Category: Events

Dear Friends,

Tangents: Happy Friday!
Birthdays:
Spencer Tracy, actor, born 1900.
Bette Davis, actor, born 1908.
Gregory Peck, actor, born 1916.

Today is Tomb Sweeping Day is Taiwan, China, Indonesia, Malaysia, Singapore and Thailand. Families visit the tombs of their ancestors to clean the gravesites, pray to their ancestors, and make ritual offerings.  The holiday recognizes the traditional reverence of one’s ancestors in Chinese culture.  It falls on the first day of the fifth solar term of the traditional Chinese lunisolar calendar. This makes it the 15th day after the Spring Equinox, either 4 or 5 April in a given year. –from Wikipedia.

PHOTOS OF THE DAY

Sir David Attenborough was joined by the Duke of Cambridge, Prince of Wales and Duke of Sussex at the premiere of his Netflix series Our Planet at the Natural History Museum in London. CREDIT: EDDIE MULHOLLAND FOR THE TELEGRAPH

An eagle eyed bird of prey successfully caught a fish with a mid-air snatch in these fantastic split second photographs. Wildlife photographer Nicolas Reusens, 43, took the stunning shots in Rausu, Hokkaido, Japan and it was safe to say this particular eagle wasn’t a fish out of water when it came to hunting. CREDIT: NICOLAS REUSENS/CATERS NEWS

Photographer John Fatkin captured these jaw-dropping images of a rainbow and ferry on the River Tyne, UK, with the iconic red-painted Herd Groyne Lighthouse. CREDIT: TOM FATKIN/COVER IMAGES

These are icebergs, but as you’ve never seen them before as algae in the water has turned them completely turquoise. The stunning jadebergs are formed when seawater containing algae freezes on the bottom of a glacier. Photographer of five years Nicholas Cullen, 30, was lucky enough to capture the rare phenomenon during a trip across the Southern Ocean of East Antarctica earlier this year. CREDIT: NICHOLAS CULLEN/CATERS NEWS
Market Closes for April 5^th, 2019

Market Index	Close	Change
Dow Jones	26424.99	+40.36 +0.15%
S&P 500	2892.74	+13.35 +0.46%
NASDAQ	7938.691	+46.907 +0.59%
TSX	16396.15	+84.54
		+0.52%

International Markets

Market Index	Close	Change
NIKKEI	21807.50	+82.55
		+0.38%
HANG SENG	29936.32y	-50.07
		-0.17%
SENSEX	38862.23	+177.51
		+0.46%
FTSE 100*	7446.87y	+44.93
		+0.61%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.700		1.697
CND. 30 Year Bond		1.972		1.977
U.S.    10 Year Bond		2.4989		2.5080
U.S. 30 Year Bond		2.9071		2.9149

Currencies

BOC Close	Today	Previous
Canadian $	0.74718	0.74869
US $	1.33836	1.33572
Euro Rate 1 Euro=		Inverse
Canadian $	1.50124	0.66612
US $	1.12170	0.89151

Commodities

Gold	Close	Previous
London Gold Fix	1283.15	1290.45
Oil
WTI Crude Future	63.08	62.10

Market Commentary:
On this day in 1990, the “thrift crisis” was everywhere at once. The estimated cost of bailing out failed savings-and-loan companies—pegged just one year earlier at $158 billion—was revised by government forecasters to a minimum of $285 billion to $350 billion.
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks gained for a fifth day, their longest winning streak since January, as a strong jobs report from south of the border offset Canada’s first employment drop in seven months.
The S&P/TSX Composite Index added 0.5 percent to 16,396.15, bringing its weekly gain to 1.8 percent. Energy shares rose 1.7 percent on the back of higher crude prices, which capped their longest run of gains since 2017.
Strength in pot stocks boosted the health-care index to a gain 1.3 percent. Aurora Cannabis Inc. rose 2.8 percent and Aphria Inc. added 1.1 percent after both won licenses to grow medical marijuana in Germany.
In other moves:
Stocks
* SNC-Lavalin Group Inc. lost 1.6 percent after agreeing to sell a 10 percent stake in a Toronto-area toll highway for as much as
C$3.25 billion
* Shopify Inc. rose 1.3 percent, regaining some of Thursday’s 4 percent drop. Analysts at Baird said Shopify continues to take market share despite competitive concerns, a day after short-seller Citron Research warned of headwinds
* Hudbay Minerals Inc. rose 0.7 percent after earlier gaining as much as 1.7 percent. The miner has agreed to nominate two directors backed by a dissident investor
Commodities
* Western Canada Select crude oil traded at a $8.30 discount to WTI
* Gold rose 0.1 percent to $1,290.40 an ounce
FX/Bonds
* The Canadian dollar weakened 0.2 percent to C$1.3387 per U.S. dollar after the country lost 7,200 jobs in March
* The Canada 10-year government bond yield was little changed at 1.70 percent
US
By Vildana Hajric and Sarah Ponczek
(Bloomberg) — U.S. stocks pushed toward all-time highs, the dollar strengthened and the Treasury yield curve flattened after a report showed the economy is adding jobs with few signs of inflation and President Donald Trump pressured the Federal Reserve to sustain growth. “On the bigger picture, it looks like a very strong labor market is a good sign for the economy, but low inflation is also attractive for financial markets,” said John Vail, chief global strategist at Nikko Asset Management, which has around $202 billion in assets under management. “So it’s a bit of a Goldilocks situation.”
The S&P 500 index rose for a seventh consecutive day, the longest rally since 2017, and approaching the record high reached in September. The benchmark, along with the Dow and Nasdaq indexes, finished at six-month highs. Global stocks edged higher earlier following remarks from both China and the U.S. that progress was being made in trade talks. The pound weakened after U.K. Prime Minister Theresa May asked the EU to delay Brexit to June 30.
Payrolls rose by 196,000 in March, a Labor Department report showed. The median estimate in a Bloomberg survey saw an increase of 177,000. Wage gains eased and the unemployment rate held near a 49-year low.
“This report came out right in the sweet spot, where it still showed that employment and the labor market are still solid, which will underpin a strong consumer moving forward,” said Shawn Cruz, TD Ameritrade’s manager of trader strategy. Even so, Trump said the Fed should cut interest rates and stop shrinking its balance sheet, maintaining his pressure on the central bank over its monetary policy. The Fed’s interest rate increases last year outraged the president, who even discussed firing the central bank’s chairman, Jerome Powell. “He’s made these kinds of comments before,” said Olivia Engel, chief investment officer for active quantitative equities at State Street Global Advisors. “I think the market is focused on other things like the real sources of earnings, the real state of the economy.”
Chinese President Xi Jinping is pushing for a rapid conclusion to the negotiations with the U.S., while Trump on Thursday talked up prospects for a “monumental” agreement that may still be some weeks away. The improved tone in the talks has helped drive the recent rally in equities, with the MSCI All Country World Index touching a six-month high this week. Elsewhere, West Texas crude strengthened above $62 a barrel, preserving its fifth straight weekly advance. Bitcoin climbed and hovered around $5,000.

These are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.5 percent as of 4:01 p.m. New York time, while the Nasdaq Composite Index increased 0.6 percent and the Dow Jones Industrial Average climbed 0.2 percent.
* The Stoxx Europe 600 rose 0.1 percent.
* The MSCI Emerging Market Index increased 0.4 percent.
* The MSCI Asia Pacific Index rose 0.1 percent.
Currencies
* The Bloomberg Dollar Spot Index gained 0.2 percent.
* The euro was little changed at $1.1218, while the yen weakened 0.1 percent to 111.67 per dollar.
* The British pound weakened 0.3 percent to $1.3036.
* The MSCI Emerging Markets Currency Index was little changed.
Bonds
* The yield on 10-year Treasuries fell two basis points to 2.50 percent.
* Germany’s 10-year yield rose one basis point to 0.05 percent.
* Britain’s 10-year yield rose three basis points to 1.12 percent.
Commodities
* West Texas Intermediate rose 1.9 percent to $63.28 a barrel.
* Gold was little changed at $1,292 an ounce.
* The Bloomberg Commodity Index rose 0.2 percent, the fifth consecutive daily gain.
–With assistance from Michael P. Regan.

Have a wonderful weekend.

Be magnificent!
As ever,

Carolann

One is never as unhappy as one thinks, nor as happy as one hopes.
                                             -Duc de la Rochefoucauld, 1613-80

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 4, 1968 ~ Martin Luther King , Jr., 39, was shot to death in Memphis, Tenn.  Go to article »
1929 ~ Maya Angelou, writer, born.
“One isn’t necessarily born with courage, but one is born with potential.  Without courage, we cannot practice any other virtue with consistency.  We can’t be kind, true, merciful, generous or honest.” –Maya Angelou, 1928-2014.

The North Atlantic Treaty Organization turns 70 today.

Having lunch in the cafeteria at NATO’s headquarters in Brussels is like attending a costume party, given the varied uniforms of the 29 members. A 30th nation, North Macedonia, is to join soon.

The appeal is a mutual defense pact that has a rejuvenated purpose: to keep Russia contained and Germany defended.

Tensions that had seemed to diminish with the fall of the Soviet Union are back, thanks to the 2008 Georgian war, the 2014 Russian annexation of Crimea and warfare in eastern Ukraine, and Russian meddling in Greece, Montenegro and other countries.

President Trump has disparaged NATO’s new headquarters as too expensive. But for this frequent visitor, it was a needed replacement for the ramshackle old structure. I once nearly lost my foot going through a rotten floor that was thrown together when Charles de Gaulle threw NATO out of France in 1966.

(France came back to full membership 10 years ago.) –by Steven Erlanger, NY Times’ Chief Diplomatic Correspondent in Europe.

PHOTOS OF THE DAY

Batmaker John Bowles crafts a handmade cricket bat at Warsop Stebbing in East Hanningfield, Essex ahead of the start of the cricket season this weekend. Warsop Stebbing is a family-run business who have been handcrafting cricket bats since the mid 1800s, and is now owned and run by the fifth generation of the family, Clere Warsop. CREDIT: KIRSTY O’CONNOR/PA

A Kashmiri boatman rows a boat inside Dal Lake while sun sets in Srinagar, the summer capital of Indian Kashmir. The weather in Indian Kashmir improved with the maximum temperature of 20 degree Celsius. Weather improves in Indian Kashmir, Srinagar, India. CREDIT: FAROOQ KHAN/EPA
Market Closes for April 4^th, 2019

Market Index	Close	Change
Dow Jones	26384.63	+166.50 +0.64%
S&P 500	2879.39	+5.99 +0.21%
NASDAQ	7891.785	-3.768 -0.05%
TSX	16311.61	+31.75
		+0.20%

International Markets

Market Index	Close	Change
NIKKEI	21724.95	+11.74
		+0.05%
HANG SENG	29936.32	-50.07
		-0.17%
SENSEX	38684.72	-192.40
		-0.49%
FTSE 100*	7401.94y	-16.34
		-0.22%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.697		1.711
CND. 30 Year Bond		1.977		1.993
U.S.    10 Year Bond		2.5080		2.5223
U.S. 30 Year Bond		2.9149		2.9321

Currencies

BOC Close	Today	Previous
Canadian $	0.74869	0.74934
US $	1.33572	1.33442
Euro Rate 1 Euro=		Inverse
Canadian $	1.49989	0.66714
US $	1.12224	0.89107

Commodities

Gold	Close	Previous
London Gold Fix	1290.45	1290.30
Oil
WTI Crude Future	62.10	62.46

Market Commentary:
On this day in 1996, AT&T spun off Lucent Technologies at an initial price of $27 per share, raising $3.02 billion in what was the biggest IPO of all time. The issue was four to five times oversubscribed, meaning investors were seeking to buy at least four shares for each one that was actually available—even though the offering price had been lifted from the early estimate of $22 to $25. More than 42 million shares were traded, accounting for 11% of the day’s volume on the New York Stock Exchange, and Lucent closed up 13%.
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks rose for a fourth day to their highest level since August as gold stocks rallied, offsetting a dip in Shopify Inc.
The S&P/TSX Composite added 0.2 percent to 16,311.61, marking its longest streak of gains since February and bringing it within 1.7 percent of a record high. Materials jumped 1.8 percent on strength in gold miners and Teck Resources Ltd.
     Technology stocks slid 2.1 percent as Shopify fell 4 percent, the most since early January. The online platform for merchants was targeted by Citron Research, which said a trio of troubles may knock its stock down to $100 in the next 12 months.
In other moves:
Stocks
* Richelieu Hardware Ltd. tumbled 6.1 percent to the lowest since December after reporting a 20 percent drop in first-quarter net profit
* Guyana Goldfields Inc. lost 2.1 percent to the lowest since 2008. A group of activist investors is pointing to a dramatic drop in the miner’s shares as further signs of waning investor confidence
* Goldcorp Inc. gained 2 percent after shareholders overwhelmingly approved a merger with Newmont Mining Corp.
Commodities
* Western Canada Select crude oil traded at a $8.40 discount to WTI
* Gold fell 0.1 percent to $1,289.00 an ounce
FX/Bonds
* The Canadian dollar weakened 0.1 percent to C$1.3353 per U.S. dollar
* The Canada 10-year government bond yield fell 2 basis points to 1.70 percent
US
Here are some key events coming up:
* The monthly U.S. jobs report on Friday is projected to show non-farm payrolls up 175,000 in March, versus the 186,000 average over the prior three months, after recent readings whipsawed analysts.
These are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.2 percent as of 4:06 p.m. New York time, while the Nasdaq Composite Index eased less than 0.1
percent and the Dow Jones Industrial Average climbed 0.6 percent.
* The Stoxx Europe 600 slumped 0.3 percent, the first drop in five days.
* The MSCI Emerging Market Index rose 0.1 percent.
* The MSCI Asia Pacific Index eased 0.2 percent.
Currencies
* The Bloomberg Dollar Spot Index gained 0.2 percent.
* The euro eased 0.2 percent to $1.1216, while the yen weakened about 0.1 percent to 111.55 per dollar.
* The British pound weakened 0.5 percent to $1.3098, the first decrease in four days.
* The MSCI Emerging Markets Currency Index fell 0.2 percent.
Bonds
* The yield on 10-year Treasuries declined one basis point to 2.52 percent.
* Germany’s 10-year yield dropped one basis point to negative 0.008 percent.
* Britain’s 10-year yield fell one basis point to 1.09 percent.
Commodities
* Brent crude rose 0.9 percent to $69.90 a barrel, after climbing to $70.03 earlier.
* Gold rose 0.2 percent to $1,293 an ounce.
* The Bloomberg Commodity Index rose less than 0.1 percent.
–With assistance from Todd White.

Have a great evening.

Be magnificent!
As ever, 

Carolann

 

Youth would be an ideal state if it came a little later in life.
                                          -Herbert Asquith, 1852-1928
 

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:
April 3, 1860 – Pony Express established.
Marlon Brando, actor, born April 3, 1924
On April 3, 1948, President Truman signed the Marshall Plan, which allocated more than $5 billion ($53-billion 2019 dollars) in aid for 16 European countries.
Go to article »
 
PHOTOS OF THE DAY

Chefs attend the theatre Vincenzo Bellini “Cibo Nostrum 2019” on day 2 of the great feast of Italian cuisine, celebrating the culture of food and wine in Catania, Italy. CREDIT: FABRIZIO VILLA/GETTY IMAGE

Armathwaite Hall hotel in Keswick, Cumbria holds Lemoga classes with the lemurs from Lake District Wild Life Park mingling with the class to create a personal yoga experience which aims to heighten the sense of wellbeing for both lemur and human. CREDIT: OWEN HUMPHREYS/PA

The sun rises behind the ‘Eiserne Steg’ (Iron Footbridge) pedestrian bridge in Frankfurt, Germany. CREDIT: AP PHOTO/MICHAEL PROBST
Market Closes for April 3^rd, 2019

Market Index	Close	Change
Dow Jones	26218.13	+39.00 +0.15%
S&P 500	2873.40	+6.16 +0.21%
NASDAQ	7895.555	+46.866 +0.60%
TSX	16279.86	+15.99
		+0.10%

International Markets

Market Index	Close	Change
NIKKEI	21713.21	+207.90
		+0.97%
HANG SENG	29986.39	+361.72
		+1.22%
SENSEX	38877.12	-179.53
		-0.46%
FTSE 100*	7418.28y	+27.16
		+0.37%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.711		1.663
CND. 30 Year Bond		1.993		1.952
U.S.    10 Year Bond		2.5223		2.4688
U.S. 30 Year Bond		2.9321		2.8739

Currencies

BOC Close	Today	Previous
Canadian $	0.74934	0.74983
US $	1.33442	1.33370
Euro Rate 1 Euro=		Inverse
Canadian $	1.49918	0.66703
US $	1.12356	0.89003

Commodities

 

Gold	Close	Previous
London Gold Fix	1290.30	1293.50
Oil
WTI Crude Future	62.46	62.58

Market Commentary:
On this day in 2000, U.S. District Judge Thomas Penfield Jackson issued a final ruling finding that Microsoft had violated Federal antitrust law. Shares of the software company plunged 14%, slicing $80 billion off the firm’s market value to put it at $473 billion. The Nasdaq suffered one of its worst days ever, tumbling 7.6%. Today, Microsoft has a market cap of $914 billion.
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks edged higher for a third day, boosted by results from retailer Hudson’s Bay Co. and progress in U.S.-China trade talks.
     The S&P/TSX Composite Index added 0.1 percent to 16,279.86. Hudson’s Bay Co. was the biggest gainer on the benchmark, adding 5.8 percent, the most since February, after its Saks Fifth Avenue chain reported a 3.9 percent increase in same-store sales.The gains were moderated by a 0.5 percent drop in energy stocks after a report showed U.S. crude stockpiles grew by the most since January.
Peyto Exploration & Development Corp. lost 5 percent and Encana Corp. fell 4.7 percent.
In other moves:
Stocks
* Tricon Capital Group Inc. slid 5.8 percent, the most since
2015. The real-estate company’s $1.4 billion portfolio acquisition creates a potential overhang but the positives outweigh the negatives, according to TD Securities
* Teck Resources Ltd. fell 2.6 percent. The miner said it expects the global copper market to remain in deficit to 2025 even at low demand growth rates
* Boyd Group Income Fund gained 3.7 percent to a record high after expanding a credit facility to $400 million
Commodities
* Western Canada Select crude oil traded at a $8.20 discount to WTI
* Gold was little changed at $1,289.90 an ounce
FX/Bonds
* The Canadian dollar weakened 0.1 percent to C$1.3344 per U.S. dollar
* The Canada 10-year government bond yield rose 4 basis points to 1.71 percent
US
By Vildana Hajric and Sarah Ponczek
      (Bloomberg) — U.S. stocks staged a late rally to close at almost six-month highs as optimism over global growth revived investor risk appetite. Sovereign-debt yields continued to climb from recent two-year lows.
The benchmark S&P 500 finished positive for a fifth day, equaling the longest winning streak in two months. U.S. equities had slumped midday after Bloomberg News reported that millions of Facebook user records were found on cloud computing servers.
On the trade front, the deal that the U.S. and China are crafting would give Beijing until 2025 to meet commitments on commodity purchases and allow American companies to wholly own enterprises in the Asian nation, according to three peoplefamiliar with the talks.
“Trade matters because it could impact corporate earnings,” said Alec Young, managing director of global markets research for FTSE Russell. “As a result, the biggest thing investors will be looking for is a full rollback of all existing tariffs plus commitments not to initiate new tariffs in the future.”
Investors are looking for fresh catalysts to sustain an equities rally that so far has weathered underwhelming global-growth data. Topping their agenda are signs of a rebound in China’s economy, the trade war possibly ending and moves toward a softer Brexit. Trade talks are continuing in Washington where Chinese Vice Premier Liu He began planned meetings on Wednesday.
The Stoxx Europe 600 index jumped after a string of economic reports from Italy to Germany helped earlier to ease concern over the euro area’s growth outlook. Treasuries fell with sovereign bonds in Europe, where the key German 10-year yield climbed back above zero for the first time in a week.
Elsewhere, oil hovered not far from a four-month high in New York. MSCI’s gauge of emerging-market stocks climbed to an eight-month high. The Bloomberg Commodities Index climbed for a third day as iron ore bounded higher on concern over supplies from Brazil.
Here are some key events coming up:
* The monthly U.S. jobs report on Friday is projected to show non-farm payrolls up 180,000 in March, similar to the 186,000 average over the prior three months, after recent readings whipsawed analysts.
* India’s central bank will set policy on Thursday.

These are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.2 percent as of 4:05 p.m. New York time, while the Nasdaq Composite Index gained 0.6 percent and the Dow Jones Industrial Average gained 0.2 percent.
* The Stoxx Europe 600 climbed 1 percent, the fourth consecutive rise.
* The MSCI Emerging Market Index climbed 0.8 percent, the fifth straight increase.
* The MSCI Asia Pacific Index rose 0.8 percent, the fourth consecutive gain.
Currencies
* The Bloomberg Dollar Spot Index fell 0.1 percent.
* The euro gained 0.3 percent to $1.1240, while the yen weakened 0.1 percent to 111.46 per dollar.
* The British pound strengthened 0.3 percent to $1.3163, the third straight increase.
* The MSCI Emerging Markets Currency Index increased 0.2 percent.
Bonds
* The yield on 10-year Treasuries rose four basis points to 2.52 percent.
* Germany’s 10-year yield increased six basis points to 0.01 percent.
* Britain’s 10-year yield jumped nine basis points to 1.10 percent.
Commodities
* West Texas Intermediate fell 0.3 percent to $62.42 a barrel, the first drop in four days.
* Gold eased 0.2 percent to $1,290 an ounce.
* The Bloomberg Commodity Index rose 0.4 percent, the third straight increase.

Have a great night!

Be magnificent.
As ever,

Carolann

But be not afraid of greatness: some men are born great, some achieve greatness, and some have greatness thrust upon them.
  -William Shakespeare, 1564-1616

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

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

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

Dear Friends,

Tangents:
On April 1, 1945, American forces invaded Okinawa during World War II.  Go to article »
April 1, 1970 – Cigarette ads banned from TV.

100 years of the Bauhaus

The Bauhaus art school celebrates the centenary of its founding today.

The Modernist school (whose name inverts “Hausbau,” the German word for “house building”) was among the first to combine the teaching of crafts, design, architecture and fine art.

Walter Gropius, the architect who established the school in 1919 in Weimar, Germany, wrote in the Bauhaus’s program that the ultimate aim was the “unified work of art.”

He enlisted masters of various artistic disciplines, such as Wassily Kandinsky, Laszlo Moholy-Nagy and Paul Klee, to join the faculty.

The school survived for little more than a decade before it was shut down in 1933 under pressure from the Nazis.

But the Bauhaus principles of uniting art and functional design in everyday life were long-lasting and spread worldwide. – Anna Schaverien, NY Times.

Spring Letter from the South
             -by Keetje Kuipers
Mother, it’s like summer here. I miss 
the way the mountains get cold at night,
draw their shoulders up. In the evenings
we walk through the old neighborhoods,
past the frayed houses where magnolias
collapse their heavy bosoms against
each roof’s pitched elbows. Everything
the baby does — proclaiming song-words
to the birds, commanding trees
to hold still or spill their guts —
is magic I haven’t given up on yet.
That pollen-rot smell is starting again:
one year later and it’s like a year
hasn’t passed. When she sleeps pressed against
me, we still feel so young — all of us.
Even the cemetery is beautiful
this time of year. Do you remember
when you were here? It’s like that.

PHOTOS OF THE DAY

Spring lambs on Dartmoor. CREDIT: RICHARD AUSTIN

A Northern Hawk Owl peeks out of the trunk of a hollow tree in Gakona, Alaska. CREDIT: MICHAEL QUINTON/MINDEN PICTURES/SOLENT NEWS

A woman flies her kite on the National Mall in Washington, DC, during the Cherry Blossom Kite Festival. CREDIT: EVA HAMBACH/AFP/GETTY IMAGES
Market Closes for April 1^st, 2019

Market Index	Close	Change
Dow Jones	26258.42	+329.74   +1.27%
S&P 500	2867.19	+32.79   +1.16%
NASDAQ	7828.910	+99.589   +1.29%
TSX	16228.06	+125.97
		+0.78%

International Markets

Market Index	Close	Change
NIKKEI	21509.03	+303.22
		+1.43%
HANG SENG	29562.02	+510.66
		+1.76%
SENSEX	38871.87	+198.96
		+0.51%
FTSE 100*	7317.38	+38.19
		+0.52%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.705		1.617
CND. 30 Year Bond		1.975		1.892
U.S.    10 Year Bond		2.5009		2.4050
U.S. 30 Year Bond		2.8908		2.8143

Currencies

BOC Close	Today	Previous
Canadian $	0.75124	0.74422
US $	1.33113	1.34369
Euro Rate 1 Euro=		Inverse
Canadian $	1.49139	0.67055
US $	1.12040	0.89254

Commodities

Gold	Close	Previous
London Gold Fix	1295.40	1309.70
Oil
WTI Crude Future	61.59	59.30

Market Commentary:
On this day in 1930, in one of the biggest “suckers’ rallies” of all time, the total market value of New York Stock Exchange-listed companies hit $67.5 billion, up roughly 40% from their trough in the Great Crash of 1929. As the New York Fed cut interest rates yet again to just 3.5% (down from 6% in 1929), investors turned bullish and many leading stocks such as RCA and Columbia Graphophone roughly doubled from their 1929 lows. By year-end, however, stocks were down more than 40% from here.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks kicked off the second quarter on an upbeat note, gaining the most since mid-February amid a widespread global rally prompted by strong Chinese manufacturing data.
     The S&P/TSX Composite Index added 0.8 percent to 16,228.06, about 300 points from its record closing high. Consumer discretionary stocks led the way, rising 2.2 percent as Dollarama Inc. jumped 6.1 percent, the most since 2017. The stock has been rising steadily since the discount retailer reported earnings last week.
     On the other side of the ledger, materials lost 0.6 percent as precious metals prices fell. MAG Silver Corp. was the biggest decliner on the benchmark, losing 7.2 percent.
In other moves:
Stocks
* Cresco Labs Inc. rose 3.7 percent and Origin House fell 1.6 percent. Cresco, one of the most valuable U.S.-focused cannabis companies, is buying Origin House for about $820 million
* Village Farms International Inc. jumped 8.5 percent after Beacon Securities boosted its price target on the produce-and-pot stock to a street high of C$60
* Canaccord Genuity Group Inc. gained 2.6 percent amid a broader rally in financial stocks. The firm is cutting jobs in London as Brexit hurts capital markets
Commodities
* Western Canada Select crude oil traded at a $8.25 discount to WTI, the narrowest gap since January
* Gold fell 0.4 percent to $1,288.40 an ounce FX/Bonds
* The Canadian dollar strengthened 0.3 percent to C$1.3315 per U.S. dollar
* The Canada 10-year government bond yield rose 8 basis points to 1.70 percent, the biggest gain since January, amid a global slump in bond prices
US
By Vildana Hajric and Sarah Ponczek
     (Bloomberg) — Stocks strengthened worldwide as strong manufacturing data out of the world’s second largest economy helped allay investor concern about a slowdown in global growth.
     Yields on Treasuries rose the most since January after as a gauge of U.S. factories topped estimates in March.
     The S&P 500 closed at the highest level since October, while the Dow gained the most since Feb. 15. Shares of Lyft dropped below its IPO price as analysts noted there is limited visibility into the company’s path to growth and profitability.
     The Stoxx Europe 600 climbed on the heels of its best quarter in four years after key China manufacturing PMIs for March beat the highest estimate in Bloomberg surveys of economists. That’s despite manufacturing data for Europe coming in at the lowest since 2013.
     “This is good news for investors wondering what the next catalyst for stocks will be in 2019,” wrote Nancy Tengler, chief investment strategist at Tengler Wealth Management, in an email. ‘It means momentum is turning more bullish in an intermediate to long term,” David Russell, vice president at TradeStation, said in an interview. “This chart pattern does not happen a lot.”
     In Asia, Chinese shares surged to the highest since May, while Hong Kong stocks entered a bull market. The yen declined, while the Turkish lira fluctuated as preliminary results from the weekend’s municipal elections showed the popularity of President Recep Tayyip Erdogan is being tested.
     Global equities are building on their strongest quarter since 2010 amid bets that dovish tilts by major central banks will help prop up earnings. The Chinese data went some way toward easing worries about a slowdown prior to the release of American monthly jobs numbers at the end of the week. U.S.-China trade talks will resume when Vice Premier Liu He leads a delegation to Washington later this week, potentially offering more positive developments for investors.
     Elsewhere, the pound extended its gain as U.K. factory data reached a 13-month high on Brexit stockpiling and as lawmakers prepare to vote on alternative options to replace Prime Minister Theresa May’s divorce plan.
Here are some key events coming up:
* The Reserve Bank of Australia decides on monetary policy Tuesday at a time of falling growth forecasts. Then Australia will release its federal budget that evening. 
* Chinese Vice Premier Liu He leads a delegation of trade negotiators to Washington on Wednesday, days after U.S. Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer traveled to Beijing.
* The monthly U.S. jobs report on Friday is projected to show nonfarm payrolls up 175,000 in March, similar to the 186,000 average over the prior three months, after recent readings whipsawed analysts. Economists think the jobless rate held at 3.8 percent with hourly earnings growing at a strong clip.
These are the main moves in markets:
Stocks
* The S&P 500 Index rose 1.2 percent to 2,867. 19 as of 4:03 p.m. New York time, while the Nasdaq Composite Index gained 1.3 percent and the Dow Jones Industrial Average climbed 1.3 percent.
* The Stoxx Europe 600 rose 1.2 percent. 
* The MSCI Emerging Market Index increased 1.2 percent.
* The MSCI Asia Pacific Index rose 1 percent. 
Currencies
* The Bloomberg Dollar Spot Index eased less than 0.1 percent, the first drop in five trading sessions.
* The euro was little changed at $1.1212, while the yen weakened 0.4 percent to 111.35 per dollar.
* The British pound gained 0.6 percent to $1.3113.
* The MSCI Emerging Markets Currency Index rose 0.4 percent.
Bonds
* The yield on 10-year Treasuries jumped nine basis points to 2.49 percent, the biggest one-day increase since January.
* Germany’s 10-year yield climbed four basis points to negative 0.03 percent.
* Britain’s 10-year yield rose five basis points to 1.05 percent. 
Commodities
* West Texas Intermediate rose 1.5 percent to $61.64 a barrel.
* Gold fell 0.3 percent to $1,289 an ounce.
* The Bloomberg Commodity Index rose 0.7 percent, the first increase in four sessions.

Have a great night.

Be magnificent!

As ever,

 

Carolann

Most people ignore most poetry because
most poetry ignores most people.
      -Adrian Mitchell, 1932-2008

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

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

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

Dear Friends,

Tangents: HAPPY FRIDAY!

On March 29, 1973, the last United States troops left South Vietnam, ending America’s direct military involvement in the Vietnam War.  Go to article »

Politics is war without bloodshed while war is politics with bloodshed.
                                                         –Mao Zedong, 1893-1976

Japan’s famous Nara Park, home to more than 1,000 sacred deer that have learned to bow for treats. -CNN

PHOTOS OF THE DAY

‘Companion’, an inflatable sculpture by US artist and designer Brian Donnelly, known professionally as Kaws is shown at Victoria Harbour in Hong Kong. CREDIT: PHILIP FONG/AFP/GETTY IMAGES

A couple watch the sun set off Newquay, Cornwall, UK. CREDIT: APEX

Tourists go sightseeing at the Tianlong Bridge of Tiansheng Sanqiao scenic area in Wulong District of Chongqing, southwest China. The Tiansheng Sanqiao scenic area, where three natural limestone arches look like bridges, is a popular tourist attraction. CREDIT: XINHUA/REX

Dramatic sky at sunset in Adelaide, Australia: Grange jetty is silhouetted under a dramatic with stunning colours during sunset. CREDIT: AMER GHAZZAL/BARCROFT IMAGES

Gardner Rob Ternent, 31, pushes his wheelbarrow through a sea of daffodils at Alnwick Castle in Northumberland, UK. CREDIT: OWEN HUMPHREYS/PA WIRE
Market Closes for March 29^th, 2019

Market Index	Close	Change
Dow Jones	25928.68	+211.22   +0.82%
S&P 500	2834.40	+18.96   +0.67%
NASDAQ	7729.320	+60.154   +0.78%
TSX	16102.09	-53.40
		-0.33%

International Markets

Market Index	Close	Change
NIKKEI	21205.81	+172.05
		+0.82%
HANG SENG	29051.36	+276.15
		+0.96%
SENSEX	38672.91	+127.19
		+0.33%
FTSE 100*	7279.19	+44.86
		+0.62%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.617		1.561
CND. 30 Year Bond		1.892		1.858
U.S.    10 Year Bond		2.4050		2.3946
U.S. 30 Year Bond		2.8143		2.8226

Currencies

BOC Close	Today	Previous
Canadian $	0.74961	0.74422
US $	1.33403	1.34369
Euro Rate 1 Euro=		Inverse
Canadian $	1.49823	0.66745
US $	1.12309	0.89040

Commodities

Gold	Close	Previous
London Gold Fix	1295.15	1309.70
Oil
WTI Crude Future	60.14	59.30

Market Commentary:
On this day in 1989, Michael Milken was indicted on 98 felony charges of violating federal securities laws as head of the junk-bond desk at Drexel Burnham Lambert. Prosecutors disclosed that he earned $550 million in compensation in 1986.
Canada
By Michael Bellusci
     (Bloomberg) — Canadian stocks fell for a second week to close out March, but still gained 12.42% in the first quarter, the best in nineteen years. U.S. stocks capped their bestquarter since 2009.
     The quarter’s gains were led by health-care stocks whichhave surged 49 percent since the beginning of the year onoptimism for the cannabis sector. Information technology and real estate stocks were also among the best performing industries, while materials underperformed, even while notching an 8.2 percent gain year-to-date.
     The S&P/TSX Composite Index fell 0.3 percent to 16,102.09 Friday. Energy stocks lagged the market while information technology and health care rose.
     Separately, President Trump granted permission to TransCanada Keystone Pipeline “to construct, connect, operate and maintain pipeline facilities at the international border of the United States and Canada at Phillips County, Montana, for the import of oil from Canada to the United States.”
In other moves:
Stocks
* Patriot One Technologies Inc. jumped 8.2% after getting financing from Raytheon’s Canada unit 
* Lassonde Industries Inc. rose 4.4% after 4Q results
* Auxly Cannabis Group Inc. fell 12.2% after 4Q results and 2019 outlook 
* Osisko Mining Inc. lost 5.2%, down for a third straight session 
Commodities
* Western Canada Select crude oil traded at a $9.30 discount to WTI
* Gold rose 0.1 percent to $1,296.80 an ounce
FX/Bonds
* The Canadian dollar rose 0.6 percent to C$1.3363 per U.S. dollar
* The Canada 10-year government bond yield rose to 1.618 percent
US
By Rita Nazareth and Vildana Hajric
     (Bloomberg) — Stocks climbed to round out a strong quarter and Treasuries fell amid hopes for a trade deal between the world’s two largest economies. The pound dropped as a political crisis in the U.K. deepened.
     The S&P 500 Index posted its best quarter since 2009, and Lyft Inc. surged in its debut after investors rushed to get a piece of the first big U.S. technology listing this year.
     Treasury 10-year yields increased, following a plunge earlier in the week that triggered concern over an economic slowdown. The pound retreated as Britain edged closer to a general election after Parliament rejected Theresa May’s Brexit deal for a third time.
     Traders have piled into risk assets this quarter as major central banks showed willingness to stay accommodative and concern over a trade war eased. Further gains may depend in part on the outcome of negotiations between Washington and Beijing, who are said to be working line-by-line through the text of a deal. White House chief economic adviser Larry Kudlow told CNBC Friday that the U.S. is still making good headway in talks with China.
     The American economy looks on track for continued growth, though the inversion of the yield curve may be signaling that the central bank may have set policy too tight, said Federal Reserve Bank of Minneapolis President Neel Kashkari. Meantime, Kudlow called on the Fed to “immediately” cut rates by a half percentage point, according to a report by Axios.
     “The real lesson we take away from this quarter is that over time fundamentals control,” said Brad McMillan, chief investment officer for Commonwealth Financial Network, which has $161 billion in assets. “We saw consumer confidence high, we saw jobs growth high, earnings continuing to grow, albeit somewhat slower. When you put all these things together, it says there may be panic-driven declines, but ultimately the fundamentals control.”
     Elsewhere, oil closed above $60 for the first time since early November — capping its best quarter since 2009 — amid signs of thinning supplies from Siberia to the U.S. shale fields. The ruble slumped after the U.S. was said to have prepared new sanctions on Russia as punishment for a 2018 nerve- agent attack in the U.K. The Turkish lira dropped despite an organized effort to stem losses before elections on Sunday.
These are the main moves in markets:
Stocks
* The S&P 500 rose 0.7 percent to 2,834.41 at 4 p.m. in New York.
* The Stoxx Europe 600 Index increased 0.6 percent.
* The MSCI Asia Pacific Index added 0.7 percent.
* The MSCI Emerging Market Index rallied 1.1 percent.
Currencies
* The Bloomberg Dollar Spot Index gained 0.1 percent.
* The euro was little changed at $1.1218.
* The Japanese yen decreased 0.2 percent to 110.82 per dollar.
* The British pound fell 0.1 percent to $1.3025.
Bonds
* The yield on 10-year Treasuries rose one basis point to 2.40 percent.
* Germany’s 10-year yield slid less than one basis point to -0.07 percent.
* Britain’s 10-year yield was unchanged at 1 percent.
Commodities
* The Bloomberg Commodity Index was little changed.
* West Texas Intermediate crude rose 1.4 percent to $60.14 a barrel.
–With assistance from Shoko Oda, Ksenia Galouchko, Adam Haigh, Sophie Caronello, Nancy Moran, Todd White, Eddie van der Walt and Sarah Ponczek.

Have a wonderful weekend.

Be magnificent!

As ever,

Carolann

Resolve not to be poor: whatever you have, spend less.  Poverty is a great enemy to human happiness; it certainly destroys liberty, and it makes some virtues impracticable, and others extremely difficult.  -Samuel Johnson, 1709-84

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 March 28, 1979, America’s worst commercial nuclear accident occurred inside the Unit Two reactor at the Three Mile Island plant near Middletown, Pa.
Go to article »

Ours is a world of nuclear giants and ethical infants.  If we continue to develop our technology without wisdom or prudence, our servant may prove to be our executioner. –General Omar Bradley, 1893-1981

PHOTOS OF THE DAY

Museum staff members walks with mobile devices over a giant illuminated aerial photograph of Berlin, at the exhibition “The Stasi in Berlin” inside former Stasi prison in Hohenschoenhausen, Berlin  CREDIT: FABRIZIO BENSCH/REUTERS

A technician displays the Anthony “Tony’ C. Zemaitis Acoustic fretless Bass guitar, estimate $15-20,000 from the collection of David Gilmour, guitarist, singer and songwriter of Pink Floyd, during a press opportunity at Christie’s auction rooms in London. The collection of more that 120 guitars will be auctioned on June 20 in New York, with the process to benefit charity. CREDIT: JULIAN SIMMONDS FOR THE TELEGRAPH

A juvenile leopard cat, seized by authorities during an anti-smuggling operation, is seen past suspected smugglers during a press conference announcing the seizure of trafficked exotic animals in Surabaya, Indonesia. Authorities said they had seized five Komodo dragons and dozens of other animals being sold on Facebook, as the country battles to clamp down on the illegal wildlife trade. CREDIT: JUNI KRISIWANTO/AFP/GETTY IMAGES
Market Closes for March 28^th, 2019

Market Index	Close	Change
Dow Jones	25717.46	+91.87   +0.36%
S&P 500	2815.44	+10.07   +0.36%
NASDAQ	7669.164	+25.787   +0.34%
TSX	16155.49	+22.96
		+0.14%

International Markets

Market Index	Close	Change
NIKKEI	21033.76	-344.97
		-1.61%
HANG SENG	28775.21	+46.96
		+0.16%
SENSEX	38545.72	+412.84
		+1.08%
FTSE 100*	7234.33	+40.14
		+0.56%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.561	1.534
CND. 30 Year Bond	1.858	1.836
U.S.    10 Year Bond	2.3946	2.3665
U.S. 30 Year Bond	2.8226	2.8105

Currencies

BOC Close	Today	Previous
Canadian $	0.74422	0.74572
US $	1.34369	1.34099
Euro Rate 1 Euro=		Inverse
Canadian $	1.50869	0.66283
US $	1.12276	0.89067

 Commodities

Gold	Close	Previous
London Gold Fix	1309.70	1316.30
Oil
WTI Crude Future	59.30	59.41

Market Commentary:
On this day in 1985, after 193 years, a sitting U.S. President visited the floor of the New York Stock Exchange for the first time when Ronald Reagan went to ring the bell that opens trading. 
Canada
By Michael Bellusci
     (Bloomberg) — Canadian stocks climbed Thursday in a broader equity market rally as U.S. stocks also advanced.
     The S&P/TSX Composite Index rose 0.1 percent to 16,155.49. Information technology and industrials gained, while materials failed to rally.
     Separately, Ontario plans a “thoughtful” return to a balanced budget to ensure the Canadian province can maintain vital services, Finance Minister Victor Fedeli said.
In other moves:
Stocks
* Valener Inc. advanced 11% after being acquired by Noverco 
* Real Matters Inc. jumped 7% 
* BRP Inc. rose 6.3% 
* CCL Industries Inc. gained 4.3% 
* CannTrust Holdings Inc. fell 19% after 4Q earnings
* Detour Gold Corp. lost 8% as gold stocks fell 
Commodities
* Western Canada Select crude oil traded at a $9.30 discount to WTI
* Gold fell 1.6% to $1,296.40 an ounce 
FX/Bonds
* The Canadian dollar fell 0.3 percent to C$1.3442 per U.S. dollar
* The Canada 10-year government bond yield rose to 1.556 percent
US
By Rita Nazareth, Vildana Hajric and Sarah Ponczek 
     (Bloomberg) — U.S. stocks advanced as the rally in Treasuries eased and investors looked to China for the latest developments in the standoff over trade. The dollar climbed.
     The S&P 500 Index remained on track for its best quarter since 2009, with commodity and financial shares leading gains on Thursday. The gauge briefly fell after White House economic adviser Larry Kudlow said the Trump administration is prepared to keep negotiating with Beijing for weeks or even months.
     Treasury 10-year yields rebounded from a 15-month low, while the greenback extended its advance into a third day. The pound slid as the U.K. government will put to a vote the Brexit withdrawal agreement only on Friday.
     The strong quarter for risk assets is coming to an end with a dose of caution after a furious surge in Treasuries raised concern the economy faced a sharp slowdown. Federal Reserve Bank of New York President John Williams said policy is well positioned where it is. Meantime, U.S. trade officials including Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer landed in Beijing Thursday for talks aimed at nailing down a deal with China.
     “Risk assets are being supported right now, in my view, by a dovish Fed, a China stabilization and better sentiment around geopolitical risks,” said Frances Donald, the head of macroeconomic strategy at Manulife Asset Management. “That probably gives this rally a little bit more juice.” 
     The markets are betting on a deal with China in the not- too-distant future, and they’re pricing that in, according to Chad Morganlander, a money manager at Washington Crossing Advisors.
     “Every day or every other day there is a headline or a rumor or a whisper about the China trade talks,” said Ernie Cecilia, chief investment officer at Bryn Mawr Trust Co. “The market seems to move very temporarily on a short-term basis based on those movements.”
     Elsewhere, oil fell after President Donald Trump said that OPEC should lift crude production. Gold tumbled below $1,300 an ounce, while palladium had its biggest drop since 2010. The Turkish lira led declines among the world’s major currencies despite an organized effort to stem losses days before elections.
Here are some key events coming up:
* U.S.-China trade talks resume, with a cabinet-level American delegation due in China.
* Fed official Randal Quarles will speak Friday to the Shadow Open Market Committee on “Strategic Approaches to the Fed’s Balance Sheet and Communications.”
These are the main moves in markets:
Stocks
* The S&P 500 rose 0.4 percent to 2,815.44 at 4 p.m. in New York.
* The Stoxx Europe 600 Index dipped 0.1 percent.
* The MSCI Asia Pacific Index decreased 0.6 percent.
* The MSCI Emerging Market Index gained 0.2 percent.
Currencies
* The Bloomberg Dollar Spot Index advanced 0.4 percent.
* The euro declined 0.2 percent to $1.1222.
* The Japanese yen dipped 0.1 percent to 110.58 per dollar.
* The British pound slid 1 percent to $1.3055.
Bonds
* The yield on 10-year Treasuries rose one basis point to 2.38 percent.
* Germany’s 10-year yield advancedne basis point to -0.07 percent.
* Britain’s 10-year yield fell one basis point to 1 percent.
Commodities
* The Bloomberg Commodity Index declined 0.6 percent.
* West Texas Intermediate crude dipped 0.2 percent to $59.30 a barrel.
* Gold sank 1.6 percent to $1,295,30 an ounce.
–With assistance from Jan-Patrick Barnert, Adam Haigh, Andreea Papuc, Todd White, Yakob Peterseil and David Wilson.

Have a great night.

Be magnificent!

As ever,

Carolann

Only the paranoid survive.
-Andy Grove, 1936-2016
-dictum on which he ran his company, Intel.

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:
March 27, 1975 – First flight of the de Havilland Canada Dash 7 airliner.  Go to article »

On March 27, 1802, Dorothy Wordsworth wrote in her Journal:
A divine morning.  At breakfast William wrote part of an ode.  Mr. Oliff sent the dung and William went to work in the garden.  We sat all day in the orchard.
The ode referred to became “Intimations of Immortality”, of which Gerard Manley Hopkins said:  “For my part I should think St. George and St. Thomas of Canterbury wore roses in heaven for England’s sake on the day that ode not without their intercession, was penned.”

PHOTOS OF THE DAY

Will Gadd climbing an iceberg near Ilulissat, Greenland. Credit: Red Bull/SWNS.COM

Alain Robert, the French urban climber dubbed Spiderman, climbs French Energy group Engie’s building in the La Defense business district outside Paris. Credit: Bertrand Guay/AFP/Getty Images

Arthur Brand, Dutch art detective dubbed the “Indiana Jones of the Art World’ has struck again, finding a Picasso painting worth 25 million euros stolen from a Saudi sheikh’s yacht on the French Riviera in 1999. The discovery of the rare portrait of Maar, one of Pablo Picasso’s most influential mistresses, is the culmination of a four-year investigation into the burglary on the luxury yacht Coral Island, as she lay anchored in Antibes. Credit: Stringer/AFP/Getty Images
Market Closes for March 27^th, 2019

Market Index	Close	Change
Dow Jones	25625.59	-32.14   -0.13%
S&P 500	2805.37	-13.09   -0.46%
NASDAQ	7643.379	-48.143   -0.63%
TSX	16132.53	-22.63
		-0.14%

International Markets

Market Index	Close	Change
NIKKEI	21378.73	-49.66
		-0.23%
HANG SENG	28728.25	+161.34
		+0.56%
SENSEX	38132.88	-100.53
		-0.26%
FTSE 100*	7194.19	-2.10
		-0.03%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.534		1.572
CND. 30 Year Bond		1.836		1.860
U.S.    10 Year Bond		2.3665		2.4177
U.S. 30 Year Bond		2.8105		2.8731

Currencies

BOC Close	Today	Previous
Canadian $	1.74572	0.74718
US $	1.34099	1.33837
Euro Rate 1 Euro=		Inverse
Canadian $	1.50879	0.66278
US $	1.12513	0.88878

Commodities

Gold	Close	Previous
London Gold Fix	1316.30	1319.55
Oil
WTI Crude Future	59.41	59.94

Market Commentary:
About 6.45 billion shares changed hands on exchanges operated by the New York Stock Exchange and the Nasdaq Tuesday, the second-lowest number so far this year.
Canada
By Michael Bellusci
     (Bloomberg) — Canadian stocks dropped Wednesday as pot- sector weakness stole the spotlight. The S&P/TSX Composite Index fell 0.1 percent to 16,132.53.
     The Horizons Marijuana Life Sciences ETF (HMMJ CN) fell 3.7 percent, most since February 6. Energy stocks also underperformed.
     Separately, Newmont Mining Corp. announced that Glass, Lewis & Co. has joined Institutional Shareholder Services Inc. as the second independent proxy advisory firm to recommend that Newmont and Goldcorp shareholders vote for the proposed combination.
In other moves:
Stocks
* Cronos Group Inc. fell 8.5% after getting third downgrade in two days 
* Village Farms International Inc. dropped 6.4% after 
* NuVista Energy Ltd. lost 5.6% 
* Largo Resources Ltd. gained 6.9% after 4Q earnings
* Interfor Corp. advanced 4.1% 
Commodities
* Western Canada Select crude oil traded at a $9.30 discount to WTI
* Gold fell 0.5% to $1,315.30 an ounce
FX/Bonds
* The Canadian dollar fell 0.2 percent to C$1.3410 per U.S. dollar
* The Canada 10-year government bond yield fell to 1.540 percent
US
By Rita Nazareth and Vildana Hajric
     (Bloomberg) — The rally in bonds gained momentum as traders turned their focus to a worrying global economic outlook. Stocks fell and the dollar rose.
     Treasury 10-year yields dropped to the lowest since December 2017, and rates on benchmark German bunds sank further below zero after European Central Bank President Mario Draghi said an accommodative stance is still needed. Energy companies in the S&P 500 Index joined a slide in oil, while industrial shares gained. The pound climbed as several pro-Brexit Tories, including Boris Johnson, were said to back U.K. Prime Minister Theresa May’s deal.
     Traders piled into bonds amid concern about a slowdown in global growth. Recent data showed weakness from U.S. housing to retail sales and consumer sentiment, prompting a more dovish tone from the central bank. A closely watched segment of the yield curve inverted last week — a gauge that’s served as a recession warning. Fed funds futures are now pricing in more than 30 basis points of easing by the end of 2019.
     “The performance of risk depends ultimately on what growth is,” Binky Chadha, Deutsche Bank’s chief global strategist, said on Bloomberg TV. “The current message from the last three weeks is easier monetary policies spook the markets about growth.”
     Speculation that the Federal Reserve will consider lowering rates is spreading, with Legg Mason Inc. unit Brandywine Global Investment Management forecasting a cut this year. Stephen Moore, President Donald Trump’s pick for an open Fed board seat, said in a New York Times interview that the central bank should immediately cut rates by half a percentage point. 
     Elsewhere, the Brazilian real led losses among major peers as investors see a bumpier road for a key pension overhaul. New Zealand’s dollar tumbled as policy makers joined the shift away from tighter policy. The cost of borrowing liras overnight on the offshore swap market touched 1,000 percent after Turkey orchestrated a currency crunch before an election that will test support for President Recep Tayyip Erdogan’s rule.
Here are some key events coming up:
* U.S.-China trade talks resume, with a cabinet-level American delegation due in China.
* U.K. Parliament set to stage several key votes on Brexit on Wednesday.
* Fed official Randal Quarles will speak Friday to the Shadow Open Market Committee on “Strategic Approaches to the Fed’s Balance Sheet and Communications.”
These are the main moves in markets:
Stocks
* The S&P 500 Index fell 0.5 percent to 2,805.35 at 4 p.m. in New York.
* The Stoxx Europe 600 Index was little changed.
* The MSCI Asia Pacific Index declined 0.3 percent.
* The MSCI Emerging Market Index decreased 0.6 percent.
Currencies
* The Bloomberg Dollar Spot Index rose 0.2 percent.
* The euro declined 0.1 percent to $1.125.
* The Japanese yen increased 0.1 percent to 110.49 per dollar.
* The British pound climbed 0.3 percent to $1.3251.
Bonds
* The yield on 10-year Treasuries declined five basis points to 2.38 percent.
* Germany’s 10-year yield fell seven basis points to -0.08 percent.
* Britain’s 10-year yield increased one basis point to 1.013 percent.
Commodities
* The Bloomberg Commodity Index declined 0.5 percent.
* West Texas Intermediate crude fell 0.9 percent to $59.41 a barrel.
* Gold dipped 0.3 percent to $1,316.90 an ounce.
–With assistance from Stephen Spratt, Adam Haigh, Robert Brand, Todd White and David Wilson.

Have a great night.

Be magnificent!

As ever,

Carolann

There is nothing that people bear more impatiently,
or forgive less, than contempt; and an injury is 
much sooner forgotten than an insult.
                   -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:
March 26, 1976 – Baseball – American League approves the purchase of the Toronto Blue Jays franchise by Labatt Brewing for $7 million. Toronto, Ontario  Go to article »
Robert Frost, poet, b. 1874
Diana Ross, singer, b.1944
Erica Jong, writer, b. 1942

1979 – Anwar Sadat and Mencheim Begin, sign peace accord.

A PRAYER IN SPRING
      by Robert Frost
Oh, give us pleasure in the flowers to-day;
And give us not to think so far away
As the uncertain harvest; keep us here
All simply in the springing of the year.

Oh, give us pleasure in the orchard white,
Like nothing else by day, like ghosts by night;
And make us happy in the happy bees,
The swarm dilating round the perfect trees.

And make us happy in the darting bird
That suddenly above the bees is heard,
The meteor that thrusts in with needle bill,
And off a blossom in mid air stands still.

For this is love and nothing else is love,
The which it is reserved for God above
To sanctify to what far ends He will,
But which it only needs that we fulfil.

Read at the Dedication of John F. Kennedy Park, May 29, 1987.
PHOTOS OF THE DAY

Glorious Spring sunshine in Queen’s Park, Bolton, Lancashire, UK. A perfect start to the week as blue skies and warm sunshine are expected to continue until the weekend in the North West of England. Credit: The Telegraph

A brimstone butterfly as shot by retired University teacher Dr John Brackenbury. His unique photographs takes us on an amazing journey into the tiny world of these spectacular creatures. The 70-year-old, from Cambridge, achieves a unique perspective of butterflies and other winged bugs taking us down to their level. Credit: John Brackenbury/Magnus News

Three cute and fluffy newborn ducklings pictured enjoying the sunshine for the first time this morning at Bocketts Farm, Surrey. The clocks go forward this weekend to start British Summer Time. Credit: Oliver Dixon
Market Closes for March 26^th, 2019

Market Index	Close	Change
Dow Jones	25657.73	+140.90   +0.55%
S&P 500	2818.46	+20.10   +0.72%
NASDAQ	7691.523	+53.982   +0.71%
TSX	16155.16	+89.30
		+0.56%

International Markets

Market Index	Close	Change
NIKKEI	21428.39	+451.28
		+2.15%
HANG SENG	28566.91	+43.56
		+0.15%
SENSEX	38233.41	+424.50
		+1.12%
FTSE 100*	7169.29	+18.71
		+0.26%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.572		1.549
CND. 30 Year Bond		1.860		1.847
U.S.    10 Year Bond		2.4177		2.3983
U.S. 30 Year Bond		2.8731		2.8616

Currencies

BOC Close	Today	Previous
Canadian $	0.74718	0.74615
US $	1.33837	1.34022
Euro Rate 1 Euro=		Inverse
Canadian $	1.50786	0.66319
US $	1.12664	0.88760

Commodities

Gold	Close	Previous
London Gold Fix	1319.55	1311.30
Oil
WTI Crude Future	59.94	58.77

Market Commentary:
On this day in 1979, OPEC declared following a meeting in Geneva that its members would raise the price of crude oil from $13.34 to $14.55, igniting another round of global inflation. On Monday, crude prices dipped 0.4% to settle at $58.82 a barrel.
Canada
By Bloomberg Automation
     (Bloomberg) — The S&P/TSX Composite rose 0.6 percent at 16,155.16 in Toronto. The move was the biggest since rising 0.7 percent on March 18 and follows the previous session’s decrease of 0.1 percent.
     Canadian National Railway Co. contributed the most to the index gain, increasing 1.5 percent. Hexo Corp. had the largest increase, rising 8.2 percent.
Today, 159 of 243 shares rose, while 75 fell; 10 of 11 sectors were higher, led by energy stocks.
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | 26.7767| 0.9| 32/7
Industrials | 17.9480| 1.0| 22/7
Materials | 16.3790| 0.9| 30/18
Financials | 13.8453| 0.3| 20/6
Information Technology | 6.2969| 0.9| 4/6
Communication Services | 2.5645| 0.3| 5/1
Consumer Discretionary | 2.5445| 0.4| 9/8
Utilities | 2.0437| 0.3| 11/4
Health Care | 1.0678| 0.3| 7/3
Real Estate | 0.0774| 0.0| 14/10
Consumer Staples | -0.2472| 0.0| 5/5
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Canadian National | 9.1700| 1.5| -37.7| 15.9
Canadian Natural | | | |
Resources | 7.7610| 2.5| 14.0| 12.8
Royal Bank of | | | |
Canada | 7.2320| 0.7| 25.0| 10.0
Bank of Nova Scotia| -1.4780| -0.2| 40.6| 3.8
CIBC | -1.8870| -0.6| 149.9| 6.8
TD Bank | -2.8610| -0.3| -3.3| 8.5
================================================================
| | Index | Volume VS |YTD Change
Biggest Gainers | % Change |Points Move|20D AVG (%)| (%)
================================================================
HEXO Corp | 8.2| 0.9250| 26.0| 92.8
Crescent Point | | | |
Energy | 5.2| 0.8590| -41.7| 8.0
NuVista Energy | 4.3| 0.3200| -16.7| 18.1
================================================================
| |Index Points| Volume VS |YTD Change
Biggest Losers | % Change | Move |20D AVG (%)| (%)
================================================================
Chemtrade | | | |
Logistics | -4.6| -0.2830| 152.4| -14.2
Ensign Energy | | | |
Services | -3.0| -0.1550| -43.3| 15.2
Semafo | -2.6| -0.2310| -12.6| 29.5
* The benchmark 10-year bond fell and the yield rose 2.1 basis points to 1.571 percent
US
By Rita Nazareth, Sarah Ponczek and Vildana Hajric
     (Bloomberg) — The rally in U.S. stocks faded from Tuesday’s highs as Apple Inc. wiped out its advance after a judge recommended a partial iPhone ban. Treasuries declined and the dollar rose.
     A gauge of technology companies in the S&P 500 Index gave up most of its gains, while energy shares climbed as Russia signaled that it’s committed to output cuts. The yield on benchmark U.S. bonds rose after a two-day plunge, though the spread between three-month and 10-year rates remained in negative territory. The greenback erased its monthly drop, and the Japanese yen led losses in haven currencies. Gold retreated.
     Risk assets rebounded on speculation that the recent sell-off in global markets had been overdone. Goldman Sachs Group Inc. added its voice to those advising against panic over the inversion of the U.S. yield curve — which has served as a recession warning. While the economic backdrop indeed may be less favorable, stocks may end up doing well with a flat curve, the analysts wrote.
     “The market has run quite far in a short period without much economic news supporting it,” wrote Christopher Low, the chief economist at FTN Financial. “As a result, we are not surprised to see higher yields today. A breather makes sense, and rates could back up further before the rally resumes.”
     Every industry in the S&P 500 rose, while the Stoxx Europe 600 had its first gain in a week. Japan’s Topix Index jumped more than 2.5 percent — a day after its biggest slide this year. Emerging-market stocks also advanced.
     “What you’re seeing is some oversold conditions, and some buying opportunities are starting to appear in the marketplace,” said Chris Larkin, senior vice-president of trading at E*Trade.
     The outcome of U.S.-China trade talks and any developments in Britain’s tortuous exit of the European Union could help determine sentiment from here. The pound climbed as a Brexit hardliner indicated he’s willing to back Theresa May’s deal, a move that could be a game-changer if others follow suit.
Here are some key events coming up:
* U.S.-China trade talks resume, with a cabinet-level American delegation due in China.
* U.K. Parliament is set to stage several key votes on Brexit on Wednesday.
* Fed Governor Randal Quarles will speak Friday to the Shadow Open Market Committee on “Strategic Approaches to the Fed’s Balance Sheet and Communications.”
These are the main moves in markets:
Stocks
* The S&P 500 gained 0.7 percent to 2,818.46 at 4 p.m. in NewYork.
* The Stoxx Europe 600 added 0.8 percent.
* The MSCI Asia Pacific Index advanced 0.9 percent.
* The MSCI Emerging Market Index gained 0.2 percent.
Currencies
* The Bloomberg Dollar Spot Index rose 0.3 percent.
* The euro fell 0.4 percent to $1.1271.
* The Japanese yen slid 0.5 percent to 110.55 per dollar.
* The British pound increased 0.1 percent to $1.3205.
Bonds
* The yield on 10-year Treasuries gained two basis points to 2.41 percent.
* Germany’s 10-year yield increased one basis point to -0.02 percent.
* Britain’s 10-year yield advanced two basis points to 1.007 percent.
Commodities
* The Bloomberg Commodity Index rose 0.1 percent.
* West Texas Intermediate crude surged to $59.94 a barrel.
* Gold slipped 0.6 percent to settle at $1,321.40 an ounce.
–With assistance from Lilian Karunungan, Abhishek Vishnoi, Andreea Papuc, Joanna Ossinger, Eddie van der Walt and Samuel Potter.

Have a great night.

Be magnificent!

As ever,

 

Carolann

 

Happiness is the only good.  The time to be happy is now. 
The place to be happy is here.  The way to be happy is to make others so.
                                             -Robert Green Ingersoll, 1833-1899

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:
Old New Year’s Day was on this date until 1751.  The Romans began their year in March.  With the introduction of the Gregorian year, January 1st was accepted as New Year’s Day by most Christian countries, but not until 1600 in Scotland and 1752 in England.
March 25, 1958 – Aviation – Crowd of 14,000 Avro employees cheer maiden flight of supersonic fighter the AVRO CF-105 Arrow at Malton Airport; one of world’s most advanced airplanes at the time; cancelled five months later. Toronto, Ontario  Go to article »

I WANDERED LONELY AS A CLOUD
  by  William Wordsworth
I wandered lonely as a cloud
That floats on high o’er vales and hills,
When all at once I saw a crowd,
A host, of golden daffodils;
Beside the lake, beneath the trees,
Fluttering and dancing in the breeze.

Continuous as the stars that shine
And twinkle on the milky way,
They stretched in never-ending line
Along the margin of a bay:
Ten thousand saw I at a glance,
Tossing their heads in sprightly dance.

The waves beside them danced; but they
Out-did the sparkling waves in glee:
A poet could not but be gay,
In such a jocund company:
I gazed—and gazed—but little thought
What wealth the show to me had brought:

For oft, when on my couch I lie
In vacant or in pensive mood,
They flash upon that inward eye
Which is the bliss of solitude;
And then my heart with pleasure fills,
And dances with the daffodils.
PICTURES OF THE DAY

Five-year-old Henly Mills with Martha, a day-old lamb, a day-old lamb, on his family’s farm in Arley, near Kidderminster, Worcestershire. Credit: Peter Lopeman/Alamy Live News

The RAF Benevolent Fund are commemorating the 75^th anniversary of The Great Escape – the mass escape from a German prisoner-of-war camp in 1944 that inspired the iconic film of the same name. There original stunt man Tim Gibbes sits on the original Triumph TR6 motorcycle. Credit: Jeff Gilbert for The Telegraph

Visitors flock a street under blooming cherry blossoms near Jiming Temple in Nanjing, Jiangsu province, China. Credit: Reuters
Market Closes for March 25^th, 2019

Market Index	Close	Change
Dow Jones	25516.83	+14.51   +0.06%
S&P 500	2798.36	-2.35   -0.08%
NASDAQ	7637.543	-5.124   -0.07%
TSX	16065.86	-23.47
		-0.15%

International Markets

Market Index	Close	Change
NIKKEI	20977.11	-650.23
		-3.01%
HANG SENG	28523.35	-590.01
		-2.03%
SENSEX	37808.91	-355.70
		-0.93%
FTSE 100*	7177.58	-30.01
		-0.42%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.549		1.598
CND. 30 Year Bond		1.847		1.892
U.S.    10 Year Bond		2.3983		2.4355
U.S. 30 Year Bond		2.8616		2.8732

Currencies

BOC Close	Today	Previous
Canadian $	0.74615	0.74489
US $	1.34022	1.34248
Euro Rate 1 Euro=		Inverse
Canadian $	1.51640	0.65946
US $	1.13146	0.88381

Commodities

Gold	Close	Previous
London Gold Fix	1311.30	1309.60
Oil
WTI Crude Future	58.77	58.94

Market Commentary:
On this day in 1966, Bank of America executive Kenneth Larkin drafted a memo proposing that Bankamericard should expand outside the bank’s home state of California and offer credit-card services to merchants and retail customers nationwide. The Visa card, and the ability to borrow and spend anywhere at any time, were born.
Canada
By Bloomberg Automation
     (Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 0.1 percent, or 23.47 to 16,065.86 in Toronto. The index dropped to the lowest closing level since March 8.
     Suncor Energy Inc. contributed the most to the index decline, decreasing 2.3 percent. Crescent Point Energy Corp. had the largest drop, falling 4.7 percent.
Today, 133 of 243 shares fell, while 105 rose; 6 of 11 sectors were lower, led by energy stocks.
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | -33.6225| -1.1| 6/35
Financials | -12.9165| -0.3| 6/20
Industrials | -5.2508| -0.3| 11/17
Communication Services | -3.6285| -0.4| 3/4
Information Technology | -0.2963| 0.0| 6/3
Consumer Discretionary | -0.0650| 0.0| 7/10
Utilities | 0.6515| 0.1| 7/9
Real Estate | 0.9474| 0.2| 15/10
Health Care | 1.2436| 0.3| 5/6
Consumer Staples | 8.7093| 1.4| 6/4
Materials | 20.7539| 1.1| 33/15
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Suncor Energy | -11.4700| -2.3| -49.9| 15.8
Canadian Natural | | | |
Resources | -6.7380| -2.1| -6.6| 10.0
Bank of Nova Scotia| -5.2180| -0.8| 54.2| 4.0
Goldcorp | 2.4010| 2.7| 14.9| 11.4
Couche-Tard | 7.3560| 3.3| 12.8| 10.6
Barrick Gold | 9.5700| 4.2| 14.5| 3.8
================================================================
| | Index | Volume VS |YTD Change
Biggest Gainers | % Change |Points Move|20D AVG (%)| (%)
================================================================
Cronos Group | 6.0| 1.8430| 97.4| 90.3
Yamana Gold | 6.0| 1.4150| 90.9| 15.9
Eldorado Gold | 5.6| 0.3940| -4.9| 64.3
================================================================
| | |Volume VS |
| |Index Points| 20D AVG |YTD Change
Biggest Losers | % Change | Move | (%) | (%)
================================================================
Crescent Point Energy | -4.7| -0.8200| -41.8| 2.7
Canada Goose | -4.1| -1.1170| 57.5| 4.2
Birchcliff Energy | -3.5| -0.2640| -38.3| 25.3
* The benchmark 10-year bond rose and the yield fell 4.3basis points to 1.554 percent
* The S&P 500 Index declined slightly, down 0.1 percent
US
By Rita Nazareth and Vildana Hajric
     (Bloomberg) — A rally in Treasuries sent benchmark yields briefly below 2.4 percent for the first time since December 2017. Stocks were mixed and the dollar retreated.
     Technology shares led losses in the S&P 500 Index as Apple Inc. slumped during Chief Executive Officer Tim Cook’s address.
     Consumer discretionary and industrial companies gained. Treasury 10-year yields extended their slide into a second day as investors wager the Federal Reserve will need to cut rates amid an economic slowdown. The pound turned lower after Prime Minister Theresa May stumped for her Brexit deal before a parliamentary vote.
     Traders pushed down the value of risk assets amid mounting concern over a global downturn and after stock valuations climbed near levels reached during the height of last year’s euphoria. The Fed may have to put rate hikes on hold or even ease monetary policy if economic forecasts for 2019 disappoint, Chicago Fed President Charles Evans said.
     “We’re still biased to the downside,” said Mona Mahajan, a U.S. investment strategist at Allianz Global Investors.
     “Generally, a low long rate means people are worried about long- term prospects for the economy. That weighs on equity markets as well.”
     Donald Trump warned that unspecified “people” who prompted Robert Mueller’s Russia investigation would be investigated, and said he wouldn’t object if the special counsel’s report is publicly released. Mueller said in a report that he didn’t find evidence the president or his campaign collaborated with Russian efforts to interfere in the 2016 election, according to a letter
     Attorney General William Barr sent to Congress on Sunday. The pound retreated as May said she doesn’t yet have enough support to put her Brexit deal to a vote in Parliament and will continue to try to convince MPs to back it. As lawmakers try to take control of the process, she’s wielding the threat of a long extension if her deal isn’t passed.
     European shares dropped even after data showed confidence among German companies improved. Australia’s 10-year bond yield recorded an all-time low and Japan’s hit the lowest since September 2016. The Turkish lira recouped some of its Friday slump, which followed the start of an investigation by the country’s banking regulator into JPMorgan Chase & Co. and another probe of unspecified banks for stoking the currency’s plunge.
Here are some key events coming up: * U.S.-China trade talks resume, with a cabinet-level American delegation due in China.
* U.K. Parliament is likely to stage several key votes on Brexit.
* China’s Boao Forum for Asia holds its annual conference this
week. A top Chinese government leader will deliver a keynote speech, and officials including Central Bank Governor Yi Gang and Finance Minister Liu Kun are scheduled to speak.
* Fed Governor Randal Quarles will speak Friday to the Shadow Open Market Committee on “Strategic Approaches to the Fed’s Balance Sheet and Communications.”
These are the main moves in markets:
Stocks
* The S&P 500 Index fell 0.1 percent to 2,798.39 at 4 p.m. in New York.
* The Dow Jones Industrial Average added 0.1 percent, while the Nasdaq-100 Index dropped 0.1 percent.
* The Stoxx Europe 600 Index decreased 0.5 percent.
* The MSCI Asia Pacific Index declined 1.9 percent.
Currencies
* The Bloomberg Dollar Spot Index fell 0.1 percent.
* The euro increased 0.1 percent to $1.1314.
* The British pound decreased 0.1 percent to $1.3196.
* The Japanese yen dipped 0.1 percent to 110 per dollar.
Bonds
* The yield on 10-year Treasuries dipped three basis points to 2.41 percent.
* Germany’s 10-year yield fell one basis point to -0.03 percent.
* Britain’s 10-year yield decreased three basis points to 0.986 percent.
Commodities
* The Bloomberg Commodity Index increased 0.2 percent.
* West Texas Intermediate crude dipped 0.4 percent to $58.82 a barrel.
* Gold posted a fifth straight gain as the dollar weakened.
–With assistance from Liz Capo McCormick, Alexandra Harris, Adam Haigh, Eddie van der Walt, Yakob Peterseil and Nick Baker.

Have a great night. 

Be magnificent!

As ever,

Carolann

Hope tells us tomorrow will be better.
                 –Tibullus, 55 BC-19 BC

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

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

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

Dear Friends,

Tangents:
March 22, 1945 – Arab League formed.
On March 22, 1972, Congress sent the proposed Equal Rights Amendment to the Constitution to the states for ratification. It fell short of the three-fourths approval needed.
Go to article »

                  SPRING
Nothing is so beautiful as spring –
When weeds, in wheels, shoot long and lovely and lush,
Thrush’s eggs look little low heaven, and thrush
Through the echoing timber does so rinse and wring
The ear, it strikes like lightnings to hear him sing… 
                                     -Gerard Manley Hopkins

PHOTOS OF THE DAY

A lookout tower, left, and the broadcast tower of Antenna Hungaria at the top of Karancs mountain are backdropped by the rising moon as seen from the vicinity of Karancskeszi village, 128 kms northeast of Budapest, Hungary. Credit: Peter Komka/MTI Via AP

People visit the Vessel at Hudson Yards, New York City. The newly opened staircase sculpture was designed by Thomas Heatherwick. Credit: Adam Gray/Barcroft Images

Super moon & equinox, rare lunar phenomenon of the large super worm moon coinciding with spring equinox at Minninglow hill, a historic English monument with a chambered tomb & two bowl barrows in Ballidon, Derbyshire, UK. Credit: The Telegraph
Market Closes for March 22^nd, 2019

Market Index	Close	Change
Dow Jones	25502.32	-460.19   -1.77%
S&P 500	2800.71	-54.17   -1.90%
NASDAQ	7642.668	-196.291   -2.50%
TSX	16089.33	-155.26
		-0.96%

International Markets

Market Index	Close	Change
NIKKEI	21627.34	+18.42
		+0.09%
HANG SENG	29113.36	+41.80
		+0.14%
SENSEX	38164.61	-222.14
		-0.58%
FTSE 100*	7207.59	-147.72
		-2.01%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.598		1.667
CND. 30 Year Bond		1.892		1.969
U.S.    10 Year Bond		2.4355		2.5369
U.S. 30 Year Bond		2.8732		2.9667

Currencies

BOC Close	Today	Previous
Canadian $	0.74489	0.74838
US $	1.34248	1.33623
Euro Rate 1 Euro=		Inverse
Canadian $	1.51941	0.65815
US $	1.13153	0.88376

Commodities

Gold	Close	Previous
London Gold Fix	1309.60	1303.70
Oil
WTI Crude Future	58.94	59.83

Market Commentary:
To know values is to know the meaning of the market. –Charles Dow, 1851-1902
Canada
By Aoyon Ashraf
     (Bloomberg) — Canadian stocks ended the week lower, following declines in foreign markets after disappointing data from the German manufacturing sector renewed global growth worries.
     The S&P/TSX Composite Index fell almost 1 percent on Friday, most since Dec. 24. Marijuana companies were the worst performers trading lower as analysts are keeping a close watch on a House committee vote scheduled for Tuesday on a bill to get cannabis industry cash off the streets and into bank accounts.
     Meanwhile Newmont Mining’s shareholders, including Paulson & Co. expressed concerns over the terms of the gold miners $10 billion purchase of Goldcorp Inc. VanEck — one of the biggest Newmont shareholders, also shared similar concerns about the deal.
     Canada’s economy gave no sign of a quick exit from its current soft patch, with data released Friday showing a benign environment for price pressures and tepid consumer spending.
In other moves:
Stocks
* Gold miners were among the best performing miners as gold outperformed the metals. Gainers include OceanaGold, Franco-Nevada, Barrick Gold, Centerra Gold 
* Industrial metal miners including Lundin Mining, First Quantum underperformed as copper fell
* Cronos Inc. fell 6 percent; earlier this week Altria and Cronos disclosed in a regulatory filing that the companies have begun to explore creating a new holding company for Cronos outside of Canada
* Canadian energy companies also fell as oil price declined; Kelt Exploration, Gran Tierra and MEG Energy are among decliners
* BRP Inc. shares traded lower despite reporting normalized EPS forecast midpoint that beat estimates
Commodities
* Western Canada Select crude oil traded at a $9.25 discount to WTI
* Gold futures rose 0.5 percent to $1,3426 an ounce
FX/Bonds
* The Canadian dollar weakened 0.4 percent to C$1.3418 per U.S. dollar
* The Canada 10-year government bond yield fell to 1.596 percent
US
By Vildana Hajric and Sarah Ponczek
     (Bloomberg) — U.S. equities ended the week lower and Treasuries rose amid more signals that global growth is slowing.
     The dollar advanced against most major currencies, while the three-month/10-year yield curve inverted for the first time since 2007.
     Despite a dovish turn by the Fed Wednesday, the S&P 500 Index on Friday saw its biggest drop since January — and lost 0.8 percent for the week — with materials and financials leading the benchmark down as the yield on 10-year Treasuries, already at a 14-month low, extended its decline. Growth fears also took a toll on crude, and energy shares tumbled. Investors sought refuge in utilities, while gold headed for its best week since early February.
     “The inversion historically has not been a good sign for the economy going ahead,” according to Ed Keon, chief investment strategist and portfolio manager at QMA. “But there’s deeper issues which we don’t fully understand and which the markets are grappling with. It’s not just cyclical signs that a flatter yield curve tends to be a sign of weaker economic growth ahead, but that the secular change where rates around the world in all the developed countries have been remarkably low.”
     Banks and industrial shares led the Stoxx Europe 600 lower after German purchasing manager data badly missed forecasts. Sovereign bonds in Europe quickly reversed earlier losses and the euro erased a modest gain. The yield on Germany’s 10-year bonds — Europe’s benchmark — tumbled below zero.
     The surprise to stock and bond markets pulled the MSCI index of global equities down from its highest level since October, eroding some of the optimism that the Federal Reserve’s dovish tilt could prolong the bull market for stocks. Bonds, however, were already signaling investor worries that momentum in growth and inflation remains too subdued.
     Hours before the 10-year yield tumbled in Germany, its counterpart in Japan fell to the lowest since 2016, New Zealand’s dropped below 2 percent for the first time and Australia’s was approaching an all-time low, as the world’s major central banks wound up another week showing they can’t yet tighten policy. Trade talks between the U.S. and China are scheduled to continue next week.
     Elsewhere, sterling advanced after European leaders moved to stop a chaotic no-deal Brexit from happening next week, handing the U.K. an extra two weeks. The U.K. now needs to decide by April 12 what it will do next. In Asia, a late-day turnaround put benchmark stock indexes in Japan, Korea and Australia back into the green.
These are the main moves in markets:
Stocks
* The S&P 500 Index decreased 1.9 percent as of 4 p.m. New York time.
* The Stoxx Europe 600 Index fell 1.2 percent.
* Germany’s DAX Index fell 1.6 percent to a one-month low.
* The MSCI Emerging Market Index dipped 1 percent, the largest decrease in two weeks.
Currencies
* The Bloomberg Dollar Spot Index rose 0.3 percent.
* The euro decreased 0.7 percent to $1.1297, the largest dip in more than two weeks.
* The British pound rose 0.7 percent to $1.3198.
* The Japanese yen rose 0.8 percent to 109.97 per dollar.
Bonds
* The yield on 10-year Treasuries sank 10 basis points to 2.44 percent, the lowest in more than 14 months.
* Germany’s 10-year yield dipped six basis points to -0.02 percent.
* Britain’s 10-year yield fell five basis points to 1.014 percent.
Commodities
* West Texas Intermediate crude sank 1.8 percent to $58.91 a barrel.
* Gold advanced 0.2 percent to $1,312.58 an ounce.
–With assistance from Adam Haigh, Cecile Gutscher and Todd White.

Have a wonderful weekend.

Be magnificent!

As ever,

Carolann

We are all sculptors and painters, and our material is our own
flesh and blood and bones.  Any nobleness begins at once to refine a man’s features, and any meanness or sensuality to imbrute them. -Henry David Thoreau, 1817-1862

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
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