Category: Events

Dear Friends,
Tangents

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

PHOTOS OF THE DAY

Participants attend the annual May bank holiday “Jack In The Green” parade and festival in Hastings     CREDIT:TOBY MELVILLE/REUTERS

Royal super fan John Loughery (C) pops the cork on a bottle of champagne near Windsor Castle, west of London     CREDIT: ADRIAN DENNIS/AFP/GETTY IMAGES

The remains of a building in Gaza City after it was hit during Israeli air strikes.     CREDIT: MAHMUD HAMS/AFP/GETTY IMAGES
Market Closes for May 7th, 2019 

Market Index	Close	Change
Dow Jones	25965.09	-473.39     -1.79%
S&P 500	2884.05	+48.42   -1.65%
NASDAQ	7963.758	-159.531   -1.96 %
TSX	16357.75	-135.71
		-0.82 %

International Markets

Market Index	Close	Change
NIKKEI	21923.72	-335.01
		-1.51%
HANG SENG	29363.02	+153.20
		+0.52%
SENSEX	38276.63	-323.71
		-0.84%
FTSE 100*	7260.47	-120.17
		-1.63%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.684		1.764
CND. 30 Year Bond		1.942		2.003
U.S.    10 Year Bond		2.4566		2.5250
U.S. 30 Year Bond		2.8643		2.9186

Currencies

BOC Close	Today	Previous
Canadian $	0.74234	0.74507
US $	1.34708	1.34216
Euro Rate 1 Euro=		Inverse
Canadian $	1.50787	1.50393
US $	1.11936	1.12094

Commodities

Gold	Close	Previous
London Gold Fix	1278.55	1270.95
Oil
WTI Crude Future	61.40	61.94

Market Commentary
On this day in 1991, AT&T finally got NCR to let the telecom giant to take it over for $7.4 billion, or a mere $110 a share, after almost two years of clumsy pursuit. AT&T’s takeover of NCR turned out to be one of the most disastrous blunders ever, as NCR’s computer lines fell in popularity and the two corporate cultures clashed. AT&T ended up spinning off NCR in 1996, after losing $3.8 billion.
Canada
By Michael Bellusci
     (Bloomberg) — Canadian stocks fell for the sixth day in seven Tuesday as investors remained on edge over President Trump’s threat to increase tariffs on billions of dollars of imports from China. Oil also tumbled toward $60 a barrel.
     The S&P/TSX Composite Index slid 0.8 percent to 16,358, the most since March 22, led lower by health care, tech and industrials. Consumer staples, communications services and utilites advanced. SNC-Lavalin Group Inc. is weighing a breakup amid the stock’s slide, the Globe & Mail reported. Additionally, Enbridge Inc. is asking oil shippers to sign at least eight-year contracts to move crude on its Mainline pipeline network, people with knowledge of the matter told Reuters.
     In other moves:
Stocks
* Kirkland Lake Gold Ltd. jumped 6.3% after 1Q earnings
* Westshore Terminals Investment Corp. gained 5.5%
* SEMAFO Inc. rose 5.1% ahead of its 1Q earnings report
* IAMGOLD Corp. dropped 12.6% after downgrades from Canaccord and BMO
* NuVista Energy Ltd. lost 5.6%
* Cronos Group Inc. fell 5.5%
* TORC Oil & Gas Ltd. retreated 4.5%
Ratings
* EDR CN: Endeavour Silver Downgraded to Market Perform at Noble Capital
* GEI CN: Gibson Energy Raised to Sector Outperform at Scotiabank; PT C$25
* HBM CN: Hudbay Minerals Downgraded to Neutral at Eight Capital; PT C$11
* IMG CN: Iamgold Downgraded to Market Perform at BMO
** IMG CN: Iamgold Downgraded to Hold at Canaccord; PT C$3.75
* KMP-U CN: Killam Apartment REIT Cut to Hold at Industrial Alliance
* OSB CN: Norbord Upgraded to Neutral at CIBC; PT C$32
Commodities
* Western Canada Select crude oil traded at a $13.50 discount to WTI
* Gold spot prices rose 0.3 percent to $1,284.51 an ounce
FX/Bonds
* The Canadian dollar fell 0.2 percent to C$1.3472 U.S. dollar
* The Canada 10-year government bond yield fell to 1.683 percent
US
By Adam Haigh
     (Bloomberg) — Asian stocks looked set for heavy declines Wednesday after the U.S. threat of higher tariffs on imports from China pushed American equities down the most since March.
     The yen held its climb and Treasuries edged higher. Futures on Japanese shares indicated losses of about 2 percent when trading opens in Tokyo, with Hong Kong and Australia also signaling declines. The S&P 500 Index ended weaker despite closing off the session lows, posting its broadest day of declines since the Christmas Eve sell-off.
     China’s top trade negotiator still intends to visit Washington later this week as President Donald Trump ratchets up pressure to clinch a deal that many market participants had expected was all but done.
     “The two largest economic powerhouses, the U.S. and China, either will be at a trade war or a trade peace and in reality there’s only a couple of people who know the answer to that and it isn’t those of us on Wall Street,” Larry Robbins, Glenview Capital Management’s CEO, told Bloomberg TV in New York. “It’s to be expected that there’s some volatility into this critical week.”
     Sentiment remains fragile as traders wait for the next development in the dispute between the world’s two-biggest economies and trade data that’s coming Wednesday in China. China’s government confirmed Tuesday that Vice Premier Liu He would visit the U.S. for trade talks on May 9 and 10. At the same time, the country was said to be preparing retaliatory tariffs on American imports should Trump carry out his threat of further duties.
     Elsewhere, the New Zealand dollar edged down ahead of the country’s finely poised central bank decision. Turkey’s lira and stocks slumped Tuesday as investors interpreted a decision to redo Istanbul’s municipal vote as yet another manifestation of President Recep Tayyip Erdogan’s influence over independent institutions. Oil steadied after dropping toward $60 a barrel.
     Here are some notable events coming up:
* China releases trade data Wednesday, and the U.S. does so on Thursday.
* South Africa holds national elections Wednesday.
* China reports on inflation Thursday. The U.S. releases the April CPI report Friday.
* A Chinese trade delegation is expected to arrive in Washington for talks.
     These are the main moves in markets:
Stocks
* Futures on Japan’s Nikkei 225 fell 1.8 percent in Singapore.
* Contracts on Australia’s S&P/ASX 200 Index dropped 0.8 percent.
* Hang Seng Index futures declined 1.5 percent.
* Futures on the S&P 500 Index dipped 0.1 percent. The underlying gauge fell 1.7 percent Tuesday.
Currencies
* The yen was at 110.25 per dollar after a 0.5 percent advance Tuesday.
* The offshore yuan was at 6.7933 per dollar.
* The Bloomberg Dollar Spot Index gained 0.1 percent.
* The euro bought $1.1193, little changed.
Bonds
* The yield on 10-year Treasuries fell more than one basis point to 2.46 percent.
Commodities
* West Texas Intermediate added 0.4 percent to $61.62 a barrel, after touching the lowest level in more than five weeks Tuesday.
* Gold was steady at $1,284.59 an ounce.
Have a  great night.

Be magnificent!
As ever,

Carolann

Silence is golden when you can’t think of a good answer.                                    

                                                     –Muhammad Ali

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 Great White Shark ambushes a group of Cape Fur Seal in False Bay, South Africa   CREDIT: DAN CALLISTER WWW.DANCALLISTER.COM

Boys who are experiencing the lives of Buddhist monks by staying in a temple for two weeks as novice monks, enjoy a ride at Everland amusement park in Yongin, South Korea CREDIT: REUTERS/KIM HONG-JI

The World-famous tulip fields of Noordoostpolder, Holland have been captured in their full vibrant glory in this series of stunning aerial photographs. With millions of the flowers now in full bloom, the landscape is a kaleidoscope of colour. Dazzling patterns of colour streak the countryside when seen from the air.   CREDIT: MATT COOPER/SWNS.COM
Market Close for May 3rd, 2019

Market Index	Close	Change
Dow Jones	26504.95	+197.16   +0.75%
S&P 500	2945.64	+28.12   +0.96%
NASDAQ	8163.996	+127.224   +1.58 %
TSX	16494.43	+83.55
		+0.51 %

International Markets

Market Index	Close	Change
NIKKEI	22258.73	-48.85
		-0.22%
HANG SENG	30081.55	+137.37
		+0.46%
SENSEX	38963.26	-18.17
		-0.05%
FTSE 100*	7380.64	+29.33
		+0.40%

Bonds

 

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.764		1.764
CND. 30 Year Bond		2.003		2.009
U.S.    10 Year Bond		2.5250		2.5432
U.S. 30 Year Bond		2.9186		2.9327

Currencies

BOC Close	Today	Previous
Canadian $	0.74507	0.74228
US $	1.34216	1.34720
Euro Rate 1 Euro=		Inverse
Canadian $	1.50393	0.66492
US $	1.12094	0.89191

Commodities

Gold	Close	Previous
London Gold Fix	1270.95	1283.80
Oil
WTI Crude Future	61.94	61.81

Market Commentary
On this day in 1998, the front page of the Sunday New York Times reported that an obscure biotechnology company, EntreMed, had cured cancer in mice. In the article, Nobel laureate James Watson said EntreMed’s head researcher “is going to cure cancer in two years.” On Monday morning, Entremed’s stock skyrocketed from $12.06 to $85. By the end of the week, after later reports pooh-poohing Entremed’s research, the stock had sagged to $33.25—leaving latecomers holding the bag.
Canada
By Bloomberg Automation
     (Bloomberg) — The S&P/TSX Composite rose 0.5 percent at 16,494.43 in Toronto. The move was the biggest since rising 0.6 percent on April 23 and follows the previous session’s decrease of 0.6 percent.
     Suncor Energy Inc. contributed the most to the index gain, increasing 2.0 percent. Pretium Resources Inc. had the largest increase, rising 13.7 percent. Today, 164 of 242 shares rose, while 72 fell; 10 of 11 sectors were higher, led by materials stocks.
Insights
* So far this week, the index fell 0.7 percent, heading for the biggest decline since the week ended Dec. 21
* The index advanced 5.6 percent in the past 52 weeks. The MSCI AC Americas Index gained 11 percent in the same period
* The S&P/TSX Composite is 1.1 percent below its 52-week high on April 23, 2019 and 19.7 percent above its low on Dec. 24, 2018
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.3 on a trailing basis and 15 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.55 trillion
* 30-day price volatility fell to 5.75 percent compared with 6.39 percent in the previous session and the average of 6.40 percent over the past month.
================================================================

Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | 20.5396| 1.3| 36/13
Financials | 18.8097| 0.4| 17/9
Energy | 18.4200| 0.6| 29/11
Industrials | 12.5958| 0.7| 23/6
Information Technology | 6.9976| 0.9| 7/3
Utilities | 2.4704| 0.4| 12/4
Consumer Discretionary | 2.1542| 0.3| 9/8
Real Estate | 1.2146| 0.2| 16/6
Communication Services | 0.7958| 0.1| 5/2
Health Care | 0.3929| 0.1| 5/5
Consumer Staples | -0.8395| -0.1| 5/5
================================================================
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Suncor Energy | 9.7350| 2.0| 2.9| 14.0
Shopify | 7.7070| 3.2| -2.1| 88.0
Nutrien | 6.5970| 2.2| -27.3| 13.2
Great-West Lifeco | -1.7630| -2.9| 23.2| 12.8
Constellation | | | |
Software | -2.8320| -1.7| -25.6| 36.1
TransCanada | -4.9390| -1.2| 52.9| 28.5
================================================================
Biggest Gainers | % Change |Points Move|20D AVG (%)| (%)
================================================================
Pretium | | | |
Resources | 13.7| 1.7100| 180.8| -6.5
Baytex Energy | 12.9| 1.2700| 39.6| 16.2
CannTrust | 7.1| 0.3180| 112.3| 23.6
================================================================
Biggest Losers | % Change | Move |20D AVG (%)| (%)
================================================================
Eldorado Gold | -17.8| -1.1230| 519.8| 14.3
Enerflex | -6.3| -0.7060| 375.0| 3.4
Martinrea | -5.7| -0.4430| 339.6| 12.3
* The benchmark 10-year bond fell and the yield rose 0.6 basis points to 1.769 percent
* The S&P 500 Index advanced 1 percent
* Pretivm Executive Chairman Quartermain to Leave Company Dec. 31
* Baytex Energy 1Q FFO Per Share As Adjusted Beats Est.
* Eldorado Slumps on 1Q Miss as Analysts See Better Quarters Ahead
* Enerflex Slides as National Bank Downgrades on Backlog Outlook
* Martinrea Tumbles Most This Year Amid Weakness in Brazil, China
* Materials Buoy Canadian Stocks in First Gain for Index This Week
* U.S. Stocks Roar as Jobs Data Bolster Confidence:
Markets Wrap
 US
By Rita Nazareth and Vildana Hajric
     (Bloomberg) — The rally in U.S. stocks picked up pace after the long-awaited jobs report boosted optimism in the world’s largest economy.
     The S&P 500 Index rose the most in a month as data showed the labor market can support growth without sparking inflation –– giving cover to the Federal Reserve’s patient stance. The dollar fell and Treasuries were little changed. The Nasdaq-100 Index climbed to a new record as Tesla Inc. raised $2.35 billion through debt and stock offerings, while Warren Buffett told CNBC that Berkshire Hathaway Inc. has been buying Amazon.com Inc. shares.
     Read more: Is U.S. Economy Solid or Needing Rate Cut? Jobs Data Back Both Traders pushed up the value of risk assets after surprisingly strong payroll gains in April and the lowest unemployment rate since 1969 calmed some fears that a recession could be brewing. Meanwhile, the lack of a surge in wages kept alive speculation on Wall Street that the Fed will still be forced to ease policy. Earlier in the week, Chairman Jerome Powell pushed back on expectations that the next move would be a rate cut.
     “We’re in this Goldilocks world right now, where it’s not too hot, it’s not too cold and it seems just right,” said Tom Plumb, a money manager at Plumb Balanced Fund in Madison, Wisconsin. “It’s going to be a risk-on environment for stocks. People will put money in the stock market because there will be companies that will capitalize on world economic growth.”
     Two Federal Reserve officials laid out the case for a possible interest-rate cut just days after Powell said there was no reason to move rates in either direction. St. Louis Federal Reserve Bank President James Bullard and Chicago Fed President Charles Evans, both policy voters this year, expressed caution Friday over weak prices and said the central bank may have to act to lift inflation out of a persistently low trend.
     Read more: Calling ‘New Bull Market,’ Fundstrat’s Lee Lifts
     S&P 500 Target
     With Friday’s gains, the S&P 500 extended this year’s surge to about 18 percent. Add Tom Lee to the growing list of strategists getting out in front of a rally that’s quickly outrun their 2019 year-end targets. The co-founder of Fundstrat Global Advisors LLC boosted his prediction for the gauge to 3,125 from 2,925, citing earnings and the potential for investors to pay up for shares given lower bond yields.
     Looking into next week, Chinese Vice Premier Liu He returns to Washington for another round of trade talks. The White House has ramped up pressure to reach an agreement, warning it could still walk away. President Donald Trump told reporters Friday the U.S. could complete a deal with China within a couple weeks.
     “And if it doesn’t happen we’ll be fine too,” he said.
     These are some of the main moves in markets:
Stocks
* The S&P 500 Index climbed 1 percent to 2,945.64 as of 4 p.m. New York time.
* The Dow Jones Industrial Average added 0.8 percent, and the Nasdaq-100 jumped 1.6 percent.
* The Stoxx Europe 600 Index rose 0.4 percent.
* The MSCI Asia Pacific Index advanced 0.2 percent.
Currencies
* The Bloomberg Dollar Spot Index slipped 0.4 percent.
* The euro advanced 0.3 percent to $1.1202.
* The British pound jumped 1.1 percent to $1.3169.
* The Japanese yen gained 0.4 percent to 111.10 per dollar.
Bonds
* The yield on 10-year Treasuries decreased two basis points to 2.53 percent.
* Germany’s 10-year yield declined one basis point to 0.03 percent.
* Britain’s 10-year yield increased three basis points to 1.219 percent.
Commodities
* The Bloomberg Commodity Index increased 0.2 percent.
* West Texas Intermediate crude gained 0.2 percent to $61.94 a barrel.
* Gold advanced 0.7 percent to $1,281.30 an ounce.

Have a  great night.

Be magnificent!
As ever,

Carolann

 

A friend is one who knows you and loves you just the same.                                    

                                                     –Elbert Hubbard

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:
The master died 500 years ago today
Leonardo da Vinci packed in a lot during his 67 years. Ever wonder what he was up to when he was your age? Well, wonder no more. -from CNN.

As a well spent day brings happy sleep, so a life well used brings a happy death. – Leonardo Da Vinci, 1452-1519.

On May 2, 1945, the Soviet Union announced the fall of Berlin and the Allies announced the surrender of Nazi troops in Italy and parts of Austria.  Go to article »
1611- King James Bible published.
PHOTOS OF THE DAY

Members of the Minster Strays perform their annual ritual of Morris Dancing, at the Temple of the Four Winds at Castle Howard   CREDIT: CHARLOTTE GRAHAM FOR THE TELEGRAPH

Competitors ride their bikes during Stage 4 of the 14^th edition of Titan Desert 2019 mountain biking race between Merzouga and Mssici, in Morocco   FROM THE TELEGRAPH, 05/02/2019

Beltane Fire Society performers celebrate the coming of summer by participating in the Beltane Fire Festival on Calton Hill in Edinburgh, Scotland   CREDIT: JEFF J MITCHELL/GETTY IMAGES

Local people pull a Danjiri along the street to celebrate the of start Japans new imperial era Reiwa in Kobe, Japan   CREDIT: BUDDHIKA WEERASINGHE/GETTY IMAGES
Market Closes for May 2^nd, 2019

Market Index	Close	Change
Dow Jones	26307.79	-122.35   -0.46%
S&P 500	2917.52	-6.21   -0.21%
NASDAQ	8036.773	-12.867   -0.16 %
TSX	16410.88	-91.87
		-0.56 %

International Markets

Market Index	Close	Change
NIKKEI	22258.73	-48.85
		-0.22%
HANG SENG	29944.18	+245.07
		+0.83%
SENSEX	38981.43	-50.12
		-0.13%
FTSE 100*	7351.31	-33.95
		-0.46%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.764	1.703
CND. 30 Year Bond	2.009	1.963
U.S.    10 Year Bond	2.5432	2.4981
U.S. 30 Year Bond	2.9327	2.9054

Currencies

BOC Close	Today	Previous
Canadian $	0.74228	0.74415
US $	1.34720	1.34381
Euro Rate 1 Euro=		Inverse
Canadian $	1.50521	0.66436
US $	1.11735	0.89498

Commodities

Gold	Close	Previous
London Gold Fix	1283.80	1282.30
Oil
WTI Crude Future	61.81	63.60

Market Commentary:
On this day in 1963, Edward C. Johnson II, the head of Fidelity Investments, started a small mutual fund and gave it to his son, Ned, to run. He called it the Magellan Fund. It eventually became the largest mutual fund in the world before losing popularity after investment legend Peter Lynch stepped down in 1990.
Canada
US
By Rita Nazareth and Vildana Hajric
(Bloomberg) — U.S. stocks fell for a second day and Treasury yields climbed in the wake of the Federal Reserve’s latest rate signal, with investors awaiting Friday’s jobs report and news on trade talks. The dollar rose.
The S&P 500 Index moved further away from its record on concern the U.S.-China trade deal remains elusive. Energy shares sank with oil, while Caterpillar Inc. slumped as the announcement of a record dividend underwhelmed investors. Tesla Inc. rallied on plans to raise about $2 billion through debt and stock offerings. Beyond Meat Inc. had the best debut session of any U.S. listing in more than a decade among IPOs that raised at least $200 million.
Read more: Once-Bullish Rates Traders Retreat After Being Bruised by Powell Treasury yields jumped as a wave of bets that the Fed will keep rates on hold longer than expected — before possibly cutting them — was unleashed in derivatives markets. Chairman Jerome Powell’s comments on the “transient” nature of factors keeping inflation below the target prompted a reassessment, with wagers on when a rate cut might happen shifting from December 2019 into 2020. The next clue on the health of the economy will be Friday’s jobs report.
“Many investors had thought that the Fed might cut rates again this year, and that was built into some of the expectations,” said Kate Warne, an investment strategist at Edward Jones. “The Fed’s commentary that inflation was transitory really conveyed that the Fed wasn’t seeing a need to cut rates in response to lower inflation. That’s part of why we saw the sell-off.”
Read more: Even a Strong U.S. Wage Number May Fail to Ignite Inflation
Trade also remained on the radar. Treasury Secretary Steven Mnuchin and other U.S. officials have repeatedly said in recent days that the two sides are making progress with Vice Premier Liu He due to lead a 100-member delegation to Washington next week for what are seen as crucial talks. While people familiar with the discussions say difficult issues remain unresolved, both sides continue to signal they are focused on striking a deal.
Elsewhere, oil tumbled to its lowest in a month despite the promise of tighter sanctions on Iran, as investors saw the U.S., Russia and Saudi Arabia all potentially filling the gap. Britain’s 10-year yield climbed as the Bank of England held rates steady and hinted at future hikes.
Here are some notable events this week:
* Companies reporting earnings include: HSBC and Macquarie.
* Friday brings the U.S. jobs report: non-farm payrolls are projected to rise by about 190,000 in April. Economists expect an unemployment rate of 3.8 percent, with average hourly earnings growth picking up to 3.3 percent.
Canada:
By Bloomberg Automation
     (Bloomberg) — The S&P/TSX Composite fell for the fourth day, dropping 0.6 percent, or 91.87 to 16,410.88 in Toronto. The move was the biggest since falling 1 percent on March 22.
     Today, energy stocks led the market lower, as 7 of 11 sectors lost; 174 of 242 shares fell, while 62 rose. Suncor Energy Inc. contributed the most to the index decline, decreasing 2.6 percent. SNC-Lavalin Group Inc. had the largest drop, falling 13.1 percent.
Insights
* So far this week, the index fell 1.2 percent, heading for the biggest decline since the week ended Dec. 21
* The index advanced 5 percent in the past 52 weeks. The MSCI AC Americas Index gained 9.6 percent in the same period
* The S&P/TSX Composite is 1.6 percent below its 52-week high on April 23, 2019 and 19.1 percent above its low on Dec. 24, 2018
* The S&P/TSX Composite is down 1 percent in the past 5 days and rose 0.9 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.2 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$2.56 trillion
* 30-day price volatility rose to 6.39 percent compared with 6.25 percent in the previous session and the average of 6.43 percent over the past month. 

================================================================
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | -54.8239| -1.8| 2/38
Materials | -21.0666| -1.3| 10/37
Financials | -15.7136| -0.3| 5/21
Industrials | -11.2279| -0.6| 8/21
Health Care | -7.0522| -1.9| 1/10
Real Estate | -1.5770| -0.3| 9/15
Communication Services | -0.7234| -0.1| 3/4
Utilities | 0.2790| 0.0| 6/9
Consumer Staples | 1.9350| 0.3| 6/4
Consumer Discretionary | 5.5966| 0.8| 6/11
Information Technology | 12.5081| 1.6| 6/4
================================================================

Top Contributors | Move | % Change | (%) | (%)
================================================================
Suncor Energy | -12.9000| -2.6| 77.7| 11.7
Canadian Natural | | | |
Resources | -9.7860| -2.9| -7.8| 14.7
Enbridge Inc | -9.5320| -1.3| 22.6| 15.3
Open Text | 3.5130| 3.5| 165.3| 20.2
Gildan Activewear | 3.7210| 5.2| 122.9| 24.0
Shopify | 8.9950| 3.9| 81.0| 82.1
================================================================
Biggest Gainers | % Change |Points Move|20D AVG (%)| (%)
================================================================
Ivanhoe Mines | 7.9| 0.9610| 52.5| 43.5
Pason Systems | 6.7| 0.6990| 199.2| 13.6
Gildan Activewear| 5.2| 3.7210| 122.9| 24.0
================================================================
Biggest Losers | % Change | Move | (%) | (%)
================================================================
SNC-Lavalin Group | -13.1| -5.4920| 302.6| -36.9
CannTrust | -12.6| -0.6410| 529.6| 15.4
Cott | -7.7| -1.5240| 365.3| -0.5* The benchmark 10-year bond fell and the yield rose 6.2
basis points to 1.766 percent
* The S&P 500 Index declined 0.2 percent
* Pason Systems Raised to Outperform at National Bank; PT C$23.50
* Gildan Bets on Bangladesh Hub to Expand Apparel Output in Asia
* SNC Reports Unexpected Loss, Accelerates Cost Cuts to Hit Target
* First U.S. Bank-Led Pot Stock Offering Flops With Investors
* Cott First Quarter Revenue 1.4% Above Estimates
* Canadian Shares Fall in Longest Streak This Year, Energy Drags
* Stocks, Bonds Drop as Focus Turn to Trade and Jobs
Markets Wrap

These are some of the main moves in markets:
Stocks
* The S&P 500 lost 0.2 percent to 2,917.52 as of 4 p.m. New York time.
* The Dow Jones Industrial Average fell 0.5 percent, and the Nasdaq-100 slid 0.4 percent.
* The Stoxx Europe 600 Index sank 0.6 percent.
* The MSCI Asia Pacific Index dipped 0.1 percent.
Currencies
* The Bloomberg Dollar Spot Index gained 0.3 percent.
* The euro declined 0.2 percent to $1.1173.
* The British pound fell 0.1 percent to $1.3034.
* The Japanese yen lost 0.1 percent to 111.51 per dollar.
Bonds
* The yield on 10-year Treasuries jumped five basis points to 2.55 percent.
* Britain’s 10-year yield climbed four basis points to 1.187 percent.
* Germany’s 10-year yield increased two basis points to 0.03 percent.
Commodities
* The Bloomberg Commodity Index fell 0.9 percent.
* West Texas Intermediate crude sank 2.8 percent to $61.81 a barrel.
* Gold slid 1 percent to $1,272 an ounce.
–With assistance from Andreea Papuc, Adam Haigh, Namitha Jagadeesh and Samuel Potter.

Have a  great night.

Be magnificent!

As ever,

Carolann

None climbs so high as he who knows not whither he is going.

                                            –Oliver Cromwell, 1599-1658

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 May Day!

Polydore Virgil says that the Roman youths used to go into the fields and spend the Calends of May in dancing and singing in honour of Flora, goddess of fruits and flowers.  The English celebrated May Day with games and sports, particularly archery and Morris Dances and the setting up of the Maypole.  In due time Robin Hood and Maid Marian came to preside as lord and Lady of the May, and by the 16^th century May Day was Robin Hood’s Day and Robin Hood plays became an integral part of the festivities.
May Day was also formerly the day of the London chimney-sweepers festival.  -from Brewer’s Phrase & Fable.
1707 – The Kingdom of Great Britain was created as a treaty merging England and Scotland took effect.   Go to article »

PHOTOS OF THE DAY

Gardner Eric Drennon in the maze at Traquair House in Peeblesshire, Scotland’s oldest inhabited House. The maze was planted in 1981 and is the largest hedged maze in Scotland. Planted originally with 1500 Leylandi Cyprus trees the maze suffered from an extraordinarily harsh winter in 1983 when over two thirds of the trees died. It was decided to replant with the hardier beech trees which has added colour to the maze.   CREDIT: OWEN HUMPHREYS/PA

Cars drive through a street in Iraq’s central city of Najaf during a sand storm. CREDI: HAIDAR HAMDANI/AFP/GETTY IMAGES

Charolais cows are pictures in a filed in La Jauniere, western France. CREDIT: GUILLAUME SOUVANT/AFP/GETTY IMAGES

Market Closes for May 1^st, 2019

Market Index	Close	Change
Dow Jones	26430.14	-162.77     -0.61%
S&P 500	2923.73	-22.10   -0.75%
NASDAQ	8049.641	-45.747   -0.57%
TSX	16502.75	-77.98
		-0.47 %

International Markets

Market Index	Close	Change
NIKKEI	22258.73	-48.85
		-0.22%
HANG SENG	29699.11	-193.70
		-0.65%
SENSEX	39031.55	-35.78
		-0.09%
FTSE 100*	7385.26	-32.96
		-0.44%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.703	1.711
CND. 30 Year Bond	1.963	1.990
U.S.    10 Year Bond	2.4981	2.5018
U.S. 30 Year Bond	2.9054	2.9296

Currencies

BOC Close	Today	Previous
Canadian $	0.74415	0.74670
US $	1.34381	1.33922
Euro Rate 1 Euro=		Inverse
Canadian $	1.50504	0.66443
US $	1.12005	0.89282

Commodities

Gold	Close	Previous
London Gold Fix	1282.30	1279.50
Oil
WTI Crude Future	63.60	63.91

Market Commentary:
On this day in 1975, Wall Street cried “May Day” as brokerage commission rates were deregulated by the SEC, a move that despite criticism made Wall Street more lucrative than ever as rising volume made up for lower fees. Additionally, money management giant Vanguard Group began operations, overseeing $1.8 billion in mutual-fund assets.
Canada
By Carolina Wilson
     (Bloomberg) — Canadian stocks fell for a third day, dragged down mainly by mining and energy stocks, while U.S. equities got whipsawed by Fed Chairman Jerome Powell’s remarks. The dollar surged.
     The S&P/TSX Composite Index fell 0.5 percent to 16,502.75. Metals and mining stocks were worst performers as a slowdown in global manufacturing and disappointing U.S. auto sales last month fueled angst among base metal investors. Meanwhile, gold miners also tumbled as bullion fell after U.S. dollar climbed on U.S. Fed comments.
     Meanwhile, analysts are growing more bullish on Shopify Inc., one of the best performing Canadian stocks. The average 12-month price target on the stock rose above the share price for the first time since February. The e-commerce platform has “only scratched the surface” with its “stellar” gross merchandise volume trajectory, Rosenblatt Securities wrote in a note.
     In other moves:
Stocks
* Centerra Gold rose 6.6 percent, after the company reported first quarter adjusted EPS that beat the highest estimate
* Osisko Gold tumbled 8.7 percent after reporting impairment and getting downgraded at National Bank
* Ero Copper, First Quantum, Teck Resources were among the base metals miners that underperformed
* Baytex Energy, MEG Energy, Kelt Exploration were among the underperformers within the energy sector
Ratings
* ECA CN: Encana Downgraded to Market Perform at Bernstein; PT Set to $8
* MG CN: Magna International Downgraded to Peer Perform at Wolfe
* OR CN: Osisko Gold Royalties Cut to Sector Perform at National Bank
* RCI/B CN: Rogers Communications Upgraded to Buy at Desjardins; PT C$79
Commodities
* Western Canada Select crude oil traded at a $12.50 discount to WTI
* Gold spot prices fell 0.6 percent to $1,275.97 an ounce
FX/Bonds
* The Canadian dollar fell about 0.4 percent to C$1.3445 per U.S. dollar
* The Canada 10-year government bond yield fell to 1.705%
US
By Rita Nazareth, Vildana Hajric and Sarah Ponczek
     (Bloomberg) — U.S. stocks fell with Treasuries, while the dollar advanced as the Federal Reserve pushed back on market expectations that its next move would be a rate cut.
     The S&P 500 Index posted its biggest decline in almost six weeks after Fed Chairman Jerome Powell said the central bank has no bias to either tighten or ease policy — noting that weak inflation readings may be “transitory.” Stocks had been higher for most of the session after Apple Inc.’s sales forecast boosted technology shares.
     The Fed decision to hold rates steady and Powell’s subsequent comments sparked a modest repricing of assets from the dollar to Treasuries and equities. Two-year Treasury yields turned positive, while the dollar erased a deep loss to strengthen against major peers.
     Read more: ‘Leaning Too Dovish’: Wall Street Adjusts to Powell on Inflation “The markets have by and large convinced themselves the Fed’s next move will be a cut, and it’s going to happen sometime soon,” said Jeffery Elswick, director of fixed income at Frost Investment Advisors, which has $4.7 billion in assets under management. “The scenario of the largest probability does not include a cut. Or the data gets worse, and then the markets will be proven right for a different reason.”
     The market action suggests that expectations were a bit too high with respect to the likelihood of a much more dovish outcome, including the potential for a cut, Bob Miller, BlackRock head of Americas fundamental fixed income, told Bloomberg TV.
     Fed officials also lowered the rate on one of their policy levers: the interest paid on excess reserves, which dropped to 2.35 percent from 2.40 percent. They want to stimulate more trading in the fed funds market, an attempt to get better control over short-term rates.
     “I also think the market misread the technical adjustment to IOER, which was a reduction of 5 bps, as increasing the probability of a rate cut, Miller said.
     Developments in the trade conflict between America and China were also on the radar, with U.S. Treasury Secretary Steven Mnuchin calling the latest round of meetings “productive.” Negotiations will continue in Washington next week.
     Elsewhere, oil slid as a report showed U.S. crude stockpiles swelled to their highest levels since 2017 while American production set a new record. Holidays across much of Asia, Europe and Latin America crimped trading volumes.
     Here are some notable events this week:
* Companies reporting earnings include: HSBC, Macquarie and Royal Dutch Shell.
* The Bank of England sets interest rates Thursday.
* Friday brings the U.S. jobs report: non-farm payrolls are projected to rise by 187,000 in April. Economists expect an unemployment rate of 3.8 percent, with average hourly earnings growth picking up to 3.3 percent.

These are the main moves in markets:
Stocks
* The S&P 500 Index decreased 0.8 percent to 2,923.73 as of 4 p.m. New York time.
* The Stoxx Europe 600 Index lost 0.1 percent.
* The MSCI Asia Pacific Index increased 0.1 percent.
Currencies
* The Bloomberg Dollar Spot Index advanced 0.2 percent.
* The euro declined 0.2 percent to $1.1193.
* The British pound increased 0.1 percent to $1.3044.
* The Japanese yen little changed at 111.45 per dollar.
Bonds
* The yield on 10-year Treasuries was little changed at 2.5 percent.
* Germany’s 10-year yield was unchanged at 0.01 percent.
* Britain’s 10-year yield fell four basis points to 1.15 percent.
Commodities
* The Bloomberg Commodity Index decreased 0.2 percent.
* West Texas Intermediate crude dipped 0.5 percent to $63.60 a barrel.
* Gold fell 0.6 percent to $1,277.40 an ounce.
–With assistance from Adam Haigh, Brad Olesen, Yakob Peterseil and Samuel Potter.

Have a great night.

Be magnificent!
As ever,

Carolann

Rank does not confer privilege or give power.  It imposes responsibility.

                                                       -Dr. Peter Drucker, 1909-2005

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. James the Great Day, Christian Orthodox

Beltane, Wicca.
Walpurgisnacht, Witch’s Night, Europe.

Beltane – the ancient Celtic union of goddess and god, water and light.  All fires are extinguished at sunset on Beltane Eve, the midpoint between the spring equinox and the summer solstice.  In blackness of night, bonfires are struck from standing stone or drilled from sacred oak. …

We were there last night when the dark

drew down: we set the bonfires leaping.

Then we vanished in the heather and

we couldn’t be found until the dawn came creeping.

                            -Celtic rock group Annwn

On April 30, 1975, the South Vietnamese capital of Saigon fell to Communist forces.  Go to article »

PHOTOS OF THE DAY

A yellow tulip emerging out a large plantation of red tulips Tulips fields in the Flevoland region, The Netherlands   CREDIT: VALERIO BERDINI/REX

A fisherman is celebrating a two-million- to -be one catch – a rare blue lobster. Skipper Tim Harrison spotted the stunning sapphire coloured creature in one of his lobster pots. He snapped a picture of the vibrant crustacean – showing its rich blue colour from its claws to its tail. CREIDT: WALES NEWS SERVICE

Bulgarian Orthodox faithful carry an icon of the Virgin Mary during a parade on Easter Monday at Bachkovo monastery, near the village Bachkovo, Bulgaria. The Orthodox world celebrates their Easter according to the old Julian calendar. Easter celebrates the resurrection of Jesus Christ and is regarded by Christians as their most important religious festival. CREDIT: VASSIL DONEV/EPA-EFE/REX

People bathe as the sun sets at San Blas beach in La Libertad, 36 km south of San Salvador, El Salvador. CREDIT: MARVIN RECINOS/AFP/GETTY IMAGES
Market Closes for April 30^th, 2019

Market Index	Close	Change
Dow Jones	26592.91	+38.52     +0.15%
S&P 500	2945.83	+2.80   +0.10 %
NASDAQ	8095.387	-66.467   -0.81%
TSX	16580.73	-19.64
		-0.12%

International Markets

Market Index	Close	Change
NIKKEI	22258.73	-48.85
		-0.22%
HANG SENG	29699.11	-193.70
		-0.65%
SENSEX	39031.55	-35.78
		-0.09%
FTSE 100*	7418.22	-22.44
		-0.30%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.711	1.722
CND. 30 Year Bond	1.990	2.005
U.S.    10 Year Bond	2.5018	2.5252
U.S. 30 Year Bond	2.9296	2.9547

Currencies

BOC Close	Today	Previous
Canadian $	0.74670	0.74315
US $	1.33922	1.34566
Euro Rate 1 Euro=		Inverse
Canadian $	1.50172	0.6660
US $	1.12135	0.89182

Commodities

Gold	Close	Previous
London Gold Fix	1279.50	1284.20
Oil
WTI Crude Future	63.91	63.50

Market Commentary:
On this day in 1999, Priceline.com, which had gone public at $16 a share exactly one month earlier, closed the day at $162.38—giving the internet company a one-month return of 915% and a total market value of $23 billion. But it was all downhill from there. Priceline ended up trading for less than $6 per share by October 2000. The company rebranded itself as Booking Holdings in 2018 and is once again one of the move valuable American tech companies.\
Canada
By Carolina Wilson
(Bloomberg) — Canadian stocks pared most of their earlier losses and ended Tuesday’s trading session mostly negative-to- flat. The record rally from Shopify helped the index rise and pushed the technology sector up, while health care and energy stocks underperformed.
The S&P/TSX Composite Index fell 0.12 percent to 16,580.73. Technology gained the most, as Shopify extended its market- leading rally with another strong quarter. Health care sector was the worst performing sector, mostly led by pot stocks.
According to Ontario’s finance minister Victor Fedeli, the province could allow several hundred cannabis stores to open but is being stymied by the federal government’s “bungling” of supply. More than six months after Prime Minister Justin Trudeau’s government legalized recreational pot in Canada, supply still “doesn’t line up,” Fedeli said. That’s why Ontario has set a limit of 25 bricks and mortar stores, and outlets across the country are struggling to fill their shelves, he added.
Meanwhile, Canada’s economy returned to its sluggish ways in February, with a drop in output that will reinforce expectations of a slow start to the year. Gross domestic product fell 0.1 percent, taking back some of the 0.3 percent gain in January in part due to poor weather, Statistics Canada said Tuesday from Ottawa. Economists were estimating output would be unchanged.
In other moves:
Stocks
* Interfor Corp. gained for four days amid lumber rally, peer earnings results. Peer Western Forest Products also advanced
* First Quantum fell 3 percent after the company surprised investors with an early release of earnings
* Aphria was among outliers within pot stocks, rising 2.9 percent after 3-day slump
* Ensign Energy Services was among underperformers within the energy stocks, along with Crescent Point Energy and CES Energy Solutions
* Capital Power declined 2.8 percent after reporting lower profits and sales than estimated
* Canadian National fell 1.4 percent after the company reported adjusted earnings per share for the first quarter that missed the average analyst estimate
Ratings
* AI CN: Atrium Mortgage Investment Rated New Buy at Echelon Wealth
* CNR CN: Canadian National Downgraded to Sector Perform at RBC; PT C$128
** CNR CN: Canadian National Cut to Sell at Veritas; Price Target C$120
* FSZ CN: Fiera Capital Rated New Sector Perform at RBC; PT C$14
* IPL CN: Inter Pipeline Cut to Market Perform at Cormark Securities
* LUN CN: Lundin Mining Upgraded to Buy at Pareto Securities
* SEA CN: Seabridge Gold Rated New Buy at B Riley FBR, Inc.
* UFS: Domtar Upgraded to Buy at BofAML; PT $58
Commodities
* Western Canada Select crude oil traded at a $13.00 discount to WTI
* Gold spot prices rose 0.3 percent to $1,283.48 an ounce
FX/Bonds
* The Canadian dollar rose 0.5 percent to C$1.3397 per U.S.dollar
* The Canada 10-year government bond yield fell to 1.711%
US
By Rita Nazareth
(Bloomberg) — U.S. stocks were mixed as investors assessed earnings from some of the world’s largest companies amid angst over U.S-China trade talks. Treasury yields and the dollar fell before the Federal Reserve’s rate decision.
The S&P 500 Index erased losses and closed at a record high, while the Dow Jones Industrial Average rose on better- than-estimated results from giants Pfizer Inc. and Merck & Co.
Meantime, the FAANG group of major technology and internet shares got pummeled as Alphabet Inc. had its worst day since 2012 on a revenue miss, and Apple Inc. sank before its earnings report.
FAANG Stocks Drop $100 Billion as Alphabet Loss Bites Hard Stocks wavered at the end of a strong month amid mixed earnings and a cloudy outlook for trade talks. The White House is ramping up pressure to reach a deal with China in the next two weeks, warning that the U.S. is prepared to walk away. Just a day before the Fed’s policy decision, President Donald Trump suggested that if the central bank cut rates by one percentage point and resumed bond purchases it would boost the economy “like a rocket.”
The rally that sent the S&P 500 to record highs may lose steam, but any pullback is likely to “prove limited and temporary”, wrote Tony Dwyer, chief market strategist at Canaccord Genuity. Among the reasons, he cited a dovish Fed, better-than-expected earnings and a stabilization in global growth.
Elsewhere, the euro gained as data showed Europe began 2019 with an unexpected growth spurt, easing pressure on the central bank to add stimulus. Oil rose as police and protesters clashed in the streets of Venezuela, escalating turmoil in the home of the world’s biggest crude reserves.

Here are some notable events this week:

* Companies reporting earnings include: HSBC, Macquarie and
Royal Dutch Shell.
* U.S. Trade Representative Robert Lighthizer and Treasury
Secretary Steven Mnuchin landed in Beijing on Tuesday and will
head into a new round of talks before Chinese Vice Premier Liu
He goes to Washington next week. China and the U.S. hope to seal
a deal by early May.
* The U.S. Fed’s rate decision is on Wednesday, while the Bank
of England sets interest rates Thursday.
* Friday brings the U.S. jobs report: non-farm payrolls are
projected to rise by 187,000 in April. Economists expect an
unemployment rate of 3.8 percent, with average hourly earnings
growth picking up to 3.3 percent.

These are the main moves in markets:
Stocks
* The S&P 500 rose 0.1 percent to 2,945.83 at 4 p.m. New York time.
* The Dow Average gained 0.2 percent, while the Nasdaq-100 sank 0.7 percent.
* The Stoxx Europe 600 Index was little changed.
* The MSCI Asia Pacific Index dipped 0.1 percent.
Currencies
* The Bloomberg Dollar Spot Index decreased 0.2 percent.
* The euro increased 0.3 percent to $1.1216.
* The British pound jumped 0.8 percent to $1.3039.
* The Japanese yen climbed 0.2 percent to 111.40 per dollar.
Bonds
* The yield on 10-year Treasuries dipped two basis points to 2.50 percent.
* Germany’s 10-year yield rose one basis point to 0.01 percent.
* Britain’s 10-year yield increased three basis points to 1.185 percent.
Commodities
* The Bloomberg Commodity Index rose 0.1 percent.
* West Texas Intermediate crude climbed 0.7 percent to $63.91 a barrel.
* Gold added 0.3 percent to $1,285.70 an ounce.
–With assistance from Joanna Ossinger, Andreea Papuc, Samuel Potter, Todd White and Lu Wang.

Have a great night.

Be magnificent!
As ever,

Carolann

Whether you think you can or you think you can’t, you are right.

                                                    -Henry Ford, 1863-1947

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:

1429 – Joan of Arc entered the besieged city of Orleans to lead a victory over the English. Go to article »

1899 – Duke Ellington, b.

1901 – Emperor Hirohito, b.

 

The Poem:

 

Too Busy

    –by David Budbill

 

Have ambition and ego ruined my life?

Where have my easy days gone?

 

If only I had a monk friend to wander off into the mountains to visit.  
If only I were so idle I had time to visit him.  
If only we could while away the day drinking tea, playing flutes, and talking.  
If only, as the moon rose, my friend could point the way home through the dark mountains with the night sky’s lantern to light the way.

If only I were happy with only that.

 

PHOTOS OF THE DAY

Competitors ride their bikes along sand dunes during the Stage 1 of the 14^th edition of Titan Desert 2019 mountain biking race around Merzouga in Morocco —CREDIT: FRANCK FIFE/AFP

Competitors run across Tower Bridge as they compete in the 2019 London Marathon in central London. — CREDIT: TOLGA AKMEN/GETTY IMAGES

Great Britain’s Hayley Carruthers crawls over the line during the women’s elite race. — CREDIT:REUTERS/PAUL CHILDS

Market Closes for April 29^th, 2019

Market Index	Close	Change
Dow Jones	26554.39	+11.06 +0.04%
S&P 500	2943.03	+3.15 +0.11 %
NASDAQ	8161.855	+15.457 +0.19%
TSX	16600.7	-13.09
		-0.08%

International Markets

Market Index	Close	Change
NIKKEI	22258.73	-48.85
		-0.22%
HANG SENG	29892.81	+287.80
		+0.97%
SENSEX	39067.33	+336.47
		+0.87%
FTSE 100*	7440.66	+12.74
		+0.17%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.722	1.687
CND. 30 Year Bond	2.005	1.979
U.S.    10 Year Bond	2.5252	2.5000
U.S. 30 Year Bond	2.9547	2.9241

Currencies

BOC Close	Today	Previous
Canadian $	0.74315	0.74276
US $	1.34566	1.34632
Euro Rate 1 Euro=		Inverse
Canadian $	1.50507	0.66442
US $	1.11842	0.89412

Commodities

Gold	Close	Previous
London Gold Fix	1284.20	1280.80
Oil
WTI Crude Future	63.50	63.30

Market Commentary:
The Dow has climbed 5.7% since November, putting the blue-chip index on course to end the six-month November to April span higher for a 10th consecutive time. That would mark the longest streak since the Dow posted 16 consecutive gains in that stretch from 1985 to 2000.
Canada
By Carolina Wilson
     (Bloomberg) — Canadian stocks were mixed Monday after closing unchanged the previous week. An underperformance by miners outweighed marijuana stocks’ gains. The S&P/TSX Composite Index fell 0.08 percent to 16,600.
     Miners were the biggest losers as metal prices declined. Health care stocks were among the best performers, together with technology and financials. 
     Meanwhile, U.S. stocks rose above Friday’s record high at the start of a week packed with data that will provide clues on global economic growth. Benchmark Treasury yields climbed after a large five-year block sale, while the U.S. dollar was little changed and the euro rallied.
In other moves:
Stocks
* Restaurant Brands fell 1.5 percent after 1Q Tim Horton’s comp sales unexpectedly decline
* Hexo Corp. rose 6 percent, continuing gains from last week when Desjardins Securities initiated coverage of the company with a price target of C$14 per share. Canopy Growth also gained 4.1 percent. 
* Capital Power declined 3.3 percent after reporting a 1Q normalized EPS that missed the lowest estimate
* Metal miners shares including Novagold, New Gold, Mag Silver Corp., Endeavour Mining and First Majestic were among the decliners 
* First Quantum declined 3 percent after the company surprised investors with early release of earnings
Ratings
* DGC CN: Detour Gold Raised to Outperform at Macquarie; Price Target C$14
* ECA CN: Encana Downgraded to Neutral at JPMorgan
* GWO CN: Great-West Lifeco Downgraded to Hold at Canaccord; PT C$35
** GWO CN: Cresco Labs, Detour, Encana, Guyana Goldfields: Canada Pre-Mkt
* LGF/A: Lions Gate Downgraded to In-line at Imperial; PT $16
** LGF/A: Lions Gate May Miss Guidance, Imperial Capital Says in Downgrade
Commodities
* Western Canada Select crude oil traded at a $12.50 discount to WTI
* Gold spot prices fell 0.5 percent to $1,279.69 an ounce
FX/Bonds
* The Canadian dollar remains flat at C$1.3452 per U.S. dollar
* The Canada 10-year government bond yield rose to 1.722 percent
US
By Rita Nazareth and Vildana Hajric
     (Bloomberg) — U.S. stocks rose above their record high at the start of a week packed with data that will provide clues on global economic growth. Bonds fell.
     Financial companies led gains in the S&P 500 Index, while real-estate shares retreated. Benchmark Treasury yields climbed after a large five-year block sale. The U.S. dollar was little changed and the euro rallied. Crude had a volatile session as a severe crackdown on Iranian oil exports ticked closer.
     Investors are assessing whether the economy and corporate earnings will continue to support the equity bull run. U.S. consumer spending rebounded in March while the Federal Reserve’s preferred underlying inflation gauge eased to a one-year low, according to a Commerce Department report on Monday. Policy makers are expected to hold rates steady on Wednesday, though new growth and prices data may affect their characterization of the economy.
     The next round of trade talks with China will get under way this week with significant issues still unresolved, but with enforcement mechanisms “close to done,” according to U.S. Treasury Secretary Steven Mnuchin.
     “There’s a lot of things from a macro standpoint that appear to be pretty supportive of the stock market,” said Mark Stoeckle, chief executive officer of Adams Funds, which has about $2.5 billion in assets under management. “The Fed pivoted, and trade — at least on the surface — appears to be progressing in the right direction. In addition to that, you see a lot of companies that are reporting some pretty good numbers.”
     Almost 80 percent of the S&P 500 companies that have reported quarterly earnings beat analyst estimates, data compiled by Bloomberg show. The results are looking good as the bar had been lowered coming into this season, said Michael Hans, chief investment officer at Clarfeld Financial Advisors.
     Elsewhere, the Stoxx Europe 600 Index rebounded as a rally in banks outweighed a drop in euro-area economic confidence to a two-year low. Markets in Japan remained shut for holidays, with many others set to follow suit on May 1.
     Here are some notable events coming up:
* Companies reporting earnings include: Apple, GE, Pfizer, HSBC, Macquarie, BP, Royal Dutch Shell and McDonald’s. 
* U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin travel to Beijing to continue trade talks. China and the U.S. hope to seal a deal by early May.
* Euro-zone GDP data and China’s manufacturing PMI are due on Tuesday.
* The U.S. Fed’s rate decision is on Wednesday, while the Bank of England sets interest rates Thursday.
* Friday brings the U.S. jobs report: non-farm payrolls are projected to rise by 187,000 in April. Economists expect an unemployment rate of 3.8 percent, with average hourly earnings growth picking up to 3.3 percent.

These are the main moves in markets:
Stocks
* The S&P 500 rose 0.1 percent to 2,943.03 at 4 p.m. in New York.
* The Stoxx Europe 600 Index increased 0.1 percent.
* The MSCI Asia Pacific Index advanced 0.3 percent.
* The MSCI Emerging Market Index added 0.5 percent.
Currencies
* The Bloomberg Dollar Spot Index was little changed.
* The euro climbed 0.3 percent to $1.1185.
* The British pound rose 0.2 percent to $1.2937.
* The Japanese yen fell 0.1 percent to 111.67 per dollar.
Bonds
* The yield on 10-year Treasuries rose three basis points to 2.53 percent.
* Germany’s 10-year yield climbed three basis points to 0.00 percent.
* Britain’s 10-year yield increased two basis points to 1.157 percent.
Commodities
* The Bloomberg Commodity Index declined 0.3 percent.
* West Texas Intermediate crude settled at $63.50 a barrel.
* Gold fell 0.6 percent to $1,281.50 an ounce.
–With assistance from Yakob Peterseil, Adam Haigh, Robert
Brand, Todd White, Sarah Ponczek and Lu Wang.

Have a great night.

Be magnificent!
As ever,

Carolann

The imagination equips us to perceive reality when it is not fully materialized.

                                                        -Mary Caroline Richards, 1916-1999

 

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!
From today’s New York Times:
April is National Poetry Month. So we thought we’d look at a different kind of poet: Larry Eisenberg, a prolific commenter on nytimes.com who posted in verse, mostly limericks.
With more than 13,000 comments, beginning in 2008, Mr. Eisenberg became a cult figure. A former editorial page director called him “the closest thing this paper has to a poet in residence.”

Mr. Eisenberg was a biomedical electrical engineer by day who wrote science fiction (and limericks) by night. He died in December at 99.

He turned a decade of news into poetry, from the doings of President Barack Obama and President Trump to sports to TV reviews. In 2011, he took on the topic of social media:

Was there no Life before there was Twitter?
Was it stodgy, lackluster or bitter?
I find Life too fleeting
To spend time in Tweeting,
I’m a face-to-face kind of a critter!

Late-night comedy: The hosts had fun with Joe Biden’s campaign announcement. Trevor Noah was incredulous that Mr. Biden’s run in 1988 was cut short by an accusation of plagiarism: “That was a scandal?” -from The New York Times.

On April 26, 1986, the world’s worst nuclear accident occurred at the Chernobyl plant in the Soviet Union. An explosion and fire in the No. 4 reactor sent radioactivity into the atmosphere; at least 31 Soviets died immediately. Go to article »

1937 – Massacre, Guernica, Spain.
1785 – John James Audubon, artist, born.
PHOTOS OF THE DAY

An aerial picture taken by a drone shows a tractor harvesting blooming tulips on a field in Grevenbroich, Germany. Tulip fields can be admired all over the Rhine district of Neuss. The tulips grow on about 100 hectares. The district offers one of the largest contiguous cultivation areas in whole of Germany with six farmers in the district breeding tulips. Tulips in North Rhine-Westphalia, Grevenbroich, Germany. CREDIT: SASCHA STEINBACH/EPA-EFE/REX

A Samaritan priest raises the Torah scroll as worshippers gather to pray a Passover ceremony on top of Mount Gerizim near the northern West Bank city of Nablus. The Samaritans are a community of a few hundred people living in Israel and in the Nablus area who trace their lineage to the ancient Israelites led by the biblical prophet Moses out of Egypt.  FROM THE TELEGRAPH 04.26.2019

Bluebells Seasonal weather, Somerset, UK. The UK is home to about half of the entire global population of wild bluebells. The wetter the winter weather, the bright their colour. CREDIT: BRAD WAKEFIELD/REX
Market Closes for April 26^th, 2019

Market Index	Close	Change
Dow Jones	26543.33	+81.25 +0.31%
S&P 500	2939.88	+13.71 +0.47%
NASDAQ	8146.398	+27.716 +0.34%
TSX	16613.46	+37.35
		+0.23%

International Markets

Market Index	Close	Change
NIKKEI	22258.73	-48.85
		-0.22%
HANG SENG	29605.01	+55.21
		+0.19%
SENSEX	39067.33	+336.47
		+0.87%
FTSE 100*	7428.19y	-5.94
		-0.08%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.687		1.704
CND. 30 Year Bond		1.979		1.995
U.S.    10 Year Bond		2.5000		2.5325
U.S. 30 Year Bond		2.9241		2.9429

Currencies

BOC Close	Today	Previous
Canadian $	0.74276	0.74152
US $	1.34632	1.34858
Euro Rate 1 Euro=		Inverse
Canadian $	1.50114	0.66616
US $	1.11497	0.89688

Commodities

Gold	Close	Previous
London Gold Fix	1280.80	1271.65
Oil
WTI Crude Future	63.30	65.14

Market Commentary:
On this day in 1973, the Chicago Board Options Exchange opened for trading with call options available on 16 U.S. common stocks. For the first time, stock options were listed on a dedicated exchange and registered for trading in standardized form, creating a “fair and orderly market.”
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks gained amid stronger-than- expected U.S. economic growth and higher gold prices.
The S&P/TSX Composite Index added 0.2 percent to 16,613.46 Friday, ending the week little changed from last week’s closing level. Materials stocks were the biggest gainers, rising 2 percent as gold prices climbed the most in a month.
Health-care stocks also jumped, adding 1.3 percent due to strength in cannabis stocks. Hexo Corp. rose 8.5 percent to a record high after Desjardins Securities initiated coverage with a buy rating, bringing the number of bulls on the stock to 14.
In other moves:
Stocks
* Mullen Group Ltd. tumbled 13 percent to the lowest since 2009 after GMP FirstEnergy downgraded the stock to reduce, citing valuation concerns
* Aecon Group Inc. rose 7.1 percent, the most since October. The construction firm reported revenue that beat and a loss per share that was narrower than the average analyst estimate
* Bombardier Inc. fell 5.7 percent, bringing its two-day decline to 20 percent. The company cut its 2019 sales and profit forecast amid new problems at its train-making business
Ratings
* BBD/B CN: Bombardier Cut to Market Perform at Raymond James; PT C$3.50
* BCB CN: Cott Rated New Sell at Veritas
* CAE CN: CAE Downgraded to Sector Perform at National Bank; PT C$32.50
* CAE CN: CAE Inc. Falls as NBF Cuts on Valuation, Would Buy on Weakness
* CFP CN: Newmont Earnings, Containerboard Confidence: N.A. Materials Wrap
* CLS CN: Celestica Downgraded to Hold at Canaccord
* GIB/A CN: CGI Inc Downgraded to Neutral at CIBC; PT C$100
* MTL CN: Mullen Group Downgraded to Reduce at GMP; PT C$9.25
* MTL CN: Mullen Group Drops as GMP FirstEnergy Turns More Bearish
* WCN CN: Waste Connections Cut to Sector Perform at Alta Corp; PT C$130
* YRI CN: Yamana Gold Downgraded to Sector Perform at RBC
Commodities
* Western Canada Select crude oil traded at a $12.50 discount to WTI
* Gold rose 0.7 percent to $1,288.80 an ounce
FX/Bonds
* The Canadian dollar strengthened 0.2 percent to C$1.3463 per U.S. dollar
* The Canada 10-year government bond yield fell 2 basis points to 1.69 percent
US
By Vildana Hajric
(Bloomberg) — U.S. stocks capped the week with a record close on better-than-forecast earnings. Treasury yields fell after data signaled tepid inflation.
The S&P 500 Index set an all-time high as positive surprises from Amazon and Ford overshadowed disappointments for Intel and Exxon Mobil. Ten-year government bond yields dipped to 2.5 percent following a report showing underlying weakness in the economy even amid faster growth in the first quarter. The dollar pared its second consecutive weekly increase. Oil tumbled.
At the end of a busy week for earnings, investors cheered better-than-expected results and took comfort in a not-too-hot, not-too-cold first-quarter gross domestic product report. U.S. GDP expanded at a 3.2 percent annualized rate in the January- March period, according to Commerce Department data Friday that topped all forecasts in a Bloomberg survey. But underlying demand was softer than the headline number indicated, with weak consumer spending and a gauge of inflation coming in below policy makers’ target.
“We shouldn’t forget where we are in the business cycle,” said Mike Loewengart, vice president of investment strategy for E*Trade Financial Corp. “Many sectors are still tempering expectations for the future.”
The Stoxx Europe 600 edged higher as losses for energy producers were offset by gains in media companies. Shares were marginally lower in Asia as an unexpected tumble in Japanese industrial production underscored worries over the global expansion, while the yuan edged up after President Xi Jinping said China won’t engage in currency depreciation.
Elsewhere, developing-nation currencies and shares were slightly higher.
These are the main market moves:
Stocks
* The S&P 500 Index rose 0.5 percent at the close of trading in New York.
* The Stoxx Europe 600 Index rose 0.2 percent.
* The MSCI Asia Pacific Index was little changed.
* The MSCI Emerging Market Index rose 0.1 percent.
Currencies
* The Bloomberg Dollar Spot Index slipped 0.1 percent.
* The euro added 0.1 percent to $1.1148.
* The Japanese yen was little changed at 111.6 per dollar.
* The MSCI Emerging Markets Currency Index rose 0.2 percent.
Bonds
* The yield on 10-year Treasuries declined three basis points to 2.5 percent.
* Germany’s 10-year yield fell one basis point to -0.02 percent.
* Britain’s 10-year yield slipped one basis point to 1.14 percent.
Commodities
* The Bloomberg Commodity Index dipped 0.6 percent.
* West Texas oil fell 3.5 percent to $62.90 a barrel.
* Copper climbed 0.9 percent to $2.893 a pound.
* Gold climbed 0.7 percent to $1,285.67 an ounce.
–With assistance from Cormac Mullen, Eddie van der Walt and Liz Capo McCormick.

Have a wonderful weekend.

Be magnificent!
As ever,

Carolann

You can have the evidence right in front of you, but if you can’t imagine something that has never existed before, it’s impossible.                                                                                                                                                                                                                                                                                                     -Rita Dove, b. 1952

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:
1901 – First license plates issued.
1915- Battle of Gallipoli
1917 – Ella Fitzgerald born/
1959 – The St. Lawrence Seaway opened to shipping. Go to article »

PHOTOS OF THE DAY

The photo of the Rosette Nebula captured by Guernsey-based grandmother Jean Dean from her back garden-that has won NASA’s astronomy picture of the day. See SWNS story SWPLnasa. A retired grandmother has taken a NASA competition-winning picture- from her BACK GARDEN. CREDIT: JEAN DEAN /SWNS.COM

he Rannerdale Bluebells have burst into life weeks early near Crummock water in the Rannerdale valley. The native Bluebells, a remnant of ancient woodland is under threat claims the National Trust. In the last four years the National Trust and their tenant farmer estimate that nearly 25% of the bluebells has been lost through trampling by visitors who donOt stick to the footpaths. If a bluebellOs leaves are crushed they die back, as the leaves cannot photosynthesise to feed the plant. It can take the bluebell years to recover. CREDIT: ANDREW MCCAREN/LNP

Berlin: A boy walks through the fountain in the pleasure garden. CREDIT: CHRISTOPH SOEDER/DPA
Market Closes for April 25^th, 2019

Market Index	Close	Change
Dow Jones	S26462.08	-134.97 -0.51%
S&P 500	2926.17	-1.08 -0.04%
NASDAQ	8118.684	+16.669 +0.21%
TSX	16576.10	-10.42
		-0.06%

International Markets

Market Index	Close	Change
NIKKEI	22307.58	+107.58
		+0.48%
HANG SENG	29549.80	-256.03
		-0.86
SENSEX	38730.86	-323.82
		-0.83%
FTSE 100*	7434.13y	-37.62
		-0.50%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.704		1.676
CND. 30 Year Bond		1.995		1.996
U.S.    10 Year Bond		2.5325		2.5181
U.S. 30 Year Bond		2.9429		2.9343

Currencies

BOC Close	Today	Previous
Canadian $	0.74152	0.74114
US $	1.34858	1.34927
Euro Rate 1 Euro=		Inverse
Canadian $	1.50133	0.66607
US $	1.11333	0.89821

Commodities

Gold	Close	Previous
London Gold Fix	1271.65	1269.50
Oil
WTI Crude Future	65.14	65.84

Market Commentary:
On this day in 1961, the first patent for an integrated circuit was awarded to Fairchild Semiconductor’s Robert Noyce, who later co-founded Intel with Gordon Moore. Today Intel has a market value of nearly $265 billion.
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks slid for a second day as falling energy and copper prices weighed on resource shares and Bombardier Inc. tumbled 15 percent.
The S&P/TSX Composite Index lost 0.1 percent to 16,576.10. Materials slid 0.6 percent as copper prices fell to a four-week low amid signs of slowing global growth, while energy stocks lost 0.4 percent as crude prices dropped for a second day. Industrials added 0.2 percent despite Bombardier’s decline, the most since November. The company cut its 2019 sales and profit forecast amid a slower production ramp-up on some rail projects.
In other moves:
Stocks
* Celestica Inc. tumbled 16 percent to the lowest since 2013. The company’s second-quarter earnings guidance missed the lowest analyst estimate, prompting two analyst downgrades
* Ivanhoe Mines Ltd. rose 13 percent after its top shareholder agreed to invest an additional C$612 million at a 29 percent premium over the stock’s last closing price
* Bausch Health Cos. added 3.2 percent. The pharmaceutical company’s psoriasis lotion won approval from the U.S. Food and Drug Administration
Ratings
* APS CN: Aptose Biosciences Rated New Buy at JonesTrading
* BBD/B CN: Bombardier Downgraded to Sector Perform at Scotiabank; PT C$4.40
* BIP: Brookfield Infrastructure Cut to Neutral at Credit Suisse
* CLS CN: Celestica Downgraded to Hold at Beacon Securities
** CLS CN: Celestica Downgraded to Neutral at CIBC
* CNQ CN: Canadian Natural Resources Downgraded to Hold at Edward Jones
* ENB CN: Enbridge Inc Cut to Neutral at Credit Suisse; Price Target C$55
** ENB CN: Enbridge, Gibson Fall as Credit Suisse Cuts Ahead of 1Q Earnings
* LULU: Lululemon Shares ’Expensive But Rightly So,’ Analyst Says
* OM CN: Osisko Metals Rated New Buy at Haywood Securities; PT 90 Cents
* REG CN: Regulus Resources Rated New Speculative Buy at Paradigm Capital
* TOT CN: Total Energy Services Raised to Sector Perform at Scotiabank
* WCN CN: Waste Connections Upgraded to Buy at Stifel
Commodities
* Western Canada Select crude oil traded at a $12.50 discount to WTI
* Gold was little changed at $1,275.80 an ounce
FX/Bonds
* The Canadian dollar strengthened 0.1 percent to C$1.3486 per U.S. dollar
* The Canada 10-year government bond yield rose 3 basis points to 1.71 percent
US
By Vildana Hajric
(Bloomberg) — Major U.S. stock gauges closed mixed as earnings reports sparked a rally in big technology companies and sent industrial shares lower. The dollar extended gains to a four-month high.
While the tech-heavy Nasdaq 100 reached a record following strong results from Microsoft and Facebook, the broader S&P 500 Index ended little changed after 3M cut its earnings forecast and UPS reported a profit drop. The Stoxx Europe 600 slipped as two major European mergers appeared to founder. Treasuries dipped after solid U.S. durable-goods data.
Investors are looking to company earnings to breathe new life into the global rally that lifted the U.S. benchmark to a record high this week and helped bring the longest run of gains in more than a year for European stocks. Mostly positive results so far this earnings season have gone some way toward mitigating concerns over the global economy, and U.S. first-quarter gross domestic product data due Friday should offer more guidance.
“We’re in an obviously relatively slower growth economic environment and earnings expectations have drifted lower,” said Ryan Primmer, head of investment solutions at UBS Asset Management. “I would call it a good-enough earnings season for the market to be rewarded for where it’s at today.”
In corporate news, merger talks ended between German lenders Deutsche Bank and Commerzbank, while U.K. grocer Sainsbury’s plan to take over Walmart’s Asda was blocked by antitrust authorities.
Argentina’s currency dropped to a record low after suffering a deep sell-off Wednesday. The euro traded at the lowest since 2017. Sweden’s krona dropped as the Riksbank said rates will stay low for longer. Turkey’s lira tumbled to its weakest since October after the central bank dropped a commitment to tighten policy if needed.
Elsewhere, South Korea’s won slumped after the country’s economy unexpectedly contracted in the first quarter. Asian shares were mostly lower, with sharp declines in China. Brent crude touched $75 for the first time since October. Emerging- market currencies and shares fell.
Here are some notable events coming up this week:
* The initial print on first-quarter U.S. GDP Friday will be closely watched for clues as to how the economy responded to the government shutdown and fallout from the fourth-quarter market rout.

These are the main market moves:
Stocks
* The S&P 500 Index was little changed at the close of trading in New York.
* The Stoxx Europe 600 Index declined 0.2 percent.
* The MSCI Asia Pacific Index fell 0.3 percent.
* The MSCI Emerging Market Index decreased 0.7 percent.
Currencies
* The Bloomberg Dollar Spot Index rose 0.1 percent.
* The euro dipped 0.2 percent to $1.1132.
* The Japanese yen gained 0.5 percent to 111.67 per dollar.
* The MSCI Emerging Markets Currency Index sank 0.3 percent.
Bonds
* The yield on 10-year Treasuries rose one basis point to 2.53 percent.
* Germany’s 10-year yield was little changed at -0.01 percent.
* Britain’s 10-year yield dipped two basis points to 1.15 percent.
Commodities]
* The Bloomberg Commodity Index slipped 0.3 percent.
* West Texas Intermediate crude fell 1.4 percent to $65 a barrel.
* Copper fell 1.7 percent to $2.868 a pound.
* Gold rose 0.2 percent to $1,277.66 an ounce.
–With assistance from Cormac Mullen, Eddie van der Walt and Sophie Caronello.

Have a great night.

Be magnificent!
As ever,

Carolann

Life is like a piano.  What you get out of it depends on how you play it.
-Thomas A. Lehrer, b. 1928

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 April 24, 1898, Spain declared war on the United States after rejecting America’s ultimatum to withdraw from Cuba.
Go to article »

Barbra Streisand, b. 1942
Shirley MacLaine, b. 1934
PHOTOS OF THE DAY

A worker throws a cloth during a drying process at Sukoharjo near Solo, Central Java province, Indonesia. CREDIT: ANTARA FOTO/MOHAMMAD AYUDHA/VIA REUTERS

Hundreds of broken bodyboards have been collected from beaches and layed out on the san in Bude, Cornwall, by environmental campaigners. CREDIT: SWINS

Saharan dust is causing the sky to look more red than usual during the next few says due to a dust cloud blowing in from North Africa. Here the sun is seen rising on the Thames behind ships at Gravesend, United Kingdom. CREDIT: WENN.COM
Market Closes for April 24^th, 2019

Market Index	Close	Change
Dow Jones	S26597.05	-59.34 -0.22%
S&P 500	2927.25	-6.43 -0.22%
NASDAQ	8102.016	-18.806 -0.23%
TSX	16586.52	-82.88
		-0.50%

International Markets

Market Index	Close	Change
NIKKEI	22200.00y	-59.74
		-0.27%
HANG SENG	29805.83y	-157.41
		-0.53
SENSEX	39054.68	+489.80
		+1.27%
FTSE 100*	7471.75y	-51.32
		-0.68%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.676		1.750
CND. 30 Year Bond		1.996		2.054
U.S.    10 Year Bond		2.5181		2.5668
U.S. 30 Year Bond		2.9343		2.9800

Currencies

BOC Close	Today	Previous
Canadian $	0.74114	0.74484
US $	1.34927	1.34256
Euro Rate 1 Euro=		Inverse
Canadian $	1.50518	0.66437
US $	1.11556	0.89641

Commodities

Gold	Close	Previous
London Gold Fix	1269.50	1275.70
Oil
WTI Crude Future	65.84	66.40

Market Commentary:
On this day in 1968, IPO mania was in full fury as National Student Marketing went public. The company, which signed up undergrads to flog vinyl LPs, employment guides, posters and other schlock on college campuses nationwide, was a huge hit. Offered at $6 a share, the stock surged 133% to close the first day at $14, or roughly 100 times earnings. Within two years, Cort Randell, the company founder, was on his way to jail for stock fraud, and the stock traded below $1 a share.
Canada
By Michael Bellusci
(Bloomberg) — Canadian stocks dropped Wednesday as the energy sector sold-off after crude futures in New York hit a wall. U.S. equities edged lower as investors assessed corporate earnings and economic data.
The S&P/TSX Composite Index lost 0.5 percent to 16,587. Energy fell 1.1 percent, the most since March 25. Financials also weakened while health care advanced.
The Bank of Canada fully abandoned its bias toward raising interest rates as the economy grapples with a slowdown, bringing its policy in line with the Federal Reserve and other major industrial central banks.
In other moves:
Stocks
* Village Farms International Inc. jumped 12.3% as the company is positive on a Texas hemp bill
* Trican Well Service Ltd. fell 7%
** Baytex Energy Corp. lost 5.9%
** NuVista Energy Ltd. sank 5.9%
** Crescent Point Energy Corp. dropped 5.6%
** MEG Energy Corp. retreated 4.6%
Ratings
* CIA AU: Champion Iron Rated New Buy at B Riley FBR, Inc.
* DGC CN: Detour Gold Reinstated at Canaccord With Buy; PT C$16.50
* IFC CN: Intact Financial Cut to Market Perform at Cormark Securities
* WCN CN: Waste Connections Rated New Sector Outperform at Scotiabank
Commodities
* Western Canada Select crude oil traded at a $12 discount to WTI
* Gold rose 0.4 percent to $1,277.90 an ounce
FX/Bonds
* The Canadian dollar weakened 0.5 percent to C$1.3485 per U.S. dollar
* The Canada 10-year government bond yield fell to 1.674 percent
US
By Vildana Hajric
(Bloomberg) — U.S. equities edged lower as investors assessed corporate earnings and economic data. Treasuries joined a global rally in sovereign bonds and the dollar extended its rally to a four-month high.
The S&P 500 Index slumped 0.2 percent from Tuesday’s record close. AT&T Inc. and Caterpillar Inc. fell after reporting first-quarter results, while Boeing Co. rose. The euro sank to the lowest in almost two years after key gauges of confidence in the EU’s two largest economies deteriorated. The loonie fell to the weakest since January after the Bank of Canada abandoned its bias toward raising rates.
U.S. stocks have been on a tear since late last year, but the fresh record Tuesday appears to have triggered a pause and some soul-searching among investors. Although about 80 percent of S&P 500 companies reporting results so far have exceeded estimates, some are starting to question whether the rally has legs. Positive earnings surprises in Europe, meanwhile, have done little to erase lingering concerns about the region’s economic outlook. Still ahead is U.S. first-quarter gross domestic product data due on Friday.
“Overall, we’ve seen somewhat better-than-expected earnings coming in,” said Bill Merz, the head of fixed-income research at U.S. Bank Wealth Management. “But we do see softness in economic data across the globe, and while there are some signs of potential bottoming outside the U.S., we do see enough signs of slowing growth.”
The Stoxx Europe 600 Index snapped its longest rally since 2017. Asian stock gauges were mixed. In China, markets got little help from the central bank’s move to support liquidity in the banking system by injecting the equivalent of about $40 billion in medium-term loans. Policy makers have refrained from stronger measures, such as lowering benchmark lending rates, as an upturn in economic data reduces the pressure for more stimulus.
Elsewhere, emerging-market currencies and shares fell.
Here are some notable events coming up:
* A Who’s Who of the tech world reports this week, with Amazon, Facebook and Microsoft among the heavy hitters on tap. European bank earnings kick into full gear with reports from Deutsche Bank, UBS, Barclays and Swedbank.
* The Bank of Japan, Bank of Russia, Sweden’s Riksbank and Bank of Indonesia set monetary policy.
* Japan’s Shinzo Abe meets leaders of the European Union Thursday before flying to the U.S. for a summit with President Donald Trump.
* The initial print on first-quarter U.S. GDP Friday will be closely watched for clues as to how the economy responded to the government shutdown and fallout from the fourth-quarter market rout.

These are the main market moves:
Stocks
* The S&P 500 Index fell 0.2 percent at the close of trading in New York.
* The Stoxx Europe 600 Index fell 0.1 percent, the first retreat in two weeks.
* The MSCI Asia Pacific Index fell 0.6 percent.
* The MSCI Emerging Market Index declined 0.7 percent.
Currencies
* The Bloomberg Dollar Spot Index added 0.6 percent.
* The euro fell 0.6 percent to $1.1155, the weakest since June 2017.
* The Japanese yen fell 0.3 percent to 112.21 per dollar, the weakest this year.
* The MSCI Emerging Markets Currency Index sank 0.5 percent to the lowest since March.
Bonds
* The yield on 10-year Treasuries dipped four basis points to 2.52 percent.
* Germany’s 10-year yield declined five basis points to -0.02 percent.
* Britain’s 10-year yield decreased five basis points to 1.17 percent.
Commodities
* The Bloomberg Commodity Index fell 0.3 percent.
* West Texas crude fell 0.9 percent to $65.73 a barrel.
* Copper rose 0.6 percent to $2.917 a pound.
* Gold rose 0.3 percent to $1,276.34 an ounce.
–With assistance from Cormac Mullen, Justina Vasquez, Robert Brand and Eddie van der Walt.

Have a great night.

Be magnificent!
As ever,

Carolann

Doing the best at this moment puts you in the best place for the next moment.
  -Oprah Winfrey, 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:
April 23, 2005 – Co-founder Jawed Karim uploaded the first video to YouTube.com.  Go to article »

William Shakespeare b. 1564
Michael Moore, filmmaker, b. 1954.
PHOTOS OF THE DAY

Princess Anne attends the King’s Troop Royal Horse Artillery 41 Gun Royal Salute to mark Queen Elizabeth II’s 93^rd birthday in Hyde Park, London. CREDIT: STEFAN ROUSSEAU/PA

The sky turns bright orange at sunrise above Colmers Hill near Bridport in Dorset. CREDIT: GRAHAM HUNT/ALAMY LIVE NEWS

Spain’s Rafael Nadal plays against Japan’s Kei Nishikori during a promotional tennis match at the Palau de la Musica in Barcelonaon the sidelines of the Barcelona ATP Open tennis tournament. CREDIT: PAU BARRENA/AFP/GETTY IMAGES
Market Closes for April 23^rd, 2019

Market Index	Close	Change
Dow Jones	26656.39	+145.34 +0.55%
S&P 500	2933.68	+25.71 +0.88%
NASDAQ	8120.820	+105.554 +1.32%
TSX	16669.40	+92.12
		+0.56%

International Markets

Market Index	Close	Change
NIKKEI	22259.74	+41.84
		+0.19%
HANG SENG	29963.24	-0.02
		n.c.
SENSEX	38564.88	-80.30
		-0.21%
FTSE 100*	7523.07y	+63.19
		+0.85%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.750		1.786
CND. 30 Year Bond		2.054		2.080
U.S.    10 Year Bond		2.5668		2.5867
U.S. 30 Year Bond		2.9800		2.9911

Currencies

BOC Close	Today	Previous
Canadian $	0.74484	0.74911
US $	1.34256	1.33487
Euro Rate 1 Euro=		Inverse
Canadian $	1.50709	0.66353
US $	1.12255	0.89083

Commodities

Gold	Close	Previous
London Gold Fix	1275.70	1275.70
Oil
WTI Crude Future	66.40	65.70

Market Commentary:
On this day in 1996, Bre-X Minerals, an obscure Calgary-based company claiming to have discovered more than 30 million ounces of gold in Indonesia, was listed on the Toronto Stock Exchange. The stock rose to $192.50 within minutes. Over the next year, it turned out that the gold didn’t exist. One of Bre-X’s executives committed suicide by jumping out of a helicopter, and the company went bankrupt on Nov. 5, 1997.
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks hit a fresh record as crude prices settled at their highest level of the year and strong earnings boosted investor sentiment.
The S&P/TSX Composite Index added 0.6 percent to 16,669, bringing its 2019 gain to 16.4 percent. Energy stocks led the way, rising 1.2 percent as West Texas Intermediate prices climbed to the highest since October. Saudi Arabia was said to be tentative about raising output to offset U.S. sanctions against Iran.
Consumer discretionary stocks were close behind, adding a shade less than 1.2 percent. Dollarama Inc. gained 4.1 percent, the most since September, after investment research firm Hedgeye Risk Management saw 60 percent upside for the stock.
In other moves:
Stocks
* Teck Resources Ltd. closed up 0.6 percent after earlier rising as much as 4.6 percent. The miner’s first-quarter earnings beat estimates and it’s looking to sell stakes in two Latin American copper projects
* Extendicare Inc. gained 7 percent, the most since 2014. The senior-care company reached an agreement with an activist investor to nominate two directors to its board
* Harvest Health & Recreation Inc. added 7.5 percent. The U.S. cannabis company reported fourth-quarter revenue of $16.9 million, up 135 percent from a year earlier
* Kirkland Gold dipped 0.7%. Lakewood Capital said it deserves to fall to $17 as “operational momentum cools off” this year
Ratings
* AEM CN: Agnico Eagle Mines Upgraded to Buy at GMP; PT C$67
* ATD/B CN: Couche-Tard Could Add Earnings With Cumberland Deal: Macquarie
* EMA CN: Emera Cut to Market Perform at Raymond James; Price Target C$50
* EXE CN: Acreage Holdings, Horizon North, Teck: Canada Pre-Market
* FTS CN: Fortis Inc Cut to Market Perform at Raymond James; PT C$50
* K CN: Kinross Gold Downgraded to Neutral at Macquarie; PT C$5
* LGO CN: Largo Resources Rated New Buy at Paradigm Capital; PT C$2.30
* MEG CN: MEG Energy Upgraded to Buy at GMP; PT C$9.25
* PLI CN: ProMetic Life Sciences Cut to Hold at Canaccord; PT 5 Cents
* POW CN: Power of Canada Downgraded to Hold at TD; PT C$33
* PWF CN: Power Financial Downgraded to Hold at TD; Price Target C$35
** PWF CN: Power Financial, Power Corp. Sink as TD Downgrades Both to Hold
* WPM CN: Wheaton Precious Metals Downgraded to Hold at GMP; PT$32.75
Commodities
* Western Canada Select crude oil traded at a $11.25 discount to WTI, the widest gap since early March
* Gold fell 0.3 percent to $1,269.30 an ounce, the lowest since December
FX/Bonds
* The Canadian dollar weakened 0.6 percent to C$1.3433 per U.S. dollar
* The Canada 10-year government bond yield fell 4 basis points to 1.75 percent
US
By Vildana Hajric
(Bloomberg) — U.S. stock gauges closed at record highs on the back of better-than-forecast earnings while the dollar strengthened and Treasury yields dipped.
The S&P 500 Index and the Nasdaq Composite marked new milestones as Twitter, Lockheed Martin and Hasbro climbed following favorable first-quarter reports, adding to a rally led by the biggest technology companies. The gains cap a momentous run for U.S. equities, with the larger gauge of U.S. stocks up 25 percent from a low reached on Christmas Eve.
Investors found fresh catalysts to buy Tuesday as earnings season gathered steam with a slew of major releases due this week. So far, almost 80 percent of S&P 500 companies reporting results have exceeded estimates. Traders are also focused on the U.S. economy, as first-quarter gross domestic product data is due Friday. Worries over Brexit rumble on in the background, and trade spats between the world’s top economies remain unresolved. Investors are cheering “a really great string of earnings reports, most of them outpacing expectations, as well as some pretty good commentary on future estimates from CEOs,” said Jim Paulsen, chief investment strategist at Leuthold Weeden.
“There’s quite a bit of positivity carrying this to new highs.” The Stoxx Europe 600 Index rose as many markets reopened following the long Easter weekend. The pound weakened as U.K. Prime Minister Theresa May confronted further challenges to her leadership. The greenback reached a six-week high.
In Asia, trading volumes were below average ahead of Japan’s Golden Week extended holiday. Equities climbed in Tokyo and slipped in Shanghai. Sri Lankan stocks slumped and bonds fell for a second day after terror attacks on Easter Sunday killed more than 300 people.
Elsewhere, copper dropped alongside most metals and oil extended the previous session’s gains after the U.S. announced a tougher crackdown on supply from Iran.
Here are some notable events coming up:
* A Who’s Who of the tech world reports this week, with Amazon, Facebook, Microsoft and Tesla among the heavy hitters on tap. European bank earnings kick into full gear with reports from Deutsche Bank, UBS, Barclays and Swedbank.
* The Bank of Japan, Bank of Canada, Bank of Russia, Sweden’s Riksbank and Bank of Indonesia set monetary policy.
* Germany’s IFO data is released Wednesday.
* Japan’s Shinzo Abe meets leaders of the European Union Thursday before flying to the U.S. for a summit with President Donald Trump.
* The initial print on first-quarter U.S. GDP Friday will be closely watched for clues as to how the economy responded to the government shutdown and fallout from the fourth-quarter market rout.
These are the main market moves:
Stocks
* The S&P 500 Index rose 0.9 percent at the close of trading in New York.
* The Stoxx Europe 600 Index rose 0.2 percent.
* The MSCI Asia Pacific Index advanced 0.2 percent.
* The MSCI Emerging Markets Index rose 0.2 percent.
Currencies
* The Bloomberg Dollar Spot Index advanced 0.4 percent to the highest in six weeks.
* The euro declined 0.3 percent to $1.1222.
* The Japanese yen gained 0.1 percent to 111.83 per dollar.
* The British pound fell 0.3 percent to $1.294.
Bonds
* The yield on 10-year Treasuries decreased two basis points to 2.57 percent.
* Germany’s 10-year yield climbed two basis points to 0.04 percent.
* Britain’s 10-year yield rose three basis points to 1.22 percent.
Commodities
* West Texas oil rose 0.9 percent to $66.30 a barrel.
* Copper fell 0.2 percent to $2.902 a pound.
* Gold declined 0.2 percent to $1,272.34 an ounce, near a four-month low.
–With assistance from Cormac Mullen, Andreea Papuc and Eddie van der Walt.

Have a great night.

Be magnificent!
As ever,

Carolann

How wonderful it is that nobody need wait a single moment before starting to improve the world.
                                                                                                  –Anne Frank, 1929-1945

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