Events – Page 180 – Carolann Steinhoff

June 13, 2018

June 11, 2018 Newsletter

ear Friends,

Tangents:

On June 11, 1942, the United States and the Soviet Union signed a lend lease agreement to aid the Soviet war effort in World War II.
Go to article »

The English Diarist and theatre critic, James Agate, wrote in Ego on June 11, 1944:

I was telling someone in the Club today Esmé Percy’s story of how Sarah Bernhardt played Lady Macbeth dressed entirely in Leopard skins. Howard Young looked up from his paper and said, “Tell us James. How did she deal with the line ‘Out, damned spot’?”

-from today’s New York Times:

The upscale resort island in Singapore where President Trump plans to meet Kim Jong-un tomorrow is named Sentosa. In Malay, the word means “tranquility.”

But the island has a troubled past.

A tranquil place. Nowadays.
Roslan Rahman/Agence France-Presse — Getty Images

Until 1970, it was known as Pulau Blakang Mati, a reference to a hill there whose name means “Behind Death.” One theory holds that the island was long a sanctuary for the spirits of warriors who had been buried on an adjacent island (which was itself associated with piracy).

Pulau Blakang Mati was also the site of a mysterious epidemic (probably malaria) during the British colonial era, and it was one of the places where Japanese soldiers killed thousands of Chinese male civilians after invading Singapore in 1942.

In 1969, four years after Singapore gained independence, the government attempted to rebrand Pulau Blakang Mati by soliciting ideas for a new name. It later awarded $500 each to the five people who proposed “Sentosa.”

A cable car was also built from Sentosa to Singapore’s main island in 1974. A local newspaper said in 1969 that the project would be the city-state’s “trump card in its campaign to lure tourists.”

Mike Ives wrote today’s Back Story.

PHOTOS OF THE DAY

The Knockhundred Shuttles Morris Group from Midhurst, West Sussex dance at the Weald And Downland Living Museum Morris Day Of Dance event in West Sussex. Credit: Scott Ramsay/Alamy Live News

People join hands to form a 125 miles (202km) long human chain linking the cities of Sebastian, Vitoria and Bilbao to call for a right to vote on Basque independence near Vitoria, Spain. Credit: Vincent West/Reuters

Charity Anna’s Hope attempts the Guinness World Record for the Largest Gathering of People Dressed as Fairies in One Place, Cathedral Square, Peterborough. Credit: Terry Harris
Market Closes for June 11^th, 2018

Market Index	Close	Change
Dow Jones	25322.31	+5.78 +0.02%

S&P 500	2782.00	+2.97 +0.11%

NASDAQ	7659.926	+14.415 +0.19%

TSX	16263.29	+60.60
		+0.37%

International Markets

Market Index	Close	Change
NIKKEI	22804.04	+109.54
		+0.48%
HANG SENG	31063.70	+105.49
		+0.34%
SENSEX	35483.47	+39.80
		+0.11%
FTSE 100*	7737.43	+56.36
		+0.73%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.306	2.320
CND. 30 Year Bond	2.354	2.363
U.S. 10 Year Bond	2.9516	2.9461
U.S. 30 Year Bond	3.0936	3.0904

Currencies

BOC Close	Today	Previous
Canadian $	0.76999	0.77376
US $	1.29871	1.29240

Euro Rate 1 Euro=		Inverse
Canadian $	1.53036	0.65344
US $	1.17837	0.84863

Commodities

Gold	Close	Previous
London Gold Fix	1298.25	1297.25

Oil
WTI Crude Future	66.10	65.74

Market Commentary:
On this day in 1930, New York Stock Exchange President Richard Whitney had the press witness him making a bid (with his own money) of $160 a share for a 60,000-share block of U.S. Steel stock as he tried to rebuild public confidence in the market. Shortly thereafter, the stock sank below $150, on its way to $21 in the market bottom of 1932
Number of the Day
$150 billion
The approximate valuation of Jack Ma’s fintech giant Ant Financial after the firm raised $14 billion in one of the largest private-capital raises on record.
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks shrugged off a fierce trade battle developing between Canada and the U.S. as energy stocks gained. The loonie weakened.
The S&P/TSX Composite Index rose 61 points or 0.4 percent to 16,263.29, its sixth straight gain. The benchmark is about 150 points away from a record closing high.
Energy stocks added 1.3 percent as crude rose to the highest in more than a week amid an OPEC rift over whether to allow more oil to flow onto global markets. MEG Energy Corp. gained 6 percent.
Auto suppliers, some of the most trade-sensitive stocks, were mixed. Magna International Inc. rose 0.4 percent and Linamar Corp. fell 1 percent.
In other moves:
Stocks
* Ivanhoe Mines Ltd. added 3.7 percent after agreeing to sell a 19.9 percent stake to China’s CITIC Metal Co., making it the largest shareholder
* ProMetic Life Sciences Inc. slid 4.2 percent to the lowest in a month. The stock will be delisted from the S&P/TSX Composite Index on June 18
* AutoCanada Inc. gained 5.8 percent after an investor urged it to launch a strategic review
Commodities
* Western Canada Select crude oil traded at a $18.75 discount to WTI
* Gold rose 0.1 percent to $1,298.90 an ounce
FX/Bonds
* The Canadian dollar weakened 0.4 percent to C$1.2981 per U.S.dollar
* The Canada 10-year government bond yield fell one basis point to 2.31 percent
US
By Sarah Ponczek and Janine Wolf
(Bloomberg) — U.S. equities shrugged off the weekend’s trade drama as investors started a hectic week during which three major central banks set interest rates, President Donald Trump meets North Korea’s leader and Brexit returns to the fore.
The S&P 500 Index rose Monday for the second straight session, but not without giving up some gains just before the close. The dollar climbed with Treasury yields, and Texas crude and gold both advanced.
Investors are steeling themselves for geopolitical noise as the week picks up, with Trump saying he feels “very good” about the summit with Kim Jong Un in Singapore. After that, traders will switch their focus to the views of the world’s biggest central banks. The Federal Reserve is expected to raise interest rates, while European Central Bank officials are poised to hold formal talks on ending its bond-buying program. The Bank of Japan meets Friday, with no change to policy expected.
“Much more likely to be market-moving are the Fed meeting this Wednesday and the ECB meeting the following day,” Chris Zaccarelli, chief investment officer of Independent Advisor Alliance, said in an email. “The ECB meeting on Thursday is important because if they elect to begin tapering (e.g. like the Fed has) then the implications for the Euro could be important.”
Earlier, shares in Japan, Hong Kong and South Korea showed modest advances while Chinese stocks underperformed. Australian markets were shut for a holiday. Meanwhile, Canada’s dollar fell in the wake of the G-7 meeting, which ended with deepening tensions over U.S. tariffs and a dispute between Trump and Prime Minister Justin Trudeau. The Argentine peso led decliners in emerging-market currencies.
In Europe, the mood was cautiously risk-on, with the Stoxx Europe 600 Index rising the most in more than a week and core European bonds slipping. The euro strengthened and Italian bonds and stocks jumped after the country’s new finance minister confirmed his commitment to the common currency. The pound fell in what could be a key week for Theresa May’s Brexit strategy, and as data showed a slump in U.K. manufacturing.
Oil pared losses as cracks in a pipeline threatened Nigerian exports and a schism deepened within OPEC over whether to allow more crude to flow onto global markets. Bitcoin traded near a two-month low following a hacking incident at South Korean cryptocurrency exchange Coinrail.
These are some key events to watch this week:
* President Donald Trump and North Korean leader Kim Jong Un meet for an historic summit in Singapore Tuesday, which will be late Monday in New York
* U.K. Prime Minister Theresa May faces votes that could derail her Brexit policy, also Tuesday
* 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 rose 0.3 percent as of 4 p.m. New York time.
* The Stoxx Europe 600 Index increased 0.7 percent, the largest climb in more than a week.
* The U.K.’s FTSE 100 Index jumped 0.7 percent.
* The MSCI Emerging Market Index gained 0.2 percent.
Currencies
* The Bloomberg Dollar Spot Index increased 0.3 percent, the biggest climb in more than a week.
* The euro climbed 0.1 percent to $1.1784.
* The British pound fell 0.2 percent to $1.3382.
* The Japanese yen declined 0.4 percent to 110.04 per dollar.
* The Canadian dollar decreased 0.4 percent to C$1.2986 per U.S. dollar.
Bonds
* The yield on 10-year Treasuries advanced less than one basis point to 2.95 percent.
* Germany’s 10-year yield increased four basis points to 0.49 percent.
* Britain’s 10-year yield climbed two basis points to 1.407 percent, the highest in almost three weeks.
Commodities
* West Texas Intermediate crude increased 0.5 percent to $66.05 a barrel.
* Gold gained 0.2 percent to $1,300.52 an ounce.
–With assistance from Cormac Mullen and Samuel Potter.

Have a great night.

Be magnificent!

As ever,

Carolann

Nothing is so firmly believed as that which we least know.
-Michel De Montaigne, 1533-1592

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

June 8, 2018

June 8, 2018 Newsletter

Dear Friends,

Tangents:
On this day in 1916, Francis Harry Compton Crick was born in Northampton, England. In 1953, working with James Watson, he discovered the double-helix molecular structure of DNA, the building block of life.

Dylan Byer’s writes in today’s edition of PACIFIC:
In Memorium
Anthony Bourdain

“It seems that the more places I see and experience, the bigger I realize the world to be,” Bourdain once said. “The more I become aware of, the more I realize how relatively little I know of it, how many places I have still to go, how much more there is to learn. Maybe that’s enlightenment enough — to know that there is no final resting place of the mind, no moment of smug clarity. Perhaps wisdom, at least for me, means realizing how small I am, and unwise, and how far I have yet to go.”

Bourdain was the genuine article. He gave you the sense — rare in writing, rarer still in person, and rarest of all in television — that he was totally himself. No affectation, no bullshit. And that self was so cool, so charismatic, so sincere that it was impossible, at least for me, not to envy and admire him for his ability to build a career on being himself and doing what he loved. He was a north star.

I couldn’t agree more. A lot of tears are being shed today. RIP Tony.
PHOTOS OF THE DAY

A charity screening of “Gladiator” takes place at the Colosseum in Rome. Credit: Tiziana Fabi/AFP/Getty Images

The Greenpeace ship Arctic sunrise in Hope Bay, the Antarctic Sound, conducting submarine-based research of the seafloor to identify Vulnerable Marine Ecosystems. Credit: Christian Aslund/Greenpeace

Thoren Ferguson plays the Il Mare Violin, which is made from driftwood, in the sea at Yellowcraigs in East Lothian, Scotland. Edinburgh-based violin maker Steve Burnett collected driftwood from the East Lothian coast to make the instrument which was unveiled ahead of World Oceans Day on June 8^th. The violin will be played at fundraising events and concerts to help raise money for environmental charities and is being endorsed by Marine Conservation Scotland. Credit: Jane Barlow/PA Wire

An ant drinks from a raindrop after a shower in Rottweil, southern Germany. Credit: Silas Stein/AFP/Getty Images
Market Closes for June 8^th, 2018

Market Index	Close	Change
Dow Jones	25316.53	+75.12 +0.30%

S&P 500	2779.03	+8.66 +0.31%

NASDAQ	7645.512	+10.442 +0.14%

TSX	16202.69	+9.91
		+0.06%

International Markets

Market Index	Close	Change
NIKKEI	22694.50	-128.76
		-0.56%
HANG SENG	30958.21	-554.42
		-1.76%
SENSEX	35443.67	-19.41
		-0.05%
FTSE 100*	7681.07	-23.33
		-0.30%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.320	2.283
CND. 30 Year Bond	2.363	2.334
U.S. 10 Year Bond	2.9461	2.9259
U.S. 30 Year Bond	3.0904	3.0728

Currencies

BOC Close	Today	Previous
Canadian $	0.77376	0.77063
US $	1.29240	1.29765

Euro Rate 1 Euro=		Inverse
Canadian $	1.52110	0.65742
US $	1.17709	0.84955

Commodities

Gold	Close	Previous
London Gold Fix	1297.25	1300.10

Oil
WTI Crude Future	65.74	65.95

Market Commentary:
Number of the Day
$3.3155
The price per pound for copper in the most active futures contract at its high point Thursday, just shy of the highest point since early 2014. Prices have risen around 6% this week.
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks closed higher after spending much of the day in the red, notching a fifth straight gain to the highest since January.
The S&P/TSX Composite Index added 10 points or 0.1 percent to 16,202.69, bringing its weekly gain to 1 percent. Consumer staples led the way, rising 0.7 percent amid gains by grocery retailers. Health-care stocks added 0.5 percent with cannabis stocks mixed after the Canadian Senate approved an amended marijuana legalization bill.
The energy sector was the biggest decliner, losing 0.4 percent as the discount for Canadian crude widened to the biggest spread this week. NuVista Energy Ltd. slid 4.6 percent.
In other moves:
Stocks
* Enghouse Systems Ltd. jumped 8.1 percent to the highest since 2015 after second-quarter earnings beat the highest estimate
* Transcontinental Inc. added 5.3 percent to a record high. Second-quarter revenue beat the highest analyst estimate
* Saputo Inc. lost 1.1 percent, adding to Thursday’s 4.3 percent decline. The stock was downgraded at Desjardins Securities amid challenging market conditions
Commodities
* Western Canada Select crude oil traded at a $17.80 discount to WTI
* Gold fell 0.1 percent to $1,290.10 an ounce
FX/Bonds
* The Canadian dollar strengthened 0.3 percent to C$1.2934 per U.S. dollar
* The Canada 10-year government bond yield rose three basis points to 2.32 percent
US
By Sarah Ponczek and Janine Wolf
(Bloomberg) — U.S. equities held on to a Friday afternoon rally as the risk-off sentiment that gripped investors late in the week subsided. Brazil’s real surged after the central bank pledged to support the currency, helping to reduce fears of an emerging markets contagion.
The S&P 500, Nasdaq Composite and Dow Jones Industrial Average all finished the week in positive territory. President Donald Trump traveled to Canada for the Group of Seven meeting, vowing before he left the U.S. that he won’t bend to longtime allies on tariffs. Treasury yields edged higher, while the dollar was little changed.
“Market participants originally were reacting quite strongly to some of the trade rhetoric,” Sinead Colton, global investment strategist and portfolio manager for the Dreyfus Dynamic Total Return Fund for BNY Mellon, said by phone. “Now it seems to be built in as an expectation that this will be resolved before it ever becomes a big issue to hit GDP in particular areas.”
After appearing to regain some swagger this week, global markets dropped back into risk-off mode Thursday as old worries moved to the forefront. Underwhelming data releases from France and Germany continued a run of poor economic news in the euro area, while growing cracks in the developing world are adding to concerns. The Stoxx Europe 600 Index followed Chinese and Hong Kong shares lower.
Emerging markets remained turbulent. The real jumped as much as 4 percent, leading world gains, after the central bank pledged to flood the market with currency swaps. Investors earlier this week ignored central bank attempts to bolster the currency, sending the real to a two-year low. South Africa’s rand tumbled and bond yields soared as disappointing economic data this week persuaded traders that there’s no chance of a rate increase any time soon.
Elsewhere, oil closed near $66 a barrel in New York amid signs OPEC nations may clash over production policy when they meet later this month.
These are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.3 percent to 2,778.99, the Dow Jones Industrial Average increased 0.3 percent to 25,316.53 and the Nasdaq Composite Index gained 0.1 percent to 7,645.51 as of 4:05 p.m. in New York.
* The U.K.’s FTSE 100 Index dropped for a second day, falling0.3 percent.
* The MSCI Emerging Market Index slumped 1.1 percent.
* Japan’s Nikkei 225 Stock Average fell 0.6 percent, the first decline in five days.
* The Stoxx Europe 600 Index fell 0.2 percent, the fourth straight decline.
Currencies
* The Bloomberg Dollar Spot Index fell less than 0.1 percent.
* The euro fell 0.3 percent to $1.1769, the first retreat in a week.
* The British pound weakened 0.1 percent to $1.3408, the first drop in four days.
* The Japanese yen strengthened 0.2 percent to 109.46 per dollar.
* South Africa’s rand sank as much as 2.4 percent before trading at 13.06 per dollar, a 0.6 percent decline.
Bonds
* The yield on 10-year Treasuries rose two basis points to 2.94 percent.
* Italian 10-year yields rose seven basis points to 3.13 percent, , bringing to the rise for the week to 42 basis points.
* Germany’s 10-year yield fell four basis points to 0.45 percent.
Commodities
* West Texas Intermediate crude dropped 0.5 percent to $65.65 a barrel.
* Gold climbed 0.1 percent to $1,298.87 an ounce.

Have a great weekend.

Be magnificent!

As ever,

Carolann

There is nothing more dreadful than imagination without taste.
-Johann Wolfgang Von Goethe, 1749-1832

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

June 7, 2018

June 7, 2018 Newsletter

Dear Friends,

Tangents:
On June 7, 1929, the sovereign state of Vatican City came into existence as copies of the Lateran Treaty were exchanged in Rome.
Go to article »

Paul Gauguin, b. June 7, 1848
Life being what it is, one dreams of revenge. -Paul Gauguin.

PHOTOS OF THE DAY

Edinburgh Castle and the spire of St. Columba’s Church surrounded by ‘haar’ rolling in from the North Sea. Credit: The Telegrap

Lava flows on the outskirts of Pahoa during ongoing eruptions of the Kilauea Volcano in Hawaii. Credit: The Telegraph

Aerial view of farmers working in the fields in Yangzhou, Jiangsu Province of China. Credit: The Telegraph
Market Closes for June 7^th, 2018

Market Index	Close	Change
Dow Jones	25241.41	+95.02 +0.38%

S&P 500	2770.37	-1.98 -0.07%

NASDAQ	7635.070	-54.173 -0.70%

TSX	16192.78	+8.86
		+0.05%

International Markets

Market Index	Close	Change
NIKKEI	22823.26	+197.53
		+0.87%
HANG SENG	31512.63	+253.53
		+0.81%
SENSEX	35463.08	+284.20
		+0.81%
FTSE 100*	7704.40	-7.97
		-0.10%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.283	2.252
CND. 30 Year Bond	2.334	2.304
U.S. 10 Year Bond	2.9259	2.9241
U.S. 30 Year Bond	3.0728	3.0808

Currencies

BOC Close	Today	Previous
Canadian $	0.77063	0.77245
US $	1.29765	1.29459

Euro Rate 1 Euro=		Inverse
Canadian $	1.53133	0.65303
US $	1.18009	0.84740

Commodities

Gold	Close	Previous
London Gold Fix	1300.10	1292.05

Oil
WTI Crude Future	65.95	64.73

Market Commentary:
Number of the Day
50%
Jet-fuel prices have surged more than 50% over the past year, pushing carriers to raise fares and Delta Air Lines Inc. to cut its profit expectations.
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks eked out a fourth straight increase as gains in energy and financials offset declines in most other sectors.
The S&P/TSX Composite Index added 9 points or less than 0.1 percent to 16,192.78, just over 200 points from its record closing high. Energy stocks were the biggest gainers, rising 1.5 percent as crude prices rebounded to the highest level in a week.
Consumer stocks retreated due to a couple of negative reports. Saputo Inc. lost 4.3 percent, the most since 2016, after quarterly earnings missed the lowest analyst estimate, while Dollarama Inc. fell 6.7 percent to the lowest since November on the weakest comparable-store sales growth in more than four years.
In other moves:
Stocks
* Canadian Western Bank jumped 8.5 percent, the most since 2009, on strong second-quarter results
* Aphria Inc. lost 5.7 percent after the cannabis producer said it’s offering 19 million shares at C$11.85, below the current trading price
* SNC-Lavalin Group Inc. rose 1.4 percent to the highest since November. It won a contract to design and deliver a C$1.9 billion petrochemical plant in Oman
Commodities
* Western Canada Select crude oil traded at a $16.25 discount to WTI
* Aeco natural gas traded at a $1.92 discount to Henry Hub
* Gold rose 0.1 percent to $1,298.70 an ounce.
FX/Bonds
* The Canadian dollar weakened 0.3 percent to C$1.2985 per U.S. dollar
* The Canada 10-year government bond yield fell three basis points to 2.28 percent
US
By Sarah Ponczek and Janine Wolf
(Bloomberg) — A quiet Thursday in June turned turbulent as a rally in Treasury bonds snowballed, shaking up trading desks with a sudden flurry of volume, and a week-long rally in technology stocks was snuffed out.
Unsettled by currency and stock routs in Brazil and signs of distress in other emerging markets, traders flocked to Treasuries, igniting gains that at one point pushed the 10-year yield down nine basis points in a matter of minutes. Some of the drop was later pared. In equities, the Nasdaq 100 Index fell 0.8 percent, the most in three weeks.
“Up until about an hour ago this was all okay because the rotation into financials on higher rates was kind of offsetting,” said Tom Essaye, a former Merrill Lynch trader who founded “The Sevens Report” market newsletter. “But with yields lower, financials are basically flat now and techs just weighing, acting like an anchor.”
Turkey and Brazil intensified efforts to protect their currencies from speculative attacks by investors as emerging markets face their biggest test since the 2013 taper tantrum.
Turkey surprised analysts by tightening monetary policy Thursday for the third time in less than two months, while Brazil’s central bank sold extra foreign-exchange swap contracts for the second time this week, boosting investors’ protection again further declines in the currency. The lira surged and the real briefly pared losses after the actions.
After weeks in the doldrums, equities had managed to regain some swagger in recent days. The global expansion narrative had remained intact, Treasury yields were holding below the psychological barrier of 3 percent and U.S. technology shares — the drivers of past rallies — had been notching successive records. Investors will now be watching the G-7 meeting this week for clues on the trade outlook, as well as this month’s meetings of both the Federal Reserve and the European Central Bank to gauge the path of interest rates.
“The market also continues to be skeptical over any degree of progress made and remains at a point where it is viable to look for opportunity to take profit while it can to justify profit taking in a market that is still defined by improving fundamentals,” said John Stoltzfus, the chief investment strategist of Oppenheimer & Co.,
The Stoxx Europe 600 Index fell after disappointing data on euro-area exports and German factory orders. The euro had rallied amid talk of an end to the ECB’s quantitative easing program.
These are some key events to watch this week:
* G-7 Leaders’ Summit starts in Quebec Friday through to June 9.
These are the main moves in markets:
Stocks
* The S&P 500 Index fell 0.2 percent, the Dow Jones Industrial Average gained 0.2 percent and the Nasdaq Composite Index dropped 0.8 percent as of 3:07 p.m. in New York.
* The U.K.’s FTSE 100 Index fell 0.1 percent.
* The MSCI Emerging Market Index slumped 0.3 percent.
* Japan’s Nikkei 225 Stock Average gained for a fourth day, increasing 0.9 percent.
Currencies
* The Bloomberg Dollar Spot Index was little changed, after dropped as much as 0.3 percent. The euro rose 0.2 percent to $1.1799.
* The British pound gained 0.1 percent to $1.3421.
* The Japanese yen strengthened 0.5 percent to 109.68 per dollar.
Bonds
* The yield on 10-year Treasuries fell five basis points to 2.92 percent.
* Italian 10-year yields rose 12 basis points to 3.06 percent.
Commodities
* West Texas Intermediate crude gained 1.9 percent to $65.96 a barrel.
* Gold rose 0.1 percent to $1,297.34 an ounce.

Have a great night.

Be magnificent!

As ever,

Carolann

Roots are not in landscape or a country, or a people, they are inside you.
-Isabel Allende, b. 1942

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

June 6, 2018

June 6, 2018 Newsletter

Dear Friends,

Tangents:
On June 6, 1944, the D-Day invasion of Europe took place during World War II as Allied forces stormed the beaches of Normandy, France.

From today’s NY Times:

“The most pivotal battle of all time.”

That was how Secretary of State Cordell Hull described D-Day, when more than 150,000 Allied troops landed in Normandy on this day in 1944 to begin liberating Europe from Nazi occupation during World War II.

American troops on a Normandy beach in 1944.
Associated Press

D-Day saw airborne forces parachute across northern France as ground troops landed on five beaches. By day’s end, it was the largest air, naval and land operation in history.

But it was not the first D-Day.

D-Day is a general term used for the start of any military campaign, and is used when the exact date of an operation is secret or not yet known. Similarly, H-Hour is a term used to describe a yet-to-be-determined time. The alliterative phrases go back at least as far as World War I, and helped keep actual mission dates out of enemy hands.

The generic phrases also allowed for advance planning, which in 1944 led to scenes like this:

“The relatively calm water was churned by wave after wave of ships,” according to one Times account from Normandy, “some large enough to cast their eerie shadows in the early morning glow and others darting through like so many water-bugs.”

Remy Tumin wrote today’s Back Story.

PHOTOS OF THE DAY

Ray Schuck, 95, who was a paratrooper on D-Day and was later shot in the head by a German sniper sits inside the church in Ranville, France, where he was given the last rites in June 1944. Credit: Matt Cardy/Getty Images

A priest looks out from the temple of Swet Bhairabh in Basantapur Durbar Square in Kathmandu, Nepal. Credit: Niranjan Shrestha/AP

Tourists visit an aquatic forest park in Lizhong Township of Xinghua, east China’s Jiangsu Province. Credit: Meng Delong/Xinhua News Agency/Eyevine
Market Closes for June 6^th, 2018

Market Index	Close	Change
Dow Jones	25146.39	+346.41 +1.40%

S&P 500	2772.35	+23.55 +0.86%

NASDAQ	7689.242	+51.379 +0.67%

TSX	16183.93	+61.68
		+0.38%

International Markets

Market Index	Close	Change
NIKKEI	22625.73	+86.19
		+0.38%
HANG SENG	31259.10	+165.65
		+0.53%
SENSEX	35178.88	+275.67
		+0.79%
FTSE 100*	7712.37	+25.57
		+0.33%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.309	2.252
CND. 30 Year Bond	2.357	2.304
U.S. 10 Year Bond	2.9699	2.9241
U.S. 30 Year Bond	3.1201	3.0808

Currencies

BOC Close	Today	Previous
Canadian $	0.77245	0.77128
US $	1.29459	1.29655

Euro Rate 1 Euro=		Inverse
Canadian $	1.52437	0.65601
US $	1.17750	0.84926

Commodities

Gold	Close	Previous
London Gold Fix	1292.05	1295.45

Oil
WTI Crude Future	64.73	65.52

Market Commentary:
~$ On this day in 1934, the Securities Exchange Act was signed into law by President Franklin D. Roosevelt. It created the U.S. Securities & Exchange Commission and required companies to file registration documents with stock exchanges and to file quarterly financial statements.
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks staged a late-day rally, closing at the highest since Jan. 26, as health care and materials companies gained.
The S&P/TSX Composite Index added 62 points, or 0.4 percent, after trading near or below the previous session’s closing price for most of the day. Cannabis stocks rose for a third day as the Canadian Senate prepares to vote Thursday on legislation that would legalize the drug for recreational use. Aurora Cannabis Inc. was the biggest gainer, adding 13 percent to the highest since March.
The materials sector gained 1.7 percent as copper rose to an almost four-month high. First Quantum Minerals Ltd. added 7.1 percent and Hudbay Minerals Inc. gained 6 percent.
In other moves:
Stocks
* Valeant Pharmaceuticals International Inc. rose 7.5 percent to the highest since 2016 after Barclays upgraded the stock to overweight, saying it’s at an inflection point
* Cameco Corp. added 6.7 percent, bringing its three-day gain to 16 percent. The uranium sector should see further price gains, according to Eight Capital
* Shaw Communications Inc. gained 1.3 percent after CIBC Capital Markets upgraded the stock to buy for the first time since 2014
Commodities
* Western Canada Select crude oil traded at a $15.25 discount to WTI
* Gold was little changed at $1,297.10 an ounce
FX/Bonds
* The Canadian dollar strengthened 0.1 percent to C$1.2957 per U.S. dollar
* The Canada 10-year government bond yield rose six basis points to 2.31 percent after the trade deficit narrowed to a six-month low
US
By Samuel Potter
(Bloomberg) — Trade hopes and the end of easy money were the twin themes in trading on Wednesday, with U.S. stocks extending gains and bonds falling as this week’s risk-on mood endured.
The S&P 500 pushed higher for a fourth consecutive day after dipping earlier into negative territory, led by gains in financials and health care companies. The Dow Jones Industrial Average climbed the most in almost two months. The Nasdaq Composite Index reached another record high, pushing its return for the year beyond 11 percent. Equities had opened higher across Asia on signs that major economies will step back from the brink of a trade war.
The Stoxx Europe 600 Index finished little changed as a strengthening euro provided a headwind and as Italian shares fell. Both were reacting to signs that the ECB is ready to discuss an end to quantitative easing, which sank bonds in the region and spurred fears for Italy’s embattled lenders.
The dollar stayed lower after the U.S. trade deficit narrowed to the lowest level since September thanks to record exports. Most metals rallied and 10-year Treasury yields climbed above 2.95 percent after China was said to offer to buy more American products and on reports the Treasury Department favors less sweeping investment limits on the Asian nation.
Investors have been here before: The on-again, off-again threat of protectionism is becoming a common refrain in global markets. They’ll now look ahead to the G-7 meeting this week for further developments in the story, as well as to this month’s meetings of both the Federal Reserve and the European Central Bank for more clues on monetary policy. ECB chief economist Peter Praet on Wednesday confirmed next week’s gathering will be pivotal for a decision on when to end its bond-buying program.
Elsewhere, oil slid lower after a U.S. government report showed a surprise increase in domestic crude stockpiles. Brazil’s real deepened losses after closing at the weakest since 2016 on Tuesday following a failed attempt by the central bank to halt the currency’s slide.
These are some key events to watch this week:
* On Thursday, Japanese Prime Minister Shinzo Abe meets with U.S. President Trump at the White House to discuss the planned U.S. summit with North Korea’s Kim Jong Un.
* Also on Thursday, euro-zone GDP.
* A Turkish rate decision is due on Thursday.
* G-7 Leaders’ Summit starts in Quebec Friday through to June 9.
These are the main moves in markets:
Stocks
* The S&P 500 Index increased 0.9 percent to 2,772.35, the Dow Jones Industrial Average gained 1.4 percent 25,146.39 and the Nasdaq Composite Index rose 0.7 percent to a record 7,689.24 as of 4:05 p.m. in New York.
* The U.K.’s FTSE 100 Index gained 0.3 percent.
* The MSCI Emerging Market Index increased 0.5 percent, touching the highest level in three weeks.
* Japan’s Nikkei 225 Stock Average gained 0.4 percent.
Currencies
* The Bloomberg Dollar Spot Index slumped 0.2 percent. The euro rose 0.5 percent to $1.1773.
* The British pound gained 0.2 percent to $1.3414.
* The Japanese yen weakened 0.4 percent to 110.22 per dollar.
Bonds
* The yield on 10-year Treasuries rose four basis points to 2.97 percent.
* Italian 10-year yields jumped 15 basis points to 2.94 percent, bringing the two-day increase to 40 basis points.
Commodities
* West Texas Intermediate crude dropped 0.7 percent to $65.05 a barrel.
* Gold rose 0.1 percent to $1,297.02 an ounce.
–With assistance from Sophie Caronello.

Have a great night.

Be magnificent!

As ever,

Carolann

Guard against the impostures of pretended patriotism.
-George Washington, 1732-1799

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

June 5, 2018

June 5, 2018 Newsletter

Dear Friends,

Tangents:
On June 5, 1968, Sen. Robert F. Kennedy was shot and mortally wounded just after claiming victory in California’s Democratic presidential primary. Gunman Sirhan Bishara Sirhan was immediately arrested.
Go to article »

PHOTOS OF THE DAY

A candlelight vigil takes place in Hong Kong to commemorate the protestors killed in Beijing’s Tiananmen Square in 1989. Credit: Anthony Kwan/Getty Images

People part in the White Dinner at the Invalides gardens in Paris, France. Diners dress head to toe in white and gather for an impromptu open-air dinner at a different place in Paris every year. Credit: Thibault Camus/AP

Runners start the Rock n Roll Marathon and Half Marathon in San Diego, US. Credit: San Diego Union-Tribune/Zuma Wire
Market Closes for June 5^th, 2018

Market Index	Close	Change
Dow Jones	24799.98	-13.71 -0.06%

S&P 500	2748.80	+1.93 +0.07%

NASDAQ	7637.863	+31.404 +0.41%

TSX	16122.25	+70.01
		+0.44%

International Markets

Market Index	Close	Change
NIKKEI	22539.54	+63.60
		+0.28%
HANG SENG	31093.45	+95.47
		+0.31%
SENSEX	34903.21	-108.68
		-0.31%
FTSE 100*	7686.80	-54.49
		-0.70%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.252	2.277
CND. 30 Year Bond	2.304	2.315
U.S. 10 Year Bond	2.9241	2.9424
U.S. 30 Year Bond	3.0808	3.0856

Currencies

BOC Close	Today	Previous
Canadian $	0.77128	0.77326
US $	1.29655	1.29323

Euro Rate 1 Euro=		Inverse
Canadian $	1.51914	0.65827
US $	1.17168	0.85348

Commodities

Gold	Close	Previous
London Gold Fix	1295.45	1294.60

Oil
WTI Crude Future	65.52	65.81

Market Commentary
$~ On this day in 1883, John Maynard Keynes was born in Cambridge, England.
Number of the Day
7606.46
The closing level of the Nasdaq Composite on Monday, the first record high since March. The fresh peak snapped the longest stretch without a fresh high since 2016.
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks closed less than 300 points from a record as copper prices rose to the highest since February, boosting miners.
The S&P/TSX Composite Index added 70 points or 0.4 percent to 16,122.25. Materials stocks gained 1.4 percent as copper prices surged on growing labor tensions at the world’s biggest mine. Teck Resources Ltd. rose 5 percent to the highest since February.
Health-care stocks jumped 3.6 percent. Valeant Pharmaceuticals International Inc. added 7.6 percent to the highest since 2016.
In other moves:
Stocks
* Cameco Corp. rose 4 percent, adding to Monday’s 4.7 percent gain. Kazakhstan, the world’s largest uranium miner, said it will support prices at current levels
* Aurora Cannabis Inc. gained 6.4 percent. The pot producer is expanding its exclusivity pact with CTT Pharmaceutical Holdings Inc.
* Hudson’s Bay Co. lost 1.5 percent after the retailer said it would close as many as 10 Lord & Taylor stores, including its flagship Manhattan locations.
Commodities
* Western Canada Select crude oil traded at a $14.75 discount to WTI
* Gold rose 0.3 percent to $1,297.50 an ounce
FX/Bonds
* The Canadian dollar weakened 0.4 percent to C$1.2976 per U.S. dollar
* The Canada 10-year government bond yield fell three basis points to 2.25 percent
US
By Sarah Ponczek and Janine Wolf
(Bloomberg) — The global rally in risk assets that sent U.S. stocks to a 12-week high sputtered on Tuesday, with the S&P 500 swinging between gains and losses before closing higher for a third consecutive day.
Advances in megacap tech shares helped support the Nasdaq indexes, pushing them to fresh records for a second straight day. Italian bonds tumbled after the nation’s premier pledged a raft of populist measures. Crude oil reversed early losses to close higher for the first time in four days, while the dollar also gained.
“People are somewhat cautious,” Nick Kalivas, senior equity product strategist at Invesco ETFs, said in an interview at Bloomberg’s New York headquarters. “Not only are they worried about rising rates, but then they’re worried about what’s going on with the economy. That’s going to cause the market to kind of have this choppy, slow grind higher.”
The outlook for global equities had taken an upward turn in recent sessions, not least because stronger-than-expected data from the U.S. showed the world’s largest economy is in rude health. It’s a relief to investors after weeks of turmoil, though with President Donald Trump stepping up his aggressive trade policies and populists poised to start governing in Italy, there remain plenty of reasons for caution.
“You have good fundamental data, whether it be on the macro side or the micro side, in terms of earnings, you have different issues buffeting from a headline perspective, and then you have underlying fiscal policy as stimulative and monetary policy is more restrictive than it has been,” Ernie Cecilia, chief investment officer at Bryn Mawr Trust Co, said by phone.
Italian bonds declined for the first time since they blew up a week ago as Prime Minister Giuseppe Conte pledged in his maiden speech to pursue a program of fiscal expansion. The euro recovered after he later said that an exit from the shared currency is not under discussion and has never been a target for this government.
Brent futures for August settlement fell earlier beneath its 50-day moving average for the first time since April 4. Brent traded at a more than $9 premium to West Texas Intermediate for the same month. The broader dollar touched a fresh monthly high after better-than-expected U.S. data.
The South African rand weakened, yields on benchmark bonds rose and retail and banking stocks fell as a report showed that the country’s economy shrank the most in nine years in the first quarter.
These are some key events to watch this week:
* Reserve Bank of India rate decision on Wednesday.
* U.S. trade balance and Australia GDP also out on Wednesday.
* On Thursday, Japanese Prime Minister Shinzo Abe meets with U.S. President Trump at the White House to discuss the planned U.S. summit with North Korea’s Kim Jong Un.
* Also on Thursday, euro-zone GDP.
* Turkey rate decision is due on Thursday.
* G-7 Leaders’ Summit starts in Quebec Friday through to June 9.
These are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.07 percent to 2,748.80, the Dow Jones Industrial Average was little changed at 24,799.98 and the Nasdaq Composite Index increased 0.4 percent to a record 7,637.86 as of 4:07 p.m. in New York.
* The U.K.’s FTSE 100 Index fell 0.7 percent.
* The MSCI Emerging Market Index dropped 0.2 percent.
* Japan’s Nikkei 225 Stock Average gained 0.3 percent to the highest in more than a week.
Currencies
* The Bloomberg Dollar Spot Index rose 0.1 percent. The euro rose 0.1 percent to $1.1714.
* The British pound gained 0.6 percent to $1.3388.
* The Japanese yen strengthened 0.1 percent to 109.72 per dollar.
Bonds
* The yield on 10-year Treasuries fell two basis points to 2.91 percent.
* Italian 10-year yields surged 25 basis points to 2.79 percent.
Commodities
* West Texas Intermediate crude increased 0.8 percent to $65.28 a barrel.
* Gold rose 0.4 percent to $1,297.49 an ounce, the first increase in four days.
–With assistance from David Marino.

Have a great night.

Be magnificent

As ever,

Carolann

Silly thing do cease to be silly if they are done by sensible people in an impudent way.
-Jane Austen, 1775-1817

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

June 4, 2018

June 4, 2018 Newsletter

Dear Friends,

Tangents:
On June 4, 1989, Chinese army troops stormed Tiananmen Square in Beijing to crush the pro-democracy movement; hundreds – possibly thousands – of people died.
Go to article »

Socrates, b. June 4, 470 BC
June 4, 1942: Battle of Midway.
PHOTOS OF THE DAY

People make their way in a boat past a figure of an owl on Altauseer lake near Bad Aussee, Austria. Credit: The Telegraph

People take pictures during an eruption of the Great Geysir in Geysir, Iceland. Credit: The Telegraph

Catholic faithful throw petals during a procession marking the Feast of Corpus Christi in Minsk, Belarus. Credit: The Telegraph

Young brothers Fergus and Archie Baillie help police a vintage Mini Cooper at The BVAC Classic at Thirlestane Castle, Scotland. Credit: The Telegraph
Market Closes for June 4^th, 2018

Market Index	Close	Change
Dow Jones	24813.69	+178.48 +0.72%

S&P 500	2746.87	+12.25 +0.45%

NASDAQ	7606.461	+52.129 +0.69%

TSX	16052.24	+8.70
		+0.05%

International Markets

Market Index	Close	Change
NIKKEI	22475.94	+304.59
		+1.37%
HANG SENG	30997.98	+505.07
		+1.66%
SENSEX	35011.89	-215.37
		-0.61%
FTSE 100*	7741.29	+39.52
		+0.51%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.277	2.248
CND. 30 Year Bond	2.315	2.281
U.S. 10 Year Bond	2.9424	2.9004
U.S. 30 Year Bond	3.0856	3.0482

Currencies

BOC Close	Today	Previous
Canadian $	0.77326	0.77100
US $	1.29323	1.29701

Euro Rate 1 Euro=		Inverse
Canadian $	1.51316	0.66087
US $	1.17007	0.85465

Commodities

Gold	Close	Previous
London Gold Fix	1294.60	1305.35

Oil
WTI Crude Future	64.75	65.81

Market Commentary:
$~ On this day in 1896, at approximately 4 a.m., Henry Ford unveiled his “Quadricycle” in the shed behind his home on Bagley Avenue in Detroit. The first automobile he designed used a light metal frame fitted with four bicycle wheels.
Number of the Day
22%
The volatility of Brent crude, the international benchmark, has fallen to around 22%. Since 1995, the average has been 32%. A lower figure indicates less volatility.
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks eked out a small gain but didn’t keep pace with their U.S. counterparts as a surge in Canadian crude prices failed to boost energy stocks.
The S&P/TSX Composite Index added 9 points, or less than 0.1 percent, to 16,052.24. Energy shares tumbled 1.1 percent even as the discount for Canadian crude versus the U.S. benchmark tightened by nearly 50 percent. Cenovus Energy Inc. lost 5.9 percent, the most since March, on a report that ConocoPhillips is preparing to sell its stake in the company.
Technology shares gained 1.5 percent and the health-care sector added 1.4 percent, boosted by cannabis stocks. The Canadian Senate will vote later this week on recreational pot legalization.
In other moves:
Stocks
* Hudson’s Bay Co. jumped 7.2 percent to the highest since Feb.1. The retailer is selling e-commerce company Gilt for an undisclosed amount
* Enbridge Inc. rose 1.1 percent. The pipeline operator told shippers it won’t cap the amount of crude shippers can nominate for transport on its mainline, sending Canadian crude prices soaring
* Cameco Corp. gained 4.7 percent after Kazakhstan said it will support uranium prices at current levels
Commodities
* Western Canada Select crude oil traded at a $13.80 discount to WTI
* Gold fell 0.1 percent to $1,293.10 an ounce
FX/Bonds
* The Canadian dollar strengthened 0.1 percent to C$1.2935 per U.S. dollar
* The Canada 10-year government bond yield rose three basis points to 2.28 percent
US
By Sarah Ponczek and Janine Wolf
(Bloomberg) — U.S. stocks reached the highest since mid- March, tracking peers in Europe and Asia as optimism over the world’s largest economy helped investors put protectionist fears to one side. Treasuries fell, pushing yields up for a fourth consecutive trading session.
The S&P 500 strengthened for a second day. Microsoft Corp. agreed to buy coding site GitHub for $7.5 billion, helping to push the Nasdaq Composite Index to a record high for the first time since March. The Stoxx Europe 600 Index climbed, while the MSCI Asia Pacific Index surged even as China warned it will withdraw from commitments it made on trade if President Donald Trump carries out a separate threat to impose tariffs on the Asian country.
“Investors have largely shrugged off the recent news of trade wars, as the concrete strength of the economy and earnings is outweighing the uncertainty from trade,” said Mark Hackett, chief of investment research at Nationwide Funds Group. “Even if all steel and aluminum tariffs are implemented, and the $50 billion specific measures in China are put in effect (leading to retaliation), the economic impact is a fraction of the positives from tax reform, fiscal spending and repatriation.”
Investors are in a broad risk-on mood after impressive U.S. jobs data on Friday, which provided an upbeat end to a week that was otherwise dominated by the threat of another euro-area crisis. Much of that concern seems to have dissipated after nationalist parties finally took power in Italy, ending months of deadlock, while the Socialist led-opposition in Spain ousted Prime Minister Mariano Rajoy with a no-confidence vote Friday.
“Nothing is better for the issues about trade wars or issues about G-7 than a good economy,” Omar Aguilar, chief investment officer for equities at Charles Schwab Investment Management, said by phone. “The jobs report on Friday gave a lot of people confidence that the U.S. economy is still pretty solid.”
Attention may yet turn back to trade, however. G-7 leaders meet in Quebec later this week, with the European Union and Canada threatening retaliatory measures unless Trump reverses course on new steel and aluminum levies.
Elsewhere, West Texas Intermediate crude fell below $66 a barrel after an OPEC committee stressed the need to ensure supplies can meet growing demand, adding to speculation the group will phase out its production cuts.
These are some key events to watch this week:
* Reserve Bank of Australia monetary policy decision is out Tuesday.
* Tesla holds its annual shareholder meeting also Tuesday.
* U.S. ISM non-manufacturing index out Tuesday. Growth at U.S. service industries probably improved in May for the first time in four months, indicating the economy is strengthening after a first-quarter slowdown, economists forecast.
* Reserve Bank of India rate decision on Wednesday.
* U.S. trade balance and Australia GDP also out on Wednesday.
* On Thursday, Japanese Prime Minister Shinzo Abe meets with U.S. President Trump at the White House to discuss the planned U.S. summit with North Korea’s Kim Jong Un.
* Also on Thursday, euro-zone GDP.
* Turkey rate decision is due on Thursday.
* G-7 Leaders’ Summit starts in Quebec Friday through to June 9.
These are the main moves in markets:
Stocks
* The S&P 500 Index gained 0.5 percent to 2,746.87, the Nasdaq Composite Index increased 0.7 percent to 7,606.46 and the Dow Jones Industrial Average rose 0.7 percent to 24,813.69 as of 4:23 p.m. in New York.
* The U.K.’s FTSE 100 Index rose 0.5 percent to the highest in more than a week.
* The MSCI Emerging Market Index rose 1.5 percent.
* Japan’s Nikkei 225 Stock Average gained 1.4 percent to the highest in a week on the biggest rise in almost seven weeks.
Currencies
* The Bloomberg Dollar Spot Index fell 0.1 percent, after reaching the lowest level in almost three weeks.
* The euro gained 0.3 percent to $1.1696, after touching the strongest level in almost two weeks.
* The British pound weakened 0.2 percent to $1.3314.
* The Japanese yen fell 0.3 percent to 109.82 per dollar.
Bonds
* The yield on 10-year Treasuries rose four basis points to 2.94 percent.
* Britain’s 10-year yield rose two basis points to 1.30 percent.
Commodities
* West Texas Intermediate crude fell 1.4 percent to $64.88 a barrel, the lowest in about a month.
* Gold fell 0.1 percent to $1,292.04 an ounce, the third straight decline.
–With assistance from Samuel Potter.

Have a great evening

Be magnificent!

As ever,

Carolann

We teach what we learn, and the cycle goes on.
-Joan L. Curcio, 1933-1999

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

June 4, 2018

June 1, 2018 Newsletter

Dear Friends,

Tangents: HAPPY FRIDAY!
June 1, 1938 – Toronto-born cartoonist Joe Shuster creates Superman comic book.

On this day in 1980, Ted Turner launched the world’s first round-the-clock TV news service, which he called Cable News Network.
PHOTOS OF THE DAY

Image released by the European Space Agency (ESA) and taken with the Wide Field Camera 3 (WFC3) and the Advanced Camera for Surveys (ACS), both installed on the NASA/ESA Hubble Space Telescope, shows the peculiar galaxy NGC 3256. The galaxy is about 100 million light-years away from Earth and is the result of a past galactic merger, which created its distorted appearance. Credit: The Telegraph

People take a look at the phenomenon known as Manhattanhenge on 42^nd Street in New York City. Manhattanhenge, or the Manhattan Solstice, occurs twice a year when the sun is aligned with the east-west streets of the main street grid of Manhattan. Credit: The Telegraph

People are pictured on the beach at Bygdoy peninsula in Oslo, Norway on a sunny day. Credit: The Telegraph
Market Closes for June 1^st, 2018

Market Index	Close	Change
Dow Jones	24635.21	+219.37 +0.90%

S&P 500	2734.62	+29.35 +1.08%

NASDAQ	7554.332	+112.215 +1.51%

TSX	16043.54	-17.96
		-0.11%

International Markets

Market Index	Close	Change
NIKKEI	22171.35	-30.47
		-0.14%
HANG SENG	30492.91	+24.35
		+0.08%
SENSEX	35227.26	-95.12
		-0.27%
FTSE 100*	7701.77	+23.57
		+0.31%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.248	2.244
CND. 30 Year Bond	2.281	2.264
U.S. 10 Year Bond	2.9004	2.8586
U.S. 30 Year Bond	3.0482	3.0253

Currencies

BOC Close	Today	Previous
Canadian $	0.77100	0.77213
US $	1.29701	1.29512

Euro Rate 1 Euro=		Inverse
Canadian $	1.51256	0.66113
US $	1.16619	0.85749

Commodities

Gold	Close	Previous
London Gold Fix	1305.35	1300.70

Oil
WTI Crude Future	65.81	67.04

Market Commentary:
Number of the Day
7.2%
The amount Deutsche Bank shares fell on Thursday after The Wall Street Journal reported the Federal Reserve has designated the German bank’s sprawling U.S. business in “troubled condition.”
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks kicked off June with a loss after posting their best month in nearly two years, as energy and financials weighed on the benchmark.
The S&P/TSX Composite Index fell 18 points or 0.1 percent to 16,043.54. The launch of U.S. steel and aluminum tariffs appeared to have little impact on stocks, with industrials rising 0.1 percent and consumer discretionary, the index that includes auto suppliers, adding 0.5 percent.
Energy stocks fell 0.4 percent as crude prices dropped to the lowest level in more than a month amid surging U.S. output. Financials slid 0.3 percent as Bank of Nova Scotia lost 1.6 percent. The bank is buying MD Financial Management in a C$2.6 billion deal that one analyst called “expensive.”
In other moves:
Stocks
* Laurentian Bank of Canada rose 2.9 percent, snapping a four- day streak of declines. Second-quarter earnings beat the highest analyst estimate
* Hudson’s Bay Co. gained 2.8 percent to the highest since February. The retailer reports quarterly results pre-market June 5
* Canopy Growth Corp. added 2.6 percent. The Canadian Senate will vote on legalizing recreational marijuana next week
Commodities
* Western Canada Select crude oil traded at a $26.00 discount to WTI, the biggest gap since mid-March
* Aeco natural gas traded at a $2.24 discount to Henry Hub
* Gold fell 0.4 percent to $1,294.80 an ounce
FX/Bonds
* The Canadian dollar was little changed at C$1.2963 per U.S. dollar
* The Canada 10-year government bond yield was little changed at 2.25 percent
US
By Randall Jensen
(Bloomberg) — Stocks rallied and Treasuries fell as the latest U.S. jobs data bolstered optimism in the economy, all but solidifying a rate hike later this month. The dollar advanced.
The S&P 500 Index rose for the second week in a row after the unemployment rate fell to 3.8 percent in May, the lowest in nearly half a century. Technology shares led the rally as the Nasdaq Composite Index closed at an 11-week high. The dollar headed for a seventh straight weekly gain, the longest streak since 2014, while the 10-year Treasury yield rose above 2.89 percent as investor focus turned to the pace of the Federal Reserve’s rate increases.
The jobs data underscored that the economy is strong enough to withstand another rate hike when the Federal Reserve meets later this month. Investors remain optimistic that threats of more international tariffs will not materialize into an all-out trade war between the U.S. and its key partners.
“This average hourly earnings report for May kind of puts in play the fact that inflation certainly is headed upward not downward,” Dan Heckman, a fixed-income strategist at U.S. Bank Wealth Management, said by phone. “This cements the June rate hike and if things continue to perform economically at this level and wages continue to move higher, and the unemployment rate drives even lower, I think the Fed, they need to raise rates at least three times this year.”
In Europe, stocks were set for the largest gain in a month after Italy’s populist parties grabbed power, ending a three- month political gridlock. The latest developments in Spain also removed uncertainty, providing some well-needed relief overseas. The common currency declined.
Elsewhere, West Texas Intermediate crude declined as rising U.S. output overshadowed a surprise drop in stockpiles, with traders also focused on whether Saudi Arabia and Russia will boost production.
These are some key events to watch this week:
* Automakers report May U.S. sales the same day.
* Also Friday: some onshore Chinese stocks join MSCI Inc.’s global indexes.
* On Saturday U.S. Secretary of Commerce Wilbur Ross will travel to Beijing for more talks with Vice Premier Liu He on topics including ZTE Corp. and trade.
These are the main moves in markets:
Stocks
* The S&P 500 Index climbed 1.1 percent to 2,734 as of 4 p.m.New York time.
* The Nasdaq Composite Index gained 1.5 percent to highest since March 13.
* The Stoxx Europe 600 Index rose 1 percent, the largest increase in eight weeks.
* The MSCI Emerging Markets Index gained 0.9 percent.
Currencies
* The Bloomberg Dollar Spot Index gained 0.2 percent.
* The euro fell 0.3 percent to $1.1656.
* The British pound rose 0.4 percent to $1.3346.
* The Japanese yen dropped 0.6 percent to 109.47 per dollar.
Bonds
* The yield on 10-year Treasuries climbed four basis points to 2.89 percent.\
* Germany’s 10-year yield rose four basis points to 0.39 percent.
* Italy’s 10-year yield fell 11 basis points to 2.689 percent.
* Spain’s 10-year yield decreased six basis points to 1.441 percent.
Commodities
* Gold fell 0.4 percent to $1,293.60 an ounce.
* West Texas Intermediate crude dropped 2.1 percent to $65.58 a barrel.
–With assistance from Cormac Mullen, Sarah Ponczek and Joe Easton.

Have a great weekend.

Be magnificent!

As ever,

Carolann

And say my glory was I had such friends.
-William Butler Yeats, 1865-1939

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

May 31, 2018

May 31, 2018 Newsletter

Dear Friends,

Tangents:
May 31, 1911 – Shipping – Quebec-born shipbuilder Lord Pirrie launches his White Star liner RMS Titanic in Belfast; one of the largest vessels afloat, it will sink on its maiden voyage in April 1912. Belfast, Northern Ireland

May 31, 1786 – John Molson returns to Canada and starts enlarging the Montreal brewery he had previously run for John Loyd, and acquired in a bankruptcy sale. Montreal, Quebec.

Walt Whitman’s birthday, b. 1819
SONG OF MYSELF
I celebrate myself and sing myself.
And what I assume you shall assume,
For every atom belonging to me as good belongs to you.
I loafe and invite my soul,
I lean and loafe at my ease observing a spear of summer grass…
-Walt Whitman
From Song of Myself in Leaves of Grass.
PHOTOS OF THE DAY

Tarantula Nebula which is the most spectacular feature of the Large Magellanic Cloud, a satellite galaxy to our Milky Way, glowing brightly about 160 000 light-years away. This image from VLT Survey Telescope at ESO’s Paranal Observatory in Chile shows the region and its rich surroundings in great detail. It reveals a cosmic landscape of star clusters, glowing gas clouds and the scattered remains of supernova explosions. Credit: The Telegraph

Advection fog surrounds office buildings and residential buildings in Yantai, China. Credit: The Telegraph

Norwegian cross-country skier Therese Johaug takes part in a training session at the Sognefjellet mountain pass between Luster and Lom in Norway. Credit: The Telegraph
Market Closes for May 31^st, 2018

Market Index	Close	Change
Dow Jones	24415.84	-251.94 -1.02%

S&P 500	2705.27	-18.74 -0.69%

NASDAQ	7442.117	-20.336 -0.27%

TSX	16061.50	+12.84
		+0.08%

International Markets

Market Index	Close	Change
NIKKEI	22201.82	+183.30
		+0.83%
HANG SENG	30468.56	+411.77
		+1.37%
SENSEX	35322.28	+416.27
		+1.19%
FTSE 100*	7678.20	-11.37
		-0.15%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.244	2.266
CND. 30 Year Bond	2.264	2.297
U.S. 10 Year Bond	2.8586	2.8550
U.S. 30 Year Bond	3.0253	3.0269

Currencies

BOC Close	Today	Previous
Canadian $	0.77213	0.77651
US $	1.29512	1.28781

Euro Rate 1 Euro=		Inverse
Canadian $	1.51464	0.66022
US $	1.16950	0.85507

Commodities

Gold	Close	Previous
London Gold Fix	1300.70	1295.50

Oil
WTI Crude Future	67.04	68.21

Market Commentary:
~$On this day in 1919, the New York Stock Exchange closed its doors for the day so that frenzied clerks could clear paperwork from a tumultuous month during which volume regularly exceeded an astonishing 1.5 million shares a day.
Number of the Day
€813 billion
The amount of bad loans still sitting on European bank balance sheets. Political turmoil in Italy has revived concerns about the region’s banking system.
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks posted their biggest monthly gain since July 2016 even as new U.S. tariffs on imported steel and aluminum raised fears of a growing global trade war.
The S&P/TSX Composite Index rose 0.1 percent to 16,061.50 Thursday, after trading lower for most of the day. Its gain for the month was 2.9 percent.
Technology shares added 0.7 percent and financials gained 0.4 percent Thursday, with all others losing ground.
Stelco Holdings Inc., Canada’s only publicly traded steel producer, lost 3.5 percent, the most in two months. The Trump administration plans to impose 25 percent duties on imported steel.
In other moves:
Stocks
* Sierra Wireless Inc. fell 6.8 percent, the most since February, after its chief executive officer stepped down, prompting a downgrade at National Bank Financial
* Canada Goose Holdings Inc. gained 6.7 percent to a record high. The retailer is opening two stores and a regional headquarters in China
* Superior Plus Corp. lost 5.9 percent, the most since 2016, on a deal to buy NGL Energy Partners LP’s propane shipping business for $900 million
Commodities
* Western Canada Select crude oil traded at a $25.00 discount to WTI
* Gold fell 0.1 percent to $1,300.10 an ounce
FX/Bonds
* The Canadian dollar weakened 0.7 percent to C$1.2960 per U.S. dollar
* The Canada 10-year government bond yield fell three basis points to 2.24 percent
US
By Randall Jensen
(Bloomberg) — The Trump administration’s tariffs on imports from key allies sent U.S. and European stocks into a tailspin and stoked demand for the safety of Treasuries.
The S&P 500 fell for the fourth time in five days, paring a monthly advance as the president’s escalation of trade tensions with Canada, Mexico and the European Union hammered American industrial and financial shares. Deutsche Bank AG fell to a record low after reports that U.S. regulators added it to a group of troubled lenders they monitor. The 10-year Treasury yield fell to 2.84 percent, while Mexico’s peso and Canada’s dollar retreated.
The Trump administration’s unilateral action upended the global trade order and was met with retaliatory actions that could imperil economic growth. The ratcheting up of tension overshadowed reports that Italy is close to forming a government that is more EU-friendly than investors had feared. Investors are also bracing for Friday’s jobs report.
“The hard thing about protectionism, the hard thing about tariffs and quotas, is that you can almost think of it as it’s a slow moving disease, but it’s deadly,” Kristina Hooper, Invesco’s chief global market strategist, said in an interview at Bloomberg’s New York headquarters. “When I look at protectionism, I don’t believe the market truly can price it in at this point because there’s still so many potential iterations. But right now it’s certainly moving further to the extremes when it comes to protectionism and that can be very problematic.”
These are some key events to watch this week:
* The U.S. employment report for May is due Friday. It’s the last before the June Fed meeting.
* Automakers report May U.S. sales the same day.
* Also Friday: some onshore Chinese stocks join MSCI Inc.’s global indexes.
* On Saturday U.S. Secretary of Commerce Wilbur Ross will travel to Beijing for more talks with Vice Premier Liu He on topics including ZTE Corp. and trade.
These are the main moves in markets:
Stocks
* The S&P 500 Index fell 0.7 percent to 2,705 as of 4 p.m. New York time.
* The Dow Jones Industrial Average dropped 1 percent to 24,416.
* The Nasdaq Composite Index declined 0.3 percent.
* The Stoxx Europe 600 Index dropped 0.6 percent.
* The MSCI Emerging Market Index increased 0.7 percent, the largest climb in three weeks.
Currencies
* The Bloomberg Dollar Spot Index rose 0.1 percent.
* The euro gained 0.2 percent to $1.1687.
* The British pound was little changed at $1.3292.
* The Japanese yen rose 0.1 percent to 108.77 per dollar.
Bonds
* The yield on 10-year Treasuries fell one basis points to 2.84 percent.
* Germany’s 10-year yield dipped three basis points to 0.34 percent.
* Britain’s 10-year yield dropped three basis points to 1.230 percent.
Commodities
* West Texas Intermediate crude decreased 1.7 percent to $67.04 a barrel.
* Gold fell 0.1 percent at $1,299.66 an ounce.
–With assistance from Sarah Ponczek and Samuel Potter.

Have a great night.

Be magnificent!

As ever,

Carolann

Kindness is always fashionable.
-Amelia Huddleston Barr, 1831-1919

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

May 30, 2018

May 30, 2018 Newsletter

Dear Friends,

Tangents:
May 30, 1431: The execution of Joan of Arc, from the official contemporary account:

After the sentence was read, the bishop, the Inquisitor, and many of the judges went away, leaving Jeanne upon the scaffold.
Then the Bailli of Rouen, an Englishman, who was there, without any legal formality and without reading any sentence against her, ordered that she should be taken to the place where she was to be burned.
When Jeanne heard this order given, she began to weep and lament in such a way that all the people present were themselves moved to tears.
The said Bailli immediately ordered that the fire should be lighted, which was done.
And she was there burned and martyred tragically, an act of unparalleled cruelty.
And many, both noble and peasant, murmured greatly against the English.
Peter the Great, Russian tsar, b. 1672
1783: First U.S, newspaper published
May 30, 1832 – Rideau Canal officially opened to traffic, with 47 locks linking the Ottawa River at Ottawa with Lake Ontario at Kingston, Ontario; First proposed as a military route between the two cities; 50 dams built to control water levels along the route. Ottawa, Ontario
PHOTOS OF THE DAY

Walkers admire the sunrise from Swirrel Edge on Helvellyn in the Lake District. Credit: Paul Kingston/NNP

Subtropical Storm Alberto arrives at Orange Beach in Alabama, US. Credit: David Green/Reuters

Two people take a selfie beside Hartshead Pike as the Flower Moon rises on in Manchester, England. Credit: Anthony Devlin/Getty Image
Market Closes for May 30^th, 2018

Market Index	Close	Change
Dow Jones	24667.78	+306.33 +1.26%

S&P 500	2724.01	+34.15 +1.27%

NASDAQ	7462.453	+65.859 +0.89%

TSX	16048.66	+126.05
		+0.79%

International Markets

Market Index	Close	Change
NIKKEI	22018.52	-339.91
		-1.52%
HANG SENG	30056.79	-427.79
		-1.40%
SENSEX	34906.11	-43.13
		-0.12%
FTSE 100*	7689.57	+56.93
		+0.75%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.266	2.191
CND. 30 Year Bond	2.297	2.249
U.S. 10 Year Bond	2.8550	2.7810
U.S. 30 Year Bond	3.0269	2.9745

Currencies

BOC Close	Today	Previous
Canadian $	0.77651	0.76823
US $	1.28781	1.30169

Euro Rate 1 Euro=		Inverse
Canadian $	1.50223	0.66568
US $	1.16650	0.85726

Commodities

Gold	Close	Previous
London Gold Fix	1295.50	1303.50

Oil
WTI Crude Future	68.21	66.73

Market Commentary:
~$On this day in 1974, the first money-market mutual fund with checkwriting privileges, Fidelity Daily Income Trust, opened for business. Instead of having to wait seven days to receive a redemption, investors could now use a mutual fund just like a checking account.
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks rose the most in a month as investor concern faded about Italy and the state of the EU, while the Canadian dollar spiked after the central bank paved the way for a new round of rate increases.
The S&P/TSX Composite Index added 126 points, or 0.8 percent, to 16,048.66, snapping a six-day decline. Energy stocks rose 1.6 percent, the most in six weeks, as crude prices rebounded after a week of declines.
Financials gained 0.4 percent even as Laurentian Bank of Canada tumbled 4.7 percent to the lowest since 2016. The bank disclosed further problems with its mortgage book, prompting a downgrade at CIBC World Markets.
In other moves:
Stocks
* Canadian Pacific Railway Ltd. rose 2.2 percent to a record. A short-lived strike ended after the carrier reached a tentative deal with conductors and engineers
* Bombardier Inc. added 4.7 percent to the highest since 2013. The plane maker signed a letter of intent to sell up to 18 business jets worth as much as $1.14 billion
* Calfrac Well Services Ltd. gained 5.1 percent. The company is suing its biggest outside shareholder, accusing it of curbing interest in its recent note offering
Commodities
* Western Canada Select crude oil traded at a $25.25 discount to WTI, the biggest gap since March, after Enbridge Inc. said it will cap the amount of oil each shipper may send on its Mainline pipeline
* Gold rose 0.2 percent to $1,301.50 an ounce
FX/Bonds
* The Canadian dollar strengthened 1.1 percent to C$1.2880 per U.S. dollar, the biggest gain in more than two months
* The Canada 10-year government bond yield rose six basis points to 2.25 percent
US
By Samuel Potter and Randall Jensen
(Bloomberg) — Stocks rebounded along with Treasury yields as investors judged the market reaction to Italy’s political turmoil overwrought. The dollar dropped and oil climbed.
The S&P 500 Index gained the most in more than three weeks as U.S. 10-year yields pushed above 2.84 percent, boosting financial shares that had sold off on Tuesday amid fears Italy may leave the euro. West Texas crude surged above $68 a barrel, lifting energy companies. The greenback saw the biggest decline in nearly three weeks.
In Europe, Italy’s 10-year yield fell as much as 32 basis points after the country successfully passed a key test of appetite for its debt and as politicians made a last ditch attempt to form a government. The euro rose, as German jobs data topped estimates and strong CPI readings across Europe added to the sentiment.
Traders are catching their breath after the unprecedented Italian bond slump spilled over into global risk assets. While the prospect of snap Italian elections — which could effectively become a referendum on the euro — continues to loom, some investors see the selloff as overdone while the timing of any vote remains unclear. Still, the concerns add to a growing list that includes the strength of the global economy, North Korea and simmering trade tensions.
“Italy failing to form a government, the markets were on edge and it happened to just crack and perhaps the reaction was a little bit out-sized,” Aaron Clark, portfolio manager at Boston-based GW&K Investment Management, said by phone. “We’re seeing a little bit of a reversal today, not a full reversal, but there’s still some lingering concerns to be sure.”
Investors are also keeping an eye on the White House, with the Trump administration plowing ahead with plans for tariffs on Chinese goods and giving conflicting signals on talks with North Korea.
Elsewhere, oil rose after a string of declines in the wake of major producers’ plans to step up output. Saudi Arabia, Kuwait and the U.A.E. will meet in Kuwait City on Saturday to discuss supply.
These are some key events to watch this week:
* EU trade chief Cecilia Malmstrom and U.S. Commerce Secretary Wilbur Ross are scheduled to meet Wednesday in an informal World Trade Organization ministerial in Paris.
* The U.S. employment report for May is due Friday. It’s the last before the June Fed meeting.
* Automakers report May U.S. sales the same day.
* Also Friday: some onshore Chinese stocks join MSCI Inc.’s global indexes.
* On Saturday U.S. Secretary of Commerce Wilbur Ross will travel to Beijing for more talks with Vice Premier Liu He on topics including ZTE Corp. and trade.
These are the main moves in markets:
Stocks
* The S&P 500 Index rose 1.3 percent to 2,724 as of 4 p.m. New York time, the most since May 4.
* The Nasdaq Composite Index gained 0.9 percent.
* The Stoxx Europe 600 Index advanced 0.3 percent.
* The MSCI Emerging Market Index sank 1.1 percent to the lowest in almost six months.
Currencies
* The Bloomberg Dollar Spot Index fell 0.6 percent, the largest decrease in almost three weeks.
* The euro climbed 1 percent to $1.1660.
* The British pound advanced 0.3 percent to $1.3282.
* The Japanese yen dipped 0.1 percent to 108.90 per dollar.
* The Turkish lira jumped 1.7 percent to 4.4721 per dollar, the strongest in almost two weeks.
Bonds
* The yield on 10-year Treasuries gained six basis points to 2.84 percent, biggest rise in two weeks.
* Germany’s 10-year yield rose 11 basis points to 0.37 percent.
* Britain’s 10-year yield gained six basis points to 1.257 percent.
* Italy’s 10-year yield sank 25 basis points to 2.916 percent.
Commodities
* West Texas Intermediate crude gained 2.5 percent to $68.39 a barrel, the first advance in more than a week.
* Gold increased 0.3 percent to $1,302.64 an ounce.
–With assistance from Andreea Papuc, Cecile Vannucci and Sarah Ponczek.

Have a great night.

Be magnificent!

As ever,

Carolann

If you want to understand today, you have to search yesterday.
-Pearl Buck, 1892-1973

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

May 29, 2018

May 29, 2018 Newsletter

Dear Friends,

Tangents:
May 29, 1453: Constantinople falls to the Turks

On May 29, 1953, Mount Everest was conquered as Edmund Hillary of New Zealand and sherpa Tenzing Norgay of Nepal became the first climbers to reach the summit.

Points of Progress:
Australia
Australia will invest $377 million to help preserve the Great Barrier Reef. Listed as a UNESCO World Heritage Site in 1981, the reef, which can be seen from outer space, has lost nearly a third of its coral because of bleaching caused by warmer oceans, the invasive crown-of-thorns starfish species, and pollution, including pesticide-infused runoff from nearby farmland. -BBC

Cyprus
The Middle Eastern island nation has returned 14 ancient artifacts to Egypt, continuing a global trend of such repatriations. The objects, which include an alabaster vase decorated with the name of King Ramses ll, were stolen and smuggled abroad in the 1980s. -NEWS24.

Britain
The country’s corporate sector is making strides to eradicate plastic pollution. Waitrose, a major supermarket chain, will stop using disposable coffee cups by the fall, a move it says will save 52 million coffee cups a year. Separately, Starbucks reported in late April that six weeks into its trial of a 5-pence levy on disposable cups in its British outlets, the use of their reusable counterparts has shot up 150 percent. Around 2.5 billion coffee cups are trashed in the nation each year, and almost none are recycled because of their plastic lining. -BBC, The Independent.

Denmark
The nation is improving at both ends of its food chain. At the consumption end, Denmark reduced food waster by 14000 metric tons (15,432 tons), compared with 2011 levels. Productionwise, the country, a world leader in organic farming, increased the amount of land devoted to the practice by 28,365 hectares (70,091 acres) during 2017, bumping the total to 245,000 hectares (605,408 acres), or 9 % of its cultivated land. -CPH POST ONLINE.
-from the CSM.
PHOTOS OF THE DAY

A storm rages over Portsmouth harbour. Thunderstorm are set to hit southern parts of the UK as the hot weather brings with it torrential downpours. Credit: Islandvisions/BNPS

Canadian Mia Noblet walks on a slackline (25mm wide, 3mm thick and 60m long) during ‘Tianmen Mountain Female High-Heeled Highline Challenge’ at Zhangjiajie National Forest Park, China. Credit: The Telegraph

A visitor and her dog visit the 2018 Concorso d’Eleganza st Villa d’Esta in Cernobbio, Italy, on Saturday. Behind them are a 195 Maserati 250F, left, and a 1968 Alfa Romeo 33/2 Stradale, which won rhe Coppa d’Oro Villa d’Este. Credit The Telegraph
Market Closes for May 29^th, 2018

Market Index	Close	Change
Dow Jones	24361.45	-391.64 -1.58%

S&P 500	2689.86	-31.47 -1.16%

NASDAQ	7396.594	-37.260 -0.50%

TSX	15922.61	-93.53
		-0.58%

International Markets

Market Index	Close	Change
NIKKEI	22358.43	-122.66
		-0.55%
HANG SENG	30484.58	-307.68
		-1.00%
SENSEX	34949.24	-216.24
		-0.61%
FTSE 100*	7632.64	-97.64
		-1.26%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.191	2.303
CND. 30 Year Bond	2.249	2.344
U.S. 10 Year Bond	2.7810	2.9313
U.S. 30 Year Bond	2.9745	3.0920

Currencies

BOC Close	Today	Previous
Canadian $	0.76823	0.76953
US $	1.30169	1.29950

Euro Rate 1 Euro=		Inverse
Canadian $	1.50210	0.66574
US $	1.15396	0.86658

Commodities

Gold	Close	Previous
London Gold Fix	1303.50	1303.50

Oil
WTI Crude Future	66.73	67.91

Market Commentary:
~$$ On this day in 1962, the market soared as Wall Street’s jitters over Pres. John F. Kennedy’s attack on the steel industry subsided. The Dow Jones Industrial Average leapt 4.7% to close at 603.96. Today, May 29^th, the Dow closed at 24,361.45.
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks extended their losing streak to six days amid a global equity selloff, as Bank of Nova Scotia tumbled the most since 2011.
The S&P/TSX Composite Index lost 0.6 percent to 15,922.61, the lowest in three weeks. Financials slid 1.8 percent, weighed down by plunging bond yields and a 3.7 percent decline at Scotiabank on higher-than-expected expenses.
Energy stocks gained 0.4 percent even as Kinder Morgan Canada Ltd. fell 3 percent. The Canadian government is buying Kinder’s Trans Mountain pipeline and its controversial expansion project for C$4.5 billion.
In other moves:
Stocks
* Crescent Point Energy Corp. rose 2.9 percent. Chief Executive Officer Scott Saxberg stepped down following a shakeup attempt by an activist investor
* Corus Entertainment Inc. fell 5 percent, adding to Monday’s 3.2 percent drop, after Canada’s competition regulator rejected the sale of its French-language channels to BCE Inc.
* Air Canada lost 3.3 percent, the most since March, amid a broader selloff in airline stocks
Commodities
* Western Canada Select crude oil traded at a $19.50 discount to WTI, the widest gap since early April
* Gold fell 0.4 percent to $1,299.00 an ounce
FX/Bonds
* The Canadian dollar weakened 0.1 percent to C$1.3014 per U.S. dollar, the weakest since March
* The Canada 10-year government bond yield fell 11 basis points to 2.19 percent, the biggest drop in a year
US
By Randall Jensen
(Bloomberg) — U.S. stocks tumbled the most in more than a month, joining a global equity selloff sparked by concern Italy’s political woes will destabilize Europe. Treasuries surged, oil plunged and the yen rallied.
Selling in American equities picked up pace after European shares closed with the worst drop since March. Bank shares paced the rout as the 10-year Treasury yield sank as much as 17 basis points, the most since the U.K. voted to exit the European Union in June 2016. The dollar climbed as the euro plunged to its lowest since July 2017. Stock volatility soared and investors sought haven assets from the yen to the Swiss franc.
The prospect that Italy might need a fresh election that could be a referendum on the nation’s inclusion in the euro zone rattled global financial markets. While U.S. assets looked like they’d avoid the worst of the selling, the risk-off tone gripped investors as Europe staggered to an ugly close. Investors are also keeping an eye on geopolitical issues, with the Trump administration giving conflicting signals on talks with North Korea and plowing ahead with plans for tariffs on Chinese goods.
Here’s a Roundup of Italian Political Turmoil and its Impact on Market.
Political turmoil in Italy is rekindling memories of the euro zone’s woes of the past decade, and caution is spilling over into global markets. Pro- and anti-European forces are at loggerheads in Rome, with another election expected as early as September after parties failed to form a government in the wake of a poll in March.
“The political situation in Italy is troublesome and then you get broader concerns about the strength of the euro market in general and that in turn has some people thinking maybe the Fed here in the U.S. slows down on raising rates,” Peter Jankovskis, co-chief investment officer at Oakbrook Investments, said by phone. “That’s been a big pillar for the financials overall, that rates will continue to rise and their margins will continue to improve because of that.”
Why ‘Risk On’ and ‘Risk Off’ Are How the Markets Roll:
QuickTake
These are some key events to watch this week:
* EU trade chief Cecilia Malmstrom and U.S. Commerce Secretary Wilbur Ross are scheduled to meet Wednesday in an informal World Trade Organization ministerial in Paris.
* The U.S. employment report for May is due Friday. It’s the last before the June Fed meeting.
* Automakers report May U.S. sales the same day.
* Also Friday: China’s stock market joins MSCI Inc.’s global indexes.
* On Saturday U.S. Secretary of Commerce Wilbur Ross will travel to Beijing for more talks with Vice Premier Liu He on topics including ZTE Corp. and trade.
These are the main moves in markets:
Stocks
* The S&P 500 Index declined 1.2 percent to 2,689.87 as of 4 p.m. New York time, dropping below its 100-day moving average for the first time since May 9.
* The Nasdaq Composite Index dropped 0.5 percent.
* The Stoxx Europe 600 Index sank 1.4 percent to the lowest since April.
* The U.K.’s FTSE 100 Index fell 1.3 percent, the most since March.
* Germany’s DAX Index decreased 1.5 percent, the most since the end of March.
* The MSCI Emerging Market Index slid 1.2 percent to the lowest since December 2017.
Currencies
* The Bloomberg Dollar Spot Index rose 0.4 percent to the highest in more than five months.
* The euro sank 0.8 percent to $1.1536, the weakest in more than 10 months.
* The British pound declined 0.5 percent to $1.3242, the weakest in about six months.
* The Japanese yen climbed 0.7 percent to 108.64 per dollar, the strongest in five weeks.
Bonds
* The yield on 10-year Treasuries declined 15 basis points to 2.78 percent, reaching the lowest since April 2.
* Germany’s 10-year yield dipped eight basis points to 0.26 percent.
* Britain’s 10-year yield fell 13 basis points to 1.197 percent.
* Italy’s 10-year yield climbed 48 basis points to 3.164 percent.
Commodities
* West Texas Intermediate crude declined 1.6 percent to $66.82 a barrel, reaching the lowest in four weeks.
* Gold rose 0.2 percent to $1,301.22 an ounce.
–With assistance from Anooja Debnath, Sarah Ponczek and Samuel Potter.

Have a great night.

Be magnificent!

As ever,

Carolann

A man who limits his interests, limits his life.
-Vincent Price, 1911-1993

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