Posted on

April 26, 2018 Newsletter

Dear Friends,

Tangents:

“It’s a dictatorship at the door and a democracy on the dance floor.”  

That’s what Andy Warhol said was the key to success for Studio 54, the famously wild New York City nightclub that opened its doors on this day in 1977. 

1986: Chernobyl nuclear reactor disaster.
1937: Massacre, Guernica, Spain

Artist Chrisoffer Relander utilizes double exposures to make it look as if real places are inside jars.  Recent images include a snowy landscape in Sweden and a wooded farm.  Check out his work – and marvel at how he accomplishes it – at www.instagram.com/christ_of_ferrelander.

PHOTOS OF THE DAY

Children play indoor football at Sportivo Pereyra de Barracas football club in Buenos Aires, Argentina, where local artist Santiago Barbeito created a football version of Michelangelo’s “Creation of Adam” on the ceiling of the pitch. In the painting that represents the long lasting tradition of Argentinian football, Adam is depicted by Argentine Barcelona’s football star Lionel Messi, former footballer Diego Maradona stands for God, and the apostles are depicted by footballer Sergio Aguero, former footballers, Mario Kempes, Ricardo Bochini, Gabriel Batistuta, Claudio Caniggia, Juan Roman Riquelme and Ariel Ortega. Credit: Juan Mabromata/AFP/Getty Images
Market Closes for April 26th, 2018

Market

Index

 Close Change
Dow

Jones

 24322.34 +238.51

 

+0.99%
 
S&P 500 2666.94 +27.54

 

+1.04%
 
NASDAQ 7118.676 +114.938

 

+1.64%
 
TSX 15637.59 +127.84

 
+0.82%

International Markets

Market

Index

 Close Change
NIKKEI 22319.61 +104.29
+0.47%
HANG

SENG

 30007.68 -320.47
-1.06%
SENSEX 34713.60 +212.33
+0.62%
FTSE 100* 7421.43 +42.11
+0.57%

Bonds

Bonds % Yield Previous % Yield
CND.

10 Year Bond

 2.352 2.372
CND.

30 Year

Bond

 2.446 2.475
U.S.   

10 Year Bond

 2.9828 3.0259
U.S.

30 Year Bond

 3.1659 3.2068

Currencies

BOC Close Today Previous  
Canadian $ 0.77681 0.77876
US

$

 1.28731 1.28409
     
Euro Rate

1 Euro=

 Inverse
Canadian $ 1.55824 0.64175
US

$

 1.21046 0.82613

Commodities

Gold Close Previous
London Gold

Fix

 1321.65 1328.85
   
Oil    
WTI Crude Future 68.19 68.05

Market Commentary:
$~On this day in 1973, the Chicago Board Options Exchange opened for trading, with call options available on 16 U.S. common stocks.  For the first time, stock options were on a dedicated exchange and registered for trading in standardized form.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks closed at the highest in more than five weeks with all sectors gaining amid strong earnings on both sides of the border.
     The S&P/TSX Composite Index added 128 points or 0.8 percent to 15,637.59, the highest since March 21. Technology shares rallied along with their counterparts in the U.S., gaining 1.4 percent after strong earnings from the likes of Facebook Inc.
     The financial index rose 1.1 percent, boosted by Fairfax Financial Holdings Ltd., which rose 2.9 percent. Fairfax CEO Prem Watsa is looking to deploy his large cash stockpile.
     In other moves:
                          Stocks
* Husky Energy Inc. lost 8.1 percent, the most in two years, after an explosion at its refinery in Superior, Wisconsin
* West Fraser Timber Co. Ltd. slid 3.7 percent. First-quarter shipments were hurt by rail-car shortages in Western Canada
* Stantec Inc. added 3.9 percent, the most since August. The engineering firm is conducting a strategic review of its MWH Constructors business
                          Commodities
* Western Canada Select crude oil traded at a $17.40 discount to WTI
* Gold fell 0.4 percent to $1,316.30 an ounce, the lowest in more than five weeks
                          FX/Bonds
* The Canadian dollar weakened 0.3 percent to C$1.2885 per U.S. dollar, the weakest since April 2
* The Canada 10-year government bond yield fell two basis points to 2.35 percent
US
By Sarah Ponczek and Janine Wolf
     (Bloomberg) — U.S. equities rose, with technology shares rallying after strong earnings from Facebook Inc. and Advanced Micro Devices Inc. offered a reprieve for bulls. The yield on 10-year Treasuries fell below 3 percent.
     The Nasdaq 100 Index surged 2.1 percent, with Facebook notching its best day in two years and AMD lifting beleaguered chipmakers. Intel Corp. reports after the U.S. close. Rate- sensitive shares advanced as the 10-year yield fell for the first time in nine days. Crude oil rose and gold declined.
    “The wave of earnings are finally getting to the right place,” said Omar Aguilar, chief investment officer for equities at Charles Schwab Investment Management. “It has been a market where the good news on earnings and the good news on the economy have been offset by these rising yields on the fixed income side, and it’s just that that has created extra volatility.”
     “Everyone is surprised at how well these companies are posting their performance through this earnings period,” said Kevin Miller, chief executive officer of Minnesota-based E- Valuator Funds. “Two things drive markets: One is fundamentals, and two is emotion.”
     In Europe, the common currency declined after the central kept interest rates unchanged and ECB President Mario Draghi said growth in the euro area is expected to remain solid, albeit with some moderation. European bonds tracked the jump in Treasuries, while the Stoxx Europe 600 Index posted its first increase in three days. Earlier in Asia, shares in Korea and Japan rose as those in China and Hong Kong fell.
     Elsewhere, aluminum climbed and Alcoa Corp. gained. Oleg Deripaska plans to keep control of United Co. Rusal even as the Russian aluminum giant battles for survival in the face of harsh U.S. sanctions, according to people familiar with the matter.
     These are some important events remaining this week:
* U.S. GDP data are due Friday.
* Earnings season continues, with Amazon.com among those due to report.
* The Bank of Japan announces its latest policy decision Friday and releases updated economic projections.
* The leaders of North and South Korea meet Friday.
     And these are the main moves in markets:
                           Stocks
* The S&P 500 Index rose 1 percent as of 4:03 p.m. New York time, while the Dow Jones Industrial Average gained 1 percent and the Nasdaq Composite Index increased 1.6 percent.
* The Stoxx Europe 600 Index climbed 0.9 percent and the MSCI Asia Pacific Index rose less than 0.1 percent.
* The U.K.’s FTSE 100 Index increased 0.6 percent.
* The MSCI Emerging Market Index jumped 0.5 percent, the first advance in a week.
                           Currencies
* The Bloomberg Dollar Spot Index gained 0.2 percent, reaching another three-month high.
* The euro eased 0.5 percent to $1.2105.
* The British pound fell less than 0.1 percent to $1.3919.
* The Japanese yen gained less than 0.1 percent to 109.34 per dollar, the first advance in more than a week.
                           Bonds
* The yield on 10-year Treasuries decreased four basis points to 2.99 percent, the first retreat in more than a week and the biggest tumble in almost three weeks.
* Germany’s 10-year yield sank four basis points to 0.59 percent.
* Britain’s 10-year yield decreased four basis points to 1.50 percent.
                           Commodities
* West Texas Intermediate crude rose 0.2 percent to $68.20 a barrel.
* Gold fell 0.4 percent to $1,318 an ounce. 

Have a great night.

Be magnificent!

As ever,

Carolann

The history of the world is none other than the progress
of the consciousness of freedom.
                                           -G.W.F. Hegel, 1770-1831

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

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

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

Posted on

April 25, 2018 Newsletter

Dear Friends,

Tangents:

1901: First license plates issued.

1915: Battle of Gallipoli

1926: the era of films with sound–known as “talkies”–began after AT&T, Western Electric and Bell Labs announced they had developed a device to provide “perfect automatic music for movies.”

1959 – Icebreaker D’Iberville opens eastern section of the new St. Lawrence Seaway for traffic. 
The Birth of a Seaway

PHOTOS OF THE DAY

Members of the Honourable Artillery Company fire a 62 gun salute from the Tower of London to welcome the birth of the Duke and Duchess of Cambridge’s third child. 
Credit: Hannah McKay/Reuters

Lenticular clouds over the 5,317 meters high Mount Ararat in Agri, Turkey. Credit: Bulent Mavzer/Anadolu Agency/Getty Images

A canoe lays on ice near holes made by fishermen on the melting frozen sea off the coast of Raipaluoto island, western Finland. Credit: Oliver Morin/AFP/Getty Images
Market Closes for April 25th, 2018

Market

Index

 Close Change
Dow

Jones

 24083.83 +59.70

 

+0.25%
 
S&P 500 2639.40 +4.84

 

+0.18%
 
NASDAQ 7003.738 -3.614

 

-0.05%
 
TSX 15509.75 +32.75

 
+0.21%

International Markets

Market

Index

 Close Change
NIKKEI 22215.32 -62.80
-0.28%
HANG

SENG

 30328.15 -308.09
-1.01%
SENSEX 34501.27 -115.37
-0.33%
FTSE 100* 7379.32 -46.08
-0.62%

Bonds

Bonds % Yield Previous % Yield
CND.

10 Year Bond

 2.372 2.354
CND.

30 Year

Bond

 2.475 2.451
U.S.   

10 Year Bond

 3.0259 2.9995
U.S.

30 Year Bond

 3.2068 3.1825

Currencies

BOC Close Today Previous  
Canadian $ 0.77876 0.77970
US

$

 1.28409 1.28254
     
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.56175 0.64031
US

$

 1.21623 0.82221

Commodities

Gold Close Previous
London Gold

Fix

 1328.85 1324.30
     
Oil    
WTI Crude Future 68.05 67.65

Market Commentary:
Number of the Day
3.001%
The yield on the benchmark 10-year U.S. Treasury note rose to 3.001% early in Tuesday’s trading session before retreating to end the day at 2.983%.
Canada
By Kristine Owram(Bloomberg) — Canadian stocks gained, led by railways and energy producers, while government bond yields rose for a sixth consecutive day.
     The S&P/TSX Composite Index added 33 points or 0.2 percent to 15,509.75. Industrials posted the biggest sector gain, adding 1.1 percent. Canadian Pacific Railway Ltd. rose 2.7 percent and Canadian National Railway Co. gained 2.4 percent, boosted by strong results and an upbeat forecast from U.S. competitor Norfolk Southern Corp.
     Energy shares rose 0.7 percent as lingering issues around an Iran nuclear deal gave a lift to crude prices. Cenovus Energy Inc. added 6 percent, the most since January, after CEO Alex Pourbaix said he expects to see “material volumes of oil moving by rail” in the second half of the year.
     In other moves:
                          Stocks
* TFI International Inc. gained 1.5 percent. The trucking company’s first-quarter earnings beat the highest estimate
* Sherritt International Corp. slid 4.9 percent after reporting results
* The Stars Group Inc. fell 1.8 percent, bringing its two-day loss to 5.6 percent. Moody’s Investors Service placed the company’s rating on review for downgrade
                          Commodities
* Western Canada Select crude oil traded at a $17.10 discount to WTI
* Gold fell 0.8 percent to $1,321.20 an ounce, the lowest in five weeks
                           FX/Bonds
* The Canadian dollar weakened 0.1 percent to C$1.2845 per U.S. dollar
* The Canada 10-year government bond yield rose two basis points to 2.37 percent, the highest since mid-February
US
By Sarah Ponczek and Janine Wolf
     (Bloomberg) — Most U.S. stocks closed higher after swinging between gains and losses while investors mulled the implications of rising U.S. bond yields and disappointing earnings. The dollar resumed its rally, climbing to the highest in three months.
     “We’re going to have to continue this back and forth because the question is going to be throughout the year whether or not and at what level are rates too high for the economy,” Brent Schutte, chief investment strategist at Northwestern Mutual Wealth Management Co., said in an interview at Bloomberg’s New York headquarters.
     Tech weakness sent the Nasdaq Composite to its fifth straight loss, the longest slide since 2016. Disappointing earnings weighed on some of the biggest names in tech, with Twitter dropping more than 4 percent as analysts questioned its pace of growth. The greenback strengthened against almost every major peer, with the euro among the losers a day before the European Central Bank’s next rate decision.
     Upward momentum in the dollar looks set to force a rethink on many of the most popular trades just now, giving equity investors yet another factor to grapple with after rising yields and threats to global trade roiled markets. They had been looking to earnings for some cheer, but even good earnings results have failed to inspire a pick up in equities, causing worries over peak growth to materialize.
     “The sharp sell-off in rates has hijacked market sentiment,” Mark McCormick, the North American head of foreign- exchange strategy at Toronto-Dominion Bank, wrote in a note to clients. “The 3% level on the U.S. 10-year does not have any magical properties, but market participants are trying to navigate a global markets regime shift with a toolkit of mostly unstable correlations.”
     Wednesday’s moves weren’t entirely risk-off, however, and established safe-haven assets including gold and the yen retreated.
     Elsewhere, most industrial metals declined. Emerging-market currencies mostly weakened, led by South Africa’s rand. Turkey’s lira reversed a gain even as the central bank raised one of its lending rates.
     These are some important events coming up this week:
* U.S. GDP data are due Friday.
* Earnings season continues. Among those reporting: Amazon.com and Samsung.
* The European Central Bank has a rate decision on Thursday.  Investors will watch for any sign that officials are preparing a shift in stimulus plans for their June meeting.
* The Bank of Japan announces its latest policy decision Friday and releases a quarterly outlook report.
* The leaders of North and South Korea meet Friday.
     And these are the main moves in markets:
                           Stocks
* The S&P 500 Index rose 0.2 percent to 2,639.39 as of 4:02 p.m. New York time, while the Dow Jones Industrial Average gained 0.2 percent to 24,082.66 and the Nasdaq Composite Index was little changed at 7,003.74.
* The Stoxx Europe 600 Index fell 0.8 percent on the largest decrease in more than a month, while the MSCI Asia Pacific Index dipped 0.7 percent.
* The U.K.’s FTSE 100 Index fell 0.6 percent, the first retreat in more than a week.
* The MSCI Emerging Market Index fell 1.1 percent.
                           Currencies
* The Bloomberg Dollar Spot Index rose 0.4 percent to the highest in almost 15 weeks.
* The euro declined 0.5 percent to $1.2172, the weakest in almost 15 weeks.
* The British pound decreased 0.3 percent to $1.3933, touching the weakest level in almost six weeks.
* The Japanese yen dipped 0.5 percent to 109.34 per dollar, after hitting the weakest in 11 weeks with its sixth straight decline.
                            Bonds
* The yield on 10-year Treasuries rose two basis points to 3.02 percent, reaching the highest in more than four years on its eighth straight advance.
* Germany’s 10-year yield was little changed at 0.63 percent.
* Britain’s 10-year yield was little changed at 1.54 percent.
                            Commodities
* West Texas Intermediate crude rose 0.2 percent to $67.94 a barrel.
* Gold declined 0.6 percent to $1,322.76 an ounce. 
–With assistance from Cormac Mullen and Samuel Potter.

Have a great evening.
 

Be magnificent!

As ever,

 

Carolann

Being good in business is the most fascinating kind of art.
                                          -Andy Warhol, 1927-1987.

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

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

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

Posted on

April 24, 2018 Newsletter

Dear Friends,

Tangents:
1779 – North West Company cooperative chartered as a formal company. 
1962 – The Massachusetts Institute of Technology achieved the first satellite relay of a television signal.
PHOTOS OF THE DAY

Tourists visit the medieval city of Carcassonne in France, where the walls have been partly covered with yellow concentric circles to celebrate the twentieth anniversary of the inscription of the city as UNESCO World Heritage site. 
Credit: Eric Cabanis/AFP/Getty Images

An electrician prepares electrical wires along a street in Phnom Penh, Cambodia. 
Credit: Samrang Pring/Reuters

People hand make traditional noodles during a working skills competition in Fuzhou in China’s Fujian province. 
Credit: AFP/Getty Images
Market Closes for April 24th, 2018

Market

Index

 Close Change
Dow

Jones

 24024.13 -424.56

 

-1.74%
 
S&P 500 2634.56 -35.73

 

-1.34%
 
NASDAQ 7007.352 -121.250

 

-1.70%
 
TSX 15477.00 -75.06

 
-0.48%

International Markets

Market

Index

 Close Change
NIKKEI 22278.12 +190.08
+0.86%
HANG

SENG

 30636.24 +381.84
+1.26%
SENSEX 34616.64 +165.87
+0.48%
FTSE 100* 7425.40 +26.53
+0.36%

Bonds

Bonds % Yield Previous % Yield
CND.

10 Year Bond

 2.354 2.353
CND.

30 Year

Bond

 2.451 2.444
U.S.   

10 Year Bond

 2.9995 2.9752
U.S.

30 Year Bond

 3.1825 3.1443

Currencies

BOC Close Today Previous  
Canadian $ 0.77970 0.77852
US

$

 1.28254 1.28448
     
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.56886 0.63741
US

$

 1.22324 0.81750

Commodities

Gold Close Previous
London Gold

Fix

 1324.30 1336.75
     
Oil    
WTI Crude Future 67.65 68.59

Market Commentary:
Number of the Day
51
The S&P 500 has spent 51 days in correction territory, the longest such stretch since 2008. A correction is deemed to start when the index falls 10% from a recent high and end when the index rises 10% from its new low.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks reversed an earlier gain to close lower, pressured by weakness in the energy space as new Iranian sanctions appeared less likely.
     The S&P/TSX Composite Index fell 75 points or 0.5 percent after trading in positive territory for most of the morning. Energy shares lost 1.6 percent as crude prices tumbled on easing sanction worries.
     Consumer staples retreated 1.4 percent, with grocery retailer Metro Inc. leading the group lower. Metro lost 3 percent, the most since 2016, after quarterly sales missed estimates.
     In other moves:
                          Stocks
* Mitel Networks Corp. jumped 9.6 percent to a record high after private equity firm Searchlight Capital Partners agreed to buy it for $1.35 billion
* PrairieSky Royalty Ltd. lost 7.5 percent, the most since 2015, as slowing drilling activity in Saskatchewan weighed on its first-quarter results
* Restaurant Brands International Inc. gained 4.3 percent as Burger King’s results gave it a lift
                          Commodities
* Western Canada Select crude oil traded at a $17.10 discount to WTI
* Gold rose 0.7 percent to $1,331.40 an ounce
                           FX/Bonds
* The Canadian dollar strengthened 0.2 percent to C$1.2826 per U.S. dollar
* The Canada 10-year government bond yield fell one basis point to 2.35 percent
US
By Sarah Ponczek and Janine Wolf
     (Bloomberg) — Stocks tumbled as a rout in the shares of industrial and technology companies sent indexes spiraling lower amid a raft of earnings and renewed selling in the bull market’s biggest winners. The 10-year Treasury yield pierced 3 percent for the first time in four years.
     The Dow Jones Industrial Average fell for a fifth day, the longest losing streak since March 2017. The sell off accelerated after industrial bellwether Caterpillar Inc. said that the first quarter was its “high water mark” for the year. The Nasdaq 100 Index slumped 2.1 percent, with Alphabet Inc.’s rise in capital spending sending its shares lower 4.5 percent.
     Investors also focused on the rising 10-year yield and its implications for other assets. The dollar weakened after hitting the highest since January, while crude slipped back toward $67 a barrel. Gold rallied.
     “All of a sudden, rates are pushing 3 percent,” said Brad McMillan, chief investment officer for Commonwealth Financial Network. “If rates start to normalize, so is your stock valuation. And I think that’s increasingly what the market is starting to be looking at.”
     Investors are weighing the implications of climbing bond yields that have been spurred in part by higher commodity prices and concern surrounding their inflationary impact on the wider economy. But volatility in interest-rate markets remains low and equity price swings are well off the highs seen earlier this year, indicating investors believe rising borrowing costs may not be enough to cause outsized pain to equities — until now.
     Elsewhere, aluminum extended its biggest slump since 2005 after the U.S. signaled Monday it may lift United Co. Rusal sanctions if Oleg Deripaska divests control of the company. Rusal shares in Hong Kong posted their biggest-ever gain.
     These are some important events coming up this week:
* U.S. GDP and jobless claims are due.
* Earnings season continues. Among those reporting: Amazon.com, Samsung and Credit Suisse.
* The European Central Bank has a rate decision on Thursday.  Investors will watch for any sign that officials are preparing a shift in stimulus plans for their June meeting.
* Bank of Japan announces its latest policy decision Friday and releases a quarterly outlook report.
     And these are the main moves in markets:
                          Stocks
* The S&P 500 Index dropped 1.3 percent as of 4:03 p.m. New York time, while the Dow Jones Industrial Average fell 1.7 percent and the Nasdaq Composite Index declined 1.7 percent.
* The Stoxx Europe 600 Index was little changed and the MSCI Asia Pacific Index rose 0.4 percent.
* The U.K.’s FTSE 100 Index gained 0.4 percent, reaching the highest in more than 11 weeks on its sixth consecutive advance.
* The MSCI Emerging Market Index fell 0.3 percent to the lowest in about three weeks.
                          Currencies
* The Bloomberg Dollar Spot Index dropped 0.2 percent, after reaching the highest in three months.
* The euro rose 0.2 percent to $1.2233.
* The British pound rose 0.3 percent to $1.3980.
* The Japanese yen was little changed at 108.74 per dollar.
                           Bonds
* The yield on 10-year Treasuries rose one basis point to 2.99 percent, after breaking the 3 percent level for this first time 2014.
* Germany’s 10-year yield was little changed at 0.63 percent.
* Britain’s 10-year yield was little changed at 1.54 percent.
                           Commodities
* West Texas Intermediate crude fell 1.2 percent to $67.80 a barrel, after reaching the highest in more than three years.
* Gold rose 0.5 percent to $1,332.02 an ounce. 
–With assistance from Liz Capo McCormick.
 

Have a great night.

Be magnificent!

As ever,

Hope is being able to see that there is light despite all of the darkness.
                                                             -Desmond Tutu, b. 1931

Carolann

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

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

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

Posted on

April 23, 2018 Newsletter

Dear Friends,

Tangents:

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

PHOTOS OF THE DAY

The French national air display team, Patrouille de France, performs during the 2018 Red Bull Air Race World Championship in Cannes. 
Credit: The Telegraph

The sun rises over Bass Rock lighthouse in the Firth of Forth near North Berwick, East Lothian. 
Credit: The Telegraph

Stratford-upon-Avon played host to the UK’s first National Living Statue Championship as part of the annual Shakespeare’s birthday celebrations in the Warwickshire town. 
Credit: The Telegraph
Market Closes for April 23rd, 2018

Market

Index

 Close Change
Dow

Jones

 24448.69 -14.25

 

-0.06%
 
S&P 500 2670.29 +0.15

 

+0.01%
 
NASDAQ 7128.602 -17.524

 

-0.25%
 
TSX 15552.06 +64.74

 
+0.44%

International Markets

Market

Index

 Close Change
NIKKEI 22088.04 -74.20
-0.33%
HANG

SENG

 30254.40 -163.93
-0.54%
SENSEX 34450.77 +35.19
+0.10%
FTSE 100* 7398.87 +30.70
+0.42%

Bonds

Bonds % Yield Previous % Yield
CND.

10 Year Bond

 2.353 2.336
CND.

30 Year

Bond

 2.444 2.445
U.S.   

10 Year Bond

 2.9752 2.9602
U.S.

30 Year Bond

 3.1443 3.1451

Currencies

BOC Close Today Previous  
Canadian $ 0.77852 0.78339
US

$

 1.28448 1.27650
     
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.56812 0.63771
US

$

 1.22081 0.81913

Commodities

Gold Close Previous
London Gold

Fix

 1336.75 1348.60
     
Oil    
WTI Crude Future 68.59 68.38

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks were mixed as Rogers Communications Inc. rose the most in 15 months, offsetting declines in energy.
     The S&P/TSX Composite Index rose two points or less than 0.1 percent to 15,456.44 at 9:49 a.m. in Toronto. Telecom shares rose 1.4 percent as Rogers jumped 4.2 percent on better-than- expected first-quarter results and strong wireless subscriber numbers.
     The energy index fell 0.7 percent after U.S. President Donald Trump tweeted that oil prices are “artificially very high,” sending West Texas Intermediate down by 1 percent.
     In other moves:
                          Stocks
* Advantage Oil & Gas Ltd. fell 3.8 percent. It now expects second-quarter production to be lower than earlier estimates
* Cascades Inc. lost 2.4 percent after competitor Clearwater Paper Corp. earnings missed the lowest estimate due to a soft tissue market
* Boralex Inc. rose 2 percent. The company is buying a wind- power unit from Ardian Infrastructure for C$202 million
                          Commodities
* Western Canada Select crude oil traded at a $17.25 discount to WTI
* Aeco natural gas traded at a $2.39 discount to Henry Hub
* Gold fell 0.8 percent to $1,338.70 an ounce, the lowest in two weeks
                           FX/Bonds
* The Canadian dollar weakened 0.4 percent to C$1.2720 per U.S. dollar, the weakest in two weeks
* The Canada 10-year government bond yield rose two basis points to 2.34 percent, the highest since February
US
By Katherine Greifeld and Sarah Ponczek
     (Bloomberg) — U.S. stocks ended mixed, with a slump in shares of technology companies weighing on major indexes. The dollar rallied to its highest level in more than three months as the prospect of yields on benchmark U.S. Treasuries reaching 3 percent reignites demand.
     The fluctuations in equities were probably caused by “the 10-year bumping up against 3 percent,” Gary Bradshaw, a portfolio manager at Hodges Capital Management in Dallas, said by phone. “There’s just been the volatility in the market that’s got investors a little bit nervous. And there’s the news on Apple and the chip stocks causing some consternation.”
     The greenback strengthened against major peers as the yield on the U.S. 10-year note hit 2.99 percent for the first time since 2014 before paring the increase. The pound joined major currencies retreating against the dollar as U.K. Prime Minister Theresa May battled to avert a cabinet revolt over Brexit. Aluminum prices plunged after the U.S. softened its position on sanctions against Russia’s United Co. Rusal.
     Semiconductor stocks continued their slide from last week as another chipmaker reported weak earnings. The Philadelphia Stock Exchange Semiconductor Index fell 1.3 percent Monday, extending its four-day slide past 6 percent.
     The 60-day correlation between the Bloomberg Dollar Spot Index and benchmark Treasury 10-year yields has turned positive again, after dipping into negative territory during the past few months for the first time since 2016.
     “The entire market is watching that rates move and if we manage to break and extend higher the dollar will follow,” wrote Brad Bechtel, global head of FX at Jefferies, in a note Monday. “If we fail and resume lower again the dollar will likely follow that too.”
     Elsewhere, aluminum plunged as much as 9.4 percent after the U.S. Treasury said it would provide sanctions relief to Rusal if Oleg Deripaska relinquished control, according to statement on Monday. It also extended the deadline for companies to wind down dealings with the Russian aluminum producer by almost five months.
     These are some important events coming up this week:
* French President Emmanuel Macron begins a three-day visit to the U.S. Monday
* U.S. GDP and jobless claims.
* Earnings season continues. Among those reporting: Alphabet/Google, Amazon.com, Samsung and Credit Suisse.
* The European Central Bank has a rate decision on Thursday. Investors will watch for any sign that officials are preparing a shift in stimulus plans for their June meeting.
* Bank of Japan announces its latest policy decision Friday and releases a quarterly outlook report.
     And these are the main moves in markets:
                           Stocks
* The S&P 500 Index was little changed at 2,670.29 as of 4:06 p.m. New York time, while the Dow Jones Industrial Average dropped 0.1 percent and the Nasdaq Composite Index slumped 0.3 percent.
* The Stoxx Europe 600 Index rose 0.4 percent and the MSCI Asia Pacific Index fell 0.9 percent.
* The U.K.’s FTSE 100 Index gained 0.4 percent.
* The MSCI Emerging Market Index dropped 1.2 percent, touching the lowest in almost three weeks.
                           Currencies
* The Bloomberg Dollar Spot Index rose 0.8 percent, reaching the highest in almost 14 weeks on its fifth straight advance.
* The euro weakened 0.7 percent to $1.2208, dropping to the weakest in almost eight weeks.
* The British pound dropped 0.4 percent to $1.3943.
* The Japanese yen sank 1 percent to 108.72 per dollar, touching the weakest level in 10 weeks.
                            Bonds
* The yield on 10-year Treasuries rose one basis points to 2.97 percent, after reaching the highest in more than four years.
* Germany’s 10-year yield increased five basis points to 0.63 percent, the highest in six weeks.
* Britain’s 10-year yield climbed six basis points to 1.54 percent.
                            Commodities
* West Texas Intermediate crude rose 0.9 percent to $69.02 a barrel.
* Gold dropped 0.9 percent to $1,324.20 an ounce, after reaching the least in more than three weeks. 

Have a great evening.

Be magnificent!

As ever,


Karen

“If life were predictable it would cease to be life, and be without flavor.”
– Eleanor Roosevelt

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

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

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

Posted on

April 20, 2018 Newsletter

Dear Friends,

Tangents: Earth Day is Sunday.

On this day in…
1534 – Jacques Cartier departs St-Malo on his first voyage to Canada. 
1968 – Pierre Trudeau sworn in at Rideau Hall as Canada’s 15th Prime Minister.
2008 – 26-year-old Danica Patrick won the Indy Japan 300 at Twin Ring Montegi in Montegi, Japan, making her the first female winner in IndyCar racing history.
PHOTOS OF THE DAY

Fireworks are set off during celebrations for Israel’s 70th Independence Day, at Rabin square in Tel Aviv, Israel. 
Credit: AP Photo/Oded Balilty

Visitors attend a cinema theatre during an invitation-only screening, at the King Abdullah Financial District Theatre, in Riyadh, Saudi Arabia. Saudi Arabia held a private screening of the Hollywood blockbuster “Black Panther” to herald the launch of movie theaters in the kingdom.
Credit: AP Photo/AMR Nabil

A SpaceX Falcon 9 rocket transporting the Tess satellite lifts off from launch complex 40 at the Cape Canaveral Air Force Station in Cape Canaveral, Fla. The satellite known as Tess will survey almost the entire sky, staring at the brightest, closest stars in an effort to find any planets that might be circling them. 
Credit: AP Photo/John Raoux
Market Closes for April 20th, 2018

Market

Index

 Close Change
Dow

Jones

 24462.94 -201.95

 

-0.82%
 
S&P 500 2670.14 -22.99

 

-0.85%
 
NASDAQ 7146.125 -91.931

 

-1.27%
 
TSX 15484.32 +29.90

 
+0.19%

International Markets

Market

Index

 Close Change
NIKKEI 22162.24 -28.94
-0.13%
HANG

SENG

 30418.33 -290.11
-0.94%
SENSEX 34415.58 -11.71
-0.03%
FTSE 100* 7368.17 +39.25
+0.54%

Bonds

Bonds % Yield Previous % Yield
CND.

10 Year Bond

 2.336 2.322
CND.

30 Year

Bond

 2.445 2.427
U.S.   

10 Year Bond

 2.9602 2.9098
U.S.

30 Year Bond

 3.1451 3.1015

Currencies

BOC Close Today Previous  
Canadian $ 0.78339 0.78951
US

$

 1.27650 1.26661
     
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.56937 0.63720
US

$

 1.22943 0.81339

Commodities

Gold Close Previous
London Gold

Fix

 1348.60 1351.45
     
Oil    
WTI Crude Future 68.38 68.29

Market Commentary:
CANADA
By Kristine Owram
     (Bloomberg) — Canadian stocks posted a rare weekly outperformance against their U.S. counterparts, helped Friday by the biggest gain in shares of Rogers Communications Inc. in 15 months.
     The S&P/TSX Composite Index added 30 points or 0.2 percent to 15,484.32, bringing the benchmark’s weekly gain to 1.4 percent. The S&P 500 Index, by contrast, rose 0.5 percent on the week.
     Telecom shares were the biggest gainer Friday as Rogers jumped 6.2 percent after reporting its best wireless subscriber results since 2009. Energy stocks fell 0.6 percent after a tweet from President Trump slowed crude’s recent rally.
     In other moves:
                         Stocks
* Superior Plus Corp. fell 3.2 percent, the most since early February, after RBC Capital Markets downgraded the stock to sector perform, citing a lack of near-term catalysts
* Advantage Oil & Gas Ltd. lost 3.2 percent. It now expects second-quarter production to be lower than earlier estimates
* Cascades Inc. slid 5 percent to the lowest since December.  Competitor Clearwater Paper Corp. earnings missed the lowest estimate due to a soft tissue market
                         Commodities
* Western Canada Select crude oil traded at a $17.25 discount to WTI
* Gold fell 0.8 percent to $1,336.70 an ounce, the lowest in nearly two weeks
                         FX/Bonds
* The Canadian dollar weakened 0.7 percent to C$1.2754 per U.S. dollar after inflation and retail sales excluding automobiles rose less than forecast in March
* The Canada 10-year government bond yield rose two basis points to 2.34 percent
US
By Jeremy Herron and Sarah Ponczek
     (Bloomberg) — U.S. stocks stumbled into the weekend, as renewed selling in technology shares overshadowed what has so far been a solid earnings season. Inflation concerns sent the dollar higher and Treasury yields topped 2.95 percent.
     Major American equity benchmarks fell at least 0.8 percent on Friday, paring gains from earlier in the week. Makers of computer chips and hardware bore the brunt of the selling, with Apple Inc. capping for its biggest rout since early February following a downgrade based on its deteriorating outlook in China. Trade also remains in focus, with Treasury considering an emergency law to curb Chinese investments in sensitive technologies.
     U.S. Treasury yields rose for a third session even as the stock selloff worsened. While investors debate the cause of the decline in sovereign debt, bond market gauges showed an increase in expectations for inflation after recent torrid gains in metals from aluminum to nickel. American oil bounced back from a decline sparked by Donald Trump’s complaint that prices are too high to settle above $68 a barrel.
     “Interest rates are once again rising which is raising peoples’ concerns about the impact of rising rates on the U.S. economy and markets,” Brent Schutte, chief investment strategist at Northwestern Mutual Wealth Management Co., said by phone.
     General Electric Co. rose on solid results, one of just four gainers in the Dow Jones Industrial Average. The company joined the 85 percent of S&P 500 companies that’ve topped earnings estimates so far this season by an average of 7.1 percent Alphabet Inc. reports Monday in what will be one of the busiest weeks for first-quarter results.
     Still, the late-week selloff in equities damped the mood among investors looking to earnings season to break stocks out of a two-month range. While companies that have beaten estimates pushed higher, those that missed were punished far more severely. The chipmaker selloff also highlighted market risks, from a potential slowdown in global growth to the implications of the ongoing trade dust-up between the U.S. and major economies.
     Here are the main moves in markets:
                           Stocks
* The S&P 500 fell 0.9 percent at 4 p.m. in New York. The index is higher by 0.5 percent for the week.
* The Nasdaq 100 slumped 1.6 percent and the Dow Jones Industrial Average declined 0.8 percent.
* The Stoxx Europe 600 Index was little changed.
* The MSCI Asia Pacific Index dropped 1 percent. Japan’s Topix index added less than 0.1 percent and Hong Kong’s Hang Seng Index fell 0.9 percent.
                           Currencies
* The Bloomberg Dollar Spot Index climbed 0.5 percent to the highest in a month.
* The euro declined 0.5 percent to $1.2287, the weakest in two weeks.
* The British pound dipped 0.4 percent to $1.4035, the weakest in more than two weeks.
* The Japanese yen fell 0.2 percent to 107.59 per dollar, the weakest in almost two months.
                            Bonds
* The yield on 10-year Treasuries climbed five basis points to 2.9583 percent, reaching the highest in eight weeks.
* Germany’s 10-year yield fell one basis point to 0.59 percent.
* Japan’s 10-year yield increased two basis points to 0.06 percent, the highest in seven weeks.
                            Commodities
* West Texas Intermediate crude added 0.1 percent to settle at $68.38 a barrel.
* Gold futures slumped 0.9 percent to $1,338.20 an ounce.
–With assistance from Sophie Caronello.

Have a great weekend.

Be magnificent!

As ever,

Carolann

Never be afraid to sit awhile and think.
-Lorraine Hansberry, 1930-1965

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

Posted on

April 19, 2018 Newsletter

Dear Friends,

Tangents:
1904 – Great Toronto Fire rages for two days, destroying 104 buildings in the city’s business core. 
Go to article »
1897 – 15 runners competed in the first Boston Marathon. The 24.5-mile race was inspired by the marathon at the first modern Olympic Games in Athens, Greece just a year earlier.  Only 10 runners made it to the finish line.
1932 – Herbert Hoover suggests 5-day work week.
1775 – Battle o Lexington& Concord: Start of the American Revolution
PHOTOS OF THE DAY

The sun rises at Corfe Castle in Dorset.
Credit: Vagner Vidal/INS News Agency LTD

An orca whale hunts sea lion pups on a beach at Punta Norte, Valdes Peninsula, Argentina. 
Credit: Daniel Feldman/AP

A robotics engineer works on the construction of Fred, an ultra-realistic humanoid robot created by NowTV to launch Westworld Season Two. The twelve week process of building the robot involved developing hundreds of thousands of lines of computer code and designing a sophisticated metal skeleton, acrylic eyes and silicone skin, all 3D-scanned from 55 year old Tedroy Newell. 
Credit: Pinpep
Market Closes for April 19th, 2018

Market

Index

 Close Change
Dow

Jones

 24664.89 -83.18

 

-0.34%
 
S&P 500 2693.13 -15.51

 

-0.57%
 
NASDAQ 7238.055 -57.182

 

-0.78%
 
TSX 15454.42 -75.55

 
-0.49%

International Markets

Market

Index

 Close Change
NIKKEI 22191.18 +32.98
+0.15%
HANG

SENG

 30708.44 +424.19
+1.40%
SENSEX 34427.29 +95.61
+0.28%
FTSE 100* 7328.92 +11.58
+0.16%

Bonds

Bonds % Yield Previous % Yield
CND.

10 Year Bond

 2.322 2.282
CND.

30 Year

Bond

 2.427 2.386
U.S.   

10 Year Bond

 2.9098 2.8709
U.S.

30 Year Bond

 3.1015 3.0592

Currencies

BOC Close Today Previous  
Canadian $ 0.78951 0.79189
US

$

 1.26661 1.26281
     
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.56363 0.63954
US

$

 1.23450 0.81004

Commodities

Gold Close Previous
London Gold

Fix

 1351.45 1342.10
     
Oil    
WTI Crude Future 68.29 68.47

Market Commentary:
$The key to making money in stocks is not to get scared out of them. -Peter Lynch
100 million
The number of Amazon Prime members, revealed for the first time by CEO Jeff Bezos in a letter to shareholders
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks fell the most in nearly two weeks as technology shares came under pressure and a rally in oil prices faltered.
     The S&P/TSX Composite Index lost 76 points or 0.5 percent to 15,454.42, the first decline in six trading days. Tech stocks were the biggest decliners, losing 1 percent, after Taiwan Semiconductor’s disappointing forecast hit chipmakers.
     The energy index fell 0.8 percent after earlier rising as much as 0.9 percent as a two-day rally in crude prices faded in afternoon trading.
     In other moves:
                          Stocks
* Canadian Pacific Railway Ltd. lost 1.2 percent ahead of a potential strike this weekend
* Kinder Morgan Canada Ltd. fell 3.8 percent. It spent C$196 million on the stalled Trans Mountain pipeline expansion last quarter before putting the plan on hold
* Maxar Technologies Ltd. rose 1.8 percent. The stock was reinstated at Veritas with a buy rating
                          Commodities
* Western Canada Select crude oil traded at a $17.25 discount to WTI
* Gold fell 0.3 percent to $1,346.80 an ounce
                          FX/Bonds
* The Canadian dollar weakened 0.3 percent to C$1.2662 per U.S. dollar
* The Canada 10-year government bond yield rose four basis points to 2.32 percent
US
By Randall Jensen and Sarah Ponczek
     (Bloomberg) — U.S. stocks fell for the first time in four days as technology shares came under pressure from trade and earnings concerns. Treasuries hit the lowest since February amid inflation worries.
     The S&P 500 Index dropped the most in nearly two weeks as tech shares slumped after Taiwan Semiconductor’s disappointing forecast roiled chipmaker stocks. China’s request for concessions from Qualcomm Inc. to acquire NXP Semiconductors NV ratcheted up tensions over trade. Earnings misses from Procter & Gamble Co. and Philip Morris International Inc. weighed on consumer staples.
     Stocks pared part of the loss in late trading after Deputy Attorney General Rod Rosenstein was said to tell President Donald Trump last week he isn’t a target of Special Counsel Robert Mueller’s investigation.
     Meanwhile, commodities prices remained high in the aftermath of U.S. sanctions on Russia and heightened tariff concerns. While torrid gains in metals from aluminum to nickel and oil faltered Thursday, the rallies have spurred speculation inflation will pick up. That helped to push 10-year Treasury yields above 2.9 percent for the first time since February.
     Rate-sensitive shares responded, with financial firms rallying the most in the S&P 500. Blowout earnings from American Express helped. Bond proxies like real-estate firms retreated. The dollar gained the most in three weeks.
     “If crude starts to take off and with it wages go higher, prices for housing go higher, etcetera, etcetera, you get your inflation pretty quickly from that,” Joe “JJ” Kinahan, the chief market strategist at TD Ameritrade, said by phone. “This is the second day this week we’ve seen bonds get hit pretty good, so now it has everybody nervous for the economy if rates do go higher, what does it mean for the overall economy outside financials?”
     Elsewhere, the Swiss franc weakened past 1.20 per euro for the first time since the country’s central bank shocked markets in January 2015 with its decision to remove the cap on the currency.    
     Here are the main moves in markets:
                          Stocks
* The S&P 500 Index fell 0.6 percent to 2,693.13 as of 4 p.m. New York time, the most since April 6. Losses halted near the 50-day moving average, which the index crossed for the first time in a month Monday.
* The Nasdaq Composite Index dropped 0.8 percent.
* The Stoxx Europe 600 Index was little changed.
* The MSCI All-Country World Index dropped 0.5 percent.
                          Currencies
* The Bloomberg Dollar Spot Index rose 0.5 percent, biggest rise in three weeks.
* The euro fell 0.2 percent to $1.2351.
* The British pound declined 0.8 percent to $1.4090.
* The Japanese yen dropped 0.1 percent to 107.32 per dollar.
                           Bonds
* The yield on 10-year Treasuries increased four basis points to 2.91 percent, the highest in eight weeks.
* Germany’s 10-year yield climbed seven basis points to 0.60 percent, the biggest gain since Jan. 10.
* Britain’s 10-year yield rose 11 basis points to 1.520 percent, the highest in four weeks.
                           Commodities
* West Texas Intermediate crude fell 0.4 percent to $68.18 a barrel.
* Gold slid 0.2 percent to $1,346.41 an ounce.
* LME nickel dropped 1.3 percent to $15,075 per metric ton.
* LME aluminum declined 2.1 percent to $2,485.00 per metric ton.
–With assistance from Samuel Potter. 

Have a great evening.

Be magnificent!

As ever,

 

Carolann

 

And once sent out a word takes wing beyond recall.
                                        -Horace, 65 BC- 8 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

Posted on

April 18, 2018 Newsletter

Dear Friends,

Tangents:
1775- Paul Revere’s midnight ride.
1906- San Francisco earthquake and fire kills over 500.
1955- Albert Einstein died.
1999- Ranger Wayne Gretzky plays his last game and retires from hockey. 
Go to article »
Superman was introduced 80 years ago today. To celebrate, we looked back at the Man of Steel’s milestones. -NYTimes, 4/18/18.
PHOTOS OF THE DAY

A great egret stands in calm water in Fremont, California, US. 
Credit: Vivek Vijaykumar/Solent News & Photo Agency

The city centre of Beijing seen at night. Credit: Fred Dufour/AFP/Getty Images

An Israeli soldier stands in front of a monument engraved with names of fallen Israeli soldiers, ahead of a ceremony marking Memorial Day in Jerusalem, Israel. Credit: Ronen Zvulun/Reuters
Market Closes for April 18th, 2018

Market

Index

 Close Change
Dow

Jones

 24748.07 -38.56

 

-0.16%
 
S&P 500 2708.64 +2.25

 

+0.08%
 
NASDAQ 7295.238 +14.139

 

+0.19%
 
TSX 15529.97 +176.67
+1.15%

International Markets

Market

Index

 Close Change
NIKKEI 22158.20 +310.61
+1.42%
HANG

SENG

 30284.25 +221.50
+0.74%
SENSEX 34331.68 -63.38
-0.18%
FTSE 100* 7317.34 +91.29
+1.26%

Bonds

Bonds % Yield Previous % Yield
CND.

10 Year Bond

 2.282 2.241
CND.

30 Year

Bond

 2.386 2.339
U.S.   

10 Year Bond

 2.8709 2.8212
U.S.

30 Year Bond

 3.0592 3.0102

Currencies

BOC Close Today Previous  
Canadian $ 0.79189 0.79670
US

$

 1.26281 1.25518
     
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.56332 0.63966
US

$

 1.23797 0.80777

Commodities

Gold Close Previous
London Gold

Fix

 1342.10 1349.35
     
Oil    
WTI Crude Future 68.47 66.52

Market Commentary:
On this day in 1933, President Franklin D. Roosevelt announced an executive order to embargo exports of gold and free the exchange rate of the U.S. dollar to float against foreign currencies.
Number of the Day
$2.5 billion
The amount that the combined earnings of the four major national banks—JPMorgan Chase, Wells Fargo, Citigroup and Bank of America—increased in the first quarter because of the lower corporate rates under the tax-overhaul law, according to an analysis by The Wall Street Journal.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks closed at the highest level in four weeks as oil prices climbed to levels not seen since 2014, while the loonie weakened after the Bank of Canada held rates steady.
     The S&P/TSX Composite Index added 177 points or 1.2 percent to 15,529.97. Energy stocks were the biggest gainers, jumping 2.6 percent as crude prices rose on declines in U.S. stockpiles.
     The materials sector added 1.9 percent as nickel prices surged as much as 12 percent in London, the biggest gain since 2009. Traders are speculating that the U.S. could widen sanctions to more Russian metals companies, pressuring output.
     In other moves:
                          Stocks
* Roots Corp. jumped 9.9 percent to the highest since its October IPO after reporting a 15 percent increase in same-store sales
* Kinder Morgan Canada Ltd. rose 2.8 percent. A poll showed support for its Trans Mountain pipeline expansion is rising in British Columbia, where Premier John Horgan is looking to block it
* DHX Media Ltd. fell 4.7 percent to the lowest since 2013 after announcing new executive appointments
                          Commodities
* Western Canada Select crude oil traded at a $17.25 discount to WTI, the widest gap in more than two weeks
* Gold rose 0.3 percent to $1,351.20 an ounce, the highest in a week
                          FX/Bonds
* The Canadian dollar weakened 0.6 percent to C$1.2630 per U.S.dollar
* The Canada 10-year government bond yield rose four basis points to 2.29 percent
US
By Randall Jensen
     (Bloomberg) — U.S. stocks edged higher as investors parsed a mixed bag of earnings and rising oil prices boosted energy producers. Treasuries fell and the dollar advanced amid signs geopolitical tensions are easing.
     The S&P 500 eked out a third straight gain, with the advance fading in the final half hour of trading amid light volume. IBM Corp.’s weak results dragged the Dow Jones Industrial Average to a loss. Oil surged around 3 percent after an industry report showed crude inventories fell, driving energy stocks higher.
     Treasury yields rose toward 2.87 percent in the wake of a Federal Reserve report Wednesday that showed trade concerns cast a shadow over an otherwise solid outlook for the economy. The dollar gained for a second day after the U.S. said it’s already started direct talks with North Korea and Russian leader Vladimir Putin was said to be seeking to dial down tensions with America.
     “It’s important to note that whenever we get periods where the politics are quiet or looking like they’re going to stabilize, markets are doing well,” George Maris, Janus Henderson’s co-head of equities, said in an interview at Bloomberg’s New York headquarters. “And the reason for that is the underpinning of the economy and of companies right now is really good.”
     There’s once again no shortage of catalysts for investors across the globe, from corporate fundamentals and geopolitics to simmering trade tensions and growth concerns. The bulls appear to have the upper hand as the earnings season starts.
     Elsewhere, nickel surged to the highest in more than three years on the London Metal Exchange on worries that the metal used in stainless steel could be caught in the crossfire of any further sanctions against Russia. Turkey’s lira extended gains after Prime Minister Recep Tayyip Erdogan called for snap elections.
     Here’s what to watch out for this week:
* Finance ministers and central bank chiefs from around the world gather for spring meetings at the IMF in Washington.
     Here are the main moves in markets:
                           Stocks
* The S&P 500 Index rose 0.1 percent to 2,708.64 as of 4 p.m.New York time.
* The Stoxx Europe 600 Index advanced 0.3 percent.
* The U.K.’s FTSE 100 Index gained 1.3 percent to the highest in two months.
* Germany’s DAX Index rose 0.1 percent.
* The MSCI Emerging Market Index advanced 1 percent, the biggest rise in more than a week.
                           Currencies
* The Bloomberg Dollar Spot Index rose 0.2 percent.
* The euro was steady at $1.2373.
* The British pound decreased 0.6 percent to $1.4199.
* The Japanese yen fell 0.2 percent to 107.23 per dollar.
                            Bonds
* The yield on 10-year Treasuries increased four basis points to 2.87 percent, the highest in more than three weeks.
* Germany’s 10-year yield gained two basis points to 0.53 percent.
* Britain’s 10-year yield fell two basis points to 1.414 percent.
                            Commodities
* West Texas Intermediate crude advanced 3.4 percent to $68.76 a barrel.
* Copper surged 2.6 percent to $3.18 a pound, the highest in five weeks.
* Gold rose 0.1 percent to $1,348.47 an ounce.
* LME nickel surged 8 percent to $15,335 per metric ton, the highest in more than three years on the biggest jump in more than six years.
–With assistance from Paul Dobson, Janine Wolf, Samuel Potter and Sarah Ponczek.

Have a great evening.

Be magnificent!

As ever,

 

Carolann

 

Money doesn’t buy everything.  It’s accomplishments, and what you’re doing and giving.
-Barbara Bush, 1925-2018

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

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

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

Posted on

April 17, 2018 Newsletter

Dear Friends,

Tangents:
On this day in 1964, the Ford Mustang–a two-seat sports car named after a World War II fighter plane–was unveiled by Henry Ford II at the World’s Fair in Flushing Meadows, New York.
April 17, 1932, Haile Selassie ends slavery in Ethiopia
Also on this day, in 1961, 1500 CIA-trained Cuban exiles launched the disastrous Bay of Pigs invasion of Cuba in a failed attempt to overthrow the government of Fidel Castro. 
Go to article »

PHOTOS OF THE DAY

Chionodoxa and daffodils bloom on the lawns around Alnwick Castle, Northumberland. 
Credit: Paul Kingston

The sun rises at Weymouth harbour in Dorset. Credit: Graham Hunt/Alamy Live News

A visitor looks at the self-portrait of Flemish painter Rubens during the press presentation at the Ruben House in Antwerp after the painting was restored in London. Credit: Kristof Van Accom/AFP/Getty Images
Market Closes for April 17th, 2018

Market

Index

 Close Change
Dow

Jones

 24786.63 +213.59

 

+0.87%
 
S&P 500 2706.39 +28.55

 

+1.07%
 
NASDAQ 7281.098 +124.813

 

+1.74%
 
TSX 15353.30 +52.92

 
+0.35%

International Markets

Market

Index

 Close Change
NIKKEI 21847.59 +12.06
+0.06%
HANG

SENG

 30062.75 -252.84
-0.83%
SENSEX 34395.06 +89.63
+0.26%
FTSE 100* 7226.05 +27.85
+0.39%

Bonds

Bonds % Yield Previous % Yield
CND.

10 Year Bond

 2.241 2.274
CND.

30 Year

Bond

 2.339 2.374
U.S.   

10 Year Bond

 2.8212 2.8267
U.S.

30 Year Bond

 3.0102 3.0246

Currencies

BOC Close Today Previous  
Canadian $ 0.79670 0.79573
US

$

 1.25518 1.25670
     
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.55252 0.64412
US

$

 1.23689 0.80848

Commodities

Gold Close Previous
London Gold

Fix

 1349.35 1343.70
     
Oil    
WTI Crude Future 66.52 66.22

Market Commentary:
April 17, 1991: Dow Jones Tops 3,000 for the first time.
Number of the Day
7.41 million
Netflix Inc. added 7.41 million subscribers in the latest quarter, beating its own guidance and Wall Street’s expectations for the second quarter in a row.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks closed at the highest level in nearly two weeks but were unable to keep pace with the gains in their U.S. counterparts.
     The S&P/TSX Composite Index added 53 points or 0.4 percent to 15,353.30, the highest close since April 5. Technology stocks gained 2.8 percent, the most in more than two months, as strong results from Netflix Inc. boosted the sector in both Canada and the U.S.
     The energy index rose 0.9 percent amid hints that OPEC may further extend its output cuts, while materials added 0.8 percent as lumber prices rose to a record high. Canfor Corp. gained 5.8 percent and Norbord Inc. added 4.3 percent.
     In other moves:
                          Stocks
* Cannabis stocks fell after one analyst pointed out that Canada’s planned production of marijuana is more than three times greater than estimates for consumption. Aphria Inc. lost 7.4 percent and Aurora Cannabis Inc. slid 5.5 percent
* Alaris Royalty Corp. rose 9.7 percent, the most since 2009. The company’s net capital deployment could gain momentum later this year given increases in interest rates, Desjardins Securities said
* Brookfield Property Partners added 2.1 percent. It has lined up a slate of heavyweight backers to help finance its planned takeover of GGP Inc., according to people familiar with the matter
                          Commodities
* Western Canada Select crude oil traded at a $16.60 discount to WTI, the widest gap in a week and a half
* Gold was little changed at $1,347.20 an ounce
                           FX/Bonds
* The Canadian dollar strengthened 0.1 percent to C$1.2550 per U.S. dollar
* The Canada 10-year government bond yield fell three basis points to 2.24 percent
US
By Randall Jensen and Sarah Ponczek
     (Bloomberg) — U.S. stocks rallied for a second day amid better-than-expected earnings from industry heavyweights, adding to evidence that the strengthening economy is lifting corporate profits.
     The S&P 500 Index rose to the highest in four weeks as the benchmark pushed through its average price for the past 100 days, a level it hasn’t crossed in a month. Netflix Inc. surged after subscriber growth topped estimates, helping to drive gains in technology shares, and UnitedHealth Group Inc. climbed after reporting strong results.
     The spate of earnings overshadowed renewed machinations on the trade front, where China retaliated for the U.S.’s hit on ZTE Corp. with agricultural duties. The world’s second-largest economy also said it will ease access to its market, boosting automakers from Volkswagen AG to Tesla Inc.
     “Markets have tended to rally during earnings season and I think some of that optimism, some of the sentiment is coming through the market right now,” Matt Forester, chief investment officer who helps oversee $7.9 billion at Lockwood Advisors Inc. in King Of Prussia, Pennsylvania, said by phone. “We went into Friday night with missiles flying into Syria and a lot of political news, and here we are Tuesday afternoon and nobody is even thinking about that anymore. It’s off the front page already.”
     The dollar largely shrugged off President Donald Trump’s latest intervention in currencies. The jawboning comes at a time of already elevated geopolitical tension, and ongoing fears of a lurch toward global protectionism. Meanwhile a slew of Federal Reserve officials is due to speak this week. Treasury yields edged lower and West Texas crude traded near $66 a barrel.
     Elsewhere, U.K. wage growth including bonuses missed estimates and a survey showed German investor confidence tumbling, undermining both the pound and euro.
     Here’s what to watch out for this week:
* Morgan Stanley is among companies reporting results this week.
* Trump welcomes Japan Prime Minister Shinzo Abe to Mar-a-Lago on Tuesday. North Korea and trade will probably be discussed.
* Mining investors will get to take the pulse of the global industry this week, with Rio Tinto and BHP Billiton offering quarterly production reports.
     Here are the main moves in markets:
                           Stocks
* The S&P 500 Index increased 1.1 percent to 2,706.38 as of 4 p.m. New York time, the highest in more than three weeks.
* The Nasdaq Composite Index gained 1.7 percent, the biggest rise in a week.
* The Stoxx Europe 600 Index rose 0.8 percent, the highest in seven weeks.
* The MSCI All-Country World Index climbed 0.8 percent to the highest in almost four weeks.
* The MSCI Emerging Market Index rose 0.1 percent.
                           Currencies
* The Bloomberg Dollar Spot Index gained 0.1 percent.
* The euro fell 0.1 percent to $1.2371.
* The British pound declined 0.4 percent to $1.4285, the first retreat in more than a week.
* The Japanese yen rose 0.1 percent to 107.01 per dollar.
                            Bonds
* The yield on 10-year Treasuries fell one basis point to 2.812 percent.
* Germany’s 10-year yield decreased two basis points to 0.51 percent.
* Britain’s 10-year yield dipped three basis points to 1.436 percent.
                            Commodities
* West Texas Intermediate crude rose 0.4 percent to $66.46 a barrel.
* Copper declined 0.4 percent to $3.08 a pound.
* Gold was little changed at $1,347.38 an ounce.
–With assistance from Yakob Peterseil and Richard Richtmyer. 

Have a great evening.

Be magnificent!

As ever,

Carolann

 

Nothing has a stronger influence on their children than the unlived lives of their parents.
-Carl Gustav 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

 

Posted on

April 16, 2018 Newsletter

Dear Friends,

Tangents:

Good news.  Racing in cold, wet, windy weather, Desiree Linden, above, became the first American woman to win the Boston Marathon in 33 years. It was her first major marathon victory.

The men’s race also had an upset winner, Yuki Kawauchi of Japan. Defying elite runners’ custom of entering just two or three marathons a year, he was running in his fourth such race of 2018. (He’s won all four.) – The NY Times

The Rolling Stones first album was released on this day in 1964.  Recorded at Regent Sound Studios in London over the course of five days in January and February 1964, The Rolling Stones was produced by then-managers Andrew Loog Oldham and Eric Easton. The album was originally released by Decca Records in the UK, while the US version appeared on the London Records label.

PHOTOS OF THE DAY

A Historic Royal Palaces conservator examines the famous pained ceiling of The Apotheosis of King James I by Peter Paul Rubens, at the Banqueting House in Whitehall, London. Credit: Victoria Jones

A visitor photographs azaleas in full bloom at Nagushiyama Park in Sasebo, Nagasaki Prefecture, southwestern Japan. Some 100,000 different kinds of azaleas are blooming at the park. Credit: Eugene Hoshiko

Thousands of people marched in Barcelona to protest against the jailing of nine Catalan separatist leaders facing trial on “rebellion” charges. Many chanted “Freedom for the political prisoners” as they massed on the Parallel Avenue, one of the city’s main streets, wearing yellow scarves, sweaters or jackets. Credit: Lluis Gene
Market Closes for April 16th, 2018

Market

Index

 Close Change
Dow

Jones

 24573.04 +212.90

 

+0.87%
 
S&P 500 2677.84 +21.54

 

+0.81%
 
NASDAQ 7156.285 +49.635

 

+0.70%
 
TSX 15300.38 +26.41

 
+0.17%

International Markets

Market

Index

 Close Change
NIKKEI 21835.53 +56.79
+0.26%
HANG

SENG

 30315.59 -492.79
-1.60%
SENSEX 34304.43 +112.78
+0.33%
FTSE 100* 7198.20 -66.36
-0.91%

Bonds

Bonds % Yield Previous % Yield
CND.

10 Year Bond

 2.274 2.242
CND.

30 Year

Bond

 2.374 2.350
U.S.   

10 Year Bond

 2.8267 2.8267
U.S.

30 Year Bond

 3.0246 3.0270

Currencies

BOC Close Today Previous  
Canadian $ 0.79573 0.79344
US

$

 1.25670 1.26034
     
Euro Rate

1 Euro=

 Inverse
Canadian $ 1.55586 0.64273
US

$

 1.23805 0.80772

Commodities

Gold Close Previous
London Gold

Fix

 1343.70 1341.35
   
Oil    
WTI Crude Future 66.22 67.39

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks rose for a third day as gains in cannabis, industrial and technology shares offset declines in commodity producers.
     The S&P/TSX Composite Index added 26 points or 0.2 percent to 15,300.38, the highest close in seven trading days. Pot stocks posted strong gains for a second day after U.S. President Donald Trump said Friday he’d support states that have legalized marijuana. Aphria Inc. rose 7.4 percent.
     Industrials added 0.8 percent and technology shares rose 0.7 percent as investors turned their attention from geopolitical tensions to earnings. Materials lost 0.2 percent and the energy index fell 0.4 percent as crude prices retreated following the weekend’s missile attack on Syria.
     In other moves:
                          Stocks
* Vermilion Energy Inc. fell 2.9 percent, the most since March 1, after it agreed to buy Spartan Energy Corp. for C$1.08 billion. Spartan lost 0.3 percent
* Paramount Resources Ltd. slid 3.3 percent following a pipeline leak in Alberta
* Bombardier Inc. rose 1.7 percent. CEO Alain Bellemare said he’s confident the company will secure another C Series order this year
                          Commodities
* Western Canada Select crude oil traded at a $15.00 discount to WTI
* Gold rose 0.2 percent to $1,347.50 an ounce
                           FX/Bonds
* The Canadian dollar strengthened 0.3 percent to C$1.2567 per U.S. dollar, the highest since mid-February
* The Canada 10-year government bond yield rose three basis points to 2.27 percent
US
By Randall Jensen
     (Bloomberg) — U.S. stocks rose as geopolitical tensions faded and investors turned to what’s expected to be a blowout corporate earnings season. The dollar fell against most peers.
     The S&P 500 Index gained to the highest in almost a month and erased its loss for the year as investors eyed the earnings season after there was no immediate reprisal to the U.S.-led missile strike in Syria and trade concerns took a back seat. The benchmark got a boost from health-care supply companies after a report said Amazon Inc. shelved a plan to sell drugs. Netflix Inc. shares rose more than 5 percent in after-hours trading after the company reported results.
     Treasuries were little changed, while the greenback fell to the lowest since March after President Donald Trump accused China and Russia of devaluing their currencies. West Texas crude futures dropped below $67 a barrel.
     “Earnings are going to be very good, probably up in the 15 to 20 percent neighborhood year over year. We felt that that would drive stocks higher over the course of the next two months,” Phil Orlando, chief equity market strategist at Federated Investors Inc., said by phone. “We’re not looking for an earnings-related or economic-related impact from the Syria bombings.”
     While geopolitical concerns linger, the focus this week is back on earnings from American corporations and a slew of Federal Reserve officials who are due to speak, including the incoming head of the New York Fed, John Williams.
     Elsewhere, aluminum resumed its rally, adding to what was its biggest weekly increase on record Friday. The yen edged higher as polls showed falling support for Japanese Prime Minister Shinzo Abe’s government.
     Here’s what to watch out for this week:
* Goldman Sachs Group Inc. and Morgan Stanley among companies reporting results
* John Williams, soon to be president of the New York Fed, speaks on economic outlook in Madrid on Tuesday.
* China GDP and Japanese inflation are the featured data points in Asia.
* Trump welcomes Japan Prime Minister Shinzo Abe to Mar-a-Lago on Tuesday. North Korea and trade will probably be discussed.
* Mining investors will get to take the pulse of the global industry this week, with Vale, Rio Tinto and BHP offering quarterly production reports.
     Here are the main moves in markets:
                          Stocks
* The S&P 500 Index gained 0.8 percent to 2,677.84 as of 4 p.m. New York time.
* The Stoxx Europe 600 Index decreased 0.4 percent.
* The MSCI All-Country World Index rose 0.3 percent.
* The U.K.’s FTSE 100 Index fell 0.9 percent to the lowest in a week.
                          Currencies
* The Bloomberg Dollar Spot Index declined 0.3 percent to the lowest in three weeks.
* The euro gained 0.4 percent to $1.2375.
* The British pound rose 0.7 percent to $1.4333, hitting the strongest in about 22 months.
* The Japanese yen advanced 0.2 percent to 107.14 per dollar.
                           Bonds
* The yield on 10-year Treasuries were little changed at 2.83 percent.
* Britain’s 10-year yield increased three basis points to 1.463 percent.
* Germany’s 10-year yield rose one basis point to 0.525 percent.
                           Commodities
* Gold was steady at $1,365.37 an ounce.
* West Texas Intermediate crude dipped 1.5 percent to $66.39 a barrel, the first retreat in more than a week.
* LME aluminum gained 4.99 percent to $2,399.00 per metric ton, the highest in more than six years.
–With assistance from Ivan Levingston, Janine Wolf and Sarah Ponczek.


Have a great evening.

 

Be magnificent!

As ever,

 

Carolann

I never lose sight of the fact that just being is fun.
                           -Katharine Hepburn, 1907-2003

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

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

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

Posted on

April 13, 2018 Newsletter

Dear Friends,

Tangents:
April 13th, 1962, Silent Spring published by Rachel Carson.
On April 13, 1970, Apollo 13, four-fifths of the way to the moon, was crippled when a tank containing liquid oxygen burst. (The astronauts managed to return safely.) 
Go to article »

PHOTOS OF THE DAY

Wiley the 12-week old Dalmatian puppy who has a heart shaped mark on his nose. 
Credit: Nathan G. Lucas/Caters News

Vendors sit under umbrellas inside a wholesale flower market in Bengaluru, India. 
Credit: Abhishek N. Chinnappa/Reuters

A clock face on Elizabeth Tower is seen without its hour and minute hands as conservation work continues on the Houses of Parliament in London. 
Credit: Chris J Ratcliffe/Getty Images
Market Closes for April 13th, 2018

Market

Index

 Close Change
Dow

Jones

 24360.14 -122.91

 

-0.50%
 
S&P 500 2656.30 -7.69

 

-0.29%
 
NASDAQ 7106.648 -33.599

 

-0.47%
 
TSX 15273.97 +4.70

 
+0.03%

International Markets

Market

Index

 Close Change
NIKKEI 21778.74 +118.46
+0.55%
HANG

SENG

 30808.38 -22.90
-0.07%
SENSEX 34192.65 +91.52
+0.27%
FTSE 100* 7264.56 +6.22
+0.09%

Bonds

Bonds % Yield Previous % Yield
CND.

10 Year Bond

 2.242 2.278
CND.

30 Year

Bond

 2.350 2.384
U.S.   

10 Year Bond

 2.8267 2.8358
U.S.

30 Year Bond

 3.0270 3.0423

Currencies

BOC Close Today Previous  
Canadian $ 0.79344 0.79439
US

$

 1.26034 1.25882
     
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.55548 0.64289
US

$

 1.23417 0.81026

Commodities

Gold Close Previous
London Gold

Fix

 1341.35 1350.75
     
Oil    
WTI Crude Future 67.39 67.07

Market Commentary:
Number of the Day
7.85
The U.S. dollar traded as high as 7.85 Hong Kong dollars in Asian trading on Thursday, hitting the upper limit of a trading band that has been in place for decades.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks posted a small increase Friday, pushing the weekly gain to 0.4 percent, as the health- care sector rose the most in nearly six weeks on a surge in cannabis shares.
     The S&P/TSX Composite Index added five points, or less than 0.1 percent, to 15,273.97. Health-care stocks jumped 5 percent after U.S. President Donald Trump said he supports letting states decide how to regulate marijuana. Aphria Inc. rose 15 percent, the most since February.
     Energy shares gained 0.9 percent as Canadian crude traded near the smallest discount to West Texas Intermediate since January. Financials fell 0.5 percent amid weakness in U.S. banks.
     In other moves:
                         Stocks
* Restaurant Brands International Inc. fell 1.8 percent. Canadian Innovation Minister Navdeep Bains said the government will investigate the company for potential breach of conditions related to its takeover of the Tim Hortons chain
* Tricon Capital Group Inc. rose 4.7 percent to the highest since February after TD Securities upgraded to action list buy
* Iamgold Corp. added 5.6 percent. The stock was upgraded to buy at Bank of America Merrill Lynch on its valuation and growth prospects
                         Commodities
* Western Canada Select crude oil traded at a $15.00 discount to WTI
* Gold rose 0.5 percent to $1,344.80 an ounce
                          FX/Bonds
* The Canadian dollar weakened 0.1 percent to C$1.2605 per U.S. dollar
* The Canada 10-year government bond yield fell four basis points to 2.24 percent
US
By Sarah Ponczek and Janine Wolf
     (Bloomberg) — Stocks fell as weakness in shares of U.S. banks and finance firms added to the political and trade tensions weighing on the market. Treasury yields slid and oil rose for a fifth straight day, reaching its highest level since December 2014.
     All major U.S. benchmarks ended lower in lighter than normal trading, with the financial sector pacing losses on a drop of more than 1.5 percent. Wells Fargo & Co. warned that its better than anticipated first-quarter results may change as a settlement with regulators looms, loans dropped and mortgage- banking results trailed predictions. JPMorgan Chase & Co. and Citigroup Inc. posted quarterly earnings that topped analysts’ expectations, but shares of both companies plunged as JPMorgan Chief Executive Officer Jamie Dimon said, “the environment is intensely competitive and lending was flat for the quarter.”
     “You’re getting a very high expectation for earnings season, which makes me a little bit nervous,” said Tom Essaye, the former Merrill Lynch trader who founded market newsletter ‘The Sevens Report.’ After banks reported results “and it wasn’t another positive catalyst, you just saw people come in and sell the market,” he said.
     The market’s focus also is on political turmoil surrounding President Donald Trump, potential military activity in Syria and trade tensions between the U.S. and China. On Thursday, President Donald Trump expressed optimism on trade deal with China and hinted that the U.S. may rejoin the Trans-Pacific Partnership free-trade deal that he pulled out of shortly after taking office.
     “Thus far it’s really all been theater,” Brad McMillan, chief investment officer for Commonwealth Financial Network, said of the trade issues. “Where we might actually start to see it show up in the market again is if companies start talking about the effect of the tariffs on their earnings calls. I think it’s fairly likely that it will at least be mentioned. A lot of companies look for reasons to kind of dial down expectations, and this certainly is a very real one, even though it’s theoretical at the moment.”
     The Stoxx Europe 600 Index rose but retreated from an earlier climb to a six-week high, led by raw-material producers as industrial and precious metals advanced. Aluminum headed for its biggest weekly increase since at least 1987 on concern U.S. sanctions on Russia’s United Co. Rusal will disrupt supplies.
     Meanwhile, the dollar declined. Sterling climbed to the strongest level against the euro in almost a year against as investors bet on a Bank of England interest-rate hike next month, after the European Central Bank revealed a dovish slant in the account of its March meeting published Thursday.
     Here are the main moves in markets:
                          Stocks
* The S&P 500 Index fell 0.3 percent to 2,656.30, while the Dow Jones Industrial Average slid 123 points, or 0.5 percent.
* The Stoxx Europe 600 gained 0.1 percent.
* The MSCI All-Country World Index slipped 0.1 percent.
* The MSCI Asia Pacific Index climbed 0.1 percent.
* The MSCI Emerging Market Index fell 0.6 percent.
                          Currencies
* The Bloomberg Dollar Spot Index declined 0.1 percent.
* The euro gained 0.1 percent to $1.2339.
* The British pound increased 0.1 percent to $1.4246.
* The Japanese yen declined less than 0.1 percent to 107.37 per dollar.
                          Bonds
* The yield on 10-year Treasuries fell two basis points to 2.8193 percent.
* Germany’s 10-year yield dipped one basis point to 0.511 percent.
* Britain’s 10-year yield dropped two basis points to 1.435 percent.
                          Commodities
* West Texas Intermediate crude gained 0.3 percent to $67.27 a barrel.
* Gold rose 0.7 percent to $1,344.45 an ounce.
* Copper added 0.1 percent to $3.07 a pound.
–With assistance from Grant Smith and Robert Brand.

Have a great weekend.
 

Be magnificent!

As ever,

 

Carolann

I saw and loved.
-Edward Gibbon, 1737-1794

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