Category: Events

Dear Friends,

Tangents:
On Feb. 21, 1965, former Black Muslim leader Malcolm X was shot and killed by assassins identified as Black Muslims as he was about to address a rally in New York City; he was 39.
Go to article »

February 21, 1916: Battle of Verdun, France – over 1 million men killed.
1925 ~ New Yorker magazine debuts.
1893 ~ Andres Segovia was born.

A species of giant tortoise not seen in more than 100 years — and thought to be extinct — has been found in the Galapagos Islands. -CNN
PHOTOS OF THE DAY

People jump over a bonfire during an event to celebrate the Lantern Festival, which makes the end of Lunar New Year celebrations, in Haikou in China’s southern Hainan province. Credit: AGF/Getty Images

Gallery assistants adjust Le Palais Ducal by Claude Monet, during a photo call for Sotheby’s Impressionist, Modern Art and Surrealist Art sales, in London. Credit: Eddie Mulholland for The Telegraph

Dancers celebrate the commencement of the final phase of building works at the Central School of Ballet in London SE1. Credit: David Rose for The Telegraph
Market Closes for February 21st, 2019

Market Index	Close	Change
Dow Jones	25850.63	-103.81   -0.40%
S&P 500	2774.88	-9.82   -0.35%
NASDAQ	7459.707	-29.362   -0.39%
TSX	16000.86	-30.38
		-0.19%

International Markets

Market Index	Close	Change
NIKKEI	21464.23	+32.74
		+0.15%
HANG SENG	28629.92	+115.87
		+0.41%
SENSEX	35898.35	+142.09
		+0.40%
FTSE 100*	7167.39	-61.23
		-0.85%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.921		1.896
CND. 30 Year Bond		2.174		2.146
U.S.    10 Year Bond		2.6932		2.6447
U.S. 30 Year Bond		3.0503		2.9952

Currencies

BOC Close	Today	Previous
Canadian $	0.75589	0.75907
US $	1.32294	1.31741
Euro Rate 1 Euro=		Inverse
Canadian $	1.49961	0.66684
US $	1.13355	0.88219

Commodities

Gold	Close	Previous
London Gold Fix	1343.75	1334.15
Oil
WTI Crude Future	56.75	56.92

Market Commentary:
On this day in 1947, Edwin Land, founder of Polaroid, demonstrated the instant camera to 650 scientists assembled at the annual meeting of the Optical Society of America. Never before had it been possible to develop a snapshot within a single minute. The Land Instant Camera sold at an initial price of $89.75. Although Polaroid lost money on it at first, it went on to make the company one of the great growth stocksof postwar America.
Canada
By Aoyon Ashraf
     (Bloomberg) — Canadian stocks ended a four-day rally, as global markets declined as investors grappled with concerns about economic growth and the latest twists in global trade. Pot and consumer staples performed worst within the Canadian markets.
     The S&P/TSX Composite Index fell 0.2 percent, to 16,000.86 in Toronto on Thursday. Uni-Select Inc. and Iamgold Corp. were the worst performing stocks, while Kirkland Lake Gold Ltd. and Torex Gold Resources Inc. were among the best.
     Meanwhile, Bank of Canada Governor Stephen Poloz said the path toward higher interest rates is “highly uncertain” due to lingering questions around housing and investment, even as he stuck to his message that borrowing costs eventually need to head higher.
In other moves:
Stocks
* Kirkland Lake Gold rose 8.4 percent after raising its 2019 outlook
* Torex Gold advanced 7.3 percent after its fourth quarter adjusted EPS beat estimates
* Osisko Gold climbed 6.3 percent after BMO upgraded the stock, citing an “improved outlook,” after results
* Uni-Select dropped 11 percent as Macquarie cut its rating and price target
* Iamgold declined 5.9 percent after its fourth quarter adj. loss per share from continuing operations was wider than est.
* Finning International Inc. fell 5 percent to the lowest since December. The seller of Caterpillar equipment’s quarterly earnings missed the lowest analyst estimate
Commodities
* Western Canada Select crude oil traded at a $12.75 discount to WTI
* Gold fell 1.7 percent to $1,325.30 an ounce
FX/Bonds
* The Canadian dollar weakened 0.4 percent to C$1.3222 per U.S. dollar
* The Canada 10-year government bond yield rose to 1.92 percent
US
By Randall Jensen and Sarah Ponczek
     (Bloomberg) — U.S. stocks fell in thin trading, while Treasuries also declined as investors grappled with concerns about economic growth and the latest twists in global trade.
     The S&P 500 dropped for the first time in four sessions after economic data in both Europe and U.S. came in below expectations, reigniting worries about the world economy.
     Alphabet slid amid questions about the company’s YouTube platform. Health-care stocks were pulled down as Johnson & Johnson dropped after the company said it received subpoenas from federal prosecutors tied to its talc baby-powder products.
     The 10-year Treasury yield rose above 2.68 percent, and the dollar gained against major currencies amid reports signaling uneven progress in trade talks between the U.S. and China as a March 1 deadline for more tariffs approaches. The Aussie dollar dropped on reports China’s Dalian port banned coal imports from Australia. West Texas oil fell below $57 a barrel after an industry report showed American crude stockpiles continue to swell.
     “Clearly there’s been a lot weaker data than I think anybody was expecting, including the spate of data that was released today,” said Matt Forester, chief investment officer at BNY Mellon’s Lockwood Advisors. “Strategists are waiting to see if this is just a temporary slowdown in global data. We’ll have to see if this has legs.”
     Investors are also closely watching incoming economic numbers to see how they may nudge central bankers that are in a wait-and-see stance. At the same time, the slow but apparently steady progress in trade negotiations between the world’s biggest economies could set up risk assets for disappointment as some analysts see a truce priced into markets, with the MSCI’s global gauge of stocks up about 15 percent since Christmas Day.
     In Europe, lenders led shares lower as minutes of the latest ECB meeting showed policy makers setting up their March gathering as a key session to render their verdict on a regional slowdown and whether new long-term bank funding is required.
Here are some key events coming up:
* Bank of Canada Governor Stephen Poloz speaks on Thursday; ECB President Mario Draghi speaks on Friday, the same day Reserve Bank of Australia Governor Philip Lowe gives parliamentary testimony.
And these are the main moves in markets:
Stocks
* The S&P 500 Index fell 0.4 percent as of 4 p.m. New York time.
* The Stoxx Europe 600 Index dipped 0.3 percent.
* The MSCI Asia Pacific Index increased 0.2 percent for a fourth gain in a row.
* The MSCI Emerging Market Index advanced 0.1 percent.
Currencies
* The Bloomberg Dollar Spot Index rose 0.2 percent.
* The euro was steady at $1.1337.
* The British pound fell 0.1 percent at $1.3036.
* The Japanese yen climbed 0.1 percent to 110.70 per dollar.
Bonds
* The yield on 10-year Treasuries advanced four basis points to 2.68 percent, the highest in a week.
* Britain’s 10-year yield jumped two basis points to 1.202 percent.
* Germany’s 10-year yield climbed three basis points to 0.127 percent.
Commodities
* Gold declined 1.5 percent to $1,326.70 an ounce.
* West Texas Intermediate crude fell 0.5 percent to $56.89 a barrel.
–With assistance from Andrew Cinko, Kriti Gupta and Reade Pickert.

Have a great night.

Be magnificent!

As ever,

Carolann

The only thing necessary for the triumph of evil is for good men to do nothing.
                                                                   -Edmund Burke, 1729-1797

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: Look for the Full Moon Tonight.
On Feb. 20, 1962, astronaut John Glenn became the first American to orbit Earth as he flew aboard the Friendship 7 Mercury capsule.  Go to article »

PHOTOS OF THE DAY

Sequences of images showing the moment the Full moon passes behind Londons Shard. Credit: WENN.COM

This cheeky kingfisher appeared to show off to its pal by ignoring the ‘no fishing’ sign they were both perched on and grabbing its lunch. Credit: Gerald Robinson/Kennedy News

Morning mist and frost in the Meon Valley in the South Downs National Park, near Bishops Waltham, UK. Credit: Luke MacGregor
Market Closes for February 20^th, 2019

Market Index	Close	Change
Dow Jones	25954.44	+63.12   +0.24%
S&P 500	2784.70	+4.94   +0.18%
NASDAQ	7489.070	+2.304   +0.03%
TSX	16031.24	+93.79
		+0.59%

International Markets

Market Index	Close	Change
NIKKEI	21431.49	+128.84
		+0.60%
HANG SENG	28514.05	+285.92
		+1.01%
SENSEX	35756.26	+403.65
		+1.14%
FTSE 100*	7228.62	+49.45
		+0.69%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.896		1.890
CND. 30 Year Bond		2.146		2.141
U.S.    10 Year Bond		2.6447		2.6375
U.S. 30 Year Bond		2.9952		2.9802

Currencies

BOC Close	Today	Previous
Canadian $	0.75907	0.75689
US $	1.31741	1.32119
Euro Rate 1 Euro=		Inverse
Canadian $	1.49464	0.66906
US $	1.13453	0.88142

Commodities

Gold	Close	Previous
London Gold Fix	1334.15	1325.50
Oil
WTI Crude Future	56.92	56.09

Market Commentary:
On this day in 1852, a locomotive of the Michigan Southern railroad arrived in Chicago, connecting the breadbasket of the world directly with the Eastern U.S. for the first time. Instead of more than two weeks by horse, coach and canal boat, it took just two days by rail to travel from New York City to Chicago. Goods, money and people could flow between the two booming cities faster than anyone had ever imagined.
Canada
By Aoyon Ashraf
     (Bloomberg) — Canadian stocks rose for a fourth consecutive trading day to their highest level since Oct. 3, as a weaker U.S. dollar continued to lift metal prices and mining stocks. The four-day gain lifted the total market-cap of the stocks by almost C$64 billion, according to Bloomberg data.
     The S&P/TSX Composite Index rose 0.6 percent to 16,031.24 on Wednesday. Miners such as Semafo Inc. and Teck Resources Ltd. were the best performing stocks within the index. Uni-Select Inc. was the worst performing stock amid strategic review angst.
     Canadian Finance Minister Bill Morneau’s pre-election budget will be unveiled on March 19, as the government looks to dangle new program spending ahead of a vote this year. Morneau announced the budget date in parliament on Wednesday in Ottawa.
     He has signaled it will include measures such as new prescription drug coverage and housing measures aimed at younger buyers.
In other moves:
Stocks
* Semafo rose 6.9 percent, highest level since Aug. 2018 as metal prices rose
* Teck Resources climbed 5 percent after the company showed it’s strengthening its balance sheet and is focused on growth opportunities
* Uni-Select Inc. plunged more than 20 percent after reporting fourth quarter adjusted EPS that missed estimates
* Bausch Health Cos. Inc. slid 5.3 percent after reporting guidance that appeared conservative.
* Fortuna Silver was among worst performers within the mining stocks as its Lindero project costs seen increasing to $295 million
* Aritzia Inc. fell close to 8 percent after company reported a C$330M secondary offering
Commodities
* Western Canada Select crude oil traded at a $14 discount to WTI
* Gold fell 0.2 percent to $1,341.80 an ounce, erasing earlier gain after Fed minutes sowed doubts on dovish rate outlook
FX/Bonds
* The Canadian dollar rose 0.3 percent to C$1.3177 per U.S. dollar
* The Canada 10-year government bond yield gained to 1.89 percent
US
By Randall Jensen and Sarah Ponczek
     (Bloomberg) — U.S. stocks edged higher, while Treasuries fell after Federal Reserve meeting minutes did little to alter views on the central bank’s policy path.
     The S&P 500 eked out its seventh gain in eight sessions as the record of the gathering reinforced the Fed remains committed to its patient approach to further hikes without ruling them out if economic growth picks up. Caterpillar rallied after giving a bullish forecast for demand in China, lifting shares in materials producers. The 10-year Treasury yield climbed to 2.64 percent, while the dollar erased losses.
     Taken together, minutes of the Fed meeting broke decidedly dovish, with a discussion of ending the balance sheet runoff and uncertainty about more rate hikes. That they didn’t do more to move prices reflects the big swings that have ruled equity and bond markets for the last three months. Much of the sentiment reflected in today’s statement was priced in by the S&P 500’s nearly 20 percent jump since Christmas.
     “The Powell Pivot actually started on January 4th when Chair Powell spoke at the AEA,” said Michael O’Rourke, JonesTrading’s chief market strategist. “It is fair to say the dovish stance has been priced in.”
     The post-Christmas rally that’s added 18 percent to U.S. stocks appears to have run out of catalysts to propel it higher. Technical indicators, from closely watched moving averages to the relative-strength index, signal that gains from here may be difficult to come by. Investor focus will be trained on headlines out of this week’s negotiations in Washington and on any information coming out of the Fed that could shed more light on future monetary policy.
     Elsewhere, the pound was little changed as Prime Minister Theresa May headed back to Brussels in a last-ditch attempt to save her Brexit deal. Gold traded near the highest since May and palladium soared to a record as a shortage started to bite.
     Emerging-market shares rallied and their currencies advanced. South Africa’s rand fell as the government unveiled a bailout package for utility Eskom.
Here are some key events coming up:
* European Central Bank releases meeting minutes on Thursday.
* Bank of Canada Governor Stephen Poloz speaks on Thursday; ECB President Mario Draghi speaks on Friday, the same day Reserve Bank of Australia Governor Philip Lowe gives parliamentary testimony.
* An Indonesian rate decision is due Thursday.
These are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.2 percent at 4 p.m. New York time.
* The Stoxx Europe 600 Index gained 0.7 percent to the highest in 19 weeks.
* The MSCI All-Country World Index increased 0.5 percent to the highest in 19 weeks.
* The MSCI Emerging Market Index surged 1.2 percent, the most since January.
Currencies
* The Bloomberg Dollar Spot Index was little changed.
* The euro was rose less than 0.1 percent $1.1343.
* The Japanese yen fell 0.2 percent to 110.81 per dollar, the weakest in a week.
* The MSCI Emerging Markets Currency Index gained 0.4 percent to the highest in two weeks.
Bonds
* The yield on 10-year Treasuries climbed one basis point to 2.65 percent.
* Germany’s 10-year yield declined one basis point to 0.100 percent.
* Britain’s 10-year yield rose one basis point at 1.181 percent.
Commodities
* The Bloomberg Commodity Index rose 0.5 percent.
* West Texas Intermediate crude gained 1.5 percent to $56.92 a barrel.
* Gold fell 0.1 percent to $1,344.00 an ounce.
–With assistance from Eddie van der Walt and Reade Pickert.

Have a great night.

Be magnificent!

As ever,

Carolann

If I had eight hours to chop down a tree, I’d spend six sharpening my axe.
                                                           -Abraham Lincoln, 1809-1865

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. 19, 1945, during World War II, some 30,000 United States Marines landed on the Western Pacific island of Iwo Jima, where they encountered ferocious resistance from Japanese forces. The Americans took control of the strategically important island after a month-long battle. Go to article »
PHOTOS OF THE DAY

A veterinarian from the zoo of Besancon, in eastern France feeds “Soa”, a female crowned sifaka. The crowned sifaka is a critically endangered species from Madagascar. There were only 6 females and only 20 individuals living in 7 zoos worldwide. Credit: Sebastien Bozon/AFP

A reveler poses for a photo before a pre-carnival event called Saturnalia Festival in Rio de Janeiro, Brazil. The world famous Rio de Janeiro Carnival will run from March 2 – 9, 2019. Credit: Carl De Souza/AFP

People take to the Rideau Canal on Family Day in Ottawa, Ontario. Credit: Sean Kilpatrick/The Canadian Press Via AP
Market Closes for February 19^th, 2019

Market Index	Close	Change
Dow Jones	25891.32	+8.07   +0.03%
S&P 500	2779.76	+4.16   +0.15%
NASDAQ	7486.766	+14.356   +0.19%
TSX	15937.44	+99.20
		+0.63%

International Markets

Market Index	Close	Change
NIKKEI	21302.46	+20.80
		+0.10%
HANG SENG	28228.13	-118.88
		-0.42%
SENSEX	35352.61	-145.83
		-0.41%
FTSE 100*	7179.17	-40.30
		-0.56%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.890		1.895
CND. 30 Year Bond		2.141		2.152
U.S.    10 Year Bond		2.6375		2.6626
U.S. 30 Year Bond		2.9802		2.9936

Currencies

BOC Close	Today	Previous
Canadian $	0.75689	0.75508
US $	1.32119	1.32436
Euro Rate 1 Euro=		Inverse
Canadian $	1.49834	0.66740
US $	1.13404	0.88180

Commodities

Gold	Close	Previous
London Gold Fix	1325.50	1311.45
Oil
WTI Crude Future	56.09	55.59

Market Commentary:
The tech-heavy Nasdaq ended its fourth-shortest bear market ever Friday, climbing more than 20% above its Christmas Eve lows to start a new bull market. The index closed at its highest level since Nov. 8 but is still 7.9% below last August’s record. 
Canada
By Bloomberg Automation
     (Bloomberg) — The S&P/TSX Composite rose for the third day, climbing 0.6 percent, or 99.2 to 15,937.44 in Toronto. The index advanced to the highest closing level since Oct. 5. Barrick Gold Corp. contributed the most to the index gain, increasing 4.6 percent. Pretium Resources Inc. had the largest increase, rising 11.1 percent.
Today, 162 of 239 shares rose, while 72 fell.
================================================================
| |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Barrick Gold | 9.7830| 4.6| 53.1| -2.8
Enbridge Inc | 7.0380| 1.0| 15.4| 12.9
Suncor Energy | 7.0130| 1.4| 43.4| 19.3
Fairfax Financial | | | |
Holdings | -1.9340| -1.5| 79.3| 6.7
CCL Industries | -2.5750| -4.2| 115.6| 13.6
Canopy Growth | -2.6550| -2.8| -7.0| 66.8
================================================================
| | Index | |
| | Points | Volume VS |YTD Change
Biggest Gainers | % Change | Move |20D AVG (%) | (%)
================================================================
Pretium Resources | 11.1| 1.3820| 93.4| -8.0
Bombardier | 10.4| 3.9270| 99.2| 36.0
Turquoise Hill | 9.8| 1.5420| 9,139.6| 9.8
================================================================
| | |Volume VS |
| |Index Points| 20D AVG |YTD Change
Biggest Losers | % Change | Move | (%) | (%)
================================================================
CCL Industries | -4.2| -2.5750| 115.6| 13.6
Superior Plus | -4.2| -0.6090| 67.2| 16.0
Cameco | -4.2| -1.9130| 20.1| 1.0
* The benchmark 10-year bond rose and the yield fell 0.3 basis points to 1.891 percent
US
By Randall Jensen and Reade Pickert
     (Bloomberg) — U.S. stocks rose in thin trading as Walmart Inc.’s stellar earnings boosted consumer shares, while Treasuries advanced as investors assessed the prospects for a trade deal with China.
     The S&P 500 gained for the sixth time in seven sessions, pushing to the highest since early December. Walmart’s best holiday quarter in a decade lifted retailers and homebuilders got a boost from a positive sentiment report. The 10-year Treasury yield slid below 2.64 percent as concerns remain that the trade truce will end March 1 without a deal, leading to fresh tariffs.
     The dollar fell against major currencies ahead of speeches from Federal Reserve officials this week and the release of meeting minutes Wednesday that should shed more light on the central bank’s turn to a more dovish tone. China’s yuan traded offshore strengthened against the greenback after a Bloomberg News report saying the U.S. is said to press for a stable Chinese currency as part of negotiations.
“There’s a lot going on out there and I think for the most part investors are looking at China and the trade talks,” Kim Forrest, senior portfolio manager at Fort Pitt Capital, said on Bloomberg Television. “We’ve been down this road a couple of times before — not just this year, but last year as well — and this March deadline is really approaching quickly. That’s really where companies are focused, as we heard today on Walmart, but also investors.”
     With earnings season nearing its end, the latest minutes from both the Federal Reserve and European Central Bank due this week and U.S. President Donald Trump weighing an extension of the deadline for a trade deal with China, investors have plenty to ponder right now. Uncertainty over the outlook for global growth hangs over everything, and traders will be hoping for some good news from the world’s two largest economies when talks resume in Washington on Tuesday.
     Elsewhere, the pound advanced as U.K. and European officials work on new legal text for the contentious Irish border backstop. Gold traded at the highest since May amid increasing bullishness and West Texas crude advanced to trade at about its highest in almost three months.
Here are some key events coming up:
* The Federal Reserve will on Wednesday publish minutes from its recent meeting, with the European Central Bank following suit on Thursday.
* Bank of Canada Governor Stephen Poloz speaks on Thursday; ECB President Mario Draghi speaks on Friday, the same day Reserve Bank of Australia Governor Philip Lowe gives parliamentary testimony.
* An Indonesian rate decision is due Thursday.
These are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.2 percent as of 4 p.m. New York time.
* The Stoxx Europe 600 Index dropped 0.2 percent.
* The MSCI All-Country World Index rose 0.3 percent.
* The MSCI Emerging Market Index gained 0.1 percent.
Currencies
* The Bloomberg Dollar Spot Index fell 0.3 percent.
* The euro rose 0.3 percent to $1.1347.
* The Japanese yen declined less than 0.1 percent to 110.55 per dollar.
* The British pound rose 1.1 percent to $1.3064, the strongest in more than a week.
* The MSCI Emerging Markets Currency Index gained 0.3 percent.
Bonds
* The yield on 10-year Treasuries fell two basis points to 2.64 percent, the lowest in more than a week.
* Germany’s 10-year yield declined less than one basis point to 0.105 percent, the lowest in more than a week.
* Britain’s 10-year yield was steady at 1.169 percent.
Commodities
* The Bloomberg Commodity Index climbed 0.4 percent to the highest about two weeks.
* West Texas crude rose 0.9 percent to $56.09 a barrel.
* Gold rose 1.6 percent to $1,343.40 an ounce, the highest in nine months. 
–With assistance from Anna Edwards, Eddie van der Walt and Sarah Ponczek.

Have a great night.

Be magnificent!

As ever,

Carolann

The beginning is always today.
      Mary Shelley, 1797-1851

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!
1965 – Canada’s new maple leaf flag was unfurled in ceremonies in Ottawa.  Go to article »
1564 – Galileo Galilei, astronomer was born.

Some interesting news…
The Easter Islands:  researchers say they cracked the mystery of the famous head statues.  The statues were erected by the Rapa Nui people, who landed on the islands 900 years ago.  Scientists already knew that the carved figures were important representations of ancestral figures.  But when one of the islands was mapped, researchers found that the statues locations correlated with underground sources of a precious resource: fresh water.

Zwolle, Netherlands: A new cycle path made entirely form plastic waste has opened.  The 100-foot long stretch of path is part of an experiment to find ways to reuse plastic.  The paving material – made from 218,000 recycled cups – is prefabricated and allows rainwater to easily drain away.  It could also reduce the use of asphalt, a source of carbon emissions.  New paths may soon be opened in two different cities, and the program may evolve into a larger network of roads.
Sources: CNN, The Guardian.

PHOTOS OF THE DAY

As the sun sets dramatically in the west at the end of a glorious day of spring-like warm weather, people line the pier in Aberystwyth Wales to watch the tens of thousands of starlings swooping to roost for the night on the forest of cast iron legs underneath Aberystwyth’s Victorian seaside pier. Credit: Keith Morris/LNP Credit

A Waxing Gibbous 62% Moon sets over the city of London, UK, next to The Shard skyscraper building in the early hours of the morning. Credit: Guy Corbishley/Alamy Live News

A view of the newly-restored Lindisfarne Castle on Holy Island in Northumberland which has reopened to the public for the first time since the £3 million conservation programme. Credit: Owen Humphreys/PA Wire

A man bikes during a winter snow storm in Ottawa, Ontario, Canada. Credit: Reuters/Chris Wattie
Market Closes for February 15^th, 2019

Market Index	Close	Change
Dow Jones	25883.25	+443.86   +1.74%
S&P 500	2775.60	+29.87   +1.09%
NASDAQ	7472.410	+45.455   +0.61%
TSX	15838.24	+142.26
		+0.91%

International Markets

Market Index	Close	Change
NIKKEI	20900.63	-239.08
		-1.13%
HANG SENG	27900.84	-531.21
		-1.87%
SENSEX	35808.95	-67.27
		-0.19%
FTSE 100*	7236.68	+39.67
		+0.55%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.895		1.934
CND. 30 Year Bond		2.152		2.178
U.S.    10 Year Bond		2.6626		2.7039
U.S. 30 Year Bond		2.9936		3.0319

Currencies

BOC Close	Today	Previous
Canadian $	0.75508	0.75227
US $	1.32436	1.32930
Euro Rate 1 Euro=		Inverse
Canadian $	1.49593	0.66848
US $	1.12955	0.88531

Commodities

Gold	Close	Previous
London Gold Fix	1311.45	1312.80
Oil
WTI Crude Future	55.59	54.41

Market Commentary:
Correction: Ford announced on Jan. 14, 1982, that it would skip paying a quarterly dividend for the first time since the company went public in 1956. Thursday’s newsletter incorrectly said the date was Feb. 14.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks rose to the highest in more than four months, part of a broader global rally prompted by reports that the U.S. and China had reached consensus on the main points in their trade talks.
     The S&P/TSX Composite Index added 0.9 percent to 15,838.24, bringing its weekly gain to 1.3 percent. This marks the eighth consecutive week of gains for the benchmark, the longest such streak since 2017. Energy stocks led the way Friday, adding 1.9 percent as the price of oil approached a three-month high.
     The health-care index rose 0.8 percent, boosted by positive news from a couple of pot stocks. Aphria Inc. gained 5.2 percent after a special committee found it paid an “acceptable” amount for assets that were the subject of a short-seller attack, while Canopy Growth Corp. added 2.5 percent after quarterly revenue beat expectations.
In other moves:
Stocks
* Suncor Energy Inc. added 3.8 percent to the highest since November after Warren Buffett’s Berkshire Hathaway Inc. bought 10.8 million shares of the company
* Agnico Eagle Mines Ltd. gained 2.6 percent. The gold miner hiked its dividend by 14 percent and its CEO said there’s room to raise it further even if gold prices stay flat
* MTY Food Group tumbled 13 percent, the most since 2003, after fourth-quarter earnings per share missed the lowest analyst estimate
Commodities
* Western Canada Select crude oil traded at a $13.50 discount to WTI, the widest gap since New Year’s Eve
* Gold rose 0.6 percent to $1,318.10 an ounce
FX/Bonds
* The Canadian dollar strengthened 0.4 percent to C$1.3251 per U.S. dollar
* The Canada 10-year government bond yield rose 2 basis points to 1.90 percent
US
By Reade Pickert
     (Bloomberg) — Equities surged to a 10-week high as the U.S. consumer outlook brightened and positive developments in China trade talks overshadowed lingering concerns about global growth. Treasury yields climbed, while the dollar retreated after an early-morning rally.
     The S&P 500 Index closed at session highs Friday, with all sectors gaining, on reports that the U.S. and China had reached consensus in principle on the main topics in their trade negotiations. It was the third straight weekly gain for the benchmark. U.S. consumer sentiment rebounded from a two-year low, further fueling the rally and bolstering the case that yesterday’s dire retail sales figures were out of sync with reality.
     Trade continues to dominate markets as the two sides race to reach a deal that would avert a tariff increase on Chinese goods by March 1. At the White House Friday, President Donald Trump said that the U.S. is “a lot closer” to a deal with China and that he might “extend the date.”
     “The market got more constructive on China-U.S. trade negotiations,” said Michael Antonelli, equity sales trader at Robert W. Baird. “It’s starting to put the slowing of last year into the rear-view mirror, it’s starting to look forward now.
     There’s a whole group of people now who are just jumping back in on the market because the sell-off hasn’t happened, but in the end that’s kind of when a retest has its biggest chance of happening.”
     On Wall Street, the reaction was muted to Trump’s announcement that he will declare a national emergency to get more federal money for a border wall.
     In Europe, banks and miners helped drive gains in the Stoxx 600 Index. Asian shares retreated, with Chinese stocks falling as weak factory prices highlighted the tough environment for industrial profitability, adding to other disappointing data from major economies. Elsewhere, West Texas crude hit a 12-week high on supply cuts and metals advanced. Emerging-market shares fell, while EM currencies edged higher.
Exchanges in the U.S. will be closed Monday for Presidents’ Day.
These are the main moves in markets:
Stocks
* The S&P 500 Index increased 1.1 percent as of 4 p.m. New York time, the highest in over 10 weeks.
* The Dow Jones Industrial Average rose 1.7 percent.
* The Stoxx Europe 600 Index gained 1.4 percent to the highest in more than four months.
* The U.K.’s FTSE 100 Index rose 0.6 percent.
* The MSCI Emerging Market Index fell 0.7 percent to a two-week low.
Currencies
* The Bloomberg Dollar Spot Index declined 0.2 percent.
* The euro rose less than 0.05 percent to $1.1299.
* The British pound gained 0.7 percent to $1.2892, the biggest jump in three weeks.
* The Japanese yen rose 0.1 percent to 110.41 per dollar.
* The MSCI Emerging Markets Currency Index climbed 0.3 percent.
Bonds
* The yield on 10-year Treasuries climbed one basis point to 2.66 percent.
* Germany’s 10-year yield fell less than one basis point to 0.10 percent.
* Britain’s 10-year yield increased one basis point to 1.16 percent.
Commodities
* The Bloomberg Commodity Index gained 1.2 percent to the
highest in more than a week.
* West Texas Intermediate crude rose 2.4 percent to $55.72 a barrel, the biggest gain in two weeks.
* Gold climbed 0.7 percent to $1,321.29 an ounce.
–With assistance from Garfield Reynolds, Cormac Mullen, Adam Haigh, Luke Kawa and Eddie van der Walt.

Have a wonderful weekend.

Be magnificent!

As ever,

Carolann

I insist on a lot of time being spent almost everyday, to just sit and think.  That is very uncommon in American business.  I read and think.  So I do more reading and thinking, and make less impulse decisions than most people in business. -Warren Buffett, b. 1930

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 VALENTINE’S!

Love is never lost.  If not reciprocated, it will flow back and soften and purify the heart. –Washington Irving.

POINTS OF PROGRESS:
COSTA RICA:
In the past four years, the country has gotten 98.5 % of its electricity from renewable sources.  Energy from wind turbines, hydroelectric dams in rivers, solar panels, and geothermal plants powered by volcanoes all contribute to Costa Rica’s impressive clean power record.  The country has spent at least 1,197 days during those years without using any kind of fossil fuel source. –The Tico Times

UNITED STATES:
In Key West, Fla., the sale of sunscreens that harm reefs will soon be banned.  Some studies show that the chemicals oxybenzone and octinoxate – often found in sunscreens – can decrease coral’s defenses against bleaching events (when coral polyps expel symbiotic algae, usually because of high temperatures).  The Key West City Commission unanimously approved the measure recently.  Other ocean-adjacent communities have already taken this step; Hawaii passed a similar law in 2018. –NBC.

THE NETHERLANDS:
The Dutch government is planning a bike-filled future.  About $390 million will be invested in the creation of new cycling infrastructure, including bicycle storage facilities, bike parking spaces, and highways for bikes.  And the government will encourage more companies to participate in its bike commuting tax credit program, in which those who cycle to work are rewarded based on the distance they go.  The Dutch government hopes to have 200,000 new cyclist commuters in three years. –CNN.

The Google Arts and Culture app has been around since 2011.  The apps main purpose is to make the world’s artwork widely accessible.  One of its newest collections is the complete (known) work of Johannes Vermeer, the Dutch painter famous for “Girl with a Pearl Earring.”  In total, 18 museums across seven countries have contributed 36 painting to the Meet Vermeer feature. 

On Feb. 14, 1929, the St. Valentine’s Day Massacre took place in a Chicago garage as seven rivals of Al Capone’s gang were gunned down.  Go to article »    

PHOTOS OF THE DAY

King, the wire hair fox terrier, poses after winning “Best in Show” at the Westminster Kennel Club 143rd Annual Dog Show in Madison Square Garden in New York. Credit: Timothy A Clary/AFP/Getty Images

People looking at displays at the Yellow River Lamp display in Gucheng Village, in Zhangye City, in northwest China’s Gansu Province. The display was opened on February 12th and is made up of a temporary maze layout where locals and tourists can view displays of traditional stories, paintings, cartoons and lamps. Credit: AFP/Getty Images

Schoolchildren from Avrankou-Houeze school pose for a photo in front of the BloLab container at Avrankou city hall, in Avrankou, south of Benin. Designed by BloLab, a non-profit group, the 13-metre (43-foot) trailer is powered by 12 solar panels and equipped with enough laptops to give students in the countryside a chance to familiarise themselves with computers, which most families cannot afford. Credit: Yanick Folly/AFP/Getty Images
Market Closes for February 14^th, 2019

Market Index	Close	Change
Dow Jones	25439.39	-103.88   -0.41%
S&P 500	2745.73	-7.30   -0.27%
NASDAQ	7426.953	+6.575   +0.09%
TSX	15695.98	+69.25
		+0.44%

International Markets

Market Index	Close	Change
NIKKEI	21139.71	-4.77
		-0.02%
HANG SENG	28432.05	-65.54
		-0.23%
SENSEX	35876.22	-157.89
		-0.44%
FTSE 100*	7197.01	+6.17
		+0.09%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.876		1.934
CND. 30 Year Bond		2.140		2.178
U.S.    10 Year Bond		2.6536		2.7039
U.S. 30 Year Bond		3.0008		3.0319

Currencies

BOC Close	Today	Previous
Canadian $	0.75227	0.75430
US $	1.32930	1.32573
Euro Rate 1 Euro=		Inverse
Canadian $	1.50111	0.66617
US $	1.12924	0.88555

Commodities

Gold	Close	Previous
London Gold Fix	1312.80	1310.00
Oil
WTI Crude Future	54.41	53.90

Market Commentary:
On this day in 1982, in the depths of a recession, Ford Motor announced that it would skip paying a quarterly dividend for the first time since the company went public in 1956. 
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks gained on the back of strong earnings in technology and industrials, even as U.S. stocks retreated.
     The S&P/TSX Composite Index added 0.4 percent to 15,696. Technology shares were the highest since July as Constellation Software Inc. jumped 14 percent, the most ever, to a record high. Constellation reported fourth-quarter earnings and revenue that beat the highest analyst estimates.
     Industrials gained 1.3 percent as Bombardier Inc. surged 24 percent, the most since November. The company beat analysts’ expectations for cash flow and reaffirmed its 2019 forecast.
     Consumer discretionary was the only sector to post a significant decline, falling 1.2 percent as Canada Goose Holdings Inc. tumbled 13 percent. The parka-maker boosted its annual forecast for the second time in six months but got caught up in a broader rout in retail stocks following weak U.S. retail sales in January.
In other moves:
Stocks
* Sierra Wireless Inc. tumbled 27 percent, the most since 2008, after lowering its 2019 guidance due to restructuring costs
* New Gold Inc. slid 26 percent, the most since 1999. The company’s fourth-quarter loss was wider than analysts expected and revenue also missed expectations
* Chemtrade Logistics Income Fund lost 20 percent, the most ever, after an unexpected loss prompted Raymond James to cut its rating on the stock
Commodities
* Western Canada Select crude oil traded at a $10.50 discount to WTI
* Gold fell 0.1 percent to $1,309.80 an ounce
FX/Bonds
* The Canadian dollar weakened 0.3 percent to C$1.3295 per U.S. dollar as factory sales unexpectedly fell in December
* The Canada 10-year government bond yield fell 6 basis points to 1.88 percent
US
By Reade Pickert
     (Bloomberg) — U.S. stocks edged lower in listless trading as disappointing economic data and reports the president will declare a national emergency overshadowed news that another government shutdown will be averted.
     The S&P 500 Index fell, with a late-session drop sealing the decline initially sparked by a disappointing — and contested — report of the worst drop for retail sales in nine years. Initial jobless claims also came in higher than estimated. Signs Congress would avert another shutdown boosted sentiment midday and shares drifted until the late slide that came with news that President Donald Trump intends to sign a government funding bill and simultaneously declare a national emergency to get more money for a border wall.
     Investors were surprised by the December sales data, which suggested economic growth is cooling and may reinforce the expectation that the Federal Reserve will avoid raising rates this year. But some observers suggested the retail figures, delayed four weeks due to the government shutdown, are out of sync with reality. More recent data on consumer comfort point to a robust buying climate in the U.S.
     Three stocks fell for every two that advanced in the S&P 500. Bank stocks were among the hardest hit, as the 10-year Treasury yield briefly sank below 2.65 percent. Consumer staples also fell: Coca-Cola saw its biggest loss in 10 years after a disappointing forecast. On the positive side, energy companies advanced as crude prices climbed.
     Trade tensions between the U.S. and China continue to weigh on stocks, with the two sides said to be far apart on reform demands as high-level talks begin in Beijing. A headline that the two sides remained far apart briefly sent the S&P 500 lower in late morning trading.
     Food and industrial-goods shares had spurred the Stoxx Europe 600 Index amid a slew of company news, but the gauge tracked the early slide in U.S. equities and finished lower. 
     Stock benchmarks drifted in Japan, China and Australia, and ticked lower in Hong Kong. European core sovereign bonds rose and the single currency strengthened after data showed the euro region’s biggest economy stagnated in the fourth quarter, but dodged recession.
     Elsewhere, emerging-market shares fell. Oil advanced as falling shipments from Saudi Arabia and Venezuela offset gains in U.S. crude stockpiles. The British pound weakened while gilts advanced as Prime Minister Theresa May lost another round of Brexit voting in Parliament.
Here are some key events coming up:
* Steven Mnuchin and Robert Lighthizer are in Beijing for high- level talks, and will meet China President Xi Jinping on Friday, the South China Morning Post reported.
* U.S. Congress is close to voting on legislation to avert another partial government shutdown, with the Friday deadline quickly approaching.
These are the main moves in markets:
Stocks
* The S&P 500 Index fell 0.3 percent as of 4 p.m. New York time.
* The Dow Jones Industrial Average fell 0.4 percent and the Nasdaq 100 rose 0.1 percent. 
* The Stoxx Europe 600 Index fell 0.3 percent.
* The U.K.’s FTSE 100 Index rose 0.1 percent.
* The MSCI Emerging Market Index sank 0.1 percent.
Currencies
* The Bloomberg Dollar Spot Index fell 0.2 percent.
* The euro rose 0.3 percent to $1.1299.
* The British pound fell 0.4 percent to $1.2798.
* The Japanese yen rose 0.4 percent to 110.54 per dollar.
Bonds
* The yield on 10-year Treasuries sank four basis points to 2.66 percent, the biggest drop in two weeks.
* Germany’s 10-year yield fell two basis points to 0.10 percent.
* Britain’s 10-year yield fell three basis points to 1.15 percent, the lowest in 14 months.
Commodities
* West Texas Intermediate crude rose 1.2 percent to $54.56 a barrel.
* Gold futures were flat at $1,315.20 an ounce.
–With assistance from Andrew Dunn, April Ma, Adam Haigh, Jeff Kearns and Todd White.

Have a great night.

Be magnificent!

As ever,

Carolann

Of all forms of caution, caution in love is perhaps the most fatal to true happiness. -Bertrand Russell, 1872-1970.

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

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

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

Dear Friends,

Tangents:

February 13, 1997 – The Dow Jones industrial average broke through the 7,000 barrier for the first time, closing at 7,022.44.  Go to article »

1741 ~ First magazine published in the US.
1945 ~ Dresden fire bombing.

Digital Artist’s Canvas:
Painting en plein air is the embodiment of the romance of the Impressionist movement….Now, we have Procreate – an app available on the AppStore for the iPad and iPhone for $9.99.  It’s a digital artist’s canvas optimized for use with the Apple Pencil, and it works with fingers, too.  Pros and amateurs alike praise its precision and emulation of traditional mediums: It’s great for letting your creative impulses loose on the go – or on your couch.  -CSM.

PHOTOS OF THE DAY

Folk artists throw molten iron to create sparks during an event to celebrate the Chinese Lunar New Year, in Shangqiu, Henan province, China. Credit: Reuters

Robert Tomlinson, a fourth-generation rhubarb farmer, harvests forced rhubarb by candlelight on his farm in Pudsey, near Leeds. Mr. Tomlinson’s farm falls within the ‘Rhubarb Triangle’, the area defined between the three cities of Leeds, Wakefield and Bradford, which is synonymous with the commercial growing of forced rhubarb since the 1870’s. The rhubarb is grown in dark, heated shed and harvested by candlelight to prevent the plant from producing chlorophyll, which preserves its colour and make the rhubarb sweeter and more tender. Credit: Oli Scarff/AFP/Getty Images

A squirrel pauses by a single purple crocus in Royal Victoria Park, bath, where mild weather has caused an early bloom of the traditional Spring flower. Credit: Ben Birchall/PA
Market Closes for February 13^th, 2019

Market Index	Close	Change
Dow Jones	25543.27	+117.51   +0.46%
S&P 500	2753.48	+8.75   +0.32%
NASDAQ	7420.379	+5.760   +0.08%
TSX	15634.10	-8.00
		-0.05%

International Markets

Market Index	Close	Change
NIKKEI	21144.48	+280.27
		+1.34%
HANG SENG	28497.59	+326.26
		+1.16%
SENSEX	36034.11	-119.51
		-0.33%
FTSE 100*	7190.84	+57.70
		+0.81%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.934		1.917
CND. 30 Year Bond		2.178		2.165
U.S.    10 Year Bond		2.7039		2.6769
U.S. 30 Year Bond		3.0319		3.0159

Currencies

BOC Close	Today	Previous
Canadian $	0.75430	0.75520
US $	1.32573	1.32416
Euro Rate 1 Euro=		Inverse
Canadian $	1.49325	0.66968
US $	1.12636	0.88782

Commodities

Gold	Close	Previous
London Gold Fix	1310.00	1306.40
Oil
WTI Crude Future	53.90	53.10

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks slipped as disappointing earnings reports from Barrick Gold Corp. and Teck Resources Ltd. offset gains in energy and pot stocks.
     The S&P/TSX Composite Index lost 0.1 percent to 15,626.73. Materials stocks fell 0.8 percent as the influential miners retreated. Teck slid 5.5 percent, the most in six weeks, after fourth-quarter earnings missed analyst estimates, while Barrick lost 3.9 percent after the company said it expects costs to rise this year.
     Energy stocks added 0.7 percent as crude prices climbed for a second day amid dwindling shipments from Venezuela and Saudi Arabia. Cenovus Energy Inc. gained 5.9 percent to the highest since early December after analysts said weak pricing that hit fourth-quarter results is in the rearview mirror.
In other moves:
Stocks
* West Fraser Timber Co. lost 2.2 percent. The company’s fourth- quarter results missed the lowest estimate but its CEO said he expects a turnaround for lumber demand this year
* First Capital Realty Inc. rose 2.8 percent to the highest since October 2016 after saying it plans to reorganize into a real estate investment trust
* Birchcliff Energy Ltd. gained 3 percent after fourth-quarter earnings per share beat the highest estimate
Commodities
* Western Canada Select crude oil traded at a $10.25 discount to WTI
* Gold rose 0.1 percent to $1,310.80 an ounce
FX/Bonds
* The Canadian dollar weakened 0.2 percent to C$1.3257 per U.S. dollar
* The Canada 10-year government bond yield rose 2 basis points to 1.93 percent
US
By Sarah Ponczek and Reade Pickert
     (Bloomberg) — U.S. equities put in their fourth straight session of gains as optimism over trade negotiations countered some of the jitters that Senator Marco Rubio triggered when he announced a bill to tax buybacks on equal footing with dividends.
     Rubio’s tweet Wednesday about his buyback proposal slowed an advance in the S&P 500 Index, but the benchmark still finished higher, even after Netflix dragged on the communication-services sector late in the day. The dollar gained and Treasuries edged lower as data showed U.S. inflation remained contained.
     Equities have been climbing this week in part on news that President Donald Trump is open to extending a March 1 deadline to raise tariffs on Chinese products if the two sides are near an agreement. High-level talks between the U.S. and China are set for later this week. Also buoying stocks was news that Trump is closer to accepting a border spending deal, averting another government shutdown.
“Moving forward, we’re going to have to see a resolution to some of these big-picture items before we’ll see the markets make a clear move higher,’’ said Chris Gaffney, president of world markets at TIAA Bank in St. Louis.
     Oil continued its rebound from a two-week low, after Saudi Arabia pledged to deepen output cuts, and held most of those gains even after U.S. crude stockpiles came in larger than anticipated. Energy shares led gainers on the S&P 500; utilities lagged.
     The U.S. inflation numbers bolstered the Federal Reserve’s decision to be patient on raising interest rates. And with major central banks seemingly on pause or turning dovish, investor attention now appears firmly focused on the outlook for global trade and the chances of progress at the next round of talks between the U.S. and China in Beijing. Protectionist measures have been heaping pain on many large economies, some of which are also grappling with a slowdown in growth.
     Shares in Shanghai surged on trade hopes, and the Stoxx Europe 600 Index rose for a third day. The euro weakened after a report showed industrial production across the 19-nation region is falling at the fastest pace since the financial crisis.
Here are some key events coming up:
* Chinese Vice Premier Liu He is expected to join U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin in high-level trade talks Thursday and Friday.
* Earnings season continues with reports from companies including Cisco, Vivendi, Nvidia, Nestle, Coca-Cola and Credit Suisse.
These are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.3 percent to a 10-week high as of 4:03 p.m. New York time.
* The Dow Jones Industrial Average gained 0.5 percent; the Nasdaq 100 was little changed.
* The Stoxx Europe 600 Index rose 0.6 percent to its highest in a week.
* The U.K.’s FTSE 100 Index rose 0.8 percent to a four-month high.
* The MSCI Emerging Market Index fell 0.2 percent. 
Currencies
* The Bloomberg Dollar Spot Index rose 0.5 percent to a six-week high.
* The euro decreased 0.5 percent to $1.1267.
* The British pound fell 0.3 percent to $1.285.
* The Japanese yen dropped 0.5 percent to 111.00 per dollar.
Bonds
* The yield on 10-year Treasuries rose two basis points to 2.71percent.
* Germany’s 10-year yield fell one basis point to 0.12 percent.
* Britain’s 10-year yield fell less than one basis point to 1.182 percent.
Commodities
* The Bloomberg Commodity Index gained 0.1 percent.
* West Texas Intermediate crude climbed 1.7 percent to $53.99 a barrel.
* Gold fell 0.4 percent to $1,306.20 an ounce, a two-week low.
–With assistance from Masaki Kondo, Adam Haigh, Luke Kawa and Robert Brand.

Have a great night.

Be magnificent!

As ever,

 

Carolann

 

Politics is not the art of the possible.  It consists in choosing between
the disastrous and the unpalatable.
                                 -John Kenneth Galbraith, 1908-2006

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

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

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

Dear Friends,

Tangents:

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

PHOTOS OF THE DAY

Visitors walk across a bridge as water cascades over the Caban-coch dam, at Elan Valley village near Rhayader in Powys, Wales, UK after recent torrential rain in Powys has filled the complex of Elan valley dams and taken river levels to the tops of river banks in Powys, Wales, UK. Elan Valley dams supply Birmingham in the West Midlands UK with water via a gravity feed. Credit: Graham M. Lawrence/LNP

Wildlife photographer Paul Dibben captured stunning shots of starlings in his garden in Sherborne, Dorset, UK. He explains: “The starlings were hovering like hummingbirds under a bell feeder in our garden. This is new behaviour for me, they are quick learners when there is food on the end of it. Their oily-coloured plumage was reflecting the low winter sun”. Credit: Paul Dibben/Cover Images

A painted 3-D cube in the night sky, created via a drone light painting by photographer Russell Klimas in Colorado Springs, USA. Credit: @LIGHTNLENSE/News Dog Media
Market Closes for February 12^th, 2019

Market Index	Close	Change
Dow Jones	25425.76	+372.65   +1.49%
S&P 500	2743.66	+33.86   +1.25%
NASDAQ	7414.67	+106.712   +1.46%
TSX	15638.28	+69.43
		+0.45%

International Markets

Market Index	Close	Change
NIKKEI	20864.21	+531.04
		+2.61%
HANG SENG	28171.33	+27.49
		+0.10%
SENSEX	36153.62	-241.41
		-0.66%
FTSE 100*	7133.14	+4.03
		+0.06%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.917		1.907
CND. 30 Year Bond		2.165		2.154
U.S.    10 Year Bond		2.6769		2.6554
U.S. 30 Year Bond		3.0159		2.9952

Currencies

BOC Close	Today	Previous
Canadian $	0.75520	0.75167
US $	1.32416	1.33038
Euro Rate 1 Euro=		Inverse
Canadian $	1.50020	0.66658
US $	1.13294	0.88266

Commodities

Gold	Close	Previous
London Gold Fix	1306.40	1314.85
Oil
WTI Crude Future	53.10	52.41

Market Commentary
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks gained for the first time in four sessions amid a broader global rally kickstarted by optimism over trade talks and a possible deal to avoid a U.S. government shutdown.
     The S&P/TSX Composite Index added 0.5 percent to 15,642.10. Information technology was one of the strongest sectors, gaining 0.8 percent as Shopify Inc. reversed earlier losses to rise 1.1 percent. The company earlier lost as much as 7.4 percent after its full-year operating profit guidance missed analyst estimates by a wide margin.
     Health-care stocks added 1.1 percent as pot stocks rebounded from a two-day selloff. Aphria Inc. gained 7.9 percent, while Aurora Cannabis Inc. slipped 0.8 percent after reporting weaker quarterly margins.
In other moves:
Stocks
* Enbridge Inc. fell 2.2 percent. The company’s Line 3 pipeline project is facing a challenge from Minnesota’s new governor
* Onex Corp. rose 1.9 percent. The private equity firm is said to be planning a sale of Advanced Integration Technology that could fetch more than $1.5 billion
* Constellation Software Inc. added 2.1 percent after the stock was upgraded to outperform at BMO on its growth prospects
Commodities
* Western Canada Select crude oil traded at a $10.50 discount to WTI
* Gold rose 0.2 percent to $1,309.20 an ounce
FX/Bonds
* The Canadian dollar strengthened 0.5 percent to C$1.3242 per U.S. dollar
* The Canada 10-year government bond yield rose 1 basis point to 1.92 percent
US
By Sarah Ponczek and Reade Pickert
     (Bloomberg) — U.S. stocks shook off their malaise Tuesday, boosted by optimism over trade talks and a tentative deal among American lawmakers to avert a government shutdown. Treasuries and the dollar edged lower.
     After four sessions of losses or whisker-thin gains, the S&P 500 Index registered its biggest one-day increase this month, breaking through its 200-day moving average. The rally was broad-based: Materials stocks led the charge, but financials and the FAANG cohort of tech stocks also advanced, and energy companies gained as oil rebounded from a two-week low after Saudi Arabia pledged to deepen production cuts. The Dow Jones Industrial Average hit a 10-week high. 
U.S. lawmakers said they have reached an “agreement in principle” on border security funding that would forestall a second shutdown. President Donald Trump said he’ll hold a meeting Tuesday to discuss the proposal. He said the preliminary agreement is “not doing the trick” but also said he has to study it and can add to it. On trade, the U.S. president said that he’s open to letting slide a March 1 deadline for China tariffs if a deal appears close.
     “None of the worries that people had in the fourth quarter have really gone away,” said John Carey, managing director and portfolio manager at Amundi Pioneer Asset Management. “But people are maybe a little less concerned now and a little bit more positive about the ability of the economy to continue in a growth trajectory over the next couple of years, and that should be good for earnings.”
     The prospect of a deal to keep the U.S. government open together with hints that Trump may reach an accord with China appear to be rekindling the rally in riskier assets after a turbo-charged start to the year showed signs of ebbing last week. A dovish shift by the world’s central banks has also helped, but at the same time has underscored the dilemma facing investors — join the chase for late-cycle gains, or gird for a looming slowdown in growth.
     Elsewhere, carmakers led the advance in the Stoxx Europe 600 Index, while West Texas intermediate crude futures and gold advanced. Emerging-market shares climbed and their currencies edged higher. The pound gained as U.K. Prime Minister Theresa May updated lawmakers on the progress of Brexit talks with the EU. The offshore yuan strengthened for the first time in five days.
Here are some key events coming up:
* Chinese Vice Premier Liu He was expected to join U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin in high-level trade talks Thursday and Friday.
* Earnings season continues with reports from companies including Cisco, Vivendi, Nvidia, Nestle, Coca-Cola and Credit Suisse.
* Sweden’s Riksbank is expected to keep interest rates at minus 0.25 percent on Wednesday after the first increase in more than seven years in December.
* Data Wednesday is expected to show U.S. consumer prices rose 0.1 percent in January, after falling 0.1 percent in December.
These are the main moves in markets:
Stocks
* The S&P 500 Index climbed 1.3 percent, to a 10-week high, as of 4:01 p.m. New York time.
* The Dow Jones Industrial Average rose 1.5 percent; the Nasdaq 100 gained 1.5 percent.
* The Stoxx Europe 600 Index increased 0.5 percent.
* The MSCI Emerging Market Index climbed 0.8 percent, the first advance in a week and the biggest increase in more than a week.
Currencies
* The Bloomberg Dollar Spot Index dipped 0.3 percent, the first retreat in almost two weeks.
* The euro climbed 0.5 percent to $1.1331.
* The British pound jumped 0.3 percent to $1.2896, the biggest increase in almost two weeks.
* The Japanese yen fell 0.1 percent to 110.47 per dollar.
Bonds
* The yield on 10-year Treasuries advanced two basis points to 2.68 percent, the biggest gain in over a week.
* Germany’s 10-year yield increased one basis point to 0.13 percent.
* Britain’s 10-year yield increased one basis point to 1.185 percent.
Commodities
* The Bloomberg Commodity Index jumped 0.6 percent, its biggest increase in two weeks.
* West Texas intermediate crude increased 1.3 percent to $53.10 a barrel.
* Gold jumped 0.2 percent to $1,311.27 an ounce.
–With assistance from Todd White, Andreea Papuc, Eddie van der Walt and Luke Kawa.

Have a great evening.

Be magnificent!

As ever,

Karen

“If opportunity doesn’t knock, build a door”. Milton Berle

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

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

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

Dear Friends,

Tangents:

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

PHOTOS OF THE DAY

The Milky Way above the Bathing House in Howick, Northumberland. Credit: Owen Humphreys/PA

Glasgow’s Chinese community celebrates the Chinese New year at a ceremony in Glasgow’s George Square and City Chambers. Credit: Wattie Cheung

A murmuration of starlings over Turkey’s northwestern Kirklareli Province. Credit: Ozgun Tiran/Anadolu Agency/Getty Images
Market Closes for February 11^th, 2019

Market Index	Close	Change
Dow Jones	25053.11	-53.22   -0.21%
S&P 500	2710.09	+2.21   +0.08%
NASDAQ	7307.906	+9.708   +0.13%
TSX	15566.93	-66.40
		-0.42%

International Markets

Market Index	Close	Change
NIKKEI	20333.17	-418.11
		-2.01%
HANG SENG	28143.84	+197.52
		+0.71%
SENSEX	36395.03	-151.45
		-0.41%
FTSE 100*	7129.11	+57.93
		+0.82%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.907		1.881
CND. 30 Year Bond		2.154		2.138
U.S.    10 Year Bond		2.6554		2.6321
U.S. 30 Year Bond		2.9952		2.9755

Currencies

BOC Close	Today	Previous
Canadian $	0.75167	0.75316
US $	1.33038	1.32774
Euro Rate 1 Euro=		Inverse
Canadian $	1.50019	0.66658
US $	1.12764	0.88680

Commodities

Gold	Close	Previous
London Gold Fix	1314.85	1310.00
Oil
WTI Crude Future	52.41	52.72

Market Commentary
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks fell for a third day as investors took a risk-off approach to a week that could provide clarity on global trade. Energy stocks gained, offset by declines in most other sectors.
     The S&P/TSX Composite Index lost 0.4 percent to 15,568.85, the lowest since Feb. 1. Health-care stocks led the decline, falling 2.6 percent as cannabis companies retreated ahead of earnings from two of the sector’s biggest players. Aphria Inc. slid 9.8 percent, the most since early December.
     Industrials fell 1 percent, led by a 7.4 percent drop at SNC-Lavalin Group Inc. to the lowest since 2009. The company issued its second profit warning in as many weeks after failing to reach an agreement over a disputed mining project in Latin America.
In other moves:
Stocks
* Restaurant Brands International Inc. rose 2.1 percent. The company reported earnings that beat analyst estimates and said it expects to open more than 1,500 Tim Hortons outlets in China over the next 10 years
* Sprott Resource Holdings Inc. jumped 16 percent, the most since 2016, after forming a special committee to maximize shareholder value 
* Canadian Tire Corp. fell 3.2 percent, the most since August. Barclays cut the company’s rating and price target, citing “daunting” competition from Amazon.com Inc.
Commodities
* Western Canada Select crude oil traded at a $11 discount to WTI
* Gold fell 0.5 percent to $1,311.80 an ounce
FX/Bonds
* The Canadian dollar weakened 0.2 percent to C$1.3304 per U.S. dollar
* The Canada 10-year government bond yield rose 3 basis points to 1.91 percent
US
By Sarah Ponczek and Reade Pickert
     (Bloomberg) — U.S. equities were mixed and trading volume was muted at the start of a week that could be pivotal for global trade, while lawmakers in Washington continue to negotiate a contentious spending bill. The dollar strengthened for an eighth day, and 10-year Treasuries fell.
     The S&P 500 finished higher after drifting most of the session, with advancing stocks outnumbering decliners. A faltering communication-services sector countered a gain in industrials driven by railroad shares. Health-care companies — including UnitedHealth, Pfizer and Merck — weighed on the Dow Jones Industrial Average. Volumes were lower than average, suggesting some people are waiting on the sidelines for more potent market catalysts to emerge.
     Investors are weighing the prospects for the success of this week’s high-level U.S.-China trade talks — coming just days before the March 1 deadline for higher tariffs. The threat of a shutdown in Washington also looms, with political tensions flaring again between Congress and the president.  Equities gained in China as exchanges reopened after a holiday. Japan’s securities markets were shut for a holiday, and the yen weakened.
     “Of the events looming on the horizon, the one we’re focused on most is the U.S.-China trade right now,” said Mona Mahajan, U.S. investment strategist at Allianz Global Investors in New York. “And I think that’s been an overhang not only on U.S. equities, but clearly on Chinese equities and the economy there as well.”
     Earnings season continues with the likes of Michelin reporting today, and Nissan and Cisco later this week. Yields rose on Treasuries and most European sovereign bonds. The pound stayed lower after the U.K. economy unexpectedly shrank in December.
     Elsewhere, West Texas crude futures hovered above $52 a barrel, while gold headed for its first drop in three sessions. The Swiss franc swooned almost 1 percent at the start of Asia trading Monday in a mini-recurrence of the “flash crash” that roiled FX markets early last month.
Here are some key events coming up:
* Earnings season continues with reports from companies including Michelin, Nissan, Cisco, Vivendi, Nvidia, Nestle, Coca-Cola and Credit Suisse.
* Sweden’s Riksbank is expected to keep interest rates at minus 0.25 percent on Wednesday after the first increase in more than seven years in December.
* Data Wednesday is expected to show U.S. consumer prices rose 0.1 percent in January, after falling 0.1 percent in December.
* If no deal is reached on the U.S-Mexico border wall, parts of the federal U.S. government may shut down again later this week when stopgap government funding expires.
These are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.1 percent, as of 4 p.m. New York time.
* The Nasdaq 100 declined 0.1 percent while the Dow Jones Industrial Average fell 0.2 percent.
* The Stoxx Europe 600 Index gained 0.9 percent.
* The MSCI Emerging Market Index fell 0.1 percent.
Currencies
* The Bloomberg Dollar Spot Index climbed 0.5 percent, hitting the highest in almost six weeks.
* The euro fell 0.4 percent to $1.1277.
* The British pound dropped 0.6 percent to $1.2861, the weakest in almost a month.
* The Japanese yen dipped 0.6 percent to 110.38 per dollar, the weakest in more than six weeks.
Bonds
* The yield on 10-year Treasuries rose two basis points to 2.66
percent, the first advance in a week.
* Germany’s 10-year yield jumped three basis points to 0.12 percent.
* Britain’s 10-year yield increased three basis points to 1.18
percent.
Commodities
* West Texas Intermediate crude decreased 0.6 percent to $52.38 a barrel, the lowest in two weeks.
* Gold sank 0.4 percent to $1,308.41 an ounce.
–With assistance from Adam Haigh and Todd White.

Have a great evening.

Be magnificent!

As ever,

Karen

“The true secret of happiness lies in taking a genuine interest in all the details of daily life.” William Morris

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

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

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

Dear Friends,

Tangents:

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

PHOTOS OF THE DAY

Waves batter the sea defences at Aberystwyth on the Cardigan Bay coats of West Wales at high tide this morning. A yellow Met Office warning for wind has been covering most of the UK issued for tomorrow until Saturday, with the likelihood of travel disruption. Credit: Keith Morris/LNP

Kitesurfers kitesurf in good wind and weather on in Tableview, about 15km from the centre of Cape Town, South Africa. Credit:  Rodger Bosch AFP/Getty Images

Misty sunrise captured in Dorset. Photographer James Loveridge said “This was taken from Lambert’s Castle on the Dorset/Devon border, looking across the Marshwood Vale countryside, a fantastic view to see when driving out of the fog and cloud – I never knew pylons could look beautiful!”. Credit:  BNPS
Market Closes for February 8^th, 2019

Market Index	Close	Change
Dow Jones	25106.33	-63.20   -0.25%
S&P 500	2707.88	+1.83   +0.07%
NASDAQ	7298.199	+9.847   +0.14%
TSX	15633.33	-70.03
		-0.45%

International Markets

Market Index	Close	Change
NIKKEI	20333.17	-418.11
		-2.01%
HANG SENG	27946.32	-43.89
		-0.16%
SENSEX	36546.48	-424.61
		-1.15%
FTSE 100*	7071.18	-22.40
		-0.32%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.881		1.879
CND. 30 Year Bond		2.138		2.142
U.S.    10 Year Bond		2.6321		2.6554
U.S. 30 Year Bond		2.9755		2.9947

Currencies

BOC Close	Today	Previous
Canadian $	0.75316	0.75661
US $	1.32774	1.32169
Euro Rate 1 Euro=		Inverse
Canadian $	1.50416	0.66482
US $	1.13288	0.88271

Commodities

Gold	Close	Previous
London Gold Fix	1310.00	1312.40
Oil
WTI Crude Future	52.72	52.64

Market Commentary
Canada
     (Bloomberg) — Canadian stocks fell for a second day, despite employment increasing by 66,800 in January.
     The S&P/Toronto Stock Exchange Composite Index weakened 0.5 percent Friday. Health care led the decliners and energy stocks extended their retreat. The Horizons Marijuana Life Sciences Index ETF lost 2.7 percent.
Stocks
* Hive Blockchain Technologies Ltd. gained 18.6 percent
* Plus Products Inc. rose 5.8 percent 
* ARC Resources Ltd. advanced 8 percent after 4Q EPS beat estimates 
* Emerald Health Therapeutics Inc. lost 10.4 percent 
* Linamar Corp. dropped 7.6 percent after being downgraded to neutral at Macquarie 
* Interfor Corp. lost 4.7 percent;the CFO said on an earnings call “the tariffs for lumber heading to China have certainly had their impact” 
* Enbridge Inc. lost 2.8 percent after being downgraded to neutral at UBS 
Commodities
* Western Canada Select crude oil traded at a $11 discount to WTI
* Gold rose about 0.3 percent to $1,314.10 an ounce
FX/Bonds
* The Canadian dollar gained 0.3 percent to C$1.3265 per U.S. dollar
* The Canada 10-year government bond yield climbed to 1.883%
US
By Jeremy Herron
     (Bloomberg) — U.S. stocks ended virtually unchanged after a tech-led rally in the final minutes of trading salvaged the session.
     The S&P 500 eked out a gain to avoid its worst weekly drop since December, led by a rebound in tech shares spurred by better-than-expected earnings. Equities were under pressure all day after Australia’s central bank joined European and British officials in tamping down economic forecasts, while at the same time the prospects for an extension of the U.S.’s trade detente with China continued to fade.
     In corporate news, Motorola Solutions surged after a strong report. Hasbro tumbled after its earnings disappointed, while rival Mattel gained on a positive results. Amazon slid as the feud between its CEO and President Donald Trump took an unexpected turn.
     The 10-year Treasury yield slumped a fourth day and gold futures remained above $1,300 an ounce. Renewed fears over the potential for more protectionist measures helped push emerging-market equities down for a third session. China’s market remained shut for Lunar New Year, though Hong Kong reopened and shares finished slightly lower.
     The host of threats that sent equities into a tailspin at the end of 2018 bubbled back to the surface this week. The U.S. and China look unlikely to reach a deal before the March 1 deadline for higher tariffs, while warnings mount that the dispute is hurting global growth and corporate profits. The U.S. government could be headed for another shutdown as political tensions flare between Congress and the president. Only the Federal Reserve, which made an abrupt about-face in its policy stance, hasn’t added to anxiety this week.
These are the main moves in markets:
Stocks
* The S&P 500 rose less than 0.1 percent at 4 p.m. in New York.
* The MSCI All-Country World Index dropped 0.5 percent, pushing a weekly slide to 0.7 percent.
* The Stoxx Europe 600 Index decreased 0.6 percent.
* The MSCI Emerging Market Index dipped 0.6 percent.
Currencies
* The Bloomberg Dollar Spot Index was little changed.
* The euro fell 0.2 percent at $1.1322.
* The British pound fell 0.2 percent to $1.2932.
* The Japanese yen was steady at 109.78 per dollar.
Bonds
* The yield on 10-year Treasuries declined five basis points to 2.63 percent, the lowest in more than a week.
* Germany’s 10-year yield fell eight basis points to 0.087 percent.
* Britain’s 10-year yield dropped nine basis points to 1.151 percent.
Commodities
* West Texas Intermediate crude rose 0.1 percent $52.71 a barrel.
* Gold advanced 0.3 percent to $1,318.60 an ounce.

Have a great weekend.

Be magnificent!

As ever,

Karen

“There is only one happiness in this life, to love and be loved.” George Sand

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. 7, 1964, the Beatles arrived in the United States for the first time, giving rise to Beatlemania. Go to article »

On this day in 1804, John Deere was born in Rutland, Vt. In 1837, he threw the American frontier wide open by inventing the world’s first self-cleaning steel plow.

1812- Charles Dickens was born.

It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity, it was the season of Light, it was the season of Darkness, it was the spring of hope, it was the winter of despair, we had everything before us, we had nothing before us, we were all going direct to Heaven, we were all going direct the other way. -Charles Dicken, A Tale of Two Cities.
PHOTOS OF THE DAY

People watch the sun rise from the Treaty Grounds in Waitangi, New Zealand. The Waitangi Day national holiday celebrates the signing of the treaty of Waitangi on February 6, 1840 by Maori chiefs and the British Crown, that granted the Maori people the rights of British Citizens and ownership of their lands and other properties. Credit: Phil Walter/Getty Images

A robot wearing a nurse costume carries medical documents at Mongkutwattana General Hospital in Bangkok, Thailand. Credit: Athit Perawongmetha/Reuters

A dog is seen in a snow covered park in Kiev, Ukraine. Credit: Gleb Garanich/Reuters
Market Closes for February 7^th, 2019

Market Index	Close	Change
Dow Jones	25169.53	-220.77   -0.87%
S&P 500	2706.04	-25.57   -0.94%
NASDAQ	7288.352	-86.929   -1.18%
TSX	15703.20	-9.11
		-0.06%

International Markets

Market Index	Close	Change
NIKKEI	20751.28	-122.78
		-0.59%
HANG SENG	27990.21	+59.47
		+0.21%
SENSEX	36971.09	-4.14
		-0.01%
FTSE 100*	7093.58	-79.51
		-1.11%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.879		1.925
CND. 30 Year Bond		2.142		2.176
U.S.    10 Year Bond		2.6554		2.6946
U.S. 30 Year Bond		2.9947		3.0329

Currencies

BOC Close	Today	Previous
Canadian $	0.75168	0.75661
US $	1.33036	1.32169
Euro Rate 1 Euro=		Inverse
Canadian $	1.50832	0.66299
US $	1.13378	0.88201

Commodities

Gold	Close	Previous
London Gold Fix	1312.40	1314.20
Oil
WTI Crude Future	52.64	54.01

Market Commentary
Canada
By Carolina Wilson
     (Bloomberg) — Canadian stocks fell for the first day this week, pacing U.S. stocks while Treasuries rallied after concern mounted that a slowdown in the global economy is spreading.
     The Canadian benchmark fell about 0.1 percent. Consumer discretionary and energy shares underperformed, weighing on the index. Marijuana stocks traded higher.
     Meanwhile, Hydro Quebec plans to issue almost twice as much debt this year than last as Canada’s largest electric utility looks to refinance upcoming maturities. The provincially owned company plans to issue between C$3 billion ($2.27 billion) and C$3.5 billion of debt in 2019, Jean-Francois Pepin, senior director for financing, treasury and pension fund said Wednesday. That compares with the C$1.8 billion that Hydro-Quebec borrowed last year.
Stocks
* Mullen Group fell more than 7 percent after reporting earnings below analyst consensus
* Nuvista Energy declined about 5 percent after cutting 2019 capex and production outlook
* BCE Inc. fell as much as 1.1 percent after its annual forecast missed estimates
* Cronos Group Inc. gained about 7 percent
* Brookfield Property Partners gained after reporting fourth quarter figures that beat analyst estimates
Commodities
* Western Canada Select crude oil traded at a $9.25 discount to WTI
* Gold rose about 0.1 percent to $1,307.67 an ounce
FX/Bonds
* The Canadian dollar fell 0.4 percent to C$1.32608 per U.S.dollar
* The Canada 10-year government bond yield climbed to 1.882%
US
By Jeremy Herron and Reade Pickert
     (Bloomberg) — U.S. stocks slid as investors grew anxious that the Trump administration won’t reach a trade deal with China before a March deadline for escalating the war. Treasuries surged.
     The post-Christmas rally that added 16 percent to the S&P 500 came under increasing pressure amid reports the two trading partners remained far apart on a deal and that the nations’ presidents won’t meet before higher tariffs are slated to take effect on Chinese goods next month.
     Stocks opened lower after official European forecasts signaled a slowdown in the region’s economy and amid concern the American government remains on track for a shutdown next week.
     The news from Europe slammed German assets, sending the DAX Index by the most since October and bund yields to the lowest since 2016.
     “When you get these numbers coming out of Europe, it just reminds you, ‘Well, gee, that’s an issue and it’s symptomatic of all of this prevailing view that the global economy is slowing down,’’’ said David Joy, chief market strategist at Ameriprise Financial. “I would consider China and what happens with China to be the major macro issue confronting U.S. stocks in the short term.”
     Investors are struggling to find fresh impetus for extending the 2019 rally in risk assets ahead of U.S.-China trade discussions next week. In Washington, there was little progress on the domestic front with the deadline approaching for Congress and the White House to reach a deal on keeping the government open. Asian traders remain hamstrung by a dearth of activity as many markets remained shut for Lunar New Year.
     In corporate news, Twitter retreated on a tepid sales forecast, Chipotle rallied after an earnings beat and SunTrust Banks surged after agreeing to sell itself to BB&T in biggest bank takeover in a decade.
     Crude slumped below $53 a barrel in New York and the 10- year Treasury rate slipped to 2.66 percent. The pound reversed losses after the Bank of England left rates unchanged and cut its growth forecast for the U.K. economy. Earlier in Japan, shares fell amid a raft of corporate earnings.
Among key events in the coming days:
* China, Taiwan, Hong Kong and Vietnam are among markets closed for holidays
These are the main moves in markets:
Stocks
* The S&P 500 fell 0.9 percent at 4 p.m. in New York. 
* The Nasdaq 100 slid 1.3 percent and the Dow Jones Industrial Average lost more than 200 points.
* The Stoxx Europe 600 Index fell 1.5 percent, the first retreat in more than a week.
* The MSCI World Index of developed countries decreased 1.1 percent, the largest dip in more than a week.
* The MSCI Asia Pacific Index fell 0.4 percent.
Currencies
* The Bloomberg Dollar Spot Index rose 0.2 percent with its sixth straight advance.
* The euro fell 0.2 percent to $1.1343.
* The British pound added 0.2 percent to $1.2951.
* The MSCI Emerging Markets Currency Index fell 0.3 percent, reaching the lowest in more than a week.
Bonds
* The yield on 10-year Treasuries fell four basis points to 2.65 percent, the lowest in a week on the largest fall in a week.
* Germany’s 10-year yield fell five basis points to 0.11 percent.
* Italy’s 10-year yield rose nine basis points to 2.945 percent.
Commodities
* Gold futures were little changed at $1,313.60 an ounce.
* West Texas Intermediate crude decreased 2.5 percent to $52.65 a barrel.
* Bloomberg’s commodity index lost 1.2 percent.
–With assistance from Todd White.

Have a great night.

Be magnificent!

As ever,

Carolann

Anger makes dull men witty, but it keeps them poor.
                          -Queen Elizabeth I, 1533-1603

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