Category: Events

Dear Friends,

Tangents:
Just returned from an investment conference in NYC – lots of good ideas were circulating.  I did have  a couple of hours kill time, so I hopped in an Uber and went down to check out the new Hudson Yards development which recently opened.  It’s very impressive, quite a breeze that blows off the Hudson River, creating a very different climate from midtown Manhattan just a few streets away.  There will be an observation deck opening soon, though it hasn’t yet.   The Shed is a fabulous concept, intended to inject the scene with culture, attracting artists from every conceivable artistic venue.   Check it out at https://theshed.org/

Sir Arthur Conan Doyle, writer, b. 1859~”How often have I said to you that when you have eliminated the impossible, whatever remains, however improbable, must be the truth?” –Sir Arthur Conan Doyle.

ICYMI
Steve Cohen was the ultimate buyer of that $91 million Koons bunny.

On this day in 1867 –

Queen Victoria decrees that Canada should come into being July 1.  Go to article »
PHOTOS OF THE DAY

A construction worker cycles to head for working in Samroang village outside Phnom Penh, Cambodia
CREDIT: AP PHOTO/HENG SINITH

A Kashmiri man removes weed from the Dal Lake early in the morning in Srinagar, Indian controlled Kashmir
CREDIT: PHOTO/MUKHTAR KHAN

An alleged work by British street artist Banksy depicting a migrant child wearing a lifejacket holding a pink flare, is painted on the outer wall of a house overlooking the canal Rio de ca Foscari, in Venice
CREDIT: MARCO SABADIN/AFP
Market Closes for May 22^nd, 2019

Market Index	Close	Change
Dow Jones	25776.61	-100.72     -0.39%
S&P 500	2856.27	-8.09   -0.28%
NASDAQ	7750.844	-34.880   -0.45%
TSX	16327.35	-99.11
		-0.60%

International Markets

Market Index	Close	Change
NIKKEI	21283.37	+10.92
		+0.05%
HANG SENG	27705.94	+48.70
		+0.18%
SENSEX	39110.21	+140.41
		+0.36%
FTSE 100*	7334.19	+5.27
		+0.07%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.716		1.760
CND. 30 Year Bond		1.952		1.974
U.S.    10 Year Bond		2.3820		2.4264
U.S. 30 Year Bond		2.8076		2.8439

Currencies

BOC Close	Today	Previous
Canadian $	0.74427	0.74599
US $	1.34359	1.34050
Euro Rate 1 Euro=		Inverse
Canadian $	1.49855	0.66731
US $	1.11527	0.89664

Commodities

Gold	Close	Previous
London Gold Fix	1271.15	1276.85
Oil
WTI Crude Future	61.22	62.99

Market Commentary:
On this day in 1928, Thomas Boone Pickens was born in Holdenville, Okla. He later headed Mesa Petroleum, setting off the hostile takeover wars of the 1980s with an unsolicited bid to buy Cities Service Co. in 1982. In January 2018, Mr. Pickens closed the energy-focused hedge fund he ran for two decades.
Canada
By Kristine Owram
      (Bloomberg) — Canadian stocks bounced off their session lows but still closed at the lowest level in a week as a disappointing start to bank earnings season and trade tensions weighed on the benchmark.
     The S&P/TSX Composite Index lost 0.6% to 16,327.35, the biggest drop in six sessions. Materials slid 2% and energy stocks fell 1.6% following news that the White House is targeting more Chinese technology firms, which hit commodity prices.
     Financials lost 0.7% as Canadian Imperial Bank of Commerce fell about 4.3%, the most since 2011. The bank kicked off the sector’s second-quarter earnings season with a miss amid shrinking domestic mortgages and net interest income.
     In other moves:
Stocks
* First Quantum Minerals Ltd. slid 11% to the lowest since January amid escalating tensions in Zambia
* Barrick Gold Corp. fell 1.5%. The miner plans to buy the shares of Acacia Mining Plc is doesn’t already own for $285 million
* Canopy Growth Corp. gained 2.5%. The cannabis company is buying British skin-care brand This Works for 43 million pounds
Commodities
* Western Canada Select crude oil traded at a $15.50 discount to WTI
* Gold rose 0.1% to $1,274.20 an ounce
FX/Bonds
* The Canadian dollar weakened 0.2% to C$1.3430 per U.S. dollar
* The Canada 10-year government bond yield fell 4 basis points to 1.72%
US
By Vildana Hajric and Elena Popina
     (Bloomberg) — U.S. stocks fell Wednesday as trade tensions simmered, with the White House said to be preparing to blacklist more Chinese technology companies. The dollar and Treasuries held their ground after the release of meeting minutes from the Federal Reserve, which stressed a patient approach to interest- rate changes.
     The S&P 500 Index fell for the third session in four, with tech shares under pressure amid the latest developments in the trade war with China. Markets continue to run hot and cold as investors react to the near-daily salvos in the conflict, trying to size up how much damage they will bring to growth and supply chains. The Fed minutes put a damper on prospects for lower rates this year, weighing slightly on equity markets as fed funds futures showed a slight drop in the odds for a rate cut.
     “It’s kind of like a doctor — the first thing you do is do no harm,” Michael Kushma, chief investment officer of global fixed income at Morgan Stanley Investment Management, said after the minutes came out. “So if you don’t know exactly what to do, don’t do anything. Don’t give medicine if you don’t know what the implications will be. So I think it’s easy for them to justify doing nothing for an extended period of time absent some major change in fiscal policy, trade policy.”
     Energy shares slid along with crude futures after an unexpected buildup in U.S. oil and gasoline stockpiles, while retail stocks declined on disappointing earnings from Lowe’s Cos. and Nordstrom Inc.
     Retail and real estate shares led a decline in the Stoxx Europe 600 gauge. Russia’s 10-year bond yields fell to their lowest level since the emerging-market currency crisis last August, after the Finance Ministry said it would consider returning to limited bond auctions. The pound extended a decline and gilts jumped as Prime Minister Theresa May faced pressure to quit within days.
     Here are some notable events coming up:
* Counting of votes from the Indian general elections takes place Thursday as Prime Minister Narendra Modi attempts to secure a second term.
* The European Parliament holds continent-wide elections May 23-26.
* On Thursday, the ECB publishes its account of the April monetary policy decision.
And these are the main moves in markets:
Stocks
* The S&P 500 Index fell 0.3% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index dipped 0.1%.
* The U.K.’s FTSE 100 Index rose 0.1%
* The MSCI Emerging Market Index fell 0.1%.
Currencies
* The Bloomberg Dollar Spot Index rose 0.1% to a five-month high.
* The euro fell 0.1% to $1.1153.
* The British pound dipped 0.3% to $1.266.
* The Japanese yen advanced 0.1% to 110.34 per dollar.
Bonds
* The yield on 10-year Treasuries fell four basis points to 2.39%.
* Germany’s 10-year yield declined two basis points to -0.09%.
* Britain’s 10-year yield sank seven basis points to 1.015%, the biggest drop in two months.
Commodities
* West Texas Intermediate crude sank 2.9% to $61.28 a barrel.
* Gold gained 0.1% to $1,273.88 an ounce.
–With assistance from April Ma, Adam Haigh and Todd White.

Have  a great night!

Be magnificent!
As ever,

Carolann

There was another life that I might have had, but I am having this one.

                                                                -Kazuo Ishiguro, b. 1954

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

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

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

Dear Friends,
Tangents:

Carolann is out of the office this afternoon, I will be writing the newsletter on her behalf.

PHOTOS OF THE DAY

A model poses with body art and headwear made of Peonies at the RHS Chelsea Flower Show at the Royal Hospital Chelsea, London

CREIDT: REUTERS/TOBY MELVILLE

Visitors stroll through a carpet of moss flowers, called shibazakura in Japanese, in full bloom at Shibazakura Park in the Hokkaido town of Ozora

FROM: TELEGRAPH MAY 21, 2019

The Edgar Evans club annual tug of war competition on Bramble Bank in the central Solent at low tide. The event raised £600 for the Buckland Park Play Centre in Portsmouth, Hampshire, UK, which coincidently is situated on the same road where Edgar Evans lived in 1907 with his wife and three children. The Edgar Evans club was inspired by its namesake due to the number of similar connection Edgar has with its founders, who have served in the Royal Navy and been part of the Royal Tournament Command field Gun Crew for both Portsmouth and Devonport.

CREDIT: SIENNA ANDERSON/ SOUL PHOTOGRAPHY
Market Closes for May 21^st, 2019

Market Index	Close	Change
Dow Jones	25877.33	+197.43     +0.77%
S&P 500	2864.36	+24.13   +0.85%
NASDAQ	7785.723	+83.348   +1.08%
TSX	16426.47	+24.72
		+0.15%

International Markets

Market Index	Close	Change
NIKKEI	21272.45	-429.28
		-0.14%
HANG SENG	27657.24	-130.37
		-0.47%
SENSEX	38969.80	-382.87
		-0.97%
FTSE 100*	7328.92	+18.04
		+0.25%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.760		1.688
CND. 30 Year Bond		1.974		1.916
U.S.    10 Year Bond		2.4264		2.3909
U.S. 30 Year Bond		2.8439		2.8253

Currencies

BOC Close	Today	Previous
Canadian $	0.74599	0.74288
US $	1.34050	1.34611
Euro Rate 1 Euro=		Inverse
Canadian $	1.49643	0.66826
US $	1.11635	0.89577

Commodities

Gold	Close	Previous
London Gold Fix	1276.85	1291.70
Oil
WTI Crude Future	62.99	62.76

Market Commentary:

Canada
By Carolina Wilson
     (Bloomberg) — Canadian stocks rose on Tuesday, reversing earlier losses, as U.S. equities also rebounded in the wake of the latest trade-war moves.
     The S&P/TSX Composite Index climbed close to 0.2% to 16,426 in Toronto. Communication services and financial companies outperformed other industry groups, while materials stocks dragged down the benchmark. Shares of New Gold retreated 10% to the lowest level in seven months. Technology also declined.
     Meanwhile, the Canada crude discount hit its widest in 2019 as Alberta increased output limits and oil-sands producers forged ahead with new projects. Western Canadian Select traded at $15.75 less per barrel than West Texas Intermediate on Tuesday, the widest discount since Dec. 31.
     In other moves:
Stocks
* Premium Brands Holdings climbed almost 9% after completing a private placement of 2.63m shares to the Canada Pension Plan Investment Board
* First Quantum fell 7.2% after Citi downgraded the stock on Zambia risk
* Gran Tierra Energy slumped as much as 6.1% after getting cut at RBC, which said its shares are lagging 2019’s recovery in oil prices 
* CAE declined 3.7% after being downgraded to market perform at BMO and to hold at Desjardins
Ratings
* CAE CN: CAE Downgraded to Market Perform at BMO; PT C$36
** CAE CN: CAE Downgraded to Hold at Desjardins; PT C$37
* CIA CN: Champion Iron Rated New Buy at Canaccord
* DOL CN: Dollarama Upgraded to Outperform at Wells Fargo; PT C$48
* FM CN: First Quantum Minerals Downgraded to Neutral at Citi
* GTE CN: Gran Tierra Downgraded to Outperform at RBC
* JE CN: Just Energy Group Raised to Speculative Buy at Canaccord; PT C$6
Commodities
* Western Canada Select crude oil traded at a $15.75 discount to WTI
* Gold spot prices fell 0.3% to 1,274.64 an ounce
FX/Bonds
* The Canadian dollar rose 0.2% to C$1.34048 per U.S. dollar
* The Canada 10-year government bond yield rose to 1.755%
US
By Vildana Hajric and Sarah Ponczek
     (Bloomberg) — U.S. stocks rebounded on Tuesday as the trade-war driven back-and-forth that has dominated markets this month showed few signs of abating. Treasuries slipped while the dollar gained.
     The S&P 500 Index climbed after the U.S. decided to grant limited relief for consumers and carriers that do business with Huawei Technologies — a day after the White House’s moves against the Chinese telecom giant battered stocks. Semiconductors bounced back from yesterday’s 4% sell-off, logging their first gain in four sessions. Risk assets have been whipsawed in May as the world’s largest economies ratchet up both rhetoric and action on trade, with the latest phase focused on Huawei and its suppliers and customers. For all the turmoil, a gauge of global stocks remains within 5% of an all-time high, while the S&P 500 is about 3% from a record. Against that backdrop, investors will be closely watching U.S. data this week, as well as Federal Reserve policy- meeting minutes due on Wednesday.
     “There’s two things that drive the market — emotion and fundamentals,” Kevin Miller, chief executive officer of Minnesota-based E-Valuator Funds, said in an interview at Bloomberg’s New York headquarters. “Uncertainty is obviously something the markets do not like, but from a fundamental perspective, the markets are still really strong.”
     In Europe, technology shares powered the Stoxx 600 Index higher. Chinese equities had the strongest gains in the Asian session, while their Japanese peers ended lower. An advance for Samsung Electronics Co. helped bolster Korean shares, on bets it may benefit from Huawei’s need to shift away from American suppliers.
     Elsewhere, the pound fluctuated after U.K. Prime Minister Theresa May said she’s prepared to offer parliament a vote on holding a second Brexit referendum. The British currency spiked higher on her remarks before giving up those gains as some key lawmakers responded with skepticism. Turkey’s lira stayed lower after the country’s central bank effectively lowered its main interest rate, undoing a limited tightening of policy.
     Here are some notable events coming up:
* The Fed minutes of its FOMC April 30-May 1 policy meeting will be released Wednesday.
* Counting of votes from the Indian general elections takes place Thursday as Prime Minister Narendra Modi attempts to secure a second term.
* ECB President Mario Draghi speaks in Frankfurt on Wednesday.
* The European Parliament holds continent-wide elections May 23-26.
* On Thursday, the ECB publishes its account of the April monetary policy decision.
     And these are the main moves in markets:
Stocks
* The S&P 500 Index gained 0.9% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index gained 0.5%.
* The U.K.’s FTSE 100 Index increased 0.2%.
* The MSCI Emerging Market Index advanced 0.5%, its biggest gain in five weeks.
Currencies
* The Bloomberg Dollar Spot Index increased 0.2% to its highest in five months.
* The euro decreased less than 0.05% to $1.1161.
* The British pound sank 0.2% to $1.27.
* The Japanese yen decreased 0.5% to 110.56 per dollar.
Bonds
* The yield on 10-year Treasuries advanced one basis point to 2.43%, the highest in more than a week.
* Germany’s 10-year yield gained two basis points to -0.06%, the highest in over a week.
* Britain’s 10-year yield advanced three basis points to 1.083%.
Commodities
* West Texas Intermediate crude fell 0.2% to $62.99 a barrel, the biggest drop in over a week.
* Gold dipped 0.2% to $1,274.75 an ounce, the weakest in almost three weeks.
–With assistance from Amanda Wang, Andreea Papuc and Yakob Peterseil.

Have a great night.

Be magnificent!
As ever,

Carolann

The work of today is the history of tomorrow and we are its makers.
                                                 -Juliette Gordon Low, 1860-1927

 

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

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

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

Dear Friends,

Tangents: HAPPY FRIDAY!

May 17,1844: Rubber band patented.
1954: School segregation banned.  Brown vs. Board of Education.
Constitution Day in Norway.

‘Game’ over?
More than 300,000 “Game of Thrones” fans are so ticked off about the way this final season has played out, they’ve signed a petition demanding a remake. They also need a life. -from CNN

On this day in 1792 – The New York Stock Exchange was founded by brokers meeting under a tree on what is now Wall Street.  24 brokers gathered under a tree and signed the Buttonwood Agreement: “We the Subscribers, Brokers for the Purchase and Sale of Public Stock, do hereby solemnly promise and pledge ourselves to each other, that we will not buy or sell from this day for any person whatsoever, any kind of Public Stock at a less rate than one quarter per cent Commission.”  

Go to article »

PHOTOS OF THE DAY

Kew Garden’s “Children’s garden” opens in Kew, London, UK.
CREDIT: EDDIE MULHOLLAND FOR THE TELEGRAPH

A man prunes roses during preparations for the RHS Chelsea Flower Show at the Royal Hospital Chelsea, London.
CREDIT: AARON CHOWN/PA WIRE

A beautiful early sunrise on a misty spring morning illuminates The Abbey Church of St Mary the Virgin, in Tewkesbury Abbey, this 12-century parish church and former Benedictine monastery, is one of the finest examples of Norman architecture in Britain.
CREDIT: TRISTAN POTTER/ SWNS

A surfer is silhouetted as he walks past a residential building at Bondi Beach in Sydney, Australia, on Wednesday. Australia’s economy has been weighed down by a retrenchment in household spending as property prices slump and slash personal wealth. An election Saturday is likely to see the opposition Labour party win power and lift spending further.
CREDIT: DAVID GRAY/ BLOOMBERG

An interior view of the ‘S.A.C.R.E.D.’ installation of Chinese artist Ai Weiwei during his currently largest exhibition in Europe, which the art collection North Rhine – Westphalia is showing simultaneously at K20 and K21 in Duesseldorf, Germany. The exhibition titled ‘Everything is art, everything is politics’ will be inaugurated on 17 May.
CREDIT: SASCHA STEINBACH/EPA-EFE/REX
Market Closes for May 17^th, 2019

Market Index	Close	Change
Dow Jones	25764.00	-98.68     -0.38%
S&P 500	2859.53	-16.79   -0.58%
NASDAQ	7816.285	-81.760   -1.04%
TSX	16401.75	-42.11
		-0.26%

International Markets

Market Index	Close	Change
NIKKEI	21250.09	+187.11
		+0.89%
HANG SENG	27946.46	-328.61
		-1.16%
SENSEX	37930.77	+537.29
		+1.44%
FTSE 100*	7348.62	-4.89
		-0.07%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.688		1.678
CND. 30 Year Bond		1.916		1.913
U.S.    10 Year Bond		2.3909		2.3944
U.S. 30 Year Bond		2.8253		2.8338

Currencies

BOC Close	Today	Previous
Canadian $	0.74288	074272
US $	1.34611	1.34626
Euro Rate 1 Euro=		Inverse
Canadian $	1.50254	0.66554
US $	1.11633	0.89579

Commodities

Gold	Close	Previous
London Gold Fix	1291.70	1299.10
Oil
WTI Crude Future	62.76	62.87

Market Commentary:

Canada
By Aoyon Ashraf
     (Bloomberg) — Canadian stocks fell, ending a three-day win streak as trade related jitters left investors to hit the sell button, globally. The S&P/TSX Composite Index fell 0.3% to 16,401.75 on Friday in Toronto. Pot stocks were among the worst performers, while consumer staples were the best. Seven of the 11 industry groups fell, with CAE Inc. as the best performing stock after earnings beat the highest estimate. 
     Meanwhile, The U.S. and Canada have reached a deal to lift metals tariffs, and the agreement will take effect in “no later than two days,” according to a joint statement. Countries have agreed to lift “all tariffs the United States imposed under Section 232 on imports of steel and aluminum products from Canada” and “all tariffs Canada imposed in retaliation for the Section 232 action taken by the United States.”
     In other moves:
Stocks
* CAE rallied 15%, BMO said that company cleared a “high bar”
* Alacer Gold rose about 13% in last five days. New Gold fell 6.5% on Friday, underperforming peers
* Stelco and Russel Metals rose after U.S.-Canada deal
* Seven Generation fell 4%, along with MEG Energy, which was down 3.4%
Ratings
* ITP CN: Intertape Polymer Rated New Neutral at CIBC; PT C$20
* TRZ CN: Transat AT Downgraded to Hold at Desjardins; PT C$13
* WJA CN: WestJet Airlines Cut to Sector Perform at Scotiabank; PT C$31
Commodities
* Western Canada Select crude oil traded at a $13 discount to WTI
* Gold spot prices fell 0.7% to 1,278.04 an ounce
FX/Bonds
* The Canadian dollar rose 0.03% to C$1.3455 per U.S. dollar
* The Canada 10-year government bond yield rose to 1.688%
US
By Randall Jensen and Sarah Ponczek
     (Bloomberg) — U.S. stocks fell for the first time in four days, with technology shares bearing the brunt of the selling in a market rattled by a barrage of trade-related headlines. The dollar rose.
     The S&P 500 declined a second week for the first time this year amid speculation U.S.-Chinese trade negotiations reached an impasse after tit-for-tat tariffs soured proceedings. Friday’s slump halted a three-day rally sparked by optimism the two sides would eventually reach a deal. The Nasdaq 100 slid 1%, with chipmakers under pressure a second day after the Trump administration threatened to ban Huawei Technologies Co. products.
     Ten-year Treasury yields were little change at 2.39%, while the dollar rose to around year highs. Oil fell toward $62 a barrel. The late-day sell-off underscored the fragile mood on financial markets roiled by two weeks of concern that escalating trade war will undermine global growth. President Donald Trump took steps toward calming nerves by postponing any tariffs on Japanese and European cars, while agreeing to end levies on Canadian steel and aluminum imports. But the status of talks with China remained unclear as investors headed into the weekend.
     “What’s happening in markets is there’s this push and pull idea of what’s happening with the trade war with China. That’s obviously what’s on everyone’s minds,” said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance.
     Meanwhile, iron ore rose to the highest level in almost five years. The pound weakened as U.K. Prime Minister Theresa May agreed to set a timeline to quit and Labour leader Jeremy Corbyn walked out of cross-party Brexit talks. MSCI’s gauge of emerging-market stocks fell to its lowest since January. Bitcoin slumped as much as 14%, before paring losses as this month’s surge for cryptocurrencies was tested.
     Here are the main market moves:
Stocks
* The S&P 500 Index fell 0.6% to 2,859.53 as of 4 p.m. New York time, the second weekly decline.
* The Dow Jones Industrial Average fell 0.4% to 25,764.00. 
* The Stoxx Europe 600 Index dipped 0.4%.
* The U.K.’s FTSE 100 Index fell 0.1%.
Currencies
* The Bloomberg Dollar Spot Index climbed 0.3% to the highest in more than 21 weeks.
* The euro fell 0.1% to $1.1165.
* The British pound dipped 0.6% to $1.2726.
* The Japanese yen fell 0.1% to 110.00 per dollar.
Bonds
* The yield on 10-year Treasuries fell less than one basis point to 2.39%.
* Germany’s 10-year yield decreased one basis point to -0.1%.
* Britain’s 10-year yield declined four basis points to 1.034%.
Commodities
* West Texas Intermediate crude dropped 0.2% to $62.71 a barrel.
* Gold fell 0.6% to $1,278.90 an ounce.
–With assistance from Robert Brand.

Have a wonderful weekend.

Be magnificent!
As ever,

 

Carolann

A fanatic is one who can’t change his mind and won’t change the subject.

                                                   -Sir Winston Churchill, 1874-1965

 

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

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

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

 

Dear Friends,

Tangents:
1961 – US President John F. Kennedy starts 3-day visit to Ottawa.

10 reasons why ‘Dief the Chief’ and JFK hated each other >> Go to article »
PHOTOS OF THE DAY

Visitors take a look of the newly launched OnePlus 7 and OnePlus Pro series smartphones at the experience centre in Bangalore, India
CREDIT: JAGADEESH HV/EPA/REX

Betty Bromage, celebrates her 90^th birthday in spectacular style by taking on a Zip wire across a Welsh Quarry.
CREDIT: GARY LAWSON/CAG PHOTOGRAPHY

Claude Monet’s painting titled “Meules.”, one of Monet’s iconic paintings of haystacks, has fetched a record $110.7 million at an auction in New York.
CREDIT: SOTHEBY’S

Final touches are added to couture floral displays in Covent Garden, as the area launches Covent Garden in Bloom, hosting Fleurs de Villes an immersive display.
CREDIT: JEFF MOORE

Market Closes for May 16^th, 2019

Market Index	Close	Change
Dow Jones	25862.68	+214.66     +0.84%
S&P 500	2876.32	+25.36   +0.89%
NASDAQ	7898.047	+75.900   +0.97%
TSX	16443.86	+125.72
		+0.77%

International Markets

Market Index	Close	Change
NIKKEI	21062.98	-125.58
		-0.59%
HANG SENG	28275.07	+6.36
		+0.02%
SENSEX	37393.48	+278.60
		+0.75%
FTSE 100*	7353.51	+56.56
		+0.78%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.678		1.666
CND. 30 Year Bond		1.913		1.904
U.S.    10 Year Bond		2.3944		2.3732
U.S. 30 Year Bond		2.8338		2.8199

Currencies

BOC Close	Today	Previous
Canadian $	074272	0.74410
US $	1.34626	1.34391
Euro Rate 1 Euro=		Inverse
Canadian $	1.50462	0.66462
US $	1.11763	0.89480

Commodities

Gold	Close	Previous
London Gold Fix	1299.10	1298.40
Oil
WTI Crude Future	62.87	62.02

Market Commentary:
Outflows from Chinese equities totaled more than $2.5 billion last week amid the recent flare up in U.S.-China trade tensions, averaging around $600 million net outflows daily, according to the Institute of International Finance’s daily capital flows tracker. Outflows have continued this week, with more than $1.5 billion on Tuesday
Canada
By Aoyon Ashraf
     (Bloomberg) — Canadian stocks rose for a third consecutive day, the longest streak of gains in a month, with Shopify among the standouts as it rallied to a record. The S&P/TSX Composite Index gained 0.8% to 16,443.86 in Toronto.
     All 11 industry groups except materials climbed. Technology stocks rose the most. Gold miner Iamgold outperformed its peers, gaining 9.4% after Bloomberg reported that company exploring sale. Air Canada also advanced, climbing 3.9% after it said that company is in talks to buy Transat Airline for $387 Million The market was lifted by a report showing Canadian factory sales rose by the fastest in almost a year in March, adding to evidence the economy is emerging from a recent weak patch. Manufacturing sales climbed 2.1% from the prior month, the most since May 2018, Statistics Canada reported Thursday.
     In other moves:
Stocks
* Bombardier Inc gained 7.5% after Airbus CEO said looking at options for Belfast A220 wing factor
* Boardwalk REIT rallied 7.2% after first quarter FFO per unit beat estimates
* ATS rose 4.9% after fourth quarter revenue beat the highest estimate
* Birchcliff Energy climbed 7.2% despite first quarter EPS missing the lowest estimate
* Gold miners such as Torex Gold, Eldorado Gold, Centerra Gold were among some of the biggest losers after the metal fell as U.S. home starts rose, jobless claims declined
Ratings
* BMO CN: Bank of Montreal Reinstated Underperform at Credit Suisse
* BNS CN: Bank of Nova Scotia Reinstated Outperform at Credit Suisse
* CM CN: CIBC Reinstated at Credit Suisse With Neutral; PT C$116
* CWB CN: Canadian Western Bank Reinstated Neutral at Credit Suisse
* LB CN: Laurentian Bank of Canada Reinstated at Credit Suisse With Underperform; PT C$41
* NA CN: National Bank of Canada Reinstated Neutral at Credit Suisse
* NRI CN: Nuvo Pharmaceuticals Cut to Hold at Bloom Burton & Co; PT C$2.50
* PDL CN: North American Palladium Rated New Outperform at BMO; PT C$15.50
* RY CN: Royal Bank of Canada Reinstated Neutral at Credit Suisse
* TD CN: TD Bank Reinstated at Credit Suisse With Outperform; PT C$81
* TRZ CN: Transat AT Upgraded to Neutral at CIBC; PT C$13
Commodities
* Western Canada Select crude oil traded at a $13 discount to WTI
* Gold spot prices fell 0.8% to 1,286.68 an ounce
FX/Bonds
* The Canadian dollar fell 0.2% to C$1.3461 per U.S. dollar
* The Canada 10-year government bond yield climbed to 1.679%
US
By Randall Jensen and Vildana Hajric
     (Bloomberg) — U.S. stocks rose and Treasuries slumped anew as the rebound in risk assets from the trade-fomented sell-off continued.
     The S&P 500 capped a third day of gains, but faded into the close to finish just above its average price over the last 50 sessions. Solid earnings from Cisco Systems Inc. and Walmart Inc., along with strong housing data, boosted shares. However, trade tensions remained in the background as the Trump administration threatened to blacklist China’s Huawei Technologies Co. and Walmart warned tariffs would lead to higher consumer prices. The 10-year yield topped 2.39% and the dollar strengthened.
     “This has become a pattern where you get a big aggressive statement from the administration that might impact trade and then the market reacts aggressively as it did on Monday and then it seems to back off,” Chicago-based Susan Schmidt, head of U.S. equities at Aviva Investors, said in an interview. “Business is still doing well. I think if the market can stay focused on the facts and the data, then I think the market will hold.”
     Strong economic data and earnings, along with hints from the Trump administration that it may be willing to compromise on trade has helped stocks bounce back from the battering they took when the tariff battle with China flared last week. But the headlines have come fast and furiously, most recently President Donald Trump signed an order that’s expected to restrict Chinese telecommunications firms from selling in the U.S.
     Elsewhere, the pound dropped for a ninth day versus the euro — the longest losing streak since 2000 — as U.K. Prime Minister Theresa May faced a new threat to oust her. Emerging market shares fell for the third time in four days.
     Here are the main market moves:
Stocks
* The S&P 500 Index rose 0.9% as of 4 p.m. New York time.
* The Nasdaq 100 gained 8%.
* The Stoxx Europe 600 Index advanced 1.3%.
* The U.K.’s FTSE 100 Index gained 0.8%.
* The MSCI Emerging Market Index dipped 0.6%.
* The MSCI Asia Pacific Index decreased 0.5%.
Currencies
* The Bloomberg Dollar Spot Index gained 0.3%.
* The euro dipped 0.2% to $1.1174.
* The British pound decreased 0.4% to $1.2795, reaching the weakest in three months.
* The Japanese yen fell 0.2% to 109.83 per dollar.
Bonds
* The yield on 10-year Treasuries climbed two basis points to 2.40%.
* Britain’s 10-year yield rose one basis point to 1.074%.
* Germany’s 10-year yield gained less than one basis point to -0.10%.
Commodities
* West Texas Intermediate crude increased 1.7% to $63.08 a barrel.
* Gold fell 0.8% to $1,286.80 an ounce.
–With assistance from Adam Haigh, Todd White and Sarah Ponczek.

Have a great night.

Be magnificent.

As ever,

Carolann

The whole problem with the world is that fools and fanatics are always so certain of themselves, but wiser people so full of doubts.

                                                                       -Bertrand Russell, 1872-1970

 

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

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

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

Dear Friends,

Tangents: Happy Hump Day!
1893 – First Stanley Cup presented to the Montreal Hockey Club (MHC).
Go to article »

Henry James, writer, b. 1843.

Live all you can – it’s a mistake not to.  It doesn’t so much matter what you do in particular, so long as you have your life.  If you haven’t had that, what have you had? –Henry James, 1843-1916.

L. Frank Baum, b. May 15, 1856
When L. (Lyman) Frank Baum wrote The Wonderful Wizard of Oz for children, it was no so much as a piece of fiction, but as a real tale they could lose themselves inf.  Baum di many things until he joined illustrator Maxfield Parish in 1897 to create his first book, Mother Goose in Prose.  In 1900, he wrote the instantly successful story of the Dorothy and the Tin Man, Glinda and the Wicked Witch of the West, Toto and Aunt Em – the characters now familiar to an astonishing number of people all over the world.  Baum followed up with thirteen more books about Oz until his death in 1919. See www.thewizardofoz.warnerbros.com/#/

We’re off to see the Wizard,
The Wonderful Wizard of Oz.
You’ll find he is a whiz of a Wiz!
If ever a Wiz! there was…
PHOTOS OF THE DAY

A pride of lions appear to replicate and image of the rock band Wueen from their Bohemian Rhapsody album cover in Serengeti National Park, Tazania
CREDIT: DANIEL ROSENGREN/CATERS NEWS

Hot air balloons glide over Goreme district during early morning at the historical Cappadocia region, located in Central Anatolia’s Nevsehir province, Turkey. Cappadocia is known as a region which attracts tourists with hot air balloon rides over its cone-shaped rock formations.
CREDIT: ALPASLAN KORUKCU/ANADOLU AGENCY/GETTY IMAGES

Cricket players from the Ship Inn and Borderers team hold the first match of the season at the beach in Elie, Scotland. The Ship Inn pub is the only cricket team in the United Kingdom to play their matches on a beach. Over the course of a season they hold regular fixtures against Scottish clubs as well as touring teams from across the world.
CREDIT: JEFF J MITCHELL/GETTY IMAGES
Market Closes for May 15^th, 2019

Market Index	Close	Change
Dow Jones	25658.02	+115.97     +0.45%
S&P 500	2850.96	+16.55   +0.58%
NASDAQ	7822.148	+87.654   +1.13%
TSX	16318.14	+33.61
		+0.21%

International Markets

Market Index	Close	Change
NIKKEI	21188.56	+121.33
		+0.58%
HANG SENG	28268.71	+146.69
		+0.52%
SENSEX	37114.88	-203.65
		-0.55%
FTSE 100*	7296.95	+55.35
		+0.76%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.666		1.691
CND. 30 Year Bond		1.904		1.918
U.S.    10 Year Bond		2.3732		2.4104
U.S. 30 Year Bond		2.8199		2.8485

Currencies

BOC Close	Today	Previous
Canadian $	0.74410	0.74281
US $	1.34391	1.34623
Euro Rate 1 Euro=		Inverse
Canadian $	1.50606	0.66398
US $	1.12062	0.89237

Commodities

Gold	Close	Previous
London Gold Fix	1298.40	1295.60
Oil
WTI Crude Future	62.02	61.78

Market Commentary:
On this day in 1995, the Foundation for New Era Philanthropy—which had claimed to match the money it raised for charities from such wealthy donors as investor Sir John Templeton, former U.S. Treasury Secretary William E. Simon and ex-Goldman Sachs co-chairman John C. Whitehead—filed for bankruptcy protection as founder John G. Bennett confessed the whole thing was a Ponzi scheme.
Canada
By Aoyon Ashraf
     (Bloomberg) — Canadian stocks bounced back with global equities amid signs that the Trump administration is working toward easing tensions with trade partners.
     The S&P/TSX Composite Index erased earlier losses, and closed Wednesday’s trading session 0.2% higher to 16,318.14 in Toronto. Technology was the best sector, led by Shopify. Communication services fell 0.4%
     Meanwhile, annual inflation accelerated in Canada for a third consecutive month as gasoline costs continue to escalate, in part due to new taxes on energy. Annual consumer price inflation rose to 2.0% in April, Statistics Canada said Wednesday in Ottawa, up from 1.9% a month earlier.
     In other moves:
Stocks
* Fortuna Silver fell 9.1% after reporting first quarter earnings
* Corus Entertainment dropped 17% after holder Shaw Communications entered an agreement to offer of 80.6m shares of the entertainment company at C$6.80 per share
* Boyd Group rose 6.6% after reporting first-quarter adjusted Ebitda that beat estimates
* Keyera climbed 5.1% despite the co. reporting first quarter basic EPS that missed the lowest estimate
* CCL Industries gained 6.6% after reporting better-than- expected profits.
Ratings
* AIM CN: Aimia Downgraded to Hold at TD; Price Target C$5
* CIA CN: Champion Iron Reinstated at Macquarie With Outperform
* CLR CN: Clearwater Seafoods Raised to Buy at Cormark Securities
* WJA CN: WestJet Airlines Downgraded to Underweight at JPMorgan; PT C$31
* WPM CN: Wheaton Precious Metals Rated New Buy at Industrial Alliance
* WSP CN: WSP Global Upgraded to Outperform at National Bank; PT C$79
* WSP CN: WSP Global Upgraded to Outperform at Alta Corp; PT C$86
Commodities
* Western Canada Select crude oil traded at a $14.80 discount to WTI
* Gold spot prices were flat at $1,296.40 an ounce
FX/Bonds
* The Canadian dollar rose 0.2% to C$1.3442 per U.S. dollar
* The Canada 10-year government bond yield retreated to 1.662%
US
By Randall Jensen and Sarah Ponczek
     (Bloomberg) — U.S. stocks rebounded for second day on signs the Trump administration is working toward easing tensions with trade partners. Treasuries advanced.
     The S&P 500’s two-day gain was the biggest in more than a month after Bloomberg reported President Donald Trump would postpone by up to six months a decision on car tariffs that was due by Saturday. The benchmark is still down over 3% since the trade war with China flared last week. American and German carmakers jumped on the news. Treasury Secretary Steven Mnuchin also said negotiators were close to a deal with Mexico and Canada on removing metals tariffs, helping to boost indexes.
     The two-year Treasury yield touched the lowest level since February 2018 early Wednesday before paring losses, while the 10-year rate fell to 2.37%. The dollar erased its advance against major peers to trade little changed. Oil rose above $62 a barrel.
     The possibility that the president will delay penalties on cars and end steel and aluminum tariffs helped calm investors’ concerns about Trump’s protectionist turn against major trade partners, outside of China. However, anxiety still hovered over markets after unexpectedly weak U.S. and Chinese economic numbers Wednesday heightened worries the trade war could weigh on a global economy that’s already staggering.
     “We just had political talk out today about not taking on another region of the world at the same time in regards to autos,” said Matt Forester, chief investment officer at BNY Mellon’s Lockwood Advisors. “Any news from the administration around lessening of trade disputes is going to be received pretty well, and we’re seeing that today.”
     Here are some notable events coming up this week:
* Earnings this week include Cisco, Nvidia.
* Bank of Indonesia has an interest rate decision on Thursday.
* Australian unemployment is out on Thursday.
     And here are the main market moves:
Stocks
* The S&P 500 Index rose 0.6% as of 4 p.m. New York time, the biggest two-day advance since April 1.
* The Nasdaq 100 Index increased 1.4%. 
* The Stoxx Europe 600 Index gained 0.5%.
* Germany’s DAX Index advanced 0.9%.
* The MSCI Emerging Market Index added 0.3%.
* The MSCI Asia Pacific Index advanced 0.6%, the biggest gain in six weeks.
Currencies
* The Bloomberg Dollar Spot Index was little changed.
* The euro was steady at $1.1208.
* The British pound dipped 0.5% to $1.2842.
* The Japanese yen rose 0.1% to 109.56 per dollar.
Bonds
* The yield on 10-year Treasuries fell four basis points to 2.37%.
* Germany’s 10-year yield dipped three basis points to -0.1%.
* Britain’s 10-year yield declined four basis points to 1.063%.
Commodities
* West Texas Intermediate crude rose 0.7% to $62.21 a barrel.
* Gold advanced 0.1% to $1,296.90 an ounce.
–With assistance from Charlotte Ryan, Vildana Hajric and Todd White.
Have a great night.

Be magnificent!
As ever,

Carolann

To create one’s world in any of the arts takes courage.

                                -Georgia O’Keeffe, 1887-1986

 

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

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

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

Dear Friends,

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

The sun setting over Ely Cathedral in Cambridgeshire, UK. Hotter and drier weather is forecast for this week.    CREDIT: ANDREW SHARPE/GEOFF ROBINSON PHOTOGRAPHY

A woman stands beneath a spectacular sandstone arch near the small town of Page in Arizona, USA. The 30 meter tall arch was sculpted by wind and rain over the ages which eroded the soft sandstone.     CREDIT: ANDREI STOICA/SOLENT NEWS & PHOTO AGENCY

Stunning images have captured a picture – perfect spring evening as fox cubs play amongst a blanket of bluebells. The adorable cubs, thoughts to be about four weeks old, were snapped play-fighting and frolicking in the flowers near Stourbridge, West Midlands, UK.     CREDIT: IAN HOWELLS/MERCURY PRESS
Market Closes for May 14^th, 2019

Market Index	Close	Change
Dow Jones	25532.05	+207.06     +0.82%
S&P 500	2834.41	+22.54   +0.80%
NASDAQ	7734.496	+87.472   +1.14%
TSX	16284.53	+91.12
		+0.56%

International Markets

Market Index	Close	Change
NIKKEI	21067.23	-124.05
		-0.59%
HANG SENG	28122.02	-428.22
		-1.50%
SENSEX	37318.53	+227.71
		+0.61%
FTSE 100*	7241.60	+77.92
		+1.09%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.691		1.666
CND. 30 Year Bond		1.918		1.902
U.S.    10 Year Bond		2.4104		2.4015
U.S. 30 Year Bond		2.8485		2.8362

Currencies

BOC Close	Today	Previous
Canadian $	0.74281	0.74174
US $	1.34623	1.34818
Euro Rate 1 Euro=		Inverse
Canadian $	1.50878	0.66281
US $	1.12076	0.89226

Commodities

Gold	Close	Previous
London Gold Fix	1295.60	1287.10
Oil
WTI Crude Future	61.78	61.04

Market Commentary:
On this day in 1997, Amazon.com went public on the Nasdaq, offering 3 million shares at an initial price of $18 per share. Last summer, the e-commerce giant became the second U.S. company to hit $1 trillion in market value on an intraday basis, and today it is valued at $897 billion with a share price of $1,822.68 even after recent declines. 
Canada
By Aoyon Ashraf
     (Bloomberg) — Canadian stocks rebounded along with U.S. equities after President Trump moved to reassure markets that he’ll reach a trade deal with China. Pot stocks were among the best performers, followed by industrials.
     The S&P/TSX Composite Index climbed 0.6% on Tuesday to 16,285 in Toronto, ending a three-day slide. Medical cannabis maker CannTrust Holdings was the best performing stock after posting record revenue during the first quarter. Cronos was the second best after it signed a C$30 million cannabis concentrate supply pact with MediPharm.
     In other moves:
Stocks
* CannTrust Holdings rose +6.6%, while Cronos Group climbed 6.2%
* Birchcliff Energy advanced 6%, heading into its first quarter earnings on May 15
* Lundin Mining gained 5.4%, while gold miner Iamgold fell 3.9% and New Gold was down 3.7%
* Labrador Iron Ore gained 5.1% despite 1Q earnings missing the average analyst estimate
Ratings
* CNE CN: Canacol Energy Rated New Corporate at Edison; PT C$6.28
* SIS CN: Savaria Rated New Buy at Eight Capital; PT C$15
* VLE CN: Valeura Energy Rated New Buy at Panmure Gordon
* WJA CN: WestJet Airlines Downgraded to Sell at Veritas; PT C$31
Commodities
* Western Canada Select crude oil traded at a $14.30 discount to WTI
* Gold spot prices fell 0.2% to $1,297.25 an ounce
FX/Bonds
* The Canadian dollar rose 0.1% to C$1.3462 per U.S. dollar
* The Canada 10-year government bond yield gained to 1.692%
US
By Randall Jensen and Sarah Ponczek
     (Bloomberg) — U.S. stocks rebounded as President Donald Trump moved to reassure markets that he’ll clinch a trade deal with China. The dollar rose and Treasuries fell.
     The S&P 500 rose for the second time in three sessions after Trump said he’s talking with China. The benchmark is still down around 4% since the president escalated the trade war on May 5, and Tuesday’s rally faded into the close. Battered tech shares led the advance as Apple Inc. and Nvidia Corp. bounced back from their biggest one-day declines since January. Heavyweight exporters Caterpillar Inc. and Boeing Co. also reversed a portion of Monday’s losses.
     The dollar advanced for a second day against major peers, including havens such as the Japanese yen and the Swiss franc. The offshore yuan — a key risk indicator due to concern China will use it to retaliate against U.S. tariffs — stabilized after a six-day decline. Ten-year Treasury yields edged higher to 2.41%. Commodities targeted by Chinese tariffs — including soybean and cotton futures — also rebounded. West Texas crude rose above $61 a barrel.
     “Investors are looking for opportunities to get into this market, and so far in 2019 there really haven’t been any ‘buy the dip’ opportunities other than last week,” Ryan Nauman, market strategist at Informa Financial Intelligence, said by phone. “And you’re also seeing President Trump confirmed a meeting with President Xi during next month’s G-20 summit, which provides some optimism that despite the increase in tariffs, negotiations are still ongoing.”
     Signs emerged Tuesday Trump had pressed the trade battle far enough. The president sprinkled his criticisms of China over the last 48 hours with enough signals that negotiations haven’t completely broken down that traders rushed back into the beaten down market to find bargains. But the rally remains tenuous as the White House announced it was prepping tariffs on the remaining $300 billion of Chinese imports, and economists warned the new penalties will eventually weigh heavily on the American economy.
Here are some notable events coming up this week:
* Earnings this week include Alibaba, Tencent, Cisco, Nvidia.
* Kansas City Fed President Esther George and Richmond Fed President Thomas Barkin make appearances.
* China industrial production and retail sales are slated for Wednesday, the same day as U.S. retail sales and industrial production.
* Bank of Indonesia has an interest rate decision on Thursday.
* Australian unemployment is out on Thursday.
And here are the main market moves:
Stocks
* The S&P 500 Index rose 0.8% as of 4 p.m. New York time.
* The Nasdaq Composite Index advanced 1.3%, while the Dow Jones Industrial Average added 0.9%. 
* The Stoxx Europe 600 Index gained 1%.
* The MSCI Emerging Market Index decreased 0.2%.
* The MSCI Asia Pacific Index sank 0.8%.
Currencies
* The Bloomberg Dollar Spot Index gained 0.2% to the highest in more than a week.
* The euro fell 0.1% to $1.1214.
* The British pound dipped 0.2% to $1.2927.
* The Japanese yen decreased 0.3% to 109.66 per dollar.
Bonds
* The yield on 10-year Treasuries rose one basis point to 2.41%.
* Germany’s 10-year yield was unchanged at -0.07%.
* Britain’s 10-year yield was little changed at 1.105%.
Commodities
* West Texas Intermediate crude climbed 1.1% to $61.70 a barrel.
* Gold fell 0.3% to $1,297.70 an ounce.
–With assistance from Yakob Peterseil.
Have a great night.

Be magnificent!
As ever,

Carolann

The secret of the man who is universally interesting is

that he is universally interested.

                       -William Dean Howells, 1837-1920

 

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 Monday!

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

Cricket players from the Ship Inn and Borderers teams hold the first match of the season on the beach in Elie, Scotland.     CREDIT: STUART NICOL FOR THE TELEGRAPH

Courtney Conlogue if the US performs a manouvre on a wave one day before the start of the World Surf League women’s championship tour surfing events in Bal, Indonesia     CREDIT: SONNY YUMBELAKA/AFP/GETTY IMAGES

Yana Nestsiarava of Belarus dives from the 21 metre platform at Dun Laoghaire Harbour during the second stop of the Red Bull Cliff Diving World Series in Dublin, Ireland.     CREDIT: ROMINA AMATO/ RED BULL VIA GETTY IMAGES

A camera shy mountain hare in the Cairngorms, Scottish Highlands     CREDIT: ANDY HOWARD/SWNS
Market Closes for May 13^th, 2019

Market Index	Close	Change
Dow Jones	25324.99	-617.38     -2.38%
S&P 500	2811.87	-69.53   -2.41%
NASDAQ	7647.023	-269.917   -3.41%
TSX	16193.41	-104.14
		-0.64%

International Markets

Market Index	Close	Change
NIKKEI	21191.28	-153.64
		-0.72%
HANG SENG	28550.24	+239.17
		+0.84%
SENSEX	37090.82	-372.17
		-0.99%
FTSE 100*	7163.68	-39.61
		-0.55%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.666		1.733
CND. 30 Year Bond		1.902		1.958
U.S.    10 Year Bond		2.4015		2.4672
U.S. 30 Year Bond		2.8362		2.8867

Currencies

BOC Close	Today	Previous
Canadian $	0.74174	0.74505
US $	1.34818	1.34220
Euro Rate 1 Euro=		Inverse
Canadian $	1.51340	0.66077
US $	1.12256	0.89082

Commodities

Gold	Close	Previous
London Gold Fix	1287.10	1286.10
Oil
WTI Crude Future	61.04	61.66

Market Commentary:
On this day in 1986, with Wall Street embracing media and retailing stocks, Home Shopping Network went public, selling 2 million shares at an initial offering price of $18. The stock closed at $47.75, up 165%, probably the highest first-day return at the time on record.
Canada
By Aoyon Ashraf
     (Bloomberg) — Canadian stocks continued to decline for a third day, after China retaliated with higher tariffs on a range of American goods. Pot stocks were the biggest losers as new Canada licensing rules may worsen a shortage.
     The S&P/TSX Composite Index fell 0.6% to 16,193. Health care and consumer discretionary sectors were the worst performers, while real estate and utilities suffered the least. Onex Corp. agreed to acquire WestJet Airlines Ltd. for C$3.5 billion ($2.6 billion), taking the Canadian carrier private in one of the buyout firm’s biggest deals.
     In other moves:
Stocks
* WestJet surged about 60% on news that the company will be acquired by Onex
* Air Canada climbed 5.5% to the highest in a year, following the WestJet acquisition
* Gold miners such as Pretium Resources gained 7.2%, as the metal rose on safe haven demand
* Eldorado Gold rose 5.5% after starting a $300 million senior secured notes offering
* Canopy Growth fell 7.6% and Cronos Group declined almost 6.3% amid new Canada licensing rules
Ratings
* ALO CN: Alio Gold Downgraded to Speculative Underperform at BMO
* AX-U CN: Artis REIT Upgraded to Outperform at BMO; PT C$12.50
* BHC CN: Bausch Health Upgraded to Neutral at JPMorgan
* BOS CN: AirBoss of America Raised to Buy at Industrial Alliance; PT C$12
* CRR-U CN: Crombie REIT Upgraded to Buy at Desjardins; PT C$16
* EFR CN: Energy Fuels Downgraded to Market Perform at Noble Capital
* MAL CN: Magellan Aerospace Downgraded to Hold at Canaccord; PT C$20
* NOA CN: NOA CN Raised to Strong Buy at Raymond James
* QSR CN: Restaurant Brands Downgraded to Underperform at Longbow
* TGL CN: TransGlobe Energy Upgraded to Buy at Arqaam Capital; PT C$2.90
Commodities
* Western Canada Select crude oil traded at a $13.35 discount to WTI
* Gold spot prices rose 1.1% to $1,299.65 an ounce
FX/Bonds
* The Canadian dollar fell 0.4% to C$1.3469 per U.S. dollar
* The Canada 10-year government bond yield retreated to 1.662%
US
By Randall Jensen and Sarah Ponczek
     (Bloomberg) — U.S. stocks and commodities tumbled after China retaliated with higher tariffs on a range of American goods. Treasuries jumped with the Japanese yen on demand for haven assets.
     The S&P 500 dropped the most in four months, the Dow Jones Industrial Average slumped more than 600 points and the Nasdaq Composite saw the biggest decline of the year after China targeted some of the nation’s biggest exporters. Both Boeing and Caterpillar Inc. fell nearly 5%, while Apple Inc. lost 5.8%. The new penalties also took aim at American farmers, driving down soybean and cotton prices. The dollar rallied and the 10-year Treasury yield fell to the lowest level since late March.
     Shares briefly came off lows during Monday’s session after President Donald Trump indicated he’ll speak with China’s Xi Jinping at the end of June during the G-20 summit and said he hasn’t yet decided about fresh tariffs on the remaining $300 billion in Chinese imports.
     Trade rattled financial markets again, with stocks sinking for the fifth time in six sessions since China’s defiance of Trump’s warning not to retaliate for his imposition of higher tariffs Friday escalated the skirmish, driving demand for havens from gold to the yen while punishing risk assets. Several banks have warned that the eruption increases the likelihood of a slowdown in global growth that would dent corporate profits.
     “China retaliating as fast as they did was a clear signal they’re not going to be pushed around,” said Samantha Azzarello, global market strategist for JPMorgan ETFs. “Markets would like a little bit more play nice and maybe even a bit of complacency from China. It was interesting it wasn’t done on the weekend. It was done just in time, Monday morning for markets to open.”
     Elsewhere, European shares dropped more than 1% after the European Union said it was finalizing a list of U.S. goods to target in the event Trump imposes levies on car imports. Oil turned lower after rising earlier on concerns about rising tensions in the Persian Gulf. Bitcoin climbed above $7,000 as the recent gains in cryptocurrencies extended over the weekend.
     Here are some notable events coming up this week:
* Earnings this week include Vodafone, Alibaba, Tencent, Cisco, Nvidia.
* New York Fed President John Williams speaks at an event in Zurich. Kansas City Fed President Esther George and Richmond Fed President Thomas Barkin also make appearances.
* Japan balance of payments is due Tuesday.
* China industrial production and retail sales are slated for Wednesday, same day as U.S. retail sales and industrial production.
* Bank of Indonesia has an interest rate decision on Thursday.
* Australian unemployment is out on Thursday.
     And here are the main market moves:
Stocks
* The S&P 500 Index decreased 2.4% as of 4 p.m. New York time, the biggest drop since Jan. 3.
* The Dow Jones Industrial Average slid 2.4%, the most since Jan. 3.
* The Nasdaq Composite Index tumbled 3.4%, the largest drop since Dec. 4.
* The Stoxx Europe 600 Index fell 1.2% to the lowest in two months.
* The MSCI Asia Pacific Index declined 0.9%.
* The MSCI Emerging Market Index decreased 1.7%.
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%.
* The euro was little changed at $1.1232.
* The British pound fell 0.3% $1.2963.
* The Japanese yen jumped 0.6% to 109.33 per dollar.
Bonds
* The yield on 10-year Treasuries fell seven basis points to 2.398%, the lowest since March 28.
* Germany’s 10-year yield dipped two basis points to -0.07%.
* Britain’s 10-year yield declined three basis points to 1.10%.
Commodities
* West Texas Intermediate crude dropped 1.4% to $60.81 a barrel.
* Gold increased 1% to $1,300.10 an ounce.
–With assistance from Todd White.
Have a great night.

Be magnificent!
As ever,

Carolann

Nobody got anywhere in the world by simply being content.

                          -Louis Dearborn L’Amour, 1908-1988

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!
1994- Nelson Mandela inauguration day.
1869 – A golden spike was driven at Promontory, Utah, marking the completion of the first transcontinental railroad in the United States. Go to article »

Blink and you’ll miss it. Japan began tests of the world’s fastest bullet train, the Alfa-X, that’s capable of speeds as fast as 249 mph.

Blue Moon. Jeff Bezos unveiled his rocket company Blue Origin’s new lunar lander, saying it’ll help get astronauts back to the moon by 2024.
PHOTOS OF THE DAY

Photographer shares incredible lighting shots hitting the Eiffel Tower on Liberation day. Bertrand Kulik from Paris, France, took the shots from his bedroom, which he believes mark the incredible day. He said: With one powerful impact on the Eiffel tower, today was the celebration of the end of the second war. The symbol is strong, the title of my picture is Liberation day.
Mammatus clouds were impressive. We can observe this type of clouds only during a storm. I add a picture of the sunset with mammatus clouds. Mammatus clouds were impressive. We can observe this type of clouds only during a storm.     CREDIT: BERTRAND KULIK/ CATERS

Students protest by blocking the Romulo Gallegos Ave in Caracas, Venezuela – after their school tuitions increased over a 100% in 2019. As the country goes through a political, economic and social crisis, Venezuelan opposition led by Juan Guaida, recognised by many more than 50 nations as the country’s rightful interim ruler, continues to take actions to make Maduro step down of power after failed uprising attempt on April 30^th.     CREDIT: EDILZON GAMEZ/GETTY IMAGES

People cross a street in Tokyo’s Ginza district.     CREDIT: CHARLY TRIBALLEAU/AFP/GETTY IMAGES
Market Closes for May 10^th, 2019

Market Index	Close	Change
Dow Jones	25942.37	+114.01     +0.44%
S&P 500	2881.40	+10.68   +0.37%
NASDAQ	7916.941	+6.354   +0.08%
TSX	16297.55	-24.20
		-0.15%

International Markets

Market Index	Close	Change
NIKKEI	21344.92	-57.21
		-0.27%
HANG SENG	28550.24	+239.17
		+0.84%
SENSEX	37462.99	-95.92
		-0.26%
FTSE 100*	7203.29	-4.12
		-0.06%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.733		1.680
CND. 30 Year Bond		1.958		1.927
U.S.    10 Year Bond		2.4672		2.4494
U.S. 30 Year Bond		2.8867		2.8674

Currencies

BOC Close	Today	Previous
Canadian $	0.74505	0.74229
US $	1.34220	1.34718
Euro Rate 1 Euro=		Inverse
Canadian $	1.50808	0.66310
US $	1.12350	0.89007

Commodities

Gold	Close	Previous
London Gold Fix	1286.10	1285.20
Oil
WTI Crude Future	61.66	61.70

Market Commentary:
On this day in 1965, a young Warren Buffett took control of textile maker Berkshire Hathaway, whose stock closed that day at $18 a share. On Thursday, Berkshire shares closed at $314,400.
Canada
By Aoyon Ashraf
     (Bloomberg) — Canadian stocks pared earlier losses but closed lower, capping their biggest weekly decline of 2019.
     The S&P/TSX Composite Index fell 0.2% Friday to 16,297.55. Consumer discretionary and materials stocks were the worst performers. Real estate and communication services outperformed. Meanwhile, Canada’s economy posted record job gains in April, along with a pick-up in wages, in the strongest sign yet the nation’s economy has emerged from a soft patch. Employment rose by 106,500 in April, the biggest one-month increase in data going back to 1976.
In other moves:
Stocks
* CES Energy Solutions rose 11% after reporting first-quarter revenue that met estimates
* Sierra Wireless climbed 8% after its full-year adjusted EPS view midpoint beat estimates
* Ritchie Bros declined 3.8% after first-quarter adjusted earnings per share missed the average analyst estimate
* Enerplus climbed 3% after forecasting average production for the second quarter 
Ratings
* AX-U CN: Artis REIT Upgraded to Buy at Echelon Wealth; PT C$13.50
* CPG CN: Crescent Point Energy Upgraded to Outperform at CIBC; PT C$7.50
* EXN CN: Excellon Resources Upgraded to Buy at Cantor; Price Target C$1
* HBM CN: Hudbay Minerals Downgraded to Market Perform at BMO; PT C$10.75
* LUN CN: Lundin Mining Upgraded to Outperform at BMO; Price Target C$8.75
* NTS CN: Nanotech Security Raised to Speculative Buy at Echelon Wealth
* OPT CN: Optiva Downgraded to Sell at Canaccord; PT C$38
* POU CN: Paramount Resources Upgraded to Hold at GMP; PT C$9.25
* SOX CN: Stuart Olson Cut to Underperform at National Bank; PT C$3.50
* WPRT CN: Westport Fuel Systems Upgraded to Buy at Lake Street
Commodities
* Western Canada Select crude oil traded at a $13.25 discount to WTI\
* Gold spot prices rose 0.1% to $1,286.40 an ounce
FX/Bonds
* The Canadian dollar rose 0.4% to C$1.3419 per U.S. dollar
* The Canada 10-year government bond yield climbed to 1.733%
US
By Sarah Ponczek and Vildana Hajric
     (Bloomberg) — Stocks closed higher for the first time in five days on renewed optimism that an all-out trade war can be averted even after the U.S. decision to slap fresh tariffs on Chinese goods overnight. While a late-day push sent the S&P 500 into positive territory, the bellwether still finished down on the week by the most since just before Christmas. Ten of the 11 industry sectors gained after all started the day in the red. U.S. and Chinese officials wrapped up high-level trade talks on Friday, lacking a deal yet avoiding a breakdown in negotiations even after President Donald Trump boosted tariffs on $200 billion in goods and threatened to impose more.
     “I believe this is the “end game” for the negotiations,” said Bryce Doty, senior vice president at Sit Investment Associates, which has about $13 billion in assets under management. “Both sides are making a show of resistance as they get closer and closer to a final deal.”
     In Asia, the Shanghai benchmark jumped 3.1% as Chinese state-backed funds bought domestic shares. Treasuries continued to benefit as investors sought havens, with the benchmark 10- year note yield ending the week lower. The dollar weakened after a report showed inflation rose less than forecast in April.
Still, with China yet to specify how it will retaliate against U.S. duties, investors stumbled to the end of a bruising few days after seeing almost $600 billion in equity market value wiped out. The U.S. gave its bottom line in talks in Washington, saying Beijing had three to four weeks more to reach an agreement before the Trump administration acts again.
     “Everything that people thought was going to happen is now back on the table and dirty laundry is all over the place,” said Yousef Abbasi, director of U.S. institutional equities and global market strategist at INTL FCStone. “That’s the scenario we face.”
     Elsewhere, emerging-market currencies strengthened. South Africa’s rand gained as the African National Congress headed toward victory in a national election, and the lira rallied as Turkish banks bought the currency in Asia hours. Bitcoin advanced for a 10th day, the longest winning streak since 2017, the year of its historic leap to almost $20,000.
     These are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.4% as of 4:07 p.m. New York time, while the Nasdaq Composite Index slumped 0.1% and the Dow Jones Industrial Average gained 0.4%.
* The Stoxx Europe 600 gained 0.3%. 
* The MSCI Emerging Market Index rose 0.6%.
* The MSCI Asia Pacific Index rose 0.2%. 
Currencies
* The Bloomberg Dollar Spot Index fell 0.1%.
* The euro rose 0.2% to $1.1233, while the yen strengthened 0.2% to 109.90 per dollar.
* The British pound weakened less than 0.1% to $1.3009.
* The MSCI Emerging Markets Currency Index rose 0.3%.
Bonds
* The yield on 10-year Treasuries rose 2 basis points to 2.46%.
* Germany’s 10-year yield was little changed at negative 0.05%.
Commodities
* West Texas Intermediate fell 0.2% to $61.57 a barrel.
* Gold gained 0.2% to $1,286 an ounce.
* The Bloomberg Commodity Index rose 0.1%.

Have a wonderful weekend.

Be magnificent!
As ever,
Carolann

A man can fail, but he isn’t a failure until he blames someone else.

                                                       -J. Paul Getty, 1892-1976

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

Billy Joel, singer, songwriter, b. 1949.
I’d rather laugh with the sinners than cry with the saints, sinners are much more fun. –Billy Joel.

THE POEM:

Perched In These Green Mountains

                         -by David Budbill
Han Shan says, Perched in these green mountains,
letting my hair grow white, pleased with the years gone by,
happy with today.

Imagine such contentment, happiness with yourself.
Yet I know for Cold Mountain, tomorrow always brought
something else as well, for Han Shan also said,

If you hide yourself away in the thickest woods,
how will your wisdom’s light shine through?
A bag of bones is not a sturdy vessel.

Back and forth, back and forth.
That’s the way it goes.
Happy and content one day,

ambition and desire eat you alive the next.
It’s always been this way.  Back and forth,
back and forth.  That’s the way it goes.

“Cold Mountain” is another name for the poet Han Shan.
PHOTOS OF THE DAY

The sun is setting behind lines of trees as seen from Kathmandu, Nepal     CREDIT: NARENDRA SHRESTHA/EPA-EFE/REX

Japan’s new Emperor Naruhito attends a ritual called Chokushi-Hakken-no-gi, a ceremony of dispatching Imperial Envoys to the Jingu (IsaGrand Shrine) and Mausolea of Emperor Jinmu and the 4 recent emperors up to Emperor Showa, at the Imperial Palace in Tokyo, Japan     CREDIT: IMPERIAL HOUSEHOLD AGENCY OF JAPAN/HANDOUT VIA REUTERS

A dust storm is seen in Mildura, Victoria, Australia     CREDIT: ANDREW THOMAS/VIA REUTERS
Market Closes for May 9^th, 2019

Market Index	Close	Change
Dow Jones	25828.36	-138.97   -0.54%
S&P 500	2870.72	-8.70   -0.30%
NASDAQ	7910.586	-32.733   -0.41 %
TSX	16321.75	-75.65
		-0.46%

International Markets

Market Index	Close	Change
NIKKEI	21402.13	-200.46
		-0.93%
HANG SENG	28311.07	-692.13
		-2.39%
SENSEX	37558.91	-230.22
		-0.61%
FTSE 100*	7207.41	-63.59
		-0.87%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.680		1.707
CND. 30 Year Bond		1.927		1.957
U.S.    10 Year Bond		2.4494		2.4853
U.S. 30 Year Bond		2.8674		2.8960

Currencies

BOC Close	Today	Previous
Canadian $	0.74229	0.74207
US $	1.34718	1.34759
Euro Rate 1 Euro=		Inverse
Canadian $	1.51139	0.66164
US $	1.12187	0.89137

Commodities

Gold	Close	Previous
London Gold Fix	1285.20	1281.20
Oil
WTI Crude Future	61.70	62.12

Market Commentary:
On this day in 1901, as competing bull and bear factions tried to corner the market in Northern Pacific railway stock, the shares hit $1.000—up from $96 only five weeks earlier. Then the market crashed, with the Dow plunging 6.1% on near-record daily volume. And Samuel Bolton, a leading brewer in Troy, N.Y., who had lost a fortune speculating on stocks, committed suicide by diving into a vat of hot beer.
ICYMI
The yield curve is inverted again.
Canada
By Aoyon Ashraf
     (Bloomberg) — Canadian stocks recovered from early losses, joining a bounce in U.S. equities, after President Trump said a trade deal with China was still possible to reach this week. The S&P/TSX Composite Index closed down 0.5% to 16,321.75 in Toronto.
     Health care and consumer discretionary led the decline while consumer staples and utilities were the only gainers among major industries.
     In economic news, Canada’s trade sector posted a much- needed rebound, with shipments up across the board in what was a positive end to a tough first quarter for the nation’s exporters. Exports jumped 3.2 percent in March, largely due to increases in volumes rather than prices, Statistics Canada said Thursday from Ottawa.
In other moves:
Stocks
* Stars Group jumped 15% on news that Fox Corp. is buying 4.99% of the gaming giant and starts its own sports wagering platform
* Cascades rose 9.8% after 1Q adjusted EPS beat estimates
* Spin Master fell 4.5% after reporting an unexpected 1Q loss
* Magna International tumbled 10% after cutting outlook on a global auto slowdown
* Cronos Group fell 8.1% after 1Q revenue missed estimates
Ratings
* ABX CN: Barrick CEO Slams Trade Spat, Livent Tanks: N.A.
Materials Wrap
* CPG CN: Crescent Point Energy Upgraded to Buy at Canaccord
* FTT CN: Finning International Upgraded to Buy at TD; PT C$29
* QSR CN: Restaurant Brands Rated New Hold at Jefferies
* PEY CN: Peyto Exploration Upgraded to Buy at GMP; Price Target C$9.50
* TCN CN: Tricon Capital Group Downgraded to Buy at TD; PT C$13.50 TCX CN: Tucows Downgraded to Hold at Echelon Wealth
* TS/B CN: Torstar Upgraded to Buy at TD; Price Target C$1.25
* WDO CN: Wesdome Gold Mines Upgraded to Buy at Eight Capital; PT C$5.25
Commodities
* Western Canada Select crude oil traded at a $13.20 discount to WTI
* Gold spot prices rose 0.2% to $1,284 an ounce
FX/Bonds
* The Canadian dollar rose 0.1% to C$1.3465 per U.S. dollar
* The Canada 10-year government bond yield fell to 1.68%
US
By Sarah Ponczek and Vildana Hajric
     (Bloomberg) — U.S. stocks finished off the lows of the day after President Donald Trump said a trade deal with China is still possible even as a deadline approached for reciprocal tariffs to be imposed by the two feuding countries. The yuan fell to its weakest since January.
     The S&P 500 declined for a fourth consecutive session, leaving the index on pace for its worst week of the year. The bellwether had slumped as much as 1.5% before Trump said he received a “beautiful letter” from Chinese President Xi Jinping and that the two leaders would probably speak by phone. The Stoxx Europe 600 fell the most this year, while the MSCI Asia Pacific gauge dropped the most in six weeks. The gap between 3- month and 10-year Treasury rates briefly turned negative, traditionally a recession warning.
     “When you think about just how much uncertainty there is on that front, the dip we’re seeing is really not that substantial,” said Mike Loewengart, vice president of investment strategy at E*TRADE Financial. “To be sure things could get far worse, but if you look at the remarkable trajectory of the market so far this year, this week’s declines are a minor speed bump at this point.”
     Trade discussions will resume hours after concerns flared again about the strength of the Chinese economy — the country’s credit growth slowed in April to a level below all 27 estimates in a Bloomberg survey. Beijing has warned it will retaliate should the U.S. hike tariffs as advertised on Friday.
     “If tariffs are increased at 12:01 a.m. Friday, the decline in risk assets is likely to intensify,” said Dennis DeBusschere, head of portfolio strategy at Evercore ISI. Meanwhile, simmering geopolitical tension elsewhere — from North Korea testing missiles again to renewed stress between America and Iran — added to the gloomy mood. Crude oil edged lower and emerging-markets stocks tumbled. Developing-nation currencies weakened. The lira trimmed some losses after Turkey’s central bank unexpectedly raised borrowing costs for the country’s lenders.
     Here are some notable events coming up:
* The U.S. releases the April CPI report Friday.
These are the main moves in markets:
Stocks
* The S&P 500 Index fell 0.3 as of 4:03 p.m. New York time, while the Nasdaq Composite Index dropped 0.4% and the Dow Jones Industrial Average slumped 0.5%.
* The Stoxx Europe 600 fell 1.7%. 
* The MSCI Emerging Market Index dropped 2.1%.
* The MSCI Asia Pacific Index slumped 1.4%.
Currencies
* The Bloomberg Dollar Spot Index was little changed.
* The euro rose 0.2% to $1.1219 while the yen strengthened 0.4% to 109.72 per dollar.
* The British pound was little changed at $1.3015.
* The MSCI Emerging Markets Currency Index eased 0.6%.
Bonds
* The yield on 10-year Treasuries fell 3 basis points to 2.45%.
* Germany’s 10-year yield fell less than 1 basis point to negative 0.05%.
Commodities
* West Texas Intermediate fell 0.9% to $61.57 a barrel.
* Gold rose. 0.2% to $1,284 an ounce.
* The Bloomberg Commodity Index fell 0.6%, the third decline in four days. 
–With assistance from Andrew Dunn and Luke Kawa.

Have a great night.

Be magnificent!
As ever,

Carolann

Knowledge may give weight, but accomplishments give lustre, and many more people see than weigh.

                                                                      -Lord Chesterfield, 1694-1773

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 Hump Day – yes it’s only Wednesday.

VE DAY, 1945: Victory in Europe.
On May 8, 1886 – Atlanta pharmacist John Styth Pemberton invented the flavor syrup for Coca-Cola.
Go to article »
-fom today’s New York Times:
Canadian Music Week

It’s part trade show, part music festival, part national celebration set in Toronto.

On Thursday, its focus will be a lifetime achievement award for Robbie Robertson, one of many Canadians who’ve become international stars. He played with The Band, which was known for its work with Bob Dylan.

Robbie Robertson, lead guitarist with The Band, will be honored at Canadian Music Week this year.  John Storey/Associated Press

Canada’s vibrant music industry owes a debt to a regulatory move in 1970.

Fears that the U.S. recording and broadcast industry would steamroller Canada’s led to the imposing of minimum Canadian content requirementson radio stations. Currently, the standard for pop music is at least 35 percent.

The rise of streaming music, which is not regulated in Canada, has diminished the effectiveness of radio as a promotional tool. But the country still churns out global stars.

This month, the rapper Drake, who is from Toronto, set a record for the greatest number of Billboard Music Awards, having received 27.
PHOTOS OF THE DAY

A photographer lines up his shot at Bamburgh Castle in Northumberland     CREDIT: OWEN HUMPHREYS/PA WIRE

Overcast and cold weather for visitors to the East Lancashire Railway in Bury, Lancashire. The volunteer run railway ran a full service of both steam and diesel trains past a carpet of Bluebells at Burrs Country Par     CREDIT: PAUL HEYES/ALAMY LIVE NEWS

A Tyrannosaurus animatronic model is wheeled through Chester Zoo after arriving from America. It is one if thirteen enormous animatronic predators which have been created for Chester zoo in Texas, ahead of the opening of a world first exhibition into 200 million years of lost species.     CREDIT: PETER BYRNE/PA WIRE
Market Closes for May 8^th, 2019

Market Index	Close	Change
Dow Jones	25967.33	+2.24     +0.01%
S&P 500	2879.42	-4.63   -0.16%
NASDAQ	7943.320	-20.436   -0.26 %
TSX	16397.40	+39.65
		+0.24%

International Markets

Market Index	Close	Change
NIKKEI	21602.59	-321.13
		-1.46%
HANG SENG	29003.20	-359.82
		-1.23%
SENSEX	37789.13	-487.50
		-1.27%
FTSE 100*	7271.00	+10.53
		+0.15%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.707		1.684
CND. 30 Year Bond		1.957		1.942
U.S.    10 Year Bond		2.4853		2.4566
U.S. 30 Year Bond		2.8960		2.8643

Currencies

BOC Close	Today	Previous
Canadian $	0.74207	0.74234
US $	1.34759	1.34708
Euro Rate 1 Euro=		Inverse
Canadian $	1.50818	0.66295
US $	1.11944	0.89330

Commodities

Gold	Close	Previous
London Gold Fix	1281.20	1278.55
Oil
WTI Crude Future	62.12	61.40

Market Commentary
On this day in 1929, John Clifton Bogle, future founder of Vanguard Group and a crusader for investors’ rights for more than three decades, was born in Montclair, N.J. He created the first mutual fund tied to an index in 1975. Mr. Bogle died in January.
Canada
By Bloomberg Automation
     (Bloomberg) — The S&P/TSX Composite rose 0.2 percent at 16,397.40 in Toronto. The move follows the previous session’s decrease of 0.8 percent.
     Suncor Energy Inc. contributed the most to the index gain, increasing 2.2 percent. Element Fleet Management Corp. had the largest increase, rising 13.5 percent.
     Today, 121 of 242 shares rose, while 113 fell; 5 of 11 sectors were higher, led by energy stocks.
Insights
* The index advanced 3.5 percent in the past 52 weeks. The MSCI AC Americas Index gained 7 percent in the same period
* The S&P/TSX Composite is 1.7 percent below its 52-week high on April 23, 2019 and 19 percent above its low on Dec. 24, 2018
* The S&P/TSX Composite is down 0.6 percent in the past 5 days and was little changed in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18 on a trailing basis and 15 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$2.53 trillion
* 30-day price volatility little changed to 6.15 percent compared with 6.15 percent in the previous session and the average of 6.34 percent over the past month. 

================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | 31.7252| 1.1| 33/8
Industrials | 14.2558| 0.8| 17/12
Information Technology | 6.2129| 0.8| 6/4
Health Care | 4.5756| 1.3| 8/1
Consumer Staples | 0.6838| 0.1| 5/5
Communication Services | -0.2612| 0.0| 3/4
Real Estate | -1.0816| -0.2| 10/12
Utilities | -1.0952| -0.2| 7/9
Financials | -3.2694| -0.1| 13/13
Consumer Discretionary | -3.7809| -0.5| 6/11
Materials | -8.3290| -0.5| 13/34
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Suncor Energy | 10.5300| 2.2| 14.3| 15.1
Canadian National | 5.5990| 0.9| 8.2| 23.6
Canadian Natural | | | |
Resources | 5.3210| 1.7| -17.8| 15.1
Royal Bank of | | | |
Canada | -3.9980| -0.4| -55.9| 13.4
Bank of Nova Scotia| -4.2890| -0.7| -34.0| 6.5
TD Bank | -5.6280| -0.6| -34.4| 10.7
================================================================
| | Index | Volume VS |YTD Change
Biggest Gainers | % Change |Points Move|20D AVG (%)| (%)
================================================================
Element Fleet | 13.5| 3.4970| 646.1| 37.2
Torc Oil & Gas | 6.1| 0.2890| 49.6| 8.0
Crescent Point | | | |
Energy | 5.2| 0.9820| -47.5| 21.5
================================================================
| |Index Points | Volume VS |YTD Change
Biggest Losers| % Change | Move |20D AVG (%)| (%)
================================================================
Iamgold | -5.9| -0.6680| 81.3| -35.9
Home Capital | | | |
Group | -4.1| -0.3390| 224.5| 25.1
Fortuna Silver| -3.9| -0.1830| -16.7| -21.4

* The benchmark 10-year bond fell and the yield rose 2 basis points to 1.705 percent
* The S&P 500 Index declined 0.2 percent
US
By Sarah Ponczek
     (Bloomberg) — U.S. stocks fell for a third day as an escalation in trade tensions prompted investors to question whether China and America will make progress as talks resume this week. The dollar rose and Treasuries fell.
     The S&P 500 swung between gains and losses for much of the day as markets sought a measure of calm after the White House suggested a deal was still possible even as both sides threatened to raise tariffs as soon as Friday. Stocks had swooned 2 percent to start the week as trade tensions escalated.A late drop in Intel helped to weigh on tech shares.
     “Volatility in the markets is really headline driven, particularly around the fluid conversations between the U.S. And China,” said Charlie Ripley, a senior investment strategist for Allianz Investment Management. “We’ll have to see how this thing plays out at the end of the week here, but we would continue to expect this environment as long as the headlines are going back- and-forth.”
     Beijing’s top trade negotiator, Liu He, is traveling to the U.S. on Thursday and Friday for the high-stakes talks. U.S. officials have said Chinese negotiators reneged in the past week on provisions in a draft deal the U.S. considered settled. The developments raise the prospect that talks between the U.S. and China to resolve their trade war could collapse entirely.
     An escalation of Trump’s rhetoric on trade in the past few days appears to have caught global equity markets off-guard. Many had been testing record highs, seemingly priced to perfection on the assumption a deal between the U.S. and China would get done. The likes of JPMorgan boss Jamie Dimon still put the odds of that at 80 percent, and the S&P 500 has only fallen to levels seen a month ago.
     Elsewhere, the yuan edged lower as data showed Chinese exports unexpectedly fell in April and imports rose. The New Zealand dollar slumped more than 1 percent as the central bank cut interest rates, though it later pared most of the drop.
     In emerging markets, the lira extended losses against the dollar amid the fallout from Turkey’s decision to re-run municipal elections in Istanbul. The South African rand strengthened as the country headed to the polls for a national election.

Here are some notable events coming up:
* The U.S. releases trade data Thursday.
* South Africa holds national elections Wednesday.
* China reports on inflation Thursday. The U.S. releases the April CPI report Friday.

These are the main moves in markets:
Stocks
* The S&P 500 Index fell 0.2 percent as of 4:07 p.m. New York time, the Nasdaq Composite Index dropped 0.3 percent and the Dow Jones Industrial Average added less than 0.1 percent.
* The Stoxx Europe 600 gained 0.2 percent.
* The MSCI Emerging Market Index dropped 0.7 percent.
* The MSCI Asia Pacific Index slumped 1.1 percent.
Currencies
* The Bloomberg Dollar Spot Index gained 0.2 percent, higher for a third straight day.
* The euro was little changed at $1.1191, while the yen strengthened 0.2 percent to 110.13 per dollar, the fourth consecutive daily increase.
* The British pound weakened 0.5 percent to $1.3008, the third straight decline.
* The MSCI Emerging Markets Currency Index eased 0.1 percent.
Bonds
* The yield on 10-year Treasuries rose two basis points to 2.48 percent, the first decline in four days.
* Germany’s 10-year yield fell less than one basis point to negative 0.05 percent.
Commodities
* West Texas Intermediate rose 0.9 percent to $61.92 a barrel.
* Gold declined 0.3 percent to $1,281.25 an ounce.
* The Bloomberg Commodity Index was little changed.
–With assistance from Rita Nazareth.

Have a great night.

Be magnificent!

As ever,

Carolann

Life resembles the banquet of Damocles; the sword is ever suspended.

                                    -Francois Marie Arouet Voltaire, 1694-1778

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