Category: Events

Dear Friends,

Tangents:  WISHING YOU A HAPPY NEW YEAR!

OUR STORY
-William Stafford

Remind me again – together we
trace our strange journey, find
each other, come on laughing.
Some time we’ll cross where life
ends.  We’ll both look back
as far as forever, that first day. 
I’ll touch you – a new world then.
Stars will move a different way.
We’ll both end.  We’ll both begin.
Remind me again

PHOTOS OF THE DAY

A “wolf moon” rises behind St. Paul’s Cathedral and London City’s skyline.

A flock of starling morphs into one giant bird in the skies over Spain’s Costa Brava. Daniel Biber, 53, spent four days observing hundreds of thousands of birds before capturing the breathtaking event.

Brazilian surfer Marcelo Luna rides a wave during the first surf lesson session of 2018 at Praia do Norte in Nazare, Portugal.

A dune buggy practices during a sand dune racing at the Liwa 2018 Moreeb Dune Festival in the Liwa desert, some 250 kilometres west of the Gulf emirate of Abu Dhabi.
Market Closes for January 2^nd, 2018

Market Index	Close	Change
Dow Jones	24824.01	+104.79   +0.42%
S&P 500	2695.79	+22.18   +0.83%
NASDAQ	7006.898	+103.510   +1.50%
TSX	16309.99	+100.86
		+0.62%

International Markets

Market Index	Close	Change
NIKKEI	22764.94	-19.04
		-0.08%
HANG SENG	30515.31	+596.16
		+1.99%
SENSEX	33812.26	-0.49
		—
FTSE 100*	7648.10	-39.67
		-0.52%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.080		2.045
CND. 30 Year Bond		2.317		2.266
U.S.    10 Year Bond		2.4579		2.4054
U.S. 30 Year Bond		2.8066		2.7399

Currencies

BOC Close	Today	Previous
Canadian $	0.79942	0.79506
US $	1.25090	1.25776
Euro Rate 1 Euro=		Inverse
Canadian $	1.50822	0.66303
US $	1.20570	0.82939

Commodities

Gold	Close	Previous
London Gold Fix	1312.05	1291.00
Oil
WTI Crude Future	60.37	60.42

Market Commentary:
On this day in 1915, a scant 23,505 shares trade hands on the New York Stock Exchange, its slowest trading day of the 20th century. By the end of the year, the Dow Jones Industrial Average will have gained 82%, its greatest annual gain of all time.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks kicked off 2018 with a fresh high, gaining the most in almost four weeks as gold and energy shares rose.
     The S&P/TSX Composite Index added 101 points or 0.6 percent to 16,309.99. Materials stocks jumped 2.7 percent as gold prices posted their longest stretch of gains since mid-2011. Barrick Gold Corp. rose 4.6 percent.
     The energy index gained 1.9 percent to the highest since early November as crude prices hovered above $60 amid anti- government protests in Iran. Cenovus Energy Inc. jumped 6.1 percent, the biggest gain since September.
     In other moves:
                         Stocks
* Canopy Growth Corp. gained 8.8 percent and Aphria Inc. rose 8 percent as long line ups to buy newly legalized marijuana in California and a new exchange-traded fund boosted pot stocks
* Westport Fuel Systems Inc. jumped 11 percent. The company is in a development and supply pact with Tata Motors Ltd.
* Brookfield Asset Management Inc. fell 1.5 percent. The company raised $885 million for its first infrastructure debt fund
                         Commodities
* Western Canada Select crude oil traded at a $25 discount to WTI, the narrowest gap in two weeks
* Gold rose 0.5 percent to $1,316.10 an ounce, the highest since mid-September
                         FX/Bonds
* The Canadian dollar strengthened 0.3 percent to $1.2508 per U.S. dollar, the strongest since October
* The Canada 10-year government bond yield rose four basis points to 2.08 percent, the highest in nearly three months
US
By Lu Wang and Kailey Leinz
     (Bloomberg) — U.S. stocks rose to record highs, Treasuries tumbled and the dollar weakened against all of its G-10 peers in the first official day of trading in 2018.
     Technology shares led the rally and analyst upgrades fueled gains in consumer-discretionary companies. The NASDAQ 100 Index climbed 1.8 percent, the biggest gain since Oct. 27. The NASDAQ Composite closed above 7,000 for the first time, while the Standard & Poor’s 500 Index also finished at an all-time high. European stocks started the year in the red, failing to capitalize on a positive Asian session as the strength of the region’s common currency weighed on exporters.
     European bonds dropped and the euro strengthened to near a three-year high against the dollar as the region’s manufacturing activity expanded in line with estimates in December. The Bloomberg Dollar Index hit a three-month low, helping propel gold to the highest since September. West Texas oil fluctuated as Iran said protests in the country will fade in days. Bitcoin recovered from Monday’s losses.
     “The backdrop for the dollar is just not very good,” said Mark McCormick, head of FX strategy for North America for Toronto Dominion Bank. “The global reflation trade is progressing along and the backdrop is that we’re rotating into a regime shift and that comes with a changing backdrop for capital flows.”
     The Stoxx Europe 600 Index dropped, with consumer staples leading the decline as a majority of industry sectors ended lower. In Asia, the MSCI Asia Pacific Index climbed to a record, though markets in Tokyo remain closed until Thursday for Japanese holidays. Chinese equities led gains as property shares soared and a gauge of the nation’s manufacturing strength beat expectations. 
     Investors begin 2018 on the heels of a winning year for equities and a losing one for the greenback. Global stocks last year posted their best performance since 2009, fueled by a synchronous expansion and a go-slow approach toward monetary- stimulus withdrawal in major economies.
     Here are the main events to watch for this week:
* MiFID II, the biggest change to European investment industry rules in a decade, takes effect Wednesday.
* FOMC December meeting minutes also expected Wednesday.
* U.S. non-farm payrolls due Friday.     
     These are the main moves in markets:
                           Stocks
* The S&P 500 Index climbed 0.8 percent to 2,695.79 as of 4:11 p.m. in New York, while the Dow Jones Industrial Average gained 0.4 percent to 24,824.01 and the NASDAQ Composite Index rose 1.5 percent to 7,006.898.
* The Stoxx Europe 600 Index dipped 0.2 percent, after reaching the lowest in almost four weeks.
* The U.K.’s FTSE 100 Index declined 0.5 percent.
* Germany’s DAX Index fell 0.4 percent, after touching the lowest in almost 14 weeks.
* The MSCI Asia Pacific Index jumped 1 percent to the highest on record.
* The MSCI Emerging Market Index jumped 1.8 percent to the highest in almost seven years.
                          Currencies
* The Bloomberg Dollar Spot Index declined 0.5 percent to 1,153.42, after touching the lowest in 14 weeks.
* The euro increased 0.4 percent to the strongest in about three years.
* The British pound climbed 0.7 percent to $1.3597, the strongest in almost 15 weeks.
* The Japanese yen advanced 0.3 percent to 112.26 per dollar, the strongest in almost five weeks.
                           Bonds
* The yield on 10-year Treasuries increased five basis points to 2.46 percent.
* Germany’s 10-year yield rose four basis points to 0.46 percent, the highest in almost 10 weeks.
* Britain’s 10-year yield advanced 10 basis points to 1.29 percent, the highest in about a month.
                           Commodities 
* West Texas Intermediate crude was little changed at $60.37 a barrel.
* Gold gained 1.2 percent to $1,317.69 an ounce, the highest in more than 15 weeks.
* Copper dipped 0.6 percent to $3.28 a pound.

Have a wonderful evening everyone.

 

Be magnificent!

 

As ever,

 

Carolann

Man is able to do what he is unable to imagine.
                             -Rene Char, 1907-1988

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

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

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

Dear Friends,

Tangents:

On December 29^th, 1170, Edward Grim, a clerk in the following of the Archbishop Thomas à Becket, describes his murder by four knights in Canterbury Cathedral, 1170:

But when he [Beckett] would not be persuaded by arguments or prayer to take refuge in the church the monks caught hold of him in spite of his resistance, and pulled, dragged, and pushed him, not heeding his clamours to be let go, and brought him to the church…And straightway [the knights] entered the house of peace and reconciliation with swords sacrilegiously drawn causing horror to the beholders by their very looks and the clanging of their arms…Inspired by fury the knights called out, “Where is Thomas Becket, traitor to the King and realm?”  As he answered not they cried out the more furiously, “Where is the Archbishop?”  At this…he descended from the stair where he had been dragged by the monks in fear of the knights, and in a clear voice answered, “I am here, no traitor to the King, but a priest.  Why do ye seek me?”
  “Absolve”, they cried, “and restore to communion those whom you have excommunicated, and restore their powers to those whom you have suspended.”  He answered, “There has been no satisfaction, and I will not absolve them.”  “Then you shall die,” they cried, “and receive what you deserve”…They laid sacrilegious hands on him, pulling and dragging him that they might kill him outside the church, or carry him away a prisoner, as they afterwards confessed.  But when he could not be forced away from the pillar, one of them pressed on him and clung to him more closely.  Him he pushed off calling him “pander” and saying, “Touch me not, Reginald; you owe me fealty and subjection; you and your accomplices act like madmen”… The wicked knight, fearing lest he should be rescued by the people and escape alive, leapt upon him suddenly and wounded this lamb who was sacrificed to God on the head, cutting off the top of the crown which the sacred unction of the chrism  had dedicated to God; and by the same blow he wounded the arm of him who tells this…Then he received a second blow on the head but still stood firm.  At the third blow he fell on his knees and elbows… the third knight inflicted a terrible wound as he lay, by which the sword was broken against the pavement, and the crown which was large was separated from the head; so that the blood white with brain and the brain red with blood, dyed the surface of the virgin mother church with the life and death of the confessor and martyr in the colours of the lily and the rose. –from The Book of Days.

On Dec. 29, On Dec. 29, 1940, during World War II, Germany began dropping incendiary bombs on London.
Go to article »

PHOTOS OF THE DAY

Rough seas off the beach at Tynemouth with the lighthouse of the town’s North Pier in the background.

A walker looks out across the Lake District at dawn this morning, as the rising sun highlights the wind-driven snowy summit of Blencathra, which like many of the Lakeland fells is covered in snow following the recent wintry blast.

Ants balance to carry pete cina seeds, in Java, Indonesia.
Market Closes for December 29^th, 2017

Market Index	Close	Change
Dow Jones	24719.22	-118.29   -0.48%
S&P 500	2673.61	-13.93   -0.52%
NASDAQ	6903.391	-46.770   -0.67%
TSX	16209.13	-12.82
		-0.08%

International Markets

Market Index	Close	Change
NIKKEI	22764.94	-19.04
		-0.08%
HANG SENG	29919.15	+55.44
		+0.19%
SENSEX	34056.83	+208.80
		+0.62%
FTSE 100*	7687.77	+64.89
		+0.85%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.045		2.031
CND. 30 Year Bond		2.266		2.239
U.S.    10 Year Bond		2.4054		2.4305
U.S. 30 Year Bond		2.7399		2.7561

Currencies

BOC Close	Today	Previous
Canadian $	0.79506	0.79565
US $	1.25776	1.25684
Euro Rate 1 Euro=		Inverse
Canadian $	1.50950	0.66238
US $	1.20025	0.83316

Commodities

Gold	Close	Previous
London Gold Fix	1291.00	1291.00
Oil
WTI Crude Future	60.42	59.84

Market Commentary:
On this day in 1954, the Dow Jones Industrial Average closes above 400 for the first time, finishing the day at 401.97. It took a quarter century to climb from 300.
Number of the Day
24%
The gain this year in the MSCI AC World ex-USA Index, which tracks stocks across developed and emerging markets outside the U.S. Meanwhile, the S&P 500 is up 20%. It’s the first time international equities outpaced the U.S. since 2012.
Canada
By Michael Bellusci
     (Bloomberg) — Canadian stocks closed the last trading day of 2017 in the red as the marijuana rally failed to reach new highs. Crude oil above $60/barrel also wasn’t enough to propel the energy sector.
     The S&P/TSX Composite Index fell 13 points, or 0.1 percent to 16,209.13. The health care sector, including marijuana- exposed stocks, was the worst performer. Canopy Growth Corp. fell 2.2 percent, and was earlier halted as IIROC cited a single-stock circuit breaker.
     In other moves:
                         Stocks
* Neptune Technologies & Bioressources Inc. rose 13 percent
* Supreme Cannabis Co. rose 13 percent
* Viemed Healthcare Inc. fell 24 percent\
* Global Blockchain Technologies Corp. fell 7.7 percent
                         Commodities
* Gold rose 0.9 percent to $1,342.50 an ounce
                         FX/Bonds
* The Canadian dollar weakened 0.1 percent to $1.25770 per U.S. dollar
* Canada 10-year government bond yield little changed at 2.04 percent
US
By Jeremy Herron and Kailey Leinz
     (Bloomberg) — U.S. stocks pared the best annual gain since 2013, slipping on the final market day in thin trading. The dollar’s slump continued as it heads for its worst year since 2005, pushing the euro above $1.20.
     The S&P 500 Index fell to finish the year higher by 19 percent. The bulk of Friday’s losses came in the final 15 minutes of trading. Volume was 28 percent lower than the 30-day average as investors prepare for a three-day weekend. The Dow Jones Industrial Average fell from a record to trim its 2017 rise to 25 percent. Small caps rose only 13 percent in the year, while the Nasdaq Composite rose 29 percent. European equities edged lower but notched the fifth rise in the past six years. 
     The Bloomberg Dollar Index fell to the lowest level since Dec. 1, leaving it lower by 8.5 percent in 2017. The euro topped $1.20 for the first time since September as the common currency looks for its best annual gain in 14 years. The Bloomberg Commodity Index extended a record-breaking string of gains, as WTI crude held above $60 a barrel.
     With little news to drive trading ahead of the New Year holidays, investors returned to themes familiar for the year — a synchronous global expansion and go-slow approach toward monetary-stimulus withdrawal in major economies, which has been a winning recipe for equities and a loser for the greenback.
     When investors return from the New Year holiday, they’ll have a week full of economic data to mull. Purchasing manager indexes and data on the services industries come before the monthly government jobs report and the minutes from the Federal Reserve’s last meeting.
                           Stocks
* The S&P 500 Index fell 0.5 percent at 4 p.m. in New York. The Dow lost 0.5 percent and the Nasdaq Composite Index dropped 0.7 percent.
* The Stoxx Europe 600 Index fell 0.1 percent.
* The MSCI Asia Pacific Index rose 0.4 percent. The MSCI Emerging Markets Index headed for a third straight weekly gain and its highest close since 2011.  Japan’s Topix Index fell 0.1 percent as of the close in Tokyo, still near its highest level since 1991.
                           Currencies
* The Bloomberg Dollar Spot Index decreased 0.4 percent to the lowest in more than three months.
* The euro climbed 0.4 percent to $1.20, the strongest in more than 14 weeks.
* The British pound gained 0.6 percent to $1.3525, hitting the strongest in 14 weeks.
* The Japanese yen gained 0.3 percent to 112.56 per dollar, the strongest in more than a week.
                           Bonds
* The yield on 10-year Treasuries fell three basis points to2.41 percent.
* Germany’s 10-year yield climbed two basis points to 0.44 percent, the highest in more than two months.
* Britain’s 10-year yield declined one basis point to 1.199 percent.
                           Commodities
* West Texas Intermediate crude advanced 0.4 percent to $60.05 a barrel, the highest in more than two years.
* Gold climbed 0.4 percent to $1,299.90 an ounce, hitting the highest in 11 weeks with its eighth consecutive advance.
* Copper dipped 0.8 percent to $3.28 a pound, the first retreat in more than three weeks.
* The Bloomberg Commodity Index gained 0.1 percent to 87.79, hitting the highest in more than seven weeks with its 12th straight advance.

 

Have a wonderful New Year’s long weekend!

 

Be magnificent!

As ever,

 

Carolann

 

In the right light, at the right time, everything is extraordinary.
                                                                   -Aaron Rose

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

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

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

Dear Friends,

Tangents:

Famous Blue Raincoat
Leonard Cohen
It’s four in the morning, the end of December
I’m writing you now just to see if you’re better
New York is cold, but I like where I’m living
There’s music on Clinton Street all through the evening
I hear that you’re building your little house deep in the desert
You’re living for nothing now, I hope you’re keeping some kind of record
Yes, and Jane came by with a lock of your hair
She said that you gave it to her
That night that you planned to go clear
Did you ever go clear?
Ah, the last time we saw you you looked so much older
Your famous blue raincoat was torn at the shoulder
You’d been to the station to meet every train, and
You came home without Lili Marlene
And you treated my woman to a flake of your life
And when she came back she was nobody’s wife
Well I see you there with the rose in your teeth
One more thin gypsy thief
Well, I see Jane’s awake
She sends her regards
And what can I tell you my brother, my killer
What can I possibly say?
I guess that I miss you, I guess I forgive you
I’m glad you stood in my way
If you ever come by here, for Jane or for me
Well, your enemy is sleeping, and his woman is free
Yes, and thanks, for the trouble you took from her eyes
I thought it was there for good so I never tried
And Jane came by with a lock of your hair
She said that you gave it to her
That night that you planned to go clear
Sincerely, L Cohen

PHOTOS OF THE DAY

This young orangutan appears to shake a fist in frustration at a photographer taking its photo. Andrew Walmsley captured this adorable photograph of the young orangutan, as it was carried around on it’s mothers back high up in the tree canopy. The newly identified species of Tapanuli Organutan has been found in the Batang Toru forests in North Sumatra, Indonesia.

Snow falls as a Macaque monkey stands at the Jigokudani Yaen-koen wild Macaque monkey park in Yamanouchi, Japan.  The wild Japanese macaques are known as snow monkeys, according to the park’s official website.

Runners and riders participate in the Christmas Ballyheigue beach horse races in the County Kerry village of Ballyheigue, Ireland.
Market Closes for December 28^th, 2017

Market Index	Close	Change
Dow Jones	24837.51	+63.21   +0.26%
S&P 500	2687.54	+4.92   +0.18%
NASDAQ	6950.160	+10.824   +0.16%
TSX	16221.95	+18.82
		+0.12%

International Markets

Market Index	Close	Change
NIKKEI	22783.98	-127.23
		-0.56%
HANG SENG	29863.71	+266.05
		+0.90%
SENSEX	33848.03	-63.78
		-0.19%
FTSE 100*	7622.88	+2.20
		+0.03%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.031		1.982
CND. 30 Year Bond		2.239		2.199
U.S.    10 Year Bond		2.4305		2.4107
U.S. 30 Year Bond		2.7561		2.7461

Currencies

BOC Close	Today	Previous
Canadian $	0.79565	0.79010
US $	1.25684	1.26567
Euro Rate 1 Euro=		Inverse
Canadian $	1.50131	0.66608
US $	1.19451	0.83716

Commodities

Gold	Close	Previous
London Gold Fix	1291.00	1279.40
Oil
WTI Crude Future	59.84	59.64

Market Commentary:
On this day in 1967, the New York Stock Exchange admits its first woman member, Muriel Siebert of Muriel Siebert and Co. Ms. Siebert later becomes a pioneer of discount brokerages, and serves as New York’s first female superintendent of banking.
Number of the Day
23.8%
The weighing of technology stocks in the S&P 500 index has climbed to 23.8% as of Dec. 26, from 20.8% at the end of last year, as tech stocks have rallied.
Canada
By Michael Bellusci

     (Bloomberg) — Canadian stocks crept up toward the end of the trading day to reach yet another record high as the medical marijuana sector fueled gains in health stocks. The country’s emerging legal producers have a chance to seize opportunities in other countries that could make them worldwide leaders, Canopy Growth Corp. Chief Executive Officer Bruce Linton said.
     The S&P/TSX Composite Index gained 19 points, or 0.1 percent, to 16,221.95. The health care sector led the way for a second-straight session, while industrials underperformed.
     In other moves:
                          Stocks
* Sherritt International Corp. rose 13 percent as metals were strong
* Canopy Growth Corp. rose 9.5 percent as its CEO sees globalization of medical pot as theme for 2018
* Global Blockchain Technologies Corp. fell 8 percent as the rout in bitcoin is also taking down stocks with ties to cryptocurrencies
                          Commodities
* Gold rose 0.45 percent to $1,297.10 an ounce
* LME 3mth copper rose 0.7%
                           FX/Bonds
* The Canadian dollar strengthened 0.65 percent to $1.25739 per U.S. dollar
* The Canada 10-year government bond yield rose five basis points to 2.03 percent
US
By Randall Jensen
     (Bloomberg) — U.S. stocks rose amid thinned-out trading between holidays. The dollar touched its lowest level this month, while Treasury yields rose after Wednesday’s slide.
     The S&P 500 Index closed higher for the second day amid trading nearly 40 percent below the 30-day average. The greenback dropped against all major peers on its way to the worst year in more than a decade. Ten-year Treasury yields advanced toward 2.43 percent after the biggest intraday slide since the start of December on Wednesday.
     The euro was on track for the strongest close in three months after European stocks and core bonds fell. The Bloomberg Commodity Index extended its longest rising streak in more than 12 years as copper headed for its highest level since Sept. 2013. WTI crude rose toward $60 a barrel.
     While the Federal Reserve’s three interest-rate hikes this year might have argued for higher U.S. yields and a stronger greenback, instead its low cap on its long-term estimated policy rate and muted inflation have proved to be stronger dynamics.
     Meanwhile, bitcoin retreated again Thursday to near $14,000, extending a selloff that began last week, as South Korean regulators stepped up scrutiny of their citizens’ dealings with cryptocurrencies.
     Among the key events remaining for investors this week:
* Egypt decides on interest rates.
     And here are the main moves in markets:
                           Stocks
* The S&P 500 Index rose 0.2 percent to 2,687.52 as of 4:00 p.m. New York time.
* The Dow Jones Industrial Average rose 0.3 percent to 24,837.51, another record close.
* The Stoxx Europe 600 Index dipped 0.3 percent.
* The U.K.’s FTSE 100 Index was steady.
* Germany’s DAX Index decreased 0.7 percent. 
                           Currencies
* The Bloomberg Dollar Spot Index sank 0.4 percent, touching the lowest in more than three weeks.
* The euro advanced 0.5 percent to $1.1943, the strongest in almost 14 weeks.
* The British pound gained 0.3 percent to $1.3440.
* The Japanese yen rose 0.4 percent to 112.88 per dollar, the strongest in more than a week on the biggest increase in more than two weeks.
                           Bonds
* The yield on 10-year Treasuries gained two basis points to 2.43 percent.
* Germany’s 10-year yield gained four basis points to 0.42 percent, the largest climb in more than a week.
* Britain’s 10-year yield rose less than one basis point to 1.176 percent.
                           Commodities
* West Texas Intermediate crude advanced 0.5 percent to $59.91 a barrel.
* Gold gained 0.6 percent to $1,295.01 an ounce, hitting the highest since October.
* Copper rose 0.7 percent to $3.31 a pound, reaching the highest in more than four years on its 16th consecutive advance.

Have a wonderful evening everyone.

 

Be magnificent!

As ever,

Carolann

 

I think; therefore I am.
-Rene Descartes, 1596-1650

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

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

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

Dear Friends,

Tangents:

Louis Pasteur, chemist, b. 1822

Let me tell you the secret that has led me to my goal.  My strength lies solely in my tenacity. -Louis Pasteur.

The Poem:

Ligament
By Charif Shanahan

Even after she cut into my shoulder

Coldly, with a  scalpel, resetting my clavicle.

Tying it down with borrowed ligament and screwing it

Into place, even after she sutured me shut,

Sewing the two banks of skin across the thin blood river,

Watching me sleep the chemical sleep

Until tender and hazy I awoke – Even after all that,

What seems the least plausible is how

She had known, walking into that white room,

To put her hand for just a second in my hand.

PHOTOS OF THE DAY

Harrods butlers entertain shoppers as they queue outside the store in Knightsbridge, London ahead of the launch of its winter sale.

Theresa Kingston takes her dog for a walk in winter wonderland conditions near Alston, Cumbria following heavy snowfall across northern England.

It all got too much for one lazy 2,200-pound walrus as it lies flat out on an ice floe covering its eyes with its flipper as if avoiding the camera in Svalbard, Norway.
Market Closes for December 27^th, 2017

Market Index	Close	Change
Dow Jones	24774.30	+28.09   +0.11%
S&P 500	2681.82	+1.32   +0.05%
NASDAQ	6939.336	+3.086   +0.04%
TSX	16197.36	+32.09
		+0.20%

International Markets

Market Index	Close	Change
NIKKEI	22911.21	+18.52
		+0.08%
HANG SENG	29597.66	+19.65
		+0.07%
SENSEX	33911.81	-98.80
		-0.29%
FTSE 100*	7620.68	+28.02
		+0.37%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.982		2.026
CND. 30 Year Bond		2.199		2.248
U.S.    10 Year Bond		2.4107		2.4810
U.S. 30 Year Bond		2.7461		2.8309

Currencies

BOC Close	Today	Previous
Canadian $	0.79010	0.78583
US $	1.26567	1.27253
Euro Rate 1 Euro=		Inverse
Canadian $	1.50496	0.66447
US $	1.18907	0.84100

Commodities

Gold	Close	Previous
London Gold Fix	1279.40	1264.55
Oil
WTI Crude Future	59.64	58.42

Market Commentary:
Canada
By Michael Bellusci
     (Bloomberg) — Canadian stocks rose as as California rolls toward recreational legalization of marijuana, while the energy sector experienced a strong session despite oil falling.
     The S&P/TSX Composite Index rose 38 points or 0.2 percent to 16,203.13. The health care index led the way given marijuana- exposure, followed by the energy sector.
     In other moves:
                       Stocks
* Nutritional High International Inc. rose 136 percent after reporting Calyx Brands Inc. has received a Medicinal – Distributor Temporary License from the California Bureau of Cannabis Control
* Future Farm Technologies Inc. rose 63 percent after announcing it has set a closing date of January 4 on its previously announced 10-acre operating greenhouse acquisition
* Brookfield Infrastructure Partners LP rose 3.3 percent
* Centerra Gold Inc. fell 10.3 percent as the company’s mill processing operations at the Mount Milligan mine in British Columbia have been temporarily suspended
                      Commodities
* Gold rose 0.4 percent to $1,292 an ounce
                      FX/Bonds
* The Canadian dollar strengthened 0.3 percent to $1.26438 per U.S. dollar
US
By Randall Jensen and Jeremy Herron
     (Bloomberg) — U.S. stocks edged higher and Treasuries rose amid trading thinned by a holiday-shortened week. The dollar weakened against most peers.
     The S&P 500 Index halted a two-day slump as data showed American consumers remain upbeat about the economy. Trading was almost 40 percent below the 30-day average. Stocks in Europe ended slightly higher following a mixed session in Asia. Ten- year Treasury yields headed for a fourth day of declines, while the dollar traded near month lows.
     Meanwhile, the euro and pound gained, while bonds in Europe were mixed. West Texas crude retreated after breaching $60 a barrel for the first time since June 2015 on Tuesday. Bitcoin fell below $15,000 after its biggest gain in two weeks took it above $16,000.
     The best year for U.S. equities since 2013 is ending with a bit of a whimper after stocks soared in the week before the holidays as Republicans passed a major overhaul of the tax code. Investors will now turn attention to 2018 for clues on whether corporations will plow some of the savings into investments that will bolster earnings at the same time central banks around the world are dialing down stimulus or actively tightening.
     Among the key events remaining for investors this week:
* Italy’s parliament is expected to be dissolved ahead of elections in 2018.
* Egypt decides on interest rates.
     And here are the main moves in markets:
                            Stocks
* S&P 500 Index rose 0.1 percent as of 4 p.m. New York time.
* The Stoxx Europe 600 Index rose 0.1 percent.
* Emerging market shares jumped 0.5 percent.
                            Currencies
* The Bloomberg Dollar Spot Index lost 0.3 percent near the lowest in more than three weeks.
* The euro gained 0.3 percent to $1.1895, the strongest in almost four weeks on the biggest rise in more than a week.
* The British pound increased 0.2 percent to $1.3404.
* The Japanese yen increased less than 0.05 percent to 113.28 per dollar.
                            Bonds
* The yield on 10-year Treasuries fell seven basis points to 2.41 percent, the most since September.
* Germany’s 10-year yield lost four basis points to 0.385 percent.
                            Commodities
* West Texas Intermediate crude lost 0.7 percent to $59.57 a barrel, the first retreat in more than a week.
* Gold futures increased 0.4 percent to $1,292.30 an ounce.
* LME copper advanced 1.1 percent to $7,206.00 per metric ton, reaching the highest in about four years on its ninth consecutive advance.

  

Have a wonderful evening everyone.

 

Be magnificent!

 

As ever,

Adversity does teach you who your real friends are.
                        -Lois McMaster Bujold, b. 1949

 

Carolann

 

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

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

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

Dear Friends,

Tangents: Happy Friday!

On this day in 1956, a western lowland gorilla is born at the Columbus Zoo in Ohio, becoming the first-ever gorilla born
in captivity.  She is named Colo, a combination of Columbus and Ohio.
Also, on December 22^nd in 2005, astronomers announced the discovery of two more rings and two new moons encircling the planet Uranus.
Ralph Fiennes, actor, b. 1962.
Diane Sawyer, journalist, b. 1946
Giacomo Puccini, composer, b. 1858
Lady Bird Johnson, 1^st Lady, b.1912  (We recently went to see the movie Lady Bird that is currently playing in cinemas and absolutely loved it!  The acting is awesome –  Saoirse Ronan and Laurie Metcalfe give truly brilliant performances – one of the best films of the year).

THE HOLLY  AND  THE  IVY
The holly and the ivy,
When they are both full grown,
Of all the trees that are in the wood,
Th holly bears the crown.
                ~Old French Carol

Holly has had special meaning for thousands of years, each culture adding its layer of significance.  The Druids saw holly and ivy as female and male – holly represented the Goddess, with her red berries standing for the blood of fertility.  Ivy was her consort.  The Romans thought Saturn gave them holly and the plant figured heavily in the sensual and wild Saturnalia festival honoring the god.  Holly is linked to Christmas in a couple of ways.  Early Christians, wishing to avoid Roman persecution, decorated their houses with holly in mid-December during Saturnalia.  As the number of Christians increased, holly became associated with the Christmas season.  Another connection is that holly was said to have been woven into Christ’s crown of thorns.
   But holly’s natural characteristic of evergreen cheerfulness and festive berries simply make it an apt symbol for celebration, especially in the dark of winter.  Its upright growth and deep reaching roots speak to strength and goodness.  In the Bach Flower remedy pharmacopeia, holly is given to heal the inner soul and stimulate our basic loving nature.
For more information on Christmas and the other Winter Holidays, see www.holidays.net.

Enjoy the holidays!

VERILY, GREAT GRACE MAY GO WITH A LITTLE GIFT; AND PRECIOUS ARE ALL THINGS THAT COME FROM FRIENDS. -THEOCRITUS.

May Peace be your gift at Christmas and your blessing all year through.
PHOTOS OF THE DAY

A police officer looks at Greg Knight MP arriving in Downing Street, London, in a 1961 Sunbeam Rapier car.

A thick mist rolls over Edinburgh, Scotland.

Artists from Stroud in traditional costume celebrate the Winter Solstice Sunrise om Painswick Beacon in Gloucestershire.
Market Closes for December 22^nd, 2017

Market Index	Close	Change
Dow Jones	24754.06	-28.23   -0.11%
S&P 500	2683.34	-1.23   -0.05%
NASDAQ	6959.961	-5.400   -0.08%
TSX	16165.27	-17.36
		-0.11%

International Markets

Market Index	Close	Change
NIKKEI	22902.76	+36.66
		+0.16%
HANG SENG	29578.01	+210.95
		+0.72%
SENSEX	33940.30	+184.02
		+0.55%
FTSE 100*	7592.66	-11.32
		-0.15%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.026		2.032
CND. 30 Year Bond		2.248		2.252
U.S.    10 Year Bond		2.4810		2.4808
U.S. 30 Year Bond		2.8309		2.8371

Currencies

BOC Close	Today	Previous
Canadian $	0.78583	0.78537
US $	1.27253	1.27328
Euro Rate 1 Euro=		Inverse
Canadian $	1.50917	0.66262
US $	1.18595	0.84320

Commodities

Gold	Close	Previous
London Gold Fix	1264.55	1264.55
Oil
WTI Crude Future	58.42	58.33

Market Commentary:
Number of the Day
394 days
The longest stretch in history that the S&P 500 or its predecessor hasn’t fallen 5% within any six-month period. The index is on pace to break the record  in early January.
Canada
By Andrew Dunn
     (Bloomberg) — The dollar advanced and U.S. equities were mixed in the last trading session before Christmas, while bitcoin plunged at the close of a tumultuous week for cryptocurrencies.
     With volume running about 25 percent below average, the S&P 500 Index was little changed as declines in consumer, health- care and financial stocks were countered by real estate and energy. Bitcoin’s slump entered a fourth day, with the digital currency enduring its worst week since January 2015. Chipmakers were among the biggest decliners in the S&P.
     Reports showed U.S. consumer spending rose more than forecast in November and an inflation gauge advanced, signs of economic vitality that should keep the Federal Reserve on track to raise rates in 2018. Although Treasuries stabilized, they were set for the biggest weekly loss since September as investors contemplate prospects for continued growth and reduced central bank stimulus. 
     Catalan separatist parties triumphed in regional elections, reigniting Spain’s political trauma and diverting focus from data on consumer spending, wholesale prices and gross domestic product from France and the Netherlands which underscored the region’s health.
     The Stoxx Europe 600 Index slipped with Spain’s Ibex 35 leading the declines. The country’s bonds also fell along with peripheral European government debt before recovering, while bunds were little changed after a selloff this week drove yields to five-week highs.  
     West Texas oil wavered between gains and losses as U.S. crude stockpiles dropped to their lowest level in more than two years. Copper and gold rose, and the Bloomberg Commodity Index advanced for the eighth straight day.
     Equities in Asia ended largely in the green, with Japan’s Topix Index reaching its highest level since 1991.
      These are the main moves in markets:
                          Stocks
* The S&P 500 Index fell less than 0.05 percent as of 4:03 p.m. New York time.
* The Stoxx Europe 600 Index fell 0.1 percent.
* The U.K.’s FTSE 100 Index declined 0.1 percent.
* Germany’s DAX Index decreased 0.3 percent. 
                          Currencies
* The Bloomberg Dollar Spot Index advanced 0.2 percent.
* The euro decreased 0.2 percent to $1.1856, the first retreat in a week.
* The British pound dipped 0.2 percent to $1.3365.
* The Japanese yen increased less than 0.05 percent to 113.28 per dollar.
                          Bonds
* The yield on 10-year Treasuries dipped less than one basis point to 2.48 percent.
* Germany’s 10-year yield climbed less than one basis point to 0.42 percent.
* Britain’s 10-year yield fell two basis points to 1.241 percent.
* Spain’s 10-year yield gained less than one basis point to 1.472 percent.
                          Commodities
* West Texas Intermediate crude fell 0.1 percent to $58.31 a barrel.
* Gold gained 0.6 percent to $1,274.23 an ounce, the highest in more than two weeks.
* LME copper increased 0.6 percent to $7,125 a metric ton, the highest in more than two months.
* The Bloomberg bitcoin composite fell 6.9 percent to $14,325.
US
By Andrew Dunn
     (Bloomberg) — The dollar advanced and U.S. equities were mixed in the last trading session before Christmas, while bitcoin plunged at the close of a tumultuous week for cryptocurrencies.
     With volume running about 25 percent below average, the S&P 500 Index was little changed as declines in consumer, health- care and financial stocks were countered by real estate and energy. Bitcoin’s slump entered a fourth day, with the digital currency enduring its worst week since January 2015. Chipmakers were among the biggest decliners in the S&P.
     Reports showed U.S. consumer spending rose more than forecast in November and an inflation gauge advanced, signs of economic vitality that should keep the Federal Reserve on track to raise rates in 2018. Although Treasuries stabilized, they were set for the biggest weekly loss since September as investors contemplate prospects for continued growth and reduced central bank stimulus. 
     Catalan separatist parties triumphed in regional elections, reigniting Spain’s political trauma and diverting focus from data on consumer spending, wholesale prices and gross domestic product from France and the Netherlands which underscored the region’s health.
     The Stoxx Europe 600 Index slipped with Spain’s Ibex 35 leading the declines. The country’s bonds also fell along with peripheral European government debt before recovering, while bunds were little changed after a selloff this week drove yields to five-week highs.  
     West Texas oil wavered between gains and losses as U.S. crude stockpiles dropped to their lowest level in more than two years. Copper and gold rose, and the Bloomberg Commodity Index advanced for the eighth straight day.
     Equities in Asia ended largely in the green, with Japan’s Topix Index reaching its highest level since 1991.
     These are the main moves in markets:
                          Stocks
* The S&P 500 Index fell less than 0.05 percent as of 4:03 p.m. New York time.
* The Stoxx Europe 600 Index fell 0.1 percent.
* The U.K.’s FTSE 100 Index declined 0.1 percent.
* Germany’s DAX Index decreased 0.3 percent. 
                         Currencies
* The Bloomberg Dollar Spot Index advanced 0.2 percent.
* The euro decreased 0.2 percent to $1.1856, the first retreat in a week.
* The British pound dipped 0.2 percent to $1.3365.
* The Japanese yen increased less than 0.05 percent to 113.28 per dollar.
                          Bonds
* The yield on 10-year Treasuries dipped less than one basis point to 2.48 percent.
* Germany’s 10-year yield climbed less than one basis point to 0.42 percent.
* Britain’s 10-year yield fell two basis points to 1.241 percent.
* Spain’s 10-year yield gained less than one basis point to 1.472 percent.
                          Commodities
* West Texas Intermediate crude fell 0.1 percent to $58.31 a barrel.
* Gold gained 0.6 percent to $1,274.23 an ounce, the highest in more than two weeks.
* LME copper increased 0.6 percent to $7,125 a metric ton, the highest in more than two months.
* The Bloomberg bitcoin composite fell 6.9 percent to $14,325.

 

Have a wonderful weekend everyone!

 

Be magnificent!

As ever,

 

Carolann

Anyone can hold the helm when the sea is calm.
                                -Publilius Syrus, 85-43 BC

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

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

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

Dear Friends,

Tangents:  WINTER SOLSTICE
On Dec. 21, 1988, a terrorist bomb exploded aboard a Pan Am Boeing 747 over Lockerbie, Scotland, killing 270 people.
Go to article »

1620: Pilgrims land at Plymouth, Mass.
1937: Jane Fonda born

PHOTOS OF THE DAY

The sun rises behind St. Mary’s lighthouse in Whitley Bay, Tyne and Wear.

A tourist walks on the Peak Walk bridge at Glacier 3000 in Les Diablerets, Switzerland.

Fisherman walk across the frozen Lake Hamurpet in Turkey.
Market Closes for December 21^st, 2017

Market Index	Close	Change
Dow Jones	24782.29	+55.64   +0.23%
S&P 500	2684.57	+5.32   +0.20%
NASDAQ	6965.359	+4.400   +0.06%
TSX	16182.63	+22.95
		+0.14%

International Markets

Market Index	Close	Change
NIKKEI	22866.10	-25.62
		-0.11%
HANG SENG	29367.06	+132.97
		+0.45%
SENSEX	33756.28	-21.10
		-0.06%
FTSE 100*	7603.98	+78.76
		+1.05%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.032		1.990
CND. 30 Year Bond		2.252		2.246
U.S.    10 Year Bond		2.4808		2.4970
U.S. 30 Year Bond		2.8371		2.8791

Currencies

BOC Close	Today	Previous
Canadian $	0.78537	0.77933
US $	1.27328	1.28315
Euro Rate 1 Euro=		Inverse
Canadian $	1.51118	0.66173
US $	1.18685	0.84257

Commodities

Gold	Close	Previous
London Gold Fix	1264.55	1264.55
Oil
WTI Crude Future	58.33	58.02

Market Commentary:
Canada
By Kristine Owram 
     (Bloomberg) — Canadian stocks closed at a record high for the second consecutive day, while the loonie and bond yields surged amid faster-than-expected inflation and retail sales growth.
     The S&P/TSX Composite Index added 23 points or 0.1 percent to reach 16,182.63 on lower-than-normal volume. Energy shares rose 0.7 percent as crude prices gained 0.5 percent and the discount for Western Canadian oil narrowed.
     Financials added 0.2 percent and materials edged up 0.1 percent. Paramount Resources Ltd. was the biggest gainer on the benchmark, rising 7 percent.
     In other moves:
                         Stocks
* Bonterra Energy Corp. rose 5.8 percent, the most in six weeks. AltaCorp upgraded the stock, saying its recent royalty deal has eliminated debt uncertainty
* Novo Resources Corp. tumbled 28 percent, the most since 2011, after releasing an update on exploration in Australia
* Cogeco Communications Inc. added 2.2 percent. The company’s U.S. subsidiary will benefit from U.S. tax changes, TD Securities said
                         Commodities
* Western Canada Select crude oil traded at a $26.75 discount to WTI, with weak prices expected to last well into 2018
* Aeco natural gas traded at a $1.06 discount to Henry Hub
* Gold rose 0.1 percent to $1,267.30 an ounce
                          FX/Bonds
* The Canadian dollar strengthened 0.7 percent to $1.2742 per U.S. dollar, the biggest gain in nearly three weeks
* The Canada 10-year government bond yield rose four basis points to 2.03 percent, the highest since October
US
By Kailey Leinz
     (Bloomberg) — U.S. equities broke a two-session losing streak the day after Congress passed a sweeping tax bill, while Treasuries stopped a week-long slide as third-quarter economic growth was revised lower. 
     The S&P 500 Index closed higher Thursday, buoyed by energy and financial stocks. While the U.S. GDP figure was trimmed on lower contributions from consumer spending and trade, the pace of expansion remained the fastest since early 2015, Commerce Department data showed.
     “I think the best way to approach today is to recognize it’s a real mixed bag of data,” Steve Ricchiuto, chief U.S. economist at Mizuho Securities, said by phone. “The big story is the tax cut, and whether or not the tax cut will work or not in terms of driving up economic activity. Everyone has been such a growth optimist for years on the U.S. economy, and now they’ve got this fiscal move, and they’re not all convinced that it’s going to work dramatically.”
     Core European bond yields rose for a fourth session as traders tidied up positions ahead of the Christmas holiday. Those in the periphery were mostly lower. Treasury yields dropped.
     Equities in Europe steadied after two days of declines. The Stoxx Europe 600 index rose after a mixed session in Asia, as energy firms rallied with oil prices, outweighing a slump in utilities. Health-care and mining stocks pushed the FTSE 100 Index to a record close. Sterling and the euro both advanced.
     The dollar gave up some early gains on the GDP report. The yen fluctuated as the Bank of Japan held rates and Governor Haruhiko Kuroda said there’s no need to reconsider the current policy framework.
     Oil rose to a two-week high. Gold and copper also gained.
     Ballots are being counted in elections in Catalonia, where voters got another chance to express their view on whether the region should press its fight to break away or remain within Spain. 
     A poll released as voting ended showed the separatists winning a very narrow majority, but the result was still too close to call. An exchange-traded fund that tracks Spanish equities fell from session highs after polls closed but still finished up on the day.
     These are the main moves in markets:
                          Stocks
* Then S&P 500 Index gained 0.2 percent as of 4:03 p.m. New York time.
* The Stoxx Europe 600 Index gained 0.6 percent.
* The U.K.’s FTSE 100 Index climbed 1 percent, the biggest jump in more than five months.
* Germany’s DAX Index rose 0.3 percent.
                         Currencies
* The Bloomberg Dollar Spot Index was unchanged.
* The euro climbed less than 0.05 percent to $1.1876.
* The British pound gained 0.1 percent to $1.3387.
* The Japanese yen increased 0.1 percent to 113.29 per dollar.
                          Bonds
* The yield on 10-year Treasuries dipped two basis points to 2.48 percent, the first retreat in more than a week.
* Germany’s 10-year yield gained one basis point to 0.42 percent, the highest in eight weeks.
* Britain’s 10-year yield advanced one basis point to 1.262 percent, the highest in almost two weeks.
                          Commodities
* West Texas Intermediate crude increased 0.2 percent to $58.23 a barrel.
* Gold rose 0.2 percent to $1,267.89 an ounce.
* LME copper increased 0.6 percent to $7,086 per metric ton, the highest in over two months.
* The Bloomberg Commodity Index climbed 0.3 percent, the seventh straight advance.

 

Have a wonderful evening everyone.

 

Be magnificent!

 

As ever,

 

No duty is more urgent than that of returning thanks.
                                     -James Allen, 1864-1912

Carolann

 

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

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

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

Dear Friends,

Tangents:

On Dec. 20, 1989, the United States launched Operation Just Cause, sending troops into Panama to topple the government of General Manuel Noriega.
Go to article »

PRIME NUMBERS:

5,800
Barrels of oil leaked since TransCanada’s existing Keystone pipeline in the Dakotas began operating in 2010.  The company originally predicted spills of 1,000 barrels or more would occur no more than once every 100 years.

110 MILLION
Compensation payment (in Canadian dollars) the Canadian government will pay to victims of its authorized program of discrimination against gay people from the 1950s to 1990s.

375 MILLION
Workers worldwide who will have to change careers by 2030 to avoid being replaced by machines, according to McKinsey Global Institute.

150
Percentage of salaries American Airlines is offering some of its pilots to fly over the Christmas season after a computer error allowed too many to sign up to take that period off.

969
Flights that left Mumbai Airport on November 24, 2017, a new daily record.  India’s aviation industry is booming.

350,000
Highest estimated value (in U$) of the diamond engagement ring Britain’s Prince harry gave fiancée Meghan Markle.  In the US, the average person spends $6,163 on an engagement ring.

PHOTOS OF THE DAY

Mist surrounds Glastonbury Tor on the Somerset Levels.

A man decorates a Christmas tree made of bananas in the Damour area, south of Beirut, Lebanon.

A man takes a photograph of the Christmas lights on Regent Street in London
Market Closes for December 20^th, 2017

Market Index	Close	Change
Dow Jones	24726.65	-28.10   -0.11%
S&P 500	2679.25	-2.22   -0.08%
NASDAQ	6960.961	-2.890   -0.04%
TSX	16159.67	+26.32
		+0.16%

International Markets

Market Index	Close	Change
NIKKEI	22891.72	+23.72
		+0.10%
HANG SENG	29234.09	-19.57
		-0.07%
SENSEX	33777.38	-59.36
		-0.18%
FTSE 100*	7525.22	-18.87
		-0.25%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.990		1.931
CND. 30 Year Bond		2.246		2.195
U.S.    10 Year Bond		2.4970		2.4518
U.S. 30 Year Bond		2.8791		2.8058

Currencies

BOC Close	Today	Previous
Canadian $	0.77933	0.77647
US $	1.28315	1.28788
Euro Rate 1 Euro=		Inverse
Canadian $	1.52322	0.65650
US $	1.18710	0.84239

Commodities

Gold	Close	Previous
London Gold Fix	1264.55	1260.35
Oil
WTI Crude Future	58.02	57.46

Market Commentary:
On this day in 1966, the transmission of trades and quotes from the floor of the New York Stock Exchange is fully automated for the first time.
Number of the Day
26%
The most actively traded copper contract is up 26% so far in 2017, on track to post its best year since 2010, supported by a favorable global economic backdrop and the prospect of mine disruptions across the globe.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks closed at a record high, rebounding from a decline earlier in the day as strong gains in commodity prices offset drops in most other sectors.
     The S&P/TSX Composite Index added 26 points or 0.2 percent to 16,159.67. Materials rose 1.2 percent as copper prices jumped 1.4 percent to the highest in nearly two months. Lundin Mining Corp. gained 3.3 percent.
     The energy index gained 0.7 percent, boosted by a 1.1 gain in crude prices. U.S. weekly imports of Canadian crude saw their biggest inflow since March, new data showed.
     In other moves:
                         Stocks
* BlackBerry Ltd. jumped 12 percent to the highest since 2013. The company reported record software revenue and said sales for the full year will come in at the high end of its forecast
* Bombardier Inc. added 1 percent. Its CEO is scaling back plans to being a new aircraft program, focusing instead on generating cash flow and cutting debt
* Brookfield Business Partners LP rose 1.3 percent. The stock was initiated with a buy rating at Citi
                         Commodities
* Western Canada Select crude oil traded at a $26.85 discount to WTI, the widest gap in four years
* Aeco natural gas traded at a $1.00 discount to Henry Hub, the narrowest gap in six weeks
* Gold rose 0.4 percent to $1,266.10 an ounce, the highest in two and a half weeks.
                          FX/Bonds
* The Canadian dollar strengthened 0.4 percent to $1.2828 per U.S. dollar
* The Canada 10-year government bond yield rose five basis points to 1.99 percent, the highest in nearly two months
US
By Kailey Leinz
     (Bloomberg) — U.S. stocks fluctuated while Treasury yields climbed to a nine-month peak as the Republican tax overhaul passed its final vote before going to President Donald Trump for his signature.
     The S&P 500 Index was little changed Wednesday, held back in part by slumping consumer and real estate shares, while the energy and telecom sectors rose. Core European bond yields followed Treasury rates higher, with European Central Bank asset purchases for the year ending Thursday.
     The U.S. Senate approved the tax-cut legislation in a party-line vote and the House of Representatives passed the bill after a re-vote, bringing Trump to the brink of his first major legislative victory. The bill itself will be signed at a later date.
     “The tax reform passing, you’d expect the market to celebrate that,” Kevin Caron, a senior portfolio manager at Washington Crossing Advisors, said by phone. “But in reality a lot of this has already been part of the drama over the last year or so in anticipation of this moment. The market has gotten what it has already been discounting in.” 
     Tech shares led the Stoxx Europe 600 Index to its biggest decline in almost three weeks, with Spanish equities underperforming before Thursday’s Catalan poll. Miners gained as the Bloomberg Commodity Index advanced for a sixth day. The euro climbed against the dollar, as did the British pound. The yen had its biggest decline against the greenback in almost two weeks.
     Meanwhile, oil traded above $58 after a report of a drop in U.S. crude stockpiles. Gold edged higher and industrial metals rose.
     Earlier, Japan’s Topix index closed at its highest level since November 1991, while stocks in Hong Kong and China declined.
     Among the key events investors will be watching this week:
* The U.S. and U.K. publish updated estimates of third-quarter GDP.
* The Bank of Japan meets on Thursday to set monetary policy.
* Catalonia votes in an election Thursday that will pose a test for the Spanish region’s secession movement.

      And these are the main moves in markets:
                          Stocks
* The S&P 500 Index fell less than 0.05 percent as of 4 p.m. New York time
* The Stoxx Europe 600 Index fell 0.7 percent, its biggest drop in almost three weeks.
* The U.K.’s FTSE 100 Index fell 0.3 percent.
* Germany’s DAX Index decreased 1.1 percent. 
                          Currencies
* The Bloomberg Dollar Spot Index declined 0.1 percent.
* The euro advanced 0.3 percent to $1.1878, the strongest in more than two weeks.
* The British pound rose less than 0.05 percent to $1.3386.
* The Japanese yen fell 0.4 percent to 113.40 per dollar.
                           Bonds
* The yield on 10-year Treasuries gained three basis points to 2.50 percent, its fifth straight advance.
* Germany’s 10-year yield advanced three basis points to 0.41 percent, the highest in more than five weeks.
* Britain’s 10-year yield climbed four basis points to 1.25 percent.
                           Commodities
* West Texas Intermediate crude rose 0.9 percent to $58.07 a barrel, the highest in almost three weeks.
* Gold gained 0.3 percent to $1,265.57 an ounce, the highest in more than two weeks.
* Copper increased 1.5 percent to $7,044 a metric ton.
* The Bloomberg Commodity Index rose 0.6 percent to its highest in more than two weeks.

 

Have a wonderful evening everyone.

 

Be magnificent!

 

As ever,

 

Carolann

 

Knowledge will give you power, but character respect.
                                         -Bruce Lee, 1940-1973

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

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

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

Dear Friends,

Tangents:

TRUE BLUE
Photographers know about “blue hour” – the time just before sunrise or just after sunset when objects take on a blue appearance.  Artist Journey Gong took photos of sights including Grand Central Terminal during “blue hour,” and the resulting images are beautiful and sometimes eerie.  You can find the work at http://bit.ly/bluehourphotos.
PHOTOS OF THE DAY

The spire of St. Mary’s Church appears through the mist cloaking Ambleside at the north end of Windermere in the Lake District, as fog is forecast to cause problems across England and Wales.

A Nepalese man walking a bridge, arrives to perform rituals during Gaya Aunsi festival in Kathmandu, Nepal. In this festival people gather and perform holy rituals to offer prayers and pay tribute to the deceased family member. Also, believed that doing this will help departed soul to find the way to the heaven.

The morning sun illuminating paddle boarders near Cuckmere Haven, East Sussex on a beautiful crisp morning on the south coast.
Market Closes for December 19^th, 2017

Market Index	Close	Change
Dow Jones	24754.75	-37.45   -0.15%
S&P 500	2681.47	-8.69   -0.32%
NASDAQ	6963.852	-30.908   -0.44%
TSX	16133.35	+1.71
		+0.01%

International Markets

Market Index	Close	Change
NIKKEI	22868.00	-33.77
		-0.15%
HANG SENG	29253.66	+203.25
		+0.70%
SENSEX	33836.74	+235.06
		+0.70%
FTSE 100*	7544.09	+7.08
		+0.09%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.931		1.858
CND. 30 Year Bond		2.195		2.134
U.S.    10 Year Bond		2.4518		2.3888
U.S. 30 Year Bond		2.8058		2.7369

Currencies

BOC Close	Today	Previous
Canadian $	0.77647	0.77720
US $	1.28788	1.28667
Euro Rate 1 Euro=		Inverse
Canadian $	1.52499	0.65574
US $	1.18410	0.84452

Commodities

Gold	Close	Previous
London Gold Fix	1260.35	1260.60
Oil
WTI Crude Future	57.46	57.16

Market Commentary:
On this day in 1927, the Dow Jones Industrial Average closes above 200 for the first time, finishing the day at 200.93.

Number of the Day
$600 billion
More than $600 billion is remitted world-wide every year, and the race is on to become the top global app for international money transfers.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks ended the day little changed after earlier gaining as much as 0.4 percent, in what appeared to be a classic case of buy the rumor, sell the news on the U.S. tax debate.
     The S&P/TSX Composite Index rose two points or less than 0.1 percent to 16,133.35. Consumer discretionary stocks added 0.4 percent as Great Canadian Gaming Corp. jumped 15 percent to the highest in three months. The company won a bid to operating gambling facilities in the Toronto area.
     The utilities index fell 0.7 percent as Canadian government bond yields rose the most since September. Fortis Inc. lost 1.7 percent.
     In other moves:
                         Stocks
* Kirkland Lake Gold Ltd. gained 6.7 percent, the most in six weeks. The miner reported positive drilling results at its Cosmo Mine in Australia
* Canadian Imperial Bank of Commerce rose 1 percent to a record high. The stock was upgraded two notches at Barclays
* National Bank of Canada and Canadian Western Bank both fell 0.8 percent after downgrades at Barclays
                         Commodities
* Western Canada Select crude oil traded at a $26 discount to WTI
* Aeco natural gas traded at a $1.26 discount to Henry Hub
* Gold fell 0.1 percent to $1,260.70 an ounce
                         FX/Bonds
* The Canadian dollar weakened 0.1 percent to $1.2870 per U.S. dollar
* The Canada 10-year government bond yield jumped eight basis points to 1.93 percent, the biggest gain since early September
US
By Cormac Mullen and Kailey Leinz
     (Bloomberg) — Treasuries slumped and U.S. stocks slid in pre-holiday period trading as Republicans in Washington made progress in implementing a sweeping tax overhaul.
     The S&P 500 Index retreated for the first time in three days as the U.S. House of Representatives approved the tax bill and sent it to the Senate, where passage is all but assured. The index had surged 1.5 percent in the prior two sessions as approval for the first major tax overhaul in 31 years grew more certain.
     With the Republicans closing in on a major legislative victory that gives corporations lasting tax cuts, investors are assessing how the bill will impact the world’s largest economy. It’s largely anticipated to add to growth in the next year, but the longer-term impact is less certain.
     Longer-dated U.S. bonds endured their steepest two-day selloff in a year. The dollar was mixed against its major developed-market peers, gaining versus the yen and sliding against the euro. 
     Equity markets were mixed in Europe. The region’s core bonds declined, with German yields seeing their biggest gains in more than five months after a European Central Bank Governing Council member said discussions were moving to the future use of interest rates rather than asset purchases to regulate the economy.
     The Mexican peso dropped to its weakest in more than a month after a news report alleged that the nation’s Finance Ministry has funneled money to political campaigns. Oil traded above $57 a barrel before U.S. data forecast to show crude stockpiles in the world’s biggest consumer fell for a fifth week. Gold fell and copper rose.
     It was a mixed picture for equities in Asia, with benchmarks in Japan and South Korea falling earlier as stocks in Sydney, Hong Kong and China climbed. 

     Among the key events investors will be watching this week:
* The U.S. and U.K. publish updated estimates of third-quarter GDP.
* The Bank of Japan meets on Thursday to set monetary policy.
* Catalonia’s secessionists are at risk of becoming a minority in the Spanish region’s parliament as the main pro-unity party is set to add seats in Thursday’s election.

     And these are the main moves in markets:
                          Stocks
* The S&P 500 Index declined 0.2 percent as of 4:02 p.m. New York time
* The Stoxx Europe 600 Index dipped 0.4 percent.
* The U.K.’s FTSE 100 Index gained 0.1 percent.
* Germany’s DAX Index sank 0.7 percent.
* The MSCI Emerging Market Index increased 0.2 percent.
                         Currencies
* The Bloomberg Dollar Spot Index fell 0.1 percent.
* The euro climbed 0.5 percent to $1.1842.
* The British pound rose less than 0.05 percent to $1.3387.
* The Japanese yen declined 0.3 percent to 112.85 per dollar.
* The Mexican peso fell 0.7 percent to 19.2108 per dollar.
                          Bonds
* The yield on 10-year Treasuries advanced six basis points to 2.45 percent, the highest in more than seven weeks.
* Germany’s 10-year yield climbed seven basis points to 0.38 percent, the highest in more than two weeks.
* Britain’s 10-year yield advanced six basis points to 1.205 percent.
                          Commodities
* West Texas Intermediate crude advanced 0.5 percent to $57.46 a barrel.
* Gold fell less than 0.05 percent to $1,262.25 an ounce.
* Copper rose 0.5 percent to $6,942 a metric ton, the highest in more than three weeks.

 

Have a wonderful evening everyone.

 

Be magnificent!

Truth is that which one wishes in its totality.  Have you reached it?
Krishnamurti

 

As ever,

Carolann

 

When the character of a man is not clear to you, look at his friends. -Japanese Proverb

 

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

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

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

Dear Friends,

Tangents:
Paul Klee, painter, b. 1879
Steven Spielberg, filmmaker, b. 1947
Brad Pitt, actor, b. 1964
Katie Holmes, actor, b. 1978

1898 – Canada’s First Christmas Stamp

PHOTOS OF THE DAY

A man stargazes as he stands on Brimham Rocks, a collection of balancing rock formations on Brimham Moor in the Nidderdale Area of Outstanding Natural Beauty (AONB), in North Yorkshire.
CREDIT: DANNY LAWSON/PA

Rowers dressed as Santa take part in the annual Father Christmas Regatta organized by University Ca’Foscari on the Grand Canal in Venice, Italy. The Father Christmas Regatta has become a tradition for the university. Champions and amateurs, men and women, all wearing Santa Suits compete in traditional Venetian boats in the Grand Canal. The race begins at San Marco (Pieta) and ends in front of C Foscari.

French skipper Francois Gabart celebrates his world record with his team, in the Brest harbor, western France. Gahart has broken the record for sailing around the world alone, circumnavigating the planet in just 42 hours days and 16 hours.
Market Closes for December 18^th, 2017

Market Index	Close	Change
Dow Jones	24792.20	+140.46   +0.57%
S&P 500	2690.88	+15.07   +0.56%
NASDAQ	6994.758	+58.175   +0.84%
TSX	16135.42	+93.44
		+0.58%

International Markets

Market Index	Close	Change
NIKKEI	22901.77	+348.55
		+1.55%
HANG SENG	29050.41	+202.30
		+0.70%
SENSEX	33601.68	+138.71
		+0.41%
FTSE 100*	7537.01	+46.44
		+0.62%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.858		1.835
CND. 30 Year Bond		2.134		2.114
U.S.    10 Year Bond		2.3888		2.3530
U.S. 30 Year Bond		2.7369		2.6873

Currencies

BOC Close	Today	Previous
Canadian $	0.77720	0.77686
US $	1.28667	1.28723
Euro Rate 1 Euro=		Inverse
Canadian $	1.51594	0.65966
US $	1.17819	0.84876

Commodities

Gold	Close	Previous
London Gold Fix	1260.60	1254.60
Oil
WTI Crude Future	57.16	57.30

Market Commentary:
Number of the Day
69
The number of record closes for the Dow Jones Industrial Average in 2017, tying for the most record highs in a single year.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks posted their biggest gain in more than a week, joining a global rally after U.S. Republicans reached an agreement on wide-ranging tax cuts.
     The S&P/TSX Composite Index rose 90 points or 0.6 percent to close at 16,131.64 after briefly hitting a record high earlier in the day. Health-care stocks jumped 4.6 percent as Valeant Pharmaceuticals International Inc. gained 7.4 percent.
     The energy index added 1 percent, the most this month, as the discount for Western Canadian crude narrowed. Materials stocks gained 0.9 percent, led by gold miners. New Gold Inc. added 4.2 percent and Novagold Resources Inc. rose 4.1 percent.
     In other moves:
                        Stocks
* Northern Dynasty Minerals Ltd. tumbled 13 percent, the most since May, after reaching an agreement with First Quantum Minerals Ltd. to potentially sell 50 percent of the Pebble Limited Partnership for $1.35 billion. First Quantum fell 0.4 percent
* Alaris Royal Corp. gained 4.9 percent to the highest in six weeks. The company said a series of transactions will increase its distributable cash by C$0.13 per share
* Cameco Corp. rose 2.9 percent. The uranium miner is seeking $681.9 million in damages in an arbitration case against Tokyo Electric Power Co.
                       Commodities
* Western Canada Select crude oil traded at a $24.50 discount to WTI, the narrowest gap in a week
* Aeco natural gas traded at a $1.23 discount to Henry Hub
* Gold rose 0.6 percent to $1,262.20 an ounce.
                       FX/Bonds
* The Canadian dollar was little changed at C$1.2869 per U.S. dollar
* The Canada 10-year government bond yield rose two basis points to 1.86 percent
US
By Sarah Ponczek and Kailey Leinz
     (Bloomberg) — Stocks kicked off the penultimate week of the year on a positive note after Republicans reached an agreement on the shape of U.S. tax cuts. The dollar dropped and Treasuries headed lower.
     The S&P 500 Index and Nasdaq Composite Index hit new highs Monday as investors focused on the progress of the proposed tax legislation. Midweek votes in the U.S. House of Representatives and Senate are planned on a measure that will reduce corporate and individual tax rates. Lawmakers are aiming for the bill to land on President Donald Trump’s desk for a signature before Christmas.
     “I think that there’s still a fair amount of skepticism in markets until it actually happens,” said Luke Tilley, chief economist at money manager Wilmington Trust Corp. in Delaware. “But with passage, we think that there’s still room to run. It’s challenging to say what is priced into the markets, but we do think it will be to the upside.”
     The Stoxx Europe 600 Index climbed the most in about five months as real estate, automakers and technology stocks led gains. Sterling advanced as U.K. Prime Minister Theresa May addressed Parliament about her plans for Brexit. The euro strengthened after two days of declines. 
     Copper and gold rose, while oil declined. Bitcoin traded above $18,000 after futures debuted on the CME Group Inc.’s venue, the world’s biggest exchange, giving the cryptocurrency further cachet and access to mainstream investors.
     Earlier, equity benchmarks in Tokyo, Hong Kong and Sydney advanced. Indian shares rebounded as Prime Minister Narendra Modi’s party looked set to return to power in his home state, an election that’s considered a bellwether before the national vote in early 2019. South Africa’s rand extended gains as Cyril Ramaphosa was elected the next leader of the ruling African National Congress party.
     Among the key events investors will be watching this week:
* Xi Jinping kicks off China’s Central Economic Work Conference. Investor focus will be on whether officials will cut the growth target from this year’s “6.5% or higher.”
* U.K. Prime Minister Theresa May meets her cabinet Tuesday to begin work on a trade wish list. Europe will unveil its stance Wednesday.
* The disruption to the Forties oil pipeline is key for commodities traders this week. Details about the extent of the damage and a restart date could come at any time.
* The U.S. and U.K. publish updated estimates of third-quarter GDP; U.S. releases PCE data.
* German December Ifo survey Tuesday.
* Catalonia’s secessionists are at risk of becoming a minority in the Spanish region’s parliament as the main pro-unity party is set to add seats in Thursday’s election.
* The Bank of Japan meets to set monetary policy. The Czech Republic, Hungary, Taiwan and Thailand also set interest rates this week.

      And these are the main moves in markets:
                          Stocks
* The S&P 500 Index gained 0.5 percent at 4:02 p.m. New York time.
* The Stoxx Europe 600 Index climbed 1.2 percent to the highest in almost six weeks.
* The U.K.’s FTSE 100 Index gained 0.6 percent.
* Germany’s DAX Index rose 1.6 percent.
* The Nasdaq Composite Index climbed 0.8 percent to its highest close on record.
                          Currencies
* The Bloomberg Dollar Spot Index declined 0.2 percent.
* The euro rose 0.3 percent to $1.1782.
* The British pound climbed 0.5 percent to $1.3383.
* The Japanese yen increased less than 0.05 percent to 112.56 per dollar.
                          Bonds
* The yield on 10-year Treasuries climbed four basis points to 2.39 percent, the biggest advance in almost three weeks.
* Germany’s 10-year yield rose one basis point to 0.31 percent.
* Britain’s 10-year yield declined less than one basis point to 1.148 percent.
                          Commodities
* West Texas Intermediate crude fell 0.3 percent to $57.13 a barrel.
* Gold increased 0.4 percent to $1,261.55 an ounce, the highest in more than a week.
* Copper gained 0.3 percent to $6,905 a metric ton.

Have a wonderful evening everyone.

 

Be magnificent!

To reach cosmic understanding,
it is necessary to unite our feeling with that infinite feeling that penetrates everything.
In fact, for man, true progress coincides with the breadth of the base of our feelings.
All our poetry, philosophy, science, art, and religion
serve to embrace with our understanding
the spheres too vast and high.
Rabindranath Tagore

As ever,

 

Carolann

 

The most beautiful thing we can experience is the mysterious.
It is the source of all true art and science.
                                        -Albert Einstein, 1879-1955

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

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

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

Dear Friends,

Tangents:  Happy Friday!
1891 – Canadian physical educator, James Naismith, Invents the Game of Basketball.

PHOTOS OF THE DAY

The Russian Soyuz MS-05 space capsule lands in Kazakhstan. Three astronauts landed back on Earth nearly six months aboard the International Space Station.

The Geminids meteor shower during its peak, in the night sky over Tokarevsky Lighthouse in Russia.

A boy looks at a rainbow during a sunset in Bogota, Columbia.

Kinkakuji temple is covered with snow in Kyoto, Japan.
Market Closes for December 15^th, 2017

Market Index	Close	Change
Dow Jones	24651.74	+143.08   +0.58%
S&P 500	2675.81	+23.80   +0.90%
NASDAQ	6936.582	+80.057   +1.17%
TSX	16041.98	+25.53
		+0.16%

International Markets

Market Index	Close	Change
NIKKEI	22553.22	-141.23
		-0.62%
HANG SENG	28848.11	-318.27
		-1.09%
SENSEX	33462.97	+216.27
		+0.65%
FTSE 100*	7490.57	+42.45
		+0.57%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.835		1.851
CND. 30 Year Bond		2.114		2.147
U.S.    10 Year Bond		2.3530		2.3475
U.S. 30 Year Bond		2.6873		2.7040

Currencies

BOC Close	Today	Previous
Canadian $	0.77686	0.78028
US $	1.28723	1.28159
Euro Rate 1 Euro=		Inverse
Canadian $	1.51278	0.66103
US $	1.17522	0.85090

Commodities

Gold	Close	Previous
London Gold Fix	1254.60	1251.00
Oil
WTI Crude Future	57.30	57.04

Market Commentary:
On this day in 1886, total daily trading volume on the New York Stock Exchange exceeds 1 million shares for the first time.
Number of the Day
-0.9%
The three-month euro-dollar cross-currency basis, where negative numbers denote higher dollar funding costs. The cost of derivatives that allow European investors to access U.S. dollars has rocketed this week.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks closed higher but gave up a significant chunk of their earlier gains as energy shares turned south.
     The S&P/TSX Composite Index added 26 points or 0.2 percent to 16,041.98. The market fell 0.3 percent on the week.
     On Friday, the technology index posted the biggest gain, rising 1.4 percent in tandem with its U.S. counterpart. Enghouse Systems Ltd. jumped 5.8 percent after fourth-quarter earnings beat the highest analyst estimate.
     Materials stocks rose 0.6 percent as copper prices jumped 2 percent. Energy shares lost 0.4 percent.
     In other moves:
                         Stocks
* Linamar Corp. jumped 12 percent, the most since 2015. It’s buying agriculture equipment maker MacDon Group for C$1.2 billion
* Torex Gold Resources Inc. added 2.3 percent after employees at its ELG mine voted to return to work
* Ritchie Bros. Auctioneers added 1.8 percent. The company sold more than $50 million worth of equipment in its last Fort Worth, Texas auction of 2017, up 25 percent from the same auction last year
                         Commodities
* Western Canada Select crude oil traded at a $26 discount to WTI
* Aeco natural gas traded at a $1.18 discount to Henry Hub, the narrowest gap in five weeks
* Gold was little changed at $1,254.30 an ounce
                         FX/Bonds
* The Canadian dollar weakened 0.6 percent to C$1.2876 per U.S. dollar after factory sales fell 0.4 percent in October
* The Canada 10-year government bond yield fell three basis points to 1.83 percent, the lowest since July
US
By Eric J. Weiner
     (Bloomberg) — U.S. stocks rallied to new highs and the dollar strengthened as investors grew increasingly optimistic that Congress would reach a deal to cut corporate taxes.
     The S&P 500 Index, Dow Jones Industrial Average and Nasdaq 100 Stock Index closed at records after Republican leaders said they’ll release the final version of the tax overhaul bill Friday evening. A vote is expected next week, with key senators signaling approval. Domestically focused small caps surged to give the Russell 2000 Index its best day since Nov. 16. The dollar gained for the ninth time in 10 sessions as the cuts are expected to bolster the world’s largest economy. Treasury yields were little changed.
     Uncertainty surrounding the fate of U.S. tax reform had investors on edge as they look to the end of a stellar year for equities, with money managers showing signs of dialing back their appetite to take risk. That turned on the final session of the week, with the tax overhaul nearing approval days after multiple central banks indicated optimism in their regional economies.
     “We’ve got investors heading into year-end trying to figure out where they need to make adjustments in their portfolios with the new tax codes coming into effect and also in general we’re seeing global markets continuing their recovery,” said Chris Gaffney, president of EverBank World Markets in St. Louis.
     Aside from the back-and-forth on tax negotiations, a quarterly event known as quadruple witching, when futures and options contracts on indexes and individual shares expire, also added to volatility in the stock market. Volume was 74 percent higher than the daily average in the past 30 days.
     Gold climbed with crude, which continued to trade above $57 a barrel. The Stoxx Europe 600 Index fell. South Africa’s rand gained even as volatility soared before the ruling African National Congress meets this weekend to elect a new leader.
     The euro posted its third consecutive weekly loss as the ECB remained cautious about the prospects of reaching its inflation goals while reiterating a pledge to keep stimulus in place. The pound dropped and yields on U.K. gilts fell to the lowest since September amid speculation Brexit talks are about to get more difficult. Russia’s ruble fluctuated after the nation’s central bank cut rates more than expected.

      This is the key event investors are watching:
* South Africa’s ruling African National Congress meets this weekend to elect a leader to replace Jacob Zuma as party president. The outcome may be known by Sunday.

      And these are the main moves in markets:
                         Stocks
* The S&P 500 rose 0.9 percent to 2,675.63 as of 4 p.m. in New York.
* The Dow gained 0.6 percent, while the Nasdaq 100 added 1.2 percent and Nasdaq Composite rose 1.2 percent. The Russell 2000 jumped 1.6 percent, the most since Nov. 16.
* The Stoxx Europe 600 Index tumbled 0.2 percent.
* The MSCI Asia Pacific Index declined 0.6 percent.
                         Currencies
* The Bloomberg Dollar Spot Index increased 0.4 percent. 
* The euro slid 0.2 percent to $1.1756. 
* The British pound fell 0.8 percent to $1.3319. 
* South Africa’s rand climbed 2.5 percent to 13.1764 per dollar, the strongest in three months.
                          Bonds
* The yield on 10-year Treasuries were little changed at 2.3476 percent. 
* Germany’s 10-year yield declined two basis points to 0.301 percent. 
* Britain’s 10-year yield fell two basis points to 1.15 percent, the lowest in three months.
                          Commodities
* West Texas Intermediate crude increased 0.4 percent to $57.29 a barrel. 
* Gold rose 0.3 percent to $1,256.74 an ounce. 
* Copper gained 2 percent to $3.11 a pound.

 

Have a wonderful weekend everyone.

 

Be magnificent!

In his essence, man is not a slave to himself, nor to the world; he is a lover.
His freedom and accomplishments are in love,
which is another name for perfect understanding.
In this ability to understand, in this impregnation of everything that is,
he is one with the Spirit that penetrates everything,
and that is also the breath of the soul.
Rabindranath Tagore

As ever,

Carolann

 

Do not let what you cannot do interfere with what you can do.
                                                 -John Wooden, 1910-2010

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

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