis points to 0.81%, after touching the lowest level in almost three years. 
Commodities
* West Texas Intermediate rose 5.4% to $56.65 a barrel. 
* Gold increased 2.1% to $1,389 an ounce. 
* The Bloomberg Commodity Index jumped 1.8%.

Have  a great night.

Be magnificent!
As ever,

Carolann

 

 A good stance and posture reflect a proper state of mind.

                                     -Morihei Ueshiba, 1883-1969

 

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