Events – Page 182 – Carolann Steinhoff

May 14, 2018

May 11, 2018 Newsletter

Dear Friends,

Tangents:
On May 11, 1973, charges against Daniel Ellsberg for his role in the Pentagon Papers case were dismissed by Judge William M. Byrne, who cited government misconduct.
Go to article »

This Sunday is Mother’s Day. The NY Times ran some great recipes today of what to prepare for Mom. This one looks like a great brunch item:

More-Vegetable-Than-Egg Frittata
MARK BITTMAN

YIELD 2 or 4 servings
TIME 30 minutes

This simple frittata — just eggs, vegetables, fresh herbs and a little Parmesan if you’re feeling luxurious — is proof that eating well doesn’t have to be deprivational. It can also be delicious.

Featured in: When Diet Meets Delicious.

INGREDIENTS

2 tablespoons olive oil
½ onion, sliced (optional)
Salt and black pepper
4 to 6 cups of any chopped or sliced raw or barely cooked vegetables
¼ cup fresh basil or parsley leaves, or 1 teaspoon chopped fresh tarragon or mint leaves, or any other herb
2 or 3 eggs
½ cup freshly grated Parmesan cheese (optional)

PREPARATION

Put olive oil in a skillet (preferably nonstick or well-seasoned cast iron) and turn heat to medium. When fat is hot, add onion, if using, and cook, sprinkling with salt and pepper, until it is soft, 3 to 5 minutes. Add vegetables, raise heat and cook, stirring occasionally until they soften, from a couple of minutes for greens to 15 minutes for sliced potatoes. Adjust heat so vegetables brown a little without scorching. (With precooked vegetables, just add them to onions and stir before proceeding.)

When vegetables are nearly done, turn heat to low and add herb. Cook, stirring occasionally, until vegetables are tender.

Meanwhile, beat eggs with some salt and pepper, along with cheese if you are using it. Pour over vegetables, distributing them evenly. Cook, undisturbed, until eggs are barely set, 10 minutes or so; run pan under broiler for a minute or 2 if top does not set. Cut frittata into wedges and serve hot, warm or at room temperature.

PHOTOS OF THE DAY

A lava flow moving on Makamae Street in Leilani Estates, Hawaii. Credit: AFP/Getty Images

German Artist Michael Pendry (picture) has hung 2500 origami doves in the nave of Salisbury Cathedral in an installation called Les Colombes. It opens to the public Saturday May 12^th. Credit: Jay Williams for The Telegraph

Actresses Fan Binbing, Marion Cotillard, director Simon Kinberg, with actresses Jessica Chastain, Penelope Cruz and Lupita Nyong’o attend the photocall for “355” during the 71^st annual Cannes Film Festival at Majestic Beach Pier. Credit: Antony Jones/Getty Images

South China tiger (Pantheratigris amoyensis) cub triplets born in Hangzhou, China. Credit: Wang Gang/China News Service/VCG Via Getty Images
Market Closes for May 11^th, 2018

Market Index	Close	Change
Dow Jones	24831.17	+91.64 +0.37%

S&P 500	2727.72	+4.65 +0.17%

NASDAQ	7402.883	-2.092 -0.03%

TSX	15983.32	+23.82
		+0.15%

International Markets

Market Index	Close	Change
NIKKEI	22758.48	+261.30
		+1.16%
HANG SENG	31122.06	+312.84
		+1.02%
SENSEX	35535.79	+289.52
		+0.82%
FTSE 100*	7724.55	+23.58
		+0.31%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.377	2.399
CND. 30 Year Bond	2.406	2.432
U.S. 10 Year Bond	2.9677	2.9604
U.S. 30 Year Bond	3.1017	3.1082

Currencies

BOC Close	Today	Previous
Canadian $	0.78146	0.78317
US $	1.27966	1.27686

Euro Rate 1 Euro=		Inverse
Canadian $	1.52838	0.65429
US $	1.19437	0.83726

Commodities

Gold	Close	Previous
London Gold Fix	1318.80	1313.85

Oil
WTI Crude Future	70.70	71.36

Market Commentary:
On this day in 1861, the New York Stock Exchange banned all trading in Confederate stocks and bonds as a sign of patriotic fellowship.
Number of the Day
$158 billion
The amount of stock that S&P 500 companies bought back during the first three months of the year, with 85% of firms reporting, on pace to be a quarterly record
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks posted their best week since February as crude prices posted a second weekly gain, pushing the energy sector to its highest since January.
The S&P/TSX Composite Index added 24 points or 0.2 percent to 15,983.32 Friday, its sixth straight gain. The benchmark added 1.6 percent for the week.
Rate-sensitive stocks rose as bond yields retreated, with the telecom and real estate indexes up 0.5 percent. Energy stocks also gained 0.5 percent even as oil prices retreated below $71 a barrel.
Industrials lost 0.6 percent as New Flyer Industries Inc. slid 2.5 percent to the lowest since January.
In other moves:
Stocks
* Air Canada rose 3.8 percent. The airline is adding capacity on key transcontinental flights as a potential strike looms at competitor WestJet Airlines Ltd.
* Great Canadian Gaming Corp. rose 7.5 percent to a record high, adding to Thursday’s 27 percent gain on strong earnings and two analyst upgrades
* Thomson Reuters Corp. lost 4.5 percent to the lowest since 2015. First-quarter sales missed analyst expectations
Commodities
* Western Canada Select crude oil traded at a $15.00 discount to WTI
* Gold fell 0.1 percent to $1,320.70 an ounce
FX/Bonds
* The Canadian dollar weakened 0.2 percent to C$1.2788 per U.S. dollar as Canadian job growth stalled in April
* The Canada 10-year government bond yield fell two basis points to 2.38 percent
US
By Sarah Ponczek
(Bloomberg) — U.S. stocks edged higher Friday, capping the best week in two months amid growing conviction that inflation will remain tame and as trade tensions eased.
The S&P 500 Index was buoyed by telecom companies as tech shares weighed on the gauge. The dollar steadied, leaving it little changed for the week, while 10-year Treasury yields held below 3 percent. Emerging-market shares rose for a fifth day, the best streak since January. Oil slipped, but notched a second weekly advance after the U.S. quit the Iran nuclear deal.
The week saw a bullish tone take hold in equities following a great earnings season for the biggest U.S. companies and removal of some trade anxiety as China seemed to soften its tone. At the same time, investor anxiety about a rapid rise in global interest rates was eased after a tame inflation reading in the U.S. and a dovish policy decision by the Bank of England.
“What has gotten stocks going again is the reality that maybe rates are not going to be rising to the moon and the dollar is not going to continue to strengthen,” Krishna Memani, the chief investment officer at OppenheimerFunds Inc., said in an interview at Bloomberg’s New York headquarters. “The underlying fundamentals in terms of economic growth, earnings, has been extraordinarily good.”
Easing geopolitical tensions aided gains in Asian stocks, with Donald Trump and Kim Jong Un set for their landmark meeting in Singapore on June 12. The Stoxx Europe 600 Index edged higher. Malaysian assets trading offshore began to stabilize after the shock election win for the opposition. Argentina’s peso fell to a record low as the country seeks a credit line from the International Monetary Fund.
These are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.2 percent as of the close of trading in New York.
* The Nasdaq Composite Index was little changed.
* The Dow Jones Industrial Average rose 0.4 percent.
* The Stoxx Europe 600 Index rose 0.1 percent.
* The MSCI Asia Pacific Index climbed 0.9 percent to the highest in seven weeks.
* The MSCI Emerging Markets Index rose 0.6 percent.
Currencies
* The Bloomberg Dollar Spot Index was little changed.
* The euro increased 0.3 percent to $1.1945.
* The British pound increased 0.2 percent to $1.3543.
* The Japanese yen rose 0.1 percent to 109.3 per dollar.
Bonds
* The yield on 10-year Treasuries rose 1 basis point to 2.97 percent.
* Germany’s 10-year yield was little changed at 0.55 percent.
* Britain’s 10-year yield rose 1 basis point to 1.44 percent.
Commodities
* West Texas Intermediate crude fell 1.1 percent to $70.56 a barrel.
* Gold slipped 0.2 percent to $1,319.20 an ounce.
* Copper was little changed at $3.11 a pound.
–With assistance from Garfield Reynolds, Cormac Mullen, Christopher Anstey, Joe Easton and Robert Brand.

Have a great weekend.

Be magnificent!

As ever,

Carolann

Answer me in one word.
-William Shakespeare, 1564-1616

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

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

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

May 10, 2018

May 10, 2018 Newsletter

Dear Friends,

Tangents:
1980: Chrysler Canada saved from bankruptcy

The Poem:

GIRLHOOD
was when I slept in the woods
bareheaded beneath jagged
stars and the membranous
near-misses of bats, when
I tasted watercress,
wild carrot, and sorrel,
when I was known
by the lilac I hid beside,
and when that lilac, burdened
by my expectations of lilacs,
began a journey
without me, as when
the dirt road sang, O,
rugosa rose, farewell,
and ran behind the clipped
white pine hedge into
the immeasurable
heartbreaks of the field.
-Cecily Parks

PHOTOS OF THE DAY

Kindergarten pupils wave national flags as Chinese Premier Li Keqiang reviews the guard of honour with Japan’s Prime Minister Shinzo Abe during a welcoming ceremony in Tokyo. Credit: Toru Hanai/Reuters

A model holds The Farnese Blue, an unknown historic blue diamond to be sold for the first time in 300 years, during a preview of Sotheby’s auction sale in Geneva, Switzerland. Credit: Pierre Albouy/Reuters

A new sail if fitted to Wicken Villiage windmill in Cambridgeshire. The windmill which was built in 1813 and is still used to grind grain to make flour is the “only surviving, workable one of its type in the UK”. Credit: Joe Giddens/PA
Market Closes for May 10^th, 2018

Market Index	Close	Change
Dow Jones	24739.53	+196.99 +0.80%

S&P 500	2723.07	+25.28 +0.94%

NASDAQ	7404.977	+65.071 +0.89%

TSX	15959.50	+48.69
		+0.31%

International Markets

Market Index	Close	Change
NIKKEI	22497.18	+88.30
		+0.39%
HANG SENG	30809.22	+273.08
		+0.89%
SENSEX	35246.27	-73.08
		-0.21%
FTSE 100*	7700.97	+38.45
		+0.50%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.399	2.393
CND. 30 Year Bond	2.432	2.448
U.S. 10 Year Bond	2.9604	3.0042
U.S. 30 Year Bond	3.1082	3.1618

Currencies

BOC Close	Today	Previous
Canadian $	0.78317	0.77783
US $	1.27686	1.28562

Euro Rate 1 Euro=		Inverse
Canadian $	1.52158	0.65721
US $	1.19166	0.83917

Commodities

Gold	Close	Previous
London Gold Fix	1313.85	1306.60

Oil
WTI Crude Future	71.36	71.14

Market Commentary:
Number of the Day
$12.1 million
The median pay for CEOs of the biggest U.S. companies in 2017, a new post-recession high.
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks rose for a fifth day, creeping back toward their high for the year, as gains in gambling stocks and an auto parts supplier boosted the benchmark.
The S&P/TSX Composite Index added 49 points or 0.3 percent to 15,959.50, less than 500 points from the all-time high reached in early January. Consumer discretionary stocks led the gains, rising 1.2 percent as Great Canadian Gaming Corp. jumped 27 percent and The Stars Group Inc. added 9.5 percent. Both stocks hit a record high on strong earnings.
Magna International Inc., also a member of the consumer discretionary sector, rose 2.7 percent to a record high after beating first-quarter estimates and boosting its forecast for the year.
In other moves:
Stocks
* TMX Group Ltd., the owner of the Toronto Stock Exchange, gained 9.3 percent to a record high. First-quarter results beat estimates and the company boosted its dividend.
* Canadian Tire Corp. slid 5.4 percent, the most in a year, after agreeing to buy Helly Hansen for C$985 million from the Ontario Teachers’ Pension Plan
* Open Text Corp. lost 6.3 percent, the most in three years. Earnings missed the lowest estimate but analysts say the results are just a seasonal trend
Commodities
* Western Canada Select crude oil traded at a $15.20 discount to WTI
* Gold gained 0.7 percent to $1,322.30 an ounce as U.S. consumer prices rose less than forecast in April
FX/Bonds
* The Canadian dollar strengthened 0.7 percent to C$1.2766 per U.S. dollar, the strongest in nearly four weeks
* The Canada 10-year government bond yield rose one basis point to 2.40 percent
US
By Sarah Ponczek
(Bloomberg) — U.S. stocks rallied to a seven-week high while the dollar sank after a weak inflation reading signaled the Federal Reserve won’t need to step up the pace of interest- rate increases.
Chipmakers paced gains in major American equity benchmarks, while rate-sensitive shares added to the bullish mood as the 10- year Treasury yield slipped to 2.97 percent. A gauge of small- cap stocks set a record and emerging-market shares rallied on the more-favorable outlook for global borrowing costs. The dollar fell the most since March 21, lifting commodities. The pound weakened after the Bank of England held interest rates.
The U.S. inflation data showed costs for big-ticket items such as automobiles and airfares declined last month, reducing chances that consumer-price increases will run significantly above the Fed’s target. The news energized bulls, with the S&P 500 Index crossing above its 100-day moving average and breaking out of the downward-sloping trendline that’s been in place since late January.
“The market is breathing a sigh of relief that there was not an upside surprise to the inflation stats,” Peter Boockvar, the chief investment officer of Bleakley Financial Group, wrote in an email to clients.
Elsewhere, trading in non-deliverable forwards suggested Malaysia’s ringgit will tumble in the wake of the surprise ouster of the country’s ruling party. Developing markets more broadly signaled stability, and the MSCI Emerging Market Index advanced for a fourth day. European shares snapped a four-day winning streak. The New Zealand dollar slid after the central bank left the door open to an interest rate cut as inflation remains contained.
These are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.9 percent at the close of trading in New York.
* The S&P 600 Small Cap Index added 0.5 percent.
* The Stoxx Europe 600 Index dipped 0.1 percent.
* The MSCI Emerging Market Index jumped 1.4 percent in its fourth day of gains.
* The MSCI Asia Pacific Index rose 0.8 percent to the highest in three weeks.
Currencies
* The Bloomberg Dollar Spot Index sank 0.7 percent, the first retreat in a week.
* The euro climbed 0.6 percent to $1.1925.
* The British pound fell 0.2 percent to $1.352.
* The Japanese yen advanced 0.3 percent to 109.4 per dollar.
Bonds
* The yield on 10-year Treasuries sank two basis points to 2.97 percent.
* Germany’s 10-year yield was little changed at 0.55 percent.
* Britain’s 10-year yield declined three basis points to 1.43 percent.
Commodities
* West Texas Intermediate rose 0.3 percent to $71.38 a barrel.
* Copper rallied 1.8 percent to $3.1115 a pound, the highest in two weeks.
* Gold climbed 0.6 percent to $1,320.66 an ounce, the highest in almost two weeks.
–With assistance from Cormac Mullen, Ven Ram, Christopher Anstey, Samuel Potter, Sophie Caronello and Natasha Doff.

Have a great night.

Be magnificent!

As ever,

Carolann

A nickel ain’t worth a dime anymore.
-Yogi Berra, 1925-2015

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 10, 2018

May 9, 2018 Newsletter

Dear Friends,

Tangents:

Peter Pan helps sick children. Not fictionally, financially.

The author J.M. Barrie, who was born on this day in 1860, donated the rights to his most famous creation to the Great Ormond Street children’s hospital in London in 1929. In a front-page report at the time, The New York Times estimated their worth at “roughly $10,000 a year,” which it said was equivalent to a sixth of the hospital’s income.

An undated photograph of J.M. Barrie, the creator of Peter Pan.
Getty Images

It would have been clear that the gift was of lasting value: The boy who never grows up was introduced in 1902, becoming the subject of a hit play two years later, and then a novel. He had already inspired a statue in a London park, and even begun his long career in movies.

But few would have guessed quite how long Peter Pan would pay. The copyright first expired in Britain at the end of 1987, 50 years after Barrie’s death. Within months, however, Parliament passed a measure granting Great Ormond Street a permanent right to royalties from the stage play and adaptations of it.

Peter Pan’s adventures in America are also helping the hospital; according to its website, the U.S. copyright does not expire until 2023.

Peter Robins wrote today’s Back Story., New York Times.

PHOTOS OF THE DAY

The sun rises at Christchurch Quay in Dorset. Credit: Nick Lucas/SWNS.COM

An aerial view of an avenue crossing fields in Laatzen near Hanover, northern Germany. Credit: Julian Stratenschulte/DPA/AFP/Getty Images

People dance next to the lake in the grounds of Lismore House and Garden as they celebrate Helston Flora Day in Cornwall, England. Credit: Matt Cardy/Getty Images
Market Closes for May 9^th, 2018

Market Index	Close	Change
Dow Jones	24542.54	+182.33 +0.75%

S&P 500	2697.79	+25.87 +0.97%

NASDAQ	7339.906	+73.004 +1.00%

TSX	15910.81	+68.10
		+0.43%

International Markets

Market Index	Close	Change
NIKKEI	22408.88	-99.81
		-0.44%
HANG SENG	30536.14	+133.33
		+0.44%
SENSEX	35319.35	+103.03
		+0.29%
FTSE 100*	7662.52	+96.77
		+1.28%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.393	2.352
CND. 30 Year Bond	2.448	2.421
U.S. 10 Year Bond	3.0042	2.9760
U.S. 30 Year Bond	3.1618	3.1295

Currencies

BOC Close	Today	Previous
Canadian $	0.77783	0.77224
US $	1.28562	1.29493

Euro Rate 1 Euro=		Inverse
Canadian $	1.52373	0.65628
US $	1.18520	0.84374

Commodities

Gold	Close	Previous
London Gold Fix	1306.60	1309.40

Oil
WTI Crude Future	71.14	69.06

Market Commentary:
$ ~On this day in 1901, Northern Pacific railway shares hit $1,000, up from $96 only five weeks earlier, as competing bull and bear factions tried to corner the market in the stock.
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks closed at the highest level since January as crude passed $71 for the first time since 2014.
The S&P/TSX Composite Index added 68 points or 0.4 percent to 15,910.81. Energy shares rose 1.1 percent as U.S. crude stockpiles shrank and President Donald Trump walked away from a nuclear deal with Iran.
Kinross Gold Corp. was the biggest decliner on the benchmark, tumbling 11 percent, the most since October 2016, amid uncertainty in both Mauritania and Ghana. The materials sector rose 0.2 percent.
In other moves:
Stocks
* Maxar Technologies Ltd. jumped 14 percent, the most since 2012, after first-quarter revenue beat the highest estimate and the stock was upgraded to outperform at National Bank Financial
* Paramount Resources Ltd. slid 8.8 percent, the most since 2016. The energy company cut its 2018 sales volume outlook
* Spin Master Corp. added 7.3 percent to the highest in two months on better-than-expected quarterly results
Commodities
* Western Canada Select crude oil traded at a $15.45 discount to WTI
* Gold fell 0.1 percent to $1,313.00 an ounce
FX/Bonds
* The Canadian dollar strengthened 0.8 percent to C$1.2855 per U.S. dollar, the most in a month, on stronger oil prices
* The Canada 10-year government bond yield rose four basis points to 2.39 percent, the highest since 2014
US
By Sarah Ponczek
(Bloomberg) — U.S. stocks advanced as energy shares rallied with oil on speculation crude supplies may not keep up with demand. Ten-year Treasury yields topped 3 percent.
West Texas oil climbed above $71 per barrel after an unexpected drop in U.S. stockpiles and as the market came to terms with President Donald Trump’s decision to withdraw from the Iran nuclear deal. Bank shares rallied as the 10-year yield spiked. Walmart Inc. weighed on the major gauges after its deal to buy a controlling stake in India’s biggest online seller was met with skepticism. A measure of emerging-market currencies erased its 2018 gains.
Stocks extended gains in afternoon trading, with the risk- on tone in markets spreading after North Korea’s good-will gesture of releasing U.S. citizens as captives. Still, markets remained bound in a trading range amid the threat of increased geopolitical tension in the Middle East just as concern spreads over the implications of higher Treasury yields and recent dollar strength. A $25 billion auction of 10-year U.S. notes drew yields of 2.995 percent, just short of carrying a 3 percent coupon for the first time in almost seven years.
“This tug-of-war remains in the market, regardless of the positive headlines on North Korea, regardless of the positive headlines on earnings,” said Quincy Krosby, the chief market strategist at Prudential Financial Inc. “This is a market that has to sort that out, and that 10-year yield flirting with 3 percent again is a reflection of that tug-of-war.”
Elsewhere, stocks in Europe climbed as the MSCI Asia Pacific Index fell. Indonesia’s rupiah weakened to a two-year low on worries about capital outflows from emerging markets. Turkey’s lira gained after President Recep Tayyip Erdogan called a meeting to discuss issues including the exchange rate, fueling speculation that authorities may take measures to stem a market rout. Argentina’s peso fell toward a record low as the government begins meetings with the International Monetary Fund to discuss a possible credit line.
Some key events coming up this week:
* The Bank of England decides on policy Thursday.
* U.S. inflation data for April is due the same day.
And these are the main moves in markets:
Stocks
* The S&P 500 Index added 1 percent to the highest close since April 18.
* The Dow Jones Industrial Average rose 0.8 percent and the Nasdaq Composite climbed 1 percent. Small caps lagged behind.
* The Stoxx Europe 600 Index rose 0.6 percent.
* The MSCI Emerging Market Index rose 0.1 percent.
* The MSCI Asia Pacific Index sank 0.4 percent.
Currencies
* The Bloomberg Dollar Spot Index was little changed.
* The euro slipped 0.1 percent to $1.185.
* The British pound was little changed at $1.3545.
* The Japanese yen fell 0.5 percent to 109.72 per dollar, the weakest in a week.
Bonds
* The yield on 10-year Treasuries rose two basis points to 3 percent.
* Germany’s 10-year yield was little changed at 0.56 percent.
* Britain’s 10-year yield increased two basis points to 1.46 percent.
Commodities
* West Texas Intermediate crude increased 3.1 percent to $71.17 a barrel, the highest in more than three years.
* Gold slipped 0.2 percent to $1,311.72 an ounce.
–With assistance from Andreea Papuc, Yumi Teso, Christopher Anstey, Todd White, Samuel Potter and Janine Wolf.

Have a great night.

Be magnificent!

As ever,

Carolann

Every man desires to live long, but no man would be old.
-Jonathan Swift, 1667-1745

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 8, 2018

May 8, 2018 Newsletter

Dear Friends,

Tangents:

On this day in 1886, Dr. John S. Pemberton sold the first glass of Coca-Cola at the soda fountain of Jacob’s Pharmacy in Atlanta. Some believe the “tonic” beverage originally gained popularity because it contained trace amounts of real cocaine and extract from the African kola nut, a stimulant and thirst quencher.

1945: VE DAY – Victory in Europe.

Christie’s Images Ltd. 2018

Christie’s New York begins a three-day auction of a Rockefeller family art collection that could be the largest single-owner sale, and the largest charitable one, in history.The house will offer masterpieces by Matisse and Picasso, as well as truckloads of valuable porcelain. Highlights from the collection have been touring the globe to increase anticipation. Above, one of five Monets on offer. -NY Times

PHOTOS OF THE DAY

A tractor drives through an apple orchard in Haselau, northern Germany. Credit: The Telegraph

A cicada breaks free from its dirty shell and stretches its wings as it bursts out in its beautiful new green skin on Euboea Island, Greece. Credit: The Telegraph

A Dandelion Seed head framed by the rising Sun is seen in Ditcheat, Somerset. Credit: The Telegraph

The Heavenly Bodies: Fashion & The Catholic Imagination Costume Institute Gala Press Preview at The Metropolitan Museum of Art in New York. Credit: The Telegraph
Market Closes for May 8^th, 2018

Market Index	Close	Change
Dow Jones	24360.21	+2.89 +0.01%

S&P 500	2671.92	-0.71 -0.03%

NASDAQ	7266.902	+1.689 +0.02%

TSX	15842.71	+34.08
		+0.22%

International Markets

Market Index	Close	Change
NIKKEI	22508.69	+41.53
		+0.18%
HANG SENG	30402.81	+408.55
		+1.36%
SENSEX	35216.32	+8.18
		+0.02%
FTSE 100*	7565.75	-1.39
		-0.02%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.352	2.326
CND. 30 Year Bond	2.421	2.410
U.S. 10 Year Bond	2.9760	2.9497
U.S. 30 Year Bond	3.1295	3.1221

Currencies

BOC Close	Today	Previous
Canadian $	0.77224	0.77621
US $	1.29493	1.28832

Euro Rate 1 Euro=		Inverse
Canadian $	1.53629	0.65092
US $	1.18639	0.84290

Commodities

Gold	Close	Previous
London Gold Fix	1309.40	1309.40

Oil
WTI Crude Future	69.06	70.73

Market Commentary:
Number of the Day
$70.29
U.S. crude rose 0.8% to $70.29 a barrel on Monday, breaking the $70 mark for the first time since 2014 amid geopolitical risks and a healthier backdrop.
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks rose for a third day, boosted by a proposed mining deal and strong pharma earnings.
The S&P/TSX Composite Index added 34 points or 0.2 percent to 15,842.71. Health-care stocks led the gains, rising 1.6 percent as Valeant Pharmaceuticals International Inc. jumped 8.5 percent to the highest since January. Valeant beat estimates with the help of a top-selling gastrointestinal drug.
Nevsun Resources Ltd. added 17 percent, the most since 2010, after rejecting an offer from Lundin Mining Corp. and saying it has other suitors. Materials stocks rose 0.8 percent.
In other moves:
Stocks
* Canadian Natural Resources Ltd. fell 1.8 percent. Royal Dutch Shell Plc is selling its stake in the oil sands producer for $3.3 billion
* WestJet Airlines Ltd. tumbled 10 percent to the lowest in two years after it said increased spending will outstrip revenue growth
* Labrador Iron Ore Royalty Corp. lost 11 percent, the most since 2008. First-quarter earnings missed the lowest analyst estimate
Commodities
* Western Canada Select crude oil traded at a $15.85 discount to WTI
* Gold was little changed at $1,313.70 an ounce
FX/Bonds
* The Canadian dollar weakened 0.5 percent to C$1.2950 per U.S. dollar as crude prices retreated
* The Canada 10-year government bond yield rose two basis points to 2.35 percent
US
By Sarah Ponczek
(Bloomberg) — U.S. stocks were mixed after President Donald Trump’s decision to scrap a nuclear deal with Iran sparked concern it could increase geopolitical tensions. The dollar rose and Treasury yields pushed higher.
The S&P 500 Index was little changed as banks advanced and utility stocks slumped. West Texas crude sank as much as 4.4 percent before paring the loss in a volatile trading session as investors digested what the Iran move could mean for energy supplies. The greenback strengthened for a third day. Ten-year Treasury yields rose toward 3 percent after JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon warned a climb to 4 percent may be coming.
Concern about an increase in geopolitical tension is weighing on global sentiment at the same time worries about pricey stocks and rising borrowing costs are bubbling up amid higher Treasury yields and a stronger dollar. Sanctions on Iran could potentially disrupt supplies from OPEC’s third-largest producer and open an uncertain new chapter for the Middle East.
“I don’t think there’s anything that’s a major surprise — the announcement was well advertised,” said Ernie Cecilia, the chief investment officer at Bryn Mawr Trust Co. “What seems to be a little surprise is that it didn’t allow for a whole lot of other possibilities, if you want to call it that. He was a little more specific, he was pretty straight forward.”
Elsewhere, Argentina’s peso pared losses after the government was said to be in talks with the International Monetary Fund for a $30 billion flexible credit line to help defend the currency after it dropped to a record. Italian shares tumbled on the prospect for fresh elections that may boost the chances of a populist government taking power. Indonesia’s rupiah sank to its weakest since 2015, and the nation’s government bonds slumped. Turkey’s lira hit another low and the country’s benchmark equity index fell.
Some key events coming up this week:
* Malaysia holds a general election Wednesday.
* Japanese Prime Minister Shinzo Abe hosts South Korean President Moon Jae-in and Chinese Premier Li Keqiang on Wednesday.
* There’s a Bank of England policy decision on Thursday.
* U.S. inflation data for April is due the same day.
* Some of the company earnings due include Walt Disney, Petrobras, Marriott, Toyota, Ambev and Deutsche Telekom.
And these are the main moves in markets:
Stocks
* The S&P 500 Index ended the trading day little changed.
* The Stoxx Europe 600 Index rose 0.1 percent.
* The MSCI Asia Pacific Index added 0.4 percent to the highest in a week.
* Japan’s Nikkei 225 Stock Average rose 0.2 percent.
* The MSCI Emerging Market Index rose 0.3 percent.
Currencies
* The Bloomberg Dollar Spot Index climbed 0.3 percent to the highest this year.
* The euro declined 0.5 percent to $1.186, the weakest since December.
* The British pound fell 0.1 percent to $1.3544, the weakest in more than four months.
* The Japanese yen was little changed at 109.11 per dollars.
Bonds
* The yield on 10-year Treasuries rose two basis points to 2.97 percent.
* Germany’s 10-year yield climbed three basis points to 0.56 percent.
* Britain’s 10-year yield increased four basis points to 1.44 percent.
Commodities
* West Texas Intermediate crude decreased 1.4 percent to $69.74 a barrel, the first retreat in a week.
* Gold was little changed at $1,314.59 an ounce.
–With assistance from Andreea Papuc, Janine Wolf, Stephen Engle, Eric Lam, Christopher Anstey, Yakob Peterseil, Samuel Potter, Sophie Caronello and Jessica Summers.

Have a great night.

Be magnificent!

As ever,

Carolann

A fanatic is one who can’t change his mind and won’t change the subject.
-Winston Churchill, 1874-1965

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 7, 2018

May 7, 2018 Newsletter

Dear Friends,

Tangents:
May 7, 1824: Premier of Beethoven’s Ninth Symphony.
Pyotr Tchaikovsky, b. 1840
On May 7, 1945, Germany signed an unconditional surrender at Allied headquarters in Rheims, France, to take effect the following day, ending the European conflict of World War II.
Go to article »

From today’s New York Times:

The happy couple, one a British royal and the other a commoner. A much-anticipated May wedding.

But this is not Prince Harry and Meghan Markle. It was Princess Margaret, the sister of Queen Elizabeth II, and Antony Armstrong-Jones, a photographer, who were married on May 6, 1960.

Princess Margaret and Antony Armstrong-Jones at Buckingham Palace on their wedding day, May 6, 1960.
Central Press, via Agence France-Presse

Then, as now, there was heightened interest across the Atlantic, and The Times had a front-page photograph and article.

Our coverage included descriptions of the crowds who waited to see the couple on the balcony of Buckingham Palace, tales of royal weddings that did not go smoothly and a look at the myriad gifts from near and far.

More than a dozen short items covered the details of the day, including tiara trouble and a bomb scare.

We also had drawings of the guests and the clothes, including a going-away hat shaped “like a soufflé.”

And finally, a television piece marveled at the BBC’s coverage and noted, “Thanks to videotape and jet airplanes, pictures of live quality were shown on North American screens only six to seven hours after the event had occurred in London.”

Ultimately, the story ended sadly. The couple split 16 years later.

Sarah Anderson wrote Today’s Back Story.

PHOTOS OF THE DAY

Mike Raphael with a Golden Eagle during the Whitby Abbey Raphael Historic Falconry Fly. Credit: The Telegraph

A new fissure spraying lava fountains as high as about 230 feet (70m), according to United States Geological Survey, is shown from Luana Street in Leilani Estates subdivision on Kilauea Volcano’s lower East Rift Zone in Hawaii. Credit: The Telegraph

As darkness in the Lake District, the bright lights from hundreds of walkers’ head torches cascade down the ridge line of Catbells, in Cumbria last night during the Lakeland Festival of Light. Hundreds of volunteers scaled the famous Lake District fell at sunset to form a chain of light from the 1,480ft summit to the edge of Derwentwater near Keswick. The event was organized by the Lakeland Mountain Guides to raise funds for PHASE worldwide, a charity supporting projects in Nepal. Credit: The Telegraph

A sculpture of a cyclist in pink welcomes Giro d’Italia riders near Sde Boker, Israel. Credit: The Telegraph

An installation by German conceptual artist, Ottmar Hoerl, made of 500 small scale sculptures featuring German-born physicist Albert Einstein on the Muensterplatz square in Ulm, Einstein’s birth city. Credit: The Telegraph
Market Closes for May 7^th, 2018

Market Index	Close	Change
Dow Jones	24357.32	+94.81 +0.39%

S&P 500	2672.62	+9.20 +0.35%

NASDAQ	7265.215	+55.597 +0.77%

TSX	15801.59	+72.19
		+0.46%

International Markets

Market Index	Close	Change
NIKKEI	22467.16	-5.62
		-0.03%
HANG SENG	29994.26	+67.76
		+0.23%
SENSEX	35028.14	+292.76
		+0.84%
FTSE 100*	7567.14	+64.45
		+0.86%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.326	2.329
CND. 30 Year Bond	2.410	2.407
U.S. 10 Year Bond	2.9497	2.9478
U.S. 30 Year Bond	3.1221	3.1213

Currencies

BOC Close	Today	Previous
Canadian $	0.77621	0.77874
US $	1.28832	1.28412

Euro Rate 1 Euro=		Inverse
Canadian $	1.53620	0.65096
US $	1.19241	0.83864

Commodities

Gold	Close	Previous
London Gold Fix	1309.40	1315.05

Oil
WTI Crude Future	70.73	69.72

Market Commentary:
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks closed at the highest since Feb. 1 but pared earlier gains as crude prices retreated back below $70 a barrel.
The S&P/TSX Composite Index added 79 points or 0.5 percent to 15,808.63 after earlier rising as much as 0.8 percent. Energy shares, which had gained as much as 1.7 percent, ended the day up 0.4 percent.
Technology stocks led to the upside, adding 1.4 percent. Constellation Software Inc. rose 2.1 percent to a record, while Shopify Inc. gained 2.1 percent.
In other moves:
Stocks
* Dorel Industries Inc. fell 7.3 percent to the lowest since 2012. Two analysts downgraded the stock, with one saying it may not have enough cash to fund its dividend this year
* Covalon Technologies Ltd. jumped 53 percent after announcing a series of contracts in the Middle East worth C$100 million over three years
* Ensign Energy Services Inc. lost 4.1 percent after reporting a wider-than-expected loss and revenue that missed estimates
Commodities
* Western Canada Select crude oil traded at a $15.85 discount to WTI
* Gold fell 0.1 percent to $1,314.10 an ounce
FX/Bonds
* The Canadian dollar weakened 0.4 percent to C$1.2892 per U.S. dollar, the weakest in five weeks
* The Canada 10-year government bond yield was little changed at 2.33 percent
US
By Sarah Ponczek
(Bloomberg) — U.S. stocks edged higher following a spate of mergers and acquisitions while the dollar climbed to the strongest level this year. Crude rose past $70 a barrel before pairing gains.
Tech shares were the best performers in the U.S., lifting the S&P 500 Index. Oil, which reached its highest since November 2014 on speculation the U.S. would pull out of the Iran nuclear accord, erased the advance after President Donald Trump said he would announce a decision Tuesday and amid a report that European diplomats made progress on a deal to persuade Trump not to withdraw. Energy stocks went along for the ride.
“Sentiment had gotten extremely bullish” on energy, said Matt Maley, an equity strategist at Miller Tabak & Co. “It just seems to ripe for a sell-on-the-news reaction as soon as Trump came out with that tweet.”
The Stoxx Europe 600 Index climbed, though trading volumes were light thanks to a U.K. holiday. The euro weakened as 10- year Treasury yields hovered near 2.95 percent.
Mergers and acquisitions helped boost investor sentiment Monday, with Blackstone Group LP agreeing to buy Gramercy Property Trust in a cash deal valued at $7.6 billion, Nestle SA spending $7.15 billion for the right to market Starbucks Corp. products and Elliott Management Corp offering to buy Athenahealth Inc. for $6.5 billion. Earnings season continues, and data due this week may give traders a signal on the outlook for inflation.
Elsewhere, investors are closely following emerging-market assets after many extended their losses last week. Developing- nation stocks edged higher and currencies were weaker. Both Turkey’s lira and its equities retreated. Argentina’s peso seemed to stabilize following a tumultuous week of unscheduled central bank interest-rate increases.
Some key events coming up this week:
* Chinese trade data is due Tuesday.
* It’s also the Australian annual budget Tuesday.
* Malaysia holds a general election Wednesday.
* Japanese Prime Minister Shinzo Abe hosts South Korean President Moon Jae-in and Chinese Premier Li Keqiang on Wednesday.
* There’s a Bank of England policy decision on Thursday.
* U.S. inflation data for April is due the same day.
* Trump’s Iran-deal deadline is this week.
* Some of the company earnings due include Walt Disney, Petrobras, Marriott, Toyota, Ambev and Deutsche Telekom.
And these are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.3 percent as of the close of trading in New York.
* The Stoxx Europe 600 Index climbed 0.6 percent to a three- month high.
* The MSCI Asia Pacific Index rose 0.3 percent.
* Germany’s DAX Index climbed 1 percent to the highest in more than three months.
* The MSCI Emerging Market Index rose 0.2 percent, the first advance in a week.
Currencies
* The Bloomberg Dollar Spot Index rose 0.2 percent to the highest in more than four months.
* The euro decreased 0.3 percent to $1.1925, the weakest since December.
* The British pound gained 0.2 percent to $1.3559, the first advance in almost two weeks.
* The Japanese yen rose 0.1 percent to 109.04 per dollar.
Bonds
* The yield on 10-year Treasuries was little changed at 2.95 percent.
* Germany’s 10-year yield declined two basis points to 0.525 percent.
Commodities
* West Texas Intermediate crude rose 0.1 percent to $69.80 a barrel.
* Gold was little changed at $1,314.49 an ounce.
–With assistance from Cormac Mullen, Samuel Potter, Christopher Anstey, Todd White and Katherine Greifeld.

Have a great night.

Be magnificent!

As ever,

Carolann

A schedule defends from chaos and whim.
-Annie Dillard, B. 1945

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 4, 2018

May 4, 2018 Newsletter

Dear Friends,

Tangents: Happy Friday!

On May 4, 1970, Ohio National Guardsmen opened fire on anti-war protesters at Kent State University, killing four students and wounding nine others.
Go to article »

Tomorrow is Cinco De Mayo – a good excuse for Corona with lime 🙂 !

From The New York Times:

Cinco de Mayo, which commemorates an underdog victory over France in the Battle of Puebla on May 5, 1862, isn’t widely celebrated in Mexico.

The victory was short-lived, as France later occupied Mexico for a few years. But Cinco de Mayo was still celebrated in Puebla and, perhaps more significantly, by Mexican-Americans north of the border.

The holiday gained popularity in the 20th century, and in 1989, an ad campaign by an importer of beers such as Modelo and Corona was introduced around the holiday.

The commercialization of Cinco de Mayo (and criticism of cultural stereotypes) has since taken off. The research firm Nielsen reported that in 2013, Americans bought more than $600 million worth of beer during the week of Cinco de Mayo, more than during the weeks of the Super Bowl or St. Patrick’s Day.

Claudio E. Cabrera wrote today’s Back Story.

PHOTOS OF THE DAY

Competitors ride their bikes during Stage 5 of the 13th edition of Titan Desert 2018 mountain biking race around Merzouga in Morocco. Credit: Franck Fife/AFP/Getty Images

An Ultra-Orthodox Jewish man dances around a bonfire in Jerusalem’s Mea Shearim neighbourhood during celebrations for the Jewish holiday of Lag BaOmer, marking the anniversary of the death of Talmudic sage Rabbi Shimon Bar Yochai approximately 1,900 years ago. In a night-long vigil thousands of worshippers will light large bonfires and visit the final resting place of Bar Yochai, who is revered as one of Judaism’s great sages. Credit: The Telegraph

The world’s largest Victorian glasshouse reopens at Kew Gardens following renovations lasting five years. The magnificent 4,880 square-metre structure is the world’s largest surviving Victorian glasshouse, home to 10,000 plants (1,500 species) from across the world. Credit: The Telegraph
Market Closes for May 4^th, 2018

Market Index	Close	Change
Dow Jones	24262.51	+332.36 +1.39%

S&P 500	2663.42	+33.69 +1.28%

NASDAQ	7209.617	+121.466 +1.71%

TSX	15729.40	+107.93
		+0.69%

International Markets

Market Index	Close	Change
NIKKEI	22472.78	-35.25
		-0.16%
HANG SENG	29926.50	-386.87
		-1.28%
SENSEX	34915.38	-187.76
		-0.53%
FTSE 100*	7567.14	+64.45
		+0.86%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.329	2.326
CND. 30 Year Bond	2.407	2.406
U.S. 10 Year Bond	2.9478	2.9548
U.S. 30 Year Bond	3.1213	3.1205

Currencies

BOC Close	Today	Previous
Canadian $	0.77874	0.77840
US $	1.28412	1.28469

Euro Rate 1 Euro=		Inverse
Canadian $	1.53721	0.65053
US $	1.19709	0.83536

Commodities

Gold	Close	Previous
London Gold Fix	1315.05	1304.20

Oil
WTI Crude Future	69.72	68.43

Market Commentary:
$$ On this day in 1979, Kohlberg, Kravis, Roberts & Co. completed the first modern leveraged buyout using high-yield junk bonds–a $381 million deal to take Houdaille Industries private.
Number of the Day
40,000
The approximate number of Berkshire Hathaway shareholders from around the world who are expected to gather in Omaha, Neb. for the company’s annual meeting this weekend. They will hear Warren Buffett, chairman and CEO, and Vice Chairman Charles Munger discuss the business and answer questions.
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks rose for a fourth week, the longest streak of gains since November, hitting their highest close since Feb. 1.
The S&P/TSX Composite Index added 108 points or 0.7 percent to 15,729.40 Friday, bringing its weekly gain to 0.4 percent. All sectors were in the green, led by a 1.5 percent gain in industrials. Bombardier Inc. added 3.3 percent, reaching the highest since 2015, after Thursday’s land sale and strong results.
The energy sector rose 1.1 percent as West Texas Intermediate futures neared $70 a barrel. Pembina Pipeline Corp. gained 6.2 percent, the most since 2016, after earnings beat estimates.
In other moves:
Stocks
* Martinrea International Inc. gained 10 percent to the highest since 2007. Results and guidance beat analyst expectations
* WestJet Airlines Ltd. fell 1.5 percent. Pilots said they’ll picket for a contract next week
* Crescent Point Energy Corp. lost 1.9 percent. Shareholders voted to elect all the company’s nominees to the board, rejecting an activist slate
Commodities
* Western Canada Select crude oil traded at a $16.10 discount to WTI
* Gold rose 0.2 percent to $1,314.70 an ounce
FX/Bonds
* The Canadian dollar weakened 0.1 percent to C$1.2859 per U.S. dollar
* The Canada 10-year government bond yield was little changed at 2.33 percent
US
By Sarah Ponczek and Janine Wolf
(Bloomberg) — U.S. stocks logged their biggest advance in almost four weeks after the country’s jobless rate hit an 18- year low. The dollar finished higher while Treasury yields flattened out as the market assessed the impact of America’s inconclusive trade talks with China.
The S&P 500 Index closed higher Friday but failed to recoup its losses for the week. Apple Inc. and Berkshire Hathaway Inc. were among the benchmark’s biggest advancers as the tech and financial sectors led the charge.
U.S. hiring rebounded less than anticipated in April but the unemployment rate dropped below 4 percent for the first time since 2000. Wage gains unexpectedly cooled, suggesting the job market still has slack to absorb. The report’s implications for monetary policy will be eyed after the Federal Reserve kept rates on hold this week, saying inflation is near its target without suggesting any need to accelerate its hiking path.
“This was a really solid number — it shows all the job growth that the economy needs without wages picking up, which would be detrimental to margins,” Sameer Samana, global technical and equity strategist for Wells Fargo Investment Institute, said by phone. “It should all be supportive of further consumption, which should keep the economy going at a very steady pace without inflation being a major issue, which historically has been very good for investments.”
Markets were also following talks between U.S. and Chinese officials in Beijing intently for signs that the world’s two biggest economies are making progress on trade, but there’s been limited advancement so far. U.S. officials asked China to bring forward reductions in its trade surplus, raising the hurdle for any overarching deal, while state-run news agency Xinhua said the two parties agreed on some issues but disagreed on others.
Health-care and technology companies led gains in the Stoxx Europe 600 index as the euro slipped amid mounting concern about the region’s economic outlook. Financials recovered some earlier losses incurred after disappointing earnings reports from BNP Paribas SA, Societe Generale SA and HSBC Holdings Plc. Stocks from Sydney to Hong Kong retreated earlier. Core European bonds declined.
Meanwhile, Turkey’s lira continued its descent on Friday, hitting a record low against the dollar amid concern that monetary policy remains too loose to deal with an overheating economy. Most emerging-market currencies declined against the greenback.
West Texas oil hit a three-year high as traders weighed an increase in stockpiles against concern about U.S. sanctions on Iran. Gold gained.
Some key events coming up during the remainder of this week:
* Berkshire Hathaway holds its annual shareholders meeting in Omaha, Nebraska, on Saturday.
And these are the main moves in markets:
Stocks
* The S&P 500 Index gained 1.3 percent as of 3:25 p.m. New York time
* The Stoxx Europe 600 Index advanced 0.6 percent.
* The U.K.’s FTSE 100 Index advanced 0.9 percent.
* Germany’s DAX Index jumped 1 percent.
* The MSCI Emerging Market Index gained less than 0.05 percent.
Currencies
* The Bloomberg Dollar Spot Index gained 0.2 percent.
* The euro dipped 0.3 percent to $1.1957.
* The British pound decreased 0.3 percent to $1.3535, its eighth straight decline.
* The Japanese yen gained 0.1 percent to 109.10 per dollar.
Bonds
* The yield on 10-year Treasuries fell less than one basis point to 2.94 percent.
* Germany’s 10-year yield advanced one basis point to 0.54 percent.
* Britain’s 10-year yield gained one basis point to 1.4 percent.
Commodities
* West Texas Intermediate crude increased 1.9 percent to $69.76 a barrel, the highest in more than three years.
* Gold gained 0.2 percent to $1,314.41 an ounce.
* LME copper declined less than 0.05 to $6,826 a metric ton.
–With assistance from Adam Haigh, Katia Dmitrieva and Joe Easton.

Have a great weekend

Be magnificent!

As ever,

Carolann

Everything that irritates us about others can lead us
to an understanding of ourselves.
-Carl Jung, 1875-1961

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 3, 2018

May 3, 2018 Newsletter

Dear Friends,

Tangents:

On this day in 1952, Lt. Col. Joseph Fletcher walked to the exact geographic location of the North Pole, likely the first person in history to do so.

-From today’s New York Times:
The Anne Frank House in Amsterdam opened as a museum 58 years ago today.
Nowadays, more than 1.2 million visitors flock to the museum every year, but in the 1950s, the canal house was on the verge of demolition.

The Anne Frank House in Amsterdam, where she and her family hid during the Holocaust.
Ilvy Njiokiktjien for The New York Times

The building was saved by the Anne Frank Foundation, founded in 1957 to preserve the place where Anne had written her diary.

Anne lived in the annex of the canal house with her parents, sister and four others from July 1942 until August 1944, when they were arrested during a Nazi raid. (It’s still unclear who betrayed the family, but an F.B.I. agent reopened the case in 2017.)

The museum faces a practical challenge: The tiny, cramped attic can accommodate only so many people at once. It’s under renovation, and preparing to educate a new generation about the Holocaust and anti-Semitism.

Otto Frank — Anne’s father and the only member of the family to survive the Holocaust — attended the opening in 1960, saying he hoped that the museum would be a place where Anne’s ideals “find their realization.”

Claire Moses wrote today’s Back Story.

PHOTOS OF THE DAY

Competitors ride their bikes during Stage 4 of the 13^th edition of the Titan Desert 2018 mountain biking race between Boumalne Dades and Merzouga in Morocco. The Titan Desert 2018 is 600 kilometre mountain bike race completed over six days, snaking between Boumalne Dades, at the foot-slopes of the High Atlas summits, and Erfoud, an oasis town in the Sahara Desert. Credit: The Telegraph

Performers give a powered parachutes air show on the opening ceremony of an air sports carnival held in Hengshui City, China. Credit: The Telegraph

Men look at the Dead Sea Scrolls found in Qumran caves in the Judean Desert and dated around 120 BC, during a visit to the Shrine of the Book at the Israel Museum in Jerusalem. The Dead Sea Scrolls are a collection of hundreds of biblical texts in Hebrew, Aramaic, and Greek discovered 45 years ago in the Qumran Caves near the Dead Sea. Credit: The Telegraph
Market Closes for May 3^rd, 2018

Market Index	Close	Change
Dow Jones	23930.15	+5.17 +0.02%

S&P 500	2629.73	-5.94 -0.23%

NASDAQ	7088.152	-12.744 -0.18%

TSX	15621.47	-6.46
		-0.04%

International Markets

Market Index	Close	Change
NIKKEI	22472.78	-35.25
		-0.16%
HANG SENG	30313.37	-410.51
		-1.34%
SENSEX	35103.14	-73.28
		-0.21%
FTSE 100*	7502.69	-40.51
		-0.54%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.326	2.362
CND. 30 Year Bond	2.406	2.435
U.S. 10 Year Bond	2.9548	2.9738
U.S. 30 Year Bond	3.1205	3.1502

Currencies

BOC Close	Today	Previous
Canadian $	0.77840	0.77643
US $	1.28469	1.28795

Euro Rate 1 Euro=		Inverse
Canadian $	1.54019	0.64927
US $	1.19888	0.83411

Commodities

Gold	Close	Previous
London Gold Fix	1304.20	1307.10

Oil
WTI Crude Future	68.43	67.93

Market Commentary:
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks were little changed amid a barrage of earnings, with Canadian Natural Resources Ltd. and BCE Inc. creating pressure to the downside, offset by strength in Waste Connections Inc. and Manulife Financial Corp.
The S&P/TSX Composite Index slipped 6 points, or less than 0.1 percent, to 15,621.47. Telecom shares were the biggest decliners, losing 0.9 percent as BCE fell 1.7 percent on weaker- than-expected unit revenue growth. The energy index slid 0.6 percent, with Canadian Natural Resources down 2.2 percent.
Waste Connections gained 4.3 percent, the most since January 2016 amid broadly strong results in the sector. Manulife rose 1.4 percent, bucking a decline in financials, on improving Asian results.
In other moves:
Stocks
* Norbord Inc. lost 6.2 percent, the most since September, after first-quarter results missed estimates
* Shopify Inc. gained 7.8 percent, the most since Valentine’s Day. The stock fell 6.3 percent over the previous two days amid slowing growth metrics
* Gildan Activewear Inc. added 4 percent, the most since 2016, following an upgrade to buy at TD Securities
Commodities
* Western Canada Select crude oil traded at a $15.90 discount to WTI
* Gold rose 0.5 percent to $1,312.70 an ounce, the first gain this week
FX/Bonds
* The Canadian dollar strengthened 0.2 percent to C$1.2851 per U.S. dollar
* The Canada 10-year government bond yield fell 3 basis points to 2.33 percent after Canada’s trade deficit unexpectedly widened to a record in March
US
By Sarah Ponczek and Janine Wolf
(Bloomberg) — U.S. stocks rallied back from a four-week low, with major averages bouncing off of key technical levels, but still ended down for the second straight day.
The S&P 500 recovered more than 1 percent from session lows, buoyed by tech shares. The rebound came after the gauge slumped through its 200-day moving average, a level that has provided downside support five times since February. The rally was hampered by falling Treasury yields, which weighed on financial firms.
Investors are still digesting the Federal Reserve’s latest decision and await Friday’s monthly jobs report for clues on the strength of the world’s largest economy.
“What we’re faced with here is a continuation of a strong economy, strong earnings and inflation creep that’s spooking the market on the fixed income side overall the last several months,” Chad Morganlander, a portfolio manager at Washington Crossing Advisors, said by phone. “Now, that to me is the thematic that’s going to play out not only today but going into the jobs number.”
Materials shares gained as trade talks between the U.S. and China got underway Thursday, but both sides dialed back expectations. Beijing won’t agree to preconditions that include abandoning its advanced manufacturing program and agreeing to cut the trade gap by a fixed amount, a Chinese official said. American delegates said earlier that a breakthrough is unlikely, and they might leave early if unsatisfied. Talks are expected to resume on Friday.
Investors are also weighing the meaning of the latest Fed gathering. The U.S. central bank kept rates on hold as expected on Wednesday, admitting inflation is near target without suggesting any need to accelerate its gradual hiking path.
More data points are rolling in: The U.S. trade deficit narrowed in March by the most in two years, while last week’s unemployment filings were below estimates and productivity gains remained lukewarm in the first quarter. Growth in U.S. service industries cooled in April to a four-month low and hiring eased, adding to signs the economy is off to a softer start this quarter, an Institute for Supply Management survey showed Thursday.
European equities retreated following their rally a day earlier. In Asia, Hong Kong stocks underperformed just as Chinese smartphone maker Xiaomi Corp. filed for what’s expected to be the world’s biggest IPO since 2014.
West Texas oil gained as traders weighed a rise in stockpiles against concern about U.S. sanctions on Iran. Gold advanced.
Some key events coming up during the remainder of this week:
* The European Commission will present its spring economic forecasts, including growth, inflation, debt and deficit projections.
* Payroll gains in the U.S. probably picked up in April, with the unemployment rate forecast to drop to 4 percent, according to surveys of economists before the data reports due Friday.
* Earnings season continues, with Alibaba and HSBC Holdings Plc on Friday.
* Reserve Bank of Australia releases its quarterly update of growth and inflation forecasts on Friday.
* Berkshire Hathaway holds its annual shareholders meeting in Omaha, Nebraska on Saturday.
And these are the main moves in markets:
Stocks
* S&P 500 Index fell 0.2 percent as of 4:02 p.m. New York time, to the lowest in more than a week.
* The Stoxx Europe 600 Index declined 0.7 percent, the largest drop in a week.
* The U.K.’s FTSE 100 Index declined 0.5 percent, the first retreat in more than a week.
* Germany’s DAX Index sank 0.9 percent.
* The MSCI Emerging Market Index decreased 0.9 percent to its lowest in a week.
Currencies
* The Bloomberg Dollar Spot Index sank 0.3 percent.
* The euro climbed 0.3 percent to $1.1983.
* The British pound declined less than 0.05 percent to $1.357.
* The Japanese yen jumped 0.6 percent to 109.20 per dollar, the largest climb in almost six weeks.
Bonds
* The yield on 10-year Treasuries decreased two basis points to 2.95 percent, the lowest in almost two weeks.
* Germany’s 10-year yield fell five basis points to 0.53 percent.
* Britain’s 10-year yield declined seven basis points to 1.39 percent.
Commodities
* West Texas Intermediate crude increased 0.8 percent to $68.46 a barrel.
* Gold jumped 0.5 percent to $1,311.78 an ounce.
* LME copper advanced 0.1 percent to $6,827 a metric ton.
–With assistance from Andreea Papuc, Adam Haigh and Samuel Potter.

Have a great night.

Be magnificent!

As ever,

Carolann

Don’t knock the weather. If it didn’t change once in a while, nine
out of ten people couldn’t start a conversation.
-Kin Hubbard, 1868-1930

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

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

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

May 2, 2018

May 2, 2018 Newsletter

Dear Friends,

Tangents:
On May 2, 1945, the Soviet Union announced the fall of Berlin and the Allies announced the surrender of Nazi troops in Italy and parts of Austria.
Go to article »

On this day in 1981, American Airlines introduced the first frequent-flyer program, AAdvantage. Most major airlines followed suit almost immediately.

The next wave in the looming robot apocalypse is their invasion of the Smithsonian museums. Twenty-five robots started “working” there this week.

Leonardo Da Vince, d. May 2, 1519

As a well-spent day brings happy sleep, so a life well used brings a happy death. ~Leonardo Da Vinci.

PHOTOS OF THE DAY

Steam returns to the Settle to Carlisle railway line, as the first ‘Dalesman’ train hauls passengers on the most scenic railway in England. Pictured is the LMS Stanier Class 8F 48151 powering over Arten Gill Viaduct – high in the Cumbrian Pennines – as passengers enjoy stunning views along the back bone of England. Credit: Paul Kingston/NNP

Theatre company Les Enfants Terribles have created this art installation in Blickling Hall, Norfolk. The Word Defiant is a series of installations throughout the mansion, revealing stories of books that have been banned, burned, redacted, drowned, neglected and superseded. Credit: David Rose for the Telegraph

Students from the University of St. Andrews take part in the traditional May Day Dip on the East Sands in St. Andrews, Fife. Plunging into the freezing North Sea at dawn on the first of May is said to promote good luck in exams. Credit: Jane Barlow/PA

Mathilde Edey Gamassou, acting as Jeanne d’Arc, takes part in a tribute to Jeanne D’Arc (Joan of Arc) at the Johannique celebrations in Orleans, central France. Credit: Guillaume Souvant/AFP/Getty Images
Market Closes for May 2^nd, 2018

Market Index	Close	Change
Dow Jones	23924.98	-174.07 -0.72%

S&P 500	2635.67	-19.13 -0.72%

NASDAQ	7100.898	-29.806 -0.42%

TSX	15627.93	+9.00
		+0.06%

International Markets

Market Index	Close	Change
NIKKEI	22472.78	-35.25
		-0.16%
HANG SENG	30723.88	-84.57
		-0.27%
SENSEX	35176.42	+16.06
		+0.05%
FTSE 100*	7543.20	+22.84
		+0.30%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.362	2.345
CND. 30 Year Bond	2.435	2.416
U.S. 10 Year Bond	2.9738	2.9700
U.S. 30 Year Bond	3.1502	3.1311

Currencies

BOC Close	Today	Previous
Canadian $	0.77643	0.77834
US $	1.28795	1.28478

Euro Rate 1 Euro=		Inverse
Canadian $	1.53972	0.64947
US $	1.19548	0.83648

Commodities

Gold	Close	Previous
London Gold Fix	1307.10	1313.20

Oil
WTI Crude Future	67.93	67.25

Market Commentary:
Number of the Day
$100 billion
The value of a share buyback program that Apple Inc. announced Tuesday, the largest in corporate history. The tech giant said earlier in the year that it was bringing overseas cash back to the U.S.
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks edged higher, propelled by stronger commodity prices and earnings from tech company CGI Group Inc.
The S&P/TSX Composite Index added nine points or 0.1 percent to 15,627.93 after earlier gaining as much as 0.4 percent. Materials rose the most, adding 0.7 percent as Chinese investors piled into base metals.
CGI rose 2.3 percent, briefly touching a record high, after quarterly revenue beat the highest estimate. Maple Leaf Foods Inc. was the biggest decliner, falling 5.7 percent, the most since 2015, on lower pork processing margins.
In other moves:
Stocks
* Green Organic Dutchman Holdings Ltd. rose 6.6 percent in the cannabis company’s trading debut
* NexGen Energy Ltd gained 8.3 percent. The uranium miner said it made significant radioactivity discoveries around its Arrow deposit
* Russel Metals Inc. added 5.8 percent, the most since November, after first-quarter earnings beat the highest analyst estimate
Commodities
* Western Canada Select crude oil traded at a $15.25 discount to WTI
* Gold fell 0.1 percent to $1,305.60 an ounce, the lowest since March 1
FX/Bonds
* The Canadian dollar weakened 0.3 percent to C$1.2885 per U.S. dollar, the lowest since April 2
* The Canada 10-year government bond yield rose two basis points to 2.37 percent
US
By Janine Wolf and Sarah Ponczek
(Bloomberg) — U.S. stocks fell to their lowest in a week and the dollar jumped as investors assessed the Federal Reserve’s signal that it’s in no rush to raise rates even as inflation rises to its target.
The S&P 500 ended near session lows after briefly pushing higher following the central bank’s decision to hold rates steady. Equities tumbled in the final hour of trading as concern mounted that the Fed may let inflation run hot as it gradually tightens. Treasury yields resumed a march to 3 percent and the dollar strengthened versus major peers, adding to equity headwinds.
Central bank officials may have signaled their willingness to allow inflation to exceed their 2 percent goal somewhat by adding a reference to the “symmetric” nature of their target.
“This week’s government data showed inflation moving closer to its 2 percent target. This adjustment is simply an acknowledgment by the Fed that its inflation forecast is, in fact, playing out as predicted,” Robin Anderson, a senior economist at Principal Global Investors, said in an email.
“Since inflation was running below 2 percent, this language indicates that the Fed might be willing to let it run a little above 2 percent for a little while.”
The British pound and the euro traded lower. Emerging- market equities and currencies mostly dropped. Gold and oil gained after the Fed announcement. Earlier, miners, automakers and technology shares led the Stoxx Europe 600 Index toward its best gain this week, shrugging off declines in most Asian markets.
As U.S. trade officials prepare to visit China for talks Thursday and Friday, the People’s Bank of China weakened its daily currency fixing by more than traders and analysts had expected. The move raises questions about whether it may devalue further to counter American import tariffs.
These are some key events to watch this week:
* Eurozone producer prices are scheduled for tomorrow.
* The European Commission will present its spring economic forecasts, including growth, inflation, debt and deficit projections.
* Payroll gains in the U.S. probably picked up in April, with the unemployment rate forecast to drop to 4 percent, according to surveys of economists before the data reports due Friday.
* Earnings season continues with Tesla Inc. on Wednesday and HSBC Holdings Plc Friday.
And these are the main moves in markets:
Stocks
* The S&P 500 Index declined 0.7 percent as of 4:01 p.m. New York time.
* The Stoxx Europe 600 Index advanced 0.6 percent.
* The U.K.’s FTSE 100 Index gained 0.3 percent, its fifth consecutive advance.
* Germany’s DAX Index surged 1.5 percent to the highest in almost three months.
* The MSCI Emerging Market Index fell 1 percent, the biggest drop in a week.
Currencies
* The Bloomberg Dollar Spot Index gained 0.3 percent.
* The euro fell 0.4 percent to $1.1941.
* The British pound fell 0.4 percent to $1.3563.
* The Japanese yen declined 0.1 percent to 109.92 per dollar.
Bonds
* The yield on 10-year Treasuries gained one basis point to 2.97 percent.
* Germany’s 10-year yield climbed two basis points to 0.58 percent, the largest surge in more than a week.
* Britain’s 10-year yield climbed five basis points to 1.457 percent, the first advance in a week.
Commodities
* West Texas Intermediate crude gained 0.7 percent to $67.73 a barrel, the biggest gain in two weeks.
* Gold increased 0.1 percent to $1,304.55 an ounce.
* LME copper rose 1.1 percent to $6,820 a metric ton.
–With assistance from Adam Haigh, Cecile Gutscher and Todd White.

Have a great evening.

Be magnificent!

As ever,

Carolann

Chance fights ever on the side of the prudent.
-Euripedes, c. 480 BC- c. 406 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

May 1, 2018

May 1, 2018 Newsletter

Dear Friends,

Tangents: May Day today.
Polydore Virgil says that the Roman youths used to go into the fields and spend the Calends of May in dancing and singing in honour of Flora, goddess of fruits and flowers. The English celebrated May Day with games and sports, particularly archery and Morris Dances and the setting up of the Maypole. In due time, Robin Hood and Maid Marian came to preside as Lord and Lady of the May, and by the 16^th century, May Day was Robin Hood’s Day and Robin Hood plays became an integral part of the festivities. -from Brewer’s Phrase & Fable.

-From today’s New York Times:

But on this day in 1930, “Pluto” was suggested as the name of what was then the newly discovered ninth planet, inspired by a British schoolgirl, Venetia Burney.

Shortly after “Planet X” was discovered in February of that year, Venetia’s grandfather was reading about the news over breakfast. Interested in Greek and Roman mythology, Venetia suggested Pluto, the god of the underworld.

Her grandfather, a retired librarian at Oxford, sent her suggestion to a professor of astronomy at the university, who wrote back: “I think PLUTO excellent!!”

The name worked on a few levels: As the most distant planet, the name of an underworld god was fitting. And the planet’s first two letters matched the initials of Percival Lowell, the astronomer who initiated the search for Pluto.

As a reward, her grandfather gave her a five-pound note, and later an asteroid was named 6235 Burney in her honor, in 1987.

But she was modest about her achievement during an interview with NASA in 2006 (the same year that Pluto was demoted to a dwarf planet): “It doesn’t arise in conversation and you don’t just go around telling people that you named Pluto.”

Anna Schaverien wrote today’s Back Story.

PHOTOS OF THE DAY

Early risers were treated to a dramatic sky on the Northumberland coast this morning as rays of sunlight emit from ominous clouds over Bamburgh Castle sending golden dappled light over the North Sea and the Farnes Islands just after sunrise. Credit: The Telegraph

These are the stunning pictures of seven adorable dogs – which could be the most obedient pooches in Scotland. Kaylee Robertson has six well-trained Shetland sheep-dogs, and one Alaskan Klee Kai which she says are like “fully trained models”. The 28-year-old’s clever pups have been taught to stand together while Kaylee takes pictures of them striking a pose. Some of the dogs, who are named are Lord of the Rings and Game of Thrones characters, have been posing since they were four weeks old. The cute pups, whose age range from six months to six years old, are called Fenton, Thiago, Gimli, Mercy, Ghost, Murphy and Jara. Credit: The Telegraph

Bluebells add a dash of colour to Hollybank Woods near Emsworth on the Hampshire/West Sussex border. The woods are a haven to flora and fauna including rare bat species. Credit: The Telegraph
Market Closes for May 1^st, 2018

Market Index	Close	Change
Dow Jones	24099.05	-64.10 -0.27%

S&P 500	2654.80	+6.75 +0.25%

NASDAQ	7130.703	+64.437 +0.91%

TSX	15618.93	+11.05
		+0.07%

International Markets

Market Index	Close	Change
NIKKEI	22508.03	+40.16
		+0.18%
HANG SENG	30808.45	+527.78
		+1.74%
SENSEX	35160.36	+190.66
		+0.55%
FTSE 100*	7520.36	+11.06
		+0.15%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.345	2.303
CND. 30 Year Bond	2.416	2.398
U.S. 10 Year Bond	2.9700	2.9494
U.S. 30 Year Bond	3.1311	3.1196

Currencies

BOC Close	Today	Previous
Canadian $	0.77834	0.77903
US $	1.28478	1.28365

Euro Rate 1 Euro=		Inverse
Canadian $	1.54086	0.64899
US $	1.19921	0.83388

Commodities

Gold	Close	Previous
London Gold Fix	1313.20	1321.50

Oil
WTI Crude Future	67.25	68.57

Market Commentary:
$ ~ On this day in 1956, seven investors contributed $105,000 to an investment partnership to be run by a 25-year-old from his bedroom in a rented house in Omaha. The “kid” was Warren Buffett.
Number of the Day
2%
The Fed’s preferred inflation gauge was up 2% from a year earlier in March, meeting the central bank’s target for the first time in more than a year.
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks closed with a small gain after spending most of the session in the red, with gains in materials offsetting a big drop in Shopify Inc.
The S&P/TSX Composite Index added 11 points or 0.1 percent to 15,618.93. Detour Gold Corp. led the gains, rising 9.5 percent after five straight days of declines. The materials sector added 0.5 percent.
Shopify lost 4.8 percent amid slowing growth metrics. Technology stocks were flat.
In other moves:
Stocks
* Colliers International Group Inc. gained 7.8 percent to a record high after first-quarter earnings and revenue beat the highest analyst estimates
* Cameco Corp. added 6.1 percent, the most this year. TD Securities said it sees uranium prices moving higher over the next 12 months
* Secure Energy Services Inc. fell 5.1 percent after first- quarter earnings missed estimates
Commodities
* Western Canada Select crude oil traded at a $14.85 discount to WTI, the narrowest gap since November
* Gold fell 0.9 percent to $1,306.80 an ounce, the lowest since March .
FX/Bonds
* The Canadian dollar weakened 0.1 percent to C$1.2858 per U.S. dollar
* The Canada 10-year government bond yield rose four basis points to 2.35 percent after the Canadian economy rebounded more than expected in February
US
By Janine Wolf and Sarah Ponczek
(Bloomberg) — U.S. stocks closed mixed, with Apple Inc. leading a late afternoon rally in tech shares that helped offset a drop in industrials sparked by weak production data. The dollar registered its biggest advance in more than a week and Treasuries fell.
“You might be having a little bit of buy on the dip activity,” said Matt Schreiber, president and chief investment strategist at WBI Investments. “If you’re actually following the fundamentals, you’d be putting money to work in the sectors where companies are printing good earnings and revenue.”
The Dow Jones Industrial Average declined for a third day as U.S. manufacturing expanded at its slowest pace since July. Tech companies including Apple — which reports earnings after the close — bucked the downward trend, pushing the Nasdaq higher. Ten-year Treasury yields gained but remained below 3 percent as the greenback posted its ninth gain in 11 days, with that strength weighing on most commodities: Oil retreated and gold declined to its lowest price since December.
Sterling slumped after U.K. manufacturing slowed more than predicted. That spurred the FTSE, one of the few European equity gauges trading, to rise a fourth day. Broader European benchmarks were flat, as businesses warned of market uncertainty following the Trump administration’s decision to delay U.S. steel and aluminum tariffs.
Markets were shut for holidays in countries including Germany, France, Italy, Spain, China, Hong Kong, Singapore and India.
A big focus this week is likely to be central bank policy and economic data. Investors will watch the Federal Reserve meeting closely for any signals that policy makers will raise interest rates another three times this year.
“There is a tug-of-war in the market as to whether or not the economy is gaining strength, or whether or not it continues to be moderate, and therefore whether or not the economy can withstand three or even four rate hikes, especially if you are seeing a moderation of economic activity in Europe,” Quincy Krosby, chief market strategist at Prudential Financial Inc., said by phone.
With the dollar ticking higher, foreign-exchange traders are also asking whether the U.S. currency’s bout of strength has legs or will fade as sellers emerge at key technical levels. The Australian dollar declined after the central bank maintained its policy stance amid below-target inflation and constrained household spending.
These are some key events to watch this week:
* The Federal Open Market Committee begins a two-day meeting on Tuesday. The rates decision is Wednesday.
* The European Commission presents its spring economic forecasts, which include projections for growth, inflation, debt and deficit.
* Payroll gains in the U.S. probably picked up in April, with the unemployment rate forecast to drop to 4 percent, according to surveys of economists.
* Earnings season continues, with Apple Inc. headlining. Other high profile results include Pfizer Inc., HSBC Holdings Inc. and Tesla Inc.
And these are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.3 percent to 2,654.79 as of 4:03 p.m. New York time.
* The Nasdaq 100 Index rose 1.2 percent to 6,681.96; the Dow Jones Industrial Average slid 0.3 percent to 24,099.05.
* The U.K.’s FTSE 100 Index rose 0.2 percent to the highest in almost three months.
* The MSCI Emerging Market Index decreased 0.5 percent.
Currencies
* The Bloomberg Dollar Spot Index increased 0.6 percent to the highest in almost 16 weeks.
* The euro declined 0.7 percent to $1.1993, touching the weakest in almost 16 weeks.
* The British pound fell 1.1 percent to $1.3621.
* The Japanese yen decreased 0.5 percent to 109.88 per dollar, touching the weakest in more than 12 weeks.
Bonds
* The yield on 10-year Treasuries increased two basis point to 2.97 percent.
* Britain’s 10-year yield fell one basis point to 1.40 percent, its sixth straight decline.
Commodities
* West Texas Intermediate crude fell 1.7 percent to $67.43 a barrel.
* Gold dropped 0.8 percent to $1,305 an ounce, touching the weakest in four months.
* LME copper fell 0.9 percent to $6,716.25 a metric ton.
–With assistance from Anooja Debnath.

Have a great night.

Be magnificent!

As ever,

Carolann

A man is not idle because he is absorbed in thought. There is a visible labor and there is an invisible labor. -Victor Hugo, 1802-1885

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

April 30, 2018

April 30, 2018 Newsletter

Dear Friends,

Tangents: Beltane, Wicca.
Walpurgisnacht, Witch’s night, Europe.
We were there last night when the dark drew down:
We set the bonfires leaping.
Then we vanished in the heather and we couldn’t be found until the dawn came creeping.
-Celtic rock group Annwn

On this day in 1803, President Thomas Jefferson signed the Louisiana Purchase, paying Napoleon Bonaparte $15 million for 828,000 square miles of territory.

Some of the works at the Uffizi Gallery, the museum in Florence, Italy, known for its pieces from the Italian Renaissance, can now be viewed from your couch via the gallery’s virtual tour. Check it out at http://bit.ly/uffizigallery.

PHOTOS OF THE DAY

A cloud of pollen swirled by the wind hangs over the Niedersonthofener See lake in Missen near Immenstadt, southern Germany. Credit: The Telegraph

Samaritans take part in the traditional Passover sacrifice ceremony, where sheep and goats are slaughtered, at Mount Gerizim near the northern West Bank city if Nablus. The Israeli Samaritan community which numbers 720 people practices a religion that is based on four principles of faith, one God – the God of Israel; one Prophet – Moses Ben Amram; the belief in the Torah – the first five books of the Bible and one holy place – Mount Gerizim, close to the West Bank City of Nablus. Credit: The Telegraph

Bangladeshi boatman carry watermelons on the river Burigangan. Credit: The Telegraph
Market Closes for April 30^th, 2018

Market Index	Close	Change
Dow Jones	24163.15	-148.04 -0.61%

S&P 500	2648.05	-21.86 -0.82%

NASDAQ	7066.266	-53.533 -0.75%

TSX	15607.88	-61.05
		-0.39%

International Markets

Market Index	Close	Change
NIKKEI	22467.87	+148.26
		+0.66%
HANG SENG	30808.45	+527.78
		+1.74%
SENSEX	35160.36	+190.66
		+0.55%
FTSE 100*	7509.30	+7.09
		+0.09%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.303	2.322
CND. 30 Year Bond	2.398	2.411
U.S. 10 Year Bond	2.9494	2.9568
U.S. 30 Year Bond	3.1196	3.1262

Currencies

BOC Close	Today	Previous
Canadian $	0.77903	0.77886
US $	1.28365	1.28393

Euro Rate 1 Euro=		Inverse
Canadian $	1.55064	0.64489
US $	1.20800	0.82782

Commodities

Gold	Close	Previous
London Gold Fix	1321.50	1320.70

Oil
WTI Crude Future	68.57	68.10

Market Commentary:
Number of the Day
2.3%
Gross domestic product—the value of all goods and services produced in the U.S., adjusted for inflation—expanded at an annual rate of 2.3% for the months January through March, losing some momentum in the first quarter after a spurt of faster growth last year.
Canada
By Kristine Owram
(Bloomberg) — Canada’s stock benchmark posted its first positive month of 2018, ending April with a gain of 1.6 percent even as shares retreated on the final trading day.
The S&P/TSX Composite Index lost 61 points or 0.4 percent to 15,607.88 Monday as trading resumed after a hardware failure at TMX Group Ltd. shut down Friday’s session more than two hours early. TMX shares lost 1.7 percent.
Consumer staples slid 1.5 percent and materials lost 1.2 percent. Detour Gold Corp. was the biggest decliner for the second trading day, falling 5.8 percent on top of Friday’s 32 percent loss amid rising costs.
In other moves:
Stocks
* Aurora Cannabis Inc. gained 6 percent after Australia’s Cann Group Ltd. said it had “very preliminary” discussions with Aurora on a potential deal
* Shopify Inc. rose 5.8 percent ahead of first-quarter earnings Tuesday morning
* Air Canada added 3 percent. The airline’s first-quarter loss was significantly narrower than analysts expected
Commodities
* Western Canada Select crude oil traded at a $17.00 discount to WTI
* Gold fell 0.3 percent to $1,319.20 an ounce
FX/Bonds
* The Canadian dollar was little changed at C$1.2833 per U.S. dollar
* The Canada 10-year government bond yield fell two basis points to 2.30 percent
US
By Sarah Ponczek
(Bloomberg) — A week full of earnings reports and economic data started on a down note, with U.S. stock benchmarks pulled lower by technology and industrial shares. The dollar had its best month since November 2016 while the pound slipped as U.K. Prime Minister Theresa May lost a key ally.
The S&P 500 Index finished Monday at session lows, led downward by stocks including Boeing Co. and Microsoft Corp., while the Nasdaq 100 also sank beneath the weight of broad-based tech declines, including Celgene Corp. Apple Inc., which reports earnings Tuesday, was among the bright spots, as was McDonald’s Corp., which had its biggest gain since October 2015 after reporting solid results.
“People don’t necessarily have conviction at the moment on their holdings,” Joe “JJ” Kinahan, the chief market strategist at TD Ameritrade, said by phone. “Every day, there’s sort of a new sector that’s the sector leading the way. Last year, you knew it was going to be technology or financials, primarily the FANG stocks. Now it’s, ‘Oh no, this. Oh no, this.”’
Some of the inertia in equities may be pinned on recently announced big-ticket takeovers. T-Mobile US Inc. sank after unveiling plans to acquire Sprint Corp. for $26.5 billion in stock. Sprint fell on concern the deal will be blocked on antitrust grounds. Verizon Communications Inc. dropped, too. Marathon Petroleum Corp., which intends to buy rival oil refiner Andeavor for more than $20 billion, also declined.
The 10-year Treasury yield held just below 3 percent after the U.S. Commerce Department reported a pickup in consumer spending in March and inflation hit the Federal Reserve’s 2 percent target, reinforcing the outlook for further interest- rate hikes.
Company results and economic numbers, including U.S. employment figures, will continue to roll in this week, while monetary policy and benchmark yields will remain a major focus as the Fed meets for its next rate decision.
The Stoxx Europe 600 Index rose, and the FTSE 100 Index climbed to the highest in almost three months, with retailer J Sainsbury Plc jumping as it plans to buy Walmart Inc.’s U.K. arm, Asda. The pound dropped after Amber Rudd quit as U.K. home secretary and Housing Secretary Sajid Javid was named her replacement.
Oil gained after Israel accused Iran of having a secret plan to continue building nuclear weapons. Gold fell. Equities in Seoul advanced with the won after North Korea pledged denuclearization on Friday ahead of the upcoming summit between Kim Jong Un and U.S. President Donald Trump.
These are some key events to watch this week:
* The Federal Open Market Committee begins a two-day meeting on Tuesday. The rates decision in Wednesday.
* It’s Golden Week in Japan, with public holidays Monday, Thursday and Friday. China is shut Monday and Tuesday.
* The Reserve Bank of Australia’s monetary policy decision is out Tuesday.
* The European Commission presents its spring economic forecasts, which include projections for growth, inflation, debt and deficit.
* Payroll gains in the U.S. probably picked up in April, with the unemployment rate forecast to drop to 4 percent, according to surveys of economists.
* Earnings season continues, with Apple Inc. headlining. Other high profile results include Pfizer Inc., Merck & Co., HSBC Holdings Inc., Tesla Inc., and BP Plc.
And these are the main moves in markets:
Stocks
* The S&P 500 Index fell 0.8 percent as of 4:03 p.m. New York time.
* The Stoxx Europe 600 Index increased 0.2 percent.
* The U.K.’s FTSE 100 Index increased 0.1 percent to the highest in almost three months.
* The MSCI Emerging Market Index climbed 0.7 percent to its highest in more than a week.
Currencies
* The Bloomberg Dollar Spot Index advanced 0.3 percent to the highest in more than 15 weeks.
* The euro decreased 0.5 percent to $1.2075, the weakest in more than 15 weeks.
* The British pound declined 0.1 percent to $1.3767, the weakest in two months.
* The Japanese yen fell 0.3 percent to 109.32 per dollar.
Bonds
* The yield on 10-year Treasuries fell one basis point to 2.95 percent, the lowest in more than a week.
* Germany’s 10-year yield fell one basis point to 0.56 percent.
* Britain’s 10-year yield decreased three basis points to 1.418 percent, its fifth straight decline.
Commodities
* West Texas Intermediate crude rose 0.5 percent to $68.41 a barrel.
* Gold fell 0.7 percent to $1,315.20 an ounce.
* LME copper rose 0.1 percent to $6,807 per metric ton.
–With assistance from Heejin Kim, Andreea Papuc, Brandon Kochkodin and Eddie van der Walt.

Have a great evening.

Be magnificent!

As ever,

Carolann

Nothing in the world can take the place of persistence. Talent will not; nothing is more common than unsuccessful men with talent.
Genius will not; unrewarded genius is almost a proverb. Education will not; the world is full of educated derelicts. Persistence and determination are omnipotent. The slogan “press on” has solved and always will solve the problems of the human race. -Calvin Coolidge, 1872-1933

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