Category: Events

Dear Friends,

Tangents:
1950: Korean War begins.
George Orwell, b. 1903
On June 25, 1876, Lt. Col. George A. Custer and his 7th Cavalry were slaughtered by Sioux and Cheyenne Indians in the Battle of Little Big Horn in Montana. 
Go to article »

1647 – First horses arrive in Canada; gift from the French King; today’s Canadian breed.

From today’s New York Times:

Did you see strange lights in the sky yesterday?

If so, perhaps you spotted an extraterrestrial anniversary celebration! The modern era of ufology (yes, it’s a word) dawned 71 years ago on June 24.

Kenneth Arnold had one of the earliest reported sightings of a U.F.O., in 1947.
Idaho Statesman, via Associated Press

That’s when Kenneth Arnold, an Idaho businessman flying a private plane, saw nine disc-like objects zooming impossibly fast past Mount Rainier, in Washington. He told a newspaper, the East Oregonian, about his sighting, and it ran a short article that was picked up by The Associated Press.

Since then, U.F.O. sightings have been reported worldwide, including in Australia, Canada, India and Scotland.

June 24 was also the day, in 1997, the Air Force published a study about a second flying object report in 1947, by a rancher near Roswell, N.M., who found metallic debris scattered there. Rumors grew that an alien spacecraft had crashed. The study intended to debunk rumors about little green people once and for all (whether it succeeded is debatable).

As for Mr. Arnold, stung at being mocked by skeptics, he once complained to an Air Force officer who interviewed him, “If I saw a 10-story building flying through the air I would never say a word about it.”

But he never recanted his original story.

Nancy Wartik wrote today’s Back Story.

PHOTOS OF THE DAY

A man walks past a recent artwork by street artist Banksy in Paris. Credit: Philippe
Lopez/AFP/Getty Images

A vintage ship with scarlet sails passes on the Neva River in central Saint Petersburg, during the “Scarlet Sails,” a romantic holiday with laser show to honour high schools graduates. “Scarlet Sails” is the title of a story by Alexander Grin, the story of a young girl, who never gave up on her dreams and finally arrived on the tall ship with the scarlet sails. Credit: Olga Maltseva/AFP/Getty Images

An owl grabs a midnight snack in Ticino Park, Italy before passing the rodent to its mate in a nest in a tree. Credit: Luzzini/Vignati/swns.com
Market Closes for June 25^th, 2018

Market Index	Close	Change
Dow Jones	24252.80	-328.09   -1.33%
S&P 500	2717.07	-37.81   -1.37%
NASDAQ	7532.008	-160.810   -2.09%
TSX	16183.96	-266.18
		-1.62%

International Markets

Market Index	Close	Change
NIKKEI	22338.15	-178.68
		-0.79%
HANG SENG	28961.39	-377.31
		-1.29%
SENSEX	35470.35	-219.25
		-0.61%
FTSE 100*	7509.84	-172.43
		-2.24%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.094		2.125
CND. 30 Year Bond		2.182		2.206
U.S.    10 Year Bond		2.8803		2.8931
U.S. 30 Year Bond		3.0244		3.0370

Currencies

BOC Close	Today	Previous
Canadian $	0.75219	0.75347
US $	1.32945	1.32718
Euro Rate 1 Euro=		Inverse
Canadian $	1.55583	0.64275
US $	1.17029	0.85449

Commodities

Gold	Close	Previous
London Gold Fix	1269.15	1266.15
Oil
WTI Crude Future	71.58	68.98

Market Commentary:
Canada
By Stefanie Marotta
     (Bloomberg) — Canadian stocks plummeted as global markets dropped amid escalating fears of President Donald Trump’s trade war.
     The S&P/TSX Composite Index fell 1.6 percent to 16,183.96 points. Technology lead losses, dropping 3.1 percent as Shopify Inc. slid 5.8 percent.
     Health care fell 2.9 percent even as cannabis companies prepare for Canada to legalize recreational marijuana. Canopy Growth Corporation fell 4.5 percent.
     In other moves:
                               Stocks
* Hudbay Minerals Inc. dropped 6.3 percent after Scotiabank downgraded the miner to sector perform from focus stock due to permit uncertainty for the Rosemont project
* Suncor Energy Inc. dropped 3.6 percent after news that a power outage at Syncrude Canada may tighten Canadian crude differentials
* Canada Goose Holdings Inc. bucked the global trend, climbing 2.1 percent after Goldman Sachs reinstated the company at neutral
                               Commodities
* Western Canada Select crude oil traded at a $23.75 discount to WTI
* Gold fell 0.2 percent to $1,267.70 an ounce
                               FX/Bonds
* The Canadian dollar weakened 0.2 percent to C$1.3294 per U.S. dollar
* The Canada 10-year government bond yield fell three basis points to 2.09 percent
US
By Eddie van der Walt and Jeremy Herron
     (Bloomberg) — Escalating trade tensions sent U.S. stocks to the steepest drop since early April, as President Donald Trump’s threats of more protectionism against major partners were met with Chinese and European vows of retaliation.
     The S&P 500 Index fell 1.4 percent, though comments from National Trade Council Director Peter Navarro brought the measure back from losses that topped 2 percent. The Dow Jones Industrial Average closed below its 200-day moving average. Selling was heaviest in tech shares, with the Nasdaq 100 Index sinking 2.2 percent.
     Equities tumbled around the world on reports that the Treasury department will propose limits on Chinese technology investment, straining already tense relations between the world’s two largest economies. Navarro said on CNBC that there were no plans to impose restrictions, sparking a late-day rebound. China and Europe warned the escalating trade war could trigger a global recession.
     The selling in American stocks spread from Asia, where equities in Shanghai and Hong Kong declined despite China’s central bank freeing up liquidity in the banking system. European shares also tumbled, with the Stoxx 600 Index down 2.1 percent. Political concerns hit Italian bonds and stocks after the nationalist League party won municipal elections. Emerging- market equities slid. U.S. crude pushed toward $69 a barrel. After an early surge, Turkey’s lira swung between gains and losses as traders digested Recep Tayyip Erdogan election victory.
     The rising tensions have weighed on stocks ahead of the second-quarter earnings season that so far has seen estimates keep rising. Daimler AG dented that notion last week, warning that tariffs will lower its profits. Germany’s DAX Index was among the worst performers of the region’s stock gauges as data showed business sentiment slipped. Automakers were the big losers after more tariff threats from Trump at the end of last week.
     These are key events coming up this week:
* German Chancellor Angela Merkel holds private talks with leaders of the other parties in her coalition government on refugee policy and euro-area reforms in Berlin Tuesday.
* 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 Index fell 1.4 percent as of 4 p.m. New York time, the most since April 46
* The Dow slipped 1.3 percent and the Nasdaq indexes slid at least 2.1 percent.
* The Stoxx Europe 600 Index declined 2 percent to the lowest since April 11 on the biggest drop since March.
* The MSCI All-Country World Index declined 1.4 percent.
* Emerging market shares fell 1.5 percent.
                                 Currencies
* The Bloomberg Dollar Spot Index fell 0.2 percent to the lowest in more than a week.
* The Japanese yen jumped 0.4 percent to 109.58 per dollar, the strongest in more than two weeks.
* The euro increased 0.3 percent to $1.1691, the strongest in more than a week.
* The British pound climbed 0.1 percent to $1.328, the strongest in more than a week.
* The Turkish lira gained less than 0.05 percent to 4.6769 per dollar, the strongest in more than a week.
                                 Bonds
* The yield on 10-year Treasuries fell one basis point to 2.88 percent, the lowest in more than three weeks.
* Germany’s 10-year yield declined one basis point to 0.33 percent, the lowest in almost four weeks.
* Britain’s 10-year yield decreased one basis point to 1.308 percent.
                                 Commodities
* Gold declined less than 0.05 percent to $1,270.02 an ounce.
* Brent crude decreased 1.4 percent to $74.49 a barrel.
* LME copper advanced 0.1 percent to $6,792.50 per metric ton.
–With assistance from Andreea Papuc, Samuel Potter and Adam Haigh. 

Have a great night.

Be magnificent!

As ever,

 

Carolann

Act as if what you do makes a difference.  It does.
                            -William James, 1842-1910

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

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

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

Dear Friends,

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

PHOTOS OF THE DAY

Children play on an art installation that features a projection of a waterfall and flowers at the Mori Building Digital Art Museum in Tokyo, Japan. CREDIT: SHUJI KAJIYAMA/AP

The sun breaks the horizon and shines through the stones at Stonehenge onto crowds of people celebrating the longest day in the UK. CREDIT: GEOFF PUGH FOR THE TELEGRAPH

Barry Balkin takes a dip in a swimming hole prepared at the Casey research station by plunging into icy waters as part of a “mad tradition” as they look forward to brighter days after weeks of darkness. CREDIT: AUSTRALIAN ANTARCTIC DIVISION/AFP/GETTY IMAGES
Market Closes for June 22nd, 2018

Market Index	Close	Change
Dow Jones	24580.89	+119.19   +0.49%
S&P 500	2754.88	+5.12   +0.19%
NASDAQ	7692.816	-20.136   -0.26%
TSX	16450.14	+114.99
		+0.70%

International Markets

Market Index	Close	Change
NIKKEI	22516.83	-176.21
		-0.78%
HANG SENG	29338.70	+42.65
		0.15%
SENSEX	35689.60	+257.21
		+0.73%
FTSE 100*	7682.27	+125.83
		+1.67%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.125		2.142
CND. 30 Year Bond		2.206		2.203
U.S.    10 Year Bond		2.8931		2.8967
U.S. 30 Year Bond		3.0370		3.0441

Currencies

BOC Close	Today	Previous
Canadian $	0.75347	0.75091
US $	1.32718	1.33171
Euro Rate 1 Euro=		Inverse
Canadian $	1.54709	0.64638
US $	1.16569	0.85786

Commodities

Gold	Close	Previous
London Gold Fix	1266.15	1274.20
Oil
WTI Crude Future	68.98	65.84

Market Commentary:
Canada
By Stefanie Marotta
(Bloomberg) — Canadian stocks rose to a fresh record as energy soared amid news of OPEC’s plans to boost output less than some investors had anticipated.
The S&P/TSX Composite Index rose 0.7 percent to 16,450.14 points. Energy climbed 2.3 percent, with Whitecap Resources, Inc. leading gains, up 7.9 percent.
Blackberry plummeted 9.3 percent after investors focused on weak growth in software revenues.
In other moves:
Stocks
* Canada Goose Holdings Inc. tumbled 7.4 percent amid reports that Canada retail sales fell 1.2 percent.
* Canopy Growth Corp. fell 9.1 percent as health care slid 4.1 percent for the first time since surging earlier this week when the Canadian government passed a bill to legalize recreational marijuana.
Commodities
* Western Canada Select crude oil traded at a $24.00 discount to WTI
* Aeco natural gas traded at a $1.63 discount to Henry Hub
* Gold rose 0.1 percent to $1,271.70 an ounce
FX/Bonds
* The Canadian dollar strengthened 0.3 percent to C$1.3272 per U.S. dollar
* The Canada 10-year government bond yield fell two basis points to 2.126 percent
US
By Sarah Ponczek
(Bloomberg) — U.S. stocks climbed following gains in Europe as OPEC’s plans to boost output less than some investors had anticipated sent oil on a tear. Energy shares surged.
The S&P 500 Index rose the most in a week even after Donald Trump revived concerns about a global trade war with a tweet threatening to impose 20 percent tariffs on cars imported from the European Union. Treasuries steadied and the dollar slumped, while a gauge of emerging-market currencies climbed from its lowest level since November.
The benchmark U.S. gauge posted its first weekly loss in more than a month as traders contended with an escalation of trade tensions between the U.S. and China, just as the Federal Reserve signals a faster pace of policy tightening. Positive economic news from Europe provided a counterbalance Friday as a measure of private-sector activity unexpectedly picked up in June, underpinning the European Central Bank’s prediction that a rebound is in the cards.
West Texas oil surged the most since November 2016, climbing above $69 as OPEC and allies including Russia agreed to boost oil production starting next month, overcoming Iran’s threats to veto any supply hike.
“With OPEC, the rumors started yesterday afternoon that this was what they would do,” Joe “JJ” Kinahan, the chief market strategist at TD Ameritrade, said by phone. “When you think about this in terms of the total production, it’s just not that big an increase, so it should be able to support it without a problem.”
Elsewhere, developing-nation stocks advanced. Greece’s creditors struck a landmark deal to ease repayment terms on some of the nation’s loans. Greek bonds jumped, while Italian debt also gained after Thursday’s plunge.
Here’s the main market moves.
Stocks
* The S&P 500 Index rose 0.2 percent at the close of trading in New York, leaving it down 0.9 percent for the week.
* The Stoxx Europe 600 Index rose 1.1 percent.
* The U.K.’s FTSE 100 Index surged 1.7 percent.
* Japan’s Nikkei 225 Stock Average fell 0.8 percent.
* Hong Kong’s Hang Seng Index rose 0.1 percent.
Currencies
* The Bloomberg Dollar Spot Index fell 0.3 percent.
* The euro increased 0.5 percent to $1.166.
* The British pound rose 0.2 percent to $1.3261.
* The Japanese yen was little changed at 109.99 per dollar.
Bonds
* The yield on 10-year Treasuries was little changed at 2.9 percent.
* Germany’s 10-year yield was little changed at 0.33 percent.
* Britain’s 10-year yield jumped four basis points to 1.32 percent.
Commodities
* West Texas Intermediate crude surged 5.7 percent to $69.24 a barrel.
* Gold rose 0.2 percent to $1,270.28 an ounce.

Have a great weekend.

Be magnificent!

As ever,

Megan

“The greatest glory in living lies not in never falling, but in rising every time we fall.” – Nelson Mandela

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 SUMMER!

The warmest season of the year, astronomically from the summer solstice to the autumn equinox.

Summer is icumen in ,
Lhude sing cuccu!
Groweth sed, and bloweth me [meadow]
And springeth the wude  nu.
ANONYMOUS: Cuckoo Song c. 1250

PHOTOS OF THE DAY

A cute gosling looks it’s trying it’s best to air airborne – months before it can fly. The small bird had become detached from his family of 2 geese and 6 goslings and was running to catch them up. The cute picture was taken by Aircraft fitter, Alan Heber,54, in Ryde on the Isle of Wight. Alan says “I like this shot because it looks like the young bird was trying to do the impossible by wanting to fly months before it’s capable. Almost like it can’t wait to get airborne”. CREDIT: ALAN HEBER/SOLENT NEWS

Racegoers talk amongst themselves during day two of Royal Ascot at Ascot Racecourse. CREDIT: JOHN WALTON/PA
Market Closes for June 21st, 2018

Market Index	Close	Change
Dow Jones	24461.70	-196.10    -0.80%
S&P 500	2749.76	-17.56   -0.63%
NASDAQ	7712.953	-68.562   -0.88%
TSX	16335.15	-85.80
		-0.52%

International Markets

Market Index	Close	Change
NIKKEI	22693.04	+137.61
		+0.61%
HANG SENG	29296.05	-400.12
		-1.35%
SENSEX	35432.39	-114.94
		-0.32%
FTSE 100*	7556.44	-70.96
		-0.93%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.142		2.182
CND. 30 Year Bond		2.203		2.228
U.S.    10 Year Bond		2.8967		2.9352
U.S. 30 Year Bond		3.0441		3.0735

Currencies

BOC Close	Today	Previous
Canadian $	0.75091	0.75140
US $	1.33171	1.33084
Euro Rate 1 Euro=		Inverse
Canadian $	1.54564	0.64698
US $	1.16056	0.86165

Commodities

Gold	Close	Previous
London Gold Fix	1274.20	1276.15
Oil
WTI Crude Future	65.84	66.22

Market Commentary:
Canada
By Stefanie Marotta
     (Bloomberg) — Canadian stocks followed global stocks lower, dropping even after a report that White House officials were considering restarting talks with China to avoid a trade war.
     The S&P/TSX Composite Index fell 0.5 percent to 16,335.15 after yesterday’s record intraday high. Energy fell 1.7 percent as MEG Energy Corp. dropped 4.1 percent after Goldman Sachs initiated coverage with a neutral recommendation.
     Contrary to most sectors, health care rose 2.7 percent as cannabis stocks continued to accelerate. Aphria Inc. climbed 5.4 percent to a new high.
     In other moves:
     Stocks
* Shopify Inc. fell 4.7 percent as Internet stocks dropped after the Supreme Court allowed states and local governments to start collecting taxes from internet retailers* Finning International Inc. shares fell 4.4 percent, the most in over a year
     Commodities
* Western Canada Select crude oil traded at a $24.00 discount to WTI
* Aeco natural gas traded at a $1.60 discount to Henry Hub
* Gold fell 0.4 percent to $1,269.20 an ounce
     FX/Bonds
* The Canadian dollar remained neutral at C$1.3311 per U.S. dollar
* The Canada 10-year government bond yield fell four basis points to 2.14 percent
US
By Brendan Walsh
     (Bloomberg) — U.S. stocks fell following declines in Asia and Europe as Daimler AG’s profit warning fed into investor concern over the outlook for global trade and growth. Treasuries gained and the dollar weakened.
     The S&P 500 Index slumped and the Dow Jones Industrial Average posted its eighth straight drop after the Supreme Court ruled states can collect sales tax from online retailers, rattling Amazon.com and EBay. Automakers also came under pressure after Daimler’s forecast and energy producers declined.
U.S. gauges bounced off their lows of the day after a report that senior White House officials are trying to restart talks with China to avoid a trade war.
     Even as skeptics doubted Daimler’s explanation for the poor forecast, the global market agenda continues to be dominated by trade threats and fears, which elicited warnings from major central bankers on Wednesday and are beginning to show up in the business cycle. While the U.S. outreach to China signaled a willingness by some officials to seek a truce before $34 billion in Chinese products are hit with tariffs, opponents inside the administration favor penalizing Beijing. President Donald Trump has shown no signs of backing down.
     “At the moment we just want to be a little bit cautious,”
Colin Graham, the chief investment officer of multi-asset solutions at Eastspring Investments, said on Bloomberg Television. “We are going to see more choppy returns.”
     Elsewhere, Italian bonds and stocks were hit hard after two prominent critics of the European Union were given key posts in parliament. The pound jumped after the Bank of England’s chief economist unexpectedly supported an interest-rate increase.
     The Stoxx Europe 600 fell to the lowest in almost two months. Emerging-market stocks and currencies retreated alongside commodities. Equity benchmarks in Hong Kong, Seoul and Shanghai all fell at least 1 percent. Stocks in the Philippines entered a bear market.
          Here are some key events to watch for this week:
* The Organization of Petroleum Exporting Countries meets in Vienna on Friday.
     And here are the main market moves:
                             Stocks
* The S&P 500 Index slipped 0.6 percent at the close of trading in New York.
* The Dow Jones Industrial Average fell 0.8 percent for its eighth consecutive drop.
* The Stoxx Europe 600 Index fell 0.9 percent.
* Italy’s FTSE MIB fell 2 percent.
* The MSCI Emerging Market Index decreased 1.1 percent.
                           Currencies
* The Bloomberg Dollar Spot Index fell 0.3 percent.
* The euro rose 0.4 percent to $1.1612.
* The British pound increased 0.6 percent to $1.3245.
* The Japanese yen rose 0.4 percent to 109.97 per dollar.
                             Bonds
* The yield on 10-year Treasuries declined four basis points to 2.9 percent.
* Britain’s 10-year yield slipped two basis points to 1.28 percent.
* Italy’s 10-year yield rose 18 basis points to 2.72 percent, a one-week high.
                          Commodities
* West Texas Intermediate slipped 0.7 percent to $65.75 a barrel.
* Gold was little changed at $1,267.50 an ounce.
–With assistance from Sophie Caronello, Andreea Papuc, Adam Haigh, Sheldon Reback, Yakob Peterseil, Samuel Potter, Christopher Anstey and David Wilson.

Have a great evening.

Be magnificent! 

As ever,

Carolann 

All  men are caught in an inescapable network of mutuality.
                                  -Martin Luther King Jr., 1929-1968

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:
1948: Ed Sullivan Show premieres.

Queen Victoria ascends throne at age 18

Today’s New York Times back story:

Steven Spielberg’s genre-defining film “Jaws” was released on this day in 1975. It was his first big-budget film, and it ushered in one of the industry’s most successful careers. 

But the production was troubled with delays and budget-busting costs. Crew members called it “Flaws,” and Mr. Spielberg — not yet 30 years old — worried he might never work in Hollywood again. “No one had ever taken a film 100 days over schedule,” he said. 

The director Steven Spielberg and the star of his breakout film, “Jaws.”
Steven Spielberg, via Associated Press 

Especially problematic were three animatronic sharks meant to serve as the focal predator. Collectively known as Bruce (after Mr. Spielberg’s lawyer), they proved disappointingly unmenacing. And they corroded and malfunctioned because the young director insisted on the realism of filming in the ocean, not in a tank. 

Unable to show more than a few scenes of the film’s linchpin, Mr. Spielberg improvised. He filmed some scenes from the shark’s point of view and signaled its presence with John Williams’ now-iconic theme song. The result: a Hitchcockian buildup of tension and suspense. (The Times review was a bit dismissive.) 

Even the production delays ended up helping. “Jaws” missed the traditional Christmas window, and a later release (and a marketing blitz) made it one of the first summer blockbusters. 

Emma McAleavy wrote today’s Back Story. 

PHOTOS OF THE DAY

Columbia fan inside the Mordovia Arena Stadium ahead of the 2018 FIFA World Cup First Stage Group H football match between Columbia and Japan. Credit: Stanislav Krasilnikov/Tass

A woman walks along a passageway past apartments at a building in Tokyo. Credit: Martin Bureau/AFP/Getty Images

Swimmers exercise in the Serpentine River in front of Christo’s “The London Mastaba”, in Hyde Park, London, Britain. Credit: Reuters/Henry Nicholls

People compete for a duck in the river to celebrate the Dragon Boat Festival at Fenghuang Ancient Town in Fenghuang, China. The Dragon Boat Festival as a traditional Chinese Festival is celebrated by eating rice dumplings and holding dragon boat races. Credit: VCG/Getty Images
Market Closes for June 20^th, 2018

Market Index	Close	Change
Dow Jones	24657.80	-42.41   -0.17%
S&P 500	2767.32	+4.73   +0.17%
NASDAQ	7781.516	+55.931   +0.72%
TSX	16420.95	+104.42
		+0.64%

International Markets

Market Index	Close	Change
NIKKEI	22555.43	+276.95
		+1.24%
HANG SENG	29696.17	+228.02
		+0.77%
SENSEX	35547.33	+260.59
		+0.74%
FTSE 100*	7627.40	+23.55
		+0.31%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.182		2.200
CND. 30 Year Bond		2.228		2.239
U.S.    10 Year Bond		2.9352		2.9150
U.S. 30 Year Bond		3.0735		3.0441

Currencies

BOC Close	Today	Previous
Canadian $	0.75140	0.75269
US $	1.33084	1.32857
Euro Rate 1 Euro=		Inverse
Canadian $	1.54043	0.64917
US $	1.15749	0.86394

Commodities

Gold	Close	Previous
London Gold Fix	1276.15	1281.55
Oil
WTI Crude Future	66.22	65.07

Market Commentary:
Canada
By Stefanie Marotta
     (Bloomberg) — Canadian stocks reached a record high, rebounding from yesterday’s slump, as cannabis stocks soared and energy recovered.
     The S&P/TSX Composite Index rose 0.6 percent to 16,420.95 points. Canopy Growth Corp. rose 6.7 percent, with pot stocks climbing after the Canadian government took the final steps toward legalizing recreational marijuana.
     Even as Canadian stocks accelerated, Great Canadian Gaming Corporation plummeted 10.9 percent as analysts expressed caution about the company’s Greater Toronto Area (GTA) bundle to operate gaming facilities.
     In other moves:
                                   Stocks
* MEG Energy Corp. climbed 6.4 percent as energy stocks rose 1.4 percent amid increasing oil prices and a positive outlook on OPEC reaching an oil-production deal
* Canada Goose Holdings Inc. fell 5 percent after an eight day rally
* Bombardier Inc. rose 5.5 percent after Delta Air Lines Inc. agreed to purchase 20 CRJ900 aircraft in an order valued at $961 million
                                   Commodities
* Western Canada Select crude oil traded at a $24.00 discount to WTI
* Aeco natural gas traded at a $1.94 discount to Henry Hub
* Gold fell 0.7 percent to $1,270.60 an ounce
                                    FX/Bonds
* The Canadian dollar strengthened 0.2 percent to C$1.3310 per U.S. dollar
* The Canada 10-year government bond yield rose two basis points to 2.18 percent
US
By Brendan Walsh
     (Bloomberg) — U.S. stocks were lifted by a rally in tech shares as concerns eased about a potential global trade war. Treasury yields rose and oil jumped.
     The S&P 500 broke a three-day losing streak and the Nasdaq Composite Index added to an all-time high, buoyed by Facebook Inc.’s rally past $200 a share. European equities advanced for the first time this week and Canada’s stock benchmark hit a record. The pound edged higher after Prime Minister Theresa May won a key vote on Brexit.
     A sense of calm is returning to markets after President Donald Trump stepped up trade threats against China earlier in the week, proposing moves that economists reckon could cut as much as half a percentage point from the Asian nation’s growth. Traders may well be siding with Goldman Sachs Chief Executive Officer Lloyd Blankfein, who characterized the escalation in rhetoric as simply a negotiating strategy.
     Elsewhere, the onshore yuan climbed after the People’s Bank of China set its daily reference rate at a stronger-than- expected level. Facebook reached a record as investors bet the company’s Instagram and Messenger units will continue to boost advertising revenue.
     Here are some key events to watch for this week:
* A Brazilian central bank decision is due Wednesday.
* The Bank of England sets rates on Thursday.
* Also on Thursday: U.S. jobless claims, New Zealand GDP, South Korea export data.
* The Organization of Petroleum Exporting Countries meets in Vienna on Friday.
     And here are the main market moves:
                            Stocks
* The S&P 500 rose 0.2 percent at the close of trading in New York.
* The Stoxx Europe 600 Index climbed 0.3 percent.
* The U.K.’s FTSE 100 Index rose 0.3 percent.
* The MSCI Emerging Market Index climbed 0.7 percent.
                            Currencies
* The Bloomberg Dollar Spot Index was little changed.
* The euro slipped 0.1 percent to $1.1581.
* The British pound rose 0.1 percent to $1.3182.
* The Japanese yen fell 0.3 percent to 110.4 per dollar.
                             Bonds
* The yield on 10-year Treasuries rose four basis points to 2.93 percent.
* Germany’s 10-year yield rose one basis point to 0.37 percent.
* Britain’s 10-year yield rose two basis points to 1.30 percent.
                             Commodities
* West Texas Intermediate crude rose 1.8 percent to $66.22 a barrel.
* Gold slipped 0.4 percent to $1,269.64 an ounce, the weakest in six months.
–With assistance from Adam Haigh, Cecile Vannucci, Andreea Papuc, Todd White, Christopher Anstey, Samuel Potter and Jeran Wittenstein.

Have a great evening.

Be magnificent! 

As ever,

Carolann

You cannot climb the ladder of success dressed in the costume of failure.
                                                                   -Zig Ziglar, 1926-2012

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:
Blaise Pascal, philosopher, b. 1623~The heart has its reasons which reason knows nothing of.

On June 19, 1964, the Civil Rights Act of 1964 was approved after surviving an 83-day filibuster in the United States Senate. 
Go to article »

PHOTOS OF THE DAY

Professor Paul Brakefield, Director of the recently refurbished University Museum of Zoology in Cambridge. Credit: Geoff Pugh for The Telegraph

Fans watch the Group G football match between Tunisia and England at Flat Iron Square in London. Credit: Paul Grover for The Telegraph

England captain Harry Kane celebrates after he scored the 2-1 winner against Tunisia in the World Cup. Credit: The Telegraph
Market Closes for June 19^th, 2018

Market Index	Close	Change
Dow Jones	24700.21	-287.26   -1.15%
S&P 500	2762.59	-11.16   -0.40%
NASDAQ	7725.586	-21.439   -0.28%
TSX	16316.53	-67.10
		-0.41%

International Markets

Market Index	Close	Change
NIKKEI	22278.48	-401.85
		-1.77%
HANG SENG	29468.15	-841.34
		-2.78%
SENSEX	35286.74	-261.52
		-0.74%
FTSE 100*	7603.85	-27.48
		-0.36%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.161		2.200
CND. 30 Year Bond		2.201		2.239
U.S.    10 Year Bond		2.8967		2.9150
U.S. 30 Year Bond		3.0323		3.0441

Currencies

BOC Close	Today	Previous
Canadian $	0.75269	0.75766
US $	1.32857	1.31985
Euro Rate 1 Euro=		Inverse
Canadian $	1.53936	0.64962
US $	1.15866	0.86307

Commodities

Gold	Close	Previous
London Gold Fix	1281.55	1285.25
Oil
WTI Crude Future	65.07	65.85

Market Commentary:
Canada
By Stefanie Marotta
     (Bloomberg) — Canadian stocks recovered from an early slump but losses accelerated again into the close as China pledged to retaliate against President Trump’s threat to impose tariffs on an additional $200 billion in goods.
     The S&P/TSX Composite Index fell 0.4 percent to 16,316.53. Materials dropped 0.6 percent as mining stocks retreated amid escalating trade tensions, with SSR Mining Inc. dropping 7 percent.
     Moving in the opposite direction of most sectors, health care rebounded after yesterday’s drop and rose 3.1 percent. Valeant Pharmaceuticals International Inc. gained 3.7 percent, bouncing back from Monday’s 12 percent decline.
     In other moves:
                                  Stocks
* Canada Goose Holdings Inc. rose for the eighth day and gained 4.7 percent, bucking the 1 percent drop in consumer discretionary
* Constellation Software Inc. fell 2.5 percent as information technology dropped 0.8 percent
* Crescent Point Energy Corp.’s decline accelerated throughout the day amid executive departures and plans to dispose of non- core assets in the William Basin, dropping 2.2 percent
     Commodities
* Western Canada Select crude oil traded at a $23.50 discount to WTI
* Aeco natural gas traded at a $2.26 discount to Henry Hub
* Gold fell 0.3 percent to $1,276.70 an ounce
     FX/Bonds
* The Canadian dollar weakened 0.6 percent to C$1.3282 per U.S. dollar, the weakest in a year
* The Canada 10-year government bond yield fell four basis points to 2.16 percent
US
By Janine Wolf
     (Bloomberg) — U.S. stocks fell, though major indexes traded well off session lows as a flare up in trade tensions eased to a simmer. Treasuries rose with the dollar.
     The Dow Jones Industrial Average notched a sixth straight loss in its longest slump in more than a year, and the S&P 500 equaled its biggest drop in three weeks. The declines came after steep losses in Asia and Europe sparked by renewed concern the U.S. and China are headed for a full-blown trade war. Neither side escalated attacks Tuesday after President Donald Trump threatened fresh tariffs and China promised to retaliate in kind.
     Tough trade talk is nothing new for investors in 2018, but the perception that stress is ratcheting up between the U.S. and China hit markets hard on Tuesday morning before U.S. shares saw some relief in afternoon trading. The protectionist moves come at a time when many are already voicing concern that global growth could lose momentum as the U.S. tightens monetary policy and Europe pulls back on stimulus.
     “The degree of both rhetoric and substance behind the proposals that have gone back and forth recently is worrisome,” Mark Howard, a senior multi-asset specialist at BNP Paribas, said in an interview on Bloomberg TV. “This has caused a bit of a risk-off trade today, and it’s a cause of caution by major investors.”
     The euro dropped after the latest dovish message from the European Central Bank, and the pound weakened as the U.K. prepared for another knife-edge Brexit vote Wednesday.
     The lurch toward protectionism rattled commodities and commodity-linked currencies, which retreated across the board. Oil fell as traders weighed OPEC’s discussions on a compromise over increasing output ahead of a meeting in Vienna this week.
     The Cboe Volatility Index rose to the highest since May, while government bonds in Europe rallied alongside U.S. notes. Developing-nation stocks dropped the most since March.
     Here are some key events to watch for this week:
* Draghi, Reserve Bank of Australia Governor Philip Lowe, Bank of Japan Governor Haruhiko Kuroda, and Fed Chairman Jerome Powell join a panel on central bank policy in Sintra, Portugal, on Wednesday.
* Thailand, Philippines and Brazil central bank decisions due Wednesday.
* Bank of England rate decision on Thursday.
* Also on Thursday: U.S. jobless claims, New Zealand GDP, South Korea export data.
* The Organization of Petroleum Exporting Countries meets in Vienna on Friday.
     And here are the main market moves:
                             Stocks
* The S&P 500 fell 0.4 percent as of the close of trading in New York.
* The Dow Jones Industrial Average finished 1.1 percent lower
* The Stoxx Europe 600 Index declined 0.7 percent to the lowest level this month.
* Germany’s DAX Index dropped 1.2 percent to the lowest in almost three weeks.
* Hong Kong’s Hang Seng Index slipped 2.8 percent to the lowest since February.
* The MSCI Emerging Market Index sank 1.9 percent to the lowest since October.
                            Currencies
* The Bloomberg Dollar Spot Index rose 0.2 percent to the highest in 11 months.
* The euro decreased 0.3 percent to $1.1583, the weakest in three weeks.
* The British pound declined 0.5 percent to $1.3177, the weakest since November.
* The Japanese yen jumped 0.5 percent to 110.55 per dollar.
                             Bonds
* The yield on 10-year Treasuries fell three basis points to 2.89 percent, the lowest in almost three weeks.
* Germany’s 10-year yield declined two basis points to 0.37 percent, its sixth straight decline.
* Britain’s 10-year yield decreased four basis points to 1.28 percent.
                             Commodities
* Gold dipped 0.3 percent to $1,275.18 an ounce, the weakest in six months.
* WTI oil dropped 1.2 percent to $65.07 a barrel.
–With assistance from Robert Fullem, Ruth Carson, Andreea Papuc, Adam Haigh, Cormac Mullen, Yakob Peterseil, Todd White, Christopher Anstey, Samuel Potter and Michael P. Regan. 

Have a great night.

Be magnificent!

As ever,

 

Carolann

 

Cock your hat – angles are attitudes.
             -Frank Sinatra, 1915-1998

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

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

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

Dear Friends,

Tangents:

Dragon boat Festival, China.

-from today’s New York Times:

Across China and in many other parts of the world today, sleek dragon boats will line up, sticky rice dumplings will be eaten, and drums will thrum. 

The spectacle makes more sense if you know the Dragon Boat Festival’s origin tale. 

Dragon boats in Zigui, China.
Xinhua/Xiong Qi, via Getty Images 

More than 2,000 years ago, China was divided into many kingdoms. In one realm, the indolent king preferred sycophants to tell him that his kingdom was thriving, though it was under constant threat from invaders. Only a civil servant named Qu Yuan persisted in warning of the danger. 
He was ostracized and eventually exiled. When he heard that enemy troops had invaded the kingdom he loved, he flung himself into the Miluo River. 

People rowed frantically in search of his body, beating drums and cymbals to scare away hungry fish, and throwing clumps of sticky rice wrapped in bamboo leaves into the water to distract them from his remains. Wine was tossed overboard to appease water dragons and wrathful sea gods. 

In China, Qu Yuan has come to be honored as a historical exemplar of selfless loyalty to the people. In 2007, the government reintroduced the Dragon Boat Festival — at the expense of the Mao-era Marxist May Day. 

Tiffany May wrote today’s Back Story.

PHOTOS OF THE DAY

A view of smog over Santiago, due to which Chilean authorities declared a new environmental preemergence, as high levels of air pollution were recorded. Credit: The Telegraph

The La Cumbre volcano at the Fernandina Island, in Galapagos Archipelago, Ecuador erupts. Credit: The Telegraph

People race a dragon boat at night in Fuzhou, Fujian province, China. Credit: The Telegraph
Market Closes for June 18^th, 2018

Market Index	Close	Change
Dow Jones	24987.47	-103.01   -0.41%
S&P 500	2773.87	-5.79   -0.21%
NASDAQ	7747.023	+0.645   +0.01%
TSX	16383.63	+69.21
		+0.42%

International Markets

Market Index	Close	Change
NIKKEI	22680.33	-171.42
		-0.75%
HANG SENG	30309.49	-130.68
		-0.43%
SENSEX	35548.26	-73.88
		-0.21%
FTSE 100*	7631.33	-2.58
		-0.03%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.200		2.223
CND. 30 Year Bond		2.239		2.249
U.S.    10 Year Bond		2.9150		2.9249
U.S. 30 Year Bond		3.0441		3.0465

Currencies

BOC Close	Today	Previous
Canadian $	0.75766	0.75822
US $	1.31985	1.31887
Euro Rate 1 Euro=		Inverse
Canadian $	1.53417	0.65182
US $	1.16238	0.86031

Commodities

Gold	Close	Previous
London Gold Fix	1285.25	1302.75
Oil
WTI Crude Future	65.85	65.06

Market Commentary:
Canada
By Bloomberg Automation
     (Bloomberg) — The S&P/TSX Composite rose 0.4 percent at 16,383.63 in Toronto. The move was the biggest gain since June 5 and follows the previous session’s decrease of 0.1 percent.
     TransCanada Corp. contributed the most to the index gain, increasing 3.2 percent. Canada Goose Holdings Inc. had the largest increase, rising 9.8 percent.
     Today, 161 of 246 shares rose, while 78 fell; 8 of 11 sectors were higher, led by energy stocks.
*      The Canadian dollar rose 0.11 percent to 1.3200 against the U.S. dollar.
*       The benchmark 10-year bond rose and the yield fell 1.7 basis points to 2.197 percent.
*       The S&P 500 Index declined 0.2 percent in the previous session.
     Related News headlines:
*      Canada Goose PT Nearly Doubled at CIBC to Street High
*       Bombardier/Airbus C Series Gets Boost From Moxy: BI React
*       Baytex Tumbles as $1.2 Billion Raging River Deal Dilutes Stock
*       Valeant’s Rebound Falters as Key Drug Rejection Breaks Momentum
*       RRX CN Downgraded to Reduce at Laurentian Bank Securities
*       S&P/TSX Index Rises 0.3%; Suncor Energy Leads Advance
US
By Sarah Ponczek and Janine Wolf
    (Bloomberg) — The S&P 500 slipped following stock declines in Europe and Asia amid concern over the escalating protectionist standoff between China and the U.S. Oil gained before a key OPEC meeting this week.
    U.S. equity gauges came off their lows of the day as energy shares advanced along with software makers. The Stoxx Europe 600 Index posted its biggest two-day drop since March and Japan’s Topix Index fell the most in almost three weeks. Crude climbed as producers were discussed a smaller-than-expected boost to production. Treasury yields were little changed after trading near the lowest level this month.
     Global trade is firmly back at the top of the agenda, with investors fretting about the intensifying confrontation between the U.S. and China. The Asian nation swiftly responded after President Donald Trump slapped tariffs on $50 billion of imports late last week, putting an additional 25 percent levy on $34 billion of American agricultural and auto exports starting July 6.
     “The relative policy calm was shattered late in the week as trade tensions escalated,” David Joy, the chief market strategist at Ameriprise Financial Inc., said in a note. “There is still time for negotiation. But the inexorable march toward a trade war with China took a significant step forward.”
     Meanwhile in Europe, German Chancellor Angela Merkel and British Prime Minister Theresa May face tough weeks over migration and Brexit, respectively. Trump said in a tweet that the German people “are turning against their leadership as migration is rocking the already tenuous Berlin coalition.”
    An index of emerging-market currencies fell for a fifth day, leaving it on track for the biggest quarterly decline since September 2015. Developing-nation equities extended a drop after their worst weekly performance in a month, with an MSCI index retreating for a fourth day.
     Here are some key events to watch for this week:
* European Central Bank President Mario Draghi speaks at ECB’s Forum on Central Banking on Tuesday.
* U.S. housing starts probably rose in May, data out Tuesday is expected to show.
* Draghi, Reserve Bank of Australia Governor Philip Lowe, Bank of Japan Governor Haruhiko Kuroda, and Fed Chairman Jerome Powell join a panel on central bank policy in Sintra, Portugal, on Wednesday.
* Thailand, Philippines and Brazil central bank decisions due Wednesday.
* Bank of England rate decision on Thursday.
* Also on Thursday: U.S. jobless claims, New Zealand GDP, South Korea export data.
* The Organization of Petroleum Exporting Countries meets in Vienna on Friday.
     And here are the main market moves:
                            Stocks
* The S&P 500 fell 0.2 percent at the close of trading in New York.
* The Stoxx Europe 600 Index decreased 0.8 percent.
* Japan’s Nikkei 225 Stock Average fell 0.8 percent to the lowest in more than a week.
* The MSCI Emerging Market Index declined 0.7 percent to the lowest since December.
                            Currencies
* The Bloomberg Dollar Spot Index was little changed, near the highest in 11 months.
* The euro rose 0.1 percent to $1.1618.
* The British pound fell 0.3 percent to $1.324.
* The Japanese yen rose 0.1 percent to 110.57 per dollar.
                            Bonds
* The yield on 10-year Treasuries was little changed at 2.92 percent.
* Germany’s 10-year yield decreased one basis point to 0.39 percent.
* Britain’s 10-year yield was little changed at 1.32 percent.
                            Commodities
* Gold was little changed at $1,278.61 an ounce.
* WTI oil rose 1.1 percent to $65.79 a barrel.
–With assistance from Andreea Papuc, David Marino, Todd White, Robert Brand, Samuel Potter and Christopher Anstey.

Have a great evening.

Be magnificent!

As ever,

Carolann

Be kind, for everyone you meet is fighting a hard battle.
                                         -Plato, 428 BCE-348 BCE

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

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

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

Dear Friends,

Tangents:

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

PHOTOS OF THE DAY

Gardener Roswitha Domine stands in a pond of the greenhouse at Berlin’s Botanical Garden to inspect a large leaf of a Victoria water-lily, as last preparations are under way before the greenhouse’s re-opening at the upcoming weekend following extensive reconstruction. Credit: Jens Kalaene/AFP/Getty Images

Participants cycle the Furkapass during the 82^nd Tour of Switzerland 2018. Credit: Tim De Waele/Getty Images

Queen Elizabeth arrives at Runcorn Station to carry out engagements in Cheshire accompanied by the Duchess of Sussex. Credit: Eddie Mulholland for The Telegraph
Market Closes for June 15^th, 2018

Market Index	Close	Change
Dow Jones	25090.34	-84.97   -0.34%
S&P 500	2778.30	-4.19   -0.15%
NASDAQ	7746.379	-14.663   -0.19%
TSX	16323.01	-5.95
		-0.04%

International Markets

Market Index	Close	Change
NIKKEI	22851.75	+133.14
		+0.50%
HANG SENG	30309.49	-130.68
		-0.43%
SENSEX	35266.14	+22.32
		+0.06%
FTSE 100*	7633.91	-131.88
		-1.70%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.223		2.270
CND. 30 Year Bond		2.249		2.291
U.S.    10 Year Bond		2.9249		2.9315
U.S. 30 Year Bond		3.0465		3.0513

Currencies

BOC Close	Today	Previous
Canadian $	0.75822	0.76305
US $	1.31887	1.31054
Euro Rate 1 Euro=		Inverse
Canadian $	1.53133	0.65303
US $	1.16101	0.86132

Commodities

Gold	Close	Previous
London Gold Fix	1302.75	1296.15
Oil
WTI Crude Future	65.06	66.89

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks couldn’t maintain their winning streak, retreating as President Donald Trump announced tariffs on $50 billion in Chinese imports, adding to growing fears of a trade war.
     The S&P/TSX Composite Index fell 34 points or 0.2 percent to 16,294.69 at 9:55 a.m. in Toronto. Materials stocks fell the most, losing 1.2 percent as both precious and base metals retreated. Teck Resources Ltd. slid 4.9 percent.
     The energy sector lost 0.5 percent as crude prices fell 1.4 percent. OPEC members were set to clash on raising production at a meeting next week.
     In other moves:
                          Stocks
* Canada Goose Holdings Inc. jumped 22 percent to a record high after posting a surprise profit in the fourth quarter
* Paramount Resources Ltd. rose 4.7 percent. The company agreed to sell some oil and gas holdings to Waterous Energy Fund’s Strath Resources
* Maxar Technologies Ltd. fell 1.8 percent after settling a lawsuit.
                          Commodities
* Western Canada Select crude oil traded at a $18.00 discount to WTI
* Aeco natural gas traded at a $2.12 discount to Henry Hub
* Gold fell 1.6 percent to $1,287.60 an ounce, the biggest drop in a month
                           FX/Bonds
* The Canadian dollar weakened 0.5 percent to C$1.3169 per U.S. dollar
* The Canada 10-year government bond yield fell five basis points to 2.22 percent
US
By Sarah Ponczek and Janine Wolf
     (Bloomberg) — Stocks fell on the final day of a week that included the U.S.-North Korea summit, major central bank meetings and escalating trade tensions between Washington and Beijing.
     The S&P 500 Index declined in heavy trading on a quadruple- witching Friday, a quarterly event when futures and options contracts on indexes and individual stocks expire. The U.S. and China spent the day exchanging tariff threats, which drove down tech and industrial stocks, while a drop in the price of oil hit energy shares. Consumer staples and telecoms advanced, offsetting some of the drop, and the index finished with a weekly gain, if only barely.
     Treasury yields dipped and Italian debt led a rally in European bonds, which was triggered a day earlier by the ECB ruling out a rise in interest rates until the second half of 2019. The euro gained after Thursday’s slump and the dollar was steady. West Texas crude slipped in the run-up to next week’s OPEC meeting, where a clash over production limits is brewing.
     With reports suggesting America is already preparing a second list of targeted goods worth as much as $100 billion, China said it doesn’t want a trade war but would have to counter. Stocks in the country fell earlier, and the Shanghai Composite gauge closed at its lowest level since September 2016.
     Emerging markets remain under pressure as worries about an overhaul of Argentina’s central-bank leadership roil the peso. South Korea’s won and Colombia’s peso led declines Friday. Meanwhile, Russia’s ruble pared a decline after the central bank extended a pause in monetary easing and said its shift to looser policy needs to be slower.
     Here are the main market moves:
                         Stocks
* The S&P 500 Index decreased 0.1 percent as of 4:01 p.m. New York time.
* The Stoxx Europe 600 Index decreased 1 percent.
* The U.K.’s FTSE 100 Index sank 1.7 percent.
* Germany’s DAX Index decreased 0.7 percent.
* The MSCI Emerging Market Index decreased 1 percent to the lowest in six months.
                         Currencies
* The Bloomberg Dollar Spot Index gained less than 0.05 percent.
* The euro gained 0.4 percent to $1.1609.
* The British pound gained 0.1 percent to $1.3278.
* The Japanese yen advanced less than 0.05 percent to 110.61 per dollar.
                          Bonds
* The yield on 10-year Treasuries declined one basis point to 2.92 percent.
* Germany’s 10-year yield declined two basis points to 0.40 percent.
* Britain’s 10-year yield decreased one basis point to 1.328 percent.
                          Commodities
* West Texas Intermediate crude decreased 3.4 percent to $64.64 a barrel, the biggest drop in over two weeks.
* Gold sank 1.7 percent to $1,280.15 an ounce.
* LME copper sank 2.2 percent to $7,020 per metric ton, the lowest in more than a week.

Have a great weekend!

 

Be magnificent!

As ever,

Karen

“It is better to fail in originality than to succeed in imitation.” – Herman Melville

 

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:
Royal Ascot horse races, England.

POINTS OF PROGRESS:
NORWAY
THE Scandinavian nation has introduced the world’s first zero-emission zone at sea.  The popularity of Norway’s fjords has led to heavy local air pollution; more than 300,000 cruise ship passengers visited the region last year.  The government has responded by mandating that the World Heritage-listed fjords be zero-emission zones by 2026, when only electric ships will be allowed to visit. -ELECTREK

GERMANY
The nation’s  crime rate is the lowest it has been since 1992.  The latest figure, unveiled by German Interior Minister Horst Seehofer in May, revealed that in 2017 about 5.76 million crimes were reported, 5 per cent fewer than in 2016. -DEUTCHE WELLE

JOY IN THE SPRING
Check out:
http://bit.ly/mexicats &
http://bit.ly/superorganismlisten.

PHOTOS OF THE DAY

The sun rises over a poppy field in Kingswinford, West Midlands. Credit: SWNS.COM

Head Gardener Jeremy Lockwood deadheads the roses in front of the Queen Anne Enclosure as Ascot Racecourse. Credit: Geoff Pugh for The Telegraph

German-born British author and illustrator Judith Kerr poses for a photograph at her home in west London as she celebrates turning 95 on Thursday. Her famous children’s book “The Tiger Who Came To Tea” remains the crowning achievement of a life devoted to writing and drawing after she fled Nazi Germany. Credit: Tolga Akmen/AFP/Getty Images

Four paintings charting the path of Impressionism from Boudin to Monet and Pissarro which will appear on the market for the first time in over three decades from a private American collection, at the Impressionist & Modern Art Sale at Sotheby’s in London. Credit: Paul Grover for The Telegraph
Market Closes for June 14^th, 2018

Market Index	Close	Change
Dow Jones	25175.31	-25.89   -0.10%
S&P 500	2782.49	+6.86   +0.25%
NASDAQ	7761.043	+65.344   +0.85%
TSX	16328.96	+63.14
		+0.39%

International Markets

Market Index	Close	Change
NIKKEI	22738.61	-227.77
		-0.99%
HANG SENG	30440.17	-284.98
		-0.93%
SENSEX	35599.82	-139.34
		-0.39%
FTSE 100*	7765.79	+62.08
		+0.81

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.270		2.322
CND. 30 Year Bond		2.291		2.330
U.S.    10 Year Bond		2.9315		2.9755
U.S. 30 Year Bond		3.0513		3.0959

Currencies

BOC Close	Today	Previous
Canadian $	0.76305	0.77017
US $	1.31054	1.29842
Euro Rate 1 Euro=		Inverse
Canadian $	1.51592	0.65967
US $	1.15671	0.86452

Commodities

Gold	Close	Previous
London Gold Fix	1296.15	1298.65
Oil
WTI Crude Future	66.89	66.64

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks resumed their run at a fresh high, gaining the most in a week and a half on strength in consumer and materials shares.
     The S&P/TSX Composite Index added 63 points or 0.4 percent to 16,328.96, less than 100 points from its January record. Consumer discretionary stocks rose the most, adding 1.2 percent. Magna International Inc. gained 1.4 percent, shrugging of lingering trade fears.
     The materials sector added 0.8 percent to reach the highest since mid-January. Gold miners led the gains, with Yamana Gold Inc. up 5.6 percent.
     In other moves:
                          Stocks
* CES Energy Solutions Corp. added 8.5 percent after announcing it will buy back up to 10 percent of its public float and double its dividend
* TransAlta Renewables Inc. slid 5.8 percent, its biggest single-day drop. The company is selling C$150 million of stock through a bought-deal offering
* Canada Goose Holdings Inc. gained 2 percent to a record close.  The retailer reports quarterly results before the market opens Friday
                         Commodities
* Western Canada Select crude oil traded at a $18.50 discount to WTI
* Aeco natural gas traded at a $2.12 discount to Henry Hub
* Gold rose 0.6 percent to $1,304.00 an ounce, the highest in three weeks
                         FX/Bonds
* The Canadian dollar weakened 0.8 percent to C$1.3094 per U.S. dollar, the weakest since March
* The Canada 10-year government bond yield fell five basis points to 2.27 percent
US
By Sarah Ponczek and Janine Wolf
     (Bloomberg) — U.S. stocks closed higher on gains by big technology and media companies, outweighing laggard financial and industrial shares. The dollar hit an 11-month high and 10- year Treasury yields tightened.
     Comcast Corp. and Walt Disney Co. were among the big gainers in the S&P 500 Index Thursday as bidding for 21st Century Fox Inc.’s entertainment assets heated up. Facebook Inc., Amazon.com Inc. and other tech giants also climbed, sending the Nasdaq Composite Index to a record high. But banks lagged thanks to a flattening yield curve.
     “Technology stocks tend to be less inclined to be slowed down by rising interest rates,” Art Hogan, chief market strategist at B. Riley FBR Inc., said by phone. “Of the two major concerns we have in the market, whether it’s monetary policy or trade policy, tech seems to be a bit agnostic to those concerns.
     European stocks also gained after the region’s central bank delivered a somewhat dovish message to investors who had been reeling from disappointing China data and the Federal Reserve’s hawkish shift.
     The Stoxx Europe 600 Index climbed after the ECB held interest rates and signaled that stimulus may last until the end of the year and rates will remain steady until at least the summer of 2019. The euro suffered its biggest drop in about two years and major government bonds rallied.
     After the decision, ECB President Mario Draghi struck a balanced tone. He said substantial progress had been made in adjusting the path of inflation — one of the goals of the QE program — but that growth in the region is poised to slow this year, while protectionism remains a risk.
     The ECB’s mixed message comes hot on the heels of conflicting signals from the world’s two biggest economies. The Fed talked up U.S. growth as it raised rates and hinted at a total of four hikes in 2018, while China’s central bank unexpectedly failed to follow the increase. Policy makers in the Asian nation may well be concerned at its slowing pace of expansion; economic indicators including retail sales and industrial output missed estimates for May. Adding to the gloom, President Donald Trump threatened to “strongly” confront China on trade.
     Asian shares dropped in the wake of the Fed announcement and China data. Haven assets such as gold advanced while emerging-market equities slid.
     These are some key events to watch this week:
* The Bank of Japan June monetary policy decision and news conference is Friday.
* FIFA expects more than 3 billion viewers for the World Cup that begins this week in Russia.
     And these are the main moves in markets:
                          Stocks
* The S&P 500 Index increased 0.3 percent as of 4:01 p.m. New York time.
* The Nasdaq Composite Index advanced 0.7 percent to a record high.
* The Stoxx Europe 600 Index rose 1.2 percent to the highest in more than three weeks.
* The MSCI Emerging Market Index decreased 1 percent to the lowest in almost two weeks.
                          Currencies
* The Bloomberg Dollar Spot Index jumped 1 percent to the highest in 11 months.
* The euro sank 1.7 percent to $1.1586, its biggest drop in about two years.
* The British pound decreased 0.7 percent to $1.3278.
* The Japanese yen fell 0.2 percent to 110.61 per dollar.
                           Bonds
* The yield on 10-year Treasuries fell three basis points to 2.93 percent.
* Germany’s 10-year yield dipped six basis points to 0.43 percent.
* Britain’s 10-year yield decreased three basis points to 1.334 percent, the lowest in more than a week.
                           Commodities
* West Texas Intermediate crude rose 0.5 percent to $66.95 a barrel.
* Gold climbed 0.3 percent to $1,3075.32 an ounce.
* LME copper sank 1.1 percent to $7,177 per metric ton, the biggest drop in three weeks.
–With assistance from Cormac Mullen, Andreea Papuc, Jana Randow, Carolynn Look and Samuel Potter. 

Have a great night.

Be magnificent!

As ever,

Carolann

The weakest link in a chain is the strongest because it can break it.
                                                  -Stanislaw J. Lec, 1909-1966

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:
June 13, 1922 – Urban – North York is incorporated as a township. Toronto, Ontario

June 13, 1898 – Confederation – Royal Assent given to the Yukon Territory Act; The Yukon Judicial District becomes a distinct territory from the North-West Territories, two years after the Klondike gold discovery

From today’s New York Times:

Today, in honor of William Butler Yeats (born on this day in 1865), we explore the lasting influence of his most ubiquitous poem, “The Second Coming.”

Written in 1919, the poem is considered a towering achievement of Modernist poetry. Yeats drew on Christian apocalyptic imagery to capture the violent chaos of the political turmoil in Europe at the time, and to warn of further dangers on the horizon. 

William Butler Yeats in Dublin in 1923.
The New York Times Photo Archives 

So often have the poem’s phrases been incorporated into other works of art and literature that The Paris Review has called it “the most thoroughly pillaged piece of literature in English.” 

There is, of course, Chinua Achebe’s novel “Things Fall Apart,” and Joan Didion’s short story collection “Slouching Towards Bethlehem,” but lines from the poem have proliferated in many more book titles, speeches, folk albums, CD-ROM games and tweets, as well. 

An episode of “The Sopranos” called “The Second Coming” features the poem, as does a Batman comic book series called “The Widening Gyre.”

There was an uptick in references to the poem in 2016, as writers and pundits grasped for language to describe the series of dramatic political shifts in Europe and the U.S. 

Emma McAleavy wrote today’s Back Story.

PHOTOS OF THE DAY

Britain’s new aircraft carrier HMS Queen Elizabeth is anchored in Mount’s Bay, Penzance. Credit: Matt Cardy/Getty Images

The H-IIA F39 rocket, carrying an intelligence-gathering government satellite, lifts off from the launch pad at the Japan Aerospace Exploration Agency Tanegashima Space Center in Kagoshima, Japan. Credit: The Asahi Shimbun via Getty Images
Market Closes for June 13^th, 2018

Market Index	Close	Change
Dow Jones	25201.20	-119.53   -0.47%
S&P 500	2775.63	-11.22   -0.40%
NASDAQ	7695.699	-8.095   -0.11%
TSX	16265.82	-23.16
		-0.14%

International Markets

Market Index	Close	Change
NIKKEI	22966.38	+88.03
		+0.38%
HANG SENG	30725.15	-377.91
		-1.22%
SENSEX	35739.16	+46.64
		+0.13%
FTSE 100*	7703.71	-0.10
		—

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.322		2.298
CND. 30 Year Bond		2.330		2.335
U.S.    10 Year Bond		2.9755		2.9626
U.S. 30 Year Bond		3.0959		3.0960

Currencies

BOC Close	Today	Previous
Canadian $	0.77017	0.76841
US $	1.29842	1.30140
Euro Rate 1 Euro=		Inverse
Canadian $	1.53047	0.65339
US $	1.17872	0.84838

Commodities

Gold	Close	Previous
London Gold Fix	1298.65	1299.60
Oil
WTI Crude Future	66.64	66.36

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks snapped a seven-day winning streak, retreating as the U.S. Federal Reserve struck a more hawkish tone and energy shares fell.
     The S&P/TSX Composite Index fell 23 points or 0.1 percent to 16,265.82, the first decline since June 1. Energy shares lost 0.6 percent even as crude prices rose for a third day, reflecting continued uncertainty about Russia and Saudi Arabia’s plan to boost output.
     Forestry stocks tumbled after lumber prices fell to the lowest in six weeks. Interfor Corp. lost 5 percent and West Fraser Timber Co. slid 4.7 percent.
     In other moves:
                          Stocks
* Canopy Growth Corp. rose 3.3 percent as Canada’s legal marijuana bill moved closer to approval
* AltaGas Ltd. gained 2.6 percent, the most since April. It’s selling its interest in Northwest British Columbia Hydro Electric Facilities for C$922 million
* Choom Holdings Inc. jumped 40 percent after Aurora Cannabis Inc. said it would take an 8 percent stake in the cannabis company
                          Commodities
* Western Canada Select crude oil traded at a $18.50 discount to WTI
* Gold rose 0.1 percent to $1,296.90 an ounce
                           FX/Bonds
* The Canadian dollar strengthened 0.2 percent to C$1.2989 per U.S. dollar
* The Canada 10-year government bond yield rose two basis points to 2.32 percent
US
By Sarah Ponczek and Janine Wolf
     (Bloomberg) — U.S. stocks finished lower as the Federal Reserve struck a somewhat hawkish tone in its latest policy statement. Treasuries fell, while the dollar retreated after spiking to session highs. Other major currencies fluctuated as investors absorbed the first of three big central bank reports this week.
     The Federal Open Market Committee on Wednesday raised rates and signaled it may pick up the pace of increases this year as unemployment falls and inflation flirts with target levels. Ten- year Treasury yields briefly crossed the 3 percent threshold after the announcement. The S&P 500 Index closed near its low for the day.
     “The FOMC is now signaling two more hikes this year and has dropped its increasingly stale signal to markets that rates will remain for some time below those levels expected in the long term,” James McCann, global economist at Aberdeen Standard Investments, said in a note. “This shift reflects the robust domestic growth backdrop, which is being fermented by a late- cycle fiscal stimulus.”
     Fed Chairman Jerome Powell told reporters that unemployment and inflation are both low, and that raising rates too slowly or quickly could be harmful. He added that the bank won’t over- react to inflation levels above 2 percent. Powell also announced he would hold press conferences at every Fed meeting starting in January.
     The euro dropped after the Fed decision only to recover to session highs. The pound also erased losses from a post-Fed swoon. The European Central Bank will decide rates on Thursday — no change is expected but investors will be braced for news on a potential end to the region’s quantitative-easing program. The Bank of Japan reports Friday.
     “From the ECB standpoint, the gross numbers in 2018 are not as good as the numbers were in 2017,” John Lynch, chief investment strategist for LPL Financial, said by phone. “So I’m wondering if it’s impatience on the part of investors as opposed to a fundamentally driven necessity to remove accommodation.”
     Gold and copper advanced, while Bitcoin looked headed for a fourth straight day of declines. West Texas crude jumped after EIA reported an unanticipated draw on U.S. oil supplies.
     Earlier, technology companies outperformed as the Stoxx Europe 600 Index advanced, though gains were tempered by a decline in telecom shares. In Asia, Japanese shares rose as the yen fell slightly, while equities fell in Hong Kong and Australia. Chinese shares also retreated, with ZTE Corp. plunging by its daily limit after it agreed to a $1 billion fine.
     These are some key events to watch this week:
* The European Central Bank rates decision comes Thursday with a briefing from President Mario Draghi.
* The Bank of Japan June monetary policy decision and news conference is Friday.
* FIFA expects more than 3 billion viewers for the World Cup that begins this week in Russia.
     And these are the main moves in markets:
                          Stocks
* The S&P 500 Index fell 0.4 percent as of 4 p.m. New York time.
* The Stoxx Europe 600 Index climbed 0.2 percent to the highest in more than two weeks.
* The U.K.’s FTSE 100 Index declined less than 0.05 percent.
* Germany’s DAX Index gained 0.4 percent to the highest in almost three weeks.
                          Currencies
* The Bloomberg Dollar Spot Index declined 0.1 percent, its biggest drop in a week.
* The euro gained 0.4 percent to $1.1779.
* The British pound gained less than 0.05 percent to $1.3376.
* The Japanese yen advanced 0.1 percent to 110.30 per dollar.
                          Bonds
* The yield on 10-year Treasuries rose one basis point to 2.97 percent, the highest in more than two weeks.
* Germany’s 10-year yield declined one basis point to 0.48 percent.
* Britain’s 10-year yield fell three basis points to 1.369 percent, the lowest in more than a week.
                          Commodities
* West Texas Intermediate crude jumped 0.5 percent to $66.69 a barrel.
* Gold gained 0.3 percent to $1,300.19 an ounce.
* LME copper advanced 0.5 percent to $7,257 a metric ton.
–With assistance from Andreea Papuc, Richard Jones and Samuel Potter. 

Have a great night.

Be magnificent!

As ever,

Carolann

 

Even when laws have been written down, they ought not always to remain unaltered.
                                                                                   -Aristotle, 384 BC-322 BC

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

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

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

Dear Friends,

Tangents:
On June 12, 1987, during a visit to the divided German city of Berlin, President Ronald Reagan publicly challenged Soviet leader Mikhail S. Gorbachev to ”tear down this wall.” 
Go to article »

Anne Frank, b. 1929
George H.W. Bush, 41^st US President, b. 1924

1939: National Baseball Hall of Fame opened.

Baseball is 90% mental, the other half is physical. –Yogi Berra, 1925-2015.
PHOTOS OF THE DAY

A woman poses for pictures in a digital installation waterfall room, filled with flowers which appears to flow over a hill, at Mori building Digital Art Museum in Tokyo, Japan. Credit: Behrouz Mehri/AFP/Getty Images

Mori building Co. and Japanese collective teamLab, known internationally for their innovative “digital art” that combines projections, sound and carefully designed spaces to create immersive experiences, will launch the Digital Art Museum in Tokyo on June 21. Credit: Behrouz Mehri/AFP/Getty Images

Workers build ‘The Mastaba’, an outdoor work made up of over 7000 stacked barrels by Bulgarian artist Christo Vladimirov Javachef on the Serpentine lake in Hyde Park in London. Credit: Niklas Halle’n/AFP/Getty Images

A pair of European goldfinches squabble over food in a rural garden setting near Hawick on the Scottish Borders. Credit: Ron McCombe/Solent News & Photo Agency
Market Closes for June 12^th, 2018

Market Index	Close	Change
Dow Jones	25320.73	-1.58   -0.01%
S&P 500	2786.85	+4.85   +0.17%
NASDAQ	7703.793	+43.868   +0.57%
TSX	16288.98	+25.69
		+0.16%

International Markets

Market Index	Close	Change
NIKKEI	22878.35	+74.31
		+0.33%
HANG SENG	31103.06	+39.36
		+0.13%
SENSEX	35692.52	+209.05
		+0.59%
FTSE 100*	7703.81	-33.62
		-0.43%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.298		2.306
CND. 30 Year Bond		2.335		2.354
U.S.    10 Year Bond		2.9626		2.9516
U.S. 30 Year Bond		3.0960		3.0936

Currencies

BOC Close	Today	Previous
Canadian $	0.76841	0.76999
US $	1.30140	1.29871
Euro Rate 1 Euro=		Inverse
Canadian $	1.52865	0.65417
US $	1.17462	0.85134

Commodities

Gold	Close	Previous
London Gold Fix	1299.60	1298.25
Oil
WTI Crude Future	66.36	66.10

Market Commentary:
Number of the Day
2.6%
The amount shares of Dine Brands Global rose Monday after the IHOP-parent said it would temporarily change the pancake-provider’s name to IHOb, with the “B” standing for “burgers.”
Canada
By Kristine Owram
     (Bloomberg) — Canadian rose for a seventh consecutive session, continuing their march toward a new high, as all sectors except energy closed in the green.
     The S&P/TSX Composite Index added 26 points or 0.2 percent to 16,288.98, the highest close since Jan. 23 and less than 130 points from its all-time high. Tech stocks led the gains, adding 1.4 percent as Shopify Inc. rose 3.3 percent.
     The consumer-discretionary sector rose 0.9 percent, led by a 6.5 percent gain in Spin Master Corp. Energy stocks lost 0.7 percent after OPEC said there’s significant uncertainty about crude demand in the back half of the year.
     In other moves:
                          Stocks
* Suncor Energy Inc. lost 2.9 percent, the most since March, after AltaCorp Capital cut the stock to sector perform from outperform
* Tahoe Resources Inc. fell 2.8 percent. Chief Executive Officer Ronald Clayton is retiring at the end of this week
* Katanga Mining Ltd. jumped 26 percent, the most in more than 10 months, after reaching a deal with the Democratic Republic of Congo’s state miner on a legal dispute
                          Commodities
* Western Canada Select crude oil traded at an $18.65 discount to WTI
* Gold fell 0.3 percent to $1,299.70 an ounce
                           FX/Bonds
* The Canadian dollar weakened 0.3 percent to C$1.3017 per U.S. dollar
* The Canada 10-year government bond yield fell one basis point to 2.30 percent
US
By Samuel Potter and Sarah Ponczek
     (Bloomberg) — U.S. stock indexes finished higher in listless trading Tuesday as investors put the U.S.-North Korea meeting in the rear-view and looked forward to this week’s big central bank decisions.
     Approaching the close, the S&P 500 Index recovered from session lows amid below-average volume. Yields on 10-year Treasuries climbed, while the dollar gained and the euro fell. Safe-haven assets including the yen and gold edged lower after President Donald Trump and Kim Jong Un signed a document pledging to work toward peace on the Korean peninsula.
     The summit and last weekend’s rancorous G-7 meeting have yielded the spotlight to central banks, with a seemingly certain Federal Reserve rate increase on Wednesday, plus the prospect of a hawkish European Central Bank tilt on Thursday. The Bank of Japan’s policy decision is due Friday. Tuesday’s U.S. inflation figures — which were in line with estimates — may reignite the four-hikes-in-2018 debate ahead of the Fed’s decision.
     “The main issues are the Federal Reserve, the ECB and the Bank of Japan, not really the tweets regarding trade issues — and that’s what we’re all waiting for,” Derek Green, wealth adviser at Titus Wealth Management in California, said by phone. “Maybe it’s a calm before the storm. Volume will definitely pick up starting tomorrow. You’ve got three press conferences in three days.”
     The Stoxx Europe 600 Index retreated after modest gains for many Asian shares failed to ignite the MSCI Asia Pacific Index. The British pound rose after Prime Minister Theresa May fended off a rebellion by pro-EU Conservatives and won a key Brexit vote, only to give up most of that gain.
     Elsewhere, West Texas crude fluctuated around $66 a barrel after Iraq joined other OPEC members in resisting a push to boost oil supplies. The Turkish lira led decliners in emerging- market currencies ahead of the possible U.S. rate increase, which could suck more cash from developing nations.
     These are some key events to watch this week:
* The Federal Reserve is expected to raise interest rates Wednesday as the U.S. economy remains solid.
* The European Central Bank rates decision comes Thursday with a briefing from President Mario Draghi.
* The Bank of Japan June monetary policy decision and news conference is Friday.
* FIFA expects more than 3 billion viewers for the World Cup that begins this week in Russia.
     And these are the main moves in markets:
                           Stocks
* The S&P 500 Index climbed 0.2 percent as of 4:01 p.m. New York time.
* The Stoxx Europe 600 Index fell 0.1 percent.
* The U.K.’s FTSE 100 Index sank 0.4 percent.
* Germany’s DAX Index declined less than 0.05 percent.
* The MSCI Emerging Market Index fell 0.1 percent.
                           Currencies
* The Bloomberg Dollar Spot Index increased 0.3 percent to its highest in over a week.
* The euro fell 0.3 percent to $1.175.
* The British pound fell less than 0.05 percent to $1.3373.
* The Japanese yen decreased 0.3 percent to 110.35 per dollar, the weakest in almost three weeks.
                           Bonds
* The yield on 10-year Treasuries increased one basis point to 2.96 percent.
* Germany’s 10-year yield fell less than one basis point to 0.49 percent.
* Britain’s 10-year yield decreased one basis point to 1.401 percent.
                           Commodities
* West Texas Intermediate crude climbed 0.2 percent to $66.22 a barrel.
* Gold fell 0.3 percent to $1,296.19 an ounce, the largest fall in over a week.
* LME copper fell 0.5 percent to $7,222 a metric ton.
–With assistance from Andreea Papuc and Janine Wolf.

Have a great night.

Be magnificent!

As ever,

 

Carolann

History is a set of lies agreed upon.
-Napoleon Bonaparte, 1769-1821

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