Category: Events

Dear Friends,

Tangents:
On August 22, 1902, President Theodore Roosevelt became the first United States chief executive to ride in an automobile in public. 
Go to article »
1942: Battle of Stalingrad

Back Story
New York Times, August 22, 2018

Dorothy Parker, who was born on this day in 1893, once suggested her own epitaph: “Excuse my dust.”

It was a classic, coolly unsentimental remark by Ms. Parker, the acerbic wit whose writing was a mainstay in Vanity Fair and The New Yorker for years. But her other post-mortem plans came as a surprise to many.

The sharp-witted Dorothy Parker.
Associated Press

When she died on June 7, 1967, the bulk of her estate was left to the Rev. Dr. Martin Luther King. Jr., whom she had never met. Ms. Parker, a champion of humanitarian and left-wing causes, admired the civil rights leader’s work, but even Dr. King was surprised.

Her will also stipulated that, if anything were to happen to Dr. King, control of her estate should pass to the N.A.A.C.P., which it did after his assassination the next year. That decision appalled some of her friends.

“She must have been drunk when she did it,” her executor, Lillian Hellman, said in an interview with The Times Book Review in 1973.

Ms. Parker was cremated, and her ashes were finally placed at the organization’s headquarters in Baltimore in 1988, after spending the previous 15 years in her lawyer’s filing cabinet because they were never claimed. 

Joumana Khatib wrote today’s Back Story.

PHOTOS OF THE DAY

Irina Kolesnikova and Denis Rodkin perform Swan Lake, with the St Petersburg Ballet Theatre, at the London Coliseum in London. Credit: Ian West/PA

A photogenic fox is seen ready for his close up with Giedrius Stakaukas in his back garden in London. Credit: Dalia Kvedaraite/Caters News Agency
Market Closes for August 22^nd, 2018

Market Index	Close	Change
Dow Jones	25733.60	-88.69   -0.34%
S&P 500	2861.82	-1.14   -0.04%
NASDAQ	7889.098	+29.925   +0.38%
TSX	16347.34	+50.37
		+0.31%

International Markets

Market Index	Close	Change
NIKKEI	22362.55	+142.82
		+0.64%
HANG SENG	27927.58	+174.79
		+0.63%
SENSEX	38285.75	+7.00
		+0.02%
FTSE 100*	7574.24	+8.54
		+0.11%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.258		2.258
CND. 30 Year Bond		2.260		2.266
U.S.    10 Year Bond		2.8189		2.8298
U.S. 30 Year Bond		2.9818		2.9928

Currencies

BOC Close	Today	Previous
Canadian $	0.76955	0.76689
US $	1.29945	1.30397
Euro Rate 1 Euro=		Inverse
Canadian $	1.50707	0.66354
US $	1.15977	0.86224

Commodities

Gold	Close	Previous
London Gold Fix	1190.95	1184.35
Oil
WTI Crude Future	69.06	67.35

Market Commentary:
Canada
By Carolina Wilson
     (Bloomberg) — Canadian stocks gained on Wednesday, boosted by energy and health-care firms as West Texas crude rose above $67 a barrel and U.S. equities slipped after a four-day advance.
     The S&P/TSX Composite Index gained 0.3 percent to 16,347.34 in Toronto. Health-care companies gained most, rising 1.8 percent, as Bausch Health Co. extended its 4-day advance after a Mizuho analyst boosted her PT to match a Street-high on continued margin improvement. Energy companies also rose, gaining 1.2 percent after a U.S. government report showed the biggest decline in crude inventories since late July.
     In other moves:
                            Stocks
* Canopy Growth Corp. closed up 3.6 percent, now rallying for three-straight days, as pot stocks boast a strong week
* Raging River Exploration Inc. climbed as much as 7.1 percent and Baytex Energy Corp. rose as much as 6.4 percent after shareholders approved a merger between the two
* MEG Energy Corp. gained 7 percent following crude’s gains
* Element Fleet Management Corp. fell as much as 4.6 percent, the most intraday since July 24, after Amerit Fleet Solutions closed a minority investment from Element Fleet and a majority investment from Ridgemont Equity Partners
                            Commodities
* Western Canada Select crude oil traded at a $27.00 discount to WTI
* Aeco natural gas traded at a $1.94 discount to Henry Hub
* Gold gained 0.2 percent to $1,202.50 an ounce
                            FX/Bonds
* The Canadian dollar was little changed to C$1.2999 per U.S. dollar
* The Canada 10-year government bond yield was barely changed at 2.26 percent
US
By Randall Jensen
     (Bloomberg) — U.S. stocks slipped, halting a four-day advance as weakness in industrials outweighed gains in technology shares. The dollar slumped amid ongoing political turmoil and Federal Reserve minutes that signaled no change to the pace of tightening.
     The S&P 500 Index dropped less than a point, while the technology-heavy Nasdaq indexes added almost 0.4 percent. Small caps also rose. Oil prices climbed above $67 a barrel, driving energy producers higher, after a U.S. government report showed the biggest decline in crude inventories since late July.
     The dollar weakened a fifth day and the 10-year Treasury yield fell to 2.82 percent after the Fed signaled in meeting minutes a readiness to hike again if the economy stays on track.
     “The Fed demonstrated that it’s sticking to its game plan by raising rates once a quarter at least for the next two quarters. Nothing in the FOMC minutes indicates any change to those plans,” said Bob Baur, chief global economist at Principal Global Investors.
     While all eyes focused on the legal drama in Washington, U.S. stocks remained near records amid double-digit corporate profit growth. At the same time, benchmark Treasury yields have held below 3 percent even as the Fed remains on track to raise rates amid a strengthening economy. Add to the mix trade wars and turmoil in emerging markets. Some clarity could come from a meeting of central bankers on Friday in Jackson Hole, Wyoming.
     Elsewhere, the Mexican peso gained after a White House official suggested a Nafta deal was near. Emerging-market shares rallied, while the Japanese yen edged lower.
     Here are some key events coming up this week:
* Companies announcing earnings include Alibaba, Qantas and China’s Bank of Communications.
* Central bankers gather at the Kansas City Fed’s annual Jackson Hole symposium, where Powell speaks Friday.
* The Fed releases the minutes from latest FOMC meeting on Wednesday.
* Euro area preliminary PMI data for August is due on Thursday.
     These are the main moves in markets:
                            Stocks
* The S&P 500 Index fell less than 0.1 percent to 2,861.82 of 4 p.m. New York time.
* Nasdaq Composite Index rose 0.4 percent.
* The Stoxx Europe 600 Index was little changed.
* The MSCI Emerging Market Index increased 0.7 percent to the highest in more than a week.
                            Currencies
* The Bloomberg Dollar Spot Index decreased 0.2 percent, its fifth straight decline, the longest streak in six months.
* The euro rose 0.3 percent to $1.1606, its sixth straight advance.
* The Japanese yen fell 0.2 percent at 110.50 per dollar.
* The Mexican peso increased 1 percent to 18.87753 per dollar, the strongest in more than a week.
                            Bonds
* The yield on 10-year Treasuries fell one basis point to 2.82 percent.
* The yield on two-year Treasuries was little changed at 2.59 percent.
* Germany’s 10-year yield declined less than one basis point to 0.33 percent.
                            Commodities
* The Bloomberg Commodity Index advanced 0.2 percent to the highest in more than a week.
* West Texas Intermediate crude reached the highest in more than two weeks on its fifth straight advance.
* Gold was steady at $1,195.71 an ounce, the highest in more than a week.
–With assistance from Sarah Ponczek and Todd White.

Have a great night. 

Be magnificent!

As ever,

Carolann

Wisdom lies neither in fixity nor in change, but in the dialectic between the two.
                                                             -Octavio Paz, 1914-1998

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:
Today is Eid in many parts of the world.
On Aug. 21, 1959, President Eisenhower signed an executive order proclaiming Hawaii the 50th state of the union. 
Go to article »

From The New York Times, August 21, 2018:

In 1968, the leader of Czechoslovakia’s Communist Party initiated a project that he said would offer “socialism with a human face.” What followed was a rebirth of political and cultural freedom that defied those loyal to Moscow. 

But 50 years ago today, the Soviets invaded, killing the dreams of the reformers and laying bare the totalitarian nature of the Communist regime. Our correspondent revisits the history from the city where it happened. 

Back Story:
Since the Louvre was closed on Mondays, the painting was missing for more than a day before anyone noticed. 

But when they did, visitors arrived in hordes to see the spot where “La Joconde,” better known as the Mona Lisa, once hung. Franz Kafka even made the trip to contemplate the space up close. 

The theft, on this day in 1911, “caused such a sensation that Parisians for the time being have forgotten the rumors of war,” The Times reported at the top of its front page. 

Sixty detectives were assigned to the case, and conspiracy theories abounded. “Possibly,” a police officer told The Times, “the theft was committed by a maniac.” 

The authorities didn’t pay enough attention to Vincenzo Peruggia, an Italian laborer who had created the protective glass around Leonardo da Vinci’s masterpiece. He was questioned twice and let go. 

Two years passed. 

Mr. Peruggia then tried to sell the painting to Giovanni Poggi, the director of the Uffizi Gallery in Florence, Italy. Mr. Poggi immediately called the police. 

The painting is now protected by bulletproof glass at the Louvre, and an alarm goes off if anyone tries to touch the frame.

Kathleen Massara wrote today’s Back Story.

PHOTOS OF THE DAY

The cast of ‘Swan Lake’ (London Coliseum) in London at Broad Court, Covent Garden where the beautiful ballerinas are introduced to the iconic British institution of the red telephone box. Credit: Geoff Pugh for The Telegraph

Beach chairs are lined up before sunrise in Timmendorfer Strand at the Baltic Sea, northern Germany. Credit: Michael Probst/AP

A ship sits on the Horizon of the North East coast during a drizzly day at Whitley Bay, Northumberland. Credit: Owen Humphreys/PA
Market Closes for August 21^st, 2018

Market Index	Close	Change
Dow Jones	25822.29	+63.60   +0.25%
S&P 500	2862.96	+5.91   +0.21%
NASDAQ	7859.172	+38.166   +0.49%
TSX	16296.97	-34.06
		-0.21%

International Markets

Market Index	Close	Change
NIKKEI	22219.73	+20.73
		+0.09%
HANG SENG	27752.79	+154.77
		+0.56%
SENSEX	38285.75	+7.00
		+0.02%
FTSE 100*	7565.70	-25.56
		-0.34%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.258		2.253
CND. 30 Year Bond		2.266		2.259
U.S.    10 Year Bond		2.8298		2.8154
U.S. 30 Year Bond		2.9928		2.9810

Currencies

BOC Close	Today	Previous
Canadian $	0.76689	0.76683
US $	1.30397	1.30408
Euro Rate 1 Euro=		Inverse
Canadian $	1.50879	0.66278
US $	1.15711	0.86422

Commodities

Gold	Close	Previous
London Gold Fix	1184.35	1178.40
Oil
WTI Crude Future	67.35	66.43

Market Commentary:
On this day in 1999, a record price was paid for a membership seat on the New York Stock Exchange: $2.65 million. That was a substantial rise from the record low price for a seat, set in 1942, of $17,000.  
Canada
By Tatiana Darie
     (Bloomberg) — Canadian stocks fell toward the end of the trading day, bucking the global trend, as the U.S. slapped preliminary anti-dumping duties on some pipes from Canada and other countries.
     The S&P/TSX Composite Index fell 0.2%, the most in a week, even as the S&P 500 briefly rose to an intraday record in the U.S. Technology and financial shares led losses, while optimism about cannabis stocks boosted health care, which was the best- performing sector on Tuesday.
     In other moves:
                            Stocks
* Just Energy Group, Inc. extended losses for a third week, falling 1.5%, after National Bank Financial analyst Endri Leno downgraded the stock sector perform from outperform.
* Ivanhoe Mines Ltd. bounced back from a seven-day streak of losses, gaining 10 percent, after the company said that it’s not aware of any specific reason that might be contributing to the recent decline in the share price.
* Raging River Exploration Inc. rose 3.6 percent after shareholders approved its merger with Baytex
                            Commodities
* Western Canada Select crude oil traded at a $29.25 discount to WTI
* Aeco natural gas traded at a $2.23 discount to Henry Hub
* Gold gained 0.6% percent to $1,201.20 an ounce.
                            FX/Bonds
* The Canadian dollar was little changed to C$1.3045 per U.S. dollar
* The Canada 10-year government bond yield gained 11 basis points to 2.26 percent
US
By Randall Jensen and Sarah Ponczek
     (Bloomberg) — U.S. stocks climbed, while the dollar and Treasuries retreated as investors speculated the Trump administration would ease trade tensions with China.
     The S&P 500 Index capped a fourth day of gains, briefly rising to an intraday record. The Russell 2000 Index closed at a record. The dollar extended its slide ahead of low-level trade talks with China. The 10-year Treasury yield rose for first time in three days before a meeting of central bankers later in the week.
     “This is an abnormally sentiment driven market that we’ve had all year, so a new high could cause on the margin some investors to either get nervous or to get bullish,” Max Gokhman, head of asset allocation for Pacific Life Fund Advisors, which manages $40 billion, said in an interview at Bloomberg’s New York headquarters. “I would argue probably more nervousness than bullishness at this point because we’re hitting a new high amidst failing trade talks with China, amidst peaking margins.”
     U.S. shares rose Tuesday amid signs that talks between Chinese and American trade representatives may lead to some cooling of rhetoric on the monthslong spat. The Trump administration plans to slap tariffs on $16 billion of goods on the same day and China is poised to retaliate. At the same time, investors await clues on monetary policy as central bankers gather in Jackson Hole Friday.
     Elsewhere, the Brazilian real fell to the weakest against the dollar in two and half years in the runup to the nation’s most uncertain election in more than 30 years. Turkey’s lira edged higher after two days of declines; the country’s markets are closed for most of this week. Futures in crude oil and industrial metals climbed, as emerging-market stocks and currencies advanced.
     Here are some key events coming up this week:
* Companies announcing earnings include Alibaba, Royal Bank of Canada, Lowe’s, Target, Qantas and China’s Bank of Communications.
* Central bankers gather at the Kansas City Fed’s annual Jackson Hole symposium, where Federal Reserve Chairman Jerome Powell speaks Friday.
* The Fed releases the minutes from latest FOMC meeting on Wednesday.
* Euro zone preliminary PMI data for August is due on Thursday.
     These are the main moves in markets:
                            Stocks
* The S&P 500 Index rose 0.2 percent as of 4:02 p.m. New York time.
* The Russell 2000 Index rose 1.2 percent to an all-time record.
* The Stoxx Europe 600 Index gained 0.2 percent.
* The MSCI Emerging Market Index jumped 1.2 percent to the highest in more than a week.
* Germany’s DAX Index rose 0.4 percent to the highest in more than a week.
* The U.K.’s FTSE 100 Index fell 0.3 percent.
                            Currencies
* The Bloomberg Dollar Spot Index dropped 0.4 percent to the lowest in more than a week.
* The euro increased 0.8 percent to $1.1572.
* The Japanese yen fell 0.3 percent to 110.34 per dollar.
* Brazilian real dropped 1.4 percent to $4.03, the lowest in more than two years.
                            Bonds
* The yield on 10-year Treasuries gained three basis points to 2.84 percent.
* Germany’s 10-year yield gained three basis points to 0.33 percent, the highest in a more than a week.
                            Commodities
* Gold rose 0.3 percent at $1,193.63 an ounce.
* West Texas crude rose 1.3 percent to $67.32 per barrel.
* LME copper gained 0.9 percent to $6,046.50 per metric ton, the highest in more than a week.
–With assistance from Anna Edwards and Todd White. 

Have a great night.

Be magnificent!

As ever,

 

Carolann

Ambition can creep as well as soar.
       -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:
On Aug. 20, 1968, the Soviet Union and other Warsaw Pact nations invaded Czechoslovakia to crush the ”Prague Spring” liberalization drive of Alexander Dubcek’s regime. 
Go to article »

PPRIME NUMBERS:
1
BILLION
Price (in dollars) of a 157-acre parcel of land on a summit overlooking Beverly Hills, the first 10-figure asking price in Los Angeles.

1,200
Percentage by which Amazon’s second quarter profit of $2.5 billion exceeded that of the corresponding quarter last year.

44
MILLION
Kangaroos that live in Australia, roughly twice the number of Australians.

35.8
MILLION
Distance (in miles) between Mars and Earth, the shortest distance in 15 years, when Mars glowed unusually brightly July 27-30.
Sources: NASA Quartz, Los Angeles Times, CNN.

PHOTOS OF THE DAY

Thousands of blazing torches set off from Bridport’s Bucky Doo Square in a procession to West Bay’s East Cliff where music, fireworks and a giant bonfire helped celebrate the end of Bridport’s Carnival week in Dorset, UK. Bridport Carnival first started in 1911, was abandoned in 1920 then resurrected in 1971 and has been a popular annual event for locals and visitors since. Credit: The Telegraph

Mumbai from the air. Amazing aerial images have captured the stark contrast and inequality where rich meets poor all across the world. The spectacular bird’s eye view pictures show the landscape as an affluent area gives way onto one where people may be suffering from poverty. The stunning shots show this crossover of the rich and poor all across South Africa, Kenya, Mexico and even the USA. Credit: Johnny Miller/Mediadrumimages

Simone Biles competes on the balance beam during day four of the U.S. Gymnastics Championships 2018 at TD Garden in Boston, Massachusetts. Credit: Tim Bradbury/Getty Images
Market Closes for August 20^th, 2018

Market Index	Close	Change
Dow Jones	25758.69	+89.37 +0.35%
S&P 500	2857.05	+6.92   +0.24%
NASDAQ	7821.008	+4.678   +0.06%
TSX	16331.03	+7.32
		+0.04%

International Markets

Market Index	Close	Change
NIKKEI	22199.00	-71.38
		-0.32%
HANG SENG	27598.02	+384.61
		+1.41%
SENSEX	38278.75	+330.87
		+0.87%
FTSE 100*	7591.26	+32.67
		+0.43%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.253		2.268
CND. 30 Year Bond		2.259		2.277
U.S.    10 Year Bond		2.8154		2.8605
U.S. 30 Year Bond		2.9810		3.0199

Currencies

BOC Close	Today	Previous
Canadian $	0.76683	0.76509
US $	1.30408	1.30704
Euro Rate 1 Euro=		Inverse
Canadian $	1.49811	0.66751
US $	1.14878	0.87049

Commodities

Gold	Close	Previous
London Gold Fix	1178.40	1180.40
Oil
WTI Crude Future	66.43	65.91

Market Commentary:
Canada
By Carolina Wilson
     (Bloomberg) — Canadian stocks closed higher Monday as shares of cannabis companies soared and Prime Minister Justin Trudeau said Canada looks forward to joining Nafta talks. Global markets rose on thin volume as investors held onto hopes for an easing of the trade war.
     The S&P/TSX Composite Index rose less than 0.1% to 16,331.03 in Toronto. Health care led the gains, up 7.2 percent, as cannabis shares extended last week’s rally. Aurora Cannabis Inc. climbed more than 17 percent as Canopy Growth Corp. gained about 11 percent. Consumer staples, tech and utilities fell most.
     In other moves:
                            Stocks
* Aphria Inc. climbed as much 7.8 percent, to the highest intraday since July 31, following other weed stocks higher; cannabis stocks were boosted by continued optimism following Constellation Brands Inc.’s $3.8 billion bet on Canopy Growth.
* Quebecor Inc. fell 4.7 percent after it issued a redemption notice to holders of currently outstanding 4.125% convertible unsecured subordinated debentures due Oct. 15
* New Gold Inc. rose as much as 8%, the most intraday since Feb. 14, after Canaccord upgraded to hold from sell, seeing a more balanced risk-reward for shares after the recent selloff
                            Commodities
* Western Canada Select crude oil traded at a $29.50 discount to WTI
* Gold gained 1.1 percent percent to $1,196.60 an ounce
                            FX/Bonds
* The Canadian dollar strengthened 0.1 percent to C$1.3045 per U.S. dollar after PM Trudeau weighed in on the 2019 election
* The Canada 10-year government bond yield fell 0.6 percent to 2.25 percent
US
By Randall Jensen and Sarah Ponczek
     (Bloomberg) — U.S. stocks rose in thin volume as investors held onto hopes for an easing of the trade war, while Treasuries advanced ahead of a meeting of central bankers later this week.
     The S&P 500 Index advanced for a third day to close within 15 points of a record. Equities pared gains in the final 15 minutes of trading after President Donald Trump said China and Europe manipulate their currencies, according to Reuters. Consumer-discretionary shares paced the day’s advance.
     Trump also hit the dollar with separate comments on the Federal Reserve, suggesting the central bank should refrain from raising rates. Chairman Jerome Powell speaks at a conference in Wyoming Friday. The 10-year Treasury yield declined to the lowest level in six weeks after Jeffrey Gundlach warned of a short squeeze.
     “Investors sentiment is on the bullish side, with investors figuring new all-time highs are just around the corner, especially if trade talks get going with China,” Paul Nolte, a portfolio manager at Kingsview Asset Management, wrote in a note to clients. “Another hot late summer week on Wall Street and trading levels should be relatively low. The path of least resistance now is higher, but as we have seen, news flow is important.”
     Markets appear to be striking a more optimistic tone after talks between the world’s biggest economies on trade made their way back onto the agenda. Meanwhile, investors will be closely watching this week’s Jackson Hole symposium for clues on monetary policy, and to see whether central bankers can do anything to help bring back stability after the recent bout of emerging market-led volatility.
     Elsewhere, the lira slipped for a second day. Turkish markets are closed for most of this week, which may mean low trading volumes and sharper currency swings than usual. Emerging-market stocks and currencies rose. The onshore yuan climbed amid signs China is propping up the currency.
     Here are some key events coming up this week:
* Companies announcing earnings include Alibaba, Royal Bank of Canada, Lowe’s, Target, BHP Billiton, Qantas, Ping An and China’s Bank of Communications.
* Central bankers gather at the Kansas City Fed’s annual Jackson Hole symposium, where Federal Reserve Chairman Jerome Powell speaks Friday.
* The Fed releases the minutes from latest FOMC meeting on Wednesday.
     These are the main moves in markets:
                            Stocks
* The S&P 500 Index climbed 0.2 percent to 2,857.05 as of 4 p.m. New York time.
* The Stoxx Europe 600 Index advanced 0.6 percent.
* The MSCI All-Country World Index increased 0.5 percent.
* The MSCI Emerging Market Index gained 1.2 percent, the biggest gain in nearly a month.
                            Currencies
* The Bloomberg Dollar Spot Index fell 0.2 percent, its third decline in a row.
* The euro rose 0.3 percent to $1.1467.
* The Japanese yen gained 0.2 percent to 110.24 per dollar.
* The Turkish lira fell 1.5 percent to 6.1063 per dollar.
* The MSCI Emerging Markets Currency Index gained 0.4 percent, the biggest rise in almost four weeks.
                            Bonds
* The yield on 10-year Treasuries declined four basis points to2.82 percent, the lowest since July 6.
* Germany’s 10-year yield was unchanged at 0.30 percent.
* Britain’s 10-year yield dipped two basis points to 1.22 percent.
                            Commodities
* The Bloomberg Commodity Index was little changed.
* West Texas Intermediate crude rose 0.9 percent to $66.47 a barrel.
* Gold climbed 0.4 percent to $1,189.30 an ounce.
–With assistance from Eddie van der Walt. 

Have a great night.

Be magnificent!

As ever,

 

Carolann

 

If you have knowledge, let others light their candles in it.
                                  -Margaret Fuller, 1810-1850

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. 17, 1969, the Woodstock Music and Art Fair concluded near Bethel, N.Y.
Go to article »

On Aug. 18, 1872, Aaron Montgomery Ward, a Chicago businessman, set in motion an idea that seemed humble at the time but would go on to shape the retail industry.

On a sheet of paper, he listed about 150 items for sale. That one page turned into hundreds, and by 1888, annual sales from the catalog reached $1 million.

The cover of the Montgomery Ward catalog from 1904.
Chicago History Museum/Getty Images

The catalog was popular with the largely rural population of the U.S., which suddenly gained access to everything from fur coats to washing machines. The success of Ward’s creation was driven, in part, by a more efficient postal service that had started delivering packages door to door.

The earliest reported catalogs appeared in Venice in the 1400s. In the 18th century, Benjamin Franklin used the mail order concept to sell books.

Catalogs from Montgomery Ward and another mail order pioneer, Sears, Roebuck and Company, started an industry that vied for a spot in mailboxes for decades.

The rise of shopping malls and the internet eventually spelled the demise of the mail order catalog. In 1985, Montgomery Ward discontinued its catalog because of persistent losses.

But what’s old is new again: Amazon is reportedly working on its own holiday catalog this year.

Alisha Haridasani Gupta wrote today’s Back Story. -New York Times, August 17, 2018

PHOTOS OF THE DAY

A 1,800 square mt flower carpet on the theme “Guanajuato, cultural pride of Mexico” and made with over 500,000 dahlias and begonias is seen at Brussel’s Grand Place, Belgium. Credit: The Telegraph

This is the sweet moment a loving mama swallow flies over to her four little baby birds to give them their morning feed. The adorable baby swallows can be seen snuggled up to each other waiting for their breakfast with their mouths wide open. Peter Tonkin, 75, captures the series of images, which show the swallows nesting as the sun started to rise, around seven o’clock in the morning in Hayle, Cornwall, UK. Credit: Peter Tonkin/SWNS.COM

Flamingos take off from Lake Tuz during their incubation period in Aksaray, Turkey. Credit: Murat Oner Tasi/Anadolu Agency/Getty Images
Market Closes for August 17^th, 2018

Market Index	Close	Change
Dow Jones	25669.32	+110.59   +0.43%
S&P 500	2850.13	+9.44   +0.33%
NASDAQ	7816.332	+9.808   +0.13%
TSX	16323.71	+98.06
		+0.60%

International Markets

Market Index	Close	Change
NIKKEI	22270.38	+78.34
		+0.35%
HANG SENG	27213.41	+113.35
		+0.42%
SENSEX	37947.88	+284.32
		+0.75%
FTSE 100*	7558.59	+2.21
		+0.03%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.268		2.257
CND. 30 Year Bond		2.277		2.272
U.S.    10 Year Bond		2.8605		2.8678
U.S. 30 Year Bond		3.0199		3.0263

Currencies

BOC Close	Today	Previous
Canadian $	0.76509	0.76009
US $	1.30704	1.31564
Euro Rate 1 Euro=		Inverse
Canadian $	1.49630	0.66832
US $	1.14480	0.87352

Commodities

Gold	Close	Previous
London Gold Fix	1180.40	1182.00
Oil
WTI Crude Future	65.91	65.46

Market Commentary:
On this day in 1998, the Russian government devalued the ruble and declared a moratorium on paying its foreign debt, a de facto default that roiled bond markets and triggered the collapse of the giant hedge fund Long-Term Capital Management
Canada
By Stefanie Marotta
     (Bloomberg) — Canadian stocks rose amid news that China would hold talks with American officials, cooling rhetoric in the ongoing trade war.
     The S&P/TSX Composite Index rose 0.7 percent to 16,261.30 points at 9:44 a.m. in Toronto. Health care continued its acceleration led by pot stocks, surging 1.5 percent. Canopy climbed 1.7 percent amid news that the tobacco and pharmaceutical industries could be eyeing the cannabis industry.
     Materials surged 1.5 percent with First Quantum Minerals Ltd. jumping ~6 percent and First Majestic Silver Corp. rising ~6.5 percent.
     In other moves:
* BCE Inc. rose 0.6 percent after announcing a partnership with Vice to become the exclusive Canadian broadcaster for new original programming from VICELAND
* Labrador Iron Ore Royalty Corp. climbed 3 percent after Anglo Pacific Group PLC acquired a stake in the company
                           Commodities
* Western Canada Select crude oil traded at a $27.75 discount to WTI
* Aeco natural gas traded at a $1.79 discount to Henry Hub
* Gold rose 0.1 percent to $1.185.70 an ounce
                            FX/Bonds
* The Canadian dollar was flat at C$1.31406 per U.S. dollar
* The Canada 10-year government bond yield fell two basis points to 2.251 percent
US
By Eric J. Weiner
     (Bloomberg) — U.S. stocks rose in light summer trading Friday on strength in technology hardware shares and optimism for a resolution in America’s trade dispute with China amid reports that President Donald Trump and Chinese President Xi Jinping will meet in November in an attempt to end the roadblock. Crude climbed to just below $66 a barrel, the dollar fell and Treasuries were stable.
     All major equity benchmarks surged following the U.S.-China news. The S&P 500 Index erased an earlier decline and notched its sixth weekly advance in the last seven weeks. Department store chain Nordstrom Inc. was the best performing company in the benchmark as investors responded to its strong second- quarter results and healthy profit outlook for the year.
     The Nasdaq 100 Index rebounded from weakness in semiconductors after Nvidia Corp. and Applied Materials Inc. warned after the market closed Thursday that their revenues were running below analyst forecasts. The Philadelphia Stock Exchange Semiconductor Index dropped 0.7 percent, its fourth consecutive decline.
     “Investors should avoid the urge to become too bearish too quickly,” Brian Rauscher, chief portfolio strategist at Robert W. Baird & Co., wrote in a note to clients Friday. “We urge investors to keep their attention focused on the still robust backdrop of corporate profits.”
     In Europe, equities rose despite weakness in banks and technology shares. Most Asian markets advanced. Canada’s dollar jumped after inflation in July blew past estimates. And developing-nation stocks gained but remained close to the technical definition of a bear market.
     “The roadmap to a potential November deal helps to increase the possibility that Trump ‘punts’ on September 5, as talks continue, while setting up for a ‘win’ right before midterms,” Naufal Sanaullah, chief macro strategist at EIA All Weather Alpha Partners, wrote in a note to clients Friday. “We see these as very bullish developments for EMs.”
     Turkey’s lira erased an early gain and retreated after rising more than 15 percent in three days. A Turkish appeals court refused to release American pastor Andrew Brunson — who the Trump administration says is being held illegally — which the U.S. promised would trigger further sanctions in retaliation. With a holiday closing Turkey’s stock markets for most of next week, traders took a cautious tone.
     Elsewhere, commodities rose as natural gas jumped and copper rebounded. But zinc headed for its worst weekly performance since 2011.
     These are the main moves in markets:
                            Stocks
* The S&P 500 rose 0.3 percent to 2,850.13.
* The Stoxx Europe 600 Index added 0.3 percent.
* The MSCI ACWI climbed 0.4 percent.
* The MSCI Emerging Market Index advanced 0.4 percent.
* The MSCI Asia Pacific Index gained 0.7 percent.
                            Currencies
* The Bloomberg Dollar Spot Index declined 0.5 percent.
* The euro rose 0.5 percent to $1.1439.
* The Japanese yen increased 0.3 percent to 110.59 per dollar, the strongest in a month.
* The Turkish lira erased an earlier gain and slumped 3.3 percent to 6.0301 per dollar.
                            Bonds
* The yield on 10-year Treasuries was little changed at 2.8641 percent.
* Germany’s 10-year yield declined two basis points to 0.305
* Italy’s 10-year yield was essentially unchanged at 3.121 percent.
                            Commodities
* The Bloomberg Commodity Index climbed 0.4 percent.
* LME zinc dropped 0.1 percent to $2,389.50 per metric ton and was down 6.2 percent for the week.
* WTI crude jumped 0.6 percent to $65.84 a barrel.
* Gold gained 0.8 percent to 1,183.92 an ounce.
–With assistance from Yakob Peterseil, Todd White and Luke Kawa.
Have a wonderful weekend. 

Be magnificent!

As ever,

 

Carolann

 

I cook with wine, sometimes I even add it to the food.
                                          -W C Fields, 1880-1946

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:

RIP Queen Aretha.

On Aug. 16, 1977, singer Elvis Presley died at Graceland Mansion in Memphis, Tenn., at age 42. 
Go to article »

Madonna turns 60 today.

PHOTOS OF THE DAY

Lightening strikes are seen during a thunderstorm over the city of Minsk, Belarus. Credit: Vasily Fedosenko/Reuters

Performers from the Aquanauts with Circus Cirkor, take part in an act as they hang over the middle of the Lilla Vartan waters running between the Royal Opera and Stockholm Palace as part of the Stockholm’s Cultural Festival. Credit: Anders Wiklund/AFP/Getty Images
Market Closes for August 16^th, 2018

Market Index	Close	Change
Dow Jones	25558.73	+396.32   +1.58%
S&P 500	2840.69	+22.32   +0.79%
NASDAQ	7806.523	+32.405   +0.42%
TSX	16225.65	+77.15
		+0.48%

International Markets

Market Index	Close	Change
NIKKEI	22192.04	-12.18
		-0.05%
HANG SENG	27100.06	-223.53
		-0.82%
SENSEX	37663.56	-188.44
		-0.50%
FTSE 100*	7556.38	+58.51
		+0.78%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.257		2.268
CND. 30 Year Bond		2.272		2.285
U.S.    10 Year Bond		2.8678		2.8623
U.S. 30 Year Bond		3.0263		3.0303

Currencies

BOC Close	Today	Previous
Canadian $	0.76009	0.76102
US $	1.31564	1.31403
Euro Rate 1 Euro=		Inverse
Canadian $	1.49654	0.66821
US $	1.13759	0.87905

Commodities

Gold	Close	Previous
London Gold Fix	1182.00	1197.00
Oil
WTI Crude Future	65.46	65.01

Market Commentary:
Canada
By Carolina Wilson
     (Bloomberg) — Canadian stocks rose, following the U.S. market higher, as an agreement between Chinese and American officials to hold talks bolstered investor optimism.
     The S&P/TSX Composite Index rose 0.5 percent to 16,225.65 in Toronto. Consumer staples climbed the most, gaining 1.7 percent as Metro Inc. soared 3.8 percent on reports of talks with suppliers on tariff-related price hikes.
     Materials and health care stocks fell slightly, the only two sectors closing lower.
     In other moves:
* Weatherford International gained 7.4 percent with rising lumber stocks, as a forest fire in British Columbia, the world’s biggest exporter of softwood lumber, raised concerns about future supply; Interfor Corp. also rose, climbing 5.2 percent
* Labrador Iron Ore Royalty Corp. climbed 5.4 percent, the most in over a month, after Anglo Pacific Group PLC acquired a stake in the company
* Great Canadian Gaming fell 5.2 percent despite reporting a 2Q adjusted Ebitda that beat the highest analyst estimate
                            Commodities
* Western Canada Select crude oil traded at a $28.50 discount to WTI
* Aeco natural gas traded at a $1.78 discount to Henry Hub
* Gold fell 0.4 percent to $1,180.90 an ounce
                            FX/Bonds
* The Canadian dollar was fell to C$1.31614 per U.S. dollar
* The Canada 10-year government bond yield fell to 2.257 percent
US
By Eric J. Weiner and Olivia Schaber
     (Bloomberg) — U.S. stocks rallied Thursday after retail behemoth Walmart Inc. reported its best sales growth in more than a decade and Chinese and American officials agreed to hold talks in an attempt to resolve the trade dispute between the two countries. The dollar fell with Treasuries, and gold and oil rose.
     All major equity benchmarks were higher. The S&P 500 Index climbed, led by telephone and consumer staples shares, and the Dow Jones Industrial Average added almost 400 points, or 1.6 percent. Food retailers posted their best gain since November after Walmart, the top performing S&P 500 company, said grocery sales spurred its strong results.
     “The consumer is in great shape, highlighted by Walmart results,” said Cliff Hodge, director of investments at Cornerstone Wealth in Charlotte, North Carolina. “The market is underestimating the strength in the U.S. economy in the second half of the year. Some announcements on trade, whether it’s with NAFTA, the EU and China, or all of the above, can be catalysts for the next leg higher.”
     Chipmakers were the weakest group in the S&P 500 ahead of earnings reports from Nvidia Corp. and Applied Materials Inc., which are expected after the market closes. Mining stocks and commodities rebounded from Wednesday’s slide as silver and copper gained.
     The possibility of a breakthrough in the U.S.-China trade fight helped shake off some of the elevated caution that’s infected markets, particularly in developing nations, over the past week as Turkey has plunged into a currency crisis.    
     “Positive news out of Washington last night of a possible resumption in trade talks with China has changed the tide of negative sentiment today,” Chris Zaccarelli, chief investment officer at Independence Advisor Alliance, wrote in a note.
     The Turkish lira rallied for a third day after the country’s Treasury and Finance Minister Berat Albayrak said on an investor call that the government has ruled out capital controls and that reining in inflation and narrowing the current-account deficit are its policy priorities. But the currency pared some of its gains after U.S. Treasury Secretary Steven Mnuchin said Turkey would face more sanctions if the country didn’t release an American pastor who the Trump administration says is being illegally detained.
     Elsewhere, the Stoxx Europe 600 rose for the first time in seven sessions. Asian equities were lower in the wake of the disappointing earnings report from tech giant Tencent Holdings Ltd. on Wednesday. The yuan got a boost from the news of possibly easing tensions with the U.S.
     Emerging-market shares fell for the seventh straight session, putting the group inches from a bear market. In Hong Kong, currency interventions continued after its dollar fell to the weak end of a trading band.
     Here are some key events coming up this week:
* Nvidia Corp. and Applied Materials Inc. report earnings after the market closes Thursday.
* Euro-area inflation data are due on Friday.
     These are the main moves in markets:
                             Stocks
* The S&P 500 rose 0.8 percent to 2,840.67, while the Dow Jones Industrial Average added 396 points, or 1.6 percent.
* The Stoxx Europe 600 Index gained 0.6 percent, its first increase in seven sessions.
* The MSCI ACWI Index climbed 0.6 percent.
* The MSCI Emerging Market Index declined 0.2 percent.
* The MSCI Asia Pacific Index slipped 0.5 percent to the lowest since September 2017.
                            Currencies
* The Bloomberg Dollar Spot Index declined 0.2 percent.
* The euro increased 0.3 percent to $1.1374.
* The British pound climbed 0.2 percent to $1.2718.
* The Japanese yen slid 0.2 percent to 110.92 per dollar.
                            Bonds
* The yield on 10-year Treasuries rose one basis point to 2.8696 percent.
* Germany’s 10-year yield increased two basis points to 0.32 percent.
* Britain’s 10-year yield advanced two basis points to 1.24 percent.
                            Commodities
* The Bloomberg Commodities Index gained 1 percent.
* West Texas Intermediate crude added 0.7 percent to $65.49 a barrel.
* Gold advanced 0.1 percent to $1,173.61 an ounce.
–With assistance from Todd White and Yakob Peterseil. 

Have a great night.

Be magnificent!

As ever,

Carolann

A single lie destroys a whole reputation for integrity.
                           -Baltasar Gracian,  1601-1658

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

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

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

Dear Friends,

Tangents:

Napoleon Bonaparte, b. 1769.

Spotify has a great playlist for summer road trips, aptly named Songs to Sing in the Car.  It’s a mix of contemporary radio hits by the biggest R&B  & pop stars today as well as a sampling of the great voices of the past 10 years such as Adele, Sam Smith, Sia, Alessia Cara, Alicia Keys, Lady Gaga, Pink etc.

The NPR podcast Planet Money makes economic news easy to understand, taking unusual approaches to covering the latest business stories.  You can find it at http://bit.ly/planetmoneypodcast.
PHOTOS OF THE DAY

Northumberland’s Bamburgh Beach, overlooked by Bamburgh Castle, proved an attractive proposition for surfers as brighter weather returned to the UK after a weekend of rain and storms. Credit: Phil Wilkinson

People dressed as imperial guards of Napoleon I, take part in a re-enactment battle in Ajaccio on the French Mediterranean Island of Corsica, ob August 14, 2018, to celebrate Napolean Week. Napolean was born on August 15^th 1769. Credit: Pascal Pochard-Casabianca/AFP

Joan of Arc during the taking of Orleans at the CBG Mignot workshop, in La Breille-Les-Pins, western France. Founded in 1825 CBG Mignot workshop has produced lead soldiers to the delight of collectors. The 1/32^nd scale figurines are designed in Anjou, and cast in Paris and then returned to Anjou to be hand-painted. Credit: jean-Francois Monier/AFP
Market Closes for August 15^th, 2018

Market Index	Close	Change
Dow Jones	25162.41	-137.51   -0.54%
S&P 500	2818.37	-21.59   -0.76%
NASDAQ	7774.117	-96.777   -1.23%
TSX	16148.50	-182.17
		-1.12%

International Markets

Market Index	Close	Change
NIKKEI	22204.22	-151.86
		-0.68%
HANG SENG	27323.59	-429.34
		-1.55%
SENSEX	37852.00	+207.10
		+0.55%
FTSE 100*	7497.87	-113.77
		-1.49%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.268		2.319
CND. 30 Year Bond		2.285		2.345
U.S.    10 Year Bond		2.8623		2.8985
U.S. 30 Year Bond		3.0303		3.0656

Currencies

BOC Close	Today	Previous
Canadian $	0.76102	0.76593
US $	1.31403	1.30560
Euro Rate 1 Euro=		Inverse
Canadian $	1.49090	0.67074
US $	1.13458	0.88139

Commodities

Gold	Close	Previous
London Gold Fix	1197.00	1200.35
Oil
WTI Crude Future	65.01	67.04

Market Commentary:
Canada
By Carolina Wilson
     (Bloomberg) — Canadian stocks fell to the lowest level in over two months, in line with the broad decline in global equities, as Turkey announced new tariffs on U.S. imports and commodities slumped.
     The S&P/TSX Composite Index fell 1.1 percent to 16,148.50 in Toronto. Materials dragged down the benchmark, dropping more than 4.3 percent as Hudbay Minerals slumped 8.4 percent amid a selloff in copper and other industrial metals. Energy companies also took a hit, with the group falling 2.6 percent.
     Canopy Growth Corp. soared as much as 52 percent, the most since intraday since April 2014. Constellation Brands Inc. said it was boosting its stake in the cannabis grower, poising the owner of Corona beer to take a leading position on the world’s weed stage.
     In other moves:
                            Stocks
* Aphria Inc. climbed 20.5 percent, to the most since November 2016, as pot stocks followed Canopy’s gains. Aurora Cannabis Inc. climbed 19.5 percent.
* Great Canadian Gaming Corp. gained as much as 8.6 percent after second quarter adjusted Ebitda beat analyst estimates
* First Majestic Silver Corp. fell 8 percent, tumbling along with metals which declined on strength of U.S. dollar amid trade tensions, China weakness and Turkey’s financial crisis; New Gold Inc. declined 7.7 percent and Wheaton Precious Metals Corp. fell 7.6 percent.
                            Commodities
* Western Canada Select crude oil traded at a $27.50 discount to WTI
* Aeco natural gas traded at a $1.78 discount to Henry Hub
* Gold fell 1.5 percent to $1,183.20 an ounce
                            FX/Bonds
* The Canadian dollar weakened 0.5 percent to C$1.3129 per U.S. dollar
* The Canada 10-year government bond yield fell to 2.266 percent
US
By Olivia Schaber
     (Bloomberg) — U.S. stocks had their worst day in seven weeks Wednesday amid a broad decline in global equities as technology shares were roiled by disappointing results from Chinese internet giant Tencent Holdings Ltd. and copper sank into a bear market, weighing on commodities. Crude oil slipped below $65 a barrel following a report that American stockpiles rose the most since March 2017.
     The S&P 500 Index declined for the fifth time in six sessions, while the Nasdaq 100 Index posted the weakest performance among major U.S. benchmarks. Strong retail sales figures did little to mollify investors, as Macy’s Inc. plummeted 16 percent, the most since May 2017, despite beating expectations. Tencent’s first profit decline in at least a decade also rattled emerging-market equities.
     “Tech stocks are pulling the markets lower,” said Naeem Aslam, chief market analyst at TF Global Markets U.K. in London. “We are seeing investors becoming more concerned about the geopolitics.”
     Tesla Inc. dropped more than 2.5 percent after a report that the U.S. Securities and Exchange Commission sent a subpoena to the company regarding Elon Musk’s privatization plans and his comments about having secured funding.
     Raw-materials producers dragged down European shares as copper and zinc sank to the lowest in more than a year. In Turkey, the lira gained after the country’s banking regulator moved to deter short-selling in the currency. While the nation’s assets stabilized, other emerging-market currencies continued to buckle as President Recep Tayyip Erdogan intensified a diplomatic feud with U.S. President Donald Trump by issuing a series of new import tariffs.
     With the bull market in American stocks just a week away from becoming the longest in history, investors have turned increasingly cautious amid lingering global trade tensions. Markets have been rocked over the past week as turmoil in Turkey weighed on sentiment across many emerging- and developed-nation assets. Qatar promised Wednesday to invest $15 billion in the Turkish economy to help the country avert a financial crisis.
      Elsewhere, Hong Kong intervened to defend its peg to the dollar for the first time in three months after the local currency fell to the weak end of its trading band. Several markets, including Poland and India, were closed for a holiday.
     Here are some key events coming up this week:
* Earnings are due this week from companies including Maersk, Cisco, Walmart, and Carlsberg.
* Brexit talks between the EU and the U.K. resume in Brussels Thursday.
     These are the main moves in markets:
                            Stocks
* The S&P 500 slumped 0.8 percent to 2,818.39, the biggest decline since June, and the Nasdaq 100 dropped 1.2 percent.
* The Stoxx Europe 600 Index decreased 1.4 percent to the lowest in more than a month.
* The MSCI All-Country World Index dipped 1.1 percent to the lowest in five weeks.
* The MSCI Emerging Market Index fell 1.8 percent, reaching the lowest since July 2017.
                            Currencies
* The Bloomberg Dollar Spot Index rose 0.2 percent to the highest since June 2017.
* The euro was little changed at 1.1345.
* The Japanese yen climbed 0.4 percent to 110.68 per dollar.
* The Turkish lira surged 7.5 percent to 5.9101 per dollar.
* South Africa’s rand plunged 2.5 percent to 14.597 per dollar, the weakest since September 2016.
* The MSCI Emerging Markets Currency Index fell 0.6 percent to the lowest since May 2017.
                            Bonds
* The yield on 10-year Treasuries declined four basis points to 2.8569 percent, the lowest in a month.
* Germany’s 10-year yield slid two basis points to 0.304 percent.
* Britain’s 10-year yield decreased four basis point to 1.225 percent.
                            Commodities
* The Bloomberg Commodity Index fell 1.9 percent to the lowest since July 2017.
* West Texas Intermediate crude slid 3.3 percent to $64.86 a barrel, the lowest since June.
* LME copper sank 4 percent to $5,801 per metric ton, the lowest in 13 months.
* Gold declined 1.7 percent to $1,174.42 an ounce, the weakest since January 2017.
–With assistance from Andreea Papuc, James Poole, Adam Haigh and Eddie van der Walt. 

Have a great night.

Be magnificent!

As ever,

 

Carolann

 

Learning never exhausts the mind.
   -Leonardo da Vinci, 1452-1519

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: V-J Day
On Aug. 14, 1945, President Truman announced that Japan had surrendered unconditionally, ending World War II. 
Go to article »

PHOTOS OF THE DAY

Fireworks projection mapping, created by Naked creative team is displayed on the hotel wall at the News Takanawa Prince hotel in Tokyo yesterday. The hotel attracted summer vacationers at Japan’s week long Bon holidays. Credit: Yoshio Tsunoda/AFLO/Splash News

Participants in the Fontanka-SUP 2018 2018 international festival on Fontanka River in St. Petersburg. Credit: Sputnik/Alexei Danichev

Kate Thomson looks for grouse on Linhope Estate in Northumberland. The grouse shooting season begins throughout England. The season starts on August 12th and goes through to December 10th. Credit: Schoffel Country/Solent News
Market Closes for August 14^th, 2018

Market Index	Close	Change
Dow Jones	25299.92	+112.22   +0.45%
S&P 500	2839.96	+18.03   +0.64%
NASDAQ	7870.895	+51.189   +0.65%
TSX	16330.67	+79.92
		+0.49%

International Markets

Market Index	Close	Change
NIKKEI	22356.08	+498.65
		+2.28%
HANG SENG	27752.93	-183.64
		-0.66%
SENSEX	37852.00	+207.10
		+0.55%
FTSE 100*	7611.64	-30.81
		-0.40%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.319		2.301
CND. 30 Year Bond		2.345		2.322
U.S.    10 Year Bond		2.8985		2.8786
U.S. 30 Year Bond		3.0656		3.0471

Currencies

BOC Close	Today	Previous
Canadian $	0.76593	0.76164
US $	1.30560	1.31295
Euro Rate 1 Euro=		Inverse
Canadian $	1.48167	0.67491
US $	1.13486	0.88116

Commodities

Gold	Close	Previous
London Gold Fix	1200.35	1214.40
Oil
WTI Crude Future	67.04	67.20

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks rose, rebounding along with their U.S. counterparts after two days of Turkey-induced weakness.
     The S&P/TSX Composite Index added 80 points, or 0.5 percent, to 16,330.67. Consumer staples and financials led the gains, rising 1.4 percent and 1 percent respectively.
     The weakest segment of the market was cannabis stocks, which tumbled after Ontario said it would delay the launch of brick-and-mortar pot shops until next April, six months after legalization. Aurora Cannabis Inc. lost 10 percent and Aphria Inc. fell 9.5 percent, both hitting their lowest level since November.
     In other moves:
                           Stocks
* Element Fleet Management Corp. jumped 15 percent, the most since 2011. Second-quarter results beat analyst estimates and the company said its strategic review is “progressing well”
* Home Capital Group Inc. slid 7.5 percent, the most in more than a year, after earnings missed estimates and analysts expressed concern about margin pressures
* Hydro One Ltd. gained 1.2 percent. The utility replaced its board after its former directors were ousted by Ontario Premier Doug Ford
                            Commodities
* Western Canada Select crude oil traded at a $28.20 discount to WTI
* Gold rose 0.2 percent to $1,201.60 an ounce
                            FX/Bonds
* The Canadian dollar strengthened 0.5 percent to C$1.30685 per U.S. dollar as Turkey contagion fears abated
* The Canada 10-year government bond yield rose 1 basis point to 2.32 percent
US
By Eric J. Weiner
     (Bloomberg) — U.S. stocks halted their longest slide since March and the dollar reached a 14-month high as investors brushed off Monday’s Turkey-induced turmoil. Treasuries dropped and WTI crude hovered above $67 a barrel.
     The S&P 500 Index rose for the first time in five days amid thin summer trading. Small-cap shares paced the gains, with the Russell 2000 Index leading among major U.S. equity benchmarks. Tapestry Inc., the handbag maker formerly known as Coach, was the top performer in the S&P 500 after its quarterly results showed that shoppers are returning to its Kate Spade brand. Meanwhile, Tesla Inc. sank 2.5 percent following reports that Goldman Sachs Group Inc. hadn’t been formally hired as an adviser to help take the company private.
     The gains in American stocks tracked a similar move in Asia as the rout in Turkish assets eased. The lira rose, and the country’s benchmark equity index climbed even as a diplomatic standoff with the U.S. dragged on. European peripheral debt climbed, but the euro fell to its lowest against the dollar since June 2017 and the Stoxx Europe 600 Index plunged after data showed the region’s economy grew faster in the second quarter than initially reported.
     “Since there doesn’t appear to be signs of contagion at this point — although Spanish, French and Italian banks are owed close to $140 billion by Turkish borrowers — it doesn’t seem like there is much to worry about,” Chris Zaccarelli, chief investment officer for the Independent Advisor Alliance, wrote in a note Tuesday. “But these things can turn on a dime.”
     In Asia, Japan’s equities outperformed while the yen had its biggest decline in two weeks. Shares in Shanghai and Hong Kong dropped after data showed China’s economy hit a mid-year rough patch, though the offshore yuan edged higher.
     Elsewhere, oil fell as focus returned to near-term supply risks. Bitcoin briefly slid below $6,000 and dozens of smaller digital tokens declined as this month’s sell-off in cryptocurrencies showed few signs of letting up.
     Here are some key events coming up this week:
* Earnings are due this week from companies including Maersk, China Unicom, Tencent, Cisco, Walmart, and Carlsberg.
* Brexit talks between the EU and the U.K. resume in Brussels Thursday.
* Retail sales data in the U.S. is on Wednesday, followed by housing data on Thursday.
     These are the main moves in markets:
                            Stocks
* The S&P 500 rose 0.6 percent to 2,839.96, while the Russell 2000 climbed more than 1 percent.
* The Stoxx Europe 600 Index fell 0.5 percent, its fifth straight decline.
* The MSCI All-Country World Index increased 0.3 percent.
* The MSCI Asia Pacific Index added 0.2 percent.
* The MSCI Emerging Markets Index retreated 0.1 percent, marking it’s fifth consecutive down day.
                            Currencies
* The Bloomberg Dollar Spot Index rose less than 0.1 percent to the highest since June 2017.
* The euro declined 0.6 percent to $1.1346, the weakest in 14 months.
* The British pound dropped 0.5 percent to $1.2714.
* The Japanese yen sank 0.5 percent to 111.20 per dollar. The MSCI Emerging Markets Currency Index gained 0.2 percent following four days of declines.
                            Bonds
* The yield on 10-year Treasuries advanced one basis points to 2.8913 percent.
* Germany’s 10-year yield added two basis points to 0.327 percent, the first advance in a week.
* Britain’s 10-year yield rose one basis point to 1.263 percent.
                            Commodities
* The Bloomberg Commodity Index climbed 0.3 percent, it’s first increase in four sessions.
* West Texas Intermediate crude gained 0.1 percent to $67.24 a barrel.
* Gold advanced 0.1 percent to $1,194.38 an ounce.
–With assistance from Rita Nazareth, Andreea Papuc and Samuel Potter. 

Have a great evening.

Be magnificent!

As ever,

Carolann

The work of today is the history of tomorrow and we are its makers.
                                          -Juliette Gordon Low, 1860-1927

 

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 Monday!

August 13,1992 – Canada, US & Mexico negotiate North American Free Trade Agreement (NAFTA); effective January 1, 1994

1961- Berlin Wall erected.
PHOTOS OF THE DAY

A man points his light at the Milky Way during the peak of the Perseid meteor shower at Mavrovo national park in Macedonia. Credit: Ognen Teofilovski/Reuters

Fireworks illuminate the city of Geneva with the landmark Fountain (called “Jet d’Eau” in French) during the 45 minutes traditional pyrotechnic show. Credit: Fabrice Coffrini/AFP/Getty Images

A partial solar eclipse is seen as the sun sets in Yantai, Shandong Province of China. Credit: Shi Wei/Qianlong.com/VCG
Market Closes for August 13^th, 2018

Market Index	Close	Change
Dow Jones	25187.70	-125.44   -0.50%
S&P 500	2821.93	-11.35   -0.40%
NASDAQ	7819.707	-19.403   -0.25%
TSX	16250.75	-75.76
		-0.46%

International Markets

Market Index	Close	Change
NIKKEI	21857.43	-440.65
		-1.98%
HANG SENG	27936.57	-430.05
		-1.52%
SENSEX	37644.90	-224.33
		-0.59%
FTSE 100*	7642.45	-24.56
		-0.32%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.301		2.301
CND. 30 Year Bond		2.322		2.317
U.S.    10 Year Bond		2.8786		2.8714
U.S. 30 Year Bond		3.0471		3.0287

Currencies

BOC Close	Today	Previous
Canadian $	0.76164	0.76120
US $	1.31295	1.31372
Euro Rate 1 Euro=		Inverse
Canadian $	1.49834	0.66741
US $	1.14120	0.87627

Commodities

Gold	Close	Previous
London Gold Fix	1214.40	1214.35
Oil
WTI Crude Future	67.20	67.63

Market Commentary:
Canada:
By Tatiana Darie
     (Bloomberg) — Canadian markets followed global stocks lower as investors are scrambling to determine whether and how far pain from Turkey’s economic crisis would spread. Health-care and materials led losses in equities while consumers stables, telecom and real estate posted gains.
     The S&P/TSX Composite Index extended losses for a second day, falling 0.5 percent to 16,250.75. Turkey-exposed companies, including natural gas producer Valeura Energy and gold miners, saw declines.
     In other moves:
                            Stocks
* First Majestic Silver Corp, the worst performing equity in the S&P/TSX Composite Index, plunged 15% to the lowest since March 5 after second-quarter revenue fell short of analyst estimates
* Turkey-exposed natural gas producer Valeura Energy plunged 20%, the most since December 2015; Miners with projects in Turkey also declined: Alacer Gold Corp dropped 6.7%, Eldorado Gold Corp fell 6%, Sandstorm Gold Ltd. fell 4% while Alamos Gold Inc slipped 3%
* The Stars Group Inc. fell 11%, the most since August 2016, after cutting its full-year earnings outlook.
                            Commodities
* Western Canada Select crude oil traded at a $29.25 discount to WTI
* Gold fell 1.5 percent to $1,200.40 an ounce
                            FX/Bonds
* The Canadian dollar inched higher by 0.07 percent to C$1.3134 per U.S. dollar
* The Canada 10-year government bond yield fell 7 basis point to 2.30 percent
US
By Olivia Schaber
     (Bloomberg) — U.S. stocks were lower Monday but the contagion from the economic crisis in Turkey remained largely confined to emerging-market assets. The dollar surged to its highest in 14 months, punishing commodities from crude to metals.
     The S&P 500 Index declined for a fourth straight day, its longest losing streak in five months, due to weakness in energy, materials and financial firms. Turkey’s lira sank for a fourth day, hitting a new low. Emerging-market equities tumbled more than 2 percent and currencies dropped 1 percent, with South Africa’s rand falling to the lowest since June 2016. European banks dragged down stocks in the region, though equity measures closed well above the day’s lows.
     The economic troubles in Turkey gripped global financial markets, with investors scrambling to determine whether and how far pain there would spread. Early signs that markets would buckle faded during the American trading day as stocks swung between gains and losses, though declines in developed-nation assets remained deep.
     “The fact that the early day rally faded has spooked investors that Turkey risk is still increasing toward a bigger event,” said Jim Paulsen, chief investment strategist at Leuthold Weeden Capital Management. “Contagion risk is the primary driver today.”
     Investors started the week after Turkey’s President Recep Tayyip Erdogan maintained his defiance toward both the U.S. and financial-market orthodoxy in speeches on Sunday, heightening concern that the financial woes there would spread to other markets. Central bank moves to boost liquidity provided little relief.
     “The efforts of regulators on the European continent and in the U.K. over the last eight-plus years to fortify their respective banks (via improved regulation and government administered ‘stress tests’) will likely mitigate damage — should it occur — and prevent development of systemic risk or contagion from spreading,” Oppenheimer & Co. strategists led by John Stoltzfus wrote in a note to clients Monday.
     Separately, Argentina’s central bank unexpectedly hiked its key interest rate and unveiled a plan to gradually eliminate the stock of its short-term notes as the peso slumped to a record low.
     Here are some key events coming up this week:
* China releases industrial production, fixed-asset investment and retail sales data Tuesday.
* Germany releases gross domestic product data for the second quarter and the U.K. publishes unemployment figures Tuesday.
* Earnings are due this week from companies including Tata Steel, Maersk, Home Depot, China Unicom, Tencent, Cisco, Walmart, and Carlsberg.
* Brexit talks between the EU and the U.K. resume in Brussels Thursday.
* Retail sales data in the U.S. is on Wednesday, followed by housing data on Thursday.
     These are the main moves in markets:
                            Stocks
* The S&P 500 Index fell 0.4 percent to 2,821.93.
* The Stoxx Europe 600 Index declined 0.3 percent.
* The MSCI All-Country World Index dropped 0.8 percent to the lowest in a month.
* The MSCI Emerging Market Index plunged 2 percent to the lowest since July 2017.
                            Currencies
* The Bloomberg Dollar Spot Index gained 0.2 percent to the highest since June 2017.
* The euro dipped 0.1 percent to 1.1399.
* The Japanese yen rose 0.2 percent to 110.61 per dollar.
* The Turkish lira declined 7.8 percent to 6.9776 per dollar, the weakest on record.
* South Africa’s rand sank 3 percent to 14.5132 per dollar, the weakest since September 2016.
* The MSCI Emerging Markets Currency Index fell 1 percent to the lowest since July 2017.
                            Bonds
* The yield on 10-year Treasuries was unchanged at 2.8732 percent.
* Germany’s 10-year yield fell less than one basis point to 0.311 percent.
* Britain’s 10-year yield added one basis point to 1.252 percent.
                            Commodities
* The Bloomberg Commodity Index declined 0.8 percent.
* West Texas Intermediate crude slid 0.4 percent to $67.34 a barrel.
* Gold decreased 1.4 percent to $1,193.47 an ounce, the weakest since January 2017.
–With assistance from Adam Haigh, Eddie van der Walt and Elena Popina. 

Have a great evening.

Be magnificent!

As ever,

Carolann

 

In a time of universal deceit, telling the truth is a revolutionary act.
                                         -George Orwell, 1903-1950

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

Wildlife photographer Varun Thakkar captured this moment when a Myna bird landed on the face of a Barasingha deer at the Kanha reserve in Madya Pradesh, India. The rare Barasingha deer suddenly had her sight blocked as the Myna bird hopped on to her head while out hunting for its next meal. Credit: Varun Thakkar/SWNS.COM

A jogger stretching in the doorway of colourful beach huts on a fresh Thursday morning at Saltburn on the Yorkshire coast. Credit: Alan Dawson/Alamy

Volunteers gather flamingo chicks together during a banding operation at the salt marsh of Aigues-Mortes, southern France. Credit: Pascal Guyot/AFP
Market Closes for August 10^th, 2018

Market Index	Close	Change
Dow Jones	25313.14	-196.09   -0.77%
S&P 500	2833.28	-20.30   -0.71%
NASDAQ	7839.109	-52.672   -0.67%
TSX	16326.51	-90.47
		-0.55%

International Markets

Market Index	Close	Change
NIKKEI	22298.08	-300.31
		-1.33%
HANG SENG	28366.62	-240.68
		-0.84%
SENSEX	37869.23	-155.14
		-0.41%
FTSE 100*	7667.01	-74.76
		-0.97%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.301		2.333
CND. 30 Year Bond		2.317		2.349
U.S.    10 Year Bond		2.8714		2.9240
U.S. 30 Year Bond		3.0287		3.0677

Currencies

BOC Close	Today	Previous
Canadian $	0.76120	0.76664
US $	1.31372	1.30440
Euro Rate 1 Euro=		Inverse
Canadian $	1.49887	0.66717
US $	1.14093	0.87648

Commodities

Gold	Close	Previous
London Gold Fix	1214.35	1209.55
Oil
WTI Crude Future	67.63	66.81

Market Commentary:
Canada
By Stefanie Marotta
     (Bloomberg) — Canadian stocks followed global markets lower amid the ongoing trade war, with President Donald Trump doubling steel and aluminum tariffs on Turkish imports.
     The S&P/TSX Composite Index fell 0.6 percent to 16,326.51. Health care led losses, sinking 2.4 percent, the most in three weeks. Bausch Health Companies Inc., the drug company formerly known as Valeant, tumbled 5.4 percent, the most since mid-June.
     NuVista Energy Ltd. plummeted 11 percent, the most since December 2015, after agreeing to buy Cenovus Energy Inc.’s Pipestone assets in Canada’s Montney shale region for C$625 million ($477 million) in cash.
     In other moves:
* Enerflex Ltd. surged 9.4 percent after its second-quarter earnings, with National Bank of Canada analyst Greg Colman citing growth of the company’s flagship Houston facility
* Westshore Terminals Investment Corp. jumped 6.4 percent to its highest since March 2017 after second-quarter earnings per share beat analyst estimates
* CCL Industries Inc. slumped 4.5 percent as packaging stocks were broadly lower amid trade concerns and disappointing earnings.
                           Commodities
* Western Canada Select crude oil traded at a $27.00 discount to WTI
* Gold fell 0.1 percent to $1,219.30 an ounce
                            FX/Bonds
* The Canadian dollar weakened 0.6 percent to C$1.31251 per U.S. dollar
* The Canada 10-year government bond yield fell three basis points to 2.3 percent
US
By Jeremy Herron
     (Bloomberg) — Stocks sold off around the world, with U.S. equities erasing what would’ve been a sixth weekly gain as Turkey’s economic crisis deepened. The dollar capped its best week since June as the lira sank to a record.
     The S&P 500 Index slumped in thin trading, zapping gains that had taken it within striking distance of an all-time high. European and emerging-market equities bore the brunt of selling, with losses of more than 1 percent after the U.S. escalated a diplomatic row that tipped Turkey’s economy deeper into crisis.
     The 10-year yield slid below 2.9 percent as price data reinforced the Federal Reserve’s rate-hike intentions and investors sought havens. A government report on agriculture stocks sent soybean, cotton and wheat futures tumbling. Oil settled above $67 a barrel.
     Geopolitical tensions between the U.S. and other countries set the tone for markets this week, with a speech from President Recep Erdogan doing little to quell investor angst that Turkey’s crisis will spread to other economies. The Trump administration doubled tariffs, exacerbating the issue.
     Earlier in the week, China responded to the Trump administration’s trade war volley with additional tariffs of its own. The ruble fell the most since the 2015 oil shock after the U.S. announced new sanctions on Russia over a nerve-agent attack in the U.K. Amid it all, Elon Musk roiled Tesla Inc.’s shares with a tweet signaled he’d take the firm private. The stock ended lower than where it was at the time of the missive.
     These are the main moves in markets:
                            Stocks
* The S&P 500 fell 0.7 percent as of 4 p.m. in New York. It dropped 0.25 percent on the week.
* The domestically focused Russell 2000 Index slipped 0.3 percent.
* The Stoxx Europe 600 Index sank 1.1 percent.
* Germany’s DAX Index lost 2 percent.
* The MSCI Emerging Market Index fell 1.7 percent.
* The MSCI Asia Pacific Index dipped 1 percent.
                            Currencies
* The Bloomberg Dollar Spot Index jumped 0.7 percent to the highest in more than six weeks on the largest climb in a month.
* The euro sank 1 percent to $1.1410, the weakest in 13 months on the biggest dip in more than two weeks.
* The Japanese yen climbed 0.2 percent to 110.852 per dollar.
* The Turkish lira decreased 14 percent to 6.46 per dollar, the weakest on record with the largest tumble in more than 17 years.
                            Bonds
* The yield on 10-year Treasuries sank five basis points to 2.87 percent.
* Turkey’s 10-year surged 15 basis points to 20.34 percent.
* Germany’s 10-year yield fell four basis points to 0.33 percent.
* Italy’s 10-year yield increased nine basis points to 2.986 percent.
                            Commodities
* West Texas Intermediate crude increased 1.2 percent to $67.63 a barrel.
* Gold futures decreased 0.1 percent to $1,219.20 an ounce.
* Corn, cotton and wheat futures slumped more than 2.3 percent.

Have a great weekend!

Be magnificent!

As ever,

Karen

“Genius is eternal patience” – Michelangelo Di Lodovico Buonarroti Simoni

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. 9, 1945, the United States exploded a nuclear device over Nagasaki, Japan, instantly killing an estimated 39,000 people. The explosion came three days after the atomic bombing of Hiroshima. 
Go to article »
If you go on with this nuclear arms race, all you are going to do is make the rubble bounce. – Sir Winston Churchill

1974: Nixon resigns.
1883: Coco Chanel born
PHOTOS OF THE DAY

People look at the Amiens Cathedral in France, which is lit up on the eve of a service to mark the centenary of the Battle of Amiens and the subsequent ‘Hundred Days Offensive’ which was a decisive point in the First World War. Credit: Victoria Jones/PA

Standard-bearers stand near the Menin Gate as veterans, current members of the armed forces and family members take part in the British Legion’s “One Hundred Days” ceremony in Ypres, Belgium. Credit: Leon Neal/Getty Images

The Duke of Cambridge and Florence Parly, France’s Minister to the Armed Forces, laying wreaths in the Chapel of the Allies at Amiens Cathedral, France, during a service to mark the centenary of the Battle of Amiens and the subsequent ‘Hundred Days Offensive’ which was a decisive point in the First World War. Credit: PA

The rare flock of Andean flamingos had unusual parenting instincts triggered by the hot weather spell, causing six birds to lay nine eggs for the first time since 2003. Credit: WWT Slimbridge/SWNS.COM
Market Closes for August 9^th, 2018

Market Index	Close	Change
Dow Jones	25509.23	-74.52   -0.29%
S&P 500	2853.58	-4.12   -0.14%
NASDAQ	7891.781	+3.456   +0.04%
TSX	16416.98	+101.90
		+0.62%

International Markets

Market Index	Close	Change
NIKKEI	22598.39	-45.92
		-0.20%
HANG SENG	28607.30	+248.16
		+0.88%
SENSEX	38024.37	+136.81
		+0.36%
FTSE 100*	7741.77	-34.88
		-0.45%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.333		2.363
CND. 30 Year Bond		2.349		2.373
U.S.    10 Year Bond		2.9240		2.9618
U.S. 30 Year Bond		3.0677		3.1127

Currencies

BOC Close	Today	Previous
Canadian $	0.76664	0.76813
US $	1.30440	1.30186
Euro Rate 1 Euro=		Inverse
Canadian $	1.50379	0.66499
US $	1.15286	0.86740

Commodities

Gold	Close	Previous
London Gold Fix	1209.55	121 2.35
Oil
WTI Crude Future	66.81	66.94

Market Commentary:
Canada
By Carolina Wilson
     (Bloomberg) — Canadian stocks rose, with all but two sectors climbing, even as diplomatic and trade tensions mounted between Canada and Saudi Arabia. The loonie still fell, erasing most of Wednesday’s gains.
     The S&P/TSX Composite Index rose 0.6 percent to 16,416.98 on Thursday, the highest this week. The Information Technology sector gained most, up 1.6 percent, as shares of all but one company closed higher. Materials also climbed, with Pan American Silver Corp. advancing 9.3 percent after profit and sales beat analyst estimates.
     Consumer discretionary slumped the most, falling 0.2 percent, weighed down by Canadian Tire Corp Ltd., which sank the most in three years after disappointing second-quarter earnings results.
     In other moves:
* Parex Resources Inc. plunged as much as 16.5 percent, the most intraday in six years, after 2Q earnings missed analyst expectations
* Pason Systems Inc. jumped 9.4 percent after reporting higher sales than estimated
* Computer Modelling Group fell 11.7 percent, the most intraday since November 2015, after 1Q earnings-per-share missed the lowest analyst estimate; GMP downgraded its rating on the stock to reduce
* MEG Energy Corp. fell 8.3 percent after Highfields granted a request for proxy solicitation; MEG named Derek Evans CEO Aug. 8 to help raise production
                            Commodities
* Western Canada Select crude oil traded at a $27.50 discount to WTI
* Aeco natural gas traded at a $2.25 discount to Henry Hub
* Gold fell 0.1 percent to $1,219.70 an ounce
                            FX/Bonds
* The Canadian dollar weakened 0.2 percent to C$1.30446 per U.S. dollar
* The Canada 10-year government bond yield fell to 2.333 percent
US
By Jeremy Herron
     (Bloomberg) — U.S. stocks faded into the close to cap a second day of losses amid selling in industrial and financial shares. The dollar and Treasuries rallied as investors assessed the latest salvos in the trade war with China and sanctions that torpedoed the Russian ruble.
     The S&P 500 Index turned lower in the final 15 minutes of trading that was more than 10 percent below the 30-day average. The Nasdaq indexes pared erased gains to end little changed. Tesla Inc. slumped under reports of regulatory scrutiny. The 10- year Treasury yield fell to 2.92 percent after producer prices stagnated last month. The greenback climbed, while emerging- market currencies weakened for a second day.
     Geopolitical tensions between the U.S. and other countries are setting the tone for markets, with China responding to the Trump administration’s latest trade war volley with additional tariffs of its own. The ruble hit a two-year low after the U.S. announced new sanctions on Russia over the March 4 nerve-agent attack on a former double agent in the U.K. Turkey’s lira plunged to a record and bond yields climbed as a dispute over the detention of an American pastor dragged on.
     Here are some key events coming up this week:
* U.S. consumer prices probably rose in July from June, consistent with a pickup in inflation that’s projected to keep the Federal Reserve on a path of gradual interest-rate increases, economists forecast before Friday’s release.
     These are the main moves in markets:
                            Stocks
* The S&P 500 fell 0.1 percent to 2,853.59 as of 4 p.m. in New York.
* The Nasdaq 100 Index was flat. Viacom rose 6 percent.
* The Stoxx Europe 600 Index ended higher by 0.1 percent.
* Germany’s DAX Index rose 0.3 percent.
* Emerging-market equities fell 0.2 percent.
                            Currencies
* The Bloomberg Dollar Spot Index rose 0.5 percent.
* The euro dipped 0.7 percent to $1.1533.
* The Japanese yen lost 0.1 percent to 111.062 per dollar.
                            Bonds
* The yield on 10-year Treasuries declined three basis points to 2.9258 percent.
* Germany’s 10-year yield fell two basis points to 0.375 percent, the lowest in almost three weeks.
* Japan’s 10-year yield climbed less than one basis point to 0.115 percent.
                            Commodities
* West Texas Intermediate crude fell 0.3 percent to $66.72 a barrel.
* Gold futures slipped 0.1 percent to $1,220.20 an ounce.
* The Bloomberg Commodity Index lost 0.2 percent.
–With assistance from Robert Brand. 

Have a great night.

Be magnificent!

As ever,

Carolann

Character is power.
-Booker T. Washington, 1856-1915 

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