Category: Events

Dear Friends,

Tangents:
Anyone who has got a book collection and a garden wants for nothing. -Cicero.

August 8, 1588, Queen Elizabeth I, addresses her troops at Tilbury, at the mouth of the Thames, during the Armada conflict:

My loving people, we have been persuades by some that are careful of our safety to take heed how we commit ourselves to armed multitudes, for fear of treachery; but I do assure you, I do not desire to live to distrust my faithful and loving people.
  Let tyrants fear.  I have always so behaved myself that, under God, I have placed my chiefest strength and safeguard in the loyal hearts and goodwill of my subjects, and therefore I am come amongst you, as you see, at this time, not for my recreation and disport, but being resolved in the midst and heat of the battle to live or die amongst you all, to lay down for my God and for my kingdom, and for my people, my honour and my blood, even in the dust.
  I know I have the body of a weak and feeble woman, but I have the heart and stomach of a king, and of a king of England too, and think it foul scorn that Parma or Spain, or any prince o Europe, should dare invade the borders of my realm; to which, rather than any dishonour shall grow by me, I myself will take up arms, I myself will be your general, judge, and rewarder of every one of your virtues.

PHOTOS OF THE DAY

Hot air balloons, carrying tourists, rise into the sky at sunrise in Cappadocia, central Turkey. Cappadocia has become a favourite site for tourists in hot-air balloons who can slowly drift above the cone-shaped rock formations and then float up over rippled ravines for breathtaking views over the region. Credit: Emrah Gure/AP Photo

Yachts race in the Lendy Cowes Week Regatta. The annual Cowes Week Regatta has been held on the Solent in early August every year since 1826. The event sees around 7,500 competitors from 14 countries, sailing over 700 boats over eight days. Credit: Jack Taylor/Getty
Market Closes for August 8^th, 2018

Market Index	Close	Change
Dow Jones	25583.75	-45.16   -0.18%
S&P 500	2857.70	-0.75   -0.03%
NASDAQ	7888.324	+4.660   +0.06%
TSX	16315.08	+28.78
		+0.18%

International Markets

Market Index	Close	Change
NIKKEI	22644.31	-18.43
		-0.08%
HANG SENG	28359.14	+110.26
		+0.39%
SENSEX	37887.56	+221.76
		+0.59%
FTSE 100*	7776.65	+58.17
		+0.75%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.363		2.371
CND. 30 Year Bond		2.373		2.384
U.S.    10 Year Bond		2.9618		2.9730
U.S. 30 Year Bond		3.1127		3.1176

Currencies

BOC Close	Today	Previous
Canadian $	0.76813	0.76584
US $	1.30186	1.30575
Euro Rate 1 Euro=		Inverse
Canadian $	1.51163	0.66154
US $	1.16114	0.86122

Commodities

Gold	Close	Previous
London Gold Fix	1212.35	1209.65
Oil
WTI Crude Future	66.94	69.17

Market Commentary
Canada
By Stefanie Marotta
     (Bloomberg) — Canadian stocks rose even as Saudi Arabia threatened more retaliation on Canada for criticizing the recent arrests of women’s rights activists.
     The S&P/TSX Composite Index advanced 0.2 percent to 16,315.08. Health-care stocks were the best performers, rising 1.4 percent to the highest in more than two weeks. Canopy Growth Corp. boosted the sector, climbing 4.5 percent as it was approved to research the effectiveness of cannabidiol for treating anxiety in certain animals.
     Auto suppliers tumbled amid second-quarter earnings updates and ongoing trade concerns. Magna International Inc. slumped 8 percent and Linamar Corp. dropped 6.3 percent, closing at its lowest level since November.
     In other moves:
* Maxar Technologies Ltd. fell 4.8 percent, its seventh consecutive session in decline, after Spruce Point issued a new short report, calling for as much as 100% downside
* MEG Energy Corp. jumped 5.8 percent after the Alberta Securities Commission granted a request by Highfields Capital Management to solicit shareholder proxies, communicate with 15 or fewer holders in advance of Meg Energy’s shareholder meeting
* Air Canada climbed 3.6 percent to its highest point since May amid news that Air France-KLM Group is trying to poach a top executive from Air Canada as its next chief executive officer
                            Commodities
* Western Canada Select crude oil traded at a $31.00 discount to WTI
* Gold rose 0.3 percent to $1,221.90 an ounce
                            FX/Bonds
* The Canadian dollar strengthened 0.3 percent to C$1.30191 per U.S. dollar
* The Canada 10-year government bond yield fell one basis point to 2.363 percent
US
By Jeremy Herron and Olivia Schaber
     (Bloomberg) — U.S. stocks halted a four-day advance as trade tensions ratcheted higher and America slapped sanctions on Russia. Oil tumbled.
     The S&P 500 Index turned lower in the final minutes of trading to thwart what would have been the longest winning streak since February. It’s about half a percentage point shy of its all-time record. Equities swung between gains and losses throughout a light trading session, with energy producers leading declines after crude sank 4 percent. Markets opened lower after Washington and Beijing announced dates for fresh levies on billions in goods.
     Treasuries rose as investors scooped up a record $26 billion 10-year auction, showing that swelling U.S. government issuance has yet to put pressure on the nation’s long-term borrowing costs. The ruble slumped on the sanctions announcement. Canada’s dollar climbed and stocks edged higher even after Saudi Arabia threatened to sell the nation’s assets as part of a diplomatic dispute.
     U.S. stocks have churned higher in the past five weeks on the strength of blowout corporate earnings and signs economic growth has taken off. That’s helped offset growing concern that global trade tensions will hamstring the expansion at the same time that diplomatic skirmishes also increase.
     Elsewhere, Turkey’s lira erased most of Tuesday’s gains as investors said there’s no easy way to rescue its financial markets. Bitcoin tumbled, leading a sell-off in digital coins of all sizes, as a cryptocurrency market gauge dropped to its lowest level since November.
     Here are some key events coming up this week:
* Samsung Electronics is set to unveil its next Galaxy Note smartphone on Thursday.
* 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 slipped less than one point to 2,857..72 as of 4 p.m. in New York. The index is within 1 percent of an all-time high.
* The Nasdaq 100 Index added 0.1 percent and the Dow Jones Industrial Average lost less 0.2 percent.
* The S&P/TSX Composite Index climbed 0.2 percent.
* The Stoxx Europe 600 Index fell 0.2 percent.
* The MSCI All-Country World Index was virtually unchanged.
                            Currencies
* The Bloomberg Dollar Spot Index was down 0.1 percent.
* The Japanese yen added 0.4 percent to 110.98 per dollar.
* The euro rose 0.1 percent to $1.1614.
* The Canadian dollar rose 0.3 percent.
                            Bonds
* The yield on 10-year Treasuries fell one basis point to 2.96 percent.
                            Commodities
* The Bloomberg Commodity Index retreated 0.4 percent.
* Gold futures added 0.2 percent to $1,220.90 an ounce.
* West Texas Intermediate crude fell 3.4 percent to $66.84 a barrel.
–With assistance from Eddie van der Walt, Liz Capo McCormick and Nick Wadhams. 

Have a great night.

Be magnificent!

As ever,

Carolann

A champion is afraid of losing.  Everyone else is afraid of winning.
                                                      -Bill Jean King, b.1943

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 7, 1959: first photo of earth from Space.  The US satellite Explorer VI transmitted the first picture of Earth from Space 59 years ago today.  For the first time we had a likeness of our planet based on more than projections and conjecture.  But it would take years for the general public to see the pictures.  

The first Earth Day was in 1970.

The Central American nation of Costa Rica has developed a type of “green asphalt.”  The asphalt, which contains a plastic that makes it far more durable, was developed by the University of Costa Rica’s National Laboratory of Materials and Structural Models and its project partners.  A similar asphalt is already used in countries including England, India, and Canada, but Costa Rica is pioneering its use in Latin America.  The Costa Rican blend uses PET plastic derived from recycled plastic bottles.  Every ton of asphalt uses 1,000 plastic bottles. –The Costa Rica News
PHOTOS OF THE DAY

The word ‘EIRE’ is shown burned on a hill in Bray, a town south of Dublin, Ireland. The sign, built with stones during World War II for navigating and alerting pilots, was revealed on Saturday after the hill caught fire due to the recent heatwave. Credit: Xinhua/Rex/Shutterstock

A bank of sea mist rolls in over the coast near Lands End, Cornwall. Credit: Dan Bourne/Magnus News
Market Closes for August 7^th, 2018

Market Index	Close	Change
Dow Jones	25628.91	+126.73   +0.50%
S&P 500	2858.45	+8.05   +0.28%
NASDAQ	7883.664	+23.986   +0.31%
TSX	16286.30	-133.94
		-0.82%

International Markets

Market Index	Close	Change
NIKKEI	22662.74	+155.42
		+0.69%
HANG SENG	28248.88	+429.32
		+1.54%
SENSEX	37665.80	-26.09
		-0.07%
FTSE 100*	7718.48	+54.70
		+0.71%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.371		2.353
CND. 30 Year Bond		2.384		2.365
U.S.    10 Year Bond		2.9730		2.9488
U.S. 30 Year Bond		3.1176		3.0886

Currencies

BOC Close	Today	Previous
Canadian $	0.76584	0.76945
US $	1.30575	1.29963
Euro Rate 1 Euro=		Inverse
Canadian $	1.51460	0.66024
US $	1.15995	0.86211

Commodities

Gold	Close	Previous
London Gold Fix	1209.65	1215.45
Oil
WTI Crude Future	69.17	68.49

Market Commentary:
Canada
By Stefanie Marotta
     (Bloomberg) — Canadian stocks tumbled across all sectors, bucking a global trend of higher prices that came even in the face of continued trade tensions.
     The S&P/TSX Composite Index fell 0.8 percent to 16,286.30, its biggest loss since late June. Materials sunk 1.8 percent to their lowest since May. Metal miners tumbled even as the price of gold rose, with New Gold Inc. slumping 6.4 percent and Fortuna Silver Mines Inc. falling 5.9 percent.
     Consumer staples fell 1.4 percent to the lowest since early July. Saputo Inc. weighed on the sector, falling 4.4 percent after its first-quarter results trailed analyst estimates amid low international and U.S. dairy ingredient prices and costs from the acquisition of Australia-based Murray Goulburn.
     In other moves:
* Maxar Technologies Ltd. plummeted 13 percent to its lowest since 2012 after Spruce Point said in a report that the company may be “inflating” its earnings through “aggressive” M&A accounting
* Bausch Health Companies Inc., formerly known as Valeant Pharmaceuticals, rose 3.5 percent after the drugmaker reported strong growth in its gastrointestinal business and raised its full-year earnings outlook
* Aurora Cannabis Inc. fell 5.8 percent to its lowest since November as health care fell 0.2 percent
                           Commodities
* Western Canada Select crude oil traded at a $31.00 discount to WTI
* Gold rose 0.1 percent to $1,218.60 an ounce
                            FX/Bonds
* The Canadian dollar weakened 0.4 percent to C$1.30531 per U.S. dollar
* The Canada 10-year government bond yield rose two basis points to 2.371 percent
US
By Jeremy Herron
     (Bloomberg) — U.S. stocks edged higher pushed their winning streak to four days amid a relative cooling of protectionist rhetoric between the world’s two largest economies and optimism growth can continue. Tesla Inc. surged after Elon Musk proposed taking the company private.
     The S&P 500 Index closed at the highest level since its Jan. 26 record. Gains faded in the final half hour of trading as investors moved out of rate-sensitive shares amid a rise in Treasury yields. Industrial and energy stocks paced gains. The Cboe Volatility Index slid below 11 for the first time since May. Musk’s tweet punished short sellers. Commodities advanced. Chinese stocks drove a broad rally in Asia.
     The Tesla news dominated an otherwise quiet afternoon session on Wall Street, with investors speculating on how serious the chief executive is about what would be the largest leveraged buyout in history. It overshadowed a strong end phase of an earnings season that’s seen most major U.S. companies surprise to the upside. That’s pushed the S&P 500 within 20 points of a record, even as investors fret over the escalating trade war between America and China.
     The gains in emerging-market equities overshadowed rising woes in Turkey, where the yield on the country’s 10-year bonds touched a record high amid a diplomatic spat with the U.S. The lira clawed its way back from a record low, only to later give up some gains.
     Here are some key events coming up this week:
* The Bank of Japan releases a summary of opinions Wednesday from its July 30-31 meeting, at which it tweaked elements of its stimulus policy to make it more sustainable.
* Samsung Electronics unveils its next Galaxy Note smartphone.
* U.S. consumer prices probably rose in July, 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 rose 0.3 percent to 2,858.56 as of 4 p.m. in New York.
* The Stoxx Europe 600 Index climbed 0.5 percent to the highest in a week.
* The MSCI All-Country World Index increased 0.5 percent to the highest in more than 20 weeks on the biggest climb in almost two weeks.
* The MSCI Emerging Market Index jumped 0.8 percent, the largest increase in two weeks.
                            Currencies
* The Bloomberg Dollar Spot Index dipped 0.2 percent.
* The euro increased 0.4 percent to $1.1599, the first advance in more than a week.
* The Japanese yen was flat at 111.396 per dollar.
                            Bonds
* The yield on 10-year Treasuries climbed three basis points to 2.97 percent.
* Germany’s 10-year yield gained two basis point to 0.404 percent.
* Britain’s 10-year yield climbed two basis points to 1.304 percent.
                            Commodities
* The Bloomberg Commodity Index gained 0.5 percent to the highest in four weeks.
* West Texas Intermediate crude was flat at $69.02 a barrel, after earlier touching the highest in more than a week.
* Gold futures rose 0.1 percent to $1,218.30 an ounce.
–With assistance from Randall Jensen and Eddie van der Walt.

Have a great evening. 

Be magnificent!

As ever,

Carolann

It is not the mountain that we conquer but ourselves.
                 -Edmund Percival Hillary, 1919-2008

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

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

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

Dear Friends,

Tangents:  Happy Friday!

POINTS OF PROGRESS:
BELIZE:
The Belize Barrier Reef has been removed from the United Nations’ list of endangered World Heritage sites.  UNESCO said the government of Belize had taken visionary steps to protect the world’s second largest reef system (behind Australia’s Great Barrier Reef).  The UN added the reef to the endangered list I 2009, citing “mangrove cutting and excessive development.”  Since then, the government has protected the mangroves and put a moratorium on oil exploration around the reef. –The News York Times, BBC.

THE NETHERLANDS:
The low-lying European country is continuing to shutter its prisons because there are not enough criminals to fill them.  Dutch newspaper Algemeen Dagblad reported that the Netherlands will close four prisons by the end of the summer.  The nation’s crime rate is the lowest it has been since 1980: 49 crimes per 1000 people.  The closures continue a trend of recent years.  In 2013, the country shut down 19 prisons leading to a “storm of protests from prison workers” such that the Dutch government began importing Belgian and Norwegian prisoners so some of the workers could keep their jobs. –The Week.

NORWAY:
The Norwegian government has created a new national park within an area of he Lofoten archipelago.  Despite local residents voting against the designation, Ola Elvstuen, Norway’s climate and environment minister, said it was important because the Lofotodden national Park “has landscape and nature types that do not exist in any of Norway’s other natural areas.”  The park sits in a region that was one of the first to be uncovered after the last ice age and features some of the oldest types of mountain vegetation.  It is also home to cave paintings that date back to the Stone Age. –The Local.

PAKISTAN:
A government program has planted hundreds of millions of trees across previously arid areas of Pakistan’s northwest.  In 2014, the provincial government of Khyber Pakhtunkhwa launched its “Billion Tree Tsunami” program, which has so far resulted in the planting of  300 million trees of 42 different species across the region.  In addition to 150 million trees given to farmers and strict forest regeneration measures, the region now has more than 1 billion new trees, culminating in what the head of Swiss-based International Union for Conservation of Nature, a green nongovernmental organization, called a “true conservation success story.” –Al Jazeera.

PHOTOS OF THE DAY

The audience attends the ‘Mission: Impossible – Fallout’ Pulpit Rock Norway Screening in Forsand, Norway. Credit: Jack Taylor/Getty Images for Paramount Pictures

People harvest seed pods of lotus flowers from a pond in Tancheng in China’s eastern Shandong province. Credit: AFP/Getty Images

The effects of heat haze is seen as pedestrians cross a street during a heatwave in Tokyo, Japan. Credit: Kazuhiro Nogi/AFP/Getty Images
Market Closes for August 3^rd, 2018

Market Index	Close	Change
Dow Jones	25462.58	+136.42   +0.54%
S&P 500	2840.35	+13.13   +0.46%
NASDAQ	7812.016	+9.331   +0.12%
TSX	16420.24	+11.08
		+0.07%

International Markets

Market Index	Close	Change
NIKKEI	22525.18	+12.65
		+0.06%
HANG SENG	27676.32	-38.24
		-0.14%
SENSEX	37556.16	+391.00
		+1.05%
FTSE 100*	7659.10	+83.17
		+1.10%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.353		2.367
CND. 30 Year Bond		2.365		2.382
U.S.    10 Year Bond		2.9488		2.9859
U.S. 30 Year Bond		3.0886		3.1192

Currencies

BOC Close	Today	Previous
Canadian $	0.76945	0.76777
US $	1.29963	1.30233
Euro Rate 1 Euro=		Inverse
Canadian $	1.50417	0.66482
US $	1.15739	0.86401

Commodities

Gold	Close	Previous
London Gold Fix	1215.45	1219.00
Oil
WTI Crude Future	68.49	68.96

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian equities posted a small gain to end the week, with defensive stocks leading the way as a top White House economic adviser said the U.S. won’t back off from its trade war with China.
     The S&P/TSX Composite Index added 11 points or 0.1 percent to 16,420.24, bringing the benchmark’s weekly gain to 0.2 percent. Utilities and real estate rose 0.9 percent and 0.8 percent respectively.
     The telecom sector bucked the defensive trend, falling 0.3 percent as Telus Corp. lost 0.7 percent after growth in postpaid wireless subscribers slowed in the second quarter.
     In other moves:
                            Stocks
* Sierra Wireless Inc. jumped 19 percent to the highest since January after second-quarter earnings and its third-quarter outlook beat estimates
* Aimia Inc. rose 8.1 percent. The company is seeking a higher offer from Air Canada for its Aeroplan loyalty program
* Open Text Corp. added 4 percent to a record after fourth- quarter earnings and revenue beat estimates
                            Commodities
* Western Canada Select crude oil traded at a $31.00 discount to WTI, the widest gap since 2013
* Aeco natural gas traded at a $2.42 discount to Henry Hub
* Gold rose 0.3 percent to $1,214.20 an ounce
                            FX/Bonds
* The Canadian dollar strengthened 0.3 percent to C$1.2991 per U.S. dollar after data showed Canada’s trade gap narrowed more than forecast in June
* The Canada 10-year government bond yield fell 1 basis point to2.35 percent
US
By Brendan Walsh and Olivia Schaber
     (Bloomberg) — The S&P 500 Index extended its fifth straight weekly gain, the dollar fell and Treasury yields dipped after the latest jobs report showed a steady labor market that supported the Federal Reserve’s outlook for only gradual interest-rate increases.
     Major benchmarks closed near their highs of the day as positive earnings surprises lifted U.S. shares, with 3/4 of the S&P 500 companies that reported Friday morning beating analysts’ estimates. Kraft Heinz Co. rallied as deal speculation swirled around the maker of macaroni-and-cheese dinners. Energy companies fell as oil slumped. The dollar broke a three-day winning streak following China’s move to shore up the yuan.
     Stocks got a boost late in Friday’s trading session as the White House said officials had held high-level talks with China about trade in the past months and were open to more discussions. Trade maneuvering kept markets on the back foot this week, competing with a mostly positive earnings season and an upbeat assessment of the economy by the Federal Reserve. About two-thirds of the way into the results season, U.S. and European companies have posted double-digit earnings growth, according to JPMorgan strategists.
     “At the end of the day, economic fundamentals are solid,” said Brendan Erne, the director of portfolio management at Personal Capital.
     Elsewhere, emerging-market stocks and currencies gained. Ten-year Treasury yields held below 3 percent. A rally for banks lifted European equity gauges.
     These are the main moves in markets:
                            Stocks
* The S&P 500 rose 0.5 percent at the close in New York. The gauge was up 0.8 percent on the week, and its fifth weekly gain is the longest winning streak since late 2017.
* The Dow Jones Industrial Average rose 0.5 percent and the Nasdaq 100 Index added 0.3 percent.
* The Stoxx Europe 600 Index jumped 0.7 percent.
* The MSCI Emerging Market Index rose 0.7 percent.
* The MSCI Asia Pacific Index was little changed.
                            Currencies
* The Bloomberg Dollar Spot Index fell 0.1 percent.
* The euro fell 0.1 percent to $1.1573.
* The British slumped 0.1 percent to $1.3004.
* The Japanese yen strengthened 0.4 percent to 111.23 per dollar.
                            Bonds
* The yield on 10-year Treasuries declined three basis points to 2.95 percent.
* Germany’s 10-year yield declined five basis points to 0.40 percent.
* Britain’s 10-year yield declined five basis points to 1.33 percent.
                            Commodities
* West Texas Intermediate crude fell 0.4 percent to $68.67 a barrel.
* Gold rose 0.5 percent to $1,213.44 an ounce.
–With assistance from Christopher Anstey, Yakob Peterseil and Sophie Caronello.

Have a great weekend.

Be magnificent!

As ever,

Carolann

Our attitude towards others determines their attitude towards us.
                                                -Earl Nightingale, 1921-1989

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: Formerly called Sextilis in the Roman calendar, as the sixth month from March, when the year began.  The name was changed to Augustus in 8 BC in honour of Augustus (63 BC- 14 AD), the first Roman emperor, whose “lucky month” it was.  It was the month in which he began his first consulship, celebrated three Triumphs, received the allegiance of the legions on the Janiculum, reduced Egypt and also ended the civil wars.
   The Old English name for August was W?odm?nath, “weed month”, w?od meaning “grass” or “herbs”.  In the French Revolutionary Calendar the equivalent month was Thermidor, “gift of heat”, which lasted from 20 July to 18 August. –from Brewar’s Dictionary of Phrase & Fable.

August 2, 1990 – Iraq invades Kuwait.
August 2,1943  – PT-109, a Navy patrol torpedo boat commanded by Lt. John F. Kennedy, sank after being sheared in two by a Japanese destroyer off the Solomon Islands. Kennedy was credited with saving members of the crew.  
Go to article >>
PHOTOS OF THE DAY

Civil Dignitaries from around Yorkshire parade through Ripon to celebrate Yorkshire Day. Credit: Charlotte Graham for the Telegraph

A diver poses for a photograph next to an immersed tank off the coast of the southern Lebanese port city of Sidon. Environmental activists dropped off old battle tanks provided by the Lebanese Armed Forces into the Mediterranean Sea, about three kilometres off the coast of the southern Lebanese port city of Sidon to create new habitat for marine life. Credit: Ibrahim Chalhoub/AFP/Getty Images

Tourists walk past giant hand structure on Gold Bridge on Ba Na hill near Danang City, Vietnam. Credit: Kham/Reuters
Market Closes for August 2^nd, 2018

Market Index	Close	Change
Dow Jones	25326.16	-7.66   -0.03%
S&P 500	2827.22	+13.86   +0.49%
NASDAQ	7802.684	+95.397   +1.24%
TSX	16409.16	+32.39
		+0.20%

International Markets

Market Index	Close	Change
NIKKEI	22512.53	-234.17
		-1.03%
HANG SENG	27714.56	-626.18
		-2.21%
SENSEX	37165.16	-356.46
		-0.95%
FTSE 100*	7575.93	-76.98
		-1.01%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.367		2.370
CND. 30 Year Bond		2.382		2.378
U.S.    10 Year Bond		2.9859		3.0064
U.S. 30 Year Bond		3.1192		3.1321

Currencies

BOC Close	Today	Previous
Canadian $	0.76777	0.76921
US $	1.30233	1.30003
Euro Rate 1 Euro=		Inverse
Canadian $	1.50880	0.66278
US $	1.15855	0.86315

Commodities

Gold	Close	Previous
London Gold Fix	1219.00	1220.95
Oil
WTI Crude Future	68.96	67.66

Market Commentary:
Canada
By Stefanie Marotta
     (Bloomberg) — Canadian stocks rose, pulled higher by technology, following the trend in the U.S., as the sector soared and Apple Inc.’s market value reached $1 trillion.
     The S&P/TSX Composite Index rose 0.2% percent to 16,409. Info tech led gains, rising 2.5 percent — the most in three weeks. Shopify Inc. surged 5.9 percent and Sierra Wireless gained 3.5 percent, the most since March.
     Gildan Activewear Inc. soared 22 percent to its highest since February after second-quarter profit and sales topped estimates as the world flocked to fleece. The surge picked up the consumer discretionary group, leading the sector to a 1.2 percent gain.
     In other moves:
                           Stocks
* Nutrien Ltd. gained 4.7 percent after boosting its full-year earnings forecast yesterday, citing higher sales volumes for potash and nitrogen and rising phosphate prices, pushing other fertilizer stocks higher
* Seven Generations Energy Ltd. climbed 8.1 percent after reporting a second-quarter condensate beat and strong well results
* Kinross Gold Corp fell 4.1 percent after its CEO said that talks on its Mauritania mine are proceeding slowly and the country appears to want foreign investment
                           Commodities
* Western Canada Select crude oil traded at a $30.80 discount to WTI
* Aeco natural gas traded at a $1.97 discount to Henry Hub
* Gold fell 0.9 percent to $1,216.80 an ounce
                           FX/Bonds
* The Canadian dollar weakened 0.2 percent to C$1.3023 per U.S. dollar
* The Canada 10-year government bond yield fell one basis point to 2.364 percent
US
By Sarah Ponczek
     (Bloomberg) — Tech companies led gains in U.S. stocks on favorable earnings reports as Apple Inc.’s market value reached $1 trillion. The dollar climbed with oil.
     The Nasdaq Composite Index rose for a third day as Tesla Inc. and payments processor Square Inc. jumped after reporting second-quarter results. Exporters such as Boeing Co., 3M Co. and DowDuPont Inc. weighed on the Dow Jones Industrial Average after Donald Trump asked his trade representative to consider hiking tariffs on $200 billion of Chinese goods. European equities tracked declines in China spurred by renewed trade concerns.
     The dollar strengthened, while the pound dropped as the Bank of England’s hawkish rhetoric failed to convince investors of a brighter economic outlook. Turkey’s lira fell to a record as the U.S. imposed sanctions on its NATO ally over the imprisonment of an American pastor.
     Markets have been under pressure as higher U.S. tariffs on Chinese goods look increasingly likely, with Trump considering a boost to proposed levies on $200 billion of imports to 25 percent from 10 percent. While China pledged to fight back, it also left the door open for further negotiations.
     The gloom on trade is coming up against a mostly-positive earnings season and an upbeat message on the American economy delivered by the Federal Reserve on Wednesday. Of the almost 400 members of the S&P 500 that have reported earnings this season, about 85 percent of them beat analysts’ estimates. Data due Friday will probably show that the U.S. economy added jobs at a healthy clip again in July.
     “On one hand you’ve got the uncertainty from the trade issues,” said Curtis Holden, the chief investment officer at Tanglewood Total Wealth Management in Houston. “But on the flip side you’ve got a very strong, at least at the moment, economic backdrop in the U.S.”
     Elsewhere, Italian and Greek bonds sank, while a French 20- year note sale saw the lowest demand in more than a decade. Ten- year JGB yields touched the highest since February 2017 before erasing the increase as the Bank of Japan made an unscheduled offer to buy bonds.
     Copper extended a decline. Emerging-market currencies sold off, with the lira and South Africa’s rand leading the way. Oil rallied from the lowest level in more than a month amid signs the drain from the biggest U.S. supply hub will continue.
     Here are some events to watch out for during the remainder of this week:
* Earnings season continues with Berkshire Hathaway and Toyota among companies reporting results.
* The U.S. jobs report is on Friday, and is predicted to show a healthy labor market, with 193,000 new jobs.
     These are the main moves in markets:
                            Stocks
* The S&P 500 Index rose 0.5 percent at the close of trading in New York.
* The Stoxx Europe 600 Index decreased 0.8 percent on the largest dip in three weeks.
* Germany’s DAX Index sank 1.5 percent on the largest tumble in more than five weeks.
* The MSCI Asia Pacific Index fell 1.4 percent.
* The Shanghai Composite Index retreated 2 percent to the lowest in almost four weeks.
                            Currencies
* The Bloomberg Dollar Spot Index rose 0.4 percent to a two-week high.
* The euro declined 0.6 percent to $1.1592, the weakest in almost five weeks.
* The British pound dipped 0.8 percent to $1.3019.
* The Turkish lira decreased 1.5 percent to a record.
                            Bonds
* The yield on 10-year Treasuries fell two basis points to 2.98 percent.
* Britain’s 10-year yield was little changed at 1.38 percent.
* Japan’s 10-year yield declined less than one basis point to 0.113 percent.
                            Commodities
* The Bloomberg Commodity Index added 0.3 percent.
* West Texas Intermediate crude rose 2.1 percent to $69.05 a barrel.
* Copper decreased 0.6 percent to $2.73 a pound, a two-week low.
* Gold fell 0.6 percent to $1,208.95 an ounce, the lowest in more than a year.
–With assistance from Chikafumi Hodo, Andreea Papuc, Adam Haigh, Sheldon Reback, Christopher Anstey, Eddie van der Walt, Yakob Peterseil, Erin Douglas and Sophie Caronello.

Have a great night.

Be magnificent!

As ever, 

Carolann

Feel the fear and do it anyway.
          -Susan Jeffers, 1938-2012

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: LAMMAS, First harvest, Wicca.

1990: World Wide Web established.
On August 1, 1936, 100,000 saluted Adolf Hitler on his entrance at the opening of the Berlin Olympics. 
Go to article »

Letter in The Times signed by a number of Oxford and Cambridge dons, August 1, 1914:
We regard Germany as a nation leading the way in the Arts and Sciences, and we have all learnt and are learning form German scholars.  War upon her in the interests of Serbia and Russia will be a sin against civilisation…We consider ourselves justified in protesting against being drawn into the struggle with a nation so near akin to our own, and with  whom we have so much in common.
PHOTOS OF THE DAY

Regional dancers perform at the Guelaguetza festival, Mexico. The annual Guelaguetza festival gathers music, dance, gastronomy and handicrafts of different ethnic groups and tribes of the state of Oaxaca. Credit: Patricia Castellanos/AFP

Artist Alex Chinneck unzips the walls of an empty office building for his latest public artwork ‘Open to the public’ in Ashford, Kent. The artwork creates the illusion that the walls of a 1960’s office building have been unzipped to reveal its interior. Credit: Kristy O’Connor/PA

People are sprayed with water to cool down as the temperature hovered over 37 degrees Celsius (98.6 degrees Fahrenheit), in Prague, Czech Republic. Credit: David W. Cerny/Reuters
Market Closes for August 1^st, 2018

Market Index	Close	Change
Dow Jones	25333.82	-81.37   -0.32%
S&P 500	2813.36	-2.93   -0.10%
NASDAQ	7707.285	+35.497   +0.46%
TSX	16376.77	-57.24
		-0.35%

International Markets

Market Index	Close	Change
NIKKEI	22746.70	+192.98
		+0.86%
HANG SENG	28340.74	-242.27
		-0.85%
SENSEX	37521.62	-84.96
		-0.23%
FTSE 100*	7652.91	-95.85
		-1.24%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.370		2.310
CND. 30 Year Bond		2.378		2.330
U.S.    10 Year Bond		3.0064		2.9598
U.S. 30 Year Bond		3.1321		3.0798

Currencies

BOC Close	Today	Previous
Canadian $	0.76921	0.76842
US $	1.30003	1.30138
Euro Rate 1 Euro=		Inverse
Canadian $	1.51610	0.65959
US $	1.16621	0.85748

Commodities

Gold	Close	Previous
London Gold Fix	1220.95	1223.80
Oil
WTI Crude Future	67.66	68.76

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks fell as investors digested another escalation in trade rhetoric between the U.S. and China, while technology shares dropped to the lowest level since May.
     The S&P/TSX Composite Index lost 57 points, or 0.4 percent, to 16,376.77. The tech sector led the drop again, losing 1.5 percent even as U.S. counterparts gained. CGI Group Inc. slid 3.3 percent, the most since 2016, after results missed estimates.
     Materials fell 1.4 percent as trade tensions sent copper prices tumbling 3.3 percent. First Quantum Minerals Ltd. lost 7.9 percent, the most since March.
     In other moves:
                            Stocks
* Enercare Inc. soared 53 percent to a record high after Brookfield Infrastructure Partners LP said it would buy the company for C$4.3 billion including debt
* Hydropothecary Corp. jumped 13 percent, the most since February, and Molson Coors Canada Inc. gained 7.1 percent. The two companies are forming a joint venture to develop cannabis- infused beverages
* Stelco Holdings Inc. gained 5.7 percent, the most since March, after saying it would benefit from steel tariffs
                            Commodities
* Western Canada Select crude oil traded at a $29.50 discount to WTI, the widest gap since February
* Aeco natural gas traded at a $1.95 discount to Henry Hub
* Gold fell 0.5 percent to $1,217.90 an ounce, the lowest in more than a year, as investors focused on the outlook for further U.S. interest-rate increases this year
                            FX/Bonds
* The Canadian dollar strengthened 0.1 percent to C$1.2998 per U.S. dollar
* The Canada 10-year government bond yield rose 6 basis points to 2.37 percent, the highest since May
US
By Sarah Ponczek and Olivia Schaber
     (Bloomberg) — U.S. stocks were mixed as worsening trade tensions between the world’s two largest economies stung manufacturers while tech shares rallied on the back of a positive earnings report for Apple Inc.
     The yield on 10-year Treasuries touched 3 percent for the first time since June and stayed at that level after the Federal Reserve held borrowing costs steady while signaling its intention to raise rates amid robust economic growth, as analysts had predicted. The S&P 500 Index edged lower, bogged down by industrial companies that would bear the brunt of expanded tariffs, while the tech-heavy Nasdaq Composite Index climbed as Apple jumped to a record.
     The Trump administration’s unpredictability on trade has been in the spotlight in the last 24 hours after reports that talks between Washington and Beijing were set to resume were quickly overtaken by a threat to raise tariffs. As investors weigh the impact of the trade dispute, Fed Chairman Jay Powell is trying to nurture the second-longest U.S. expansion on record by slowly reducing the amount of support that monetary policy provides to growth.
     “Powell wants to provide a clear and consistent message to markets on the policy outlook and not be swayed by short term data or the ebb and flow of markets,” said James McCann, senior global economist at Aberdeen Standard Investments. “Investors understand where Powell’s focus is, so they will largely shrug off today’s statement.”
     Elsewhere in markets, Shanghai stocks finished sharply lower and the Stoxx Europe 600 Index slid. Emerging-markets currencies and shares were steady.
     Here are some key events coming up this week:
* Earnings season continues with Berkshire Hathaway, Barclays, Tesla, Toyota and BMW among companies reporting results.
* Central banks in the U.K., Brazil and India are still to meet this week. The Bank of England is expected to hike even amid Brexit gloom. Brazil’s central bank is seen standing pat. The RBI will probably raise its benchmark at its meeting Wednesday.
* The U.S. jobs report is on Friday, and is predicted to show a healthy labor market, with 190,000 new jobs.
     These are the main moves in markets:
                            Stocks
* The S&P 500 Index fell 0.1 percent as the close of trading in New York.
* The Nasdaq Composite index rose 0.5 percent.
* The Stoxx Europe 600 Index dipped 0.5 percent to the lowest in a week.
* The MSCI Emerging Market Index fell 0.1 percent.
                            Currencies
* The Bloomberg Dollar Spot Index rose 0.1 percent.
* The euro slipped 0.3 percent to $1.1661.
* The British pound was little changed at $1.3123.
* Japan’s yen fell 0.2 percent to 111.64 per dollar.
                            Bonds
* The yield on 10-year Treasuries rose four basis points to 3 percent, the highest in 10 weeks.
* Germany’s 10-year yield rose three basis points to 0.47 percent, the highest in seven weeks.
* Britain’s 10-year yield climbed five basis points to 1.38 percent, the highest in seven weeks.
                            Commodities
* The Bloomberg Commodity Index fell 1.3 percent to the lowest in more than a week.
* West Texas Intermediate crude fell 1.4 percent to a two-week low of $67.81 a barrel.
* Copper tumbled 3.3 percent, the most in two weeks, to $2.738 a pound
* Gold declined 0.6 percent to $1,216.34 an ounce.
–With assistance from Cormac Mullen, Andreea Papuc, Adam Haigh, Matt Turner, Brandon Kochkodin, Christopher Anstey, Eddie van der Walt and Samuel Potter.

Have a great night.

Be magnificent!

As ever,

 

Carolann

Inspiration comes very slowly and quietly.
                –Brenda Ueland, 1891-1985

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 July 31, 1964, the American space probe Ranger 7 transmitted pictures of the moon’s surface. 
Go to article »
PHOTOS OF THE DAY

Fireworks over military ships on the Neva River in central St. Petersburg on Russian Navy Day, Marina Lystseva. Credit: Peter Kovalev/Getty

Photo shows the Anavarza Castle, the Castle dates back to 19 B.C. and it is based on the Roman Empire period which was the most important military centres in the Mediterranean, Anavarza. Credit: Eren Bozkurt/Getty Images

Giant panda triplets celebrate their 4^th birthday at Chimelong Safari Park. Credit: The Asahi Shimbun Via Getty
Market Closes for July 31^st, 2018

Market Index	Close	Change
Dow Jones	25415.19	+108.36   +0.43%
S&P 500	2816.29	+13.69   +0.49%
NASDAQ	7671.789	+41.785   +0.55%
TSX	16434.01	+88.54
		+0.54%

International Markets

Market Index	Close	Change
NIKKEI	22553.72	+8.88
		+0.04%
HANG SENG	28583.01	-150.12
		-0.52%
SENSEX	37606.58	+112.18
		+0.30%
FTSE 100*	7748.76	+47.91
		+0.62%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.310		2.300
CND. 30 Year Bond		2.330		2.337
U.S.    10 Year Bond		2.9598		2.9728
U.S. 30 Year Bond		3.0798		3.1071

Currencies

BOC Close	Today	Previous
Canadian $	0.76842	0.76723
US $	1.30138	1.30340
Euro Rate 1 Euro=		Inverse
Canadian $	1.52142	0.65728
US $	1.16909	0.85537

Commodities

Gold	Close	Previous
London Gold Fix	1223.80	1223.95
Oil
WTI Crude Future	68.76	70.13

Market Commentary:
Canada
By Stefanie Marotta
     (Bloomberg) — Canadian stocks climbed with materials leading gains as First Quantum Minerals Ltd. surged.
     The S&P/TSX Composite Index rose 0.5 percent to 16,431.34 points, closing its fourth straight monthly gain. Materials climbed 1.2 percent, the most in more than a month, as First Quantum rose 6.1 percent amid M&A speculation.
     While all Canadian sectors rose, technology slumped 1 percent as Shopify sank 5.6 percent, declining a fourth day to its lowest since May. The e-commerce company’s second quarter earnings showed slowing sales growth.
     In other moves:
                           Stocks
* Brookfield Asset Management Inc. climbed 1.1 percent after agreeing to acquire Forest City Realty Trust Inc. for about $6.8 billion.
* WestJet Airlines Ltd. plummeted 8.2 percent, the most since May, after posting its first loss in 13 years.
                           Commodities
* Western Canada Select crude oil traded at a $29.00 discount to WTI
* Gold rose 0.2 percent to $1,233.60 an ounce
                            FX/Bonds
* The Canadian dollar strengthened 0.2 percent to C$1.3007 per U.S. dollar
* The Canada 10-year government bond yield rose two basis points to 2.319 percent
US
By Sarah Ponczek and Olivia Schaber
     (Bloomberg) — U.S. stocks advanced as trade optimism lifted industrial shares and tech companies staged a recovery. Oil sank and the dollar gained.
     The S&P 500 Index capped a fourth monthly gain as Boeing Co., Caterpillar Inc. and 3M Co. all added more than 1 percent after Bloomberg’s report that the U.S. and China are trying to restart talks aimed at averting a full-blown trade war. The FANG quartet of megacap tech shares rose as investors awaited Apple Inc.’s earnings following a rout for the sector. Japanese bond yields fell the most since November after the Bank of Japan signaled interest rates will stay low for an “extended period of time.”
     The trade optimism provided relief to investors who have seen the dispute stalled for weeks, with both sides refusing to budge. The next wave of U.S. tariffs is set to kick in as early as Wednesday, with the possible imposition of duties on another $16 billion of Chinese imports. Officials in Beijing have vowed to respond with the same amount of tariffs on U.S. products.
     “Listening to all the discussions from earnings in the second quarter, we heard a lot of discussion about how tariffs are impacting business, worries about what it could mean going forward,” said Paul Nolte, a portfolio manager at Kingsview Asset Management. “If we can get some type of agreement with China, that would remove a lot of those worries.”
     Amid a slew of earnings reports this week, central banks remain a key focus for investors. The BOJ delivered a range of adjustments designed to alleviate strains on commercial banks and reduce market distortions from its policies, while simultaneously maintaining its commitment to open-ended stimulus. The next big events this week include decisions from both the Federal Reserve and Bank of England.
     Elsewhere, the Stoxx Europe 600 Index advanced as earnings from BP Plc and Credit Suisse Group AG beat forecasts. Government bond yields fell in the U.S. and Europe. Commodities clawed back earlier losses made after China’s official factory gauge dropped in July. Crude capped a 7.3 percent drop in July on wagers for higher production. The S&P 500 climbed 3.6 percent in the month, the biggest advance since January.
     Here are some key events coming up this week:
* The U.S. Treasury is set to release its funding program for the next three months on Aug. 1.
* Earnings season continues with Berkshire Hathaway, Barclays, Tesla, Toyota, BMW, and Rio Tinto among companies reporting results.
* Central banks in the U.S., the U.K., Brazil and India all meet this week. The Bank of England is expected to hike even amid Brexit gloom. The Fed is seen standing pat, as is Brazil’s central bank. The RBI will probably raise its benchmark.
* The U.S. jobs report is on Friday, and is predicted to show a healthy labor market, with 193,000 new jobs, and an unemployment rate slipping back to 3.9 percent.
     These are the main moves in markets:
                            Stocks
* The S&P 500 Index climbed 0.5 percent at the close of trading in New York.
* The Nasdaq 100 added 0.5 percent.
* The Stoxx Europe 600 Index gained 0.2 percent.
* The MSCI Emerging Market Index fell 0.2 percent.
* Japan’s Topix index declined 0.8 percent for the biggest drop in almost four weeks.
                            Currencies
* The Bloomberg Dollar Spot Index rose 0.1 percent.
* The euro fell 0.1 percent to $1.1697.
* The British pound slipped 0.1 percent to $1.3126.
* The Japanese yen fell 0.6 percent to 111.76 per dollar, the lowest in more than a week.
                            Bonds
* The yield on 10-year Treasuries fell one basis point to 2.96 percent.
* Germany’s 10-year yield was little changed at 0.44 percent.
* Britain’s 10-year yield fell one basis point to 1.33 percent.
* Japan’s 10-year yield dipped four basis points to 0.062 percent.
                           Commodities
* The Bloomberg Commodity Index was little changed.
* West Texas Intermediate crude decreased 2.1 percent to $68.68 a barrel.
* Copper rose 1.2 percent to $2.8265 a pound, a three-week high.
* Gold added 0.3 percent to $1,224.54 an ounce.
–With assistance from Yuko Takeo, Keiko Ujikane, Foster Wong, Andreea Papuc, Cormac Mullen, Ksenia Galouchko, Christopher Anstey, Samuel Potter and Eddie van der Walt. 

Have a great night.

Be magnificent!

As ever,

 

Carolann

 

Do not accustom yourself to use big words for little matters.
                                         -Samuel Johnson, 1709-1784

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!

From today’s NY Times:

“We rise from the perusal of ‘Wuthering Heights’ as if we had come fresh from a pest-house,” a critic wrote when the book was published in 1847. 

Other reviewers deemed it “coarse” or “repulsive.” 

A farmhouse, pictured circa 1940, near Haworth in Yorkshire, England, which is thought to have inspired the setting for “Wuthering Heights.”
Val Doone/Getty Images 

Its author, Emily Brontë, born 200 years ago today in Thornton, England, died of tuberculosis at 30, a year after publishing her tale of quasi-incestuous love between the savage (yet irresistibly compelling) Heathcliff and the selfish (but beautiful) Catherine. She would never see her novel, published under the pseudonym Ellis Bell, become the template for a thousand future romance stories. 

Today there are some 60 translations and multiple film versions of “Wuthering Heights,” including in Japanese and Spanish (directed by Luis Buñuel). 

Emily, the middle of three literary Brontë sisters (Charlotte wrote “Jane Eyre,” Anne wrote “The Tenant of Wildfell Hall”), rarely left home and had few friends. Naïve, stubborn and prickly, she gravitated to animals and the Yorkshire moors, where “Wuthering Heights” is set. She was also a poet. 

And in the estimation of Virginia Woolf, she was a genius on a par with Jane Austen, writing without fear of what the male-dominated literary world might think. 

“I have never seen her parallel in anything,” Charlotte Brontë said after Emily died in 1848. “Stronger than a man, simpler than a child, her nature stood alone.” 

Nancy Wartik wrote today’s Back Story, New York Times, July 30, 2018

PHOTOS OF THE DAY

Britain’s Geraint Thomas, left, wearing the overall leader’s yellow jersey and Britain’s Christopher Froome
toast with Champagne during the 21st and last stage of the 105th edition of the Tour de France cycling race between Houilles and Paris Champs-Elysees. Credit: Marco Berorello/AP

Skydivers are seen plummeting towards the Pyramids in Egypt in amazing footage captured by Bruno Brokken from Spain. Credit: Bruno Brokken/Caters News Agency

Gale force winds and large waves batter the coast in Porthleven, Cornwall. Credit: Mike Thomas
Market Closes for July 30^th, 2018

Market Index	Close	Change
Dow Jones	25306.83	-144.23   -0.57%
S&P 500	2802.60	-16.22   -0.58%
NASDAQ	7630.004	-107.416   -1.39%
TSX	16345.47	-48.48
		-0.30%

International Markets

Market Index	Close	Change
NIKKEI	22544.84	-167.91
		-0.74%
HANG SENG	28733.13	-71.15
		-0.25%
SENSEX	37494.40	+157.55
		+0.42%
FTSE 100*	7700.85	-0.46
		-0.01%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.300		2.295
CND. 30 Year Bond		2.337		2.332
U.S.    10 Year Bond		2.9728		2.9561
U.S. 30 Year Bond		3.1071		3.0838

Currencies

BOC Close	Today	Previous
Canadian $	0.76723	0.76551
US $	1.30340	1.30632
Euro Rate 1 Euro=		Inverse
Canadian $	1.52579	0.65540
US $	1.17062	0.85425

Commodities

Gold	Close	Previous
London Gold Fix	1223.95	1228.25
Oil
WTI Crude Future	70.13	68.69

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian equities were dragged lower for a second day by a rout in technology stocks, which accounted for two of the top three index movers, even though tech is a tiny part of the total benchmark.
     The S&P/TSX Composite Index lost 48 points or 0.3 percent to 16,345.47, the lowest close in more than three weeks. The tech sector tumbled 3.8 percent for the biggest two-day decline since 2013. Shopify Inc., which is scheduled to report earnings Tuesday morning, lost 8.4 percent, the most since October.
     Energy shares were the biggest gainers, adding 0.5 percent as crude prices jumped the most in more than a month. Paramount Resources Ltd. rose 3.6 percent and Precision Drilling Corp. gained 2.6 percent.
     In other moves:
                            Stocks
* West Fraser Timber Co. fell 3.6 percent to close at the lowest since December and Canfor Corp. fell 5.6 percent, the most in two years. BMO Capital Markets said the second quarter may be “as good as it gets” for lumber stocks
* Canada Goose Holdings Inc. slid 6.6 percent. The company’s equity lockup period expires in a week
* WSP Global Inc. gained 1.2 percent. The engineering firm is buying Berger Group Holdings Inc. for $400 million
                            Commodities
* Western Canada Select crude oil traded at a $29.00 discount to WTI, the widest gap since February
* Gold fell 0.1 percent to $1,221.30 an ounce, the lowest in a year
                            FX/Bonds
* The Canadian dollar strengthened 0.2 percent to C$1.3033 per U.S. dollar
* The Canada 10-year government bond yield was little changed at 2.30 percent
US
By Sarah Ponczek
     (Bloomberg) — The biggest technology shares led a retreat in stocks as investors showed signs of exhaustion with the sector. Government bonds declined and oil rallied.
     The Nasdaq Composite Index sank 1.4 percent as the gauge posted its biggest three-day loss since March. The FANG cohort of tech megacaps tumbled almost 3 percent, led by Netflix Inc., leaving the group down more than 9 percent since Facebook Inc.’s disappointing earnings results last week.
     “The Nasdaq is tired,” Steven Quirk, the executive vice president of trading at TD Ameritrade, said in an interview at Bloomberg’s New York headquarters. “There needs to be some more breadth to the rally.”
     The euro strengthened and the dollar dropped. U.S. oil futures climbed past $70 a barrel for the first time in more than a week as a weaker greenback boosted the appeal of commodities and concerns over supply disruptions persisted.
     Concern that tech shares have become overvalued are hanging over the market as bellwether Apple Inc. prepares to report earnings Tuesday. Equity strategists are telling clients to allocate more defensively, with Morgan Stanley’s Michael Wilson saying the sector is showing signs of “exhaustion” after months of outperformance.
     Investors are also prepping for central bank policy decisions, with traders focused on whether the BOJ will fine tune its policy and look for any indications the Federal Reserve is shying away from two more interest-rate hikes before the end of this year. Meanwhile, the Bank of England is widely expected to increase borrowing costs.
     Elsewhere, emerging-market stocks slipped after a four-day winning streak. Turkey’s lira fell as the country’s president showed little regard for potential U.S. sanctions.
     Here are some key events coming up this week:
* The U.S. Treasury is set to release its funding program for the next three months on Aug. 1.
* Earnings season continues with Berkshire Hathaway, Barclays, Tesla, Toyota, BMW, and Rio Tinto among companies reporting results.
* Central banks in the U.S., Japan, the U.K., Brazil and India all meet this week. The BOJ may tweak its yield-curve control policy and cut its CPI forecasts, while the Bank of England is expected to hike even amid Brexit gloom. The Fed is seen standing pat, as is Brazil’s central bank. The RBI will probably raise its benchmark.
* U.S. personal spending and income data for June — coming Tuesday — may be steady. Then it’s the jobs report on Friday, which is predicted to show a healthy labor market, with 193,000 new jobs, and an unemployment rate slipping back to 3.9 percent.
* China’s PMIs probably edged down in July, analysts say, buffeted by a deleveraging agenda and a trade war.
     These are the main moves in markets:
                            Stocks
* The S&P 500 Index slipped 0.6 percent at the close of trading in New York; the Nasdaq Composite fell 1.4 percent while the Dow dipped 0.6 percent.
* The Stoxx Europe 600 Index fell 0.3 percent.
* The MSCI Emerging Market Index dropped 0.2 percent.
                            Currencies
* The Bloomberg Dollar Spot Index dipped 0.2 percent.
* The euro rose 0.4 percent to $1.1705.
* The British pound gained 0.2 percent to $1.3131.
* The Turkish lira fell 0.7 percent.
                            Bonds
* The yield on 10-year Treasuries rose two basis points to 2.98 percent.
* Germany’s 10-year yield rose four basis points to 0.44 percent.
* Britain’s 10-year yield jumped six basis points to 1.34 percent, the highest in almost seven weeks.
* Japan’s 10-year yield decreased less than one basis point to 0.091 percent.
                            Commodities
* The Bloomberg Commodity Index increased 0.6 percent to the highest in three weeks.
* West Texas Intermediate crude jumped 1.9 percent to $69.98 a barrel.
* Copper fell 0.3 percent to $2.7925 a pound.
* Gold slipped 0.2 percent to $1,221.46 an ounce.
–With assistance from Adam Haigh, Lu Wang, Christopher Anstey, Eddie van der Walt and Samuel Potter. 

Have a great night.

Be magnificent!

As ever,

 

Carolann

 

A society grows great when old men plant trees whose shade
they know they shall never sit in. -Greek 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: HAPPY FRIDAY!

Look to the skies tonight, if you live in the Eastern Hemisphere. That’ll be the best place to see the longest total lunar eclipse of the century.

July 27, 1866 – Cyrus Field’s Anglo-American Telegraph Co lays first telegraph cable, Wales to Newfoundland.

PHOTOS OF THE DAY

Artist and activist Emerson Munduruku is pictured as he teaches environmental conservation to children in northern Brazil. Emerson’s character requires two hours of preparation and all the materials he uses are collected from nature. He’s a descendant of the Munduruku indigenous tribe from the Brazilian Amazon and travels to remote communities to teach children about the importance of the environment. Credit: Ricardo Oliviera/AFP

This is the moment a plucky puffin managed to fend off a flock of seagulls which swooped down to try and steal his fish supper. The sea bird was seen desperately making a bid for freedom as the gull gang launched an attached to get hold of his catch. But despite being outnumbered, the puffin emerged triumphant and managed to safely deliver the meal back to his burrow. Credit: Anthony Brewin/SWNS.COM

Two cute chicks take a luxurious ride on their mothers back. The Black-necked swan chicks sit back and enjoy the lovely view as they stay warm under the wing of adult. The cute scene was captured by photographer Shafi Rasheed, 42, at the Al Qudra lakes, Dubai. Credit: Shafi Rasheed/Solent News & Photo Agency
Market Closes for July 27^th, 2018

Market Index	Close	Change
Dow Jones	25451.06	-76.01   -0.30%
S&P 500	2818.82	-18.62   -0.66%
NASDAQ	7737.418	-114.767   -1.46%
TSX	16393.95	-61.79
		-0.38%

International Markets

Market Index	Close	Change
NIKKEI	22712.75	+125.88
		+0.56%
HANG SENG	28804.28	+23.14
		+0.08%
SENSEX	37336.85	+352.21
		+0.95%
FTSE 100*	7701.31	+38.14
		+0.50%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.295		2.291
CND. 30 Year Bond		2.332		2.327
U.S.    10 Year Bond		2.9561		2.9764
U.S. 30 Year Bond		3.0838		3.0998

Currencies

BOC Close	Today	Previous
Canadian $	0.76551	0.76462
US $	1.30632	1.30783
Euro Rate 1 Euro=		Inverse
Canadian $	1.52302	0.65659
US $	1.16589	0.85771

Commodities

Gold	Close	Previous
London Gold Fix	1228.25	1231.50
Oil
WTI Crude Future	68.69	69.61

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks retreated as tech stocks tumbled the most since 2013 and crude prices posted a fourth straight weekly drop.
     The S&P/TSX Composite Index lost 62 points or 0.4 percent to 16,393.95, bringing the weekly decline to 0.3 percent. The tech sector led Friday’s drop, sliding 4.2 percent after Twitter followed Facebook in reporting disappointing results.
     Energy shares fell 0.6 percent as crude fell for a fourth week. Cameco Corp. lost 4.3 percent one day after announcing that it’s indefinitely extending the shutdown of one of the world’s largest uranium mines.
     In other moves:
                            Stocks
* Constellation Software Inc. tumbled 9 percent, the most since 2006, after second-quarter results missed the lowest analyst estimate
* TFI International Inc. jumped 10 percent to a record high.  Strong second-quarter results prompted two analyst upgrades
* New Gold Inc. fell 13 percent, adding to Thursday’s 21 percent drop. The stock received several downgrades after reporting a disappointing mine update
                            Commodities
* Western Canada Select crude oil traded at a $28.90 discount to WTI
* Gold fell 0.2 percent to $1,223.00 an ounce
                            FX/Bonds
* The Canadian dollar strengthened 0.1 percent to C$1.3061 per U.S. dollar
* The Canada 10-year government bond yield rose 1 basis point to 2.30 percent
US
By Sarah Ponczek and Olivia Schaber
     (Bloomberg) — Tech stocks took another beating Friday, as Twitter followed Facebook in delivering disappointing results and Intel said a key new chip technology wouldn’t be out until late next year. The dollar weakened and Treasuries gained.
     The Nasdaq Composite Index hit a two-week low thanks to the underwhelming news. Still, the S&P 500 Index was up almost 1 percent on the week, as positive earnings from Amazon and a robust second-quarter U.S. GDP figure buoyed some sectors. There could be more turbulence next week, with companies including Tesla set to report.
     “The upside is harder than the downside. If you miss, you get nailed,” Joseph Kinahan, the chief market strategist at TD Ameritrade, said by phone. “The thing is, so many companies are hitting, all economic numbers are coming in really good, and I think that’s why you’re seeing the market perform so well.”
     The Stoxx Europe 600 Index headed for its best week since March as banks and telecommunications firms gained. West Texas intermediate crude dropped.
     The GDP data underscored the Federal Reserve’s policy path at a time when investors’ focus is returning to central banks. In Japan, reports suggested BOJ officials are debating ways to reduce the side-effects of their yield-curve control policy. The European Central Bank said Thursday that it will stick to its plan to end bond purchases and pledged to keep interest rates unchanged “at least through the summer of 2019.”
     These are the main moves in markets:
                            Stocks
* The S&P 500 Index fell 0.7 percent as of 4:01 p.m. New York time.
* The Stoxx Europe 600 Index climbed 0.4 percent to the highest in almost six weeks.
* The U.K.’s FTSE 100 Index jumped 0.5 percent.
* The MSCI Emerging Market Index increased 0.3 percent to the highest in five weeks.
                            Currencies
* The Bloomberg Dollar Spot Index fell 0.2 percent.
* The euro advanced 0.1 percent to $1.1659.
* The British pound gained less than 0.05 percent $1.3111.
* The Japanese yen advanced 0.2 percent to 110.99 per dollar.
                            Bonds
* The yield on 10-year Treasuries fell two basis points to 2.96 percent.
* Germany’s 10-year yield declined less than one basis point to 0.40 percent.
* Britain’s 10-year yield advanced less than one basis point to 1.28 percent.
                            Commodities
* West Texas Intermediate crude fell 1.1 percent to $68.87 a barrel.
* LME copper gained 0.1 percent to $6,297.00 a metric ton.
* Gold advanced 0.15 percent to $1,223.41 an ounce.
–With assistance from Adam Haigh, Lananh Nguyen and Yakob Peterseil. 

Have a great weekend.

Be magnificent!

As ever,

 

Carolann

 

Good words are worth much, and cost little.
                  -George Herbert,  1593-1633

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:
Mick Jagger, b. 1943
Carl Jung, b. 1875
Aldous Huxley, b. 1894

In today’s NY Times:

The man who has been verified by Guinness World Records as the world’s oldest celebrated his 113th birthday on Wednesday. 

Masazo Nonaka was born on the Japanese island of Hokkaido in 1905, the same year Albert Einstein published his theory of special relativity and the Wright brothers conducted some of their early powered flights. 

Masazo Nonaka in April, after being certified as the world’s oldest man.
Kyodo, via Reuters 

The problem faced by most supercentenarians — people who are more than 110 years old — is that their ages can’t be validated unless they have birth records and multiple documents from throughout their lives. 

So while gerontologists say the number of documented supercentenarians is around 150, the unverified total may be closer to 1,000. 

A man who died this year in Chile had claimed to be 121, and a man who died in Indonesia last year said he was 146. But neither man’s age was independently verified. 

Although Mr. Nonaka is the oldest living man whose age has been validated, he’s only the 17th-oldest person, according to the Gerontology Research Group, whose list shows that most supercentenarians are women. 

The world’s oldest person ever authenticated was Jeanne Louise Calment of France, who lived to 122. 

Anna Schaverien wrote today’s Back Story.

PHOTOS OF THE DAY

Dancer Jonathan Eden from MOMIX performs a scene from “Man Fan (Botanica)” during a dress rehearsal before opening night at the Joyce Theater in New York, USA. MOMIX, the company of dance illusionists under the direction of Moses Pendleton is at The Joyce Theater in New York City from July 24 to August 12. Credit: Timothy A. Clary/AFP/Getty Images

France’s Julian Alaphilippe, wearing the best climber’s polka dot jersey ( R ) seizes the fork of Tour de France fan Didi Senft (L) during the 17^th stage of the Tour de France, between Bagneres-de-Luchon and Saint-Lary-Soulan Col du Portet, southwestern France. Credit: Jeff Pachoud/AFP/Getty Images
Market Closes for July 26^th, 2018

Market Index	Close	Change
Dow Jones	25527.07	+112.97   +0.44%
S&P 500	2837.44	-8.63   -0.30%
NASDAQ	7852.184	-80.055   -1.01%
TSX	16455.73	+34.97
		+0.21%

International Markets

Market Index	Close	Change
NIKKEI	22586.87	-27.38
		-0.12%
HANG SENG	28781.14	-139.76
		-0.48%
SENSEX	36984.64	+126.41
		+0.34%
FTSE 100*	7663.17	+4.91
		+0.06%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.291		2.286
CND. 30 Year Bond		2.327		2.316
U.S.    10 Year Bond		2.9764		2.9708
U.S. 30 Year Bond		3.0998		3.1006

Currencies

BOC Close	Today	Previous
Canadian $	0.76462	0.76664
US $	1.30783	1.30440
Euro Rate 1 Euro=		Inverse
Canadian $	1.52237	0.65687
US $	1.16404	0.85908

Commodities

Gold	Close	Previous
London Gold Fix	1231.50	1228.35
Oil
WTI Crude Future	69.61	71.10

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canada’s lack of exposure to technology stocks proved a boon Thursday, with the country’s benchmark bucking the trend set by its U.S. peers and closing higher.
     The S&P/TSX Composite Index added 35 points or 0.2 percent to 16,455.73, the highest in a week, while U.S. stocks retreated on Facebook Inc.’s historic plunge. Energy stocks led the gains, rising 0.8 percent after Saudi Arabia halted oil shipments following an attack.
     Materials fell 0.7 percent as gold miners were hit by falling prices and weak second-quarter results. Barrick Gold Corp. lost 6.3 percent to the lowest since 2016 after production fell and costs rose.
     In other moves:
                            Stocks
* New Gold Inc. tumbled 21 percent to the lowest since 2009 after the company provided a disappointing update for its Rainy River mine
* Teck Resources Ltd. added 4.9 percent. The company is seeking a partner for a big Chilean copper project ahead of a final development decision
* Linamar Corp. rose 6.1 percent, leading Canadian auto suppliers higher after U.S. President Donald Trump backed off his threat to levy tariffs on car imports during a meeting with European Commission President Jean-Claude Juncker
                            Commodities
* Western Canada Select crude oil traded at a $28.90 discount to WTI, the widest gap since February
* Aeco natural gas traded at a $1.80 discount to Henry Hub
* Gold fell 0.5 percent to $1,225.70 an ounce
                            FX/Bonds
* The Canadian dollar weakened 0.2 percent to C$1.3073 per U.S. dollar
* The Canada 10-year government bond yield was little changed at 2.29 percent
US
By Sarah Ponczek
     (Bloomberg) — U.S. equity indexes closed mostly lower Thursday thanks to Facebook Inc.’s plunge, as gains in the energy and industrial sectors weren’t enough to offset the social network’s meltdown.
     Facebook tumbled as much as 20 percent, driving the Nasdaq down, after revenue and user growth missed estimates. The S&P 500 Index declined for the first time this week even as broader sectors rallied. After the close, traders will shift attention to Amazon.com, one of a raft of earnings coming out this week.  Twitter reports Friday.
     “On a day like this, if one of the leaders, especially a FANG stock, gets hit, all tech is going to trade off, so the Nasdaq is going to drop,” Mark DeVaul, portfolio manager for the Hennessy Equity and Income Fund, said in an interview at Bloomberg’s New York headquarters. “There’s a lot of earnings out this week from other companies so if a couple other S&P leaders have decent numbers and they’re up, they can offset the impact of Facebook.”
     In Europe, the Stoxx 600 Index climbed after President Donald Trump agreed with European Commission chief Jean-Claude Juncker to suspend new tariffs while continuing to negotiate over trade. The euro declined as the European Central Bank held interest rates, while the dollar advanced. The ECB said it will stick to its plan to end bond purchases and pledged to keep interest rates unchanged “at least through the summer of 2019.” Treasuries were little changed; European bond benchmarks sank.
     Trump’s meeting with Juncker came amid a slew of company results, some of which reflected the impact of recent trade threats from the White House. Automakers were especially hard hit. Ford Motor Co. joined General Motors Co. in cutting forecasts. Daimler AG warned lower earnings at its Mercedes-Benz unit will extend into the third quarter because of higher trade barriers.
     Elsewhere, West Texas crude ticked higher after an attack on Saudi tankers stoked supply concerns. Emerging-market stocks declined. In Asia, Japan’s Topix index and South Korea’s Kospi rose, while the Shanghai composite fell. The Turkish lira took another beating after Trump threatened sanctions if the nation doesn’t release an American pastor.
     Here are some key events coming up this week:
* Earnings season continues with the following tech companies among those reporting: Amazon.com, Twitter, Advanced Micro Devices, Qualcomm and Intel.
* U.S. gross domestic product probably increased by about 4.2 percent at an annualized rate in the second quarter, the most since 2014, economists forecast ahead of Friday’s data.
     These are the main moves in markets:
                            Stocks
* The S&P 500 Index fell 0.3 percent as of 4 p.m. New York time.
* The Stoxx Europe 600 Index rose 0.9 percent to its highest in almost six weeks.
* The U.K.’s FTSE 100 Index gained 0.1 percent
* The MSCI Emerging Market Index declined 0.1 percent.
                            Currencies
* The Bloomberg Dollar Spot Index rose 0.5 percent, the largest advance in two weeks.
* The euro declined 0.7 percent to $1.1643, the biggest drop in four weeks.
* The British pound decreased 0.6 percent to $1.3108.
* The Japanese yen fell 0.2 percent to 111.25 per dollar.
                            Bonds
* The yield on 10-year Treasuries advanced less than one basis point to 2.98 percent.
* Germany’s 10-year yield gained one basis point to 0.40 percent.
* Britain’s 10-year yield advanced less than one basis point to 1.278 percent.
                            Commodities
* West Texas Intermediate crude advanced 0.4 percent to $69.60 a barrel.
* LME copper gained less than 0.05 percent to $6,291.00 a metric ton.
* Gold dipped 0.7 percent to $1,223.06 an ounce. 

–With assistance from Adam Haigh and Yakob Peterseil.

Have a great night.

Be magnificent.

As ever,

 

Carolann 

 

A friend is one who knows you and loves you just the same.
                                    -Elbert Hubbard, 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

Dear Friends,

Tangents:
July 25, 1909 Louis Blériot makes the first crossing of the English Channel by air:
Four thirty-five a.m.  Tout est prêt!  In an instant I am in the air, my engine making 1,200 revolutions – almost its highest speed – in order that I may get quickly over the telegraph wires along the edge of the cliff.  As soon as I am over the cliff I reduce my speed.  There is now no need to force my engine.  I begin my flight, steady and sure, towards the coast of England.  I have no apprehensions, no sensations, pas du tout.  The [destroyer] Escopette has seen me.  She is driving ahead across the Channel at full speed.  She makes perhaps 26 miles per hour.  What matters?  I am making over 40 mph.   Rapidly I overtake her, travelling at a height of 250 feet.  The moment is supreme, yet I surprised myself by feeling no exultation,  Below me is the sea; the motion of the waves is not pleasant.  I drive on.  Ten minutes go.  I turn my head to see whether I am proceeding in the right direction.  I am amazed.  There is nothing to be seen – neither the destroyer, nor France, nor England.  I am alone.  I am lost.
  Then I saw the cliffs of Dover!  Away to the west was the spot where I had intended to land.  The wind has taken me out of my course.  I turned and now I was in difficulties, for the wind here by the cliffs was much stronger, and my speed was reduced as I fought against it.  My beautiful aeroplane responded.  I saw an opening and I found myself over dry land.  I attempted a landing, but the wind caught me and  whirled me round two or three times.  At once I stopped my motor, and instantly my machine fell straight on the ground. I was safe on your shore.  Soldiers in khaki ran up, and also a policeman.  Two of my compatriots were on the spot.  They  kissed my cheeks.  I was overwhelmed.
  On July 25, 1943, King Victor Emmanuel announced to Italy that he had accepted the “resignations” of Premier Benito Mussolini and his entire cabinet, leading to the end of Italy’s alliance with Nazi Germany in World War II. 
Go to article »

PHOTOS OF THE DAY

A slow shutter speed picture shows lava streaming down from Mount Anak Krakatau (Child of Krakatoa) during an eruption as seen from Rakata island in Lampung, Indonesia. Credit: Jefta Images/Barcroft Images

A crowd watches as Australian Aboriginal paintings by six First Nations artists are projected onto the Sydney Opera House as part of the project “Badu Gili 2018”, meaning “water light” in the local Aborigine’s Gadigal language, in Sydney, Australia. Credit: David Gray/Reuters

A boy enjoys himself as he cools off in an outdoor water fountain in Seoul, South Korea. A heat wave warning was issued in Seoul as temperatures soared above 37 degrees Celsius. Credit: Ahn Young-Joon/Ap
Market Closes for July 25^th, 2018

Market Index	Close	Change
Dow Jones	25414.10	+172.16   +0.68%
S&P 500	2846.07	+25.67   +0.91%
NASDAQ	7932.238	+91.471   +1.17%
TSX	16420.76	+30.63
		+0.19%

International Markets

Market Index	Close	Change
NIKKEI	22614.25	+103.77
		+0.46%
HANG SENG	28920.90	+258.33
		+0.90%
SENSEX	36858.23	+33.13
		+0.09%
FTSE 100*	7658.26	-50.79
		-0.66%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.286		2.225
CND. 30 Year Bond		2.316		2.265
U.S.    10 Year Bond		2.9708		2.9486
U.S. 30 Year Bond		3.1006		3.0758

Currencies

BOC Close	Today	Previous
Canadian $	0.76664	0.76000
US $	1.30440	1.31580
Euro Rate 1 Euro=		Inverse
Canadian $	1.53028	0.65348
US $	1.17313	0.85242

Commodities

Gold	Close	Previous
London Gold Fix	1228.35	1224.95
Oil
WTI Crude Future	71.10	70.52

Market Commentary:
Canada
By Stefanie Marotta
     (Bloomberg) — Canadian stocks closed at session highs as news spread that President Donald Trump may have secured concessions from Europe to avoid a trade war.
     The S&P/TSX Composite Index rose 0.2 percent to 16,420.76, ending a 3-day decline. Industrials led gains, climbing 2.4 percent to a record. Toromont Industries Ltd. soared 15 percent to a record high after second-quarter earnings beat analyst estimates, and it was upgraded at BMO to outperform from market perform.
     Real estate companies climbed 0.6 percent, pulled up by FirstService Corp. as the firm jumped 6.8 percent after earnings beat analyst estimates.
     In other moves:
* Aimia Inc. continued its record gain, climbing 36 percent after Air Canada proposed to buy its Aeroplan loyalty program for C$250 million
* AltaGas Ltd. fell 1.6 percent as the Canadian pipeline, natural gas-processing and power-generating company said its chief executive officer stepped down while the board investigates a complaint against him
* Loblaw Cos. recovered slightly from its earlier initial drop, closing down 0.3 percent. The grocer warned of trade war impacts on prices.
                            Commodities
* Western Canada Select crude oil traded at a $26.75 discount to WTI
* Aeco natural gas traded at a $1.75 discount to Henry Hub
* Gold rose 0.6 percent to $1,241.50 an ounce
                            FX/Bonds
* The Canadian dollar strengthened 0.9 percent to C$1.30395 per U.S. dollar
* The Canada 10-year government bond yield rose five basis points to 2.3 percent
US
By Sarah Ponczek and Olivia Schaber
     (Bloomberg) — U.S. equities jumped after Donald Trump reached an agreement with European Commission President Jean- Claude Juncker aimed at averting a trade war. Treasuries declined on the news, while automakers, battered by the threat of tariffs, pared losses.
     The S&P 500 Index pushed higher for the third straight day, and the Dow Jones Industrial Average jumped after word of an agreement was first reported by Dow Jones shortly before U.S. markets closed. The two sides agreed to expand European imports of U.S. liquefied natural gas and soybeans and lower industrial tariffs on both sides, Trump later said in a joint statement with Juncker.
     “Today’s agreement between President Trump and EC President Juncker serves as an example of how the trade negotiations can lead to a positive outcome,” said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance. “Although the market hates uncertainty, it’s important to realize that the removal of that uncertainty can allow the market to move higher.”
     Trump’s meeting with Juncker came amid a raft of earnings from U.S. companies, some of which reflected the impact of recent trade threats from the White House. General Motors shares plunged after the carmaker cut its profit forecast on surging metals prices. Fiat Chrysler also cut its profit outlook.
     Earlier, the Stoxx Europe 600 Index retreated. Asian equities advanced, although Shanghai stocks finished lower as positive sentiment spurred by Beijing’s willingness to support the Chinese economy showed signs of fading.
     The yen edged up after the Bank of Japan refrained from scaling back its bond purchases at a regular operation Wednesday. Most European government bonds rose ahead of Thursday’s European Central Bank meeting. Turkey’s lira regained some of the previous session’s losses, sustained after the central bank unexpectedly kept rates unchanged. Gauges of emerging-market currencies and shares climbed. Texas crude ticked up on stockpile decreases, and gold gained.
     Here are some key events coming up this week:
* Earnings season continues with the following tech companies among those reporting: Amazon.com, Twitter, Advanced Micro Devices, Qualcomm and Intel. Others include Nissan and Shell.
* The European Central Bank’s policy decision is Thursday.
* U.S. gross domestic product probably increased by about 4.2 percent at an annualized rate in the second quarter, the most since 2014, economists forecast ahead of Friday’s data.
     These are the main moves in markets:
                            Stocks
* The S&P 500 Index gained 0.9 percent as of 4 p.m. New York time.
* The Stoxx Europe 600 Index fell 0.3 percent.
* The U.K.’s FTSE 100 Index declined 0.7 percent, its biggest decline in over a week.
* The MSCI Emerging Market Index gained 0.8 percent to the highest in more than a month.
                           Currencies
* The Bloomberg Dollar Spot Index sank 0.5 percent to the lowest in almost seven weeks.
* The euro advanced 0.4 percent to $1.173.
* The British pound climbed 0.3 percent to $1.3191.
* The Japanese yen increased 0.2 percent to 110.97 per dollar, the strongest in over two weeks.
                            Bonds
* The yield on 10-year Treasuries increased two basis points to 2.97 percent.
* Germany’s 10-year yield decreased less than one basis point to 0.40 percent.
* Britain’s 10-year yield fell less than one basis point to 1.274 percent.
                           Commodities
* The Bloomberg Commodity Index increased 1 percent to its highest in over two weeks.
* West Texas Intermediate crude rose 1.3 percent to $69.39 a barrel, the highest in more than a week.
* LME copper fell 0.1 percent to $6,290.00 a metric ton.
* Gold advanced 0.6 percent to $1,231.88 an ounce.
–With assistance from Hans Lee, Adam Haigh, Justina Lee and Eddie van der Walt. 

Have a great night.

Be magnificent! 

As ever,

Carolann

Be as you wish to seem.
-Socrates, c. 470 BC-399 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
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