Category: Events

Dear Friends,

Tangents:
March 7, 1876 – Scottish-Canadian Alexander Graham Bell received a patent for the telephone. 
Go to article »
1933- Monopoly invented.
1869- Suez Canal Opens.

Significant Numbers:
801
Speed (in miles per hour) achieved during a flight from Los Angeles to London on February 18, sue to a boost from the jet stream.  The speed of sound is 767 miles per hour.
180
Miles between Stonehenge and the quarries from which dozens of its stones came.  Researchers who discovered the exact location say the natural pillar shape of the stones explains why they were so prized. -USA Today.
PHOTOS OF THE DAY

A Balinese man holds a burning coconut shell during Mesabetan Api, a purification ritual to enter the holy day of Nyepi, which is a day of silence for self-reflection to celebrate the Balinese Hindu New Year, in Gianyar, Bali, Indonesia. Credit: Johannes P. Christo/Reuters

A series of lightning strikes over Santa Barbara, California, seen from Stearns Wharf in the city’s harbour. A storm soaking California on Wednesday could trigger mudslides in wildfire burn areas where thousands of residents are under evacuation orders, authorities warned. The Santa Barbara County Sheriff’s Office ordered 3,000 residents to evacuate hillside neighbourhoods scarred by fires. Credit: Mike Eliason/Santa Barbara County Fire Department/AP

A staff member restores the sculptures of the Issenheim altarpiece from the Unterlinden Colmar museum, at the Centre for Research and Restoration of Museums in the Louvre in Paris, France. Credit: Alain Jocard/AFP/Getty Images
Market Closes for March 7^th, 2019

Market Index	Close	Change
Dow Jones	25473.23	-200.23   -0.78%
S&P 500	2748.93	-22.52   -0.81%
NASDAQ	7421.465	-84.455   -1.13%
TSX	16056.51	-35.56
		-0.22%

International Markets

Market Index	Close	Change
NIKKEI	21456.01	-140.80
		-0.65%
HANG SENG	28779.45	-258.15
		-0.89%
SENSEX	36725.42	+89.32
		+0.24%
FTSE 100*	7157.55	-38.45
		-0.53%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.765		1.823
CND. 30 Year Bond		2.068		2.115
U.S.    10 Year Bond		2.6393		2.6915
U.S. 30 Year Bond		3.0262		3.0697

Currencies

BOC Close	Today	Previous
Canadian $	0.74373	0.74405
US $	1.34457	1.34399
Euro Rate 1 Euro=		Inverse
Canadian $	1.50569	0.66415
US $	1.11983	0.89299

Commodities

Gold	Close	Previous
London Gold Fix	1285.85	1283.80
Oil
WTI Crude Future	56.66	56.22

Market Commentary:
Being rational is a moral imperative.  You should never be stupider than you need to be.  –Charlie Munger, The Tao of Charlie Munger.
Canada
By Michael Bellusci
     (Bloomberg) — Canadian stocks slipped Thursday after a two-day gain, while a drop in tech shares helped send U.S. stocks to their longest losing streak this year.
     The S&P/TSX Composite Index fell 0.2 percent to 16,056.51. Consumer-discretionary and health care companies, mainly marijuana, led the declines. The Horizons Marijuana Life Sciences ETF (HMMJ CN) lost 3.5 percent, the most since February 6.
     Separately, Canada’s economic slump may end up lasting longer than first thought amid surprising signs of weakness in household spending and investment, a central bank official said.
In other moves:
Stocks
* Painted Pony Energy gained 20% after 4Q earnings release
* Obsidian Energy lost 13% after CEO to step down and proposed 7:1 common share consolidation 
* Paramount Resources fell 10% after 2019 production guidance miss 
* Largo Resources lost 8.7%; the company said it’s unaware of any material change 
* Martinrea International dropped 4.9%, the most since November 26 
Commodities
* Western Canada Select crude oil traded at a $11.20 discount to WTI
* Gold fell 0.1 percent to about $1,286.10/ounce 
FX/Bonds
* The Canadian dollar fell 0.1% to C$1.3459 per U.S. dollar
* The Canada 10-year government bond yield fell to 1.761 percent
US
By Reade Pickert
     (Bloomberg) — A drop in tech shares helped send U.S. stocks to their longest losing streak this year as the ECB’s grim economic forecasts reinforced concerns that global growth is slowing. The euro fell to the lowest since 2017.
     The S&P 500 Index sank for a fourth day, with Amazon, Microsoft, Apple and Facebook the biggest drags. The gauge closed just below the closely watched 200-day moving average of 2,750 that has provided support in the past. Government bonds surged, with the yield on Germany’s 10-year notes reaching the lowest since 2016. The dollar climbed for a seventh day.
     Economic concerns have moved to the forefront once more for investors, with European Central Bank officials cutting expansion estimates to justify a dovish turn a day after the Organization for Economic Cooperation and Development downgraded almost every growth outlook for Group of 20 nations. A U.S. jobs report tomorrow will shed light on the health of the world’s largest economy. Trade remains in the picture with markets awaiting details of a possible accord, as President Donald Trump is said to be pressuring U.S. negotiators to cut a deal with China soon.
     The ECB provided “another indication that our fears of slow growth are actually being confirmed,’’ said Tim Courtney, the chief investment officer of Exencial Wealth Advisors in Oklahoma City. “For the U.S. markets, it just shows that it is going to be harder and harder for these companies to hit their targets if the rest of the world is either in very, very slow positive growth or in contraction mode.”
     Banks in Europe’s main equity index tumbled as much as 2.6 percent after the ECB’s plan to support the economy by issuing a new series of long-term loans disappointed some traders.
     Elsewhere, shares fell in Japan and Hong Kong, with China bucking the trend. The pound fell even after the European Union was said to make a new offer to the U.K. in an attempt to break the Brexit impasse. Oil climbed toward $57 a barrel in New York as investors weighed a U.S. crude-stockpile surge that threatens to undermine OPEC’s bid to avert a glut against a drop in fuel inventories. Here are some key events coming up:
* The U.S. jobs report Friday may show hiring moderated in February. Nonfarm payrolls may have increased by 180,000 while the jobless rate fell to 3.9 percent, according to estimates.
These are the latest moves in markets:
Stocks
* The S&P 500 Index fell 0.8 percent at the close of trading in New York.
* The Stoxx Europe 600 Index decreased 0.4 percent.
* The U.K.’s FTSE 100 Index declined 0.5 percent.
* The MSCI Emerging Market Index sank 1.3 percent.
* The Nikkei-225 Stock Average fell 0.7 percent.
Currencies
* The Bloomberg Dollar Spot Index climbed 0.7 percent, hitting the highest in 10 weeks.
* The euro sank 1.1 percent to $1.1182, the weakest since June 2017.
* The British pound dipped 0.7 percent to $1.3076, its sixth consecutive decline.
* The Japanese yen rose 0.1 percent to 111.61 per dollar.
Bonds
* The yield on 10-year Treasuries decreased five basis points to 2.64 percent.
* Germany’s 10-year yield sank six basis points to 0.062 percent.
* Britain’s 10-year yield dipped five basis points to 1.17 percent.
Commodities
* West Texas Intermediate crude climbed 0.6 percent to $56.54 a barrel.
* Gold was little changed at $1,285.66 an ounce.
–With assistance from Ksenia Galouchko, Adam Haigh, Yakob Peterseil, Christopher Anstey and Eddie van der Walt.

Have a great night.

Be magnificent!

As ever,

Carolann

We are what we repeatedly do.  Excellence,
then is not an act, but a habit.
                        -Aristotle, 384 BC-322 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 6, 1834 – The city of Toronto was incorporated. 
Happy Birthday Toronto!  Go to article »

1836 – Fall of the Alamo.
1475 -Michelangelo, artist, b.
1928 – Gabriel Garcia Marquez, author, b.
PHOTOS OF THE DAY

An employee of Swiss National Bank presents the new 1,000-franc banknote in Zurich, Switzerland. Credit: Arnd Wiegmann/Reuters

The Archbishop of York, Dr John Sentamu (left) and The Dean of York, the Right Reverand Dr. Jonathan Frost attend a media call as a wooden cross is suspended from York Minster’s Central Tower as part of the Minster’s perpetrations to mark the season of Lent. Credit: Charlotte Graham
Market Closes for March 6^th, 2019

Market Index	Close	Change
Dow Jones	25673.46	-133.17   -0.52%
S&P 500	2771.45	-18.20   -0.65%
NASDAQ	7505.922	-70.439   -0.93%
TSX	16092.07	+5.53
		+0.03%

International Markets

Market Index	Close	Change
NIKKEI	21596.81	-129.47
		-0.60%
HANG SENG	29037.60	+76.00
		+0.26%
SENSEX	36636.10	+193.56
		+0.53%
FTSE 100*	7196.00	+12.57
		+0.17%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.823		1.879
CND. 30 Year Bond		2.115		2.159
U.S.    10 Year Bond		2.6915		2.7169
U.S. 30 Year Bond		3.0697		3.0810

Currencies

BOC Close	Today	Previous
Canadian $	0.74405	0.74884
US $	1.34399	1.33540
Euro Rate 1 Euro=		Inverse
Canadian $	1.52023	0.65779
US $	1.13114	0.88407

Commodities

Gold	Close	Previous
London Gold Fix	1283.80	1285.40
Oil
WTI Crude Future	56.22	56.56

Market Commentary:
The investor’s chief problem – even his worst enemy – is likely to be himself. -Benjamin Graham, 1894-1976
Canada
By Michael Bellusci
     (Bloomberg) — Canadian stocks pared gains Wednesday, ending about flat with pot stocks being especially weak after analysts said the departure of FDA Commissioner Scott Gottlieb adds more uncertainties to the evolution of the U.S. cannabidiol and medical marijuana market.
     The S&P/TSX Composite Index rose 0.03 percent to 16,092.07. Horizons Marijuana Life Sciences lost 1.8 percent after gaining 3.3 percent on Tuesday. Materials stocks also lagged as metals including gold, copper, and silver fell.
     Additionally, the Bank of Canada diluted its conviction that interest rates will need to go higher as officials expressed greater uncertainty about the outlook amid a deeper- than-expected slowdown.
In other moves:
Stocks
* Stars Group advanced 13.3% after 4Q adj. EPS and Ebitda beat analysts’ estimates 
* Alaris Royalty gained 6.5% after 4Q net profit jumped 58% 
* BlackBerry rose 5.1%, most since Sept. 28 
* Aecon Group rose 5.3% after 4Q revenue beat and boosting qtr. dividend 
* STEP Energy Services dropped 13.2% after 4Q adj. Ebitda missed the lowest estimate 
* Flower One Holdings fell 8.5% after pricing, terms of overnight offering
* Advantage Oil & Gas lost 5.7%, most since Jan. 28 
* Lundin Mining fell 4.8% after a report its Chile unit was under investigation; the company said its unaware 
* Pengrowth Energy fell 1.4% after posting a 4Q loss and plans for a strategic review 
Commodities
* Western Canada Select crude oil traded at a $11 discount toWTI
* Gold rose 0.3% to about $1,288.20/ounce 
FX/Bonds
* The Canadian dollar fell 0.6% to C$1.3435 per U.S. dollar
* The Canada 10-year government bond yield fell to 1.816 percent
US
By Vildana Hajric and Reade Pickert
     (Bloomberg) — U.S. equities fell to a three-week low on concern about the outlook for growth after fresh data pointed to a slowing economy before a key jobs report Friday. The dollar rose for a sixth day and oil fell.
     Energy and health-care companies led losses on the S&P 500 Index, sending the gauge toward its worst week of the year after reports showed the U.S. trade deficit widened in 2018 to a 10- year high and private companies added fewer employees than analysts forecast last month. General Electric Co. slumped a second day after the new CEO’s sobering outlook reminded investors that the company’s troubles are far from over.
     Commodities were led lower by oil after a bigger-than- expected buildup in U.S. crude stockpiles. Government bonds rallied as investors sought out defensive assets after the OECD said the global economy is suffering from trade tensions and political uncertainty.
     Trade remains high on investors’ agenda as they wait for details of a possible accord, with President Donald Trump said to be pressuring U.S. negotiators to cut a deal with China soon in hope of fueling a market rally. Meanwhile, bond traders are taking a more cautious stance as Morgan Stanley predicted benchmark Treasury yields will drop as low as 2.35 percent by the end of the year. Traders will also get plenty to ponder from the European Central Bank’s policy decision and the monthly U.S. jobs report later this week.
     “The possibility of a soft landing of this economy throughout the course of 2019 is still in play, but every data point now is watched with extreme focus and what you’re seeing is markets are not giving it the benefit of the doubt,” said Matthew Miskin, a market strategist at John Hancock Investments in Boston.
     European shares edged lower after an initial spike following a report that central bank officials are poised to cut their economic forecasts by enough to justify another round of loans for banks. Canada’s dollar extended losses after the Bank of Canada toned down its conviction that interest rates will need to go higher.
     Elsewhere, the Australian dollar sank amid growing bets on interest-rate cuts. Chinese shares outperformed and Japanese equities dropped. Turkey’s lira weakened after the country’s central bank held its policy rate unchanged.
Here are some key events coming up:
* European Central Bank policy makers are expected to leave rates unchanged amid a deteriorating outlook. President Mario Draghi will hold a news conference on Thursday after the decision.
* The U.S. jobs report Friday may show hiring moderated in February. Nonfarm payrolls may have increased by 185,000 while the jobless rate fell to 3.9 percent, according to estimates.
These are the latest moves in markets:
Stocks
* The S&P 500 Index fell 0.7 percent at the close of trading in New York.
* The Stoxx Europe 600 Index fell less than 0.05 percent.
* The MSCI Emerging Market Index was little changed.
Currencies
* The Bloomberg Dollar Spot Index added 0.2 percent, hitting the highest in three weeks with its sixth straight advance.
* The euro was little changed at $1.1311.
* The Japanese yen increased 0.1 percent to 111.77 per dollar.
Bonds
* The yield on 10-year Treasuries fell three basis points to
2.68 percent.
* Germany’s 10-year yield fell four basis points to 0.12 percent.
* Britain’s 10-year yield declined six basis points to 1.22 percent.
Commodities
* The Bloomberg Commodity Index declined 0.6 percent.
* WTI crude fell 0.6 percent to $56.22 a barrel.
* Copper fell 0.3 percent to $2.925 a pound.
* Gold dipped 0.1 percent to $1,286.83 an ounce.
–With assistance from Cormac Mullen, John Ainger, Sid Verma, Adam Haigh, Carlyann Edwards, Eddie van der Walt, Christopher Anstey and Robert Brand.

Have a great night!

Be magnificent!

As ever,

Carolann

I believe in God, only I spell it Nature.
    -Frank Lloyd Wright, 1867-1959

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 Mardi Gras!
                          *Shrove Tuesday*
A Mardi Gras tradition

King cake is no ordinary cake. The circular pastry shines with stripes of sugared New Orleans Carnival colors: purple for justice, gold for power and green for faith.

It’s stuffed with fruit and pecans — and a plastic baby that brings luck to the finder (along with the responsibility of providing the next year’s cake).

Plastic babies have usually been in, not on, the king cake.   Pableaux Johnson for The New York Times 

The notion of embedding an object in cake dates from at least the Roman Empire. For Saturnalia, a predecessor of Christmas, it was a fava bean. Whoever received the slice containing the bean ruled the day.

But the Romans also associated fava beans with death. That might be because of a genetic disorder, most common in the Mediterranean, that creates an often lethal bean allergy.

So perhaps eating a cake with a fava bean was a morbid joke, a moment on the edge, or what could be thought of as letting the good times roll. –from The New York Times, March 5, 2019.

PHOTOS OF THE DAY

Revellers covered in talcum powder take part in ‘Los Indianos’ street carnival in Santa Cruz de la Palma, on the Spanish Canary island of La Palma. Credit: Desiree Martin/AFP/Getty Images

Performers of the Imperio Serrano samba school wait to take part in the first night of Rio’s Carnival parade at the Sambodrome in Rio de Janeiro, Brazil. Credit: Carl de Souza/AFP/Getty Images

Choirboys from the Pilgrim school, Winchester, practice for the Shrove Tuesday races which will be held at Winchester Cathedral. The race will see them take on 19 other teams from the Fire Service to Opticians in a race that spans a 38 metre course. Credit: Russell Sach for The Telegraph
Market Closes for March 5^th, 2019

Market Index	Close	Change
Dow Jones	25807.37	-12.28   -0.05%
S&P 500	2795.41	+2.60   +0.09%
NASDAQ	7576.359	-1.208   -0.02%
TSX	16087.99	+49.86
		+0.31%

International Markets

Market Index	Close	Change
NIKKEI	21726.28	-95.76
		-0.44%
HANG SENG	28961.60	+2.01
		+0.01%
SENSEX	36442.54	+378.73
		+1.05%
FTSE 100*	7183.43	+49.04
		+0.69%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.879		1.896
CND. 30 Year Bond		2.159		2.168
U.S.    10 Year Bond		2.7169		2.7223
U.S. 30 Year Bond		3.0810		3.0891

Currencies

BOC Close	Today	Previous
Canadian $	0.74884	0.75110
US $	1.33540	1.33137
Euro Rate 1 Euro=		Inverse
Canadian $	1.50992	0.66229
US $	1.13069	0.88442

Commodities

Gold	Close	Previous
London Gold Fix	1285.40	1311.95
Oil
WTI Crude Future	56.56	56.59

Market Commentary:
On this day in 1923, Montana’s Old-Age Pension Law—the first state law that provides retirement pensions and stands up to constitutional challenges—is enacted, setting a key precedent for the creation of Social Security a decade later.
Canada
By Michael Bellusci
     (Bloomberg) — Canadian stocks edged higher on Tuesday, helped by a surge in marijuana shares, while the U.S. market meandered in thin trading.
     The S&P/TSX Composite Index rose 0.3 percent to 16,086.54. Health care led the market, while utilities and consumer staples underperformed. Meanwhile, investors turned their attention to tomorrow’s Bank of Canada meeting. The spread between Canadian and U.S. two-year government-debt yields is the widest since 2007 ahead of the event, a sign traders are reducing expectations for interest-rate hikes this year.
In other moves:
Stocks
* Aurora Cannabis surged 12.5% after a new outperform rating from Cowen 
** Cronos Group, rated a new market perform at Cowen, also rose
* Vivo Cannabis jumped 11.2% after announcing the launch of a new online store 
* Green Organic Dutchman Holdings jumped 6.5% after receiving organic certification from Pro-cert Organic Systems Ltd.
* Theratechnologies dropped 6.7%, extending losses for a third-straight session 
* Stelco Holdings lost 3.8% after a new equal weight rating from Morgan Stanley 
* Semafo declined 2.9% ahead of post-market 4Q earnings
Commodities
* Western Canada Select crude oil traded at a $11 discount to WTI
* Gold rose 0.1% to about $1,288.60/ounce 
FX/Bonds
* The Canadian dollar fell 0.4% to C$1.3352 per U.S. dollar
* The Canada 10-year government bond yield fell to 1.880 percent
US
By Jeremy Herron and Reade Pickert
(Bloomberg) — U.S. stocks edged lower as investors struggled to find inspiration after a torrid start to the year. The dollar rallied for a fifth day.
     The S&P 500 Index fell 0.1 percent. Equities opened lower amid a lack of progress on the U.S.-China trade deal before briefly erasing losses on home-sales and service-industries data that beat estimates. General Electric Co. tumbled after its chief executive officer forecast negative industrial free cash flow this year. Target Corp. and Kohl’s Corp. buoyed consumer shares on the back of solid earnings.
     “The market has priced in a lot of good news and I think now the fact that returns are moderating some is a reflection of now they need to see the follow-through,” Michael Arone, chief investment strategist at State Street Global Advisors, said in an interview at Bloomberg’s New York headquarters. “They need to see the specifics on that U.S.-China trade deal and they need more assurances that the Fed isn’t going to change track again.” 
     Investors are hungry for concrete details about progress on a U.S.-China trade deal before they push a global equities rally further, leaving the S&P 500 Index seemingly stuck below the key 2,800 level. Trade and slowing growth are on the agenda as China’s most powerful officials gather in Beijing for the National People’s Congress, while investors will get the latest read on the U.S. economy with the monthly jobs report Friday.
     Elsewhere, European shares ended slightly higher, while equities in Japan, Korea and Australia slumped after China lowered its target for economic growth. Indian stocks recouped early losses made after the U.S moved to end key trade concessions for New Delhi.
Here are some key events coming up:
* Australia’s central bank Governor Philip Lowe will give a speech on the housing market Wednesday.
* Bank of Canada Governor is expected to keep rates on hold Wednesday due to lingering uncertainty on housing and investment, while sticking to his message that borrowing costs eventually need to head higher.
* European Central Bank policy makers are expected to leave rates unchanged amid a deteriorating outlook. President Mario Draghi will hold a news conference on Thursday after the decision.
* The U.S. jobs report Friday may show hiring moderated in February. Nonfarm payrolls may have increased by 185,000 while the jobless rate fell to 3.9 percent, according to estimates.
These are the latest moves in markets:
Stocks
* The S&P 500 fell 0.1 percent as of the close in New York.
* The Nasdaq 100 Index rose 0.1 percent.
* The Stoxx Europe 600 Index rose 0.2 percent.
* The MSCI Emerging Market Index climbed 0.2 percent.
* The MSCI Asia Pacific Index sank 0.2 percent.
Currencies
* The Bloomberg Dollar Spot Index increased 0.2 percent, its fifth straight advance.
* The euro fell 0.3 percent to $1.1306, the weakest in more than two weeks.
* The British pound was little changed at $1.3176.
* The Japanese yen decreased 0.1 percent to 111.87 per dollar.
Bonds
* The yield on 10-year Treasuries was little changed at 2.72 percent.
* Germany’s 10-year yield climbed one basis point to 0.17 percent.
* Britain’s 10-year yield rose less than one basis point to 1.28 percent.
Commodities
* West Texas Intermediate crude was little changed at $56.61 a barrel.
* Gold added 0.1 percent to $1,287.73 an ounce, reaching a six-week low.
–With assistance from Cormac Mullen and Yakob Peterseil.

Have a great night.

Be magnificent!

As ever,

Carolann

A man should hear a little music, read a little poetry, and see a fine picture every day of his life,
in order that worldly cares may not obliterate the sense of the beautiful which 
God has implanted in the human soul. –J. W. Goethe, 1749-1832

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

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

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

Dear Friends,

Tangents:
March 4, 1946 – Espionage – Communist MP Fred Rose and 13 others charged with spying for the Soviet Union; result of Gouzenko revelations. Ottawa, Ontario 
Go to article »
PHOTOS OF THE DAY

Alan Mikkelson races down Harrison Avenue while skier Jason Dahl airs out off the first jump during the 71st annual Leadville Skijoring weekend competition in Leadville, Colorado. Skijoring, which has its origins as a competitive sport in Scandinavia, has been adapted over the years to include jumps, slalom gates, and spearing rings for points. Leadville has been hosting skijoring competitions since 1949. Credit:  Jason Connolly/AFP/Getty Images

Members of opposing teams throw oranges at each other during the traditional “battle of the oranges” held during the carnival in Ivrea, near Turin, Italy. During the event, which marks the people’s rebellion against tyrannical lords who ruled the town in the Middle Ages, revellers parading on floats represent guards of the tyrant, while those on foot the townsfolk. Credit: Marco Bertorello/AGP/Getty Images

Tayun Mountain after a snowfall in Chaiping Township, northwest China’s Shaanxi Province. Credit: Xinhua/Alamy Live News
Market Closes for March 4^th, 2019

Market Index	Close	Change
Dow Jones	25819.65	-206.67   -0.79%
S&P 500	2792.81	-10.88   -0.39%
NASDAQ	7577.566	-17.788   -0.23%
TSX	16038.13	-30.12
		-0.19%

International Markets

Market Index	Close	Change
NIKKEI	21822.04	+219.35
		+1.02%
HANG SENG	28959.59	+147.42
		+0.51%
SENSEX	36063.81	+196.37
		+0.55%
FTSE 100*	7134.39	+27.66
		+0.39%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.896		1.942
CND. 30 Year Bond		2.168		2.209
U.S.    10 Year Bond		2.7223		2.7640
U.S. 30 Year Bond		3.0891		3.1349

Currencies

BOC Close	Today	Previous
Canadian $	0.75110	0.75235
US $	1.33137	1.32917
Euro Rate 1 Euro=		Inverse
Canadian $	1.50956	0.66245
US $	1.13383	0.88196

Commodities

Gold	Close	Previous
London Gold Fix	1311.95	1319.15
Oil
WTI Crude Future	56.59	55.80

Market Commentary:
On this day in 1957, Standard & Poor’s introduced a new stock index, now known as the S&P 500.
Canada
By Michael Bellusci
     (Bloomberg) — Canadian stocks edged lower on Monday after the delay to Enbridge Inc.’s Line 3 crude oil pipeline expansion blasted shares of Canadian oil-sands producers.
     The S&P/TSX Composite Index fell 0.2 percent to 16,038.13. Energy was a key laggard while materials and industrials rose.
     On the M&A front, Barrick Gold will “definitely not” withdraw its hostile offer for Newmont, CEO Mark Bristow says. Separately, Justin Trudeau lost another cabinet minister over the SNC-Lavalin Group Inc. controversy, which has dented his party in the polls ahead of a Canadian election this year.
In other moves:
Stocks
* Maxar Technologies Inc. fell, sliding more than 10 percent for a second-straight session 
* Enbridge Inc. lost 5.8% after its Line 3 pipeline delay 
* Ritchie Bros Auctioneers Inc. slipped more than 5% 
* Wolverine Energy & Infrastructure gained 34% 
* Dollarama Inc. rose 3% 
Commodities
* Western Canada Select crude oil traded at a $11.25 discount to WTI
* Gold fell for a sixth day to about 1,287.70/ounce 
FX/Bonds
* The Canadian dollar fell 0.1% to C$1.3307 per U.S. dollar
* The Canada 10-year government bond yield fell to 1.898
US
By Reade Pickert and Luke Kawa
     (Bloomberg) — U.S. shares retreated as investors sought details of a possible trade deal between the White House and China. The dollar strengthened and Treasury yields slipped.
     The S&P 500 Index slumped the most since Feb. 7, with financial and health-care shares pacing declines, after the benchmark gauge again failed to hold gains that took it past the 2,800 level. Salesforce.com fell in after-hours trading when the company gave a revenue forecast that fell short of estimates.
     The yuan edged higher after reports on the trade deal, which was said to require Beijing to follow through on pledges ranging from better protecting intellectual-property rights to buying more U.S. products. The dollar firmed against most major peers even after U.S. President Donald Trump warned against it becoming too strong.
     After soaring 18 percent from Christmas to mid-February, the S&P 500 has struggled to extend gains past highs achieved in October and November, with advances petering out near 2,800. It climbed as far as 2,816 Monday on trade optimism before falling back below the round-number level. Investors focused on the outlook for global growth weren’t that impressed after China was said to plan a 3 percentage-point cut to its VAT tax rate for manufacturing to support its economy, which Morgan Stanley estimated could add 0.6 percent to expansion. Investors will get the latest read on the U.S. economy with the monthly jobs report Friday.
     “The fact that we’re seeing diminishing returns every time one of these sort of good-news stories comes out over the weekend tells me that” a U.S.-China trade deal is now mostly priced in, Brian Nick, the chief investment strategist at Nuveen, said on Bloomberg Television.
     Elsewhere, European stocks edged higher after gains in Asia. The pound slipped even amid optimism U.K. lawmakers are avoiding a hard Brexit by moving toward supporting Prime Minister Theresa May’s proposed deal. West Texas oil climbed above $56 a barrel on signs of slowing U.S. production growth and as OPEC and its allies deepened cutbacks, while gold and copper fell.
Here are some key events coming up:
* China’s National People’s Congress opens in Beijing on Tuesday. Premier Li Keqiang will announce an economic growth target. The Chinese People’s Political Consultative Conference runs concurrently. Through March 15.
* Australia’s central bank sets policy on Tuesday, then Governor Philip Lowe will give a speech on the housing market Wednesday.
* Bank of Canada Governor Stephen Poloz is expected to keep rates on hold Wednesday due to lingering uncertainty on housing and investment, while sticking to his message that borrowing costs eventually need to head higher.
* European Central Bank policy makers are expected to leave rates unchanged amid a deteriorating outlook. President Mario Draghi will hold a news conference on Thursday after the decision.
* The U.S. jobs report Friday may show hiring moderated in February. Nonfarm payrolls may have increased by 185,000 while the jobless rate fell to 3.9 percent, according to estimates.
These are the latest moves in markets:
Stocks
* The S&P 500 Index slumped 0.4 percent at the close in New York.
* The Nasdaq 100 was little changed and the Dow Jones Industrial Average lost 0.8 percent.
* The Stoxx Europe 600 Index added 0.2 percent.
* The Nikkei-225 Stock Average advanced 1 percent to a three-month high.
* The MSCI Emerging Market Index rose 0.2 percent.
Currencies
* The Bloomberg Dollar Spot Index rose 0.1 percent.
* The euro weakened 0.2 percent to $1.1342.
* The British pound fell 0.2 percent to $1.3175.
* The Japanese yen rose 0.2 percent to 111.7 per dollar.
* The offshore yuan rose less than 0.1 percent to 6.7091 per dollar.
Bonds
* The yield on 10-year Treasuries fell three basis points to 2.72 percent.
* Germany’s 10-year yield fell three basis points to 0.16 percent.
* Britain’s 10-year yield fell two basis points to 1.27 percent.
Commodities
* The Bloomberg Commodity Index fell 0.2 percent.
* Copper fell 0.7 percent to $2.9115 per pound.
* West Texas Intermediate crude climbed 1.3 percent to $56.42 a barrel.
–With assistance from Adam Haigh, Christopher Anstey and Sarah Ponczek.

Have a great night.

Be magnificent!

As ever,

 

Carolann

It is one of the most beautiful compensations  of life, that no man
Can sincerely try to help another without helping himself.
                                           -Ralph Waldo Emerson, 1803-1882

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:
1872~ Yellowstone National Park established.
1961~ Peace Corps established.
1999~ UN Land Mine Ban.
Former Nixon White House aides H.R. Haldeman and John D. Ehrlichman and former Attorney General John Mitchell were indicted on obstruction of justice charges related to the Watergate break-in.  Go to article »

The month is so called March from MARS.  The old Dutch name for it was Lentmaand (lent).  The old Saxon name was Hr?thm?nath, perhaps meaning “rough month”, from its boisterous winds.  This subsequently became Lenctenm?nath – “lengthening month”.  In the French Revolutionary Calendar the corresponding month was called Ventôse – “windy”, extending form 20 February to 21March.

March comes in like a lion and goes out like a lamb.
PHOTOS OF THE DAY

A masked reveller walks along the water front, preparing to parade though the streets during the carnival season in Lucerne, Switzerland. Credit: URS Flueeler/Keystone VIA AP

These adorable photos show five newborn lambs dressed in woolly jumpers to keep them warm. Tiny lambs, Finn, Freddy, Flora, Fleur and Freya were only born five days ago. They live at Auchingarrich Wildlife Centre, Comrie, Perth and Kinross, Scotland, but were born at a nearby farm. The siblings are fed four times a day, and live in a ‘hatchery’ in a little pen. Credit: SWNS.COM

Sharp showers over Mousehole, Cornwall, UK this morning, bringing with them a beautiful double rainbow over the village. Credit: Simon Maycock, Alamy Live News
Market Closes for March 1^st, 2019

Market Index	Close	Change
Dow Jones	26026.32	+110.32   +0.43%
S&P 500	2802.67	+18.18   +0.65%
NASDAQ	7595.355	+62.823   +0.83%
TSX	16073.44	+74.43
		+0.47%

International Markets

Market Index	Close	Change
NIKKEI	21602.69	+217.53
		+1.02%
HANG SENG	28812.17	+178.99
		+0.63%
SENSEX	36063.81	+196.37
		+0.55%
FTSE 100*	7106.73	+32.00
		+0.45%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.942		1.942
CND. 30 Year Bond		2.209		2.190
U.S.    10 Year Bond		2.7640		2.7150
U.S. 30 Year Bond		3.1349		3.0802

Currencies

BOC Close	Today	Previous
Canadian $	0.75235	0.75932
US $	1.32917	1.31697
Euro Rate 1 Euro=		Inverse
Canadian $	1.51133	0.66167
US $	1.13705	0.87947

Commodities

Gold	Close	Previous
London Gold Fix	1319.15	1322.85
Oil
WTI Crude Future	55.80	57.22

Market Commentary:
On this day in 1935, the first U.S. savings bond (Series A) was issued after Secretary of the Treasury Henry Morgenthau observed that the U.S. lacked a government savings plan like those of France and Great Britain.
Canada
By Michael Bellusci
     (Bloomberg) — Canadian stocks ended on a high note despite paring gains in the afternoon. The SPTSX Index rose for its ninth consecutive week. U.S. stocks broke a three-day slide, led by a rally in shares of technology companies.
     The S&P/TSX Composite Index gained 0.4 percent to 16,068 on Friday. Technology, energy, consumer staples and discretionary advanced while communication services lagged after the Canadian Radio-television and Telecommunications Commission said it’s reviewing the mobile wireless market.
     Canada’s gross domestic product grew by just 0.1 percent in the fourth quarter, or 0.4 percent annualized, Statistics Canada said Friday. Separately, Canada officially ordered the start of extradition hearings against Huawei Technologies Co. Chief Financial Officer Meng Wanzhou, in a proceeding that promises to be long and politically explosive.
In other moves:
Stocks
* Martinrea International Inc. gained 12.6% after 4Q adj. EPS beat estimates
* Village Farms International Inc. rose 9% after a hemp JV
* Green Organic Dutchman Holdings Ltd. gained 9.8% percent 
* Parkland Fuel Corp. rose 8.8% after 4Q earnings, which included a dividend boost
* Kinaxis Inc. slumped 7.8% after its 2019 adj. Ebitda outlook disappointed 
Commodities
* Western Canada Select crude oil traded at a $11.90 discount to WTI
* Spot gold fell about 1.7% to 1,291.34/ounce 
FX/Bonds
* The Canadian dollar fell 0.9% to C$1.3295 per U.S. dollar
* The Canada 10-year government bond yield fell to 1.941%
US
By Reade Pickert and Sarah Ponczek
     (Bloomberg) — U.S. stocks broke a three-day slide, led by a rally in shares of technology companies, propelling the benchmark S&P 500 to its fifth consecutive weekly gain. 
     Treasuries fell, the dollar strengthened and oil slumped. The Nasdaq 100 jumped as Amazon announced plans to open new grocery stores and Apple’s chief executive made positive comments, keeping that index on track to post its 10th straight week in the green. The S&P 500 closed above the 2,800 price level for the first time since November after struggling to hold above the threshold all week.
     “People are looking for a catalyst for equities to move up,” said Erik Ristuben, the chief investment strategist at Russell Investments Management Co., said in an interview at Bloomberg’s New York headquarters.
     The psychological level of 2,800 continued to act as resistance for the S&P 500, a point that the benchmark had failed to breach four times in the past five months.
     Stocks weakened earlier after the Institute for Supply Management’s gauge of U.S. factories slumped to a two-year low. They had opened higher in the wake of gains posted overseas after positive economic data from China and prospects of a trade deal improved. Chinese shares outperformed as an increase in the Caixin manufacturing gauge and confirmation that MSCI Inc. will raise the weight of Chinese stocks in its global benchmarks buoyed sentiment.
     After a 16 percent surge from Christmas through the start of this week, MSCI’s gauge of global equities has tread water as investors await progress in U.S.-China trade negotiations.
     American officials are preparing a final deal that U.S. President Donald Trump and China President Xi Jinping could sign in weeks, people familiar with the matter said, even as a debate continues in Washington over whether to push Beijing for more concessions.
     Meanwhile, geopolitical concerns remain in the background, amid tensions between India and Pakistan and the failure of a summit between Kim Jong Un and Trump to achieve an agreement between the U.S. and North Korea on denuclearization.
These are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.7 percent to 2,803.69 as of 4:07 p.m. New York time, while the Nasdaq Composite Index gained 0.8 percent and the Dow Jones Industrial Average climbed 0.4 percent.
* The Stoxx Europe 600 rose 0.4 percent. 
* The MSCI Emerging Market Index was little changed.
* The MSCI Asia Pacific Index rose 0.1 percent. 
Currencies
* The Bloomberg Dollar Spot Index rose 0.4 percent, the third straight daily increase.
* The euro fell 0.1 percent to $1.1361, while the yen weakened 0.5 percent to 111.99 per dollar.
* The British pound fell 0.5 percent to $1.3196.
* The MSCI Emerging Markets Currency Index fell 0.3 percent.
Bonds
* The yield on 10-year Treasuries rose five basis points to 2.76 percent.
* Germany’s 10-year yield climbed less than one basis point to 0.18 percent.
* Britain’s 10-year yield fell less than one basis point to 1.30 percent. 
Commodities
* West Texas Intermediate fell 2.5 percent to $55.79 a barrel.
* Gold dropped 1.7 percent to $1,290 an ounce.
* The Bloomberg Commodity Index fell 0.5 percent. 
–With assistance from Robert Brand.

Have a wonderful weekend.

Be magnificent!

As ever,

Carolann

You must do the things you think you  cannot do.
                        -Eleanor Roosevelt, 1884-1962

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:
Scientists James D. Watson and Francis H.C. Crick announced they had discovered the double-helix structure of DNA, the molecule that contains the human genes, at Cambridge University.
Go to article »

‘Starry’ planet
Check out these photos. No, they’re not some recently unearthed van Gogh paintings. They’re new pics of Jupiter taken by NASA’s Juno spacecraft. – From CNN
PHOTOS OF THE DAY

A bee foraging around flowers on a warm winter’s day in Bern, Switzerland. The unseasonably warm weather seems to have brought the seasons forward by some weeks, revealing a spring view while still being in winter. Credit: Anthony Anex/Keystone

Tourist and office workers continue to enjoy the unseasonably warm weather in Hyde Park, London, as Britain could experience record-breaking temperatures this week. Credit: John Stillwell/PA

A view of the Ballroom and the Young Women and Men’s Committee during the rehearsal for the 2019 Opera Ball at the Vienna State Opera. – The Opera Ball 2019, the sumptuous highlight of the Austrian capital’s ball season. Credit: Photo by Herbert Neubaur/AFP
Market Closes for February 28^th, 2019

Market Index	Close	Change
Dow Jones	25916.00	-69.16   -0.27%
S&P 500	2784.49	-7.89   -0.28%
NASDAQ	7532.531	-21.978   -0.29%
TSX	15999.01	-75.29
		-0.47%

International Markets

Market Index	Close	Change
NIKKEI	21385.16	-171.35
		-0.79%
HANG SENG	28633.18	-124.26
		-0.43%
SENSEX	35867.44	-37.99
		-0.11%
FTSE 100*	7074.73	-32.47
		-0.46%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.942		1.915
CND. 30 Year Bond		2.190		2.162
U.S.    10 Year Bond		2.7150		2.6770
U.S. 30 Year Bond		3.0802		3.0576

Currencies

BOC Close	Today	Previous
Canadian $	0.75932	0.76052
US $	1.31697	1.31489
Euro Rate 1 Euro=		Inverse
Canadian $	1.49755	0.66776
US $	1.13712	0.87942

Commodities

Gold	Close	Previous
London Gold Fix	1322.85	1325.05
Oil
WTI Crude Future	57.22	56.95

Market Commentary:
On this day in 1827, America’s first great growth industry was born. Two dozen business leaders incorporated the Baltimore and Ohio Railway to link Baltimore with Wheeling, W.Va., connecting the western frontier with the eastern seaboard.
Canada
By Michael Bellusci
     (Bloomberg) — Canadian stocks ended a four-day winning streak, trending lower with the U.S. market on global risks.
     The S&P/TSX Composite Index dropped 0.5 percent to 15,999.01. Materials, financials, and industrials lagged, while health-care and real estate advanced. The S&P/TSX Composite Materials Sector GICS Level 1 Index (STMATR) dropped for a fourth straight session.
     Foreign direct investment in Canada rebounded in 2018, showing businesses may be regaining some of their confidence in an economy hampered by falling oil prices and trade uncertainty.
In other moves:
Stocks
* Jamieson Wellness gained 10.5% after earnings update and BMO upgrade
* Bombardier rose 6.5% after boosting its planned bond offering
* Transcontinental lost 12.2% after 1Q adj. EPS missed lowest estimate 
* Seven Generations Energy fell 9.1%; the company still looking at infrastructure options 
Commodities
* Western Canada Select crude oil traded at a $12 discount to WTI
* Gold fell about 0.1% to 1,325.10 an ounce
FX/Bonds
* The Canadian dollar gained fell about 0.1 percent to C$1.3162 per U.S. dollar
* The Canada 10-year government bond yield rose to 1.943 percent
US
By Sarah Ponczek and Reade Pickert
     (Bloomberg) — U.S. stocks fell for a third consecutive day for the first time this year as lingering concerns over trade and geopolitical risks offset a report showing the economy cooled by less than expected last quarter. The dollar climbed and Treasury yields increased.
     “With this positive momentum, investors are just looking for a little bit of a pause,” said Gene Goldman, chief investment officer at Cetera Investment Management. “Now on the docket is what’s next? We had some data reports and GDP today, but that’s still two month-old data, so investors need some more news.”
     After soaring 18 percent from Christmas to mid-February, the S&P 500 Index has been stuck treading water for the past seven sessions. The gauge did basically nothing the first three days this week, moving less than 3.5 points each day for a total journey of 7.2 points. The last time the gauge did that little over three sessions was 14 months ago.
     Equities received brief bumps higher after White House economic adviser Larry Kudlow and Treasury Secretary Steven Mnuchin gave optimistic outlooks on the status of trade negotiations with China. Stocks dropped earlier in Europe and Asia as disappointing manufacturing data out of China and an abrupt end to the U.S.-North Korea summit added to a litany of concerns facing investors.
     The 2.6 percent annualized rate of gains in gross domestic product from October to December compared with the 2.2 percent median estimate of economists surveyed by Bloomberg. It followed a 3.4 percent advance in the prior three months, according to a Commerce Department report that was delayed a month by the government shutdown.
     “This really helps at least reduce imminent recession fears and is just another indicator that the economy certainly slowed down but it looks less recessionary than just a mid-cycle slowdown at this point,” said Jim Paulsen, chief investment strategist at Leuthold Weeden Capital Management in Minneapolis.
     “And certainly the bond market’s initial reaction seems to be that way, with it lifting yields for example.” China’s economic worries and the abrupt end to the Hanoi summit, alongside escalating tensions between India and Pakistan add to a growing array of investor worries. The list also includes the trade war and the direction of monetary policy, potentially setting a high bar for further gains in stocks. U.S. Trade Representative Robert Lighthizer dialed back expectations for a sweeping deal with Beijing on Wednesday, putting a damper on hopes for a quick resolution to talks.
Here are some key events coming up:
* U.S. personal income and sending data is released Friday.
These are the main moves in markets:
Stocks
* The S&P 500 Index fell 0.3 percent as of 4:03 p.m. New York time, while the Nasdaq Composite Index dropped 0.3 percent and the Dow Jones Industrial Average eased 0.3 percent.
* The Stoxx Europe 600 was little changed. 
* The MSCI Emerging Market Index dropped 1 percent.
* The MSCI Asia Pacific Index fell 1 percent, the third straight decline. 
Currencies
* The Bloomberg Dollar Spot Index rose 0.1 percent.
* The euro rose less than 0.1 percent to $1.1374, while the yen weakened 0.4 percent to 111.46 per dollar.
* The British pound weakened 0.4 percent to $1.3262, the first decline in five days.
* The MSCI Emerging Markets Currency Index fell 0.2 percent.
Bonds
* The yield on 10-year Treasuries rose four basis points to 2.72 percent.
* Germany’s 10-year yield climbed four basis points to 0.18 percent.
* Britain’s 10-year yield rose three basis points to 1.30 percent, the fourth straight daily increase. 
Commodities
* West Texas Intermediate rose 0.5 percent to $57.21 a barrel.
* Gold fell 0.5 percent to $1,313 an ounce.
* The Bloomberg Commodity Index fell 0.3 percent. 
–With assistance from Elena Popina.

Have a great night.

Be magnificent!

As ever,

Carolann

Knowing others is intelligence; knowing yourself is true wisdom.
Mastering others is strength; mastering yourself is true power.
                                     -Lao Tzu, c. 6^th-4^th century B.C.

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 Feb. 27, 1991, President George H.W. Bush declared that “Kuwait is liberated, Iraq’s army is defeated,” and announced that the allies would suspend combat operations at midnight.
Go to article »

1807~ Henry W. Longfellow, poet, born.
We judge ourselves by what we feel capable of doing, while others judge us by what we have already done. – Henry Wadsworth Longfellow.

Longfellow was born in Portland, Maine, and it is the wilderness and the sea that supplies his poetry, like Song of Hiawatha, Evangeline, and the Courtship of Miles Standish, and their images and meaning.  He wrote poems as a young man during his years at Bowdoin College and then turned to academic writing and translation as a professor of modern languages at Harvard.  His store of languages included French, Spanish, Italian, Dutch, Danish, Icelandic, Swedish, and some Finnish.
He finished his last poem, The Bells of San Blas, on March 15, 1882.  “Out of the shadows of night/The world rolls into light; it is daybreak everywhere.”  He died nine days later on March 24, 1882.
PHOTOS OF THE DAY

People sit on rocks with their tops off as they enjoy the sunshine at Woolacombe, North Devon. Credit: Ben Birchalla/PA Wire

A surfer males their way into the sea during sunrise at Boscombe beach in Dorset as Britain could experience more record-breaking temperatures this week after Monday became the warmest winter day on record. Credit: Andrew Matthews/PA Wire

A girl that studies in Cucuta, Colombia, points to the Francisco de Paula Santander international bridge, closed by the Venezuelan Bolivarian National Guard, in Urena, Venezuelan children, who attend school on the Colombian side of the border, have been blocked from class after the border between both countries was closed indefinitely by the Venezuelan government. Credit: Fernando LLANO/AP
Market Closes for February 27^th, 2019

Market Index	Close	Change
Dow Jones	25985.16	-72.82   -0.28%
S&P 500	2792.38	-1.52   -0.05%
NASDAQ	7554.508	+5.210   +0.07%
TSX	16074.30	+6.39
		+0.04%

International Markets

Market Index	Close	Change
NIKKEI	21469.92	-86.59
		-0.40%
HANG SENG	28757.44	-14.62
		-0.05%
SENSEX	35905.43	-68.28
		-0.19%
FTSE 100*	7107.20	-43.92
		-0.61%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.915		1.866
CND. 30 Year Bond		2.162		2.121
U.S.    10 Year Bond		2.6770		2.6357
U.S. 30 Year Bond		3.0576		3.0055

Currencies

BOC Close	Today	Previous
Canadian $	0.76052	0.75956
US $	1.31489	1.31655
Euro Rate 1 Euro=		Inverse
Canadian $	1.49588	0.66850
US $	1.13765	0.87900

Commodities

Gold	Close	Previous
London Gold Fix	1325.05	1331.05
Oil
WTI Crude Future	56.95	55.50

Market Commentary:
Most-active gold futures are on track for a fifth consecutive monthly increase. That would mark their longest such streak since December 2010, according to Dow Jones Market Data. Market volatility and Fed caution pushed the haven metal to a 10-month high earlier this month.
Canada
By Michael Bellusci
     (Bloomberg) — Canadian stocks managed to eke out a small gain Wednesday, recovering from a 0.46 percent decline as U.S. market eased about two-thirds of a percent .
     The S&P/TSX Composite Index gained 0.04 percent to 16,074.30. Materials and health care (mainly marijuana) were the key laggards while information technology gained.
     Oil prices jumped by the most in almost a month after a plunge in U.S. stockpiles showed OPEC and its allies tightening global supplies despite President Trump’s protests.
In other moves:
Stocks
* Turquoise Hill Resources plunged 13.7% after Rio said it could take several months to understand potential delays to the expansion of the Oyu Tolgoi copper mine in Mongolia
* Laurentian Bank of Canada lost 9.8% as earnings missed, job cuts 
* Premier Gold Mines fell 8.2% amid materials sector weakness 
* Trulieve Cannabis lost 7.1% 
* Winpak fell 6.7% after a downgrade to hold at GMP Securities 
* Cannex Capital Holdings gained 16.7%, extending a four-day rally 
Commodities
* Western Canada Select crude oil traded at a $11.65 discount to WTI
* Gold fell about 0.1% to 1,325.10 an ounce
FX/Bonds
* The Canadian dollar gained 0.1% to C$1.3152 per U.S. dollar
* The Canada 10-year government bond yield rose to 1.914%
US
By Sarah Ponczek and Reade Pickert
     (Bloomberg) — Stocks drifted lower after the top U.S. trade negotiator dialed back expectations for a sweeping deal with China and investors fixated on a Congressional hearing about President Donald Trump’s political controversies. The dollar was mixed and bond yields rose.
     The S&P 500 and Dow Jones Industrial Average dropped for a second day after U.S. Trade Representative Robert Lighthizer said America is also pushing for “significant structural changes” to the Asian nation’s economic model. Michael Cohen, the president’s former attorney who is facing jail time, said that Trump committed crimes while in office.
     “And so hearing what Lighthizer has to say, I think is probably the most important in terms of learning new information for today, rather than obviously just watching Cohen, which is more a political spectacle than anything else,” said Chris Zaccarelli, chief investment officer at Independent Advisor Alliance.
     Equities had been trending lower before Lighthizer’s Congressional comments amid fresh headwinds from disappointing corporate earnings and geopolitical tension in Asia. Japan equities came off their highs and Hong Kong shares erased an advance after Pakistan downed two Indian jets. News of the worst escalation between the two nations since the 1971 war initially boosted the yen and weakened India’s rupee.
     Meanwhile, Federal Reserve Chairman Jerome Powell testified for a second day before Congress about monetary policy and the U.S. economy.
     Investors have added the India-Pakistan flare-up to a host of uncertainties they’re tracking, from the China trade talks to Brexit, that could rein in a recovery in global equities from December lows. Trump is in Hanoi for a second summit with North Korean leader Kim Jong Un.
     The pound, which surged the most in more than three months on Tuesday, added to its gains following a report Wednesday that the European Union will insist on deferring the U.K.’s departure date by up to two years if London and Brussels fail to agree a deal. Oil jumped after a report showed an unexpectedly steep drop in U.S. crude supplies, with total weekly imports falling to the lowest level in more than two decades.
     India’s rupee reversed gains and Pakistan’s benchmark stock index plunged more than 3 percent in Karachi before recovering after the latest escalation in tensions. The Pakistani action came a day after India’s Air Force jets bombed what it said was a terrorist training camp inside Pakistan.
Here are some key events coming up:
* Thursday brings fourth quarter U.S. GDP.
* U.S. personal income and sending data is released Friday.
These are the main moves in markets:
Stocks
* The S&P 500 Index fell less than 0.1 percent as of 4:05 p.m. New York time, while the Nasdaq Composite Index rose less than 0.1 percent and the Dow Jones Industrial Average declined 0.3 percent.
* The Stoxx Europe 600 eased 0.3 percent, the first decrease in four sessions. 
* The MSCI Emerging Market Index dropped 0.3 percent.
* The MSCI Asia Pacific Index fell 0.1 percent. 
Currencies
* The Bloomberg Dollar Spot Index rose 0.2 percent, the first increase in four days.
* The euro fell 0.2 percent to $1.1369.
* The British pound strengthened 0.4 percent to $1.3305, the third consecutive increase.
* The MSCI Emerging Markets Currency Index rose 0.1 percent.
Bonds
* The yield on 10-year Treasuries rose five basis points to 2.68 percent.
* Germany’s 10-year yield climbed three basis points to 0.15 percent.
* Britain’s 10-year yield rose seven basis points to 1.27 percent, the third straight daily increase. 
Commodities
* West Texas Intermediate rose 2.7 percent to $56.97 a barrel.
* Gold fell 0.7 percent to $1,320 an ounce.
* The Bloomberg Commodity Index rose 0.5 percent, the first increase in three days.

Have a great night.

Be magnificent!

As ever,

Carolann

What a strange illusion it is to suppose that beauty is goodness. -Leo Tolstoy, 1828-1910.

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:
1802~ Victor Hugo, writer, born.
1848~ Communist Manifesto published.
1919~ Grand Canyon National Park established.
On Feb. 26, 1993, a bomb exploded in the garage of New York’s World Trade Center, killing six people and injuring more than 1,000 others.  Go to article »

PHOTOS OF THE DAY

At daybreak on an unseasonably warm February day, tens of thousands of starlings erupt in spectacular swarms from their overnight roost under Aberystwyth pier to fly out to their feeding grounds in the fields and marshes around Aberystwyth in west Wales. Credit: Keith Morris/LNP

Morning light on as the sun rises over Buttermere Lake, in the English Lake District in North West England. Credit: Charlotte Graham

A visitor tests the Vive Pro Eye virtual reality headset at the Mobile World Congress (MWC) in Barcelona. Phone makers will focus on foldable screens and the introduction of blazing fast 5G wireless networks at the world’s biggest mobile fair in Spain as they try to reverse a decline in sales of smartphones. Credit: Gabriel Bouys/AFP/Getty Images
Market Closes for February 26^th, 2019

Market Index	Close	Change
Dow Jones	26057.98	-33.97   -0.13%
S&P 500	2793.90	-2.21   -0.08%
NASDAQ	7549.297	-5.163   -0.07%
TSX	16067.91	+10.88
		+0.07%

International Markets

Market Index	Close	Change
NIKKEI	21449.39	-78.84
		-0.37%
HANG SENG	28772.06	-187.24
		-0.65%
SENSEX	35973.71	-239.67
		-0.66%
FTSE 100*	7151.12	-32.62
		-0.45%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.866		1.894
CND. 30 Year Bond		2.121		2.141
U.S.    10 Year Bond		2.6357		2.6626
U.S. 30 Year Bond		3.0055		3.0271

Currencies

BOC Close	Today	Previous
Canadian $	0.75956	0.75830
US $	1.31655	1.31874
Euro Rate 1 Euro=		Inverse
Canadian $	1.49970	0.66680
US $	1.13912	0.87787

Commodities

Gold	Close	Previous
London Gold Fix	1331.05	1329.05
Oil
WTI Crude Future	55.50	55.33

Market Commentary:
On this day in 1995, Barings Bank, one of the oldest and most distinguished investment banks in the world, declared bankruptcy after trader Nick Leeson lost more than $1.4 billion on unauthorized trades in Japanese stock futures. The loss came after Barings had nearly gone bust more than a century earlier on its speculations in Latin American bonds.
Canada
By Bloomberg Automation
     (Bloomberg) — The S&P/TSX Composite advanced slightly to 16,067.91 in Toronto. Bank of Montreal contributed the most to the index gain, increasing 2.5 percent. Cronos Group Inc. had the largest increase, rising 6.7 percent.
     Today, 128 of 238 shares rose, while 105 fell; 6 of 11 sectors were higher, led by health care stocks.
* The benchmark 10-year bond rose and the yield fell 2.8 basis points to 1.866 percent
* The S&P 500 Index declined slightly, down 0.1 percent
Top Contributors | Move | % Change | (%) | (%)
================================================================
Bank of Montreal | 11.2700| 2.5| 66.2| 14.0
Couche-Tard | 6.0630| 2.7| 25.5| 10.5
Enbridge Inc | 5.1720| 0.7| -4.9| 15.6
Manulife Financial | -3.3860| -1.1| 54.1| 16.3
CIBC | -3.4630| -1.0| 188.7| 11.6
Bank of Nova Scotia| -19.6300| -3.0| 285.5| 7.5
Biggest Gainers | % Change |Points Move|20D AVG (%)| (%)
================================================================
Cronos Group | 6.7| 2.1260| -23.0| 98.1
Baytex Energy | 6.6| 0.5910| 55.6| 1.2
Aurora Cannabis | 6.4| 4.3210| 0.6| 50.4
Biggest Losers| % Change | Move |20D AVG (%)| (%)
================================================================
Canfor | -9.4| -0.6660| 308.7| -13.3
Interfor | -7.6| -0.5750| 106.7| 4.2
Husky Energy | -7.5| -2.5720| 156.6| 4.7
US
By Sarah Ponczek and Reade Pickert
     (Bloomberg) — U.S. stocks pushed lower in the final hour of trading to close in the red as investors struggled to put an optimistic spin on Federal Reserve Chairman Jerome Powell’s testimony before Congress. The pound rallied as U.K. Prime Minister Theresa May promised a vote to delay Brexit if her proposed deal fails.
     The S&P 500 whipsawed traders as it swung between gains and losses, with increases capped at the round-number milestone of 2,800, as Powell discussed the path for monetary policy and the health of the economy. The index was lower as the banker warned that growth looked uneven, though regained some losses on speculation the Fed will remain on hold. Shares fell in Asia as the rush of optimism over U.S.-China trade talks from earlier in the week faded.
     The S&P 500 is “consolidating underneath that 2,800 level, almost catching its breath before the next move happens,’’ said Ryan Detrick, senior market strategist at LPL Financial LLC.
     “The easy part of this bounce is over, it’s the next 10 percent that’s going to be harder.” “You’ve had a pretty significant rally, I’m actually pretty impressed with the rally we’ve had since late December,” Randy Swan, founder of Swan Global Investments, said in an interview at Bloomberg’s New York headquarters. “We are kind of in a holding pattern since people are waiting for economic news, good or bad, to try to figure out what’s going to happen next.”
     Powell said a healthy economy has faced some “crosscurrents and conflicting signals” that officials in January decided warranted taking a patient approach to rate changes. With inflation pressures “muted,” the Fed in its decision last month to keep rates unchanged “determined that the cumulative effects’’ of its actions and global and financial developments, “along with ongoing government policy uncertainty, warranted taking a patient approach with regard to future policy changes,’’ Powell said.
     The pound rallied to the highest level versus the euro since 2017 as U.K. Prime Minister Theresa May addressed Parliament, confirming there was a path to delaying Brexit. The opposition Labour party also changed tack, coming out in favor of a second vote on the divorce.
     Elsewhere, WTI crude finished higher after tumbling the most in four weeks on Monday following criticism from President Donald Trump that prices are too high. Iron ore retreated with Barclays warning it may erase all its dam-disaster gains this year.
Here are some key events coming up:
* Powell delivers the second half of his semiannual testimony on monetary policy and the state of the economy to a House committee Wednesday.
* President Donald Trump and North Korea leader Kim Jong Un meet for a second summit on Wednesday.
* Thursday brings fourth quarter U.S. GDP.
These are the main moves in markets:
Stocks
* The S&P 500 Index fell less than 0.1 percent as of 4:05 p.m. New York time, while the Nasdaq Composite Index slumped less than 0.1 percent and the Dow Jones Industrial Average declined 0.1 percent.
* The Stoxx Europe 600 rose 0.4 percent, the third consecutive increase.
* The MSCI Emerging Market Index dropped 0.1 percent, the first decline in seven sessions.
* The MSCI Asia Pacific Index fell 0.2 percent. 
Currencies
* The Bloomberg Dollar Spot Index fell 0.3 percent, the third consecutive decline.
* The euro gained 0.3 percent to $1.1392.
* The British pound strengthened 1.3 percent to $1.3261.
* The MSCI Emerging Markets Currency Index was little changed.
Bonds
* The yield on 10-year Treasuries dropped three basis points to 2.64 percent.
* Germany’s 10-year yield climbed one basis point to 0.12 percent.
* Britain’s 10-year yield increased three basis points to 1.21 percent. 
Commodities
* West Texas Intermediate rose 0.3 percent to $55.65 a barrel.
* Gold rose 0.1 percent to $1,329 an ounce.
* The Bloomberg Commodity Index declined 0.1 percent, a second straight loss.

Have a great night.

Be magnificent!

As ever,

 

Carolann

 

We are what we think.  All that we are arises with our
thoughts.  With our thoughts, we make the world.
                                            -Buddha

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 February 25, 1570 – Pope Pius V excommunicated England’s Queen Elizabeth I. Go to article >>

1841- Auguste Renoir, painter, was born.
1943, George Harrison, musician, was born.
1964 – Cassius Clay (Muhammad Ali), becomes heavyweight champion.

POINTS OF PROGRESS:
AUSTRALIA
Melbourne has become the first Australian city to power all city infrastructure with renewable energy sources.  The facilities include streetlights, libraries, gyms, and childcare centers.  While some residents were concerned about the expense of the transition, the city has been able to come out on top of costs by leveraging the savings from increased energy efficiency.  Other cities in Australia, such as Victoria, are also making great strides on hitting clean energy targets.  –The Guardian.

UNITED STATES
January storms have refilled California’s reservoirs.  While heavy rains can cause mudslides in fire-stricken areas, they also restore water supplies in a  state that often faces drought conditions.  This winter’s rainfall has ensured that the state’s reservoirs and lakes – as well as the Sierra Nevada snowpack – are off to an above-average start this year. -Los Angeles Times.
PHOTOS OF THE DAY

Revellers wearing masks and period costumes take part in the Venice Carnival. Credit: Alberto Pizzoli/AFP/Getty Images

A reveller in costume attends the “Cordao do Boitata” street party in Rio de Janeiro, Brazil. Credit: Leo Correa/AP

Russia’s Viachelslav Barkov soars through the air during the Nordic Combined, Ski Jumping Team Sprint HS130 event, at the Nordic Ski World Championships in Innsbruck, Austria. Credit: Matthias Schrader/AP
Market Closes for February 25^th, 2019

Market Index	Close	Change
Dow Jones	26091.95	+60.14   +0.23%
S&P 500	2796.11	+3.44   +0.12%
NASDAQ	7554.461	+26.916   +0.36%
TSX	16057.03	+44.02
		+0.27%

International Markets

Market Index	Close	Change
NIKKEI	21528.93	+102.72
		+0.48%
HANG SENG	28959.30	+143.00
		+0.50%
SENSEX	36213.38	+341.90
		+0.95%
FTSE 100*	7183.74	+5.14
		+0.07%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.894		1.890
CND. 30 Year Bond		2.141		2.140
U.S.    10 Year Bond		2.6626		2.6518
U.S. 30 Year Bond		3.0271		3.0127

Currencies

BOC Close	Today	Previous
Canadian $	0.75830	0.76130
US $	1.31874	1.31355
Euro Rate 1 Euro=		Inverse
Canadian $	1.49791	0.66760
US $	1.13585	0.88039

Commodities

Gold	Close	Previous
London Gold Fix	1329.05	1331.25
Oil
WTI Crude Future	55.33	57.11

Market Commentary:
On this day in 1862, Abraham Lincoln signed the Legal Tender Act, putting the U.S. government in the business of printing paper money. Previously, most money had been printed privately by local banks. The act also authorized the Treasury to sell 6% bonds callable in five years, maturing in 20, which were quickly nicknamed “5-20s.” Philadelphia broker Jay Cooke invented what he called the “democratic distribution” of investments, slicing the 5-20s into denominations as small as $50, advertising them heavily in local newspapers, and hiring his own army of 2,500 “traveling agents” to sell them in towns throughout the Union. He raised $361 million in less than two years—and introduced tens of thousands of Americans to investing for the first time.
Canada
By Michael Bellusci
     (Bloomberg) — Canadian stocks advanced Monday, following early gains in global stocks after U.S. President Donald Trump postponed the date for boosting tariffs on Chinese imports, taken as a sign of progress in the trade talks.
     The S&P/TSX Composite Index rose 0.3 percent to 16,057.03, its highest closing level since October 3. Industrial companies, financials, and communication services outperformed while health care dropped.
     Oil tumbled the most in four weeks after Trump tweeted that prices are too high and called on OPEC to “relax and take it easy.”
     Meanwhile, Barrick Gold Corp. is going hostile in its bid to acquire Newmont Mining Corp. and create the world’s largest gold producer, offering $17.8 billion for the company in an all- share deal. Shares of both companies fell.
In other moves:
Stocks
* Cannex Capital Holdings Inc. gained 13 percent after reporting a pact to acquire California-based Pure Ratios 
* Trulieve Cannabis Corp. rose 11 percent to its highest since early October 
* SNC-Lavalin Group Inc. jumped 6.3 percent, most since Jan. 29
* Chemesis International Inc. fell a record 18 percent after announcing a C$5.8 million equity financing
* Village Farms International Inc. lost 7.6 percent 
Commodities
* Western Canada Select crude oil traded at a $13.50 discount to WTI
* Gold fell less than 0.3 percent to $1,325.90 an ounce
FX/Bonds
* The Canadian dollar weakened 0.4 percent to C$1.31752 per U.S.dollar
* The Canada 10-year government bond yield rose to 1.896 percent
US
By Sarah Ponczek and Reade Pickert
     (Bloomberg) — U.S. equities managed to hold on to early gains and close at the highest levels in almost four months after President Donald Trump postponed the date for boosting tariffs on Chinese imports, taken as a sign of progress in the trade talks. Bonds yields rose and oil retreated.
     After reaching session highs early in the trading day, the S&P 500 drifted lower amid a slide in utilities, real estate and consumer staples, before closing in the green. European and Asia stocks rallied earlier. General Electric shares soared after the company agreed to sell its bio-pharma business for a total consideration of $21.4 billion.
     In Asia, the Shanghai Stock Exchange Composite Index rallied the most since 2015 and the yuan strengthened after Trump said he will delay the March 1 trade deadline, and as comments from China President Xi Jinping suggested top officials will focus on growth rather than cracking down on leverage.
     Emerging-market currencies and shares advanced despite China’s state-run Xinhua news agency later publishing a commentary saying talks will be harder at the final stage.
     “The reality is there was enough pain created that caused both the Trump administration and President Xi and his administration basically to say, ‘we have to come to an agreement,”’ said Nathan Thooft, Manulife Asset Management’s head of global asset allocation. “There’s no doubt the interaction and the fact that they’re actually speaking and seem to be progressing is being viewed as a positive in the market.”
     The official delay from the U.S. may give fresh impetus to extend a global rally in equities that was being tested amid an uncertain future on global trade and forecasts for global economic growth to ebb. Also in focus this week will be a hearing from Federal Reserve Chairman Jerome Powell, where investors will get the latest read on monetary policy.
     Trump said the trade talks were productive. “The U.S. has made substantial progress in our trade talks with China on important structural issues including intellectual property protection, technology transfer, agriculture, services, currency, and many other issues,” he said in a Twitter posting on Sunday evening.
     Read how emerging markets are beholden to the yuan’s fate as trade deadline looms
     Elsewhere, crude oil fell after Trump said in a tweet that prices were too high, while copper held on to gains over Chinese optimism. Gold was little changed, with Newmont Mining climbing on a hostile bid from rival Barrick Gold. The pound was little changed versus the euro as U.K. Prime Minister Theresa May pushed back the deadline for Parliament to vote on her Brexit deal.
Here are some key events coming up:
* Fed Chairman Jerome Powell delivers semiannual testimony on monetary policy and the state of the economy over two days to House and Senate committees. 
* U.K. Prime Minister Theresa May updates the House of Commons on Brexit talks as the March 29 deadline nears for Britain to leave the EU. Lawmakers will vote on Feb. 27.
* President Donald Trump and North Korea leader Kim Jong Un are expected to meet for a second summit beginning on Tuesday.
* Thursday brings fourth quarter U.S. GDP.
These are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.1 percent as of 4:05 p.m. New York time, while the Nasdaq Composite Index added 0.4 percent and the Dow Jones Industrial Average gained 0.2 percent.
* The Stoxx Europe 600 rose 0.3 percent, reaching the highest level in almost 20 weeks.
* The MSCI Emerging Market Index rose 0.9 percent, the sixth straight increase.
* The MSCI Asia Pacific Index gained 0.8 percent, hitting the highest in more than 20 weeks with its sixth straight advance. 
Currencies
* The Bloomberg Dollar Spot Index fell less than 0.1 percent, after reaching the lowest level in almost three weeks.
* The euro gained 0.2 percent to $1.1362.
* The British pound strengthened 0.4 percent to $1.3102.
* The MSCI Emerging Markets Currency Index rose 0.4 percent, touching the highest in more than three weeks.
Bonds
* The yield on 10-year Treasuries climbed two basis points to 2.67 percent.
* Germany’s 10-year yield rose one basis point to 0.11 percent.
* Britain’s 10-year yield increased two basis points to 1.18 percent. 
Commodities
* West Texas Intermediate fell 3.4 percent to $55.34 a barrel, the first drop in nine sessions.
* Gold dropped less than 0.1 percent to $1,328 an ounce.
* The Bloomberg Commodity Index declined 1 percent, the first retreat in more than a week.

Have a great night.

Be magnificent!

As ever,

Carolann

When one door of happiness closes, another opens; but often we look so long
at the closed door that we do not see the one which has opened for us.
-Helen Keller, 1880-1968

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

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

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

Dear Friends,

Tangents:  Happy Friday!
George Washington, first US president, b. 1732
1879 Frank Winfield Woolworth opened a five-cent store in Utica, N.Y.
The Woolworths empire eventually became Venator, whose leading retail brand is…
Foot Locker!  Go to article >>

Numbers:
4 BILLION + ~  Age (in years) of the oldest known rock yet discovered – on the moon.  Scientists believe the rock was formed on Earth and transplanted during an asteroid collision. -Sputnik News.
1.65 BILLION + ~ People who depend on water from Himalayan glaciers.  According to a study, as much as two-thirds of the Himalayan snowpack could vanish by 2100 due to climate change. –USA Today.
80 ~ Proposed speed limit (in miles per hour) for Germany’s autobahn, which could greatly curb vehicle emissions and cut traffic deaths.  A vocal minority firmly opposes such a limit.  –Reuters.
PHOTOS OF THE DAY

The unique friendship between an ostrich and a parade of elephants has been captured in Indalu Game Reserve, Mossel Bay, South Africa. Having grown up alongside elephants, the nine-year-old ostrich called Fransina slowly walks with her new family and even uses her neck as a trunk. Credit: Africa Media/Caters News

People visit the installation called ‘Mirage Gstaad’ by American artist Doug Aitken, in Gstaad, Switzerland. This structure was presented during the exhibition ‘Elevation 1049: Frequencies’. It will be on display for the next two years. Credit: Anthony Anex/Keystone/AP

Sunlight hits the Horesetail Fall, turning it into a “Firefall”, at Yosemite National Park, California, US. Credit: Dakota Snider/Reuters

A group of husky puppies watch as snow flies on a small farm near Little Falls, Minnesota. Snow forced Minneapolis and St. Paul schools and scores of other districts in Minnesota and Wisconsin to cancel classes as up to 10 inches of snow fell on the region. Credit: Dave Schwarz/St. Cloud Times/AP
Market Closes for February 22^nd, 2019

Market Index	Close	Change
Dow Jones	26031.81	+181.18   +0.70%
S&P 500	2789.19	+14.31   +0.52%
NASDAQ	7527.547	+67.839   +0.91%
TSX	16010.57	+9.71
		+0.06%

International Markets

Market Index	Close	Change
NIKKEI	21425.51	-38.72
		-0.18%
HANG SENG	28816.30	+186.38
		+0.65%
SENSEX	35871.48	-26.87
		-0.07%
FTSE 100*	7178.60	+11.21
		+0.16%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.890		1.921
CND. 30 Year Bond		2.140		2.174
U.S.    10 Year Bond		2.6518		2.6932
U.S. 30 Year Bond		3.0127		3.0503

Currencies

BOC Close	Today	Previous
Canadian $	0.76130	0.75589
US $	1.31355	1.32294
Euro Rate 1 Euro=		Inverse
Canadian $	1.48905	0.67157
US $	1.13361	0.88214

Commodities

Gold	Close	Previous
London Gold Fix	1331.25	1343.75
Oil
WTI Crude Future	57.11	56.75

Market Commentary:
•   On this day in 1980, the consumer-price index rose 1.4% in January alone, the Labor Department said, equating to an annualized inflation rate of 18%—the highest rise in prices since the 1973 oil crisis.
Canada
By Aoyon Ashraf
     (Bloomberg) — Canadian stocks ended the week little changed, driven by underperformance of pot stocks, while metals and mining benefited from gold M&A frenzy and a rally in base metals. The S&P/TSX Composite Index was up about 0.1 percent to 16,013 in Toronto on Friday.
     The S&P/TSX Health Care Index, dominated by marijuana companies, fell 3.3 percent during the week, while S&P/TSX Materials Index rose 2.5 percent. Bausch Health Cos. Inc., the drug maker formerly known as Valeant, and pot grower Canopy Growth were the worst performers within the sector this week.
     Turquoise Hill Resources and Torex Gold Resources were the outperformers in materials index. Canopy Growth is considering multiple ways to leverage its assets, including issuing bonds, mortgaging its properties or spinning them off into a real estate investment trust, according to CEO Bruce Linton.
In other moves:
Stocks
* Turquoise Hill Resources, Lundin Mining, Hudbay Minerals and Teck Resources were among the base metals miners that outperformed as copper surged on supply concerns
* Hudson’s Bay rose 7.1 percent after announcing the closure of Home Outfitters in Canada and upt o 20 Saks OFF 5TH stores in U.S. 
* Cott Corp. sank 12 percent after its fourth quarter EPS and Ebitda missed estimates, while sales matched expectations 
* Lucara Diamond fell 8.4 percent after posting an unexpected fourth quarter loss
* Uni-Select continued its slump after reporting its fourth quarter results and getting several downgrades
Commodities
* Western Canada Select crude oil traded at a $13 discount to WTI
* Gold rose 0.2 percent to $1,330.70 an ounce
FX/Bonds
* The Canadian dollar rose 0.6 percent to C$1.3149 per U.S. dollar
* The Canada 10-year government bond yield fell to 1.89 percent
US
By Randall Jensen and Reade Pickert
     (Bloomberg) — U.S. stocks rallied on signs that negotiators are making headway in trade talks between America and China. Treasuries advanced and the dollar declined.
     The S&P 500 rose for a fourth-straight week after President Donald Trump said if he sees progress he will extend a trade truce to avoid more than doubling tariffs on some imports from China at the end of the month. The benchmark padded gains after the Chinese delegation said it was extending its stay in Washington past Friday to continue talks. The greenback fell against the yuan traded offshore after Treasury Secretary Steven Mnuchin said the two sides had reached a final agreement on currency. The 10-year Treasury yield dropped below 2.66 percent.
     “On the margin, this is probably going be digested as positive news as it should be, I mean we’re making progress on the cage-rattling that could lead to a potential trade war,” Terri Spath, Sierra Investment Management’s chief investment officer and portfolio manager, said in an interview on Bloomberg TV. “But I think a lot of the market gains that we’ve seen year to date are processing and digesting and incorporating that news as already happening.”
     A plunge in Kraft Heinz shares weighed on indexes after the company announced a $15 billion write-down and a subpoena from the Securities and Exchange Commission, dragging down consumer- staples stocks and also Berkshire Hathaway, the top investor in the packaged-food giant.
     Markets are cautiously optimistic on a truce as China and the U.S. face a March 1 deadline to avoid a further escalation in tariffs. Expectations of an accord between the world’s economic superpowers combined with a less-hawkish stance from some of the biggest central banks has sent an MSCI global gauge of stocks surging 15 percent in less than two months. Still, concerns about global growth persist.
     Elsewhere, emerging-market stocks increased for a fifth day, the longest streak since May. Oil rose above $57 a barrel in New York.
And these are the main moves in markets:
Stocks
* The S&P 500 Index advanced 0.6 percent as of 4 p.m. New York time.
* The Stoxx Europe 600 Index gained 0.2 percent.
* The MSCI Asia Pacific Index rose 0.4 percent.
* The MSCI Emerging Market Index rose 0.7 percent, rising for the sixth-straight day, the longest streak since May 14. 
Currencies
* The Bloomberg Dollar Spot Index fell 0.2 percent.
* The euro was steady at 1.1332.
* The British pound gained 0.1 percent to $1.3052.
* The Japanese yen was little changed at 110.66 per dollar.
Bonds
* The yield on 10-year Treasuries declined four basis points to 2.65 percent.
* Germany’s 10-year yield sank three basis points to 0.096 percent.
* Britain’s 10-year yield fell four basis points to 1.158 percent, the biggest tumble in more than a month.
Commodities
* The Bloomberg Commodity Index advanced 0.4 percent, its fifth straight advance.
* West Texas Intermediate crude gained 0.4 percent to $57.18 a barrel.
* Gold rose 0.2 percent to $1,331.00. 
–With assistance from Sarah Ponczek, Todd White and Luke Kawa.

Have a wonderful weekend.

Be magnificent!

As ever,

 

Carolann

 

Write the bad things that are done to you in sand, but write
the good things that happen to you on a piece of marble.
                                                       -Arabic Parable

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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