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July 10, 2018 Newsletter

Dear Friends,

Tangents:
On July 10, 1940, during World War II, the 114-day Battle of Britain began as Nazi forces began attacking southern England by air. By late October, Britain managed to repel the Luftwaffe, which suffered heavy losses. 
Go to article »

PHOTOS OF THE DAY

Kestrels in flight at the opening of the Great Britain Birds of Prey Centre at the National Botanic Garden of Wales. Credit: Chris Fairweather/Huw Evans Agency

The 2018 Audubon Photography Awards, celebrating its ninth year featured bird species protected under conservation law among its winning entries – including cobalt-winged parakeets and black-necked stilts. World-renowned judges, including Steve Freligh, publisher of Nature’s Best Photography, chose photographer Steve Mattheis’ snap on an owl majestically preparing for lift-off as its Grand Prize Winner. Credit: Liron Gertsman/SWNS.COM

The Grand Lake Wetland Park in Ba Likun, Xinjiang, China, has a beautiful sunset. Credit: Costfoto/Barcroft Images

The Milky Way is seen over a “nuraghe” (tower-fortresses) in Sardinia, Italy. Credit: Reuters/Stefano Rellandini

Fireflies give off flashes of light at Linggu Temple in Nanjing, east China’s Jiangsu Province. Credit: Sipa Asia/Zuma Wire/Alamy Live News
Market Closes for July 10th, 2018 

Market

Index

 Close Change
Dow

Jones

 24919.66 +143.07

 

+0.58%
S&P 500 2793.84 +9.67

 

+0.35%
NASDAQ 7759.199 +2.998

 

+0.04%
TSX 16548.72 +96.38
+0.59%

International Markets

Market

Index

 Close Change
NIKKEI 22196.89 +144.71
+0.66%
HANG

SENG

 28682.25 -6.25
-0.02%
SENSEX 36239.62 +304.90
+0.85%
FTSE 100* 7692.04 +4.05
+0.05%

Bonds

Bonds % Yield Previous % Yield
CND.

10 Year Bond

 2.157 2.164
CND.

30 Year

Bond

 2.208 2.210
U.S.   

10 Year Bond

 2.8656 2.8564
U.S.

30 Year Bond

 2.9648 2.9648

Currencies

BOC Close Today Previous  
Canadian $ 0.76170 0.76246
US

$

 1.31285 1.31155
 
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.54134 0.64879
US

$

 1.17401 0.85178

Commodities

Gold Close Previous
London Gold

Fix

 1262.05 1255.35
 
Oil
WTI Crude Future 74.11 73.85

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks hit a second consecutive record as strong earnings from a convenience-store operator pushed consumer staples to their biggest gain in more than two years.
     The S&P/TSX Composite Index added 96 points or 0.6 percent to 16,548.72. Consumer staples jumped 1.8 percent as Alimentation Couche-Tard Inc. gained 6.7 percent to the highest in four months.
    The energy index rose 1.1 percent as the discount for Canadian crude shrank to its narrowest gap in almost a month. Paramount Resources Ltd. gained 7.2 percent and Birchcliff Energy Ltd. added 5.1 percent.
     In other moves:
                            Stocks
* Canopy Growth Corp. fell 1.5 percent. Canopy is buying Hiku Brands Co. for about C$270 million
* Gildan Activewear Inc. rose 2.1 percent after Hedgeye added the stock its Best Idea Long list
* Toronto-Dominion Bank added 0.4 percent. The bank is buying Greystone Capital Management Inc. for C$792 million
                            Commodities
* Western Canada Select crude oil traded at a $18.60 discount to WTI
* Gold fell 0.3 percent to $1,255.40 an ounce
                            FX/Bonds
* The Canadian dollar weakened 0.1 percent to C$1.3115 per U.S. dollar
* The Canada 10-year government bond yield fell 1 basis point to 2.16 percent
US
By Randall Jensen
     (Bloomberg) — Stocks rose and Treasuries fell as a lull in the trade war gave investors room to focus on the start of the earnings season.
     The S&P 500 Index gained for a fourth day, the longest streak since the beginning of June. PepsiCo Inc. jumped more than 4 percent after reporting better-than-forecast profit, while banks fell ahead of JPMorgan Chase & Co. and Citigroup Inc. results Friday. The Russell 2000 Index declined, ending a five-day rally.
     The dollar reversed earlier gains as the euro pared losses. Treasury yields advanced for a second session and West Texas crude held at around $74 a barrel.
     “The last couple days people have said, ‘well, the tariffs went into effect on Friday, the world didn’t end,’” JP Gravitt, chief executive officer and market strategist for Market Realist, said in an interview at Bloomberg’s New York headquarters. “Stocks are directionless, they just want the numbers. They need the numbers right now because there’s a lot of stuff out there that we don’t know.”
     With fewer trade-war headlines rattling markets since Friday’s imposition of U.S. and Chinese tariffs, investors turn their attention to earnings season in the hope that strong results can complement a recent run of positive economic data.
     Elsewhere, a basket of emerging-market currencies gained, while Turkey’s lira climbed after yesterday’s end-of-day tumble as traders came to terms with President Recep Tayyip Erdogan latest power grab.
     These are some events to look out for this week:
* Earnings season gets going with JPMorgan and Citigroup among the largest companies due to give results, as well as India’s Infosys Ltd.
* The most noteworthy U.S. data may be the June inflation report on Thursday, which consensus expects will show both headline and core price growth picking up. There’s another deluge of Treasury debt sales too, with a total $156 billion of notes and bills offered.
* Chinese trade data due at the end of the week will probably show slightly slower export growth, after early indicators pointed to softer overseas demand and weaker export orders, Bloomberg Economics said.
     Here are the main market moves:
                            Stocks
* The S&P 500 Index climbed 0.4 percent to 2,793.82 as of 4 p.m. New York time.
* The Dow Jones Industrial Average rose 0.6 percent, it’s fourth day of gains.
* The Russell 2000 Index fell 0.5 percent.
* The Stoxx Europe 600 Index rose 0.4 percent.
* The MSCI All-Country World Index gained 0.2 percent.
* The MSCI Emerging Market Index advanced 0.2 percent.
                            Currencies
* The Bloomberg Dollar Spot Index dropped 0.1 percent.
* The euro fell 0.1 percent to $1.1745.
* The British pound rose 0.1 percent to $1.3270.
* The Japanese yen sank 0.4 percent to 111.28 per dollar.                            
                           Bonds
* The yield on 10-year Treasuries rose one basis point to 2.867 percent.
* Germany’s 10-year yield gained two basis points to 0.32 percent.
* Britain’s 10-year yield advanced five basis points to 1.302 percent.
                            Commodities
* The Bloomberg Commodity Index fell 0.4 percent.
* West Texas Intermediate crude rose 0.3 percent to $74.07 a barrel.
* Gold declined 0.2 percent to $1,255.74 an ounce.
–With assistance from Lananh Nguyen, Jeremy Herron, Sarah Ponczek and Eddie van der Walt. 

Have a great evening.

Be magnificent!

As ever,

 Carolann

Great things are done by a series of small things brought together.
                                                 -Vincent Van Gogh, 1853-1890

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

Posted on

July 9, 2018 Newsletter

Dear Friends,

Tangents:

This poem appeared in the Financial Times this past Saturday:

BRONTESAURUS
   -by Jeanette Winterson

Fossil record of a miracle
Bone by Bone
Word for Word
Three Women writing the Past into the Future
Line by Line
Listen to the Wildfell of your heart
Do not betray what you love
The earth opens like a book
You are come back to me then?
BRONTISSIMO

This new, unpublished poem is part of the Brontë Stones project being launched this weekend [July7-8, 2018], commissioned by Bradford Literature Festival in association with Provident Financial Group.  The project features four new, original works of writing by Jeanette Winterson, Kate Bush, Carol Ann Duffy and Jackie Kay, engraved on to stones in different locations connecting the Brontë sisters’ birthplace in Thornton and the Brontë family parsonage (now Brontë Parsonage Museum) at Haworth.  bradfordlitfest.co.uk.

PHOTOS OF THE DAY

Three-masted topsail schooner Oosterschelde, of the Sail Royal Greenwich Tall Ships Festival Fleet, passes under Tower Bridge as tourists took in the sights of the River Themes. Credit: Paul Quezada-Neiman/Alamy Live News

Horseman ride in a choreographed cavalry charge in a fantasia during the 14th Tan-Tan Moussem Berber festival in the western Moroccan desert town of Tan-Tan. The festival, which is recognized by UNESCO as a “Masterpiece of the Oral and Intangible Heritage of Humanity”, is organized every year to promote local traditions and brings together nomadic tribes from northern Africa. Credit: Karim Sahib/AFP/Getty Images

A ballerina watches the broadcast of the World Cup quarter-final match between Russia and Croatia at the Mikhailovsky Theatre. Credit: Anton Vaganov/Reuters
Market Closes for July 9th, 2018

Market

Index

 Close Change
Dow

Jones

 24776.59 +320.11

+1.31%
S&P 500 2784.17 +24.35

 

+0.88%
NASDAQ 7756.203 +67.816

 

+0.88%
TSX 16452.34 +80.56
+0.49%

International Markets

Market

Index

 Close Change
NIKKEI 22052.18 +264.04
+1.21%
HANG

SENG

 28688.50 +372.88
+1.32%
SENSEX 35934.72 +276.86
+0.78%
FTSE 100* 7687.99 +70.29
+0.92%

Bonds

Bonds % Yield Previous % Yield
CND.

10 Year Bond

 2.164 2.130
CND.

30 Year

Bond

 2.210 2.168
U.S.   

10 Year Bond

 2.8564 2.8217
U.S.

30 Year Bond

 2.9648 2.9293

Currencies

BOC Close Today Previous  
Canadian $ 0.76246 0.76416
US

$

 1.31155 1.30863
 
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.54128 0.64881
US

$

 1.17498 0.85108

Commodities

Gold Close Previous
London Gold

Fix

 1255.35 1255.50
 
Oil
WTI Crude Future 73.85 73.80

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks closed at a fresh record, tracking global indexes higher, as investors shrugged off trade fears, with industrials leading the gains.
     The S&P/TSX Composite Index added 81 points or 0.5 percent to 16,452.34, just ahead of its previous high of 16,450 hit on June 22. Industrials rose 1.9 percent as trade-sensitive stocks rallied, with Air Canada gaining 3.8 percent and Canadian Pacific Railway Ltd. adding 3.4 percent.
     Utilities were the biggest decliners, losing 1 percent as bond yields rose. Atco Ltd. fell 2 percent and Fortis Inc. slid 1.9 percent.
     In other moves:
                          Stocks
* Pretium Resources Inc. jumped 15 percent to the highest since January after it reported second-quarter production results and said its Brucejack mine reached steady-state production
* Precision Drilling Corp. gained 6.8 percent, the most in three months. The oilfield driller was awarded a contract in Kuwait and said it has 54 active rigs in Canada
* Canadian National Railway Co. rose 2.7 percent. The carrier was upgraded to buy from hold at Deutsche Bank on expected margin expansion and earnings growth
                          Commodities
* Western Canada Select crude oil traded at a $19.00 discount to WTI, the narrowest gap in more than three weeks
* Gold rose 0.3 percent to $1,259.60 an ounce, the highest in two weeks
                          FX/Bonds
* The Canadian dollar weakened 0.2 percent to C$1.3118 per U.S. dollar
* The Canada 10-year government bond yield rose three basis points to 2.16 percent
US
By Jeremy Herron and Sarah Ponczek
     (Bloomberg) — U.S. equities rose to the highest in almost a month as investors set aside concern about escalating trade tensions and rising political tension abroad to focus on the coming earnings season. The dollar gained versus major peers and Treasuries retreated.
     The S&P 500 Index climbed for a third day and the Dow Jones Industrial Average popped through key technical levels. Miners and energy producers took the Stoxx Europe 600 Index to a fifth consecutive advance, the longest winning streak since March. The MSCI Asia Pacific Index jumped the most in a month.
     The pound erased gains after pro-Brexit official Boris Johnson quit as U.K. foreign secretary throwing the U.K. government into turmoil over negotiations to leave the European Union. The dollar strengthened against most major peers. The Turkish lira retreated after President Recep Erdogan named his son-in-law finance minister. The Chinese yuan rebounded after its fourth weekly decline.
     The start of earnings season this week may divert some attention away from the trade war that’s kept global stocks under pressure, while data out Friday supported sentiment. The U.S. jobs report showed another month of gains in excess of 200,000, while German industrial production beat all estimates for May. Those signs of strength contrasted with protectionist tensions after China retaliated against U.S. tariff increases.
     “The markets, especially after the report on unemployment last week, seem to be pretty comfortable looking ahead and getting all the jitters about the trade war away,” Omar Aguilar, chief investment officer for equities at Charles Schwab Investment Management, said by phone. “Having the market paying more attention to earnings and fundamentals is clearly a good sign.”
     These are some events to look out for this week:
* Chinese trade data due at the end of the week will probably show slightly slower export growth, after early indicators pointed to softer overseas demand and weaker export orders, Bloomberg Economics said. China releases June PPI and CPI on Tuesday, both of which should show a pickup.
* The most noteworthy U.S. data is the June inflation report on Thursday, which consensus expects will show both headline and core price growth picking up. There’s another deluge of Treasury debt sales too, with a total $156 billion of notes and bills offered.
* Earnings season gets going with JPMorgan Chase & Co. and Citigroup among the largest companies due to give results, as well as India’s Infosys Ltd.
     Here are the main market moves:
                          Stocks
* The S&P 500 rose 0.9 percent to 2,784.28 as of 4 p.m. in New York, the highest close since June 12.
* The Dow added 321 points to 24,777.51, a level last seen on June 18.
* The Stoxx Europe 600 Index rose 0.6 percent, hitting the highest in more than two weeks.
* The MSCI All-Country World Index increased 0.9 percent to the highest in almost three weeks.
* The MSCI Emerging Market Index advanced 1.4 percent on the largest gain in more than a week.
* The MSCI Asia Pacific Index surged 1.3 percent.
                            Currencies
* The Bloomberg Dollar Spot Index rose 0.1 percent.
* The euro fell 0.1 percent to $1.1736.
* The British pound fell 0.5 percent to $1.3215.
* The Japanese yen slid 0.4 percent to 110.852 per dollar.
                            Bonds
* The yield on 10-year Treasuries gained four basis points to2.86 percent, the highest in a week.
* Germany’s 10-year yield increased three basis points to 0.32 percent.
* Britain’s 10-year yield advanced five basis points to 1.312 percent.
                            Commodities
* The Bloomberg Commodity Index was little changed after touching the highest a week.
* West Texas Intermediate crude fell 0.1 percent to $73.72 a barrel.
* Gold futures increased 0.6 percent to $1,263.60 an ounce, the highest in two weeks.
–With assistance from Eddie van der Walt. 

Have a great night.

Be magnificent!

As ever,

Carolann

No man can lose what he never had.
            -Izaak Walton, 1593-1683

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

Posted on

July 6, 2018 Newsletter

Dear Friends,

Tangents: HAPPY FRIDAY!

July 6, 1854: Republican party formed.

Politics is supposed to be the second oldest profession. I have come to realize that it bears a very close resemblance to the first.  -Ronald Reagan

Since a boys’ soccer team became trapped in a flooded cave in Thailand on June 23, a sprawling rescue effort has captured the world’s attention.

The effort is the latest chapter in the annals of cave rescues.
cave.jpg
A cave rescue in Germany in 2014.
Bergwacht Bayern, via Getty Images

The sport of caving was first developed in the late 19th century, and its popularity grew partly as a result of explorations by Édouard-Alfred Martel, a caving pioneer from France. The first clubs were formed in England in the 1920s and ’30s.

Comprehensive data on worldwide cave rescues since then is scarce. But one study found that there were 1,356 documented cases of “cavers requiring rescue” in the U.S. from 1980 to 2008.

And the Cave Rescue Organization, the oldest cave-rescue group in Britain, says it has responded to 2,927 episodes since its founding in 1935. Of those, 745 were in caves; the rest were on mountains and in disused mines or other locations.

The all-volunteer group says the episodes involved 4,193 people and hundreds of animals, including 252 lambs, 226 sheep, 79 dogs, nine cows, nine ducks, one rabbit and one cat. 

Mike Ives wrote today’s Back Story., New York Times, July 6, 2018

PHOTOS OF THE DAY

A vendor waits for clients at a flower booth at a local market during the 2018 soccer World Cup in Kazan, Russia. Credit: The Telegraph

A man looks at goldfish during a press preview of the 2016 EDO Nihonbashi Art Aquarium exhibition om Tokyo, Japan. Credit: Martin Bureau/AFP/Getty Images

Rare Bioluminescent Plankton light up the ocean in Penmon, Anglesey, Wales. Credit: Paul Joinson/SWNS.COM

A woman views an installation of umbrellas at a night market in Chiang Mai, Thailand. Credit: Taylor Weidman/Bloomberg
Market Closes for July 6th, 2018

Market

Index

 Close Change
Dow

Jones

 24456.48 +99.74

 

+0.41%
S&P 500 2759.82 +23.21

+0.85%
NASDAQ 7688.387 +101.960

+1.34%
TSX 16371.78 +105.17
+0.65%

International Markets

Market

Index

 Close Change
NIKKEI 21788.14 +241.15
+1.12%
HANG

SENG

 28315.62 +133.53
+0.47%
SENSEX 35657.86 +83.31
+0.23%
FTSE 100* 7617.70 +14.48
+0.19%

Bonds

Bonds % Yield Previous % Yield
CND.

10 Year Bond

 2.130 2.147
CND.

30 Year

Bond

 2.168 2.187
U.S.   

10 Year Bond

 2.8217 2.8345
U.S.

30 Year Bond

 2.9293 2.9493

Currencies

BOC Close Today Previous  
Canadian $ 0.76416 0.76099
US

$

 1.30863 1.31407
 
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.53752 0.65040
US

$

 1.17490 0.85113

Commodities

Gold Close Previous
London Gold

Fix

 1255.50 1255.65
 
Oil
WTI Crude Future 73.80 72.94

Market Commentary:
Canada
By Stefanie Marotta
     (Bloomberg) — Canadian stocks rose even as the country’s trade deficit in May widened thanks to an unexpected decline in exports.
     The S&P/TSX Composite Index rose 0.7 percent to 16,371.78, the largest gain in two weeks. Telecom led gains, rising 1.7 percent to the highest point since January. Rogers Communications Inc. climbed 1.8 percent, the most since April.
     Transcontinental Inc. added 5.5 percent, the most in four weeks. The printing company dropped below $30 for the first time in a month yesterday, spurring some investors to jump on the lower price.
     In other moves:
                             Stocks
* Cogeco Communications Inc. climbed 3.6 percent after National Bank of Canada upgraded it to outperform from sector perform.
* Meg Energy Corporation rose 3 percent despite AltaCorp Capital downgraded to sector perform from outperform
Commodities
* Western Canada Select crude oil traded at a $19.60 discount to WTI
* Aeco natural gas traded at a $1.89 discount to Henry Hub
* Gold fell 0.2 percent to $1,255.80 n ounce
                              FX/Bonds
* The Canadian dollar strengthened 0.2 percent to C$1.31027 per U.S. dollar
* The Canada 10-year government bond yield fell two basis points to 2.128 percent
US
By Sarah Ponczek and Olivia Schaber
     (Bloomberg) — Technology beat the trade war, for a day at least.
     U.S. stocks rose in light trading Friday as biotech shares drove gains following a report that Biogen Inc.’s Alzheimer’s drug showed positive results in a large clinical trial. The dollar extended losses and Treasuries climbed as investors assessed a mixed jobs report and the impact of an escalating trade rift with China.
     All major U.S. equity benchmarks were higher. The S&P 500 Index rose, clinching its biggest weekly increase in a month, following the release of the employment report, which showed U.S. hiring topped forecasts in June. Nasdaq gauges jumped by more than 1 percent with biotech firms, chipmakers, and software and tech hardware companies leading the way.
     Volume was soft, with trading in S&P 500 stocks 23 percent below normal and Dow Jones Industrial Average shares 32 percent off their daily average. The dollar was lower and Treasuries rose as traders tried to determine how the Federal Reserve will react to the jobs report showing wage increases slowing.
     “In many respects, it’s the best of a lot of worlds,” David Ader, chief macro strategist at Informa Financial Intelligence, said of the jobs report. “You’re not seeing inflation in this number. This doesn’t change anything for the Fed, and that I think is very, very important.”
     Global stocks had been under pressure after China said it was retaliating over U.S. tariffs and President Donald Trump threatened to impose levies on even more Chinese goods. The escalating tit-for-tat is stoking market fears that the world economy could become destabilized amid a trade war that isn’t set to end anytime soon. For example, billionaire Ray Dalio, founder of the investment firm Bridgewater Associates, tweeted that “Today is the first day of the war with China.”
     “If there’s one thing we’ve learned over the past couple of years, it’s that politics hasn’t been rattling the markets,” said Brad McMillan, chief investment officer for Commonwealth Financial Network. “But it’s the next phase, when it shows up in things people buy on a day-to-day basis — that’s when it starts to get nasty.”
     Follow our live blog as China says it is forced to retaliate on U.S. tariffs.
     The Bloomberg Commodity Index reversed a loss and moved higher. West Texas crude slipped below $73 a barrel early in the session before surging higher, and copper traded at a one-year low after suffering its worst week since January 2015. Emerging- market shares put up their first gain of the week.
     In Europe, stocks drifted higher, with defensive plays such as utilities among the leaders, underscoring the cautious mood. Deutsche Bank AG rose on speculation of takeover bids. The euro rose after a jump in German industrial production.
     Here are the main market moves:
                           Stocks
* The S&P 500 gained 0.8 percent to 2,759.71, while the Nasdaq 100 Index rose 1.5 percent and posted its best week since May.
* The Stoxx Europe 600 Index added 0.2 percent
* The MSCI All-Country World Index climbed 0.8 percent to the highest in two weeks.
* The MSCI Emerging Market Index increased 0.7 percent, the first advance in a week.
                            Currencies
* The Bloomberg Dollar Spot Index fell 0.4 percent to the lowest in about a month.
* The euro jumped 0.5 percent to $1.1744, the strongest in more than three weeks.
* The British pound climbed 0.4 percent to $1.3277, the strongest in more than a week.
* The Japanese yen nudged 0.2 percent higher to 110.44 per dollar.
                            Bonds
* The yield on 10-year Treasuries dipped less than a basis point to 2.8336 percent.
* Germany’s 10-year yield slid one basis point to 0.292 percent, the lowest in more than five weeks.
* Britain’s 10-year yield added one basis point to 1.267 percent.
                           Commodities
* The Bloomberg Commodity Index rose 0.8 percent.
* West Texas Intermediate crude surged 1.2 percent to $73.82 a barrel.
* LME copper sank 1 percent to $6,282 per metric ton, reaching the lowest in about a year on its worst week since January 2015.
* Gold dipped 0.2 percent to $1,255.08 an ounce.
–With assistance from Sid Verma, Eddie van der Walt and Katia Dmitrieva.

Have a great weekend. 

Be magnificent!

As ever,

Carolann

Romance is everything.
-Gertrude Stein, 1874-1946 

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

Posted on

July 5, 2018 Newsletter

Dear Friends,

Tangents: Tynwald Day: Viking Mid-summer Day, Isle of Man.

First Bikini Swimsuit, July 5, 1946: Bikini swimsuits get their name from Bikini Atoll in the south Pacific.  French fashion designer Louis Réard chose the name to upstage rival designer Jacques Heim who had started selling a two-piece called the Atome.  On July 5, 1946, four days after the US tested an atomic bomb over Bikini, Réard launched his explosively small creation under the suddenly well-known name.   See www.binkiniscience.com.

On July 5, 1975, Arthur Ashe became the first black man to win a Wimbledon singles title as he defeated Jimmy Connors.

Spam — the canned meat, not the unwanted email — might deserve more respect.

On this day in 1937, Hormel Foods introduced the mix of pork shoulder and ham, whose name is derived from “spiced ham.” (No, it doesn’t stand for “Something Posing As Meat.”) Since then, Spam has been a muse for poets, comedians and chefs, and it helped win World War II.

The Times’s obituary for Jay Hormel, Spam’s creator, said he was the first to successfully can ham. Cooking the meat inside the can produced a natural gelatin, increased shelf life and made it useful in battle. President Dwight D. Eisenhower wrote a letter praising Spam, and the former Soviet premier Nikita Khrushchev said his country couldn’t have fed its troops without it.

Hawaii embraced Spam during the war, too, and the affection never ceased. The state consumes the most in America, with seven million cans a year, or five cans per person.

“In all of its high-sodium, gravy-drenched glory, Spam has, in every sense, found its way into my heart,” the chef Anthony Bourdain, who died last month, said during a visit to Hawaii for his show “No Reservations.” “I get it now. I feel inducted into the Church of True Knowledge.”

Robb Todd wrote today’s Back Story.  –The New York Times, July 5, 2018

PHOTOS OF THE DAY

French President Emmanuel Macron meets with a young boy who drew a portrait of him during a visit to the New Afrika Shrine in Lagos, Nigeria. Credit: Ludovic Marin/AP

Lightning flashes illuminate the sky over the Saint-Michel church in Bordeaux, southwestern France. Credit: Nicolas Tucat/AFP/Getty Images

A model walks the runway during the Maison Margiela Haute Couture Fall Winter 2018/2019 show as part of Paris Fashion Week in France. Credit: Thierry Chesnot/Getty Images
Market Closes for July 5th, 2018

Market

Index

 Close Change
Dow

Jones

 24356.74 +181.92

 

+0.75%
S&P 500 2736.63 +23.41

+0.86%
NASDAQ 7586.426 +83.752

+1.12%
TSX 16263.03 -41.69
-0.26%

International Markets

Market

Index

 Close Change
NIKKEI 21546.99 -170.05
-0.78%
HANG

SENG

 28182.09 -59.58
-0.21%
SENSEX 35574.55 -70.85
-0.20%
FTSE 100* 7603.22 +30.13
+0.40%

Bonds

Bonds % Yield Previous % Yield
CND.

10 Year Bond

 2.147 2.162
CND.

30 Year

Bond

 2.187 2.203
U.S.   

10 Year Bond

 2.8345 2.8309
U.S.

30 Year Bond

 2.9493 2.9586

Currencies

BOC Close Today Previous  
Canadian $ 0.76099 0.76084
US

$

 1.31407 1.31434
 
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.53605 0.65102
US

$

 1.16892 0.85549

Commodities

Gold Close Previous
London Gold

Fix

 1255.65 1251.75
 
Oil
WTI Crude Future 72.94 74.14

Market Commentary:
Canada
By Stefanie Marotta
     (Bloomberg) — Canadian stocks fell as global markets rose, weighed down by losses in the energy sector.
     The S&P/TSX Composite Index fell 0.2 percent to 16,266.61 points. Energy dropped 0.9 percent as oil dipped the most in three weeks after an increase in American stockpiles and moves by Saudi Arabia to cool prices.
     Even as the market declined, Bombardier gained 3.4 percent as the jet maker’s competitor Embraer SA inked a $4.75 billion deal with Boeing.
     In other moves:
                            Stocks
* Centerra Gold Inc. slid 9.2 percent amid concerns over regulatory approvals that could affect targets at the Mount Milligan Mill
* Maxar Technologies Ltd. jumped 6.1 percent after the data company’s DigitalGlobe announced a new head of its defense programs
* Canopy Growth Corp. added 2.7 percent after acquiring a Colombian medical cannabis company
                           Commodities
* Western Canada Select crude oil traded at a $20.20 discount to WTI
* Gold rose 0.4 percent to $1,258.00 an ounce
                           FX/Bonds
* The Canadian dollar strengthened 0.03 percent to C$1.3141 per U.S. dollar
* The Canada 10-year government bond yield fell two basis points to 2.15 percent
US
By Sarah Ponczek
     (Bloomberg) — U.S. stocks returned from a holiday break with a strong advance led by technology shares, even as markets prepared Friday’s jobs report and the implementation of fresh tariffs between America and China. The dollar slumped.
     All major equity benchmarks in the U.S. advanced, with the Nasdaq indexes climbing more than 1 percent on strength in chipmakers. European automakers drove the continent’s stock markets higher on hopes of a trans-Atlantic tariff agreement. Asian shares earlier sank to a nine-month low as trade fears increased. Trading was quiet during the U.S. holiday week, with turnover on the S&P 500 and Nasdaq 100 more than 20 percent below normal.
     Investors also assessed minutes from the most recent Federal Reserve meeting where officials affirmed the need for gradual interest rate hikes amid increasing trade risks. And while the jobs report Friday is expected to show continued strength in the American labor market, the midnight deadline for tariffs is fast approaching.
     “The risks are increasing, it’s becoming a bit of a bumpier ride, and I think there probably is some nervousness,” said James McCann, global economist at Aberdeen Standard Investments. “Tightening policy alongside building risks is a more difficult cocktail for them.”
     The dollar fell as jobless data disappointed, and Treasuries were stable. The yuan declined. Commodities slid and those with heavy exposure to international trade were particularly pressured, with iron ore futures in Singapore hitting a seven month low. Oil slumped as inventories unexpectedly rose.
     “A pretty quiet day today as a lot of people are still on vacation,” Matt Maley, an equity strategist at Miller Tabak & Co., wrote in an email to clients. “Those who are at their posts will be waiting to see tomorrow’s employment report and the reaction to the tariffs that will go into effect tomorrow as well.”
     The trade conflict is poised to enter a new phase on Friday with the imposition of fresh tariffs between the world’s two biggest economies. China said it won’t be the first to act and will hold off on enforcement until the U.S. does. Investors are also preparing for the release of Federal Reserve minutes later Thursday and American jobs data on Friday.
     The euro strengthened and sovereign bonds fell as investors repriced the trajectory of ECB rate increases and after data showed German factory orders surged in May. The pound climbed on hawkish comments from Bank of England Governor Mark Carney.
     Elsewhere, emerging-market shares slipped for the eighth time in nine days, and developing-nation currencies held steady.
     These are key events coming up this week:
* U.S. payrolls are due Friday.
* Also on Friday, the U.S. is scheduled to impose tariffs on $34 billion of Chinese goods. Beijing has said it will slap tariffs on an equal value on U.S. exports including agricultural and auto exports.
     Here are the main market moves:
                           Stocks
* The S&P 500 Index rose 0.9 percent to 2,736.61, while the Nasdaq 100 Index climbed 1.2 percent.
* The Stoxx Europe 600 Index gained 0.4 percent to the highest in almost two weeks.
* The MSCI All-Country World Index increased 0.6 percent.
* The MSCI Emerging Market Index fell 0.1 percent.
* The MSCI Asia Pacific Index dipped 0.5 percent to the lowest since October.
                           Currencies
* The Bloomberg Dollar Spot Index dropped 0.2 percent to the lowest in more than three weeks.
* The euro added 0.3 percent to $1.1691.
* The British pound fell 0.1 percent to $1.3221.
* The Japanese yen declined 0.1 percent to 110.64 per dollar.
                           Bonds
* The yield on 10-year Treasuries rose less than a basis point to 2.8345 percent.
* Germany’s 10-year yield dipped one basis point to 0.299 percent.
* Britain’s 10-year yield fell two basis points to 1.258 percent.
                          Commodities
* The Bloomberg Commodity Index dropped 0.5 percent.
* WTI crude slipped 1.6 percent to $72.99 a barrel.
* Gold increased 0.1 percent to $1,256.74 an ounce.
–With assistance from Jana Randow, Srinivasan Sivabalan and Eddie van der Walt.

Have a great night.

Be magnificent!

As always,

Carolann

A yawn is a silent shout.
-Gilbert Keith Chesterton, 1874-1936 

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

Posted on

July 4, 2018 Newsletter

Dear Friends,

Tangents:
On July 4, 1976, the United States celebrated its Bicentennial. In 1776, the Continental Congress adopted the Declaration of Independence.
Go to article »

PRIME NUMBERS:

297 BILLION
Global investment (in US dollars) in renewable energy in 2016, more than twice the $143 billion spent on fossil fuels and nuclear power.

40 BILLION
Value (in US $) wiped from cryptocurrencies June 9-11 after a hack of south Korean cryptocurrency exchange Coinrail sparked a sell-off.

200 QUADRILLION
Mathematical calculations (per second) that the world’s fastest supercomputer, Summit, can perform.  A person doing one such calculation per second would have to live for 6.3 billion years to do what Summit can do in one second.
Source: CSM, The Street, NPR, The New York Times.

PHOTOS OF THE DAY

People view Ryoji Ikeda’s latest installation ‘Mico / Macro” at Carriageworks in Sydney, Australia. Credit: Don Arnold Wireimage

A model walks the runway during the Schiaparelli Haute Couture Fall-Winter 2018/2019 show as part of Paris Fashion Week. Credit: Stephane Cardinale-Corbis/Getty

The launch of Frieze Sculpture, in regents Park. One of the largest outdoor exhibitions in London. Work by 25 leading international artists from across five continents. Rana Begum with her work Np. 814, 2018 Coloured laminated glass panels. Credit: Geoff Pugh for the Telegraph
Market Closes for July 4th, 2018

Market

Index

 Close Change
Dow

Jones

 24174.82 Closed

 
S&P 500 2713.22 Closed

 
NASDAQ 7502.672 Closed

 
TSX 16304.72 +41.56

 
+0.26%

International Markets

Market

Index

 Close Change
NIKKEI 21717.04 -68.50
-0.31%
HANG

SENG

 28241.67 -303.90
-1.06%
SENSEX 35645.40 +266.80
+0.75%
FTSE 100* 7573.09 -20.20
-0.27%

Bonds

Bonds % Yield Previous % Yield
CND.

10 Year Bond

 2.162 2.139
CND.

30 Year

Bond

 2.203 2.183
U.S.   

10 Year Bond

 2.8309 2.8309
U.S.

30 Year Bond

 2.9586 2.9586

Currencies

BOC Close Today Previous  
Canadian $ 0.76084 0.76076
US

$

 1.31434 1.31448
 
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.53198 0.65275
US

$

 1.16559 0.85793

Commodities

Gold Close Previous
London Gold

Fix

 1251.75 1247.80
 
Oil
WTI Crude Future 74.14 74.14

Market Commentary:
Canada
By Stefanie Marotta
     (Bloomberg) — Canadian stocks rose after two days of positive developments in the oil patch.
     The S&P/TSX Composite Index rose 0.3 percent to 16,304.72 points. MEG Energy Corp. soared 4.2 percent after Eight Capital said Canada’s oil sands is on the cusp of a “renaissance,” and pointed to the stock as its top pick. Positive pipeline news lifted the sector on Tuesday.
     Enbridge Inc. rose 1.21 percent after selling its midstream assets to Brookfield Asset Management Inc. for C$4.31 billion ($3.3 billion), reducing its debt load.
     In other moves:
     Stocks
* Bombardier Inc. fell amid reports that the Toronto Transit Commission would need to return 67 of the manufacturer’s streetcars for repair
* Valeant Pharmaceuticals International Inc. lead gains in health care, rising 2.5 percent.
     Commodities
* Western Canada Select crude oil traded at a $21.00 discount to WTI
* Gold rose 0.4 percent to $1,258.10 an ounce
     FX/Bonds
* The Canadian dollar weakened 0.04 percent to C$1.31441 per U.S. dollar
* The Canada 10-year government bond yield rose two basis points to 2.16 percent
US
US markets closed for Independence Day.

Have a great night.

Be magnificent!

As ever,

 

Carolann

Science is what your know; philosophy is what you don’t know.
                                           -Bertrand Russell, 1872-1970

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

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

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

Posted on

July 3, 2018 Newsletter

Dear Friends,

Tangents: Dog Days of Summer, hottest days of the year July 3-August 11

When the sea boiled, wine turned sour, dogs grew mad, and all creatures became languid…-Brady’s Clavis Calendarium.

 “This is the time when evil is on the land, when dogs and snakes must be watched with special care and when all living things seem to wilt under some baleful influence.”

So said a 1975 article in The Times, rapturously describing the dog days of summer. The term originated in ancient times, linked not to humankind’s best friend, but marking when Sirius, the Dog Star, starts rising at dawn. (In the U.S., according to the Old Farmer’s Almanac, the dog days begin today.)

It was once believed that Sirius combined forces with the sun to create midsummer’s intense heat.

The dog days have often been associated with ill fortune.

The Roman poet Virgil described in the Aeneid how Sirius, “bringer of drought and plague to frail mortals, rises and saddens the sky with sinister light.”

Pure superstition, right? A Finnish study published in 2009 tested folklore saying wounds are more infection-prone during this time.

“This study was conducted in order to challenge the myth that the rate of infections is higher during the dog days,” the authors wrote. “To our surprise, the myth was found to be true.”

The dog days continue into August. Until then, avoid sharp objects.

Nancy Wartik wrote today’s Back Story.  -New York Times, July 3, 2018

PHOTOS OF THE DAY

A contestant dives from a 27-metre platform on the La Salve bridge overlooking the Guggenheim Museum during the finals of the Red Bull Cliff Diving series in Bilbao, Spain. Credit: Vincent West/Reuters

Nepalese farmers cover themselves with plastic sheets as they work in a paddy field during a drizzle in Kathmandu, Nepal. Credit: Niranjan Shrestha/AP

A ‘Usho’, cormorant masters use cormorants to catch fishes in Ujigawa River in Kyoto, Japan. Credit: The Asahi Shimbun/Getty Images

Supporters of the presidential candidate for the “Juntos haremos historia” coalition, Andres Manuel Lopez Obrador, celebrate at the Zocalo square in Mexico City, after getting the preliminary results of the general elections. Anti-establishment leftist Andres Manual Lopez Obrador won Mexico’s presidential election Sunday by a large margin, according to exit polls, in a landmark break with the parties that have governed for nearly a century. Credit: Mario Vazquez/AFP/Getty Images
Market Closes for July 3rd, 2018

Market

Index

 Close Change
Dow

Jones

 24174.82 -132.36

 

-0.54%
S&P 500 2713.22 -13.49

 

-0.49%
NASDAQ 7502.672 -65.015

 

-0.86%
TSX 16263.16 -14.57

 
-0.09%

International Markets

Market

Index

 Close Change
NIKKEI 21785.54 -26.39
-0.12%
HANG

SENG

 28545.57 -409.54
-1.41%
SENSEX 35378.60 +114.19
+0.32%
FTSE 100* 7593.29 +45.44
+0.60%

Bonds

Bonds % Yield Previous % Yield
CND.

10 Year Bond

 2.139 2.170
CND.

30 Year

Bond

 2.183 2.205
U.S.   

10 Year Bond

 2.8309 2.8583
U.S.

30 Year Bond

 2.9586 2.9906

Currencies

BOC Close Today Previous  
Canadian $ 0.76076 0.76123
US

$

 1.31448 1.31366
 
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.53254 0.65251
US

$

 1.16589 0.85772

Commodities

Gold Close Previous
London Gold

Fix

 1247.80 1251.55
 
Oil
WTI Crude Future 74.14 74.15

Market Commentary:
Canada
By Stefanie Marotta
     (Bloomberg) — Canadian stocks slipped as oil prices ran out of steam before the U.S. holiday after rallying to a three- year high.
     The S&P/TSX Composite Index fell 0.1 percent to 16,263.16 points. Energy dropped 0.5 percent, dragged down by Trican Well Service Ltd. with a 4.4 percent loss.
     Real estate sidestepped ongoing fears of a global trade war, rising 0.9 percent. Colliers International Group Inc. rose 2.2 percent to a record high after acquiring Danish firm Sadolin & Albæk.
     In other moves:
                              Stocks
* Minto Apartment Real Estate Investment Trust rose 8.8 percent on its first day of trading after launching its IPO at $14.50
* Martinrea International Inc. dropped 4 percent as auto suppliers slumped amid light-vehicle sales and ongoing tariff concerns
* Yamana Gold Inc. climbed 6.5 percent, more than any full-day gain since September
                             Commodities
* Western Canada Select crude oil traded at a $21.00 discount to WTI
* Aeco natural gas traded at a $1.91 discount to Henry Hub
* Gold rose 1 percent to $1,254.10 an ounce
                              FX/Bonds
* The Canadian dollar strengthened 0.4 percent to C$1.3141 per U.S. dollar
* The Canada 10-year government bond yield fell three basis points to 2.139 percent
US
By Sarah Ponczek
     (Bloomberg) — U.S. stocks reversed an early climb and ended lower Tuesday, as weakness in technology and financial shares weighed on benchmarks. Oil briefly rose above $75 a barrel for the first time since November 2014 before paring the gain.
     All major equity benchmarks dropped, with the S&P 500 Index stumbling after a Chinese court temporarily banned Micron Technology Inc. chip sales in the country. The Nasdaq 100 Index plunged on the news, ending down more than 1 percent. U.S. stock markets closed at 1 p.m. in New York, while the bond market shut at 2 p.m.
     The dollar retreated. In China, an earlier pledge by the governor of nation’s central bank not to use the yuan as a weapon in any trade dispute assuaged some fears and helped it reverse losses. That boosted developing-nation currencies overall, though Turkey’s lira slumped after inflation data. The Swedish krona strengthened as the country’s central bank stuck to its plan to start lifting interest rates.
     Meanwhile, the global trade spat between the world’s biggest economies appeared to be worsening, with President Donald Trump taking measures to prevent China Mobile Ltd. from entering the U.S. market.
     “It certainly looks like there will be no deal before the tariffs take effect, at least the first round of $34 billion,” said John Vail, chief global strategist at Nikko Asset Management. “I think negotiations will start after that to perhaps prevent any further escalation, but for the first part it looks like it’s going to happen.”
     Telephone companies led an advance in the Stoxx Europe 600 Index, while miner Glencore Plc headed for the biggest decline in two years after saying it was subpoenaed by the U.S. Department of Justice. Commodities climbed as metals recovered after losses that saw platinum drop to the lowest in nine years.
     These are key events coming up this week:
* The U.S. celebrates Independence Day on Wednesday, July 4. Stock and bond markets are closed, along with government offices.
* Federal Reserve releases minutes of its June 12-13 meeting, when FOMC policy makers raised the benchmark rate a quarter point for the second time this year and lifted the median forecast to four total increases in 2018.
* U.S. payrolls are due Friday.
* Also on Friday, the U.S. is scheduled to impose tariffs on $34 billion of Chinese goods. Beijing has said it will slap tariffs on an equal value on U.S. exports including agricultural and auto exports.
     Here are the main market moves:
                          Stocks
* The S&P 500 fell 0.5 percent to 2,713.29, while the Nasdaq 100 Index dropped 1.2 percent.
* The Stoxx Europe 600 Index gained 0.8 percent.
* The MSCI All-Country World Index was little changed.
* The MSCI Emerging Market Index added less than 0.1 percent.
                         Currencies
* The Bloomberg Dollar Spot Index declined 0.6 percent as of 4:09 p.m. in New York.
* The euro gained 0.1 percent to $1.1651.
* The British pound climbed 0.2 percent to $1.3170.
                          Bonds
* The yield on 10-year Treasuries slid three basis points to 2.8364 percent.
* Germany’s 10-year yield dipped one basis point to 0.294 percent.
* Britain’s 10-year yield fell one basis points to 1.243 percent.
                          Commodities
* The Bloomberg Commodity Index increased 0.2 percent.
* West Texas Intermediate crude slipped 0.2 percent to $73.79 a barrel.
* Gold jumped 0.9 percent to $1,253.42 an ounce, the largest climb in four months.
–With assistance from Richard Frost, Adam Haigh and Eddie van der Walt. 

Have a great night.

Be magnificent!

As ever,

Carolann

 

Minds are like parachutes.  They only function when they are open.
                                                -James Dewar, 1842-1923

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

Posted on

June 29, 2018 Newsletter

Dear Friends,

Tangents: Happy Friday!

June 29, 1922 – France formally transfers ownership of 100 hectares at Vimy Ridge to Canada.

PHOTOS OF THE DAY

Former Chief of the Secret Intelligence Service, also known as M16, John Sawers (2nd R) stands in his
formal robes at the beginning of the Service of Commemoration and Dedication, marking the 200th anniversary of the Most Distinguished Order of St Michael and St George at St Paul’s Cathedral in London. Credit: Leon Neal/AFP/Getty Images

Prince Williams touches the Western Wall, Judaism’s holiest prayer site, in Jerusalem’s Old City. Credit: Abir Sultan/Pool Via Reuters

A view of the Russian city of Petropavlovsk-Kamchatsky covered in fog. Credit: Vereshchaka Yelena\\Tass Via Getty Images

Lightning illuminates the night sky during heavy rainfall in Istanbul, Turkey. Credit: Emrah Yorulmaz/Anadolu Agency/Getty Images
Market Closes for June 29th, 2018

Market

Index

 Close Change
Dow

Jones

 24271.41 +55.36

 

+0.23%
S&P 500 2718.37 +2.06

 

+0.08%
NASDAQ 7510.305 +6.622

 

+0.09%
TSX 16277.73 +97.84

 
+0.60%

International Markets

Market

Index

 Close Change
NIKKEI 22304.51 +34.12
+0.15%
HANG

SENG

 28955.11 +457.79
+1.61%
SENSEX 35423.48 +385.84
+1.10%
FTSE 100* 7636.93 +21.30
+0.28%

Bonds

Bonds % Yield Previous % Yield
CND.

10 Year Bond

 2.170 2.134
CND.

30 Year

Bond

 2.205 2.205
U.S.   

10 Year Bond

 2.8583 2.8365
U.S.

30 Year Bond

 2.9906 2.9657

Currencies

BOC Close Today Previous  
Canadian $ 0.76123 0.75458
US

$

 1.31366 1.32524
 
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.53515 0.65140
US

$

 1.16861 0.85572

Commodities

Gold Close Previous
London Gold

Fix

 1251.55 1260.30
 
Oil
WTI Crude Future 74.15 73.45

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks posted their best quarter since 2013, driven largely by energy stocks, which jumped 15 percent to mark their biggest quarterly gain in nine years.
     The S&P/TSX Composite Index added 5.9 percent in the second quarter, aided by a 0.6 percent gain on Friday to close at 16,277.73. Energy led the increase, rising 2.1 percent. Enbridge Inc. added 7.1 percent to the highest since January after Minnesota regulators approved the replacement and expansion of its Line 3 pipeline.
     The materials sector rose 1.6 percent, with First Quantum Minerals Ltd. up 6.4 percent. The company is reportedly a potential takeover target for Rio Tinto Plc.
     In other moves:
                          Stocks
* Bombardier Inc. gained 2.2 percent. Quebec Premier Philippe Couillard said he expects the shares to post further gains as its C Series jet attracts new orders
* Magna International Inc. lost 2 percent to the lowest in nearly two months after General Motors Co. warned that auto tariffs could force it to shrink U.S. operations and cut jobs
* AltaGas Ltd. rose 2.9 percent to the highest since Feb. 1. Its takeover of WGL Holdings Inc. gained the last major approval needed for the deal to close
                          Commodities
* Western Canada Select crude oil traded at a $21.00 discount to WTI
* Gold rose 0.3 percent to $1,254.50 an ounce, its first gain of the week
                           FX/Bonds
* The Canadian dollar strengthened 0.8 percent to C$1.3143 per U.S. dollar after Canada’s economy posted an unexpected gain in April
* The Canada 10-year government bond yield rose four basis points to 2.17 percent
US
By Jeremy Herron
     (Bloomberg) — Stocks eked out a gain amid late selling to cap a quarter that’s seen equities whipsawed by escalating trade tensions and central-bank hawkishness. Treasuries fell and the dollar slipped.
     The S&P 500 Index rose for a third straight month, though the index gave back more than three-quarters of a gain that neared 1 percent, with the retreat heaviest in the final 15 minutes of trading. Nike Inc. rose the most on record after reporting results, but the gain was not enough to drag the Dow Jones Industrial Average to an advance for June. The dollar pared a third straight monthly advance. The euro rose the most in a month and Italian 10-year government bonds rose. European equities pared a monthly loss. Ten-year Treasury yields rose to 2.85 percent, where they ended May.
     Investors looked for reasons to cheer at the end of a volatile quarter overshadowed by trade tensions and political risk. Trump’s reported threat to leave the World Trade Organization rattled markets before the U.S. open, but his Treasury secretary later walked back the statements. It’s still too early to tell how long the European Union’s united front and the respite in the yuan’s decline will last, for now the risks to financial markets appear to have eased.
     Emerging-market stocks rallied Friday to shave a fifth monthly loss. The group is down almost 8 percent in 2018. Shares in Hong Kong and Shanghai led an advance in Asia earlier. The offshore yuan rose, halting an 11-day decline that was triggered by concern about Chinese policy makers’ intentions. Crude rallied to $74.10 in New York, while Brent jumped toward $80 a barrel.
     These are key events coming up for the remainder of this week:
* China manufacturing and non-manufacturing PMI are due on Saturday.
     Here are the main market moves
                           Stocks
* The S&P 500 rose 0.1 percent to 2,718.38 at 4 p.m. in New York. It rose 0.5 percent in June.
* The Russell 2000 Index was flat, but capped a fourth monthly advance. The Dow Jones Industrial Average pared a loss in June as Nike rallied.
* The Stoxx Europe 600 Index advanced 0.8 percent.
* Japan’s Nikkei 225 Stock Average jumped 0.2 percent.
* The Shanghai Composite Index surged 2.2 percent.
                           Currencies
* The Bloomberg Dollar Spot Index sank 0.5 percent.
* The euro climbed 0.9 percent to $1.1678.
* The British pound climbed 0.9 percent to $1.3194.
* The Japanese yen fell 0.2 percent to 110.754 per dollar.
                           Bonds
* Germany’s 10-year yield fell one basis point to 0.31 percent.
* Britain’s 10-year yield advanced two basis points to 1.272 percent.
* The yield on 10-year Treasuries rose one basis point to 2.85 percent.
                           Commodities
* West Texas Intermediate crude rose 1.2 percent to $74.34 a barrel.
* Brent crude climbed 2 percent to $79.44 a barrel.
* Gold futures added 0.2 percent to $1,253.80 an ounce.
–With assistance from Srinivasan Sivabalan, Adam Haigh and Joe Easton. 

Have a great weekend.

Be magnificent!

As ever, 

Carolann

Diligence is the mother of good fortune.
       -Miguel de Cevantes, 1547-1616

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

Unsubscribe me from this list

 

Posted on

June 28, 2018 Newsletter

Dear Friends,

Tangents:
On June 28, 1919, the Treaty of Versailles was signed in France, ending World War I.

Jean-Jacques Rousseau, philosopher, b. 1712.

The person who has lived the most is not the one with the most years but the one with the richest experiences. -Jean-Jacques Rousseau.
PHOTOS OF THE DAY

Two Damselfies are captured in incredible detail as they peer through holes that they have munched out of a leaf near the river Po in Reggio Emilia, Italy. Credit: Roberto Aldrovandi/Solent News & Photo Agency

South Korea players celebrate an historic victory against reigning world champions Germany. Germany are the fourth defending champions to be eliminated from the Group Stage at the World Cup in the last five tournaments (also France 2002, Italy 2010, Spain 2014). Credit: Dylan Martinez/Reuters

Germany fans react as they watch the match at a public viewing area at Brandenburg Gate. Credit: Hannibal Hanschke/Reuters

One of Lucian Freud’s last great nudes, Portrait on a White Cover sold in Sotheby’s London sale room for £22.5 million, making it the most valuable painting by the artist even sold in London. The previous highest price for a London auction of the artist’s work was £16.1 million set by Pregnant Girl at Sotheby’s in February 2016. Credit: Heathcliff O’Malley for the Telegraph
Market Closes for June 28th, 2018

Market

Index

 Close Change
Dow

Jones

 24216.05 +98.46

 

+0.41%
S&P 500 2716.31 +16.68

 

+0.62%
NASDAQ 7503.684 +58.599

 

+0.79%
TSX 16179.89 -51.36

 
-0.32%

International Markets

Market

Index

 Close Change
NIKKEI 22270.39 -1.38
-0.01%
HANG

SENG

 28497.32 +141.06
+0.50%
SENSEX 35037.64 -179.47
-0.51%
FTSE 100* 7615.63 -6.06
-0.08%

Bonds

Bonds % Yield Previous % Yield
CND.

10 Year Bond

 2.134 2.093
CND.

30 Year

Bond

 2.205 2.179
U.S.   

10 Year Bond

 2.8365 2.8256
U.S.

30 Year Bond

 2.9657 2.9673

Currencies

BOC Close Today Previous  
Canadian $ 0.75458 0.75163
US

$

 1.32524 1.33045
 
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.53245 0.65255
US

$

 1.15636 0.86479

Commodities

Gold Close Previous
London Gold

Fix

 1254.60 1260.30
 
Oil
WTI Crude Future 73.45 72.76

Market Commentary:
Canada
By Stefanie Marotta
     (Bloomberg) — Canadian stocks declined with consumer discretionary companies leading losses. Shaw Communications, Inc. fell 3.5 percent after taking an impairment charge on its investment in Corus Entertainment Inc., which slid 9.8 percent.
     The S&P/TSX Composite Index fell 0.3 percent to 16,179.89 points as global markets wavered under fears of President Trump’s trade war.
     Materials weighed on the market, dropping 0.8 percent even as Detour Gold Corp. climbed 3.3 percent, helped by two upgrades and a view that its status as an M&A target is growing.
     In other moves:
                                Stocks
* The Stars Group Inc. rose 6.2 percent after closing its previously announced underwritten public offering of common shares at $38.00
* Health care rose 4 percent as cannabis stocks accelerated.  Canopy Growth Corp. soared 9.8 percent despite reporting weak 4Q results
                                Commodities
* Western Canada Select crude oil traded at a $21.75 discount to WTI
* Aeco natural gas traded at a $1.67 discount to Henry Hub
* Gold fell 0.5 percent to $1,249.40 an ounce
                                 FX/Bonds
* The Canadian dollar strengthened 0.6 percent to C$1.3261 per U.S. dollar
* The Canada 10-year government bond yield rose four basis points to 2.13 percent
US
By Jeremy Herron
     (Bloomberg) — U.S. stocks rose the most in three weeks as technology rebounded from losses sparked by America’s unclear strategy toward Chinese trade. Emerging-market assets had another miserable day, while Treasuries slumped with the dollar.
     The S&P 500 Index shook off early malaise to end higher, as technology stocks lifted the benchmark toward a monthly gain. The 2,700 mark provided a key level of support. The Nasdaq indexes led advances after bearing the brunt of selling in prior sessions. Walgreens Boots Alliance Inc., the Dow Jones Industrial Average’s newest member, plunged after Amazon.com Inc. said it acquired an online pharmacy. A gauge of developing- market stocks sank to the lowest level in 10 months. West Texas Intermediate crude pushed above $73 a barrel.
     Confusing signals on global trade keep coming from the White House, which yesterday appeared to step back from an all- out confrontation with the world’s second biggest economy, only for adviser Larry Kudlow to later say that President Donald Trump’s wasn’t softening his stance. In China, which Trump previously branded a currency manipulator, the yuan’s fastest fall since 2015 is threatening to heighten tensions.
     “The volatility comes because we’ve seen some volatility in the trade talks and it just naturally moves over into the markets,” Chris Gaffney, president of TIAA Bank World Markets in St. Louis, said by phone. “Trade is one of the major things impacting emerging markets, it’s impacting all of the markets. But specifically on the emerging market rout, unfortunately there’s probably more to come.”
     These are key events coming up for the remainder of this week:
* U.S. personal spending probably increased in May for a third month, economists forecast ahead of Friday’s data.
* China manufacturing and non-manufacturing PMI are due on Saturday.
     Here are the main market moves:
                            Stocks
* The S&P 500 rose 0.6 percent at 4 p.m. in New York.
* The Russell 2000 added 0.2 percent and the Nasdaq 100 Index climbed 0.9 percent.
* The Stoxx Europe 600 Index declined 0.8 percent to the lowest in more than 11 weeks.
* The MSCI All-Country World Index was flat.
* Germany’s DAX Index fell 1.4 percent to the lowest in 12 weeks.
                            Currencies
* The Bloomberg Dollar Spot Index declined 0.3 percent.
* The euro rose 0.1 percent to $1.163.
* The Japanese yen increased 0.2 percent to 110.51 per dollar.
* The British pound sank 0.3 percent to $1.3075.
* The offshore yuan fell 0.1 percent to 6.6337 per dollar.
                             Bonds
* The yield on 10-year Treasuries increased two basis points to2.84 percent, the first advance in more than a week.
* The two-year yield added one basis point to 2.52 percent.
* Britain’s 10-year yield decreased less than one basis point to 1.245 percent, the lowest in four weeks.
                             Commodities
* The Bloomberg Commodity Index fell 0.4 percent.
* West Texas crude rose 0.8 percent to $73.34 per barrel.
* Gold futures fell 0.5 percent to $1,249.40 an ounce.
–With assistance from Cormac Mullen, Andreea Papuc, Aline Oyamada, Giulia Morpurgo, Srinivasan Sivabalan, Adam Haigh and Eddie van der Walt.

Have a great night.

Be magnificent!

As ever,

Carolann

It is quite a three-pipe problem.
-Arthur Conan Doyle, 1859-1930

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

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

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

Posted on

June 27, 2018 Newsletter

Dear Friends,

Tangents:

1980 – O Canada Proclaimed as Canada’s National Anthem

PHOTOS OF THE DAY

Clouds gather over the Grand Mosque of the Kremlin during the 2018 soccer World Cup in Kazan, Russia. Credit: Michael Probst/AP

Victor the Polar Bear enjoys a dip in the water at Yorkshire Wildlife Park as temperatures are predicted to increase this week. Credit: Danny Lawson/PA

A storm rolls in over Sarasota, Florida, US. Credit: Val Vasilescu/Facebook.com/Kingofsunsets/via Reuters
Market Closes for June 27th, 2018

Market

Index

 Close Change
Dow

Jones

 24117.59 -165.52

 

-0.68%
S&P 500 2699.63 -23.43

 

-0.86%
NASDAQ 7445.086 -116.541

 

-1.54%
TSX 16231.25 -48.84

 
-0.30%

International Markets

Market

Index

 Close Change
NIKKEI 22271.77 -70.23
-0.31%
HANG

SENG

 28356.26 -525.14
-1.82%
SENSEX 35217.11 -272.93
-0.77%
FTSE 100* 7621.69 +83.77
+1.11%

Bonds

Bonds % Yield Previous % Yield
CND.

10 Year Bond

 2.093 2.102
CND.

30 Year

Bond

 2.179 2.186
U.S.   

10 Year Bond

 2.8256 2.8766
U.S.

30 Year Bond

 2.9673 3.0251

Currencies

BOC Close Today Previous  
Canadian $ 0.75018 0.75163
US

$

 1.33302 1.33045
 
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.54103 0.64892
US

$

 1.15605 0.86501

Commodities

Gold Close Previous
London Gold

Fix

 1260.30 1268.70
 
Oil
WTI Crude Future 72.76 70.53

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks rose, buoyed for a second day by oil prices, which rose to a one-month high on a U.S. demand that allies end all imports of Iranian oil.
     The S&P/TSX Composite Index added 51 points or 0.3 percent to 16,331.45 at 10:01 a.m. Energy stocks jumped 1.3 percent, bringing their quarter-to-date gain to more than 13 percent. Kelt Exploration Ltd. led Wednesday’s rise, up 4.1 percent.
     Meanwhile, health-care stocks fell 2.3 percent amid losses in the cannabis sector. Canopy Growth Corp. slid 4.8 percent after fourth-quarter revenue missed the lowest analyst estimate.
     In other moves:
                          Stocks
* Corus Entertainment tumbled 12 percent to a record low after slashing its dividend by 79 percent
* WSP Global Inc. lost 1.6 percent. The stock was downgraded to sector perform at Scotia Capital
* AGF Management Ltd. fell 1.1 percent after second-quarter earnings missed expectations
                          Commodities
* Western Canada Select crude oil traded at a $21.00 discount to WTI
* Aeco natural gas traded at a $2.04 discount to Henry Hug
* Gold fell 0.2 percent to $1,257.10 an ounce, the lowest since December
                           FX/Bonds
* The Canadian dollar strengthened 0.1 percent to C$1.3296 per U.S. dollar
* The Canada 10-year government bond yield fell three basis points to 2.08 percent, the lowest since January
US
By Jeremy Herron and Sarah Ponczek
     (Bloomberg) — U.S. stocks fell to the lowest level since May and Treasuries rallied amid renewed concern that the Trump administration will crack down on Chinese investment. Energy producers surged with crude, while the dollar jumped.
     The S&P 500 Index erased gains that reached 0.9 percent to finish at the worst level since May 29. Comments from Larry Kudlow re-established the White House’s hard line on trade even after President Donald Trump softened his stance. Tech bore the brunt of selling as the White House intentions on limiting Chinese investment remained murky. Banks in the S&P 500 fell a record 13th straight day. Exxon Mobil Corp. rallied as oil moved toward $73 a barrel, though the Dow Jones Industrial Average pushed its loss in the year past 2 percent.
     Trade dominated U.S. equities for a third straight day as investors grapple with the implications of the on-again, off- again dust-ups with key partners. Federal Reserve Bank of Atlanta President Raphael Bostic yesterday warned that disruption to trade could increase risk to the economy. Crude added to its surge sparked by the U.S.’s request of allies to halt imports of Iranian oil.
     “It’s clearly been acting as a negative on the stock market,” Jeffrey Kleintop, chief global investment strategist at Charles Schwab, said in an interview at Bloomberg’s New York headquarters. “On days or times during the day like earlier today where trade issues appear to be receding, stocks tend to head higher, and I think ex the trade issues that’s where we’d be going.”
     These are key key events coming up this week:
* New Zealand and Indonesia monetary policy decisions on Thursday.
* U.S. personal spending probably increased in May for a third month, economists forecast ahead of Friday’s data.
* China manufacturing and non-manufacturing PMI are due on Saturday.
     Here are the main market moves.
                          Stocks
* The S&P 500 fell 0.6 percent at 4 p.m. in New York.
* The Nasdaq Composite Index lost 1.3 percent.
* The Stoxx Europe 600 Index climbed 0.7 percent.
* The MSCI Asia Pacific Index dipped 0.8 percent to the lowest in more than eight months.
* The MSCI World Index of developed countries fell 0.1 percent.
                          Currencies
* The Bloomberg Dollar Spot Index advanced 0.6 percent to the highest in a week.
* The Japanese yen declined 0.2 percent to 110.266 per dollar.
* The euro decreased 0.8 percent to $1.1555.
* The British pound declined 0.8 percent to $1.3117, the weakest in more than seven months on the largest fall in more than a week.
                           Bonds
* The yield on 10-year Treasuries fell five basis points to 2.83 percent, reaching the lowest since May 29 on its fifth straight decline.
* Germany’s 10-year yield declined two basis points to 0.32 percent.
* Britain’s 10-year yield declined six basis points to 1.246 percent, the lowest in almost four weeks on the biggest fall in more than a week.
                           Commodities
* Gold futures fell 0.2 percent to $1,257 an ounce, the weakest in more than six months.
* West Texas Intermediate crude rose 1.5 percent to $71.59 a barrel in New York.
* Brent crude climbed 1.1 percent to $77.14 a barrel, the highest in almost three weeks. 

Have a great night.

Be magnificent!

As ever,

 

Carolann

 

True strength is delicate.
-Louise Nevelson, 1899-1988

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

Posted on

June 26, 2018 Newsletter

Dear Friends,

Tangents:

On this day in 1974, the first item with a Universal Product Code was scanned at a supermarket in Troy, Ohio.

The rectangular bar code was the result of many decades of invention and collaboration, but it was based on an original, circular design by N. Joseph Woodland. He came up with the idea while sitting on the beach.
barcode.jpg
Now ubiquitous, the U.P.C. had its origins on a beach.
GS1 US

As a graduate student at the Drexel Institute of Technology, Mr. Woodland heard from a classmate about a supermarket executive in search of a solution to long checkout lines. Intrigued, they started trying to solve the problem. Mr. Woodland eventually moved to his grandparents’ house in Miami Beach to devote himself full time to the endeavor.

It’s there that he drew four lines in the sand with his fingers, envisioning a kind of graphical Morse code.

It was a flash of inspiration that Mr. Woodland said “sounds like a fairy tale.”

Though the original patent was sold for a paltry $15,000, Mr. Woodland was awarded the National Medal of Technology and Innovation in 1992 by President George Bush.

Emma McAleavy wrote today’s Back Story, The New York Times, June 26, 2018.

June 26, 2000 – Rival scientific teams completed the first rough map of the human genetic code.

Abner Doubleday, invented baseball, b. June 26,1819

PHOTOS OF THE DAY

An art installation called “Concentric Eccentric Circles” by Swiss artist Felice Varini on the outside of the medieval city in Carcassonne, France. To help celebrate 20 years of the site being listed as World Heritage by UNESCO, the Center for National monuments in France invited the artist to create a piece of art on the exterior walls. The work consists of 15 yellow circles and has not been to everyone’s taste with some people deeply disliking the art work and some enjoying the dramatic sight. Credit: James D. Morgan/Getty Images

A Lego sculpture of a chameleon created by New York – based artist Sean Kenny is displayed during the “Nature Connects” Lego exhibition at the Chengdu International Finance Square (IFS) in downtown Chengdu, China. Credit: Imaginechina/Rex/Shutterstock

San Francisco City Hall is lit up in rainbow colours following the Pride parade in San Francisco, US. Credit: Josh Edelson/AFP/Getty Images
Market Closes for June 26th, 2018

Market

Index

 Close Change
Dow

Jones

 24283.11 +30.31

 

+0.12%
S&P 500 2723.06 +5.99

 

+0.22%
NASDAQ 7561.629 +29.623

 

+0.39%
TSX 16280.09 +96.13

 
+0.59%

International Markets

Market

Index

 Close Change
NIKKEI 22342.00 +3.85
+0.02%
HANG

SENG

 28881.40 -79.99
-0.28%
SENSEX 35490.04 +19.69
+0.06%
FTSE 100* 7537.92 +28.08
+0.37%

Bonds

Bonds % Yield Previous % Yield
CND.

10 Year Bond

 2.102 2.094
CND.

30 Year

Bond

 2.186 2.182
U.S.   

10 Year Bond

 2.8766 2.8803
U.S.

30 Year Bond

 3.0251 3.0244

Currencies

BOC Close Today Previous  
Canadian $ 0.75163 0.75219
US

$

 1.33045 1.32945
 
Euro Rate

1 Euro=

 Inverse
Canadian $ 1.54979 0.64525
US

$

 1.16487 0.85847

Commodities

Gold Close Previous
London Gold

Fix

 1268.70 1269.15
Oil
WTI Crude Future 70.53 71.58

Market Commentary:
Canada
By Stefanie Marotta
     (Bloomberg) — Canadian stocks rose as Brent crude oil surged past $76 a barrel and West Texas Intermediate neared $71 a barrel, thanks to concern over sanctions on Iranian crude.
     The S&P/TSX Composite Index rose 0.6 percent to 16,280.09 points, led by energy, up 2.1 percent, trailed by telecom, ahead 0.8 percent, and materials, higher by 0.7 percent.
     Birchcliff Energy Ltd., an exploration and production company in Western Canada, rallied 4 percent.
     In other moves:
                             Stocks
* Stelco Holdings Inc. fell 0.8 percent amid escalating tensions on steel imports
* Telecom rose 0.8 percent, nearing its January high. Rogers led the pack, climbing 1.6 percent
                             Commodities
* Western Canada Select crude oil traded at a $20.50 discount to WTI
* Aeco natural gas traded at a $2.05 discount to Henry Hub
* Gold fell 0.6 percent to $1,260.80 an ounce
                             FX/Bonds
* The Canadian dollar weakened 0.05 percent to C$1.3301 per U.S. dollar
* The Canada 10-year government bond yield rose one basis points to 2.11 percent
US
By Jeremy Herron and Sarah Ponczek
     (Bloomberg) — U.S. stocks rebounded from the worst selloff since early April as a rally in American crude overshadowed lingering concerns about the impact of heightened trade tensions. The dollar advanced.
     The S&P 500 Index rose back above its 50-day moving average, while technology shares hit hardest Monday bounced back to give the Nasdaq indexes advances. Energy producers led gains after oil popped above $70 a barrel following reports the U.S. is pressing allies to halt imports of Iranian crude. The dollar jumped versus major peers.
     The spike in oil prices took some attention from the simmering trade tensions as investors await more clarity from the White House on its plans. President Donald Trump signaled he may take a less confrontational path toward curbing Chinese investments, backing down from earlier reports that the U.S. would bar Chinese money in certain technologies. As traders fret over the immediate outlook they also have doubts about the longer-term path for U.S. rates; the Treasury curve is the flattest in years, stoking fears about the prospect of a recession.
     “Trade is weighing on the markets,” Carin Pai, director of equity management at Fiduciary Trust Company International in New York, said by phone. “But so far we do have the view that the fundamentals are strong enough to weather a lot of the negotiations, and we do think that right now a lot of it is negotiation.”
     In Asia, Chinese equities entered a bear market on concern about the country’s ability to fight a trade war. West Texas Intermediate crude jumped 3.5 percent. Brent crude rose above $76 a barrel after U.S. Energy Secretary Rick Perry suggested a planned production hike isn’t enough to stop a price spike. The pound weakened as a new Bank of England member spoke about the risks of raising interest rates too fast. Emerging-market stocks dropped. Metals retreated, with zinc falling a ninth day and gold touching the lowest price this year.
     These are key events coming up this week:
* New Zealand and Indonesia monetary policy decisions on Thursday.
* U.S. personal spending probably increased in May for a third month, economists forecast ahead of Friday’s data.
* China manufacturing and non-manufacturing PMI are due on Saturday.
     Here are the main market moves.
                            Stocks
* The S&P 500 rose 0.2 percent to 2,722.99 at 4 p.m. in New York.
* The Nasdaq 100 Index climbed 0.4 percent.
* The Russell 2000 added 0.7 percent.
* The Stoxx Europe 600 Index ended higher by less than 0.1 percent.
* The MSCI Emerging Market Index sank 0.5 percent to the lowest in about 10 months.
* The MSCI Asia Pacific Index declined 0.1 percent to the lowest in eight months.
                            Currencies
* The Bloomberg Dollar Spot Index increased 0.3 percent, the first advance in a week.
* The euro fell 0.1 percent to $1.1643.
* The Japanese yen fell 0.3 percent to 110.108 per dollar.
* The Turkish lira jumped 1.3 percent to 4.622 per dollar.
                            Bonds
* The yield on 10-year Treasuries fell one basis point to 2.7 percent.
* Germany’s 10-year yield rose one basis point to 0.34 percent.
                           Commodities
* West Texas Intermediate crude increased 3.5 percent to $70.48 a barrel.
* Gold futures fell 0.6 percent to $1,260.70 an ounce.
* Brent crude rose 2.3 percent to $76.43 a barrel.
–With assistance from Sophie Caronello, Andreea Papuc, Adam Haigh, Ranjeetha Pakiam and Eddie van der Walt.
Have a great night.

Be magnificent!

As ever,

 

Carolann 

Dream big and dare to fail.
-Norman Dane Vaughan, 1905-2005

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

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

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