Category: Events

Dear Friends,

Tangents: MEMORIAL DAY, USA
On this day in 1940, George Beardmore, wrote in his Journal:
As a collector of rumours I have heard that (1) Germany has requested a twenty-four-hour armistice in which to bury the dead in front of the Maginot Line (2) Lord Haw-Haw – since identified as William Joyce, an Irishman – has promised from Hamburg that when the bombings begin Harrow School (because Churchill went there) and HM Stationary Office (where the leaflets dropped in the early raids were printed, also situated in Harrow)  will be among the first targets (3) an old news-paper-woman living at Bushey noticed a blind man reading a paper which led to the discovery that a local blind school was a nest of spies.  “More tomorrow”, as the comics say.

May 28, 1934 – Birth of Dionne Quintuplets: Annette, Cecile, Emilie, Marie and Yvonne.
PHOTOS OF THE DAY

Lightening and thunder across the Isle of Wight. The UK was struck by lightening between 15,000 and 20,000 times as the “mother of all thunderstorms” rolled across southern England on Saturday night. Credit: Islandvisions/BNPS

The Geico Skytypers, an air show squadron of 11 pilots who fly Second Wold War-era aircraft, perform an 18-minute display during their 15^th appearance at the annual Bethpage airshow. All branches of the military were represented at the show which took place at the Jones Beach State Park in New York, USA, on Memorial Day weekend. Credit: Li Rui/Xinhua/Barcroft Images

A visitor relaxes amongst the roses at Chelsea Flower Show. Credit: Geoff Pugh for the Telegraph

Maja-Isobel Lawson plays in a field of yellow flowers near Bretton in Yorkshire. Credit: Danny Lawson/PA
Market Closes for May 28^th, 2018

Market Index	Close	Change
Dow Jones	24753.09	Closed
S&P 500	2721.33	Closed
NASDAQ	7433.855	Closed
TSX	16016.14	-59.53
		-0.37%

International Markets

Market Index	Close	Change
NIKKEI	22481.09	+30.30
		+0.13%
HANG SENG	30792.26	+204.22
		+0.67%
SENSEX	35165.48	+240.61
		+0.69%
FTSE 100*	7730.28	+13.54
		+0.18%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.303		2.349
CND. 30 Year Bond		2.344		2.383
U.S.    10 Year Bond		2.9313		2.9313
U.S. 30 Year Bond		3.0920		3.0920

Currencies

BOC Close	Today	Previous
Canadian $	0.76953	0.77032
US $	1.29950	1.29816
Euro Rate 1 Euro=		Inverse
Canadian $	1.51056	0.66201
US $	1.16242	0.86028

Commodities

Gold	Close	Previous
London Gold Fix	1303.50	1304.85
Oil
WTI Crude Future	67.91	67.91

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks fell the most in four weeks as oil’s slump deepened and precious metals fell.
     The S&P/TSX Composite Index lost 59 points, or 0.4 percent, to 16,016.14 on Monday, the benchmark’s fifth straight decline. Volume was 59 percent below the 100-day average, with both U.S. and U.K. markets closed for a holiday.
     Materials stocks tumbled 0.9 percent and energy shares fell 0.5 percent. Industrials also retreated, losing 0.6 percent as Canadian Pacific Railway Ltd. slid 1.9 percent, the most since March. Its workers could go on strike as early as Tuesday night.
     In other moves:
                         Stocks
* Bombardier Inc. rose 4.1 percent to the highest since 2014.  The company is planning to build two new luxury business jets.
* WestJet Airlines Ltd. rose 2.5 percent after agreeing to a settlement process with its pilots, averting a strike
* Pan American Silver Corp. lost 4 percent. The miner said it will reduce some activities at its Dolores Mine in Mexico following security incidents
* Corus Entertainment Inc. fell 3.2 percent after Canada’s competition regulator rejected the sale of its French-language channels, potentially forcing it to cut its dividend by 70 percent
                         Commodities
* Western Canada Select crude oil traded at a $17.25 discount to WTI on Friday
* Gold fell 0.5 percent to $1,302.70 an ounce
                         FX/Bonds
* The Canadian dollar weakened 0.2 percent to C$1.2996 per U.S. dollar
* The Canada 10-year government bond yield fell five basis points to 2.30 percent, the lowest in five and a half weeks
US
Markets closed for Memorial Day.
Have a great night.

Be magnificent!

As ever,

Carolann

Who dares nothing, need hope for nothing.
          -Friedrich Von Schiller, 1759-1805

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 this day in 1977, the first of George Lucas’ blockbuster Star Wars movies hit American theaters.

Also, on May 25, 2006, Kenneth L. Lay and Jeffrey K. Skilling, the chief executives who guided Enron through its spectacular rise and even more stunning fall, were found guilty of fraud and conspiracy.
Go to article »

PHOTOS OF THE DAY

Visitors admire Luke Jerram’s installation Museum of the Moon at Liverpool Cathedral. The 23ft replica of the moon uses detailed NASA imagery of the lunar surface and includes a sound composition created by BAFTA and Ivor Novello award-winning composer Dan Jones. Credit: Christopher Furlong/Getty Images

Lightening in the sky above Chongqing, southwest China. Credit: Zuma Press, Inc./Alamy Live News

Lucy Clare from Guildford in the Great Pavilion at the Chelsea Flower Show in London. Credit: Geoff Pugh for the Telegraph

Helen Tulloch of the Yorkshire Sculpture Park with Luce e ombra (bronze and granite) on the pieces in a new exhibition at the Yorkshire Sculpture Park by Italian artist Giuseppe Penon. Credit: Asadour Guzelian
Market Closes for May 25^th, 2018

Market Index	Close	Change
Dow Jones	24753.09	-58.67   -0.24%
S&P 500	2721.33	-6.43   -0.24%
NASDAQ	7433.855	+9.427   +0.13%
TSX	16075.67	-37.94
		-0.24%

International Markets

Market Index	Close	Change
NIKKEI	22450.79	+13.78
		+0.06%
HANG SENG	30588.04	-172.37
		-0.56%
SENSEX	34924.87	+261.76
		+0.76%
FTSE 100*	7730.28	+13.54
		+0.18%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.349		2.410
CND. 30 Year Bond		2.383		2.422
U.S.    10 Year Bond		2.9313		2.9752
U.S. 30 Year Bond		3.0920		3.1258

Currencies

BOC Close	Today	Previous
Canadian $	0.77032	0.77649
US $	1.29816	1.28784
Euro Rate 1 Euro=		Inverse
Canadian $	1.51194	0.66140
US $	1.16468	0.85860

Commodities

Gold	Close	Previous
London Gold Fix	1304.85	1289.00
Oil
WTI Crude Future	67.91	70.68

Market Commentary:
Number of the Day
88%
The share of corporate bond issuers in China that have a domestic credit rating of AA or higher—grades that big rating agencies typically reserve for only the safest and most financially-sound companies. S&P Global, which is set to start a ratings business in China, will have to adjust to a market where most issuers are used to lofty grades.
Canada
By Carolina Wilson
     (Bloomberg) — Canadian stocks closed at the lowest in two weeks, falling for a fourth day after an 11-day advance for the benchmark index.
     The S&P/TSX Composite Index fell 38 points or 0.2 percent to 16,075.67 on Friday. Industrials and consumer staples stocks gained the most, adding 1 percent and 0.9 percent, respectively.
     Energy fell the most, declining more than 1.7 percent, as crude fell the most in 11 months as Saudi Arabia said it expects OPEC and its partners to boost supplies later this year, easing restraints intact since early 2017. The $2.83-per-barrel decline pushed the price below $70 at the close of trading for the first time since May 8.
     In other moves:
                          Stocks
* CAE Inc. gained 5.2 percent to a record after fourth quarter revenue met the average analyst estimate
* Computer Modelling Group fell as much as 8.7 percent, the most intraday since November 2016, as Industrial Alliance Securities downgraded its recommendation to hold from buy
* Baytex Energy lost 5 percent amid the declining crude price
* First Quantum Minerals fell 3.9 percent after the collapse of a pact with Northern Dynasty Minerals regarding the financing of the controversial Pebble mining project in Alaska
                          Commodities
* Western Canada Select crude oil traded at a $17.25 discount to WTI
* Gold fell 0.3 percent to $1,305.90 an ounce
                          FX/Bonds
* The Canadian dollar weakened 0.7 percent to C$1.2975 per U.S.dollar
* The Canada 10-year government bond yield fell to 2.35 percent, the lowest intraday since May 8
US
By Janine Wolf and Sarah Ponczek
     (Bloomberg) — U.S. stocks bounced between gains and losses as plummeting oil prices rocked energy shares and investors weighed what U.S. President Donald Trump called North Korea’s “warm and productive” response to his decision to cancel a summit with the nation’s leader Kim Jong-Un. The dollar rose with Treasuries, while gold sank.
     The S&P 500 Index and Dow Jones Industrial Average fell on lighter than normal volume heading into the long Memorial Day holiday weekend, but the Nasdaq benchmarks rose on strength in semiconductor stocks. The S&P 500 Energy Index plunged more than 2.5 percent as oil posted its biggest decline in roughly a year after a Saudi minister said that petroleum supply would likely rise in the second half.
     “The market itself really isn’t doing a whole lot, but crude oil sure is,” said Joe “JJ” Kinahan, chief market strategist at TD Ameritrade. “Crude oil is down pretty good, and I think that the fact that you’re seeing the S&P down and you’re seeing the Dow down, you can point to crude oil and say that’s just weighting heavily on those indexes right now.”
     Investors would also be forgiven if they felt rattled by recent geopolitical developments. On Thursday, stocks tumbled after President Donald Trump scrapped his planned meeting with Kim Jong-Un because of what he called the “tremendous anger and open hostility” from Pyongyang. But then on Friday, the U.S. president pivoted and said the meeting could happen next month.
     “The markets reacted negatively when Trump pulled out,” said Jeffrey Saut, chief investment strategist at Raymond James. “And then we got the little soothing news over night, so the market’s just adrift here until we get into next week when the players get back.”
     Stoxx Europe 600 Index pared gains, with Spain’s benchmark gauge underperforming as the prospect of a snap election in that country increased. Core European bonds advanced, while Italy led peripheral debt lower as worries mounted over the leadership there and in Spain.
     Meanwhile, other global risks remain on the minds of investors. Spain’s biggest opposition party is ready to push for a no-confidence motion against Prime Minister Mariano Rajoy. And trade tensions surrounding the U.S. and China haven’t abated.
     The Turkish lira headed for its worst week in two years after the central bank said it would allow exporters to repay dollar-denominated loans in the local currency. The pound weakened and gilts advanced after the European Union dismissed many of the U.K.’s plans for their post-Brexit relationship.
     These are the main moves in markets:
                           Stocks
* The S&P 500 fell 0.2 percent to 2,721.33, while the Nasdaq 100 Index added 0.2 percent.  The Stoxx Europe 600 Index rose 0.1 percent.
* The U.K.’s FTSE 100 Index added 0.2 percent.
* The MSCI Emerging Market Index increased 0.1 percent.
* The MSCI Asia Pacific Index declined 0.2 percent.
                           Currencies
* The Bloomberg Dollar Spot Index rose 0.3 percent.
* The euro dropped 0.5 percent to $1.166.
* The British pound fell 0.5 percent to $1.3313.
* The Japanese yen slipped 0.2 percent to 109.49 per dollar.
                            Bonds
* The yield on 10-year Treasuries decreased five basis points to 2.9313 percent.
* Germany’s 10-year yield dropped seven basis points to 0.406 percent, the lowest since December.
* Britain’s 10-year yield plunged eight basis points to 1.322 percent, the lowest in more than four months.
* Italy’s 10-year yield rose six basis points to 2.461 percent, the highest since October 2014.
                            Commodities
* West Texas Intermediate crude sank 4.4 percent to $67.59 a barrel, the biggest drop since June 2017.
* Gold fell 0.3 percent to $1,300.28 an ounce.
–With assistance from Cormac Mullen and Yakob Peterseil. 

Have a great weekend.

Be magnificent!

 

As ever,

 

Carolann

 

Never argue with stupid people, they will drag you down
to their level and then beat you with experience.
                                     -Mark Twain, 1835-1910

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:
On this day in 1844, the  first telegraph line in the USA became operational when Samuel Finley Breese Morse, portrait painter and co-inventor of the telegraph, transmitted this message to the floor of the U.S. Senate: “What hath God wrought.”

Bob Dylan’s birthday today…

…He hears the ticking of the clocks
And walks along with a parrot that talks
Hunts her down by the waterfront docks
Where the sailors all come in
Maybe she’ll pick him out again
How long must he wait?
One more time, for a simple twist of fate
People tell me it’s a sin
To know and feel too much within
I still believe she was my twin
But I lost the ring
She was born in spring
But I was born too late
Blame it on a simple twist of fate
   -written by Bob Dylan, Simple Twist of Fate, Blood on the Tracks,1975

PHOTOS OF THE DAY

A group of geishas during a performance at the press preview of the annual Azuma Odori Dance Festival at the Shinbashi Enbujo Theater in Tokyo, Japan. Credit: Issei Kato/Reuters

Molton lava from the Kilauea Volcano explodes as it reaches the Pacific Ocean, the extreme temperature difference causing the dramatic reaction about Kalapana, Hawaii. Credit: L.E. Baskow/Zuma Wire/Rex/Shutterbox

A double rainbow over Portland Bill Lighthouse in Dorset. Credit: Mattpinner/BNPS

Steam locomotive 45407 pulls The Jacobite over Loch Nan Uamh Viaduct, on the West Highland Line between Fort William and Mallaig, Scotland. Credit: Andrew Plummer/Alamy Live News
Market Closes for May 24^th, 2018

Market Index	Close	Change
Dow Jones	24811.76	-75.05   -0.30%
S&P 500	2727.76	-5.53   -0.20%
NASDAQ	7424.430	-1.526   -0.02%
TSX	16113.62	-20.18
		-0.13%

International Markets

Market Index	Close	Change
NIKKEI	22437.01	-252.73
		-1.11%
HANG SENG	30760.41	+94.77
		+0.31%
SENSEX	34663.11	+318.20
		+0.93%
FTSE 100*	7716.74	-71.70
		-0.92%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.410		2.439
CND. 30 Year Bond		2.422		2.447
U.S.    10 Year Bond		2.9752		2.9953
U.S. 30 Year Bond		3.1258		3.1549

Currencies

BOC Close	Today	Previous
Canadian $	0.77649	0.77864
US $	1.28784	1.28429
Euro Rate 1 Euro=		Inverse
Canadian $	1.50971	0.66238
US $	1.17228	0.85304

Commodities

Gold	Close	Previous
London Gold Fix	1289.00	1293.05
Oil
WTI Crude Future	70.68	71.83

Market Commentary:
Canada
By Elena Popina
     (Bloomberg) — Canadian stocks fell the most since April 30, down a third day after an 11-day winning streak that had been inching the benchmark index closer to its record high.
     The S&P/TSX Composite Index dipped 0.13 percent to 16,113.62 on Thursday. Health care, energy and financials led declines; marijuana companies dragged health to a 2 percent drop. Technology and materials stocks gained the most, adding 1.3 percent and 1.1 percent, respectively.
     Aecon Group Inc. fell 15 percent after the Canadian government blocked a proposed takeover of the construction firm by a unit of China Communications Construction Co. Auto-parts makers including Magna International Inc. and Linamar Corp. slid as U.S. President Donald Trump’s administration started an investigation into whether car and truck imports threaten national security, a move that could lead to new U.S. tariffs on foreign vehicles.
     In other moves:
* Canopy Growth Corp. fell 6.2 percent as bearish bets against the global marijuana boom increased to a record
* Alamos Gold Inc. climbed 5.1 percent after extending high- grade mineralization at Island Gold mine
* Iamgold Corp. rose 4.4 percent to its highest level since September
* Western Canada Select crude oil traded at a $17.25 discount to WTI
* Gold rose less than 1.2 percent, the most in seven weeks, to
$1,309.70 an ounce 
* The Canadian dollar weakened 0.3 percent to C$1.2883 per U.S. dollar
* The Canada 10-year government bond yield fell ~3 basis points to 2.41%
US
By Sarah Ponczek
     (Bloomberg) — U.S. stocks partially rebounded from early declines Thursday sparked by the cancellation of the U.S.-North Korea summit, as investors assessed the broader impact on trade relations and economic growth. Gold posted its biggest gain in a month and Treasuries rose with the yen amid a move to safe-haven assets.
     The S&P 500 Index and Dow Jones Industrial Average remained lower despite the bounce-back, while the Nasdaq Composite Index and small cap Russell 2000 Index were essentially unchanged. Transportation stocks led gainers and energy companies paced decliners, as oil weighed on the shares.
     The moves followed the release of President Donald Trump’s letter to the North Korean leader Kim Jong-Un, in which he blamed the “tremendous anger and open hostility” in recent statements from Pyongyang for his decision. The news heightened concerns that geopolitical turmoil may upend hopes for a global expansion, particularly as a China trade deal looks less likely. On Wednesday, the administration threatened to impose tariffs on imported cars and trucks for “national security” purposes.
    “The headline that Trump canceled the talk with North Korea — we are seeing a lot of these kinds of episodes,” said Zhiwei Ren, managing director and portfolio manager with Penn Mutual Asset Management. “Most of the time I just ignore it, because at the end of the day, the U.S. stock market trades with the fundamentals. This is noise. In general, we treat this as noise and hold our current position. My expectation is that I don’t think this is going to change our current bullish tone in the market because the economy is doing well and earnings are great.”
     Crude plunged after Russia’s energy minister reiterated that OPEC and its partners will discuss phasing out supply curbs when they meet next month. The Stoxx Europe 600 Index gave up an advance as foreign carmakers took a hit while U.S. auto companies gained. Turkey’s lira resumed its slump as traders weighed whether an emergency rate hike was enough to stem losses.
     It’s been a challenging week for investors, who’ve been forced to navigate escalating geopolitical and trade risks, from Trump’s decision to back away from an agreement with China to North Korea warning of a “nuclear-to-nuclear showdown.” Questions are swirling around the Italian populist government’s economic policies, while Brexit negotiations loom large over British assets.
     “Today you had a host of headlines, one having to do with trade and others having to do with North Korea,” said Quincy Krosby, the chief market strategist at Prudential Financial Inc. “You see money going into the Treasury market and money going into gold. You would not have gold being a safe haven trade if it was just about trade. That’s typically related to geopolitical issues. The question for the market is, are there going to be more headlines like this?”
      Meanwhile, emerging-market currencies rose despite the lira move, and developing-nation stocks gained. The euro strengthened after falling to a six-month low.
     These are some key events to watch this week:
* At the St. Petersburg Forum Friday, Russian President Vladimir Putin and French President Emmanuel Macron, IMF Managing Director Christine Lagarde, and Japan Prime Minister Shinzo Abe participate on a panel moderated by Bloomberg News Editor-in- Chief John Micklethwait.
* Also Friday, European Union finance ministers discuss the latest on Brexit talks, in Brussels.

      These are the main moves in markets:
                           Stocks
* The S&P 500 fell 0.2 percent to 2,727.77, while the Russell 2000 rose less than 0.1 percent.
* The Stoxx Europe 600 Index declined 0.5 percent.
* The U.K.’s FTSE 100 Index sank 0.9 percent.
* The MSCI Emerging Market Index added 0.2 percent.
* The MSCI Asia Pacific Index fell 0.1 percent.
                          Currencies
* The Bloomberg Dollar Spot Index dipped 0.1 percent.
* The euro gained 0.2 percent to $1.1723.
* The British pound jumped 0.3 percent to $1.3383, the largest climb in more than five weeks.
* The Japanese yen advanced 0.7 percent to 109.26 per dollar.
* The Turkish lira sank 2.7 percent to 4.701 per dollar, the weakest on record with the largest tumble in almost two years.
                           Bonds
* The yield on 10-year Treasuries dipped two basis points to 2.9733 percent.
* Germany’s 10-year yield declined four basis points to 0.472 percent, the lowest since January.
* Britain’s 10-year yield fell four basis points to 1.401 percent.
                           Commodities
* West Texas Intermediate crude dipped 1.7 percent to $70.65 a barrel.
* Gold advanced 0.9 percent to $1,304.67 an ounce.
–With assistance from Andreea Papuc, Yakob Peterseil and Samuel Potter. 

Have a great evening.

Be magnificent!

As ever,

Carolann

 

When you feel in your gut what you are and then dynamically pursue
it – don’t back down and don’t give up – then you’re
going to mystify a lot of folks.
                                            -Bob Dylan, b. 1941

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 this day in 1934, Bonnie Parker and Clyde Barrow were shot to death by Texas and Louisiana state police while driving a stolen car after a string of crimes.

1887 – First CPR Train Steams into the Vancouver Harbour Terminal

PHOTOS OF THE DAY

Miao people play the suona at a folk festival which falls on the eighth day of the fourth month in the Chinese lunar calendar, in Anshun, China. Credit: VCG Via Getty Images

Flora, fashion and famous faces were the format again for the colourful Royal Horticultural Society’s Chelsea Flower Show. Credit: Heathcliff O’Malley for the Telegraph

An illumination of a three dimensional 17^th century boat, which is created by projecting light along the surface of the surrounding water, at Salthouse Dock in Liverpool ahead of the Three Festivals Tall Ships Regatta. Credit: Peter Byrne/PA
Market Closes for May 23^rd, 2018

Market Index	Close	Change
Dow Jones	24886.81	+52.40   +0.21%
S&P 500	2733.29	+8.85   +0.32%
NASDAQ	7425.957	+47.502   +0.64%
TSX	16133.80	-10.99
		-0.07%

International Markets

Market Index	Close	Change
NIKKEI	22689.74	-270.60
		-1.18%
HANG SENG	30655.64	-568.71
		-1.82%
SENSEX	34344.91	-306.33
		-0.88%
FTSE 100*	7788.44	-89.01
		-1.13%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.439		2.488
CND. 30 Year Bond		2.447		2.498
U.S.    10 Year Bond		2.9953		3.0615
U.S. 30 Year Bond		3.1549		3.2057

Currencies

BOC Close	Today	Previous
Canadian $	0.77864	0.78020
US $	1.28429	1.28173
Euro Rate 1 Euro=		Inverse
Canadian $	1.50211	0.66573
US $	1.16961	0.85499

Commodities

Gold	Close	Previous
London Gold Fix	1293.05	1288.35
Oil
WTI Crude Future	71.83	72.13

Market Commentary:
Number of the Day
200,000
Venezuelan’s crude output has dropped by 200,000 barrels a day this year, posing a risk to global oil supply.
Canada
By Carolina Wilson
     (Bloomberg) — The S&P/TSX Composite Index lost 11 points or less than 0.1 percent to close at 16,133.80 Wednesday, down a second day after an 11-day winning streak.
     Consumer staples and utilities stocks outperformed, adding 1.6 percent and 0.8 percent, respectively. Energy fell the most, down 0.7 percent, as crude flirted with this week’s low and Scotia Howard analyst said the oil rally may pause before a June OPEC meeting.
     In other moves:
                           Stocks
* Eldorado Gold Corp. climbed as much as 7.2 percent, adding to Tuesday’s gains following a report Greece aims to resolve a long-standing standoff with the miner
* Alamos Gold Inc. climbed 5 percent, the most in two months
* MEG Energy Corp. rose 4.1 percent after Morgan Stanley analyst Benny Wong upgraded the stock to overweight
* First Quantum Minerals Ltd. fell 3.3 percent as Citi says the firm is the most likely takeover target within copper miners
                           Commodities
* Western Canada Select crude oil traded at a $17.00 discount to WTI
* Gold rose less than 0.1 percent to $1,298.20 an ounce
                           FX/Bonds
* The Canadian dollar weakened 0.1 percent to C$1.28304 per U.S. dollar
* The Canada 10-year government bond yield fell to 2.45 percent
US
By Sarah Ponczek and Janine Wolf
     (Bloomberg) — U.S. stocks clawed back early losses to trade higher after minutes from the most recent Federal Reserve meeting showed central bankers in no hurry to accelerate the pace of rate hikes even as the economy continues to improve. Yields on 10-year Treasuries briefly dipped below 3 percent, while the dollar climbed.
     All major equity benchmarks rose despite escalating geopolitical fears following President Donald Trump’s decision to back away from a recently announced trade agreement with China. The dollar climbed as investors got a mixed picture on the health of U.S. consumers from a host of retailer earnings. Tiffany & Co. surged as sales blew away estimates, while Target Corp. tumbled after its profit missed forecasts.
     “Although we have a lot of market noise around trade and North Korea and Middle East, the fundamental picture is still bright,” said Anthony Saglimbene, global market strategist at Ameriprise Financial. “Earnings are growing, the Fed is still accommodative, inflation levels are still very modest. That is all positive for stock prices over the next six to 12 months.”
     For traders, the monetary policy chatter was a welcome break from the geopolitical back-and-forth. Trump appeared to express pessimism on a planned summit meeting with North Korean leader Kim Jong Un, and the U.S. president kept up his attacks on Special Counsel Robert Mueller’s investigation, warning of a “scandal the likes of which this country may never have seen before.” Meanwhile, in Italy questions are swirling around the populist government’s economic policies.
     “We’re seeing a bit of a pullback here given some of the geopolitical headlines and tensions you’re seeing around the globe,” said Francis Gannon, the co-chief investment officer at The Royce Funds, which manages $17 billion. “The market almost was looking for an excuse to take a bit of a breather here, so it’s not surprising.”
     Markets in Europe also tumbled as weak manufacturing data added to concern that growth is slowing in the region. U.K. inflation figures trailed expectations, denting prospects for a rate increase. The Stoxx Europe 600 Index sank the most in two months, the euro fell to a six-month low and the pound weakened. The Turkish lira clawed back from a record low after the government announced an emergency rate hike. The yen jumped as traders sought havens.
     These are some key events to watch this week:
* Thursday sees the Bank of England Markets Forum at Bloomberg London. Speakers include BOE Governor Mark Carney and New York Fed President William Dudley.
* At the St. Petersburg Forum Friday, Russian President Vladimir Putin and French President Emmanuel Macron, IMF Managing Director Christine Lagarde, and Japan Prime Minister Shinzo Abe participate on a panel moderated by Bloomberg News Editor-in- Chief John Micklethwait.
* Also Friday, European Union finance ministers discuss the latest on Brexit talks, in Brussels.
     These are the main moves in markets:
                           Stocks
* The S&P 500 Index rose 0.3 percent to 2,733.25, while the Nasdaq 100 Index gained 0.9 percent.
* The Stoxx Europe 600 Index sank 1.1 percent in the biggest tumble in two months.
* The MSCI Asia Pacific Index fell 0.4 percent to the lowest in two weeks.
                          Currencies
* The Bloomberg Dollar Spot Index rose 0.1 percent.
* The euro fell 0.6 percent to $1.1704, the weakest in more than six months.
* The British pound sank 0.6 percent to $1.3356, the weakest since December.
* The Japanese yen jumped 0.7 percent, the most since February, to 110.13 per dollar.
                          Bonds
* The yield on 10-year Treasuries decreased six basis points to 3.0045 percent.
* Germany’s 10-year yield dipped five basis points to 0.507 percent.
* Britain’s 10-year yield fell eight basis points, the most in two months, to 1.439 percent.
                          Commodities
* West Texas Intermediate crude sank 0.5 percent to $71.76 a barrel.
* Gold rose 0.2 percent to $1,293.30 an ounce.
* Copper fell 1.9 percent to $3.0605 per pound.
–With assistance from Samuel Potter, Robert Brand, Yakob Peterseil and Brendan Walsh. 

Have a great night.

Be magnificent!

As ever,

 

Carolann

 

Better be wise by the misfortunes of others tan by your own.
                                 -Aesop, 620 BCE-564 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:
May 22, 1867 – Queen Victoria proclaims that the Confederation Act should go into effect and the Dominion of Canada should come into being on July 1, 1867. She also announces the names of Canada’s first seventy-two Senators, thirty-six Conservatives and thirty-six Reformers. Windsor, England.

-from The New York Times, May 22, 2018:

Sherlock Holmes is “the most famous fictional character of the past two centuries, rivaled only by Dracula and James Bond,” a reviewer for The Times once argued.

Even so, the creator of the character, Arthur Conan Doyle, couldn’t wait to kill him off. Doyle was born in Edinburgh on this day in 1859.

Arthur Conan Doyle at his home in England in 1927.
Fox Photos/Hulton Archive, via Getty Images

Although Doyle wrote four novels and 56 short stories featuring the great detective and his companion Dr. John Watson, by 1893 he was bored of his creation.

In “The Final Problem,” Doyle sent his protagonist plunging over the Reichenbach Falls with his arch-nemesis, Prof. James Moriarty, seemingly to their deaths. (More than 20,000 outraged readers canceled their subscriptions to The Strand Magazine when the story was published.)

Doyle later said of Holmes, “I have had such an overdose of him that I feel towards him as I do towards pâté de foie gras, of which I once ate too much.”

Although he eventually resurrected Holmes, Doyle also had time for pursuits worthy of his eccentric sleuth: He helped popularize skiing, tried his hand (unsuccessfully) at politics and was knighted for his report on the Boer War.

He also had a deep interest in the supernatural and helped popularize a famous hoax of the early 20th century: a series of photographs of garden fairies.

Charles McDermid wrote today’s Back Story.

PHOTOS OF THE DAY

A colourful kingfisher emerges from the water with its lunch in Kirkcudbright, Scotland. Credit: Isabel Hardman/Solent News & Photo Agency

Lightning strikes over the Ikiyaka Mountains in Hakkari, Turkey. Credit: Okzan Bilgin/Anadolu Agency/Getty Images

A plane flies past the moon over Turkey-Iraq border in Semdinli district of Hakkari, Turkey. Credit: Okzan Bilgin/Anadolu Agency/Getty Images
Market Closes for May 22^nd, 2018

Market Index	Close	Change
Dow Jones	24834.41	-178.88   -0.72%
S&P 500	2724.44	-8.57   -0.31%
NASDAQ	7378.457	-15.579   -0.21%
TSX	16144.79	-17.52
		-0.11%

International Markets

Market Index	Close	Change
NIKKEI	22960.34	-42.03
		-0.18%
HANG SENG	31234.35	+186.44
		+0.60%
SENSEX	34651.24	+35.11
		+0.10%
FTSE 100*	7877.45	+18.28
		+0.23%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.488		2.486
CND. 30 Year Bond		2.498		2.496
U.S.    10 Year Bond		3.0615		3.0578
U.S. 30 Year Bond		3.2057		3.1999

Currencies

BOC Close	Today	Previous
Canadian $	0.78020	0.77604
US $	1.28173	1.28859
Euro Rate 1 Euro=		Inverse
Canadian $	1.50982	0.66233
US $	1.17795	0.84893

Commodities

Gold	Close	Previous
London Gold Fix	1288.35	1289.50
Oil
WTI Crude Future	72.13	71.28

Market Commentary:
$~ On this day in 1928, Thomas Boone Pickens was born in Holdenville, Okla. With his unsolicited bid to buy Cities Service Co. in 1982, he set off the hostile takeover wars of the 1980s.
Canada
By Bloomberg Automation
     (Bloomberg) — Market breadth for the S&P/TSX Composite Index strengthened as 8.5 percent of companies rose to new 52- week highs, compared with 4.4 percent the previous day, the most since Oct. 26.
     The Canada S&P/TSX was little changed at 16,144.79, ending a 11-day gain. The loss follows the previous session’s increase of 0.12 percent.   
US
By Sarah Ponczek
    (Bloomberg) — U.S. stocks erased early gains and turned lower Tuesday as optimism over improving trade relations with China gave way to renewed concerns about geopolitical tensions with North Korea. The dollar fell, Treasuries were steady and crude slid to a loss after surging to the highest since November 2014.
     The S&P 500 Index tumbled with the Dow Jones Industrial Average and Nasdaq benchmarks in late trading after President Donald Trump cast doubt on a possible summit with North Korea during his Oval Office meeting with South Korea President Moon Jae-in.
     “What we saw when the meeting was originally scheduled was that the market reacted favorably to that, so I think that any cancellation could cause a little bit of a pullback,” said Adam Phillips, director of portfolio strategy at EP Wealth Advisors. “I would expect that that would be short lived, because at the end of the day we’re back where we started and it means uncertainty is back on the table, but I think the factors underpinning the economy are still quite strong.”
     Earlier, stocks rallied following China’s announcement that it will cut the import duty on passenger cars to 15 percent, signaling a further easing of trade tensions with the U.S. The Stoxx Europe 600 Index climbed, and emerging-market shares advanced, ending a three-day losing streak.
     ‘‘At the end of the day, the more trade the better,” said Lee Caleshu, chief investment officer of Halite Parters. “The more openness, the less tariffs, the less government regulations coming in to affect industry, the better.”
     The euro fell slightly as investors weighed the chances that Italy’s president will seek to curtail a potential populist government, while the country’s bonds rebounded from a two-day slide. The Turkish lira sank to yet another record low. Sterling strengthened amid speculation there could be another U.K. election and after upbeat comments from a Bank of England policy maker.
     Beyond politics, central banks are also in focus this week. The Federal Reserve will release minutes of its latest policy meeting on Wednesday, while the ECB follows suit on Thursday. A raft of U.S. debt sales adds to the busy agenda.
     Elsewhere, the Chilean peso and South African rand led gains in emerging currencies. WTI crude climbed to a three-year high.
     These are some key events to watch this week:
* The Federal Reserve releases minutes of the central bank’s May 1-2 meeting on Wednesday; U.S. new home sale also released as are euro-area and Japan PMIs.
* Thursday sees the Bank of England Markets Forum at Bloomberg London. Speakers include BOE Governor Mark Carney and New York Fed President William Dudley.
* At the St. Petersburg Forum Friday, Russian President Vladimir Putin and French President Emmanuel Macron, IMF Managing Director Christine Lagarde, and Japan Prime Minister Shinzo Abe participate on a panel moderated by Bloomberg News Editor-in- Chief John Micklethwait.
* Also Friday, European Union finance ministers discuss the latest on Brexit talks, in Brussels.
     These are the main moves in markets:
                           Stocks
* The S&P 500 fell 0.3 percent to 2,724.46 while the Dow dropped 179 points, or 0.7 percent, to 24,834.41.
* The Stoxx Europe 600 Index rose 0.3 percent.
* The MSCI Emerging Market Index increased 0.7 percent, the largest gain in more than a week.
* The MSCI Asia Pacific Index advanced 0.1 percent.
                          Currencies
* The Bloomberg Dollar Spot Index decreased 0.1 percent.
* The euro declined 0.1 percent to $1.1779.
* The British pound added less than 0.1 percent to 1.3433.
* The Japanese yen rose 0.2 percent to 110.88 per dollar.
* The Turkish lira sank 2.1 percent to 4.6728 per dollar, the weakest on record.
                          Bonds
* The yield on 10-year Treasuries was little changed at 3.0615 percent.
* Germany’s 10-year yield increased four basis points to 0.56 percent.
* Britain’s 10-year yield gained five basis points to 1.523 percent.
* Italy’s 10-year yield declined six basis points to 2.328 percent, the largest drop in more than a week.
                          Commodities
* West Texas Intermediate crude slid 0.2 percent to $72.13 a barrel.
* Gold fell 0.1 percent to $1,291.87 an ounce.
–With assistance from Luke Kawa and Yakob Peterseil

Have a great night.

Be magnificent!

As ever,

Carolann

 

A wise man will make more opportunities than he finds.
                                   -Francis Bacon, 1561-1626

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

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

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

Dear Friends,

Tangents:  Happy Friday!  🙂
On May 18, 1980, the Mount St. Helens volcano in Washington state exploded, leaving 57 people dead or missing.
Go to article »

An 80-year Harvard study claims to have found the gateway to happiness
This study started tracking 268 Harvard sophomores in 1938 during the Great Depression
Published: May 18, 2018
There are some things that money can’t buy. True friends and happiness are among them. In fact, an 80-year-long study at Harvard University claims good pals are the key to a happy life.
Scientists began tracking the health of 268 Harvard sophomores in 1938, and have continued the study over the past eight decades. The original participants included President John F. Kennedy and long-time Washington Post editor Ben Bradlee, according to the Harvard Gazette. The study originally only included men, as Harvard didn’t admit women at that time, but the ongoing research has expanded, and now includes 1,300 of the original participants’ offspring. In the 1970s, 456 Boston inner-city residents were added to the study.
“The surprising finding is that our relationships and how happy we are in our relationships has a powerful influence on our health,” Robert Waldinger, director of the study and a professor of psychiatry at Harvard Medical School, told the Harvard Gazette. “Taking care of your body is important, but tending to your relationships is a form of self-care too. That, I think, is the revelation.” That, he said, is more important than money or fame. “Loneliness kills,” he added. “It’s as powerful as smoking or alcoholism.”
This is backed up by previous research on the subject. Loneliness is actually considered a public health hazard just like obesity, separate research presented at the American Psychological Association annual conference last year found. It analyzed 148 studies, covering 300,000 participants. People with greater social connections had a 50% reduced risk of dying early. Other research involving 70 studies and 3.4 million people in North America, Europe, Asia and Australia concluded that social isolation, loneliness or living alone were all linked to premature death.
Still, other studies suggest money helps. Psychologists from Purdue University and the University of Virginia analyzed World Gallup Poll data from 1.7 million people in 164 countries, and cross-referenced their earnings and life satisfaction. Although the cost and standard of living varies across these countries, researchers came up with a bold conclusion: The ideal income for individuals is $95,000 a year for life satisfaction and $60,000 to $75,000 a year for emotional well-being. Families with children, of course, will need more.
Don’t miss: This 88-year-old has some advice about staying young — and happy
In fact, the risk of dying earlier jumps 50% when you have a sudden loss of wealth, according to a 20-year study of 8,000 adults 50 years and older released earlier this month by Northwestern Medicine and the University of Michigan. Some theories as to why: Medical care becomes less affordable and the ability to pursue one’s dreams and explore further education may also be impacted by a sudden loss of wealth. What’s more, a sudden loss of wealth could also lead to more social isolation and the inability to afford to travel and do the same kinds of things with friends.
Isolating ourselves from others with technology can have long-term effects. Sixth grade children who spent five days at a summer camp without technology had significantly improved emotional cognition — recognizing different emotions in others — than those who spent 4.5 hours a day at home texting, watching TV and gaming, a 2014 study of 100 kids published in the journal Computers in Human Behavior. Understanding emotion and socialization skills are critical, says Yalda Uhls, co-author and senior researcher at the Children’s Digital Media Center at UCLA.
PHOTOS OF THE DAY

David Hockney’s Pacific Coast Highway and Santa Monica as two of his pieces sold for more than 40.1 million dollars (£29.6m). Credit: Sotheby’s/PA

An amazing double rainbow over New York City. Credit: Jennifer Khordi/Cater News

Members of “Boi Tinga”, Brazil, dance during a performance for visitors at Jardim da Praca do Imperio during the XIII International Festival of the Iberian Mask in Lisbon, Portugal. The XIII International Festival of the Iberian Mask takes place from 17 – 20 May, and it’s aim is to raise awareness of the cultural links between Portugal and Spain with the masks as it’s main theme. Credit: Horacio Villalobos – Corbis Via Getty Images
Market Closes for May 18^th, 2018

Market Index	Close	Change
Dow Jones	24715.09	+1.11 —
S&P 500	2712.97	-7.16   -0.26%
NASDAQ	7354.340	-28.133   -0.38%
TSX	16162.31	+18.75
		+0.12%

International Markets

Market Index	Close	Change
NIKKEI	22930.36	+91.99
		+0.40%
HANG SENG	31047.91	+105.76
		+0.34%
SENSEX	34848.30	-300.82
		-0.86%
FTSE 100*	7778.79	-9.18
		-0.12%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.486		2.520
CND. 30 Year Bond		2.496		2.528
U.S.    10 Year Bond		3.0578		3.1131
U.S. 30 Year Bond		3.1999		3.2479

Currencies

BOC Close	Today	Previous
Canadian $	0.77604	0.78108
US $	1.28859	1.28028
Euro Rate 1 Euro=		Inverse
Canadian $	1.51681	0.65928
US $	1.17711	0.84954

Commodities

Gold	Close	Previous
London Gold Fix	1289.50	1291.25
Oil
WTI Crude Future	71.28	71.49

Market Commentary:
$~On this day in 2012, Facebook Inc. began trading on the Nasdaq after its public offering priced the shares at $38 apiece. The stock price sputtered in glitchy trading, forcing bankers to step in and prop it up.

Number of the Day
271
The number of digital coin offerings with red flags, including plagiarized investor documents, promises of guaranteed returns and missing or fake executive teams, in a Wall Street Journal review of 1,450 offerings.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks eked out an 11th straight gain, coming within one day of matching the 12-day winning streak set in February 2014, amid lighter-than-usual trading volume ahead of a long weekend.
     The S&P/TSX Composite Index rose 19 points or 0.1 percent to 16,162.31 Friday. The gain for the week was 1.1% percent, the sixth consecutively weekly gain.
     Health-care stocks were the biggest gainers, adding 4.3 percent as cannabis shares jumped. Aurora Cannabis Inc., which has been on an acquisition spree, rose 10 percent.
     Financials slid 0.2 percent ahead of bank earnings next week. Energy stocks also fell 0.2 percent.
     In other moves:
                          Stocks
* Enbridge Inc. lost 1.8 percent. The company said it isn’t in talks to buy the Trans Mountain pipeline from Kinder Morgan Canada Ltd.
* ATS Automation Tooling Systems Inc. rose 3.6 percent to the highest since 2002, the second day of gains following strong quarterly results
* Husky Energy Inc. added 1.3 percent after announcing discoveries offshore China and Canada
                          Commodities
* Western Canada Select crude oil traded at a $17.40 discount to WTI
* Gold rose 0.2 percent to $1,291.70 an ounce
                           FX/Bonds
* The Canadian dollar weakened 0.6 percent to C$1.28800 per U.S. dollar after retail sales excluding autos missed estimates
* The Canada 10-year government bond yield fell 3 basis points to 2.49 percent
–With assistance from Morwenna Coniam.
US
By Joe Easton and Jeremy Herron
     (Bloomberg) — U.S. stocks fell in light trading, the dollar rose and Treasury yields retreated as investors assessed conflicting signals on trade talks between the world’s two largest economies.
     The S&P 500 Index edged lower on volume 8 percent below the 30-day average, adding to a weekly loss. Technology shares slid after Applied Materials Inc. reported weak results. Small caps pushed to a fresh record as the dollar headed for its strongest week since 2016. Brent crude held below $80 a barrel and gold halted a slide. The 10-year yield fell below 3.1 percent.
    In Europe, the common currency fell and Italian 10-year bond yields jumped to the highest since October amid uncertainty over the Five Star Movement-League coalition’s policy platform as they attempt to form a government. The region’s major equity benchmark pared an eighth straight weekly advance.
     Investors are closely watching progress on the latest China-U.S. trade talks for signs of a breakthrough that could reignite a recent rally in global equities, while factoring in oil prices at a four-year high and a 10-year Treasury yield now firmly above 3 percent. Politics in peripheral Europe are also back in the spotlight after Italy’s populist leaders sealed a coalition agreement and a plan for reforms seen as a challenge to the European Union establishment.
     The Turkish lira weakened to a fresh record as emerging market currencies headed for their biggest weekly slump since November 2016.
     These are the main moves in markets:
                           Stocks
* The S&P 500 fell 0.2 percent at 4 p.m. in New York. The index is down 0.5 percent in the five days.
* The Dow Jones Industrial Average rose 0.1 percent. It fell 0.4 percent in the week.
* The Stoxx Europe 600 Index dipped 0.3 percent. It rose 0.6 percent, an eight straight advance.
* The MSCI Asia Pacific Index increased 0.1 percent.
* The MSCI Emerging Market Index declined 0.6 percent to the lowest in more than a week.
                           Currencies
* The Bloomberg Dollar Spot Index climbed 0.3 percent to the highest in more than 20 weeks.
* The euro decreased 0.2 percent to $1.1768, hitting the weakest in five months with its fifth consecutive decline.
* The British pound declined 0.3 percent to $1.3479.
* The Japanese yen rose 0.1 percent to 110.705 per dollar, halting a four-day slide.
                           Bonds
* The yield on 10-year Treasuries fell five basis points to 3.0633 percent, the first retreat in more than a week. The rate topped 3.11 percent earlier in the five days, the highest since 2011.
* Germany’s 10-year yield decreased one basis point to 0.63 percent.
* Britain’s 10-year yield declined six basis points to 1.50 percent, the biggest fall in two weeks.
                           Commodities
* West Texas Intermediate crude slipped 0.3 percent to settle at $71.28 a barrel. Crude in London posted a sixth straight weekly gain, the longest since 2011.
* Gold futures added 0.2 percent to $1,292.10 an ounce.
–With assistance from Cormac Mullen.

Have a great weekend.

Be magnificent!

As ever,

 

Carolann

 

When your work speaks for itself, don’t interrupt.
                         -Henry J. Kaiser, 1882-1967

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:

May 17, 1642 – City of Montreal – founded – Governor Montmagny escorts Paul de Chomedy de Maisonneuve and Jeanne Mance to Montréal Island with Mme de La Peltrie, Charlotte Barré and other colonists and officially hands over the island to La Société Notre-Dame; they land on the site the following day, May 18, to found a settlement they call Ville Marie de Montréal. Montréal, Québec

1844: Rubber band patented.

PHOTOS OF THE DAY

Gallery assistants hold a Rembrandt painting called “Portrait of a Young Man” at Hermitage Amsterdam, Netherlands. Credit: Francois Lenoir/Reuters

Christies employee Louise Simpson looks at Red Figure (2009) by Tony Cragg, one of the exhibits at Sculpture in the Park, St. Jame’s Park, London. Credit: Jeff Gilbert for The Telegraph

People play golf as an ash plume rises in the distance from the Kilauea volcano on Hawaii’s Big Island. The U.S. Geological Survery said a recent lowering of the lava lake at the volcano’s Halemaumau crater ‘has raised the potential for explosive eruptions’ at the volcano. Credit: Mario Tama/Getty Images

A 1965 Jaguar E-Type once raced by Sir Stirling Moss is expected to sell for up to £130,000 when it goes under the hammer at RAC Woodcote Park, Surrey on June 5^th. Credit: H&H Classics
Market Closes for May 17^th, 2018

Market Index	Close	Change
Dow Jones	24713.98	-54.95   -0.22%
S&P 500	2720.13	-2.33   -0.09%
NASDAQ	7382.473	-15.823   -0.21%
TSX	16143.55	+35.50
		+0.22%

International Markets

Market Index	Close	Change
NIKKEI	22838.37	+121.14
		+0.53%
HANG SENG	30942.15	-168.05
		-0.54%
SENSEX	35149.12	-238.76
		-0.67%
FTSE 100*	7787.97	+53.77
		+0.70%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.520		2.502
CND. 30 Year Bond		2.528		2.514
U.S.    10 Year Bond		3.1131		3.0964
U.S. 30 Year Bond		3.2479		3.2172

Currencies

BOC Close	Today	Previous
Canadian $	0.78108	0.78181
US $	1.28028	1.27909
Euro Rate 1 Euro=		Inverse
Canadian $	1.51025	0.66214
US $	1.17956	0.84777

Commodities

Gold	Close	Previous
London Gold Fix	1291.25	1295.00
Oil
WTI Crude Future	71.49	71.49

Market Commentary:
$~On this day in 1792, the ancestor of the New York Stock Exchange was born as 24 brokers gathered under a tree and signed the Buttonwood Agreement.
Number of the Day
11
The number of records this year for the Russell 2000 index, including Wednesday’s fresh high. The small-cap benchmark has been climbingeven as multinational firms have lagged.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks continued to grind towards a record high, rising for a 10th straight day as Western Canada Select crude prices hit the highest level since 2014.
     The S&P/TSX Composite Index gained 35 points or 0.2 percent to 16,143.55, less than 300 points from its high. Energy shares added 1.3 percent, the most in a month, with Spartan Energy Corp. up 6.6 percent and Vermilion Energy Inc. rising 6 percent.
     Kinder Morgan Canada Ltd. fell 2.7 percent, retracing all of Wednesday’s 2 percent gain. Prime Minister Justin Trudeau said Canada has alternatives if the company decides not to build its Trans Mountain pipeline expansion.
     In other moves:
                         Stocks
* ATS Automation Tooling Systems Inc. rose 11 percent to the highest since 2002 after earnings beat the highest analyst estimate
* Enbridge Income Fund Holdings Inc. gained 5.3 percent, the most since 2015, as Enbridge Inc. offered to buy all its outstanding securities
* Canadian National Railway Co. added 1 percent to the highest in 11 months. Bank of America Merrill Lynch upgraded the stock two notches on a rebound in service and volume growth
                          Commodities
* Western Canada Select crude oil traded at a $13.25 discount to WTI
* Gold fell 0.2 percent to $1,289.40 an ounce, the lowest since December
                           FX/Bonds
* The Canadian dollar weakened 0.1 percent to C$1.2801 per U.S.dollar
* The Canada 10-year government bond yield rose two basis points to 2.52 percent, the highest since 2014
US
By Jeremy Herron and Sarah Ponczek
     (Bloomberg) — U.S. stocks ended a back-and-forth session lower, Treasuries fell and the dollar advanced as investors looked past trade comments by President Donald Trump amid a fresh batch of solid economic data.
     The S&P 500 Index fell to session lows after Trump raised doubts about the outcome of talks between his trade representatives and China’s negotiator. Stocks battled back to erase those losses before fading into the close. Energy producers rallied on merger activity, while Cisco Systems Inc.’s weak earnings took down technology shares. The surging dollar bolstered domestically focused small caps to a fresh record. Data on manufacturing and employment that showed economic strength lifted Treasury yields to 3.11 percent.
     Recent evidence that the world’s largest economy will continue to pick up steam is currently just a consolation prize for investors, who are having to adjust to the highest U.S. bond yields in years as well as second-guess issues stretching from peace on the Korean peninsula to Italian populists forming a government. Looming over it all are trade talks between the U.S. and China, the outcome of which could cement the global growth story — or derail it.
     In Europe, the common currency euro was slightly weaker and Italian bonds dropped as party leaders sealed an agreement to form a populist government. The pound jumped but then pared gains amid conflicting reports over Britain’s future in the EU customs union. The Stoxx Europe 600 Index advanced. Earlier in Asia equities rose in Japan and fell in Australia and Korea.
     Elsewhere, the Turkish lira deepened its losses, while emerging-market stocks slipped.
     These are some key events to watch this week:
* Cleveland Fed President Loretta Mester speaks on monetary policy at an ECB conference in Frankfurt on Thursday.
* Chinese Vice Premier Liu He is expected in Washington for more trade talks.
     And these are the main moves in markets:
                          Stocks
* The S&P 500 fell 0.1 percent at 4 p.m. in New York.
* Cisco fell 3.6 percent and Walmart lost 2.4 percent.
* The Nasdaq 100 Index lost 0.4 percent, while the Russell 2000 Index climbed 0.2 percent to a record.
* The Stoxx Europe 600 Index increased 0.7 percent to the highest in 15 weeks.
* The MSCI Emerging Market Index sank 1 percent to the lowest in more than a week.
* The MSCI Asia Pacific Index declined 0.2 percent to the lowest in a week.
                         Currencies
* The Bloomberg Dollar Spot Index rose 0.2 percent to the highest in 20 weeks.
* The euro fell 0.1 percent to $1.1795.
* The Japanese yen decreased 0.3 percent to 110.77 per dollar.
* The Turkish lira sank 1 percent to 4.4595 per dollar.
                          Bonds
* The yield on 10-year Treasuries edged higher to 3.11 percent, the highest in about seven years.
* Germany’s 10-year yield gained three basis points to 0.64 percent.
* Italy’s 10-year yield was flat at 2.111 percent.
                          Commodities
* West Texas Intermediate crude fell 0.2 percent to $71.34 a barrel.
* Gold dipped 0.1 percent to $1,289.88 an ounce, the weakest in 20 weeks.
* Brent crude was flat at 79.24 a barrel after topping $80 a barrel for the first time in four years.
–With assistance from Andreea Papuc, Sheldon Reback and Samuel Potter.

Have a great night.

Be magnificent!

As ever,

 

Carolann

Anything too stupid to be said is sung.
                     –Voltaire, 1694-1778

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 this day in 1929, the Academy of Motion Picture Arts and Sciences handed out its first awards at a dinner party held at the Roosevelt Hotel in Hollywood, Calif.  The silent film Wings won the award for best picture.

May 16, 1961 – John F. Kennedy starts three-day visit to Ottawa. Ottawa, Ontario See: (CBC Archives: Camelot comes to Canada

The Muslim holy month of Ramadan begins today in many countries. 

It starts with the sighting of the crescent moon the night before; regions where it is not seen will wait a day. 

Learning to read the Quran at a school in India during Ramadan last year.
Jayanta Dey/Reuters 

From dawn to sunset, observant Muslims give up food, water and bodily pleasures. Most try to go about their normal routines, while making time for more prayer and charity. It can be a particular challenge for some people, like athletes. 

Mosques hold extra prayers, called tarawih, each evening, during which the entire Quran is recited over the month. 

It’s a time for reflection — but also for celebration. People hold festive gatherings to break the fast together. Each culture has specialties for the evening meal, iftar, and for the pre-dawn meal, suhoor. 

The Muslim lunar calendar is 10 days shorter than the solar year, so Ramadan rotates through the seasons. Winter fasts are considered easier — the days are shorter, and usually colder, meaning less thirst — while summer fasts are more taxing. They are even harder in upper latitudes, where the days are long and the sun doesn’t set. So communities follow the times of the nearest Muslim country, or those of Saudi Arabia. 

The traditional greeting during the holiday month? “Ramadan Mubarak.” 

Aisha Khan wrote today’s Back Story, New York Times, 5/16/2018.
PHOTOS OF THE DAY

Visitors admire artist Luke Jerram’s installation Museum of the Moon at Tintern Abbey In Chepstow, Wales. The artwork, unveiled as part of the Wye Valley River Festival, involves a replica of the moon, seven metres in diameter, hanging within the ruined Abbey accompanied by music. Credit: Ben Birchall/PA

A lion cub pulls its sibling’s tail in Kenya Masai Mara game reserve. Credit: Paul Goldstein/Cover Images Artist Chris Naylor, who was commissioned by bookmakers Ladbrokes to recreate the official

Engagement picture of Meghan Markle and Prince Harry onto a 16 metre by 16 metre stretch of land on a farm in Braintree, Essex. Naylor spent over 40 hours, creating the masterpiece, using a lawnmower, trimmer and a handful of garden tools. Credit: Andy Bell/PA

The Mayfair Flower Show at sketch in Conduit St, central London, celebrates the Royal Wedding of Prince Harry and Meghan Markle. Here” ‘Impressionist Love’ inspired by Monet’s Garden in Giverny by Rebel Rebel and ‘Something Blue’ based on a North African oasis by Tony Marklew. Credit: Paul Grover for The Telegraph
Market Closes for May 16^th, 2018

Market Index	Close	Change
Dow Jones	24768.93	+62.52   +0.25%
S&P 500	2722.46	+11.01   +0.41%
NASDAQ	7398.297	+46.670   +0.63%
TSX	16108.06	+10.25
		+0.06%

International Markets

Market Index	Close	Change
NIKKEI	22717.23	-100.79
		-0.44%
HANG SENG	31110.20	-41.83
		-0.13%
SENSEX	35387.88	-156.06
		-0.44%
FTSE 100*	7734.20	+11.22
		+0.15%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.502		2.487
CND. 30 Year Bond		2.514		2.2515
U.S.    10 Year Bond		3.0964		3.0723
U.S. 30 Year Bond		3.2172		3.1974

Currencies

BOC Close	Today	Previous
Canadian $	0.78181	0.77682
US $	1.27909	1.28730
Euro Rate 1 Euro=		Inverse
Canadian $	1.51082	0.66189
US $	1.18117	0.84662

Commodities

Gold	Close	Previous
London Gold Fix	1295.00	1319.85
Oil
WTI Crude Future	71.49	71.31

Market Commentary:
Number of the Day
$166 billion
The amount U.S. companies are expected to have spent on factories, equipment, and other capital expenditures in the first quarter.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks rose for a ninth day, the longest advance since 2014, led by Canadian National Railway Co. and First Quantum Minerals Ltd.
     The S&P/TSX Composite Index added 10 points or 0.1 percent to 16,108.06, about 300 points away from its all-time high reached in January. Industrials were the biggest gainers, rising 0.6 percent as CN Rail added 2.4 percent, reaching a 10-month high. The railroad’s CEO said Tuesday that it’s overcoming service issues faster than expected.
     Energy stocks lost 0.4 percent even as Canadian crude prices traded at the narrowest gap with West Texas Intermediate since October.
     In other moves:
                         Stocks
* Kinder Morgan Canada Ltd. rose 2 percent after Canada said it’s prepared to reimburse the company for any “politically motivated” delays to its proposed pipeline expansion
* Linamar Corp. lost 5.9 percent, the most since November. The auto supplier’s earnings miss indicates the challenges of generating consistent momentum late in the cycle, BMO said
* Callidus Capital Corp. fell 2.3 percent as its first-quarter loss widened from a year ago
                        Commodities
* Western Canada Select crude oil traded at a $13.50 discount to WTI
* Gold rose 0.1 percent to $1,291.50 an ounce
                        FX/Bonds
* The Canadian dollar strengthened 0.7 percent to C$1.2790 per U.S. dollar
* The Canada 10-year government bond yield rose two basis points to 2.50 percent, the highest since April 2014
US
By Jeremy Herron
     (Bloomberg) — U.S. stocks advanced and 10-year Treasury yields pushed toward 3.1 percent as retailer results and solid economic data boosted confidence in the American economy. The euro fell amid political uncertainty in Italy.
     The S&P 500 Index rose above its average price for the past 100 days and the Russell 2000 Index hit an all-time high. The 10-year note yield advanced anew as factory production and housing starts showed strength in the economy. Europe’s common currency fell as Italy moved closer to a populist government and the German chancellor cautioned that the region’s central bank will eventually ease stimulus.
     Emerging-market equities rebounded after Tuesday’s plunge, but developing currencies turned lower. The Turkish lira reversed a drop after the central bank said it was monitoring markets and would take necessary steps. In Asia stocks nudged lower, with shares in Japan and Hong Kong declining while Australia’s main gauge eked out a gain and Korean stocks were little changed. The Malaysian ringgit fell for a sixth day.
     Investors pushed American stocks higher on speculation that the world’s largest economy will continue to pick up steam after a lackluster first-quarter. Macy’s Inc. results bolstered the sense that consumers remain on strong footing, overcoming fresh uncertainty about the U.S.-North Korea summit continued to weigh on investor sentiment at the same time the Trump administration sends mixed signals on the state of play on negotiations with China over trade.
     The question has now turned to whether higher Treasury yields, which act as a benchmark for global borrowing costs, indicate that the Federal Reserve will be forced accelerate monetary tightening.
     These are some key events to watch this week:
* Chinese Vice Premier Liu He is expected in Washington for more trade talks.
* U.S. industrial production numbers are due this week.

     These are the main moves in markets:
                            Stocks
* The S&P 500 Index rose 0.4 percent at 4 p.m. in New York. It fell Tuesday for the first time in five days.
* The Russell 2000 added 1 percent to reclaim its record. The index is higher by more than 5 percent in 2018.
* Macy’s jumped 11 percent and consumer-products makers paced gains in the equity benchmark.
* The Stoxx Europe 600 Index advanced 0.2 percent to the highest in almost 15 weeks on the largest gain in a week.
* The MSCI Emerging Market Index gained 0.5 percent.
* The MSCI Asia Pacific Index fell 0.1 percent.
                            Currencies
* The Bloomberg Dollar Spot Index fell less than 0.1 percent, after reaching the highest in 20 weeks.
* The euro fell 0.3 percent to $1.1807.
* The Japanese yen increased 0.2 percent to 110.16 per dollar.
* The Turkish lira climbed 0.5 percent to 4.4247 per dollar
                              Bonds
* The yield on 10-year Treasuries rose one basis point to 3.096 percent.
* Germany’s 10-year yield dipped five basis points to 0.60 percent, the largest decrease in almost two weeks.
* Britain’s 10-year yield declined three basis points to 1.491 percent.
* Italy’s 10-year yield climbed 13 basis points to 2.08 percent, the highest in three months on the largest increase in almost 11 months.
                              Commodities
* West Texas Intermediate crude declined 0.6 percent to $70.89 a barrel.
* Gold dipped 0.3 percent to $1,287.24 an ounce, the weakest in 20 weeks.
* Brent crude declined 0.7 percent to $77.85 a barrel, the biggest drop in more than a week.
–With assistance from Ruth Carson, Andreea Papuc and Samuel Potter. 

Have a great night.

 

Be magnificent!

 

As ever,

 

Carolann

 

A short saying oft contains much wisdom.
   -Sophocles, 479/496 BC-406/405 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:

May 15, 1893 – First Stanley Cup presented to the Montreal Hockey Club (MHC).

Rockefeller Art Smashes Records at Christie’s: At $646 million, the sale is the largest by a single owner ever held at auction.

NASA”s Goddard Space Flight Center released a virtual tour of the moon, Tour of the Moon in 4K, which provides more insight into the area we may think we know.  Our highlight is seeing the bottom half of the Apollo 17 lunar lander, which is still on the moon.  Find the video at http://bit.ly/tourofthemoon .  -CSM, May 7, 2018

Henry James, writer, b. May 15, 1843.

Live all you can – it’s a mistake not to.  It doesn’t matter what you do in particular, so long as you have your life.  If you haven’t had that, what have you had? -Henry James.

PHOTOS OF THE DAY

A meadow of wildflowers comes into bloom on the Northumberland coastline near Bamburgh Castle. Credit: Paul Kingston/NNP

A small snail is reflected in rainwater covering a wooden floor after a shower in a garden in Frankfurt am Main, western Germany. Credit: Frank Rumpenhorst/AFP/Getty Images

Marguerites are in full blossom on a meadow in the outskirts of Frankfurt, Germany. Credit: Michael Probst/AP
Market Closes for May 15^th, 2018

Market Index	Close	Change
Dow Jones	24706.41	-193.00   -0.78%
S&P 500	2711.45	-18.68   -0.68%
NASDAQ	7351.629	-59.686   -0.81%
TSX	16097.81	+12.20
		+0.08%

International Markets

Market Index	Close	Change
NIKKEI	22818.02	-47.84
		-0.21%
HANG SENG	31152.03	-389.05
		-1.23%
SENSEX	35543.94	-12.77
		-0.04%
FTSE 100*	7722.98	+12.00
		+0.16%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.487		2.424
CND. 30 Year Bond		2.2515		2.460
U.S.    10 Year Bond		3.0723		3.0006
U.S. 30 Year Bond		3.1974		3.1315

Currencies

BOC Close	Today	Previous
Canadian $	0.77682	0.78069
US $	1.28730	1.28092
Euro Rate 1 Euro=		Inverse
Canadian $	1.52416	0.65610
US $	1.18408	0.84454

Commodities

Gold	Close	Previous
London Gold Fix	1319.85	1324.35
Oil
WTI Crude Future	71.31	70.96

Market Commentary:
$~On this day in 1911, the Supreme Court upheld the U.S. government’s decision to break up John D. Rockefeller’s Standard Oil Co. on the grounds that it was such a powerful monopoly that it violated the “rule of reason.”
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks eked out an eighth consecutive gain as Air Canada and pot producer Aphria Inc. helped to propel the health care and industrial sectors higher.
     The S&P/TSX Composite Index added 12 points or 0.1 percent to 16,097.81, the highest close since Jan. 26. The benchmark is the third-best performer among developed markets this month, behind Portugal and New Zealand.
     Health-care stocks rose 1.7 percent as Aphria Inc. gained 7.5 percent. The company has been left out of the recent barrage of deal-making in the cannabis space.
     Industrials added 0.8 percent as Air Canada rose 4.4 percent, the most in three months. The airline has identified about half of its planned cost cuts and is encouraged by success in pushing through fare hikes, its chief financial officer said.
     In other moves:
                          Stocks
* Element Fleet Management Corp. jumped 12 percent to the highest since February after investors were encouraged by a new CEO and a clean earnings report
* Premium Brands Holdings Corp. rose 3.9 percent after earlier falling as much as 4.7 percent. While first-quarter profit missed estimates, the company boosted its 2018 sales and Ebitda guidance
* Boyd Group Income Fund rose 4.8 percent, the most in a year, as results beat expectations
                         Commodities
* Western Canada Select crude oil traded at a $13.50 discount to WTI, the narrowest gap since October
* Gold tumbled 2.1 percent to $1,290.30 an ounce, the lowest since December, as the U.S. dollar and Treasury yields rose
                         FX/Bonds
* The Canadian dollar weakened 0.4 percent to C$1.2867 per U.S. dollar
* The Canada 10-year government bond yield rose six basis points to 2.48 percent, the highest in more than four years
US
By Jeremy Herron and Sarah Ponczek
     (Bloomberg) — U.S. stocks halted a four-day rally with the steepest slide in almost two weeks, while 10-year Treasury yields pushed to levels last seen in 2011 as investors weigh the prospect for higher Federal Reserve rates.
     The S&P 500 Index slumped as health-care and tech shares retreated. The Treasury selloff sent note yields to 3.07 percent. Higher rates sap demand for equities that have been on a tear for two weeks. Upbeat retail sales data fueled bets the Fed may raise rates three more times this year, pushing Bloomberg’s dollar index to its 2018 high. Emerging-market equities dropped the most since March. Gold fell below $1,300 an ounce for the first time since December.
     Investors grappled with trade, growth, and geopolitical worries as a risk aversion spread across assets. Rising yields, a stronger dollar and sliding stocks are fast becoming a familiar and uncomfortable cocktail for investors. Now violence in the Middle East, the U.S.-China trade spat, uncertainty on Italy’s government and global growth concerns are helping cement the prevailing sentiment.
     “Markets don’t know where to look, they don’t know where to focus,” said Samantha Azzarello, global market strategist for JPMorgan ETFs, in an interview at Bloomberg’s New York headquarters. “It’s odd — rates are going up and we’re late cycle, and then volatility is back after volatility being so low, almost painfully low. And then I think clouds of uncertainty coming from Washington and geopolitics lays on top of all of it.”
     European equities were mixed but benchmarks fell in South Korea and Australia earlier, and in Hong Kong after data signaled investment slowing in China. Shanghai shares bucked the declines as the same numbers showed economic momentum broadly holding The euro slid following disappointing German growth data. Despite the sour mood, established safe-haven assets failed to catch a bid. Gold and the yen dropped, and the Swiss franc weakened.
     Elsewhere, the Turkish lira hit a new low, plunging after President Recep Tayyip Erdogan said he intends to tighten his grip on the economy and take more responsibility for monetary policy if he wins an election next month. Emerging-market stocks slumped.
     These are some key events to watch this week:
* China plans to send Vice Premier Liu He to Washington for more trade talks.
* European Union Chief Brexit negotiator Michel Barnier briefs European affairs ministers on the status of talks with the U.K.
* U.K. Prime Minister Theresa May meets with her Brexit cabinet Tuesday to discuss plans for a post-withdrawal customs union.
* U.S. industrial production numbers are due this week.
     These are the main moves in markets:
                          Stocks
* The S&P 500 fell 0.9 percent at 3:20 p.m. in New York.
* The Nasdaq 100 Index lost 1.4 percent and small caps were little changed.
* The Stoxx Europe 600 Index added 0.1 percent.
* The MSCI All-Country World Index declined 1 percent, the first retreat in a week.
* The MSCI Emerging Market Index declined 1.7 percent, the first retreat in more than a week and the biggest tumble in almost seven weeks.
* The MSCI Asia Pacific Index sank 1.1 percent, the largest decrease in almost seven weeks.
                          Currencies
* The Bloomberg Dollar Spot Index climbed 0.6 percent to the highest in almost 20 weeks.
* The euro declined 0.7 percent to $1.1846.
* The British pound dipped 0.3 percent to $1.3510.
* The Japanese yen dipped 0.7 percent to 110.375 per dollar, the weakest in 16 weeks.
                          Bonds
* The yield on 10-year Treasuries jumped seven basis points to 3.07 percent, the highest in about seven years.
* The two-year rate climbed three basis points to 2.576 percent, the highest since 2008.
* Germany’s 10-year yield increased three basis points to 0.64 percent, the highest in more than two months.
                          Commodities
* West Texas Intermediate crude rose to settle at $71.31 a barrel.
* Copper futures decreased 1.1 percent to $3.06 a pound.
* Gold futures fell 2 percent to $1,291.60 an ounce.
–With assistance from Samuel Potter and Sophie Caronello. 

Have a great night.

Be magnificent!

As ever,

 

Carolann

 

Fiction reveals truths that reality obscures.
                  -Jessamyn West, 1902-1984

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:
1914 – Dingman Discovery No.1 in Turner Valley ushers in Alberta Oil Industry.

MIDNIGHT SUN, until July 30, Norway
PHOTOS OF THE DAY

An aerial view of newly built mosque complex that was built over 125,000 square meters is seen in Ankara, Turkey. The compound that has meal center, 60 Turkish bazaars, Turkish baths and handicraft facilities is planning to be opened at the beginning of Eid al-Fitr. Credit: The Telegraph

Lava erupts from a fissure east of the Leilani Estates subdivision during ongoing eruptions of the Kilauea Volcano in Hawaii. Credit: The Telegraph
Market Closes for May 14^th, 2018

Market Index	Close	Change
Dow Jones	24899.41	+68.24   +0.27%
S&P 500	2730.13	+2.41   +0.09%
NASDAQ	7411.316	+8.433   +0.11%
TSX	16085.61	+102.29
		+0.64%

International Markets

Market Index	Close	Change
NIKKEI	22865.86	+107.38
		+0.47%
HANG SENG	31541.08	+419.02
		+1.35%
SENSEX	35556.71	+20.92
		+0.06%
FTSE 100*	7710.98	-13.57
		-0.18%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.424		2.377
CND. 30 Year Bond		2.460		2.406
U.S.    10 Year Bond		3.0006		2.9677
U.S. 30 Year Bond		3.1315		3.1017

Currencies

BOC Close	Today	Previous
Canadian $	0.78069	0.78146
US $	1.28092	1.27966
Euro Rate 1 Euro=		Inverse
Canadian $	1.52787	0.65451
US $	1.19279	0.83837

Commodities

Gold	Close	Previous
London Gold Fix	1324.35	1318.80
Oil
WTI Crude Future	70.96	70.70

Market Commentary:
$$ Fun tweet: Neil deGrasse Tyson, over the weekend: “Not that anybody asked, but @JeffBezos’ 130-Billion dollars, laid end-to-end, can circle Earth 200 times then reach the Moon & back 15 times then, with what’s left over, circle Earth another 8 times.”
Number of the Day
$4 billion
The amount of money that investors have pulled from emerging-market bond funds over the past three weeks as the dollar’s rise spooked investors.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks closed within 2 percent of their all-time high, bolstered by trade-related optimism and a cannabis producer’s decision to list in the U.S.
     The S&P/TSX Composite Index rose 0.6 percent to 16,085.60, the benchmark’s seventh consecutive gain and the first close above 16,000 since Jan. 29. It peaked at 16,412.94 on Jan. 4.
     Health-care stocks gained 1.2 percent as Canopy Growth Corp. jumped 6.9 percent. Canopy has applied to become the first pot producer listed on the New York Stock Exchange.
     Consumer discretionary stocks gained 1.8 percent as Magna International Inc. added 3.7 percent amid two new outperform ratings from analysts who say the auto supplier is set to benefit from tech-related growth.
     In other moves:
                         Stocks
* Aurora Cannabis Inc. fell 2 percent and MedReleaf rose 1.7 percent. Aurora is buying MedReleaf for C$2.9 billion, the biggest deal in Canada’s marijuana industry
* Element Fleet Management Corp. gained 10 percent, the most since October. The company appointed a new chief executive officer and said founder Steve Hudson will step down from the board
* The Stars Group Inc. added 10 percent to a record high after the U.S. Supreme Court struck down a federal law that bans betting on individual sporting events in most of the country
                         Commodities
* Western Canada Select crude oil traded at a $15.25 discount to WTI
* Gold fell 0.2 percent to $1,318.20 an ounce
                         FX/Bonds
* The Canadian dollar weakened 0.1 percent to C$1.2805 per U.S. dollar
* The Canada 10-year government bond yield rose four basis points to 2.42 percent, the highest since 2014
US
By Jeremy Herron and Sarah Ponczek
     (Bloomberg) — U.S. stocks ended the day little changed in light trading, while the 10-year Treasury yield topped 3 percent as investors assess the outlook for trade relations and tensions in the Middle East. Crude oil rose.
     The S&P 500 Index eked out a small gain on volume 17 percent below the 30-day average. Technology indexes remained higher, boosted by President Donald Trump’s easing of tension in a trade spat with China. Oil pushed higher as the Gaza Strip erupted over the U.S.’s moving of its embassy to Jerusalem. Rate-sensitive shares slumped as Treasury yields popped above 3 percent. The dollar advanced versus a basket of major peers.
     Trump’s shock move on China’s ZTE provided a sign that he may be open to easing trade tensions ahead of a meeting in Washington with Chinese officials this week. A slew of Federal Reserve officials speak in the five days, with investors looking for clues on the pace of monetary tightening. In Europe, political pressures remain high as Italian populists near completion of a government plan, Britain faces a crunch week over Brexit, and the U.S. formally moves its embassy to Jerusalem.
     Elsewhere, oil traded near $71 a barrel as the United Arab Emirates said OPEC has enough spare production capacity to mitigate any impact on crude markets if the U.S. re-imposes sanctions on Iran. Earlier, most Asian markets advanced, and Malaysian stocks recovered from an early slide on the first trading day after last week’s unprecedented election result.
     These are some key events to watch this week:
* China plans to send Vice Premier Liu He to Washington for more trade talks.
* European Union Chief Brexit negotiator Michel Barnier briefs European affairs ministers on the status of talks with the U.K.
* China releases data including industrial production and retail sales figures Tuesday.
* U.K. Prime Minister Theresa May meets with her Brexit cabinet Tuesday to discuss plans for a post-withdrawal customs union.
* U.S. retail sales, industrial production are due this week.
* Vodafone Group, Home Depot, Credit Agricole, Tencent, Cisco Systems, Burberry Group, Walmart, Vivendi, AstraZeneca, Deere, Fujifilm, Noble Group, and Campbell Soup are among the companies releasing earnings this week.
     These are the main moves in markets:
                           Stocks
* The S&P 500 rose 0.1 percent at 4 p.m. in New York. It rose as much as 0.5 percent earlier in the session.
* The Nasdaq Composite Index added 0.3 percent
* The Stoxx Europe 600 Index fell 0.1 percent.
* The MSCI Emerging Market Index advanced 0.2 percent, on its sixth straight advance.
                           Currencies
* The Bloomberg Dollar Spot Index rose 0.2 percent after erasing a decline.
* The euro slipped 0.1 percent to $1.1935.
* The British pound rose 0.1 percent to $1.3561.
                            Bonds
* The yield on two-year Treasuries increased one basis point to 2.54 percent, hitting the highest in almost 10 years with its seventh straight advance.
* The yield on 10-year Treasuries gained three basis points to 3.0006 percent.
* Germany’s 10-year yield increased five basis points to 0.61 percent, the highest in almost three weeks.
                            Commodities
* Gold futures fell 0.5 percent to $1,313.90 an ounce.
* West Texas Intermediate crude gained 0.6 percent to $71.10 a barrel.
–With assistance from Cormac Mullen, John Ainger and Natasha Doff. 

Have a great night.

Be magnificent!

 

As ever,

 

Carolann

Nobody got anywhere in the world by simply being content.
                                           -Louis L’Amour, 1908-1988

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

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

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