Posted on

July 18, 2017 Newsletter

Dear Friends,

Tangents:
On this day in 1999, David Cone pitches the 16th perfect game in major league history and 14th in the modern era, leading the New York Yankees to a 6-0 victory over the Montreal Expos. A 33-minute rain delay interrupts the game in the third inning.
Also…
On July 18, 1936, the Spanish Civil War began as Gen. Francisco Franco led an uprising of army troops based in North Africa.
Go to article »
PHOTOS OF THE DAY

An Atlantic puffin holds a mouthful of sand eels on the island of Skomer, off the coast of Wales. REBECCA NADEN/REUTERS

People take part in the 101st International Four Days Marches in Nijmegen, Netherlands. ROMY ARROYO FERNANDEZ/NURPHOTO/ZUMA PRESS
Market Closes for July 18th, 2017

Market

Index

 Close Change
Dow

Jones

 21574.73 -54.99

 

 

-0.25%
 
S&P 500 2460.61 +1.47

 

+0.06%
 
NASDAQ 6344.305 +29.874

 

+0.47%
 
TSX 15149.57 -15.79

 
-0.10%

International Markets

Market

Index

 Close Change
NIKKEI 19999.91 -118.95
-0.59%
HANG

SENG

 26524.94 +54.36
+0.21%
SENSEX 31710.99 -363.79
-1.13%
FTSE 100* 7390.22 -13.91
-0.19%

Bonds

Bonds % Yield Previous  % Yield
CND.

10 Year Bond

 1.860 1.895
CND.

30 Year

Bond

 2.232 2.262
U.S.   

10 Year Bond

 2.2590 2.3141
U.S.

30 Year Bond

 2.8476 2.9039

Currencies

BOC Close Today Previous  
Canadian $ 0.79193 0.78756
US

$

 1.26274 1.26975
     
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.45906 0.68537
US

$

 1.15547 0.86545

Commodities

Gold Close Previous
London Gold

Fix

 1240.75 1234.10
     
Oil Close Previous
WTI Crude Future 46.40 46.02

Market Commentary:
Number of the Day
5.2 million
The number of new users added by Netflix Inc. in the second quarter, far more than the 3.2 million it had projected, and well above Wall Street’s consensus estimate of 3.5 million net additions.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks failed to find traction despite higher oil and gold prices, falling for a second day as the benchmark stock index was pressured by a mixed basket of financials, industrials and miners.
     The S&P/TSX Composite Index lost 16 points or 0.1 percent to 15,149.57. Energy stocks edged up 0.2 percent as the price of crude gained 0.8 percent, boosted by fears of a worse-than-usual hurricane season.
     The health-care index was the biggest decliner, losing 0.9 percent as U.S. Republicans were unable to make progress on repealing Obamacare, and still less in replacing it. Materials stocks slipped 0.2 percent even as gold prices rose to the highest this month. Turquoise Hill Resources Ltd. fell 2.4 percent after it announced flat grades and production.
     In other moves:
* Element Fleet Management Corp. jumped 7.6 percent following seven days of declines. Raymond James said current prices represent an attractive entry point
* Dream Global Real Estate Investment Trust fell 5.9 percent. The REIT is buying 135 office and light industrial properties in the Netherlands for C$903 million
* Cameco Corp. fell 3.8 percent after the uranium miner was cut to underperform by analysts at Credit Suisse.
US
By Adam Haigh
     (Bloomberg) — Asian stocks faced a mixed start to trading following a surge in global bonds as investors weigh the potential for tepid economic growth.
     Treasuries climbed with bunds and gilts as weak inflation data combined with concern around the U.S. administration’s ability to enact reforms, leaving investors questioning the strength of the global economy. The dollar held at the lowest level in almost a year, while an uninspiring session for U.S. equities left futures signaling a muted start for Asian stocks. The euro extended its advance ahead of Thursday’s European Central Bank meeting.
     With global equities at record highs, investors are assessing whether earnings results will be strong enough to warrant lofty prices and if economies are in a position to handle higher interest rates. The next clues come from meetings of central banks in Japan and Europe this week and profits due Wednesday at companies including Morgan Stanley and Qualcomm Inc.
     The market-implied probability of a hike from the Federal Reserve by year-end has declined in the past two weeks with Treasury yields. The odds are now about 40 percent, down from 60 percent on July 7, based on the current effective fed funds rate and the forward overnight index swap rate. Part of that is due to signs that Trump’s health-care reform bill is effectively dead in its current form, after two more Republican senators announced their opposition to the plan.
     Here are some key upcoming events:
* The ECB meets Thursday. Bloomberg Intelligence expects no change then, and no rate increase before 2019. Reuters cited unidentified officials as saying the bank is keen to keep asset purchases open-ended.
* The Bank of Japan is forecast to stand pat at its meeting Thursday.
     Here are the main moves in markets:
* The yield on 10-year U.S. Treasuries is down seven basis points this week to 2.26 percent after dropping five basis points last week. The Bloomberg Dollar Spot Index sank 0.5 percent on Tuesday to its weakest level since August.
* Gilts with a similar maturity saw yields fall six basis points to 1.21 percent on Tuesday as traders reduced bets on a U.K. rate increase this year following weak inflation data. The pound traded at $1.3043.
* The euro was at $1.1555 after rising 0.7 percent amid speculation the ECB could signal its intent to scale back monetary stimulus at its meeting on Thursday.
* The S&P 500 Index rose 0.1 percent to a record 2,460.61, reversing a loss of 0.4 percent earlier in the session. The Dow Jones Industrial Average declined 0.3 percent. The Nasdaq Composite Index gained for a eighth day to reach an all-time high.
* The Australian dollar traded at 79.16 U.S. cents after surging 1.5 percent.

Have a wonderful evening everyone.

 

Be magnificent!

Whenever there is a touch of color,
a note of a song, grace in a form,
this is a call to our love.
Rabindranath Tagore

As ever,

Carolann

 

The greatest glory in living lies not in never falling, but in rising every time we fall.
                                                                           -Nelson Mandela, 1918-2013

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

Posted on

July 17, 2017 Newsletter

Dear Friends, 

Tangents:

THE POEM:
The Rye
By Fiona Sampson

Her we are walking
in the moonlight through fields
of rye we pass through
their pale sea in
the summer night three
of us walking between
the bent heads the feathered
napes of holy rye
where we pass the field
opens the moon silvers
the path ahead of us
three of walking one
will carry on and carry
on long after two
have called their dogs home
one will walk a strait
path through the silver
fields that do not end. 

From “Beyond the Hill”, a collaboration with photographer Jan-Peter Lahall.  Fiona Sampson was poet-in-residence at Ledbury Poetry Festival, June 30-July 9, poetry-festival.co.uk.

On July17, 1918, Czar Nicholas II and his family were executed.
On July 17, 1975, an Apollo spaceship docked with a Soyuz spacecraft in orbit in the first superpower linkup of its kind.
Go to article »
PHOTO OF THE DAY

A wildfire spreads down a hillside near Mariposa, Calif. NOAH BERGER/EUROPEAN PRESSPHOTO AGENCY
Market Closes for July 17th, 2017 

Market

Index

 Close Change
Dow

Jones

 21629.72 -8.02

 

 -0.04%
 
S&P 500 2459.14 -0.13

 

-0.01%
 
NASDAQ 6314.430 +1.964

 

+0.03%
 
TSX 15165.36 -9.45

 
-0.06%

International Markets

Market

Index

 Close Change
NIKKEI 20118.86 +19.05
+0.09%
HANG

SENG

 26470.58 +81.35
+0.31%
SENSEX 32074.78 +54.03
+0.17%
FTSE 100* 7404.13 +25.74
+0.35%

Bonds

Bonds % Yield Previous  % Yield
CND.

10 Year Bond

 1.895 1.894
CND.

30 Year

Bond

 2.262 2.236
U.S.   

10 Year Bond

 2.3141 2.3301
U.S.

30 Year Bond

 2.9039 2.9187

Currencies

BOC Close Today Previous  
Canadian $ 0.78756 0.79062
US

$

 1.26975 1.26482
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.45739 0.68616
US $ 1.14778 0.87125

Commodities

Gold Close Previous
London Gold

Fix

 1234.10 1230.30
Oil Close Previous
WTI Crude Future 46.02 46.54

Market Commentary:
On this day 1995, The Nasdaq Composite Index rises 6.56 points to close at 1005.89, its first finish above the 1000 barrier.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks slipped as a big gain in miners on better-than-expected Chinese growth wasn’t enough to offset declines elsewhere.
     The S&P/TSX Composite Index fell nine points or 0.1 percent to 15,165.36. Materials stocks jumped 1.5 percent as copper rose to the highest in four months and gold posted its biggest two- day gain in almost six weeks. First Quantum Minerals Ltd. added 8.8 percent and Hudbay Minerals Inc. rose 6.6 percent.
     Financials lost 0.3 percent as bond yields slipped, giving up some of their recent rally. Industrials fell 0.6 percent and consumer staples lost 0.7 percent, led by a 1.3 percent decline in Alimentation Couche-Tard Inc.
     In other moves:
* Colliers International Group Inc. tumbled 7.7 percent following a downgrade at Sidoti & Co.
* Dominion Diamond Corp. gained 5.6 percent. The company reached a sweetened $1.2-billion takeover agreement with Washington Cos.
* WestJet Airlines Ltd. lost 3.3 percent and Air Canada fell 2.6 percent. Both stocks were downgraded by analysts at Macquarie, who cited macro risks.
US
By Samuel Potter
     (Bloomberg) — Stocks were little changed Monday as metals climbed on better-than-expected Chinese growth. The pound fell as Brexit negotiations resumed.
     The S&P 500 Index stalled after reaching a record on Friday while the Nasdaq 100 was fractionally higher. The Stoxx Europe
600 Index swung between gains to losses after a report showed stagnating consumer prices in the euro area. Iron ore, zinc and copper benefited from figures showing China’s economy expanded faster than anticipated in the second quarter. The dollar steadied after a five-day losing streak. Treasury yields slipped.
     With U.S. equity markets continuing to flirt with new highs, investor appetite for risk remains robust. Citigroup Inc.’s Global Risk Aversion Macro Index, which measures tolerance across a series of asset classes, is at a three-year low and in line with levels seen before the 2008 financial crisis.
     The strong growth statistics for the world’s second biggest economy followed U.S. inflation data last week that undermined the case for tighter monetary policy and pushed stocks to record levels. European data was largely in line with expectations, leaving investors to weigh three days of gains against the uncertainty of a European Central Bank meeting this week and the ramping up of the earnings season.
          On the radar this week:
* The ECB meets Thursday. Bloomberg Intelligence expects no change then, and no rate hike before 2019. Reuters cited unidentified officials as saying the bank is keen to keep asset purchases open-ended.
* The Bank of Japan is forecast to stand pat at its meeting Thursday.
* Round two of Brexit talks get underway in Brussels.
* Australia’s central bank on Tuesday releases minutes of its July 4 gathering. Government data on the labor market is due Thursday.
     Here are the main moves in markets:
     Stocks
* The S&P 500 closed down a fraction at 2,459.16, after hitting an all-time high on Friday.
* The Dow Jones Industrial Average slipped a few points to 21,631.92 following Friday’s record close. The Nasdaq 100 Index gained less than 0.1 percent.
* Europe’s Stoxx 600 Index was essentially flat even as miners climbed 0.9 percent.
     Currencies
* The euro added 0.1 percent to $1.1482, and the pound lost 0.3 percent to $1.3056.
* Bloomberg’s Dollar Spot Index rose less than 0.1 percent.
     Bonds
* The 10-year yield on U.S. Treasuries declined two basis points to 2.31 percent after dropping five basis points last week.
* The yield on German 10-year bunds fell two basis points, while the yield on French benchmark bonds dropped one basis point.
     Commodities
* West Texas Intermediate crude fell 1.2 percent to $45.98 a barrel.
* Gold rose 0.4 percent to $1,234.13 an ounce.
* Iron ore added 4.8 percent, copper climbed 1.4 percent and zinc gained 1 percent.
     Asia
* Despite the GDP data the Shanghai Composite Index retreated
1.4 percent amid concerns over the implications of a weekend meeting where President Xi Jinping said the central bank would play a greater role in defending against risks.
* The kiwi fell after the deputy governor of New Zealand’s central bank said a lower currency would help rebalance growth.
* Japanese markets were closed for Marine Day. South Korea’s Kospi Index advanced to an all-time high.
By Adam Haigh
     (Bloomberg) — Asian stocks were poised for a mixed start to trading, while futures on the Nasdaq 100 Index were buoyed by strong subscriber growth figures at Netflix Inc.
     With little headway made in the European and U.S. sessions, equity-index futures across the Asia-Pacific region point to a stalling in the recent rally with Japanese markets reopening after a holiday. The pound held losses as U.K. Brexit Secretary David Davis resumed divorce talks with the European Union and investors awaited inflation data. The dollar steadied after a five-day losing streak. Netflix soared more than 10 percent in after-hours U.S. trading as its overseas business grew.
     Global equities remain at an all-time high after more than $10 trillion was added to their value this year and a gauge of investor appetite for risk remains robust. Citigroup Inc.’s Global Risk Aversion Macro Index, which measures tolerance across many asset classes, is at a three-year low and in line with levels seen before the 2008 financial crisis. Earnings season is gathering pace with heavyweights from Johnson & Johnson to Goldman Sachs Group Inc. on the calendar for Tuesday.
          Here are some key upcoming events:
* All eyes will be on the U.K. Tuesday when the government releases its inflation data for June. The readings will get extra attention following some recent flip-flopping by Bank of England Governor Mark Carney on the need to raise interest rates. Within a span of about a week late last month, he went from saying this is not the time to raise rates to saying policy makers may need to begin raising them.
* The European Central Bank meets Thursday. Bloomberg Intelligence expects no change then, and no rate hike before 2019. Reuters cited unidentified officials as saying the bank is keen to keep asset purchases open-ended.
* The Bank of Japan is forecast to stand pat at its meeting Thursday.
* Round two of Brexit talks gets underway in Brussels.
* Australia’s central bank on Tuesday releases minutes of its July 4 gathering. Government data on the labor market is due Thursday.
     Here are the main moves in markets:
* Nasdaq 100 Index futures rose in the final minutes of trading and held gains in early Tuesday trading following the Netflix results. S&P 500 Index futures were flat.
* The S&P slipped less than 0.1 percent to close Monday at 2,459.14. Europe’s Stoxx 600 Index was essentially flat even as a gauge of raw-materials firms climbed 0.9 percent.
* The Bloomberg Dollar Spot Index rose 0.1 percent.
* The 10-year yield on U.S. Treasuries declined two basis points to 2.31 percent on Monday after dropping five basis points last week.
* Iron ore on the Dalian exchange surged 4.1 percent.
* WTI crude was little changed at $46.01 per barrel.
 

Have a wonderful evening everyone.                      

Be magnificent!

I am proud to tell you that I belong to a religion in whose sacred language,
the Sanskrit, the word exclusion is untranslatable.
Swami Vivekananda

As ever, 

Carolann 

To be surprised, to wonder, is to begin to understand.
                         -Jose Ortega Y Gasset, 1883-1955
 

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 

Posted on

July 14, 2017 Newsletter

Dear Friends,

Tangents:

Bastille Day in France.

On July 14, 1965, the American space probe Mariner 4 flew by Mars, sending back photographs of the planet.

Go to article »
PHOTOS OF THE DAY

Lava flows from the Piton de la Fournaise volcano on the French Indian Ocean island of Reunion. RICHARD BOUHET/AGENCE FRANCE-PRESSE/GETTY IMAGES

Anna Voloshyna and Valyzaveta Yakhno of Ukraine compete in the Women’s Duet Technical Routine at the Budapest 2017 FINA World Championships. ADAM PRETTY/GETTY IMAGES
Market Closes for July 14th, 2017

Market

Index

 Close Change
Dow

Jones

 21637.74 +84.65

 

+0.39%
 
S&P 500 2459.27 +11.44

 

+0.47%
 
NASDAQ 6312.465 +38.028

 

+0.61%
 
TSX 15174.81 +39.81

 
+0.26%

International Markets

Market

Index

 Close Change
NIKKEI 20118.86 +19.05
+0.09%
HANG

SENG

 26389.23 +43.06
+0.16%
SENSEX 32020.75 -16.63
-0.05%
FTSE 100* 7378.39 -35.05
-0.47%

Bonds

Bonds % Yield Previous  % Yield
CND.

10 Year Bond

 1.894 1.915
CND.

30 Year

Bond

 2.236 2.253
U.S.   

10 Year Bond

 2.3301 2.3409
U.S.

30 Year Bond

 2.9187 2.9117

Currencies

BOC Close Today Previous  
Canadian $ 0.79062 0.78597
US

$

 1.26482 1.27231
     
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.45082 0.68926
US

$

 1.14706 0.87179

Commodities

Gold Close Previous
London Gold

Fix

 1230.30 1218.90
     
Oil Close Previous
WTI Crude Future 46.54 46.08

Market Commentary:
Number of the Day
20.8% 
The odds that Janet Yellen will be nominated to a second term as Fed chair, according to a recent Wall Street Journal survey of economists.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks rose with oil, gold and copper to close at a two-week high as U.S. inflation data for June came in short of expectations, raising the likelihood that the Federal Reserve may take a more dovish stance on rate hikes.
     The S&P/TSX Composite Index gained 40 points or 0.3 percent to 15,174.81. The benchmark gained 1 percent on the week. Rate- sensitive telecom stocks led Friday’s gains, up 0.8 percent as Rogers Communications Inc. added 1.3 percent.
     The energy index added 0.7 percent, boosted by a 1 percent gain in the price of West Texas Intermediate crude. Materials stocks also gained 0.7 percent, led by gold and silver miners. Dominion Diamond Corp. jumped 4.3 percent on reports that it could see a revised takeover offer from Washington Companies.
     In other moves:
* Cineplex Inc. tumbled 4.2 percent, the most since 2009, following a downgrade at National Bank Financial
* Cogeco Communications Inc. rose 4.1 percent after quarterly results beat the highest analyst estimate
* Tembec Inc. gained 1.2 percent after its largest shareholder said it will vote against a proposed takeover by Rayonier Advanced Materials Inc. if the purchase price isn’t improved.
US
By Oliver Renick
     (Bloomberg) — U.S. stocks advanced to all-time highs for the first time in a month on optimism that interest rates will stay lower for longer after June inflation and retail sales missed expectations; second quarter bank earnings missed estimates and high-dividend shares advanced with technology companies.
* S&P 500 up 0.5% to 2,459.27
* Dow Industrials add 85 to 21,647.74
* Real estate, utilities and consumer staples advanced at least 0.5%
* 10-year Treasury yield down 2 bps
* Financial shares down 0.5% as Citi, JP Morgan drop after earnings
* VIX down to 9.5
* Volume in S&P 500 20% below 30-day average as financial stock volume jumps
* POLITICS:
** Deep within the Treasury Department sits a once-secret plan written by the Obama administration that could lead to the first-ever default on U.S. debt; bond traders are worried that Donald Trump’s Treasury secretary may have to use it
** Senate Majority Leader Mitch McConnell’s latest health care draft almost certainly is headed to a rewrite again to find a way to appease the handful of Republican moderates worried about Medicaid cuts in their states
* ECONOMY:
** The June consumer-price index was unchanged (forecast was for 0.1% rise) following a 0.1% decline in May
** From a year earlier, prices were up 1.6% (forecast was 1.7%), the smallest advance since October, after a 1.9% gain
** Weaker expectations about personal finances helped drive U.S. consumer optimism in July to the lowest since October, University of Michigan preliminary survey data showed Friday
* EARNINGS:
** Pre-market Monday: BlackRock Inc. (BLK)

 

Have a wonderful weekend everyone!

 

Be magnificent!

Though there is repulsion enough in Nature, she lives by attraction.
Mutual love enables Nature to persist.
Mahatma Gandhi

As ever,

 

Carolann

 

Our doubts are traitors, and make us lose the good we oft
might win by fearing to attempt.
                                 -William Shakespeare, 1564-1616

 

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

Posted on

July 13, 2017 Newsletter

Dear Friends,

Tangents:
On July 13, 1977, a 25-hour blackout hit the New York City area after lightning struck upstate power lines.
Go to article »

Points of Progress:
INDIA: The world’s largest beach cleanup project is complete.  Afroz Shah, who in 2015 began cleaning Versova beach with his 84-year old neighbor, eventually rallied hundreds and then thousands of local residents to help clear the 11,684,500 pounds of trash that once littered the shoreline.  Mr. Shah, a young lawyer, led the work over a period of 21 months and was recently awarded the United Nations’ Champion of the Earth award.  –ECO WATCH, CNN.

SOUTH AFRICA:  The future of South Africa’s airports is green.  In the past year, state-owned airport operator Airports Company South Africa has unveiled three solar-powered regional airports across the country and plans to have another three by the end of the year.  Solar farms currently supply 45 percent of the power needed; the rest comes from conventional sources.  The company, which also operates South Africa’s three international airports, says its long-term goal is to have airports generate their own energy.  It has plans to achieve carbon neutrality by 2025. –CNN.

UNITED STATES: Brienne Minor became the first black woman to win the NCAA  Tennis women’s  singles title.  A University of Michigan sophomore, Ms. Minor picked up her passion for the game from her grandfather, who started playing in Indianapolis parks back when blacks were banned from country clubs.  She was also the first African-American to win the Division 1 title since Arthur Ashe in 1965. –The Washington Post.

PHOTOS OF THE DAY

A military vessel sail at sunset off Trieste , northern Italy. Photo Credit: AFP

A vietnamese boat driver waits for customers at a riverside park on the river Song Hau river in the Southern vietnamese city of Can Tho. Photo Credit: AFP

The pack rides past a sunflowers field during the 214,5 km twelth stage of the 104th edition of the Tour de France cycing race on July 13th , 2017 between Pau and Peyragudes. Photo Credit: AFP
Market Closes for July 13th, 2017

Market

Index

 Close Change
Dow

Jones

 21553.09 +20.95

 

+0.10%
 
S&P 500 2448.82 +5.57

 

+0.23%
 
NASDAQ 6274.438 +13.267

 

+0.21%
 
TSX 15152.45 +8.46

 
+0.06%

International Markets

Market

Index

 Close Change
NIKKEI 20099.81 +1.43
+0.01%
HANG

SENG

 26346.17 +302.53
+1.16%
SENSEX 32037.38 +232.56
+0.73%
FTSE 100* 7413.44 -3.49
-0.05%

Bonds

Bonds % Yield Previous  % Yield
CND.

10 Year Bond

 1.915 1.875
CND.

30 Year

Bond

 2.253 2.228
U.S.   

10 Year Bond

 2.3409 2.3177
U.S.

30 Year Bond

 2.9117 2.8838

Currencies

BOC Close Today Previous  
Canadian $ 0.78597 0.78443
US

$

 1.27231 1.27481
     
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.45029 0.68944
US

$

 1.13982 0.87733

Commodities

Gold Close Previous
London Gold

Fix

 1218.90 1218.80
     
Oil Close Previous
WTI Crude Future 46.08 45.49

Market Commentary:
On this day in 1852, Henry Wells and William G. Fargo found Wells Fargo in San Francisco and Sacramento to convert gold dust into cash for miners, as well as to transport and safeguard letters, gold nuggets and other valuable byproducts of the California Gold Rush.
Canada
By Natalie Wong
     (Bloomberg) — Canadian stocks fell slightly as losses in materials and telecom offset gains in health care and financials.
The S&P/TSX composite index dropped 0.06 percent to 15,135. Telecom slipped 0.5 percent as BCE Inc. lost 0.5 percent and Telus Corp. fell 0.7 percent.
     Materials slipped 0.5 percent as Agnico Eagle Mines Ltd. dropped 2.3 percent and Barrick Gold Corp lost 0.4 percent.
     Health care rose 0.8 percent and was Canada’s top performing sector, as Valeant Pharmaceuticals International Inc. gained 2.2 percent after announcing plans in August to redeem the remaining $500 million of bonds scheduled to come due next year.
     In other moves:
* Financials rose 0.2 percent as Manulife Financial Corp. gained 1.9 percent, surging to a five-month high on a report it may take John Hancock public
* Shopify Inc. fell 1.7 percent paring a four-day rally, despite news that its merchants will soon be able to sell through EBay
* Hudson’s Bay Co. rose 3.7 percent and was the top performing stock in Canada.
US
By Jeremy Herron
     (Bloomberg) — U.S. stocks rose, sending benchmark indexes toward all-time highs, while Treasuries fell as Janet Yellen signaled continued stimulus as the American economy sustains a steady pace of growth.
     The S&P 500 Index closed within five points of its record, while the Dow Jones Industrial Average reached a fresh high as the central bank chair reiterated her intention to tighten only gradually. Financial shares led gains with three large banks slated to deliver earnings Friday. Treasuries gave up Wednesday’s gains as Yellen offered a note of caution on the economy’s growth rate, while the dollar was mixed against its major peers.  
     “It’s something that would be wonderful if you can accomplish it — I’d love to see it,” Yellen said of 3 percent growth rates in response to a question during her Senate hearing. “It would be quite challenging.”
     Yellen’s signal that the economy is not in danger of overheating, with inflation rates stubbornly below Fed targets, comes as the central bank seems likely to err on the side of not tightening too quickly. Investors will get clues on how choppy data during the second quarter translated into corporate earnings when JPMorgan Chase & Co., Well Fargo & Co. and Citigroup Inc. report Friday.
     Investors also digested fresh news out of Washington, where Senate Republicans unveiled a new health-care bill they hope to bring up for a vote next week. The move comes as the Trump administration attempts to move past the latest diversion from its policy agenda.
     Here’s what investors are watching:
* U.S. CPI reading is due Friday.
* The three American lenders report before the opening bell Friday.
     These are the main moves in markets: 
     Stocks
* The S&P 500 rose 0.2 percent to 2,447.93 at 4 p.m. in New York, 0.2 percent below its closing record of 2,453.46.
* The Dow Jones Industrial Average added to its all-time high, rising 0.1 percent to 21,553.50, while the Nasdaq 100 Index rose 0.2 percent for a fifth straight gain.
* Small caps lagged behind, with the Russell 2000 Index little changed.
* The Stoxx Europe 600 Index climbed 0.3 percent, building on Wednesday’s 1.5 percent gain.
* The MSCI ACWI Index, which includes emerging and developed world markets, rose 0.3 percent to a record high.
     Rates
* The 10-year U.S. Treasury yield gained three basis points to 2.34 percent.
* German benchmark bund yields rose a similar amount to 0.59 percent.
     Currencies
* The greenback fell against most of its major peers, with the dollar index touching the lowest since Sept. 22 before trading little changed.
* The Canadian dollar added 0.2 percent to $1.27243.
* The pound climbed 0.5 percent to $1.2946. The euro was little changed at $1.1406.
     Commodities
* West Texas Intermediate crude rose for a fourth day, adding 1.3 percent to settle at $46.08 a barrel. Brent added 68 cents to end at $48.42. The WTI settlement was the highest since July 3 and came on a forecast that global demand growth will accelerate this year, even as supplies drain more slowly than anticipated.
* Gold futures slipped 0.2 percent to $1,217.10 an ounce, after gaining three days on expectations rates will stay low.
* Spring wheat for September delivery fell as much as 1.6 percent to $7.7025 a bushel before recouping losses. The U.S. Department of Agriculture said domestic production will be greater than analysts expected.

 

Have a wonderful evening everyone.

 

Be magnificent!

In man, reason quickens and guides the feeling,
in brute, the soul lies forever dormant.
To awaken the heart is to awaken the dormant soul.
Mahatma Gandhi

As ever,

Carolann

 

It is easier to resist at the beginning than at the end.
                            -Leonardo da Vinci, 1452-1519

 

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

 

Posted on

July 12, 2017 Newsletter

Dear Friends,

Tangents:

July 12, 2007 – Mining – London-based Rio Tinto acquires Alcan Inc. of Montreal for US$38 billion; biggest foreign takeover in Canadian history. Montreal, Quebec.

Birthdays: July 12th, 1817 Henry David Thoreau
In 1845, Henry David Thoreau wrote:  “I went to the woods because I wished to live deliberately, to front only the essential facts of life, and see if I could not learn what it had to teach, and not, when I came to die, discover that I had not lived.”
See www.mass.gov/dem/parks/wldn.htm

July 12, 1895, Buckminster Fuller:
Nature is trying very hard to make us succeed, but nature does not depend on us.  We are not the only experiment. –Buckminster Fuller.
PHOTOS OF THE DAY

A woman swims in Walden Pond in Concord, Mass., on what would have been the 200th birthday of Henry David Thoreau, author of the book ‘Walden.’ BRIAN SNYDER/REUTERS

Sam Querrey of the U.S. celebrates winning the quarterfinal match at Wimbledon against Great Britain’s Andy Murray in London. TOBY MELVILLE/REUTERS

 

Smoke from the Whittier fire is illuminated by the setting sun near Santa Barbara, Calif. SANTA BARBARA COUNTY FIRE/HANDOUT/REUTERS
Market Closes for July 12th, 2017

Market

Index

 Close Change
Dow

Jones

 21532.14 +123.07

 

+0.57%
 
S&P 500 2443.25 +17.72

 

+0.73%
 
NASDAQ 6261.172 +67.867

 

+1.10%
 
TSX 15143.99 -5.15

 
-0.03%

International Markets

Market

Index

 Close Change
NIKKEI 20098.38 -97.10
-.48%
HANG

SENG

 26043.64 +166.00
+0.64%
SENSEX 31804.82 +57.73
+0.18%
FTSE 100* 7416.93 +87.17
+1.19%

Bonds

Bonds % Yield Previous  % Yield
CND.

10 Year Bond

 1.875 1.857
CND.

30 Year

Bond

 2.228 2.242
U.S.   

10 Year Bond

 2.3177 2.3605
U.S.

30 Year Bond

 2.8838 2.9234

Currencies

BOC Close Today Previous  
Canadian $ 0.78443 0.77388
US

$

 1.27481 1.29219
     
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.45505 0.68726
US

$

 1.14139 0.87612

Commodities

Gold Close Previous
London Gold

Fix

 1218.80 1211.05
     
Oil Close Previous
WTI Crude Future 45.49 45.04

Market Commentary:
On this day in 1943, the New York Stock Exchange allows women onto its floor for the first time in its 151-year history to work as pages and reporters, filling jobs once held by men who went off to serve in the military.

Number of the Day
$16,000
The per-dose price of  ACZ885, sold by Novartis to treat certain rare inflammatory disorders. A recent clinical trial suggests it could also reduce the risk of serious complications like strokes in people who have suffered a heart attack, so the drug company may soon need to decide if it wants to cut the price to compete with rival cardiovascular treatments.
Canada
By Linda Nguyen
     (Canadian Press) — TORONTO — The Canadian dollar soared to a level not seen in nearly a year Wednesday after the Bank of Canada announced it was hiking its key lending rate for the first time since 2010.
     The loonie was trading at an average price of 78.16 cents US, up 0.76 of a U.S. cent. The last time the currency closed above 78 cents US was in August 2016.
     Eric Theoret, a currency strategist and director at Scotiabank (TSX:BNS), says although the markets had been anticipating a rate increase from the central bank, it was not expecting Bank of Canada governor Stephen Poloz to express so much confidence about the move.
     “The expectations were for a dovish hike, which would’ve been seen as the consensus heading into this,” he said. “And really what we had was a very confident, almost hawkish hike in that sense.”
     Theoret says the markets were largely forecasting that the bank would reverse rate cuts it put in place in 2015 to help the Canadian economy deal with a plunge in oil prices, and then enter a wait-and-see mode before making any more moves.
     But what it’s now reading from the central bank is that any future decisions will be data-dependent.
     The dollar has strengthened in recent weeks, buoyed by positive economic data, and growing anticipation of the interest rate decision. The Bank of Canada raised the rate by a quarter of a percentage point to 0.75 per cent, still low by historical standards.
     Kash Pashootan, a senior vice-president at First Avenue Advisory, a Raymond James company, says the loonie’s rapid appreciation is being led by fresh expectations that the bank will raise rates again at its next announcement in October.
     “On a day like today, it’s nice to see the Canadian dollar stronger and it’s easy to start to build the case for a couple more rate hikes. But it’s crucial that we do not underestimate how detrimental premature interest rate hikes can be to the Canadian economy and to the overall confidence of the equity markets,” he cautioned.
     “I don’t believe the Canadian economy can bear another interest rate hike in 2017.”
     In equities, the Toronto Stock Exchange’s S&P/TSX composite index was flat, dipping 5.15 points at 15,143.99 after climbing more than 100 points earlier in the session. The index was led by gains in Canada’s real estate and consumer staples sectors.
     In New York, the Dow Jones industrial average was up 123.07 points at 21,532.14, a record high. The S&P 500 index was ahead 17.72 points at 2,443.25, while the Nasdaq composite index climbed 67.87 points, or more than one per cent, to 6,261.17.
     Federal Reserve chairwoman Janet Yellen kicked of two days of testimony in front of Congress Wednesday, telling legislators that the U.S. central bank expects to keep raising its key interest rate at a gradual pace and also plans to start trimming its massive bond holdings this year.
     Many economists believe the Fed, which has raised rates three times since December, will hike rates one more time this year.
     In commodities, the August crude contract advanced 45 cents to US$45.49 and August gold gained $4.40 at US$1,219.10 an ounce.
      The September copper contract jumped a penny at US$2.68 a pound and August natural gas was down six cents to US$2.99 per mmBTU.
US
By Cecile Gutscher and Jeremy Herron
     (Bloomberg) — U.S. stocks rose toward records, Treasuries rallied and the dollar retreated after Janet Yellen signaled the Federal Reserve won’t rush to tighten monetary policy as inflation remains persistently below target.
     The Dow Jones Industrial Average closed at a fresh all-time high, technology shares added more than 1 percent and emerging- market equities surged to levels last seen in 2015 as Yellen expressed confidence in the American economy while suggesting inflation rates won’t force the Fed’s hand.
     The dollar fell versus most major peers, 10-year Treasury yields slid below 2.32 percent and gold futures rose. Oil bounced above $45 a barrel. The Brazilian real strengthened after former President Luiz Inacio Lula da Silva was convicted of graft and money-laundering, while Canada’s dollar rallied on central bank tightening.
     The statement from Yellen diverted attention from the release of emails by Donald Trump Jr. about his controversial meeting with a Russian lawyer, though concern remains that the latest saga in Washington may be an unwelcome distraction for the Fed seeking to dismantle a decade of monetary stimulus. The Fed chair made no mention of asset prices just a week after her comment that some looked “somewhat rich” added to selling in stocks and bonds.
     Yellen’s dovish tone came as the Bank of Canada raised interest rates for the first time in seven years even as inflation in the country remains stubbornly sluggish. Central banks around the world have been hinting that the accommodative policies in place for years may no longer be needed amid signs that the global economy is gaining traction.
     Here’s what investors are watching:
* Yellen will continue testifying Thursday.
* JPMorgan Chase & Co., Citigroup Inc. and Wells Fargo & Co. report results this week.
* The U.K. is due to publish its Repeal Bill on EU membership this week.
     These are the main moves in markets: 
     Stocks
* The S&P 500 Index advanced 0.7 percent as of 4 p.m. in New York, 0.4 percent short of its closing record. Real-estate and technology shares led gains.
* The Dow rose 123.58 points to a record 21,532.65, while the Russell 2000 Index added 0.9 percent, 0.2 percent from its high.
* The Stoxx Europe 600 Index added 1.5 percent, led by builders and energy companies. The FTSE 100 rose 1.2 percent.
     Currencies
* The Bloomberg Dollar Spot Index fell 0.4 percent.
* The pound strengthened 0.3 percent to $1.2884 after U.K. payrolls data beat estimates and unemployment fell to a 42-year low, erasing an earlier loss.
* The yen gained 0.7 percent to 113.14 per dollar.
* The euro fell 0.4 percent to $1.1422.
* The loonie rose 1.4 percent to $1.27356.
     Bonds
* The 10-year U.S. Treasury yield dropped four basis points to 2.32 percent.
* German benchmark bund yields rose three basis points to 0.58 percent.
    Commodities
* West Texas Intermediate crude climbed 1 percent to settle at $45.49 a barrel.
* Crude inventories fell 7.56 million barrels last week, the EIA said. U.S. production, though, continued to rise, gaining 0.6 percent to 9.397 million barrels a day. At the same time, the Organization of Petroleum Exporting Countries is said to have set a meeting for July 17.
* A billion-barrel crude discovery in Mexico could be just the lure the country badly needs to boost investment from oil majors.
* Gold futures added 0.6 percent to $1,220.60 an ounce.

 

Have  a wonderful evening everyone.

 

Be magnificent!

Only the intelligence of love and compassion can solve all problems of life.
Krishnamurti

As ever,

 

Carolann

 

However impenetrable it seems, if you don’t try it, then you can never do it.
–Andrew Wiles, b. 1953

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

Posted on

July 11, 2017 Newsletter

Dear Friends,

Tangents:
On July 11, 1979, the abandoned United States space station Skylab made a spectacular return to Earth, burning up in the atmosphere and showering debris over the Indian Ocean and Australia.
Go to article »

PHOTOS OF THE DAY

Smoke billows from fires around Mount Vesuvius in Naples, Italy. Fires continue to rage after they broke out on July 5 around the active volcano. CESARE ABBATE/EUROPEAN PRESSPHOTO AGENCY

Fan palm leaves are laid out to dry in Jinyin village in southwest China’s Sichuan province. LAN ZITAO/XINHUA/ZUMA PRESS
Market Closes for July 11th, 2017

Market

Index

 Close Change
Dow

Jones

 21409.07 +0.55

 

—
 
S&P 500 2425.53 -1.90

 

-0.08%
 
NASDAQ 6193.305 +16.912

 

+0.27%
 
TSX 15149.14 +43.86

 
+0.29%

International Markets

Market

Index

 Close Change
NIKKEI 20195.48 +114.50
+0.57%
HANG

SENG

 25877.64 +377.58
+1.48%
SENSEX 31747.09 +31.45
+0.10%
FTSE 100* 7329.76 -40.27
-0.55%

Bonds

Bonds % Yield Previous  % Yield
CND.

10 Year Bond

 1.857 1.885
CND.

30 Year

Bond

 2.242 2.259
U.S.   

10 Year Bond

 2.3605 2.3730
U.S.

30 Year Bond

 2.9234 2.9281

Currencies

BOC Close Today Previous  
Canadian $ 0.77388 0.77564
US

$

 1.29219 1.28926
     
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.48158 0.67496
US

$

 1.14659 0.87215

Commodities

Gold Close Previous
London Gold

Fix

 1211.05 1211.90
     
Oil Close Previous
WTI Crude Future 45.04 44.40

Market Commentary:
On this day in 1985, Coca-Cola announces the return of Coke Classic after the company had tried displacing the old formula with New Coke — such a stunning development that ABC’s Peter Jennings interrupts General Hospital with the news flash.
Number of the Day:
$108 billion
The amount China plans to spend over the next 10 years to build out its chip-making industry, according to Bain & Co.
Canada
By Natalie Wong
     (Bloomberg) — Canadian stocks rose as strong gains in energy and material stocks offset a decline in health care.
     The S&P/TSX composite index gained 0.3 percent to 15,149.14. Energy stocks rose 0.5 percent as oil gained 3 percent after the Energy Information Administration cut its U.S. crude output forecasts for next year.
     Materials rose 1.2 percent as Hudson Minerals Inc. jumped 8.1 percent and First Quantum Minerals Ltd. soared 7.3 percent, becoming the top two performing stocks in the index. Strong growth in material stocks comes amid the Bank of Canada’s expected interest rate hike on Wednesday, as the sector tends to outperform following rate increases.
     In other moves:
* Suncor Energy Inc. moved up 2 percent and Cenovus Energy Inc. increased 1.8 percent, after Barclays wrote that the two companies offered best value over the next 12 months
* Health care fell 0.7 percent as 5 out of 6 companies suffered losses. Prometic Life Sciences Inc. dropped 4.3 percent becoming the worst performing stock on the index, despite reports of positive long term clinical data on Ryplazym
* Financials gained 0.1 percent as Brookfield Asset Management Inc. rose 0.5 percent and the Bank of Montreal increased 0.4 percent
* Alimentation Couche-Tard Inc. rose 1.4 percent, the most this month, after it announced deal to acquire Holiday Stationstores
US
By Jeremy Herron
     (Bloomberg) — Fresh reports on the Trump campaign’s possible involvement with Russia during last year’s election shattered calm on financial markets Tuesday, sending U.S. stocks lower in a brief spurt of late morning selling.
     The move proved short-lived, as the S&P 500 Index rebounded from a quick 0.5 percent slide to end the day little changed. Technology shares advanced, while the Bloomberg Dollar Spot Index was down slightly, Treasury yields held near 2.36 percent, gold fluctuated and oil rose.
     Assets were jolted after the president’s son Donald Trump Jr. released emails he exchanged ahead of a meeting with a Russian lawyer last year that indicated the Russian government was backing his father’s presidential campaign and trying to damage his opponent. Prior to the revelation, trading this week had been listless as the market awaits testimony from Federal Reserve Chair Janet Yellen and the start of corporate earnings season.
     “Until now, the markets have been ignoring political news,” said John Conlon, chief equity strategist at People’s United Wealth Management in Bridgeport, Connecticut, which oversees more than $7 billion. “It surprises me because we’re just beginning earnings season, and in the past that has been a big driver. All this is going to do is push some of this stuff to the background while congress focuses on Russia.”
    Here’s what investors will be watching:
* Federal Reserve Chair Yellen’s testimony before Congress will be in focus later this week as investors look for guidance on when the U.S. central bank could start reducing its balance sheet.
* The U.K. government is due to publish it’s repeal bill on membership of the European Union this week.
* The Bank of Canada announces its interest-rate decision tomorrow, with a hike expected by most analysts.
     These are the main moves in markets:
     Stocks
* The S&P 500 fell 0.1 percent to 2,425.62 as of 4 p.m. in New York. It had been little changed before the report on Trump Jr. The Dow Jones Industrial Average rose 1.1 points, while the Nasdaq 100 Index climbed 0.3 percent.
* The Stoxx Europe 600 Index lost 0.7 percent following a 0.4 percent gain Monday.
* The MSCI Emerging Market Index jumped 0.9 percent.
     Commodities
* West Texas Intermediate crude rose 1.5 percent to settle at $45.04 a barrel before U.S. government data forecast to show oil stockpiles extended declines.
* Gold gained 0.1 percent to $1,215.25 an ounce, adding to its increase on Monday.
     Bonds
* The yield on 10-year Treasuries declined one basis point to 2.36 percent.
* The yield on 10-year bunds added one basis point to 0.55 percent. Benchmark gilt yields increased a similar amount, reversing direction after a two-day recovery.
     Currencies
* The Bloomberg Dollar Spot Index fell 0.2 percent, erasing earlier gains that had the greenback strengthening against most of its G-10 peers.
* The pound added 0.3 percent to $1.2848, while the euro rose 0.6 percent to 1.1463.
     Asia
* The yen gained 0.1 percent to 113.90 per dollar, following two days of declines.
* Japan’s Topix Index climbed 0.7 percent. Hong Kong’s Hang Seng Index strengthened 1.6 percent, heading for its first back-to- back gain in three weeks. The Hang Seng China Enterprises Index soared 2.1 percent, its biggest advance since March 16.
* The Shanghai Composite Index was down 0.3 percent after a short-lived advance mid-afternoon local time. Other indexes on the mainland were also lower.

 

Have a wonderful evening everyone.

 

Be magnificent!

It is in the very heart of our activity that we search for our goal.
Rabindranath Tagore

As ever,

 

Carolann

 

A man’s action is only a picture book of his creed.
–Arthur Helps, 1813-1875

 

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

Posted on

July 10, 2017 Newsletter

Dear Friends,

Tangents:
On July 10, 1940, during World War II, the 114-day Battle of Britain began as Nazi forces began attacking southern England by air. By late October, Britain managed to repel the Luftwaffe, which suffered heavy losses.
Go to article »

This poem was in the New York Times yesterday.  It was selected by Terrance Hayes because he states, “I let out a breath I didn’t know I was holding after I read this poem.  It engenders than bungee-recoil reading wherein your eyes shoot right back up to the title after the last line.  ‘Too Far North.’   How far is too far?  And what does this suggest about the South?  The poem lands somewhere between elegy and battle song.  ‘I build hundreds of my own angels…’  Come on.  That should be every warrior’s motto.”

Too Far North
By Aaron Coleman

in the copse: the sanctuary’s fretwork breaks, burns,
abandoned, up through the ends of stars.  I name each
forest Today and Why and Year and Gone. Blamed
because I trust the wolf, the owl, the cliff, the lip of rock
above the vulture that murmurs look.  I counted.  I took.
I wove myself in with the leaves. My fortune did not
surprise me.  Thought, then forgetfulness – what if

I believe fear is its own low country? I follow
an hour behind an hour and the tower inside
an elegy.  I am anybody helpless, listless, near
as whisper, as prayer.  There is stillness inside every
valley and door. I build hundreds of my own angels
and dare the cold to mold me daily into a bridge
between what I have forgotten and what I owe.
PHOTOS OF THE DAY

A common kingfisher sits on a branch of a tree after catching an insect in Allahabad, India. The common kingfisher is a highly territorial bird that has to eat nearly sixty percent of its bodyweight every day.
CREDIT: RAJESH KUMAR SINGH/AP

An almost full moon rises over the Temple of Poseidon, the ancient Greek god of the seas, in Cape Sounion, east of Athens, Greece.
CREDIT: COSTAS BALTAS/REUTERS
Market Closes for July 10th, 2017

Market

Index

 Close Change
Dow

Jones

 21408.52 -5.82

 

-0.03%
 
S&P 500 2427.43 +2.25

 

+0.09%
 
NASDAQ 6176.395 +23.316

 

+0.38%
 
TSX 15105.28 +78.12

 
+0.52%

International Markets

Market

Index

 Close Change
NIKKEI 20080.98 +151.89
+0.76%
HANG

SENG

 25500.06 +159.21
+0.63%
SENSEX 31715.64 +355.01
+1.13%
FTSE 100* 7370.03 +19.11
+0.26%

Bonds

Bonds % Yield Previous  % Yield
CND.

10 Year Bond

 1.885 1.883
CND.

30 Year

Bond

 2.259 2.260
U.S.   

10 Year Bond

 2.3730 2.3838
U.S.

30 Year Bond

 2.9281 2.9273

Currencies

BOC Close Today Previous  
Canadian $ 0.77564 0.77638
US

$

 1.28926 1.28796
     
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.46969 0.68041
US

$

 1.13995 0.87723

Commodities

Gold Close Previous
London Gold

Fix

 1211.90 1215.65
     
Oil Close Previous
WTI Crude Future 44.40 44.23

Market Commentary:
Number of the Day
0
The number of newly purchased Tesla models that were registered in Hong Kong in April after authorities slashed a tax break for electric vehicles.
Canada
By Natalie Wong
     (Bloomberg) — Canadian stocks rose the most this month as materials and healthcare gains offset a decline in real estate.
     The S&P/TSX composite index gained 0.5 percent to 15,105.28. Material stocks rose 2.8 percent, the most in a month, amid an imminent Bank of Canada rate increase. Potash, copper and gold stocks have recently tended to outperform other sectors of the Canadian market in a rising rate environment. Potash Corp. of Saskatchewan Inc. rose as much as 6.9 percent, the most in 11 months, and Agrium Inc. rose 5.4 percent after both were upgraded to sector outperform at Scotiabank.
     Energy gained 0.4 percent after a five-day slump as Canadian Natural Resources Ltd. rose 1.7 percent and Encana Corp went up 4.4 percent, the most in a month. Oil increased 0.4 percent and closed above $44 a barrel as investors weighed the likelihood and potential effectiveness of Libya and Nigeria capping production.
     Real Estate trusts fell 0.2 percent, as 15 of 21 companies suffered losses, with Brookfield Property Partners slipping 0.8 percent and RioCan Real Estate Investment Trust falling 0.6 percent.
     In other moves:
* Health care rose 1.4 percent as Valeant Pharmaceuticals International Inc. added 3 percent
* Klondex Mines Ltd. rose 8 percent and Ivanhoe Mines Ltd. jumped 6.5 percent, the top two performing stocks in Canada
* Ritchie Bros. Auctioneers Inc. fell 7.2 percent, the most since April, after being downgraded to neutral at CIBC
* Home Capital Group Inc. dropped 5.1 percent, extending a four- day loss, after being cut to hold at Laurentian Bank Securities.
US
By Natasha Doff
     (Bloomberg) — Technology shares drove gains in U.S. equities, while natural gas and crude lifted commodities. The dollar strengthened with Treasuries as investors prepare to parse second-quarter earnings for more evidence global economic growth is back on track.
     The S&P 500 Index rose for a second day as tech shares rebounded from last week’s selloff. Trading was light, with the volume 15 percent below the 30-day average at this time of day. European equities advanced following a similar climb across much of Asia. The dollar edged higher against most major currencies and bonds recovered after a drop last week. Natural gas futures jumped and crude rose above $44.50 a barrel.
     With global stocks close to all-time highs, investors are shrugging off political uncertainty and placing their faith in a continued earnings expansion on broadening global growth. Germany’s trade surplus was higher than estimated as May exports beat forecasts, while U.S. employers added the most jobs in four months in June. PepsiCo Inc., JPMorgan Chase & Co., Citigroup Inc. and Wells Fargo & Co. are set to report results this week.
     “Solid employment growth without inflation is the ‘not too hot, not too warm’ mix that keeps the Fed normalizing policy ever so slowly, equity indices marching ever higher and the economic cycle able to trundle on with no recession in sight,” Kit Juckes, a strategist at Societe Generale SA, wrote in a note to clients.
     The G-20 summit made little headway on dominant foreign policy issues such as North Korea’s escalation of tensions. Meetings between U.S. President Donald Trump and the leaders of South Korea, Japan and China ended without a clear consensus about how to curb North Korea’s nuclear ambitions.
     Here’s what investors will be watching:
* Federal Reserve Chair Janet Yellen’s testimony before Congress will be in focus later this week as investors look for guidance on when the U.S. central bank could start reducing its balance sheet.
* The U.K. government is due to publish it’s Repeal Bill on membership of the European Union this week.
* European Central Bank President Mario Draghi, Executive Board member Benoit Coeure and Single Supervisory Mechanism Chair Daniele Nouy will participate in a Eurogroup meeting in Brussels.
    
     These are the main moves in markets:
     Stocks
* The S&P 500 rose 0.1 percent to 2,427.54 at 4 p.m. in New York, while the Nasdaq 100 Index added 0.7 percent.
* Materials producers in the S&P 500 rose 0.6 percent as metals advanced.
* Small caps in the Russell 2000 Index dropped 0.5 percent.
* The Stoxx Europe 600 Index advanced 0.4 percent.
* The MSCI Emerging Market Index added 0.7 percent.
     
     Currencies
* The Bloomberg Dollar Spot Index was flat.
* The pound retreated 0.1 percent to $1.2880 and the euro dropped by a similar amount to $1.1385.
     Bonds
* The yield on 10-year Treasuries dropped one basis point to 2.37 percent after rising 23 basis points in the past two weeks. 
* In Europe, peripheral nations led a rally with benchmark bonds yields in Italy and Spain shedding six basis points. The yield on 10-year bunds fell three basis points to 0.54 percent.
     Commodities
* WTI crude added 0.4 percent to settle at $44.40 a barrel following its 2.8 percent slide Friday.
* Gold futures climbed 0.3 percent to $1,213.90 an ounce after touching its lowest level since March. Silver futures jumped 1.4 percent.
Have a wonderful evening everyone.

 

Be magnificent!

The true source of rights is duty.
If we discharge our duties, rights will not be far to seek.
Mahatma Gandhi

As ever,

 

Carolann

 

If you could get up the courage to begin, you have the courage to succeed.
                                                             -David Viscott, 1938-1996

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

Posted on

July 7, 2017 Newsletter

Dear Friends,

Tangents:
On July 7, 1981, President Reagan announced he was nominating Arizona Judge Sandra Day O’Connor to become the first female justice on the United States Supreme Court.

Go to article » 

Fiesta de San Fermin: Running of the bulls, Pamplona, Spain.
Ringo Starr, birthday; born 1940.
Marc Chagall, born 1887.
Robert A. Heinlein, born 1907.
PHOTOS OF THE DAY

A boy collects flowers in a lake at the boundary of a wildlife sanctuary in Udawalawe National Park in Sri Lanka. LAKRUWAN WANNIARACHCHI/AGENCE FRANCE-PRESSE/GETTY IMAGES

Demonstrators are hit by water cannons as they protest Friday in Hamburg, where leaders of the world’s top economies are gathered for the G-20 summit. DAVID YOUNG/DPA/AGENCE FRANCE-PRESSE/GETTY IMAGES
Market Closes for July 7th, 2017 

Market

Index

 Close Change
Dow

Jones

 21414.34 +94.30

 

 

+0.44%
 
S&P 500 2425.18 +15.43

 

+0.64%
 
NASDAQ 6153.078 +63.614

 

+1.04%
 
TSX 15027.16 -50.84

 
-0.34%

International Markets

Market

Index

 Close Change
NIKKEI 19929.09 -64.97
-0.32%
HANG

SENG

 25340.85 -124.37
-0.49%
SENSEX 31360.63 -8.71
-0.03%
FTSE 100* 7350.92 +13.64
+0.19%

Bonds

Currencies

BOC Close Today Previous  
Canadian $ 0.77638 0.77054
US

$

 1.28796 1.29779
     
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.46881 0.68082
US

$

 1.14042 0.87687

Commodities

Gold Close Previous
London Gold

Fix

 1215.65 1224.90
     
Oil Close Previous
WTI Crude Future 44.23 45.52

Market Commentary:
Number of the Day
$57 Billion
The amount Wall Street has injected into U.S. shale companies over the last 18 months in the form of high-yield debt and stock sales.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks slid to the lowest level since November, despite stronger than expected jobs numbers in both Canada and the United States, as a slump in gold miners and energy producers outweighed gains in technology companies.
     The S&P/TSX Composite Index fell 51 points or 0.3 percent to 15,027.16 Friday and lost 1 percent for the week. Materials stocks tumbled 1.7 percent as gold prices lost 0.9 percent.
Tahoe Resources Inc. fell 7.9 percent and New Gold Inc. lost 5.9 percent.
     The energy index fell 0.9 percent. Crude prices tumbled 2.8 percent and declined for the week as expanded U.S. drilling activity and added production offset a bigger-than-expected drop in inventories. Technology stocks added 1 percent.
     In other moves:
* Jamieson Wellness Inc. gained 9.8 percent in its trading debut. The vitamin company plans to use its IPO proceeds for acquisitions
* Paramount Resources Ltd. fell 6.9 percent after Apache Corp.
said it will sell $354 million of shale assets to the Calgary- based firm
* GreenSpace Brands Inc. gained 8.4 percent. The company’s recent success could make it a takeover target.
US
By Jeremy Herron and Lu Wang
     (Bloomberg) — U.S. stocks rebounded from the biggest selloff since May, while Treasuries fell after unexpectedly strong hiring data bolstered confidence in the American economy, underscoring the Federal Reserve’s case for raising interest rates. Crude fell below $45 a barrel.
     Broad-based payroll gains that topped estimates boosted sentiment among equity investors a day after stocks suffered the biggest drop in six weeks. Gains were strongest among tech shares that have been whipsawed between gains and losses in recent days. The Bloomberg Dollar Spot Index was flat as tepid wage growth stoked concern that inflationary pressure remains weak. The 10-year Treasury yield climbed to 2.39 percent. Gold futures fell.
     The hiring report supported the Federal Reserve’s stance that recent signs of labor market sluggishness are transitory, though the tepid wage gains gave fuel to arguments that weakness remains. While stocks advanced on the perceived economic strength, the dollar and Treasury markets focused on the implications for the Fed’s next rate hike. Janus Henderson’s Bill Gross told Bloomberg Radio that he expects the central bank to go through with a third increase this year, likely in December.
     “What this should do is to keep the Fed for another rate hike,” Quincy Krosby, a market strategist at Prudential Financial Inc., said by phone. “The market has absorbed the fact finally that Janet Yellen is seemingly intent on moving toward a neutral rate. If this were a weak number, the market could be down because again the notion would be that she’s raising rates in an environment in which the economy is pulling back.”
     Bond yields have climbed around the world after a sell-off in debt this week stoked by a number of central banks stepping up talk of tighter policy conditions. The yen slumped to an eight-week low after the Bank of Japan stepped in to curb the rise in rates. Bearish comments from investors Jeffrey Gundlach and Ray Dalio added to the impression of a sea change for bonds, with German 10-year yields climbing to an 18-month high as Treasuries also slipped.
     Here are the main moves in markets:
     Stocks
* The S&P 500 rose 0.6 percent to 2,425.05 at 4 p.m. in New York, bouncing back from a 0.9 percent slide. The index advanced
0.1 percent in the holiday-shortened week.
* The Nasdaq 100 Index jumped 1.1 percent. It’s swung between gains and losses off at least 0.8 percent in each of the four days in the period, ending higher by 0.2 percent.
* The Stoxx Europe 600 index dropped 0.1 percent, paring a loss after the U.S. hiring data. The gauge rose 0.2 percent in the five days to halt a four-week slide.
* Emerging-market shares fell 0.3 percent.
     Bonds
* The yield on 10-year Treasuries added two basis points to 2.398 percent. It’s advanced eight basis points in the week.
* German 10-year yields rose one basis point to 0.57 percent after rising 9 basis points on Thursday. French benchmark yields were one basis point higher.
* Yields in the Bloomberg USD Emerging Market Sovereign Bond Index advanced 18 basis points to 4.81 percent this week, the most since the week ending Nov. 18.
     Currencies
* The Bloomberg Dollar Spot Index rose less than 0.1 percent, capping a weekly advance of 0.4 percent.
* The yen dropped 0.6 percent to 113.934 per dollar, reversing an earlier gain of 0.1 percent. The currency is down more than 1 percent for the week, heading for the biggest drop since the end of April.
* The euro fell 0.2 percent to $1.1404 after jumping 0.6 percent in the previous session, while the pound weakened 0.6 percent to $1.2889.
     Commodities
* West Texas Intermediate fell 2.8 percent to settle at $44.23 a barrel, more than erasing Thursday’s 0.9 percent gain. Oil lost
4 percent for the week as a decline in U.S. stockpiles failed to convince investors that global markets are rebalancing.
* Gold futures lost 1.1 percent to settle at $1,209.70 an ounce.
The precious metal fell 2.6 percent in the week for a fifth straight slide, the longest since December.
     Asia
* The MSCI Asia Pacific Index declined 0.6 percent, for its biggest weekly loss since early March. Japan’s Topix index slipped 0.5 percent, its first weekly loss in a month.
Australia’s S&P/ASX 200 Index lost 1 percent. South Korea’s Kospi dropped 0.3 percent.
* Hong Kong’s Hang Seng fell 0.3 percent and the Hang Seng China Enterprises Index lost 0.5 percent.
* Australian 10-year yields rose 9 basis points to 2.73 percent, advancing for the eighth time in 10 sessions.
* Japan 10-year yields fell less than one basis point, to 0.088 percent The central bank offered to buy debt with maturities of more than five years to 10 years, after yields on its benchmark 10-year securities more than doubled in the past week. 

Have a wonderful weekend everyone.

 

Be magnificent!

The word duty indicates compulsion.
The word responsibility indicates freedom.
Duties lead one to demand rightfully.
Responsibilities lead one to command respectfully.
Sense of duty is out of attachment.
Sense of responsibility is out of love.
Duties can be thrust upon others.
Responsibilities are taken up by oneself.
There can be unwillingness in performing one’s duty.
Responsibility is always taken up willingly.
Maa Purnananda

As ever,

Carolann

 

To be nameless in worthy deeds exceeds an infamous history.
                                        -Sir Thomas Browne, 1605-1682

 

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

Posted on

July 6, 2017 Newsletter

Dear Friends,

Tangents:
On this day in 1933, Major League Baseball holds its first All-Star Game. The American League defeats the National League 4-2.

July 6, 1819, John Keats wrote to Fanny  Keats, from Shanklin on the Isle of Wight:

Our window looks over house tops and cliffs onto the sea, so that when the ships sail past the cottage chimneys you may take them for weather-cocks.  We have hill and dale, forest and mead, and plenty of lobsters.  I was on the Portsmouth coach the Sunday before last in that heavy shower – and I may say I went to Portsmouth by water.  I got a little cold and as it always flies to my throat I am a little out of sorts that way.  There were on the coach with me some common French people, but very well-behaved.  There was a woman amongst them to whom the poor men in ragged coats were more gallant than ever I saw gentleman to lady at a ball.  When we got down to walk uphill, one of them picked a rose, and on remounting gave it to the woman with, “Ma’mselle – voilá une belle rose!” –from The Book of Days.
PHOTOS OF THE DAY
Sailboats race on Lake Balaton in Hungary as part of a Grand Prix around the lake. ARON SZANTO/EUROPEAN PRESSPHOTO AGENCY

Clad in the ‘maillot jaune,’ the yellow jersey signifying the overall leader of the Tour de France cycling race, Great Britain’s Geraint Thomas, second from front right, rode in a pack along a lake between Vittel and La Planche des Belles Filles in France during the race’s fifth stage Wednesday. Mr. Thomas’s teammate, Christopher Froome, is in the top position after Thursday’s sixth stage. PHILIPPE LOPEZ/AGENCE FRANCE-PRESSE/GETTY IMAGES

A reveler leaps from a fountain in Pamplona, Spain, during the opening of the annual San Fermin Running of the Bulls festival. PABLO BLAZQUEZ DOMINGUEZ/GETTY IMAGES
Market Closes for July 6th, 2017

Market

Index

 Close Change
Dow

Jones

 21320.04 -158.13

 

-0.74%
 
S&P 500 2410.34 -22.20

 

-0.91%
 
NASDAQ 6089.465 -61.391

 

-1.00%
 
TSX 15065.42 -87.70

 
-0.58%

International Markets

Market

Index

 Close Change
NIKKEI 19994.06 -87.57
-0.44%
HANG

SENG

 25465.22 -56.75
-0.22%
SENSEX 31369.34 +123.78
+0.40%
FTSE 100* 7337.28 -30.32
-0.41%

Bonds

Bonds % Yield Previous  % Yield
CND.

10 Year Bond

 1.832 1.792
CND.

30 Year

Bond

 2.211 2.154
U.S.   

10 Year Bond

 2.3659 2.3232
U.S.

30 Year Bond

 2.9016 2.8469

Currencies

BOC Close Today Previous  
Canadian $ 0.77054 0.77172
US

$

 1.29779 1.29581
     
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.48263 0.67448
US

$

 1.14243 0.87533

Commodities

Gold Close Previous
London Gold

Fix

 1224.90 1220.30
     
Oil Close Previous
WTI Crude Future 45.52 45.13

Market Commentary:
Number of the Day
160
More than 160 private companies are valued at $1 billion or more, including ride-hailing company Uber Technologies Inc. and Airbnb Inc.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks closed at their lowest since December amid a global selloff prompted by increasing hawkishness from central banks and weaker-than-expected U.S. employment data.
     The S&P/TSX Composite Index lost 75 points or 0.5 percent to 15,077.88 as every sector fell. Consumer staples stocks tumbled 1.6 percent, led by a 3.6 percent decline in Alimentation Couche-Tard Inc., while materials shares lost 1.4 percent. Tahoe Resources Inc. plunged 33 percent after Guatemala suspended the operating license for its Escobal mine.
     Industrial stocks fell 0.3 percent despite an 11 percent jump in shares of Air Canada to their highest in a decade. The airline said second-quarter earnings will “significantly exceed” the consensus analyst estimate.
     In other moves:
* CCL Industries Inc. fell 6.3 percent after Keybanc downgraded it to sector weight from overweight
* Gluskin Sheff + Associates Inc. jumped 13 percent after receiving an arbitration ruling in a dispute with its co- founders
* WestJet Airlines Ltd. rose 3.1 percent to the highest in 10 months, buoyed by Air Canada’s improved forecast.
US
By Jeremy Herron
     (Bloomberg) — The hawkish tone from developed-nation central banks continued to roil financial markets, with U.S. stocks falling the most in seven weeks, Treasury yields rising to levels last seen in May and crude settling below $46 a barrel.
     The 10-year yield climbed to 2.37 percent, with DoubleLine Capital’s Chief Executive Officer Jeffrey Gundlach saying the selling has only just begun. The S&P 500 Index closed below its 50-day moving average for the first time in seven weeks, with yield-sensitive shares leading losses. The dollar weakened following a private report that showed the pace of U.S. hiring moderated before Friday’s government payrolls data. The yield on benchmark German bunds hit the highest since January 2016.
     Central banks from Asia to Europe and the U.S. have struck a more hawkish tone in the past few weeks as they seek to remove nearly a decade of accommodation. The rise in yields has started to weigh on equity markets just as data show growth in the American economy may be moderating. European Central Bank officials considered when they met last month removing a pledge to increase bond-buying, while ADP Research Institute data showed companies adding fewer workers to U.S. payrolls in June than the prior month.    
     Here’s what’s coming up:
* The G-20 summit in Hamburg starts Friday. U.S. President Donald Trump is expected to hold his first meeting with Russia’s Vladimir Putin as well as meet his Chinese counterpart Xi Jinping.
* And Friday will also see the U.S. Labor Department report official jobs figures. American employers probably added around 175,000 workers in June and wage growth probably strengthened, consistent with a solid labor market, economists project.
     These are the main moves in markets:
     Stocks
* The S&P 500 declined 0. percent to 2,409.75 as of 4 p.m. in New York, slumping below the average price for the past 50 days of 2,413.54.
* Phone stocks sank 2.3 percent in the steepest drop since January, while real estate shares lost 1.9 percent. Both have high dividend yields and lose favor when Treasury rates rise.
* The Nasdaq 100 Index lost 0.9 percent, pushing its loss since June 8 to 4.9 percent.
* The Stoxx Europe 600 Index fell 0.7 percent.
* Emerging-market shares slipped 0.4 percent. 
     Currencies
* The Bloomberg Dollar Spot Index weakened 0.3 percent.
* The euro advanced 0.6 percent to $1.1424 and the British pound strengthened 0.3 percent to $1.2967.
     Bonds
* The yield on 10-year Treasuries rose four basis points to 2.37 percent, after falling three basis points Wednesday. The rate is higher by 23 basis points since June 26.
* Thirty-year yields surged as much as seven basis points Thursday to 2.92 percent, breaching both 50- and 200-day moving averages.
* German 10-year yields climbed to their highest level in 18 months in a sign that a hawkish shift by central bankers is penetrating the market
* The bund rate gained nine basis point to 0.56 percent. French 10-year yields climbed 10 basis points and those on gilts added six.
     Commodities
* West Texas Intermediate crude futures added 39 cents to settle at $45.52 a barrel. Rising U.S. production dampened the enthusiasm over declining crude and gasoline stockpiles.
* Crude has held below $50 a barrel for six weeks.
* Gold lost 0.2 percent to $1,224.99 an ounce, snapping two days of gains.
* Spring-wheat prices plunged the most in six years and winter grades fell in active trading as investors weighed ample U.S. inventories against declining crop conditions.

 

Have a wonderful evening everyone.

 

Be magnificent!

No matter how insignificant the thing you have to do,
do it as well as you can,
give it as much  of your care and attention as you would give to the thing
you regard as most important.
Mahatma Gandhi

 

As ever,

 

Carolann

 

Memories are the key not to the past, but to the future.
                               -Corrie Ten Boome, 1892-1983

 

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

Posted on

July 5, 2017 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

Imogen Davis and “Rufus” the Harris Hawk on Centre Court, Wimbledon, UK. Credit: EDDIE MULHOLLAND FOR THE TELEGRAPH

A wide shot of models walking the runway during the Chanel Haute Couture Fall/Winter 2017-2018 show as part of Haute Couture Paris Fashion Week in Paris, France. CREDIT: VICTOR BOYKO/GETTY IMAGES
Market Closes for July 5th, 2017

Market

Index

 Close Change
Dow

Jones

 21478.17 -1.10

 

 

-0.01%
 
S&P 500 2432.54 +3.53

 

+0.15%
 
NASDAQ 6150.855 +40.795

 

+0.67%
 
TSX 15153.12 +22.51

 
+0.15%

International Markets

Market

Index

 Close Change
NIKKEI 20081.63 +49.28
+0.25%
HANG

SENG

 25521.97 +132.96
+0.52%
SENSEX 31245.56 +35.77
+0.11%
FTSE 100* 7367.60 +10.37
+0.14%

Bonds

Bonds % Yield Previous  % Yield
CND.

10 Year Bond

 1.792 1.838
CND.

30 Year

Bond

 2.154 2.193
U.S.   

10 Year Bond

 2.3232 2.3499
U.S.

30 Year Bond

 2.8469 2.8669

Currencies

BOC Close Today Previous  
Canadian $ 0.77172 0.77305
US

$

 1.29581 1.29358
     
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.47091 0.67985
US

$

 1.13525 0.88086

Commodities

Gold Close Previous
London Gold

Fix

 1220.30 1223.75
     
Oil Close Previous
WTI Crude Future 45.13 47.07

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks fell for a fourth day as oil prices slumped, snapping their longest winning streak of the year.     The S&P/TSX Composite Index fell 0.4 percent or 66 points to 15,064.50 at 10:10 a.m. Energy stocks led the decline, losing
1.7 percent as crude prices tumbled 3.3 percent. Russia said it will oppose deeper production cuts, arguing that they would send the wrong message to the oil market. MEG Energy Corp. lost 7.4 percent and Cenovus Energy Inc. fell 4.3 percent.
     Financial shares slipped 0.3 percent ahead of the release of the minutes from the U.S. Federal Reserve’s June meeting.
     In other moves:
* Exchange Income Corp. fell 4.6 percent after short-seller Marc Cohodes said he’s shorting the stock on concerns that it doesn’t have enough cash to pay its dividend
* Canaccord Genuity Group Inc. gained 2.6 percent. The asset manager is buying U.K.-based Hargreave Hale Ltd. for $67 million
* Enercare Inc. gained 2.5 percent. The stock was upgraded to outperform at Scotiabank
* Shopify Inc. added 2 percent as technology shares rebounded from several days in the red
* Northland Power Inc. fell 1 percent. The company was said to end its sale plans after failing to find a buyer
US
By Samuel Potter and Jeremy Herron
     (Bloomberg) — U.S. equities rose with the dollar while Treasuries pared gains as investors saw a hawkish bent to the latest Federal Reserve meeting minutes, with officials debating the timing of balance-sheet reductions.
     The S&P 500 Index rose a third day to close 0.9 percent from its June 19 all-time high, even as the minutes showed some officials concerned “increased risk tolerance” among investors could be lifting asset prices and building risks to financial stability. Chipmakers beaten down in the past three weeks led a rebound in technology shares. Treasury 10-year note yields held near 2.33 percent and the dollar advanced versus most peers. Oil tumbled toward $45 after an eight-day rally.
     The Fed minutes did little to alter market expectations for a third rate hike this year, most likely December as officials view tepid inflation rates as transitory. The central bank also signaled that September could mark the start of unwinding its $4.5 trillion balance sheet, though that is hardly a sure bet.
The comments on asset prices underscore why three officials, including Chair Janet Yellen, last week mentioned rising valuation metrics in separate speeches.
     Markets had largely ignored the rising tensions on the Korean peninsula, with an emergency United Nations Security Council meeting on Wednesday looking to formulate a response to North Korea’s latest provocation.
     Here’s what’s coming up:
* The European Central Bank on Thursday releases minutes from its last meeting. Investors will look for clues on whether the bank is closer to tightening, after officials last week walked back comments from President Mario Draghi that the market interpreted as hawkish.
* A G-20 summit kicks off in Hamburg this week. U.S. President Donald Trump is expected to hold his first meeting with Russia’s Vladimir Putin as well as meet his Chinese counterpart Xi Jinping.
* American employers probably added around 175,000 workers in June and wage growth probably strengthened, consistent with a solid labor market, economists project the U.S. Labor Department to report on Friday.
     These are the main moves in markets:
     Stocks
* The S&P 500 Index added 0.2 percent to 2,433.64 at 4 p.m. in New York.
* The Nasdaq 100 jumped 1 percent. Advanced Micro Devices climbed 8.6 percent and Micron Technology rose 4.8 percent.
* The Stoxx Europe 600 Index advanced 0.2 percent.
* Emerging-market stocks rose 0.4 percent, adding to gains after the Fed minutes.
     Currencies
* The Bloomberg Dollar Spot Index strengthened 0.1 percent.
* The British pound edged higher to $1.2928.
* The euro was little changed at $1.1341.
     Commodities
* West Texas Intermediate crude futures dropped 4.1 percent to settle at $45.13 a barrel. The loss ended the longest winning streak this year, as Russia was said to oppose any proposal to deepen OPEC-led production cuts.
* Gold futures rose 0.5 percent to $1,225 an ounce.
* Copper futures posted the biggest loss in two weeks as inventories tracked by the London Metal Exchange climbed the most since early March.
     Bonds
* The yield on 10-year Treasuries fell two basis points to 2.33 percent. The market was closed Tuesday.
* U.K. benchmark yields advanced one basis point to 1.26 percent.
* French yields were little changed, while those of Germany slipped one basis point to 0.47 percent.

Have a wonderful evening everyone. 

Be magnificent!

“It is better to know some of the questions, than all of the answers” – James Thurber

As ever, 

Karen

“Put your heart, mind, and soul into even your smallest acts. This is the secret of success” – Swami Sivananda

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