Category: Events

Dear Friends,

Tangents:

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

PHOTOS OF THE DAY

St. Mary’s Church sits above a light mist on the River Frome floodplain at sunrise at Wareham in Dorset. Credit: Graham Hunt/Alamy Lives News

As recurring bands of rain showers continue to saturate the upper midwestern United States, a student at the University of Wisconsin-Madison takes cover under an umbrella while making her way past a rain-spattered window on the campus in Madison, Wis. Credit:  John Hart/Wisconsin State Journal Via AP

The Flying Scotsman steam locomotive travels along the East Lancashire Railway’s line near Ramsbottom station, near Bury. Credit:  Oli Scarff/AFP/Getty Images
Market Closes for September 6^th, 2018

Market Index	Close	Change
Dow Jones	25995.87	+20.88   +0.08%
S&P 500	2878.05	-10.55   -0.37%
NASDAQ	7922.727	-72.446   -0.91%
TSX	16100.94	-36.63
		-0.23%

International Markets

Market Index	Close	Change
NIKKEI	22487.94	-92.89
		-0.41%
HANG SENG	26974.82	-269.03
		-0.99%
SENSEX	38242.81	+224.50
		+0.59%
FTSE 100*	7318.96	-64.32
		-0.87%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.233		2.241
CND. 30 Year Bond		2.250		2.259
U.S.    10 Year Bond		2.8731		2.9022
U.S. 30 Year Bond		3.0527		3.0753

Currencies

BOC Close	Today	Previous
Canadian $	0.76041	0.75911
US $	1.31509	1.31733
Euro Rate 1 Euro=		Inverse
Canadian $	1.52875	0.65413
US $	1.16249	0.86022

Commodities

Gold	Close	Previous
London Gold Fix	1196.70	1200.05
Oil
WTI Crude Future	67.77	68.72

Market Commentary:
Canada
By Tatiana Darie
     (Bloomberg) — Canadian stocks fell for a fifth day, tracking a decline in global markets amid continued pressure in developing nations and trade discussions in Washington. Canadian Foreign Minister Chrystia Freeland said talks were “productive,” and that lower-level negotiators have been given instructions on how to move forward.
     The S&P/TSX Composite Index fell 0.2 percent to 16,100.94 on Thursday, with energy and technology companies leading losses. Consumer staples, industrials and real estate stocks rose.
     The Canadian dollar gained for a second day against the greenback.
     In other moves:
                            Stocks
* Canopy Growth Corp and Aurora Cannabis Inc fell 2.9 percent and 5.7 percent, respectively, as Tilray Inc. saw a second downgrade in a more than a week; Northland Capital downgraded the Canada-based cannabis producer to an equivalent hold, citing a “far more balanced” risk/reward after the massive rally over the past few weeks.
* The Descartes Systems Group Inc. fell 1.6 percent after missing estimates on quarterly revenue and Ebitda; a William Blair analyst notes the co.’s “mixed second quarter results.”
* WSP Global Inc. rose 7.3 percent after National Bank Financial analyst Maxim Sytchev upgraded to outperform from sector perform, (PT C$74 from C$71.50), saying shares could rebound into the year-end.
                            Commodities
* Western Canada Select crude oil traded at a $27 discount to WTI
* Gold gained 0.4 percent to $1,205.90 an ounce
                            FX/Bonds
* The Canadian dollar gained 0.2 percent to C$1.3148 per U.S. dollar
* The Canada 10-year government bond yield fell 0.5 percent to 2.231%
US
By Jeremy Herron and Sarah Ponczek
     (Bloomberg) — U.S. stocks fell to a two-week low amid renewed selling in technology shares as the Trump administration eyed escalating the trade war and concerns mounted over flagging demand for computer chips. Emerging-market equities flirted with a bear market and Treasuries advanced.
     The Nasdaq indexes retreated for a third day, as semiconductor shares paced declines on concern the sector will slow. Selling eased in afternoon trading, sending the Dow Jones Industrial Average to a gain. The S&P 500 ended lower. Facebook dropped a fourth day as the threat of tighter regulation loomed a day after tech executives testified before Congress. Mixed economic data ahead of Friday’s jobs report added to investor concern.
     Emerging-market stocks retreated a seventh day, bringing losses from a recent high to almost 20 percent, just below the threshold for a bear market. While Argentine’s peso and Indonesia’s rupiah rose versus the dollar, Russia’s ruble weighed on MSCI’s gauge of developing-nation currencies. Crude oil tumbled below $68 a barrel. The yen strengthened to session highs after the Wall Street Journal reported President Donald Trump may turn his sights on trade with the nation.
     “There are many risks out there,” Chris Rupkey, chief financial economist at MUFG Union Bank in New York, wrote in an email to clients. “Emerging markets causing market chaos (forget US stocks are at all time highs and could care less), rising trade tensions threatening long-established world trade patterns and disrupting company supply-chains.”
     The weakness in tech shares comes ahead of the key U.S. payroll report that will offer clues on the labor market’s health and the state of wage inflation. For now, emerging economies hold the key to sentiment, with recent losses fueling fears that turmoil could spill into developed markets. While focus remains on efforts from Argentina to Indonesia to sustain confidence, the potential for President Donald Trump to announce another round of tariff hikes on Chinese imports as soon as Thursday also looms large.
     Elsewhere, the pound climbed after being whipsawed amid Brexit discussions. Gold advanced with copper. Bitcoin dropped after a report that Goldman Sachs was said to delay setting up a trading desk for cryptocurrencies.
     Here are some events coming up during the remainder of this week:
* The key monthly U.S. employment report for August is due Friday.
     These are the main moves in markets:
                            Stocks
* The S&P 500 fell 0.4 percent at 4 p.m. in New York.
* The Nasdaq 100 Index dropped 0.9 percent to a two-week low.
* The Stoxx Europe 600 lost 0.6 percent.
* The MSCI All-Country World Index declined 0.4 percent, hitting the lowest in more than two weeks with its sixth consecutive decline.
* The MSCI Emerging Market Index decreased 0.2 percent, reaching the lowest in about 14 months on its seventh straight decline.
                            Currencies
* The Bloomberg Dollar Spot Index dropped 0.2 percent.
* The euro was little changed at $1.1624.
* The Japanese yen climbed 0.6 percent to 110.9 per dollar, the first advance in a week.
* South Africa’s rand gained 0.7 percent to 15.324 per dollar.
* The MSCI Emerging Markets Currency Index rose 0.1 percent to stop a three-day slide.
                            Bonds
* The yield on 10-year Treasuries fell three basis points to 2.88 percent.
* The two-year yield lost one basis points to 2.64 percent.
* Germany’s 10-year yield fell three basis points to 0.355 percent.
                            Commodities
* The Bloomberg Commodity Index fell 0.3 percent.
* West Texas Intermediate crude dropped 1.1 percent to $67.94 a barrel.
* Gold futures added 0.3 percent to $1,205 an ounce. 

Have a great night.

Be magnificent!

As ever,

Karen

“You get in life what you have the courage to ask for.”
-Oprah Winfrey

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

Deer rest in front of the Papal cross during sunny weather at the Phoenix Park in Dublin, Ireland. Credit: Coldagh Kilcoyne/Reuters

15-year-old Jordan Carambat wades in the ocean as Tropical Storm Gordon approaches Waveland, Mississippi. Credit: Jonathan Bachman/Reuters

Models present traditional Pakistani dress designed by Nomi Ansari during a fashion parade arranged by the Loreal Paris Pakistan Fashion Design Council in Lahore, Pakiston. Credit: K.M. Chaudary/AP
Market Closes for September 5^th, 2018

Market Index	Close	Change
Dow Jones	25974.99	+22.51   +0.09%
S&P 500	2888.60	-8.12   -0.28%
NASDAQ	7995.172	-96.074 -1.19%
TSX	16137.57	-23.73
		-0.15%

International Markets

Market Index	Close	Change
NIKKEI	22580.83	-116.07
		-0.51%
HANG SENG	27243.85	-729.49
		-2.61%
SENSEX	38018.31	-139.61
		-0.37%
FTSE 100*	7383.28	-74.58
		-1.00%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.241		2.235
CND. 30 Year Bond		2.259		2.256
U.S.    10 Year Bond		2.9022		2.8985
U.S. 30 Year Bond		3.0753		3.0616

Currencies

BOC Close	Today	Previous
Canadian $	0.75911	0.75861
US $	1.31733	1.31820
Euro Rate 1 Euro=		Inverse
Canadian $	1.53259	0.65249
US $	1.16340	0.85955

Commodities

Gold	Close	Previous
London Gold Fix	1190.85	1200.05
Oil
WTI Crude Future	68.72	69.87

Market Commentary:
Canada
By Tatiana Darie
     (Bloomberg) — Canadian stocks dropped for a fourth day and followed U.S. peers lower as investors await updates on trade negotiations with Washington. President Trump said the U.S. may find out within days whether Canada will be part of a new continent-wide trade pact. Meanwhile, Canadian Foreign Affairs Minister Chrystia Freeland said both countries need to bring “fresh ideas” to the table.
     The S&P/TSX Composite Index slipped 0.2%, with technology shares leading losses as executives of heavyweights such as Twitter Inc. and Facebook Inc. underwent scrutiny on Capitol Hill. Consumer staples, utilities and financials rose.
     The Canadian dollar gained for a first time in five sessions against the dollar.
     In other moves:
                            Stocks
* Nevsun Resources Ltd. rallied 18 percent after Zijin Mining agrees to buy the company for $1.41 billion. Lundin Mining is unlikely to top Zijin’s bid, an RBC analyst said.
* Cronos Group Inc. climbed 12 percent and Tilray Inc. rose 17 percent amid comments from Canopy Growth’s CEO that the global medical market is the real justification for the company’s sky- high valuation. Stocks were also helped by Constellation Brands statement that the cannabis industry on its way to becoming a worldwide business.
* Precision Drilling Corp fell 7.5 percent while Enerflex Ltd fell 0.5 percent after TD Securities downgraded shares, citing a mixed outlook for the oil service sector.
                            Commodities
* Western Canada Select crude oil traded at a $23.75 discount to WTI
* Gold gained 0.3 percent to $1,202.60 an ounce.
                            FX/Bonds
* The Canadian dollar gained 0.12 percent to C$1.3174 per U.S. dollar
* The Canada 10-year government bond yield gained 0.3 percent to 2.241%
US
By Sarah Ponczek and Katherine Greifeld
     (Bloomberg) — Most U.S. stocks fell, with FANG shares tumbling as executives of the tech heavyweights faced scrutiny on Capitol Hill. The selloff in emerging market assets deepened, adding to the risk-off tone on global financial markets.
     Twitter, Facebook and Alphabet helped send the Nasdaq Composite Index down 1.2 percent, the most in three weeks, during Congressional hearing on social media and foreign influences on elections. The Dow Jones Industrial Average finished in the green. The Stoxx Europe 600 Index sunk to its lowest since April. An emerging-market currency gauge fell to a fresh one-year low, led for a second day by South Africa’s rand, before paring losses.
     “Trade is looking worse, emerging markets are looking worse, but you’d think FANGs are pretty insulated from some of those negatives,” said Mike Bailey, director of research at FBB Capital Partners in Bethesda, Maryland. “Just the visual of seeing folks hauled in front of Congress is probably not helping the big-cap tech names.”
     The pound rallied after the British and German governments were said to have abandoned key Brexit demands to potentially ease the path for the U.K. to strike a deal with the European Union. Sterling pared the gain after Reuters reported that the German government said its position is unchanged.
     “The more ‘positive’ or ‘friendly’ Brexit headlines we get, the harder it’ll be for pound bears to ignore,” said Viraj Patel, an ING Groep NV currency strategist.
     Elsewhere, gold climbed, while WTI oil futures dropped in the context the recent run in the dollar and a potential build at the Cushing, Oklahoma, storage hub. Bitcoin fell after a report that Goldman Sachs was said to delay setting up a trading desk for cryptocurrencies.
     Here are some key events coming up this week:
* A key monthly U.S. employment report for August is due Friday.
     These are the main moves in markets:
                            Stocks
* The S&P 500 Index dropped 0.3 percent, the Dow Jones Industrial Average rose less than 0.1 percent and the Nasdaq Composite Index declined 1.2 percent as of 4:07 p.m. in New York.
* The Stoxx Europe 600 Index fell 1.1 percent, the lowest in more than two months.
* The U.K.’s FTSE 100 Index declined 1 percent to the lowest in almost 19 weeks.
* The MSCI Emerging Market Index dipped 1.7 percent, reaching the lowest in almost three weeks on its sixth straight decline and the biggest decrease in three weeks.
* The MSCI Asia Pacific Index sank 1.5 percent, hitting the lowest in almost three weeks with its fifth consecutive decline and the largest tumble in more than three weeks.
                            Currencies
* The Bloomberg Dollar Spot Index fell 0.2 percent, after reaching the highest in almost three weeks.
* The MSCI Emerging Markets Currency Index sank 0.2 percent, touching the lowest level in 16 months.
* The euro increased 0.4 percent to $1.1628.
* The British pound rallied 0.4 percent to $1.2906, after hitting the weakest in almost two weeks.
                            Bonds
* The yield on 10-year Treasuries rose less than one basis point to 2.90 percent.
* The yield on two-year Treasuries declined less than one basis point to 2.65 percent.
* Germany’s 10-year yield increased two basis points to 0.38 percent, the highest in a week.
* Italy’s 10-year yield decreased 8 basis points to 2.94 percent, after touching the lowest in more than four weeks.
                            Commodities
* West Texas Intermediate crude dipped 1 percent to $68.87 a barrel, after dropping to the lowest in more than a week on the biggest decrease in three weeks.
* Gold rose 0.4 percent to $1,196.55 an ounce, the largest gain in a week.
* LME copper gained 1 percent to $5,854.25 per metric ton, the first advance in more than a week. 

Have a great night.

Be magnificent!

As ever,

 

Karen

 

When the pupil is ready, the teacher will come. 
Chinese Proverb

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:
September 4, 1987 – Paleontology – The world’s biggest dinosaur nest is uncovered in the Alberta Badlands, 80 kilometres east of Lethbridge; fetuses in the dinosaur eggs were the first ever uncovered. Lethbridge, Alberta 
Go to article >>

PHOTOS OF THE DAY

The Villarrica Volcano is seen at night from Pucon town, Chile. Credit: Cristobal Saavedra Escobar/Reuters

High waves hit breakwaters at a port of Aki, Kochi prefecture, Japan. Powerful Typhoon Jebi is approaching Japan’s Pacific coast and forecast to bring heavy rain and high winds to much of the country. Credit: Ichiro Sakano/Kyodo News Via AP

Urus Muratos men participate in an offering to Kota Mama (Mother Water) on the dried lake Poopo affected by climate change, in the Oruro Department, Bolivia. Credit: David Mercado/Reuters
Market Closes for September 4^th, 2018

Market Index	Close	Change
Dow Jones	25952.48	-12.34   -0.05%
S&P 500	2896.72	-4.80   -0.17%
NASDAQ	8091.246	-18.291   -0.23%
TSX	16161.30	-101.58
		-0.62%

International Markets

Market Index	Close	Change
NIKKEI	22696.90	-10.48
		-0.05%
HANG SENG	27973.34	+260.80
		+0.94%
SENSEX	38157.92	-154.60
		-0.40%
FTSE 100*	7457.86	-46.74
		-0.62%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.235		2.228
CND. 30 Year Bond		2.256		2.253
U.S.    10 Year Bond		2.8985		2.8640
U.S. 30 Year Bond		3.0616		3.0239

Currencies

BOC Close	Today	Previous
Canadian $	0.75861	0.76624
US $	1.31820	1.30507
Euro Rate 1 Euro=		Inverse
Canadian $	1.52682	0.65496
US $	1.15826	0.86327

Commodities

Gold	Close	Previous
London Gold Fix	1200.05	1197.30
Oil
WTI Crude Future	69.87	69.80

Market Commentary:
On this day in 1998, the search engine Google was incorporated. The company’s parent firm Alphabet now has a market value of roughly $850 billion.
Canada
By Tatiana Darie
     (Bloomberg) — Canadian stocks followed global peers lower as trade tensions persisted and emerging markets remained under pressure. Canadian and U.S. negotiators are set to resume talks on Wednesday.
     The S&P/TSX Composite Index fell 0.6 percent, with miners leading losses as metal prices took a hit on a stronger U.S. dollar. Health care outperformed again, with pot stocks continuing their August rally. The North American Marijuana Index is now up 147 percent since its one-year low, reached on September 7, 2017.
     The Canadian dollar fell for a fourth day against the dollar, dropping as much as 0.9 percent on Tuesday, to the lowest since July 20.
     In other moves:
                            Stocks
* Miners including First Quantum Minerals Ltd., First Majestic Silver Corp and Barrick Gold Corp fell 6.6 percent, 3.4 percent and 3 percent, respectively, as metal prices tumbled on the strengthening of the U.S. dollar
* Tahoe Resources Inc. tumbled 20 percent after the company said that Escobal mining license in Guatemala will remain suspended until the Ministry of Energy and Mines completes consultation with the Xinka communities.
* Chemtrade Logistics Income Fund rose 1 percent after Desjardins Securities analyst David Newman upgraded his rating to buy from hold based on the recent recovery in Northeast Asia caustic soda prices.
                            Commodities
* Western Canada Select crude oil traded at a $25 discount to WTI
* Gold fell 0.7% to $1,198.60 an ounce
                            FX/Bonds
* The Canadian dollar fell 0.6 percent to C$1.3182 per U.S. dollar
* The Canada 10-year government bond yield gained 0.4 percent to 2.235%
US
By Jeremy Herron
     (Bloomberg) — U.S. stocks fell, Treasuries weakened and the dollar climbed as trade tensions persisted and emerging markets remained under pressure.
     The S&P 500 started September on the back foot as Nike Inc.’s politically controversial ad campaign and Facebook Inc.’s analyst downgrade weighed on major averages. With the exception of Ford Motor Co., all major automakers reported sales that trailed analysts’ estimates. Amazon.com surged past $1 trillion in market value boosting consumer shares. Metals tumbled as the dollar advanced, roiling mining stocks. The greenback added to gains after a reading of U.S. factory output surged.
     Emerging-market currencies headed for the lowest close this year, with South Africa’s rand leading losses. Declines in Treasuries, gold and the yen left investors with few havens. Oil climbed as a storm threatened U.S. production on the Gulf Coast.
     U.S. investors returned from a three-day weekend to ongoing woes in emerging-market assets and simmering trade tensions between America and Canada as the Trump administration moves toward more tariffs against Chinese goods. The factory data gave a reprieve but equities resumed declines in afternoon trading .Nike’s new ads contributed to the charged political atmosphere, while Facebook’s woes persisted.
     South Africa’s unexpected tumble into a recession and Argentina’s urgent financial measures increased concern about more volatility in stocks and currencies. Investors have increasingly been weighing whether the troubles will spill into developed markets, which advanced during the summer despite trade salvos and a Federal Reserve that’s heading toward a late- September rate hike.    
     Here are some key events coming up this week:
* Executives from Facebook, Twitter and Google on Wednesday testify on social media, Russia meddling.
* U.S. construction and employment reports for August are due this week.
     These are the main moves in markets:
                            Stocks
* The S&P 500 lost 0.3 percent as of 4 p.m. in New York.
* Nike fell 3.2 percent, the most since April. Facebook dropped 2.6 percent.
* The Stoxx Europe 600 Index decreased 0.7 percent to the lowest in two weeks.
* The MSCI All-Country World Index slid 0.5 percent to the lowest in more than a week.
* The MSCI Emerging Market Index fell 0.8 percent, reaching the lowest in more than two weeks.
                            Currencies
* The Bloomberg Dollar Spot Index increased 0.4 percent to the highest in almost three weeks.
* The euro fell 0.4 percent to $1.1577, the weakest in more than a week.
* The Japanese yen dipped 0.42 percent to 111.483 per dollar.
* The Turkish lira sank 0.7 percent to 6.6845 per dollar, the weakest in more than three weeks.
* South Africa’s rand decreased 3.3 percent to 15.358 per dollar, the weakest in more than two years.
* The MSCI Emerging Markets Currency Index sank 0.7 percent, headed for the lowest close since May 2017.
                            Bonds
* The yield on 10-year Treasuries gained four basis points to 2.90 percent, the biggest advance in a week.
* The two-year yield rose three basis points to 2.65 percent.
* The spread of Italy’s 10-year bonds over Germany’s decreased 11 basis points.
                            Commodities
* The Bloomberg Commodity Index declined 0.7 percent to the lowest in two weeks..
* West Texas Intermediate crude dropped 0.9 percent to $69.17 a barrel.
* Gold futures lost 0.7 percent to $1,198.10 an ounce, the weakest in more than a week.
–With assistance from Cormac Mullen, Andreea Papuc and Eddie van der Walt. 

Have a great night.

Be magnificent!

As ever,

 

Carolann

 

Be smarter than other people, just don’t tell them so.
                             -H. Jackson Brown Jr., b. 1940

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!

1896: Gold discovered, Klondike

On Aug. 31, 1997, Britain’s Princess Diana died in a car crash in Paris at age 36.Go to article >>

PHOTOS OF THE DAY

The last meteorological sunrise of Summer at Mogshade Hill near Stony Cross in The New Forest. Credit: Nick Lucas/SWNS.COM

People wait a zebra painted pedestrian crossing in the suburb of Krasnoyarsk, Russia. Credit: Ilya Naymushin/Reuters

Casper Wolf of the Netherlands performs in the men’s Slopestyle final at the FIS Junior World Championships during the Winter Games NZ at Cardrona, New Zealand. Credit: Iain McGregor/Winter Games NZ Via AP

Scarlet Sage are in full bloom at Kuju Flower Park in Taketa, Oita, Japan. Credit: The Asahi Shimbun/Getty Images

A man walks through an Oktoberfest beer tent in Munich, Germany. Credit: Andreas Gebert/Reuters
Market Closes for August 31^st, 2018

Market Index	Close	Change
Dow Jones	25964.82	-22.10   -0.09%
S&P 500	2901.52	+0.39   +0.01%
NASDAQ	8109.539	+21.176   +0.26%
TSX	16262.88	-108.68
		-0.66%

International Markets

 

Market Index	Close	Change
NIKKEI	22865.15	-4.35
		-0.02%
HANG SENG	27888.55	-275.50
		-0.98%
SENSEX	38645.07	-45.03
		-0.12%
FTSE 100*	7432.42	-83.61
		-1.11%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.228		2.276
CND. 30 Year Bond		2.253		2.295
U.S.    10 Year Bond		2.8622		2.8586
U.S. 30 Year Bond		3.0231		3.0063

Currencies

BOC Close	Today	Previous
Canadian $	0.76624	0.77069
US $	1.30507	1.29753
Euro Rate 1 Euro=		Inverse
Canadian $	1.51457	0.66025
US $	1.16053	0.86168

Commodities

Gold	Close	Previous
London Gold Fix	1197.30	1204.20
Oil
WTI Crude Future	69.80	70.25

Market Commentary:
Canada
By Tatiana Darie
     (Bloomberg) — Canadian stocks fell to the lowest in two weeks after reports said that trade talks in Washington will resume next week after no agreement was reached. Foreign Minister Chrystia Freeland was schedule to speak after the market close.
     The S&P/TSX Composite Index fell 0.7 percent, dragged down by energy, consumer discretionary and materials. Health care and tech shares rose.
     The Canadian dollar fell as much as 0.8 percent against the dollar.
     In other moves:
                            Stocks
* Tahoe Resources Inc. extended losses, falling 1.1 percent, after protesters from a nearby community disrupted La Arena mine’s operations.
* BRP Inc. dropped 3 percent after GMP analyst Martin Landry (PT C$70 from C$65) cut shares to hold from buy due to the stock’s valuation; investors have “rewarded the company’s strong execution” by driving shares up 51% this year.
* Kinder Morgan Canada Ltd. rose 1.1% percent after Canadian Prime Minister Justin Trudeau told reporters that the country will move forward with the Trans Mountain pipeline “in the right way.”
                            Commodities
* Western Canada Select crude oil traded at a $27.25 discount to WTI
* Gold is little changed at $1,205.40 an ounce
                            FX/Bonds
* The Canadian dollar fell 0.5 percent to C$1.3050 per U.S. dollar
* The Canada 10-year government bond yield fell to 2.228%
US
By Brendan Walsh
     (Bloomberg) — U.S. stocks closed mixed in thin trading as the Trump administration and Canada were said to plan on resuming trade talks next week after discussions Friday ended with no deal. Emerging-market shares extended their slide, while the dollar climbed.
     Volume in the S&P 500 Index was almost 14 percent below average ahead of a three-day weekend. The benchmark equity gauge ended little changed, weighed down by automakers, after the discussions in Washington were said to stall and plans were made to begin talks again Wednesday. Developing-nation stocks slumped for a third straight session and India’s rupee dropped to a record as contagion spread from Argentina and Turkey.
     The S&P 500 ended the week up 0.9 percent, and 3 percent higher for the month.
     Caution was the dominant theme in the final days of August even as the S&P 500 headed to its third straight weekly gain and fifth straight monthly advance after hitting a record high Wednesday. While the Federal Reserve remains on its tightening path and Chinese authorities have moved to stem declines in the country’s currency, the threat of global growth taking a hit from souring trade relations remains front and center for investors.
     U.S. President Donald Trump wants to move ahead with a plan to impose tariffs on $200 billion in Chinese imports as soon as a public-comment period concludes next week, according to people familiar with the matter. In an interview with Bloomberg he also took a swipe at Europe, raising concern about the longevity of his recent agreement with Jean-Claude Juncker, which was intended to stave off a broader trade war.
     Carmakers led the Stoxx Europe 600 Index lower after Trump cast doubt on the scope of a trade deal between the U.S. and Europe. European bonds edged higher while the euro fell as the region’s inflation unexpectedly slowed.
     Elsewhere, West Texas crude fluctuated around $70 a barrel. Turkey’s lira rose after the country raised taxes on dollar deposits, making it more attractive for investors to plow money into the local currency. Argentina’s peso stabilized after a nine-day rout.
     These are the main moves in markets:
                            Stocks
* The S&P 500 Index was little changed at the close in New York.  The Nasdaq Composite Index added 0.3 percent and the Dow Jones Industrial average fell 0.1 percent.
* The Stoxx Europe 600 Index declined 0.8 percent on the biggest drop in more than two weeks.
* The MSCI Emerging Market Index dipped 0.2 percent.
* The Nikkei 225 Stock Average ended the day little changed.
* The Shanghai Composite fell 0.5 percent.                         
                            Currencies
* The Bloomberg Dollar Spot Index rose 0.3 percent to the highest in a week.
* The euro fell 0.5 percent to $1.1609.
* The Japanese yen fell 0.1 percent to 111.09 per dollar.
* The Turkish lira gained 1.3 percent to 6.5689 per dollar, the first advance in a week.
                            Bonds
* The yield on 10-year Treasuries rose one basis point to 2.86 percent.
* Germany’s 10-year yield decreased two basis points to 0.32 percent.
* Britain’s 10-year yield dipped three basis points to 1.43 percent.                         
                            Commodities
* The Bloomberg Commodity Index climbed 0.1 percent.
* West Texas Intermediate crude declined 0.5 percent to $69.93 a barrel.
* Copper fell 1.8 percent to $2.6685 a pound for the biggest drop in two weeks.
* Gold was little changed at $1,199.47 an ounce.
–With assistance from Adam Haigh, Eddie van der Walt, Samuel Potter, David Wilson and Sophie Caronello.

Have a wonderful weekend.

Be magnificent!

As ever,

 

Carolann

 

It is better to fail at originality than to succeed in imitation.
                                        -Herman Melville, 1819-1891

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 this day in 1930, Warren Edward Buffett was born in Omaha, Neb., to stockbroker Howard Buffett and homemaker Leila Stahl Buffett.  He spent part of his 88^th birthday in an interview with Becky Quick on CNBC, which I listened to earlier today, and he appears to have as sharp a with as ever.

Mary Wollstonecraft Godwin Shelley, the writer, was born on August 30, 1797:  she wrote Frankenstein at the age of 18, was the love child of two great English thinkers – William Godwin, a political philosopher, and Mary Wollstonecraft, author of the first feminist treatise, The Vindication of the Rights of Women.  Both decried the confinement of marriage, but married when Wollstonecraft became pregnant.  Eleven days after Mary’s birth, her mother died.  Her father raised her among the intellectual elite and she and her half sister Fanny once hid under a table to listen to Samuel Coleridge recite The Rime of the Ancient Mariner.

At 16, she met Percy Bysshe Shelley.  They declared their love, ran away to France and later married.  Of her many pregnancies, only one child survived.  She was widowed, at 24, when Percy drowned while sailing.  Although her husband had been an outspoken advocate of free love, it appears that Mary was devoted exclusively to him.  She never remarried nor formed any lasting liaisons.  For the remainder of her life, she cared for her father and her son, wrote six more novels, and a body of criticism of Percy’s work.  Mary had her husband’s heart removed before his body was cremated on the shores of Italy and she kept it with her until her death on February 1, 1851, at the age of 54.

The introduction to Frankenstein, 3^rd ed, 1831: “We will each write a ghost story,” said Lord Byron; and his proposition was acceded to.  There were four of us…Have you thought of a story?  I was asked each morning, and each morning I was forced to reply with a mortifying negative…On the morrow I announced that I had thought of a story…At first I though but of a few pages – of a short tale; but  [Percy Bysshe] Shelley urged me to develop the ideas at greater length.

On Aug. 30, 2005, Hurricane Katrina struck the Gulf Coast with devastating force, killing more than 1,700 people and flooding New Orleans after the city’s levees failed.
Go to article »

PHOTOS OF THE DAY

National Portrait Gallery of Portrait ‘Strong’ Joe Smart from the series Tombo?s Wound by Joey Lawrence, which has been shortlisted for the annual Taylor Wessing Photographic Portrait Prize. The portraits were selected from 4,462 submissions for the annual Taylor Wessing Photographic Portrait Prize. The portraits were selected from 4,462 submissions from 70 countries and more than 50 portraits will go on display. The winner will be announced on October 16. Credit: Joey Lawrence

A Falangcai Poppy Bowl is displayed during a media preview for the Sotheby’s Chinese Works of Art Autumn Sales in Hong Kong. The bowl is expected to fetch in excess of HK $200 million ($25.6 million USD). Credit: Philip Fong/AFP

This picture shows the moon shining over the financial district of Pudong in Shanghai. Credit: Johannes Eisele/AFP
Market Closes for August 30^th, 2018

Market Index	Close	Change
Dow Jones	25986.92	-137.65   -0.53%
S&P 500	2901.13	-12.91   -0.44%
NASDAQ	8088.363	-21.324   -0.26%
TSX	16371.55	-18.74
		-0.11%

International Markets

Market Index	Close	Change
NIKKEI	22869.50	+21.28
		+0.09%
HANG SENG	28164.05	-252.39
		-0.89%
SENSEX	38690.10	-32.83
		-0.08%
FTSE 100*	7516.03	-47.18
		-0.62%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.276		2.322
CND. 30 Year Bond		2.295		2.323
U.S.    10 Year Bond		2.8586		2.8840
U.S. 30 Year Bond		3.0063		3.0207

Currencies

BOC Close	Today	Previous
Canadian $	0.77069	0.77463
US $	1.29753	1.29094
Euro Rate 1 Euro=		Inverse
Canadian $	1.51398	0.66055
US $	1.16671	0.85711

Commodities

Gold	Close	Previous
London Gold Fix	1204.20	1212.25
Oil
WTI Crude Future	70.25	69.51

Market Commentary:
Canada
By Carolina Wilson
     (Bloomberg) — Canadian stocks followed U.S. stocks lower as President Trump was said to move forward with the plan to impose new tariffs on China. U.S. equities extended losses with industrial stocks among the worst performers.
     The S&P/TSX Composite Index slid 0.1 percent to 16,371.55 in Toronto Thursday, with health-care companies declining most. Pot stocks pared gains after climbing on Wednesday after Tilray’s second-quarter report, which showed that revenue beat even the highest analyst estimate. Technology companies gained most, up less than 1 percent.
     In other moves:
                            Stocks
* Canopy Growth Corp., Aphria Inc. and Aurora Cannabis Inc. fell after surging the previous day on Tilray’s earnings beat
* BRP Inc. surged as much as 14.8 percent, the most intraday since June 2017, after a full-year normalized EPS forecast that beat the average analyst estimate
* Ivanhoe Mines declined 6.6 percent, following other materials companies lower; First Quantum Minerals fell 3.7 percent amid continuing trade war rhetoric
* Canada Western Bank fell 5.3 percent after reporting adjusted cash earnings per share for the third quarter that missed the average analyst estimate
                            Commodities
* Western Canada Select crude oil traded at a $27.25 discount to WTI
* Gold fell 0.4 percent to $1,206.30 an ounce
                            FX/Bonds
* The Canadian dollar fell 0.5 percent to C$1.2977 per U.S. dollar
* The Canada 10-year government bond yield fell to 2.277 percent after rising for three straight days
US
By Brendan Walsh and Sarah Ponczek
     (Bloomberg) — U.S. equities slumped as President Donald Trump was said to move ahead with a plan to impose new tariffs on China as soon as next week. Emerging-market assets tumbled and the dollar rallied as traders sold riskier assets amid turmoil in Argentina and Turkey.
     The S&P 500 Index extended losses after the report on Trump’s trade plan, with industrial stocks among the worst performers. Apple Inc. held on to an advance as Warren Buffett said he likes the iPhone maker. Argentina failed to stem a rout in the peso as the central bank jacked up its benchmark interest rate, already the highest in the world, to 60 percent.
     Treasuries edged higher with core European bonds, while Italian and Greek notes slumped. The euro fell after the EU’s chief negotiator warned the bloc must be prepared for a disorderly Brexit. Canada’s dollar weakened after second-quarter growth missed estimates.
     Investors showed caution Thursday amid a slew of risks to the global outlook, not least U.S. trade and foreign policy, and amid speculation the recent run-up in equity prices may have gone too far. After Trump on Wednesday accused China of undermining efforts to pressure North Korea into giving up its nuclear weapons, people familiar with the matter said the U.S. president wants to move ahead with a plan to impose tariffs on $200 billion in Chinese imports as soon as a public-comment period concludes next week.
     While tariffs didn’t seem to have much of an impact on corporate earnings in the second quarter, increasing trade barriers will weigh on sentiment, according to Kim Forrest, a senior portfolio manager at Fort Pitt Capital Group in Pittsburgh.
     Investors are worried that “maybe we’re actually going to see this tariff activity show up in the second half of the year,” she said.
     Telecom shares led the Stoxx Europe 600 Index lower. In Asia, Japanese equities pared earlier gains to finish slightly higher and stocks fell in Hong Kong and China. The Australian dollar declined after second-quarter business investment was worse than expected, while New Zealand’s currency slumped as business confidence hit a 10-year low.
     Elsewhere, crude broke through $70 a barrel for the first time in a month as shrinking stockpile levels in the U.S. pointed to supply constraints. Emerging-market stocks fell the most in two weeks and currencies declined, with the lira tumbling on a Turkish holiday amid reports the central bank’s deputy governor is set to resign.
     Here are some key events scheduled for the remainder of this week:
* China’s official factory PMI are due Friday.
* The Bank of Korea sets policy on Friday. Weak jobs growth has cooled speculation of an interest-rate increase.
     These are the main moves in markets:
                            Stocks
* The S&P 500 Index fell 0.4 percent at the close of trading in New York. The Nasdaq Composite fell 0.3 percent, while the Dow Jones Industrial Average slipped 0.5 percent.
* The Stoxx Europe 600 Index sank 0.3 percent, the biggest dip in more than two weeks.
* The U.K.’s FTSE 100 Index dipped 0.6 percent to the lowest in more than two weeks.
* The MSCI Emerging Market Index sank 1.2 percent, the biggest dip in more than two weeks.
                            Currencies
* The Bloomberg Dollar Spot Index climbed 0.2 percent.
* The euro dipped 0.3 percent to $1.1674, the first retreat in a week.
* Canada’s dollar fell 0.5 percent to C$1.2977 per U.S. dollar
* The Japanese yen increased 0.6 percent to 111 per dollar, the biggest climb in more than a week.
                            Bonds
* The yield on 10-year Treasuries dipped three basis points to 2.86 percent.
* Germany’s 10-year yield decreased six basis points to 0.34 percent, the first retreat in a week.
* Britain’s 10-year yield declined three basis points to 1.45 percent.
                            Commodities
* West Texas Intermediate crude climbed 0.9 percent to $70.14 a barrel, a one-month high.
* Gold fell 0.5 percent to $1,200.49 an ounce.
–With assistance from Andreea Papuc, Cormac Mullen, Adam Haigh, Christopher Anstey, Samuel Potter and Robert Brand. 

Have a great night.

Be magnificent!

As ever,

 

Carolann

 

Everybody likes a kidder, but nobody lends him money.
                                   -Arthur Miller, 1915-2005

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

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

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

Dear Friends,
Tangents:
On Aug. 29, 1991, the Supreme Soviet, the parliament of the U.S.S.R., suspended all activities of the Communist Party, bringing an end to the institution.
Go to article »

August 29^th,1958~ Michael Jackson born.

PHOTOS OF THE DAY

Fans of the former King of Pop Michael Jackson pose for photographers to celebrate Jacksons Diamond Birthday Celebration with the installation of a giant 13 foot jewelled crown at London’s iconic Southbank in London. Credit: AP Photo/Frank Augstein

Crab fisherman John Lee with his boat on the beach at Cromer in Norfolk. The seaside town famed for its crabs is facing a future shortage of fisherman to catch the shellfish as young people are not sticking at the job. Credit: Joe Giddens/PA

Aretha Franklin’s coffin lies at Charles H. Wright Museum of African American History during a public visitation in Detroit. Franklin died Aug. 16, of pancreatic cancer at the age of 76. Credit: AP Photo/Paul Sancya

Cab you spot the Kudu? Because the Kudu can spot you. Taken by Lynne Wilde, an amateur wildlife photographer from Johannesburg, the images show the large Kudu, (a species of antelope) hiding behind a bush while he feasts on the shrubbery. Lynne, 64, captured the graceful beast at Crocodile River, Kruger National Park. Credit: Lynne Wilde/Caters News
Market Closes for August 29^th, 2018

Market Index	Close	Change
Dow Jones	26124.57	+60.55   +0.23%
S&P 500	2914.04	+16.52   +0.57%
NASDAQ	8109.688	+79.649   +0.99%
TSX	16390.29	+34.75
		+0.21%

International Markets

Market Index	Close	Change
NIKKEI	22848.22	+34.75
		+0.15%
HANG SENG	28416.44	+64.82
		+0.23%
SENSEX	38722.93	-173.70
		-0.45%
FTSE 100*	7563.21	-54.01
		-0.71%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.322		2.321
CND. 30 Year Bond		2.323		2.320
U.S.    10 Year Bond		2.8840		2.8804
U.S. 30 Year Bond		3.0207		3.0303

Currencies

BOC Close	Today	Previous
Canadian $	0.77463	0.77333
US $	1.29094	1.29312
Euro Rate 1 Euro=		Inverse
Canadian $	1.51160	0.66155
US $	1.17093	0.85402

Commodities

Gold	Close	Previous
London Gold Fix	1212.25	1197.70
Oil
WTI Crude Future	69.51	68.53

Market Commentary:
Canada
By Tatiana Darie
     (Bloomberg) — Canadian stocks followed the U.S. market higher as investors awaited the outcome of trade negotiations in Washington. Earlier, President Trump said talks are going well while Canadian Prime Minister Justin Trudeau said a deal by Friday is only possible if it’s right for his country.
     The S&P/TSX Composite Index rose 0.2 percent, lifted by health care and technology. Pot stocks climbed after cannabis producer Tilray’s second-quarter revenue beat even the highest analyst estimate. Real estate and utilities fell.
     The Canadian dollar is hovering around the strongest level against the dollar since late May.
     In other moves:
                            Stocks
* Aphria Inc., Aurora Cannabis Inc. and Canopy Growth Corp. rose 12 percent, 6.2 percent and 4.9 percent after Tilray’s second- quarter earnings beat estimates
* MEG Energy Corp. rose 1.6 percent after an Eight Capital analyst suggested that Highfields Capital’s filing with the Alberta Securities Commission earlier this month could be a pre- cursor to an activist move on MEG.
* Air Canada fell 0.2 percent after reports its mobile application has been breached, potentially affecting about 20,000 customers.
                            Commodities
* Western Canada Select crude oil traded at a $26.75 discount to WTI
* Gold fell 0.2 percent to $1,212.50 an ounce
                            FX/Bonds
* The Canadian dollar rose 0.2% to C$1.2907 per U.S. dollar
* The Canada 10-year government bond yield was little changed at 2.322 percent
US
By Jeremy Herron
     (Bloomberg) — U.S. stocks plowed to new records amid a broad rally in technology shares, as investors speculated the Trump administration will make progress this week on trade spats. Oil surged toward $70 a barrel.
     The S&P 500 Index rose a fourth day to close above 2,900 for the first time, as Amazon.com and Alphabet climbed following an upbeat report from Morgan Stanley. The Nasdaq indexes hit fresh highs. The dollar weakened versus major peers, emerging- market equities edged higher and Treasuries slipped.
     The pound rallied after the European Union revived hopes of a Brexit deal before the U.K. exits the common area in March. Earlier, shares in Japan and Australia set the pace as the MSCI Asia Pacific Index climbed, though stocks in China dropped. The euro weakened after the Italian government was reported to be hoping for a new program of European Central Bank bond purchases.
     Investors piled into American equities as the Northern hemisphere’s traditional vacation period grinds to a close. While risks abound, from legal threats to President Donald Trump’s administration and turmoil in emerging markets to ongoing trade tension between the world’s major economies, signs are emerging Canada may join Mexico to reach a pact with the U.S.
     Here are some key events coming up this week:
* China’s official factory PMI are due Friday.
* Earnings are due from companies including Pernod Ricard and Dollar General.
* The Bank of Korea sets policy on Friday. Weak jobs growth has cooled speculation of an interest-rate increase.
     These are the main moves in markets:
                            Stocks
* The S&P 500 rose 0.6 percent to 2,9113.53 at 4 p.m. New York time.
* The Dow added 53 points to 26,117.
* The Nasdaq 100 Index jumped 1.2 percent.
* The Stoxx Europe 600 Index increased 0.2 percent.
* The MSCI Asia Pacific Index gained 0.2 percent to the highest in almost three weeks.
* The MSCI Emerging Market Index added 0.1 percent.
                            Currencies
* The Bloomberg Dollar Spot Index slipped 0.2 percent.
* The euro added 0.1 percent to $1.1705.
* The British pound rose 1.2 percent to $1.3027.
* The Japanese yen decreased 0.5 percent to 111.694 per dollar.
                            Bonds
* The yield on 10-year Treasuries rose less than one basis point to 2.8858 percent.
* Germany’s 10-year yield gained two basis points to 0.40 percent, the highest in more than three weeks.
* Britain’s 10-year yield increased four basis points to 1.489 percent, the highest in 14 weeks.
                            Commodities
* West Texas Intermediate crude increased 1.7 percent to $69.71 a barrel, the highest in seven weeks.
* Gold futures fell 0.2 percent to $1,212.50 an ounce.
–With assistance from Adam Haigh, Gina Martin Adams, Kevin Kelly and Samuel Potter.

Have a great night. 

Be magnificent!

As ever,

 

Carolann

 

Business is a combination of war and sport.
                     -Andre Maurois, 1885-1967

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 Aug. 28, 1963, 200,000 people participated in a peaceful civil rights rally in Washington, D.C., where Dr. Martin Luther King Jr. delivered his “I Have a Dream” speech in front of the Lincoln Memorial.
Go to article »
In the end, we will remember not the words of our enemies, but the silence of our friends. -Martin Luther King Jr.

Tom Clark, a prolific and empathetic lyric poet who hitchhiked across England with Allen Ginsberg, wrote a biography of Jack Kerouac, served as the poetry editor of The Paris Review and wrote verse about baseball died on August 18 after being struck by a car while crossing a street in Oakland, California.  He remains immortal through his poems.  RIP-from The Edge of the Forest:
“Poems ought to have memories…”

They should remember other poems.
At this moment the noisy city
has fallen quiet, and the edge
of the forest is abuzz with voices,
the voices of poems beneath old trees
talking quietly about the poems that were
once here but are not here any longer,
remembering each other.

He wrote from Nocturnal Resolutions:
Be kind to animals no matter what
Listen to the angel
Try to look upon death as a friend
Accept pain as the condition
Be more patient
Don’t turn on the light.
-from the NYTimes obituary by Richard Sandomir.
PHOTOS OF THE DAY

A man rides a scooter with his two Yorkshire Terrier dogs wearing helmets and glasses, in a street of Marseille, southern France. Credit: Christophe Simon/AFP/Getty Images

Parade participants and revellers enjoy themselves along the route on the second day of Notting Hill Carnival in London. Notting Hill Carnival, London. Credit: Imageplotter/Rex/Shutterstock

Players from Bourton Rovers compete against each other during the annual Bourton-on-the-Water Football March played on the River Windrush in Bourton-on-the-Water. Credit: Catherine Ivill/Getty Images
Market Closes for August 28^th, 2018

Market Index	Close	Change
Dow Jones	26064.02	+14.38   +0.06%
S&P 500	2897.52	+0.78   +0.03%
NASDAQ	8030.039	+12.144   +0.15%
TSX	16355.54	-88.85
		-0.54%

International Markets

Market Index	Close	Change
NIKKEI	22813.47	+13.83
		+0.06%
HANG SENG	28351.62	+80.35
		+0.28%
SENSEX	38896.63	+202.52
		+0.52%
FTSE 100*	7617.22	+39.73
		+0.52%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.321		2.298
CND. 30 Year Bond		2.320		2.295
U.S.    10 Year Bond		2.8804		2.8441
U.S. 30 Year Bond		3.0303		2.9936

Currencies

BOC Close	Today	Previous
Canadian $	0.77333	0.77115
US $	1.29312	1.29680
Euro Rate 1 Euro=		Inverse
Canadian $	1.51222	0.66128
US $	1.16944	0.85511

Commodities

Gold	Close	Previous
London Gold Fix	1197.70	1197.70
Oil
WTI Crude Future	68.53	68.87

Market Commentary:
Canada
By Tatiana Darie
     (Bloomberg) — Canadian stocks fell for the first time in three sessions as investors awaited developments in trade negotiations after the country’s foreign minister traveled to Washington for talks.
     The S&P/TSX Composite Index declined 0.5 percent to 16,355.54 in Toronto. Most sectors were weak, with health-care and energy leading losses. Cannabis shares are giving up recent gains driven by reports of more potential investment in the industry.
     The Canadian dollar climbed to the strongest in more than two months as investors are optimistic that Canada will reach a deal on trade with its two southern neighbors. Prime Minister Justin Trudeau said he’s been encouraged by the progress made by Canada’s Nafta partners.
     In other moves:
                            Stocks
* Canadian auto-parts makers Linamar Corp. and Magna International Inc. extended gains, rising 3.3 percent and 1.4 percent respectively on Tuesday, signaling a bet Canada will make the cut on a final deal.
* Detour Gold Corp fell 2.3 percent as Paulson & Co. said the board’s decision to force shareholders to wait until Dec. 11 before being able to vote on a new independent board is “inexcusable,” following the company’s unveiling of an “unrealistic plan” to deliver long-term value.
* Lydian International Ltd fell 6.7 percent after Scotia Capital analyst Trevor Turnbull downgraded shares to sector underperform from sector perform.
                            Commodities
* Western Canada Select crude oil traded at a $27.25 discount to WTI
* Aeco natural gas traded at a $2.26 discount to Henry Hub
* Gold fell 0.7 percent to $1,207.40 an ounce
                            FX/Bonds
* The Canadian dollar strengthened 0.3 percent to C$1.2934 per U.S. dollar
* The Canada 10-year government bond yield gained 0.9 percent to almost 2.318 percent
US
By Jeremy Herron
     (Bloomberg) — U.S. stocks eked out a gain to claim a fresh closing record, while Treasury yields climbed as investors assessed the latest developments from the Trump administration’s trade policies.
     The S&P 500 fluctuated throughout the day, rising past 2,900 for the first time before slipping back below that level. Technology stocks paced the advance, giving the Nasdaq indexes new records. Rate-sensitive shares retreated as the 10-year Treasury yield moved toward 2.90 percent. The Mexican peso failed to hold onto Monday’s gains as investors clamored for details and clarity on where a new trade agreement with the U.S. leaves Canada.
     Carmakers and miners were the biggest winners in the Stoxx Europe 600 Index. Equities in Japan rose while those in China slipped. The yuan climbed after the country’s central bank strengthened the daily fixing against the greenback by the most in more than 14 months.
     Optimism around the U.S.-Mexico deal is helping shift the news agenda in markets in the wake of Trump’s legal woes last week, while the Federal Reserve’s outlook has also boosted sentiment. Gains for risk assets remain fragile, however, as hopes for a similar trade breakthrough between America and China fade and a host of threats remain, from U.S. relations with Russia and North Korea to Chinese growth prospects.
     “On a broad sense, if markets were worried about trade tensions and trade talks escalating into full-blown wars at least this is one sign that there is a cooling off period and that some parts of the global trade space will still be connected and as free markets would hope,” said Nandini Ramakrishnan, global market strategist at JPMorgan Asset Management. “Another good example: European discussions this summer came down to a very conciliatory, almost non-issue.”
     Here are some key events coming up this week:
* Earnings are due from companies including Canada’s largest banks and China Construction Bank Corp., Pernod Ricard and Dollar General.
* China’s official factory PMI are due Friday.
* The U.S. economy probably grew in the second quarter at a slightly slower pace, economists predict ahead of Wednesday’s report.
* The Bank of Korea sets policy on Friday. Weak jobs growth has cooled speculation of an interest-rate increase.
     These are the main moves in markets:
                            Stocks
* The S&P 500 rose less than one point to a record 2,897.53 at 4 p.m. in New York.
* The Stoxx Europe 600 Index gained 0.1 percent to the highest in almost three weeks.
* The MSCI Emerging Market Index advanced 0.1 percent.
* The MSCI Asia Pacific Index climbed 0.4 percent to the highest in almost three weeks.
                            Currencies
* The Bloomberg Dollar Spot Index rose 0.2 percent.
* The euro climbed 0.1 percent to $1.1694.
* The Japanese yen slipped 0.1 percent to 111.210 per dollar.
* The Mexican peso dropped 1.7 percent to 19.0985 per dollar.
                            Bonds
* The yield on 10-year Treasuries three basis points to 2.88 percent, the highest in more two weeks.
* Germany’s 10-year yield rose less than one basis point to 0.38 percent.
                            Commodities
* Gold futures fell 0.7 percent to $1,207.60 an ounce.
* Brent crude dropped 0.3 percent to $75.96 a barrel.
–With assistance from Andreea Papuc and Eddie van der Walt. 

Have a great night.

Be magnificent!

As ever,

 

Carolann

 

Do not seek to follow in the footsteps of the men of old; seek what they sought
                                                    -Matsuo Chuemon Munefusa, 1644-1694

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

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

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

Dear Friends,

Tangents:
The full moon was officially last night, but it’ll still look full and beautiful tonight. The August full moon is often called the Sturgeon Moon, according to the Old Farmer’s Almanac, because sturgeon (a type of fish) are more easily caught in August and early September.

1979: Lord Mountbatten assassinated.
1910: Mother Teresa b.

Happy birthday
Katherine Johnson — whose story was told in the Oscar-nominated “Hidden Figures” — is 100 years old today.

Number of the day:
$48.4 million
That’s what a 1962 Ferrari 250 GTO sold for over the weekend, a record for any car ever sold at auction.

On Aug. 27, 1962, the United States launched the Mariner 2 space probe, which flew past Venus the following December.
Go to article »
PHOTOS OF THE DAY

Flags fly at half-mast in honour of Sen. John McCain, R-Ariz., frame the U.S. Capital daybreak in Washington. Credit: J. David AKE/AP

The Asylum Steampunk Festival is the largest and longest running steampunk festival in the UK, attracting participants from around the globe to Lincoln. Credit: Iconic Cornwall/Alamy Live News

Dance participants seen Performing on the street in Nagoya. Nippon Domannaka Festival in Nagoya, Aichi. One of the largest dace festival in Japan. The festival had 210 dance teams with 23,000 performers from inside and outside Japan, and about 2 million viewers. Credit: Zuma Press, Inc./Alamy Live News
Market Closes for August 27^th, 2018

Market Index	Close	Change
Dow Jones	26049.64	+259.29   +1.01%
S&P 500	2896.74	+22.05   +0.77%
NASDAQ	8017.895	+71.919   +0.91%
TSX	16444.39	+88.34
		+0.54%

International Markets

Market Index	Close	Change
NIKKEI	22799.64	+197.87
		+0.88%
HANG SENG	28271.27	+599.40
		+2.17%
SENSEX	38694.11	+442.31
		+1.16%
FTSE 100*	7577.49	+14.27
		+0.19%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.298		2.260
CND. 30 Year Bond		2.295		2.263
U.S.    10 Year Bond		2.8441		2.8261
U.S. 30 Year Bond		2.9936		2.9802

Currencies

BOC Close	Today	Previous
Canadian $	0.77115	0.76738
US $	1.29680	1.30314
Euro Rate 1 Euro=		Inverse
Canadian $	1.51434	0.66035
US $	1.16794	0.85621

Commodities

Gold	Close	Previous
London Gold Fix	1197.70	1192.35
Oil
WTI Crude Future	68.87	69.82

Market Commentary:
Canada
By Carolina Wilson
     (Bloomberg) — Canadian stocks gained on Monday after President Trump signed off on a bilateral agreement with Mexico to revamp Nafta and called on Canada to join the deal soon or risk being left out.
     The S&P/TSX Composite Index rose 0.5 percent to 16,444.39 in Toronto, the highest close in over a month. All sectors but utilities gained, with shares of health-care companies soaring above the rest. Canadian cannabis stocks advanced after BNN Bloomberg TV reported on Friday that beverage company Diageo is in talks with at least three major cannabis producers in Canada.
     In other moves:
                            Stocks
* Aphria Inc. gained as much as 16.6 percent, following other weed stocks higher, on Diageo discussions; Aurora Cannabis Inc. climbed 7.7 percent and Canopy Growth Corp. rose as much as 7.3 percent
* Linamar Corp. climbed 6.6 percent after Canadian auto suppliers underperformed on Friday as Nafta talks continued; Martinrea International Inc. advanced 7 percent, the most since May 1
* First Majestic Silver Corp. climbed 5.9 percent after an upgrade at BMO due to an improved risk/reward outlook following a selloff
                            Commodities
* Western Canada Select crude oil traded at a $28.00 discount to WTI
* Aeco natural gas traded at a $2.69 discount to Henry Hub
* Gold rose 0.3 percent to $1,217.40 an ounce
                            FX/Bonds
* The Canadian dollar strengthened 0.5 percent to C$1.2961 per U.S. dollar
* The Canada 10-year government bond yield gained 1.38 percent to almost 2.3 percent
US
By Jeremy Herron and Sarah Ponczek
     (Bloomberg) — U.S. stocks rose to fresh all-time highs and Mexico’s peso rallied versus the dollar as the Trump administration closed a bilateral trade deal with America’s southern neighbor. Treasuries fell.
     The S&P 500 Index closed just short of 2,900 and the Nasdaq Composite Index topped 8,000 for the first time as President Donald Trump unveiled details of the agreement that he says will replace Nafta. Shares of carmakers and parts producers in the equity benchmark surged more than 3.5 percent. The Dow Jones Industrial Average rose above 26,000 for the first since February. The peso rallied, and Canada’s dollar strengthened.
     European shares advanced, though a British holiday depressed volume. The strongest moves were in Asia after recent efforts by the Chinese central bank to shore up the yuan. That currency was largely stable in the offshore market as the dollar turned lower. The euro reversed a drop after a jump in German business confidence.
     “The stock market is confident that the trade war is closer to the end than the beginning,” Chris Rupkey, chief financial economist at MUFG Union Bank in New York, said in an email. “One by one the trade war dominoes are starting to fall backwards and are off the table for risks that threaten the global economy.”
     The breakthrough on trade with Mexico captured investor attention amid yet another failure for U.S. and China trade talks. American stocks added to records amid strong earnings and domestic expansion, while Federal Reserve Chairman Jerome Powell’s indication the U.S. will continue to follow a path of gradual tightening was interpreted as having a dovish tone.
    The trade news enabled investors to look past a host of other macro events, including President Donald Trump’s ongoing legal woes, fresh Russian sanctions, a war of words over Syria and faltering efforts to denuclearize North Korea. While Asian shares rallied on the back of the yuan’s stabilization, the PBOC’s moves to steady the currency threaten to be an unwelcome step backward in the longer term.
     Elsewhere, European bonds followed Treasuries lower. Turkey’s lira dropped as the country’s markets reopened following a holiday. Emerging-market stocks rallied. Oil was little changed.
     Here are some key events coming up this week:
* Earnings are due from companies including Canada’s largest banks and China Construction Bank Corp., ICBC, Pernod Ricard and Dollar General.
* China’s official factory PMI are due Friday.
* The U.S. economy probably grew in the second quarter at a slightly slower pace, economists predict ahead of Wednesday’s report.
* The Bank of Korea sets policy on Friday. Weak jobs growth has cooled speculation of an interest-rate increase.
     These are the main moves in markets:
                            Stocks
* The S&P 500 increased 0.8 percent to 2,896.66 as of 4 p.m. in New York to the highest on record.
* The Dow Jones Industrial Average rose 1 percent to surpass 26,000.
* The Stoxx Europe 600 Index gained 0.5 percent to the highest in almost two weeks.
* The MSCI Asia Pacific Index increased 1.2 percent to the highest in two weeks on the biggest climb in more than 11 weeks.
* The MSCI Emerging Market Index gained 1.8 percent to the highest in two weeks on the largest rise in more than six weeks.
                            Currencies
* The Bloomberg Dollar Spot Index declined 0.4 percent to 1,178.53.
* The peso rose more than 1 percent to 18.66 per dollar.
* The euro increased 0.1 percent to $1.1677.
* The Japanese yen rose 0.1 percent to 111.086 per dollar.
                            Bonds
* The yield on 10-year Treasuries rose four basis points to 2.85 percent.
* Germany’s 10-year yield rose three basis points to 0.376 percent, the highest in two weeks.
* The spread of Italy’s 10-year bonds over Germany’s dipped one basis point to 2.7988 percentage points.
                            Commodities
* West Texas Intermediate crude gained less than 0.2 percent to $68.87 a barrel, the highest in more than three weeks.
* Gold futures added 0.2 percent to $1,216.10 an ounce.
–With assistance from Adam Haigh, Cormac Mullen and Samuel Potter. 

Have a great night.

Be magnificent!

As ever,

Carolann

It does not matter how slowly you go so long as you do not stop.
Everything has its beauty, but not everyone sees it.
I hear and I forget. I see and I remember. I do and I understand.

By nature, men are nearly alike;  by practice, they get to be wide apart.
                                                            -Confucius, 551 BC-479 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:
79 AD – Mount Vesuvius erupts;  Pompeii destroyed.
1814 – British torch Washington to avenge burning of York (Toronto), Upper Canada in 1813.

1988 – Writer Jorge Luis Borges was born.

I have always imagined that Paradise will be a kind of library. -Jorge Luis Borges.

This weekend is the 100th anniversary of the birth of the conductor Leonard Bernstein. Our writers reflected on one of the most indelible figures in the history of the arts. 

Leonard Bernstein in 1959.
Sam Falk/The New York Times 

PHOTOS OF THE DAY

The Danish Royal Family are on a four-day visit to the Faroe Islands. Seen here in traditional Faroese dress are Prince Frederick and Princess Mary and Prince Christian and Princess Isabella and Prince Vincent and Princess Josephine. Credit: PPE/Face To Face

A Maasai boy with a painted face looks at the camera during an initiation into an age group ceremony near the town of Bisil, Kajiado county, Kenya. Credit: Baz Ratner/Reuters

General view of the Train Night Market Ratchada in Bangkok in Thailand. Credit: Soe Zeya Tun/Reuters

A car is stuck partially submerged in floodwaters from Hurricane Lane rainfall on the Big Island in Hilo, Hawaii. Credit: Mario Tama/Getty Images
Market Closes for August 23^rd, 2018

Market Index	Close	Change
Dow Jones	25790.35	+133.37   +0.52%
S&P 500	2874.69	+17.71   +0.62%
NASDAQ	7945.977	+67.518   +0.86%
TSX	16356.05	+29.26
		+0.18%

International Markets

Market Index	Close	Change
NIKKEI	22601.77	+190.95
		+0.85%
HANG SENG	27671.87	-118.59
		-0.43%
SENSEX	38251.80	-84.96
		-0.22%
FTSE 100*	7577.49	+14.27
		+0.19%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.258		2.260
CND. 30 Year Bond		2.261		2.263
U.S.    10 Year Bond		2.8116		2.8261
U.S. 30 Year Bond		2.9612		2.9802

Currencies

BOC Close	Today	Previous
Canadian $	0.76738	0.76395
US $	1.30314	1.30898
Euro Rate 1 Euro=		Inverse
Canadian $	1.51535	0.65992
US $	1.16284	0.85996

Commodities

Gold	Close	Previous
London Gold Fix	1192.35	1196.65
Oil
WTI Crude Future	69.82	68.83

Market Commentary:
Canada
By Tatiana Darie
     (Bloomberg) — Canadian equities moved higher, along with global peers, as optimism about cannabis stocks boosted health- care shares to the highest since Jan. 17.
     The S&P/TSX Composite Index climbed 0.2% , led by health care, tech and materials. Cannabis stocks rallied after BNN Bloomberg TV reported beverage company Diageo is in talks with at least three major cannabis producers in Canada. Consumer staples and industrials were weakest.
     In other moves:
                            Stocks
* Canopy Growth Corp. advanced 8 percent to a record after reports that Diageo is said to be pursuing a cannabis deal in Canada.
* Newstrike Brands Ltd. rallied 10 percent after its wholly- owned unit was selected by Nova Scotia Liquor as one of 14 licensed producers for initial purchase orders for adult-use cannabis.
* Enbridge Inc. fell 1.7 percent after agreeing to buy Spectra Energy Partners LP in a deal aimed at streamlining its corporate structure in the wake of U.S. tax changes.                          
                           Commodities
* Western Canada Select crude oil traded at a $27 discount to WTI
* Gold rose 1.5 percent to $1,211.80 an ounce
                            FX/Bonds
* The Canadian dollar gained 0.4 percent to C$1.3028 per U.S. dollar
* The Canada 10-year government bond yield gained 3 basis points to 2.263 percent                            
US
By Randall Jensen and Sarah Ponczek
     (Bloomberg) — U.S. stocks rose, sending the S&P 500 Index past its January record, as an expanding economy and surging earnings erased a six-month drought in which equities tumbled into a correction. The dollar dropped.
     Equities capped a second straight week of gains and the dollar slumped Friday after Federal Reserve Chairman Jerome Powell signaled the central bank has no intention of raising interest rates at a faster pace. The latest stocks record marks another milestone in a nine-year bull run that’s now the longest in history.
     The dollar fell for the sixth time in seven days as Powell said that gradual rate increases are likely appropriate if growth stays strong, and “there does not seem to be an elevated risk of overheating.” The 10-year Treasury yield edged lower to 2.82 percent. Crude settled above $68 a barrel in New York and gold jumped above $1,200 an ounce.
     “It looks like he understands the light touch he has to have on raising rates versus inflation,” Kim Forrest, senior portfolio manager at Fort Pitt Capital Group LLC in Pittsburgh, said by phone. “It doesn’t sound like he’s going to do a Greenspan, over-tighten. But he does understand inflation is now probably his primary objective, keeping that measure as the primary issue in the economy. But you also don’t want to kill the recovery and kill strong growth. He’s going to let the data decide.”
     The Chinese yuan traded offshore surged against the greenback after the People’s Bank of China said it tweaked how it fixes the level of its nation’s currency. The government also said Friday it was removing limits on foreign ownership of its banks. The changes come after low-level talks between the U.S. and China this week failed to make any progress in ending the trade war as both side slapped new tariffs on each other.
     Investors hoping for a global-trade resolution were left disappointed after the U.S. talks with China ended with an increased likelihood that tit-for-tat tariffs will escalate, casting a shadow over the global-growth outlook. But the focus has shifted back to Fed policy, with bond traders now more certain of two rate hikes by year-end. However, this view could be tested with the turmoil in emerging markets, continuing trade tensions and political drama in Washington still hanging in the background.
     Elsewhere, the Mexican peso pared gains against the greenback as cracks emerged in Nafta negotiations. Oil headed for the first weekly rise in two months amid prospects of tightening supplies from the North Sea to the Middle East. Most industrial metals rose along with gold and platinum.
     These are the main moves in markets:
                            Stocks
* The S&P 500 Index rose 0.6 percent to 2,874.72, a closing record, as of 4 p.m. New York time.
* The Nasdaq Composite Index gained 0.9 percent to a record.
* The Russell 2000 Index gained 0.5 percent to a record.
* The Stoxx Europe 600 Index gained 0.1 percent.
* The MSCI All-Country World Index advanced 0.5 percent.
                            Currencies
* The Bloomberg Dollar Spot Index fell 0.5 percent.
* The euro gained 0.7 percent to $1.1625.
* The British pound climbed 0.3 percent.
* The Japanese yen rose 0.1 percent to 111.19 per dollar.
                            Bonds
* The yield on 10-year Treasuries fell less one basis point to 2.82 percent.
* Germany’s 10-year yield was little changed at 0.34 percent.
* Britain’s 10-year yield gained two basis points to 1.30 percent.
* Japan’s 10-year yield advanced less than one basis point to 0.101 percent.
                            Commodities
* West Texas Intermediate crude increased 1.1 percent to $68.60 a barrel, the highest in more than three weeks.
* Gold advanced 1.7 percent to $1,205.47 an ounce.
* Copper climbed 1.5 percent to $2.72 a pound.
–With assistance from Robert Brand and Luke Kawa. 

Have a wonderful weekend.

Be magnificent!

As ever, 

Carolann

It is often easier to ask for forgiveness than to ask for permission.
                                                    -Grace Hopper, 1906-1992

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:
August 23, 1541 – Jacques Cartier Builds Fort Charlesbourg-Royal for Roberval.

1977: First human-powered flight

Back Story, NY Times:
Forty-five years ago today, an escaped convict burst into a busy bank in Stockholm, fired at the ceiling and shouted in English, “The party has just begun!”

The man, Jan-Erik Olsson, took four employees hostage, and a tense, six-day standoff followed.

Police officers wearing gas masks escorted Jan-Erik Olsson out of a bank after a hostage drama that gave rise to the term “Stockholm syndrome.”
Egan-Polisen, via Pressens Bild/Agence France-Presse — Getty Images

But the police were stumped by the terrorized hostages’ apparent sympathy for their captor, behavior that is now widely known as Stockholm syndrome.

In a phone call set up with Sweden’s prime minister, one hostage said she felt safe with Mr. Olsson but worried that “the police will attack and cause us to die.”

The authorities agreed to some of Mr. Olsson’s demands: a getaway vehicle, hundreds of thousands of dollars and the release of another convict, who joined Mr. Olsson at the bank.

After 130 hours, the police pumped tear gas into the vault and the captors surrendered. The hostages pleaded with the authorities: “Don’t hurt them — they didn’t harm us.”

Evaluating the hostages after their release, psychologists compared the experience to wartime shell shock, and they soon coined the term Stockholm syndrome. It wasn’t until the next year, with the abduction of the American heiress Patty Hearst, that the term went into wide use.

Joumana Khatib wrote today’s Back Story, August 23, 2018. 

PHOTOS OF THE DAY

Workers collect salt crystals at Aigues-Mortes France. After harvesting the ‘fleur de sel’, a hand-harvested the salt, they must wait until September to harvest the salt which is used as table salt. Fleur de sel is one of the most expensive salts in the world. Credit: Pascal Guyot/AFP

Cyclists look at paintings on walls of a limestone quarry during the “Street art on the Roc” festival in Villars-Fontaine, central France. Since 2016 the village in CA’te-d’OR opens up the walls of an old quarry to street-artists. Credit: Philippe Desmazes/AFP

Finishing touches are applied to pictures being hung in the Morning Chapel at Salisbury Cathedral in preparation for an exhibition by Professor Stephen Farthing. The works, The Miracle Painting 2011-2018, took eight years to complete. Credit: ben Birchall/PA
Market Closes for August 23^rd, 2018

Market Index	Close	Change
Dow Jones	25656.98	-76.62   -0.30%
S&P 500	2856.98	-4.84   -0.17%
NASDAQ	7878.457	-10.640   -0.13%
TSX	16326.79	-20.56
		-0.13%

International Markets

Market Index	Close	Change
NIKKEI	22410.82	+48.27
		+0.22%
HANG SENG	27790.46	-137.12
		-0.49%
SENSEX	38336.76	+51.01
		+0.13%
FTSE 100*	7563.22	-11.02
		-0.15%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.260		2.258
CND. 30 Year Bond		2.263		2.266
U.S.    10 Year Bond		2.8261		2.8298
U.S. 30 Year Bond		2.9802		2.9928

Currencies

BOC Close	Today	Previous
Canadian $	0.76395	0.76955
US $	1.30898	1.29945
Euro Rate 1 Euro=		Inverse
Canadian $	1.51072	0.66194
US $	1.15412	0.86646

Commodities

Gold	Close	Previous
London Gold Fix	1196.65	1190.95
Oil
WTI Crude Future	68.83	69.06

Market Commentary:
Canada
By Tatiana Darie
     (Bloomberg) — Canadian stocks followed their global peers lower amid lingering trade concerns as the latest round of China tariffs became effective on Thursday. Commodities sank, with gold seeing its biggest drop in a week.
     The S&P/TSX Composite Index slipped 0.1%, with materials, consumer staples and discretionary stocks leading losses. Optimism about cannabis stocks has boosted health-care shares higher again.
     In other moves:
                            Stocks
* Iamgold Corp., Alamos Gold Inc. led losses among the gold miners, down 6.6 percent and 5 percent, as the metal’s price continues to fall on a stronger dollar and signs that indicate Fed may keep raising interest rates.
* Baytex Energy Corp. rose 7.9 percent after its merger close with Raging River Exploration.
* Canadian Imperial Bank of Commerce gained 0.6 percent after CEO Victor Dodig on an earnings call said he sees a “supportive” macro environment in Canada and anticipates further interest rate increases.                         
                            Commodities
* Western Canada Select crude oil traded at a $27 discount to WTI
* Gold fell 0.8 percent to $1,194 an ounce
                             FX/Bonds
* The Canadian dollar fell 0.6 percent to C$1.3083 per U.S. dollar
* The Canada 10-year government bond yield little changed at 2.26 percent
US
By Randall Jensen and Sarah Ponczek
     (Bloomberg) — U.S. stocks dropped and the dollar rallied the most in two weeks as the trade dispute with China showed no signs of easing. Commodities sank.
     The S&P 500 Index edged lower for a second day as trade- sensitive stocks paced declines, while a rally in tech shares helped mute the benchmark’s drop. President Donald Trump signaled Thursday he’d press on with the trade war. Low-level delegates from China and the U.S. are wrapping up two days of trade talks as the nations hit each other with new levies on $16 billion of goods.
     The dollar rose for the first time in six days, pressuring commodity prices on products from copper to soybeans. The two- year Treasury yield gained ahead of scheduled comments by Federal Reserve chairman Jerome Powell Friday. The Mexican peso dropped against the greenback as investors waited to see if a deal would be reached on Nafta. A tweet by President Donald Trump fueled speculation of possible sanctions against South Africa, pushing the rand lower.
     Trade remains in the spotlight after the U.S. and China levied more duties, while Mexico appears close to an agreement on Nafta. And in the background., investors are left to wonder how the political drama in Washington may impact negotiations. All of this could get pushed aside at the end of the week as traders look for hints on the future of monetary policy during a gathering of central bankers in Jackson Hole, Wyoming.
     “One of the bigger risks that we keep watching is the trade talks with China. The fact that there’s still discussions going on is good and the fact that both sides are still willing to negotiate is good, but I don’t think that there’s going to be anything monumental that’s going to happen before the midterm elections,” Liz Young, senior investment strategist at BNY Mellon Investment Management, said in an interview at Bloomberg’s New York headquarters. “China is probably going to wait and kick the can down the road until we get there and then see what happens.”
     Elsewhere, the British pound fell the most in two weeks after U.K. officials warned that Brexit could raise prices. The Russian ruble swung from a loss to a gain after the central bank said it’s suspending purchases of foreign exchange through the end of September.
     Here are some key events coming up this week:
* Central bankers gather at the Kansas City Fed’s annual Jackson Hole symposium, where Powell speaks Friday.
     These are the main moves in markets:
                            Stocks
* The S&P 500 Index fell 0.2 percent as of 4 p.m. New York time.
* The Nasdaq Composite Index rose 0.1 percent.
* The Stoxx Europe 600 Index fell 0.2 percent.
* Germany’s DAX Index declined 0.2 percent.
* The MSCI Emerging Market Index fell 0.3 percent.
* The MSCI Asia Pacific Index fell 0.6 percent, the first retreat in a week.
                            Currencies
* The Bloomberg Dollar Spot Index gained 0.7 percent, the biggest rise since June 14.
* The euro fell 0.5 percent to $1.1541.
* The British pound dipped 0.7 percent to $1.2816.
* The Japanese yen decreased 0.7 percent to 111.29 per dollar, the weakest in a week.
* The South African rand fell 1.9 percent to 14.4289 per dollar.
                            Bonds
* The yield on 10-year Treasuries was little changed at 2.82 percent.
* The yield on two-year Treasuries rose two basis points to 2.61 percent.
* Germany’s 10-year yield was steady at 0.34 percent
* Britain’s 10-year yield was little changed at 1.276 percent.
* Italy’s 10-year yield gained five basis points to 3.115 percent.  
                           Commodities
* West Texas Intermediate crude fell 0.1 percent to $67.79 a barrel, the first retreat in more than a week.
* Gold declined 0.7 percent to $1,187.40 an ounce, the biggest drop in more than a week.
–With assistance from Yakob Peterseil. 

Have a great night.

 

Be magnificent!

As ever,

 

Carolann

 

Knowledge of what is possible is the beginning of happiness.
                                           -George Santayana, 1863-1952

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

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

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