Category: Events

Dear Friends,

Tangents:
June 16, 1936 – Bob Brown discovers a major oilfield at Turner Valley; beginning of Alberta’s oil boom.
PHOTOS OF THE DAY

Bjork performs a DJ set onstage during Sonar Festival 2017 in Barcelona, Spain.
SANTIAGO FELIPE/REDFERNS

Mount Sinabung spews out volcanic ash in North Sumatra, Indonesia on June 15,2017.  Mount Sinabung is one of Indonesia’s 129 active volcanoes.
XINHUA/BANCROFT IMAGE

Lavender plantation, Huocheng County, IliKazakh Autonomous Prefecture, Xinjiang Uygur Autonomous Regio, China.
REX FEATURES
Market Closes for June 16^th, 2017

Market Index	Close	Change
Dow Jones	21384.28	+24.38   +0.11%
S&P 500	2433.06	+0.60   +0.02%
NASDAQ	6151.758	-13.743   -0.22%
TSX	15207.78	+47.36
		+0.31%

International Markets

Market Index	Close	Change
NIKKEI	19943.26	+111.44
		+0.56%
HANG SENG	25626.49	+61.15
		+0.24%
SENSEX	31056.40	-19.33
		-0.06%
FTSE 100*	7463.54	+44.18
		+0.60%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.524		1.530
CND. 30 Year Bond		2.036		2.052
U.S.    10 Year Bond		2.1514		2.1620
U.S. 30 Year Bond		2.7759		2.7872

Currencies

BOC Close	Today	Previous
Canadian $	0.75642	0.75366
US $	1.32202	1.32686
Euro Rate 1 Euro=		Inverse
Canadian $	1.48069	0.67536
US $	1.12003	0.89284

Commodities

Gold	Close	Previous
London Gold Fix	1255.40	1254.55
Oil	Close	Previous
WTI Crude Future	44.74	44.46

Market Commentary:
On this day in 1812, the State of New York charters a new institution called City Bank of New York, capitalized at $2 million, with $800,000 already raised. Today it’s a called Citigroup.
$36.73 billion
The People’s Bank of China on Friday injected a net 250 billion yuan ($36.73 billion) into the financial system—more than it has on any single day since mid-January, in a move that suggests Chinese authorities are now more concerned about financial turmoil inside the country than money flowing out of it.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks closed higher Friday, snapping a four-day losing streak that drove the benchmark into a brief loss for the year to date.
     The S&P/TSX Composite Index added 32 points or 0.2 percent to 15,192.39 as gains in energy offset a big decline in consumer stocks. The benchmark fell 1.8 percent on the week, its biggest weekly loss since February.
     Energy stocks rose 1.1 percent as the price of crude gained 0.6 percent. The consumer staples index fell 1.2 percent and the consumer discretionary index lost 1 percent after Amazon.com Inc. agreed to buy Whole Foods Market Inc. for $13.7 billion, raising fears of increased grocery competition.
     In other moves:
* Empire Co. Ltd. lost 3.6 percent, Loblaw Cos. Ltd. fell 3.6 percent and North West Co. Inc. slipped 3 percent on news of the Amazon-Whole Foods deal
* ProMetic Life Sciences Inc. tumbled 11 percent after offering 31 million shares for C$1.70 a share, 15 percent below Wednesday’s closing price
* Aimia Inc. added 10 percent following a two-day decline, including a 27 percent slump on Wednesday after the loyalty- program operator said it would suspend its dividend
US
By Jeremy Herron
    (Bloomberg) — U.S. stocks eked out a gain, while the dollar weakened with Treasury yields after poor housing data and a slump in consumer sentiment added to signs the American economy’s growth rate may be slower than forecast. Oil rose with metals.
     Food retailers led losses in the S&P 500 Index after Amazon.com Inc. agreed to buy Whole Foods Market Inc. The benchmark for American equity pushed into the green in the final minute of trading during an event known as quadruple witching, when futures and options contracts expire. Tech shares slipped, pointing the Nasdaq 100 Index to a second straight weekly decline. The dollar capped a weekly drop after new-home construction faltered for a third month and consumer confidence fell the most since October. Oil pared a fourth straight weekly decline.
     Equities largely weathered a week that saw the Federal Reserve hike rates and renewed tumult in Washington that continues to delay the Trump administration’s policy agenda. Data Friday ratcheted up concerns that slower U.S. growth may take hold just as the Fed’s third hike since December lands. Oil’s woes add to slowing inflation. In France, newly elected Emmanuel Macron looks set for an historic majority in the National Assembly on Sunday.
     “The data this week has not been encouraging,” said Mariann Montagne, a portfolio manager at Gradient Investments LLC, which oversees about $1.4 billion. “We need to see consumer spending pick up and more confidence across the board before we can get going again. We’re in a weird limbo, coupled with the the summer doldrums. But if we had great numbers coming out, there would be decisions made.”
     Here’s what investors will be facing in the next few days:
* France completes its election with a second round of voting on Sunday that’s expected to hand President Macron an overwhelming legislative majority.
*MSCI Inc. announces on Tuesday the results of its 2017 Annual Market Classification Review, including whether the MSCI Argentina and MSCI China A indexes will be added to the emerging-markets gauge.
     Here are the major movers:
     Stocks
* The S&P 500 rose less than one point to 2,433.14 as of 4 p.m. in New York, leaving it higher by 0.1 percent for the week.
* The Nasdaq 100 lost 0.3 percent, giving it a 1.1 percent slide in the week. It’s at the lowest since May 19.
* Amazon climbed 2.5 percent while Whole Foods spiked 29 percent to the highest since April 2015. Food retailers in the S&P 500 lost 5.1 percent.
* The Stoxx Europe 600 Index rose 0.7 percent, paring its weekly decline to 0.5 percent.
* The MSCI Emerging Market Index fell 0.1 percent to cap a 1.4 percent decline in the week.
     Currencies
* The yen rose 0.1 percent to 110.865 per dollar, after dropping 1.2 percent in the previous session, the most since January.
* The Bloomberg Dollar Spot Index fell 0.3 percent as the greenback underperformed all Group of 10 peers. It slid 0.3 percent on the week.
* The euro rose 0.5 percent to $1.1199.
     Bonds
* The yield on 10-year Treasury notes fell one basis point to 2.15 percent, after Thursday’s four-basis point jump. The rate dropped on Wednesday to 2.13 percent, the lowest level since November.
* German benchmark bund yields lost one basis points to 0.27 percent.
     Commodities
* West Texas crude futures rose 0.6 percent to settle at $44.74 a barrel. Oil fell more than 2 percent for the week to cap its longest run of weekly losses since 2015. OPEC member Libya restored production and the surplus in the U.S. shows little sign of abating.
* Gold rose 0.1 percent to $1,254.82. The metal is heading for a second weekly loss, falling 0.9 percent.

Have a wonderful weekend everyone.

 

Be magnificent!

 

We ask ourselves
is it possible to break through this heavy conditioning of centuries immediately
and not enter into another conditioning – to be free,
so that the mind can be altogether new, sensitive,
alive, aware, intense, capable?
Krishnamurti

 

As ever,

Carolann

 

Facing it, always facing it.  That’s the way to get through.  Face it.
                                                     -Joseph Conrad, 1857-1924

 

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:
1215: Magna Carta chartered.

PRIME NUMBERS:
5.9 MILLION
Canadians, ages 65 and older, compared with 5.8 million Canadians ages 14 or younger.  The number of seniors in Canada has surpassed the number of children for the first time.

18,000
New plant and animal species discovered by scientists in 2016, including the sorting-hat spider and a centipede that can swim.

55,000+
Amount in (US dollars) raised through crowdfunding campaigns for Steven Jones, a homeless man who assisted injured children at the scene of the Manchester, England, bombing.

500
Members of a burglary gang spanning across Europe that authorities say they have broken up.  The group is thought to be responsible for a fifth of German break-ins.

44
Percentage of young Republicans in the United States ages 18 to 29 who have left the party at some point since December 2015.  Of that group, roughly half returned to the GOP, while the rest switched to the Democratic Party.
PHOTOS OF THE DAY

Three owls squeeze out of a hole as they wait for their parents to return with food.
Caters News Agency

A storm is pictured in Lincoln, Nevraska, USA.
John Finny/WENN
Market Closes for June 15^th, 2017

Market Index	Close	Change
Dow Jones	21359.90	-14.66   -0.07%
S&P 500	2432.46	-5.46   -0.22%
NASDAQ	6165.500	-29.392   -0.47%
TSX	15160.42	-9.71
		-0.06%

International Markets

Market Index	Close	Change
NIKKEI	19831.82	-51.70
		-0.26%
HANG SENG	25565.34	-310.56
		-1.20%
SENSEX	31075.73	-80.18
		-0.26%
FTSE 100*	7419.36	-55.04
		-0.74%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.530		1.490
CND. 30 Year Bond		2.052		2.035
U.S.    10 Year Bond		2.1620		2.1256
U.S. 30 Year Bond		2.7872		2.7670

Currencies

BOC Close	Today	Previous
Canadian $	0.75366	0.75506
US $	1.32686	1.32439
Euro Rate 1 Euro=		Inverse
Canadian $	1.47907	0.67610
US $	1.11471	0.89709

Commodities

Gold	Close	Previous
London Gold Fix	1254.55	1275.50
Oil	Close	Previous
WTI Crude Future	44.46	44.73

Market Commentary:
On this day in 1911, Charles Flint merges Tabulating Machine Co. with Computing Scale Co. of America and International Time Recording Co. to form Computing-Tabulating-Recording Co., the ancestor of IBM.

2.1 million
Gasoline inventories in the U.S. rose by 2.1 million barrels, the Energy Information Administration said Wednesday, compared with the survey’s expectation of a 700,000 decline, underlining worries about global crude-oil oversupply extending to products.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks fell for a fourth day, reaching a new low for the year as slumping raw-material prices pressured mining companies and energy producers.
     The S&P/TSX Composite Index lost 0.1 percent to 15,160.42, its lowest since December 6. Materials stocks dropped 0.8 percent as precious and base metal prices fell. Hudbay Minerals Inc. lost 5.8 percent.
     Energy stocks slid 0.7 percent as oil prices fell 0.6 percent to $44.46 a barrel, their lowest level since November. Baytex Energy Corp. tumbled 8.6 percent and Crew Energy Inc. dropped 5.5 percent.
     In other moves:
* Home Capital Group Inc. gained 13 percent to its highest close since April. The company reached a settlement with regulators and investors over fraudulent mortgages
* North West Co. Inc. added 4.7 percent following an upgrade at Industrial Alliance Securities
* Teck Resources Ltd. fell 3.8 percent. The miner said it expects realized coal prices to fall to $160 to $165 a tonne in the second quarter.
US
By Jeremy Herron and Brian Chappatta
     (Bloomberg) — U.S. stocks fell for the fourth time in five days as selling in technology shares resumed. The dollar advanced with Treasury yields, while gold weakened as traders digested the more hawkish tone struck by the Federal Reserve.
     Equity benchmarks slipped from near record levels, technology shares pacing declines. Commodity producers also retreated, as crude fell to a seven-month low and gold slid more than 1.5 percent. European stocks dropped to levels last seen in April. The greenback strengthened and 10-year Treasury yields climbed as the Fed suggested the strength of the labor market will ultimately prevail over weakness in inflation. Emerging- market equities tumbled more than 1 percent. 
Investors resumed selling the major technology shares that have contributed most to equity records this year, as the threat of higher interest rates prompted a shift from growth into value shares. Softening commodity prices did little bolster arguments that inflation will pick up the pace, even as the U.S. labor market remains on strong footing — raising the specter that central bank officials made a policy error.
     Meanwhile, Washington remained in focus as the special counsel investigating Russia’s interference in the 2016 election was said to be planning to interview two top U.S. intelligence officials about whether President Donald Trump sought their help to get the FBI to back off a related probe of former National Security Adviser Michael Flynn.
     Here are the key remaining events investors will be watching this week:
* The Bank of Japan concludes a two-day meeting on Friday. While economists don’t expect any significant changes to monetary policy, they will parse the BOJ’s statement and Governor Haruhiko Kuroda’s comments for clues to the outlook for inflation.
     Here are the major movers:
     Stocks
* The S&P 500 Index fell 0.2 percent to 2,432.49 at 4 p.m. in New York, paring losses that reached 0.8 percent.
* Tech shares in the measure lost 0.5 percent, while bond proxies from real estate to utilities led gains.
* The tech-heavy Nasdaq indexes retreated at least 0.4 percent. The Dow Jones Industrial Average slipped 0.1 percent from a fresh record.
* The Stoxx Europe 600 Index retreated 0.4 percent.
* Emerging-market equities tumbled 1.2 percent.
     Currencies
* The Bloomberg Dollar Spot Index rose 0.6 percent following three days of losses.
* The yen was 0.7 percent weaker at 110.34 per dollar after climbing 0.5 percent Wednesday.
* The British pound weakened 0.1 percent to $1.2741 and the euro retreated 0.6 percent to $1.1151.
     Bonds
* The yield on 10-year Treasury notes rose three basis points to 2.16 percent, after dropping 8.5 basis points Wednesday to 2.13 percent, the lowest level since November.
* European bonds tracked the move in Treasuries on Wednesday, with the yield on benchmark U.K. bonds rising 11 basis points to 1.03 percent and those of French and German peers increasing six basis points.
     Commodities
* West Texas crude futures fell 0.6 percent to settle at $44.46 a barrel, the lowest in seven months. It tumbled 3.7 percent in the previous session after data showed U.S. gasoline supplies unexpectedly rose for a second week.
* Gold futures sank 1.7 percent to close at $1,254.60 an ounce, notching the biggest drop since Dec. 15.
* Copper fell 0.7 percent to settle at $5,661 a ton on the London Metal Exchange, in a fourth straight decline, longest stretch of losses since March 9.

Have a wonderful evening everyone.

 

Be magnificent!

My country and your country,
my God and your God – all that is the fragmentation of thought.
Krishnamurti

As ever,

 

Carolann

 

Beware of missing chances; otherwise it may be altogether too late some day.
                                                                           -Franz Liszt, 1811-1886

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:
1951: Univac computer unveiled.

On this day in 1777, the Continental Congress in Philadelphia adopted the Stars and Stripes as the national flag.
PHOTOS OF THE DAY

A hot-air balloon is raised in honor of Flag Day in Hoboken, N.J. ASHLEE ESPINAL/REUTERS

A boy stands in front of a mural in Nairobi, Kenya. DAI KUROKAWA/EUROPEAN PRESSPHOTO AGENCY

Pittsburgh Penguins captain Sidney Crosby hoists the Stanley Cup during the team’s victory parade in Pittsburgh. LAKE FONG/PITTSBURGH POST-GAZETTE /ASSOCIATED PRESS
Market Closes for June 14^th, 2017

Market Index	Close	Change
Dow Jones	21374.56	+46.09     +0.22%
S&P 500	2437.92	-2.43   -0.10%
NASDAQ	6194.891	-25.479   -0.41%
TSX	15170.13	-209.62
		-1.36%

International Markets

Market Index	Close	Change
NIKKEI	19883.52	-15.23
		-0.08%
HANG SENG	25875.90	+23.80
		+0.09%
SENSEX	31155.91	+52.42
		+0.17%
FTSE 100*	7474.40	-26.04
		-0.35%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.490		1.561
CND. 30 Year Bond		2.035		2.112
U.S.    10 Year Bond		2.1256		2.2092
U.S. 30 Year Bond		2.7670		2.8640

Currencies

BOC Close	Today	Previous
Canadian $	0.75506	0.75533
US $	1.32439	1.32393
Euro Rate 1 Euro=		Inverse
Canadian $	1.48578	0.67305
US $	1.12186	0.89138

Commodities

Gold	Close	Previous
London Gold Fix	1275.50	1262.00
Oil	Close	Previous
WTI Crude Future	44.73	46.46

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks fell to their lowest since December as oil prices plunged and falling bond yields weighed on financials.
     The S&P/TSX Composite Index fell 210 points or 1.4 percent to 15,170.13, the lowest close since December 9. The market is now down 0.8 percent for the year.
     Energy stocks lost 3.1 percent as the price of crude fell 3.7 percent to $44.73, the lowest since November, as gasoline stockpiles rose. The materials index tumbled 3.2 percent as lower gold prices weighed on miners and financials lost 0.5 percent after the U.S. Federal Reserve hiked interest rates and said it will do so one more time this year.
     In other moves
* Aimia Inc. tumbled 27 percent to a record low after it suspended dividends on its common and preferred shares, including those scheduled to be paid at the end of the month
* Home Capital Group Inc. added 7.4 percent. The company is reportedly in talks with a group of banks to replace a costly loan from a pension fund
* MEG Energy Corp. and Baytex Energy Corp both fell more than 8 percent along with the price of crude.
US
By Jeremy Herron and Elena Popina
     (Bloomberg) — The dollar all but erased losses while most U.S. stocks slipped from records after Federal Reserve Chair Janet Yellen suggested weak readings on inflation won’t persist as the central bank continued its path of tightening. Treasuries rallied on slower price acceleration.
     The greenback was little changed versus the euro after weakening as much as 0.8 percent during the session. Technology stocks led declines on equity benchmarks, as Yellen reiterated the central bank’s intention of continuing to raise rates as data improve, even as inflation readings fall short of expectations. Data earlier Wednesday showing a deceleration in price gains sparked a Treasury rally that shaved as many as 11 basis points from the 10-year yield.
     “Everyone is concerned about the path of interest rate increases as well as the methodology for reducing the balance sheet, and this is creating a little bit of volatility intraday,” Chad Morganlander, a money manager at Stifel, Nicolaus & Co. in Florham Park, New Jersey, said by phone. “The volatility should creep higher in the course of the summer months as Fed moves further in adjusting the balance sheet.”
     The Fed’s actions and words struck a careful balance between showing resolve to continue tightening in response to falling unemployment while acknowledging the persistence of unexpectedly low inflation this year. Policy makers agreed to raise their benchmark lending rate for the third time in six months, maintained their outlook for one more hike in 2017 and set out some details for how they intend to shrink their $4.5 trillion balance sheet this year.
     Central banks in Japan, Switzerland and Britain are also scheduled to weigh in with policy decisions this week. Investors have reined in expectations for a Bank of England interest-rate increase after the election shock.
     Markets largely ignored a shooting that wounded the third- highest ranked U.S. House Republican and at least four others at a congressional baseball practice in Alexandria, Virginia. The gunman later died from injuries in a shootout with police.
     Here are the major movers:
     Stocks
* The S&P 500 fell 0.1 percent to 2,437.91 at 4 p.m. in New York, after fluctuating for most of the session.
* The tech-heavy Nasdaq indexes fell 0.4 percent, while small caps lost 0.6 percent. The Dow Jones Industrial Average edged higher to a fresh record, led by gains in Home Depot Inc. and Travelers Cos.
* The Stoxx Europe 600 Index erased gains to close lower by 0.3 percent.
* MSCI’s emerging-market index added 0.3 percent, paring gains after the Fed decision.
     Currencies
* The Bloomberg Dollar Spot Index fell 0.2 percent, trimming a drop that reached 0.7 percent.
* The yen was 0.5 percent stronger at 109.565 per dollar.
* The pound fell 0.1 percent to $1.2747 after it strengthened 0.8 percent Tuesday.
* The Canadian dollar rose 0.1 percent, gaining for a fifth day. The euro added 0.1 percent to 1.1219.
     Bonds
* The yield on 10-year Treasury notes fell eight basis points to 2.14 percent. It slipped to 2.10 earlier in the session.
* The yield on U.K. gilts dropped 11 basis points to 0.93 percent after rising seven points on Tuesday.
     Commodities
* West Texas crude futures fell 3.7 percent to settle at $44.73 a barrel, the lowest since November. The U.S. government reported gasoline and other petroleum product stockpiles swelled last month. WTI has fallen 19 percent this year from its peak of $55.24 on Jan. 3.
* Spot gold fell to the lowest level in more than two weeks after the Fed’s decision. The metal fell as much as 0.7 percent to $1,257.28 an ounce. It earlier rose more than 1 percent.

 

Have a wonderful evening everyone.

 

Be magnificent!

When one lives with concepts one never learns.  The concepts become static.
You may change them but the very transformation of one concept to another is still static, is still fixed. But to have the sensitivity to feel, seeing that life is not a movement of two separate activities, the external and the inward, to see that it is one, to realize that the inter-relationship is this movement, is this ebb and flow of sorrow and pleasure and joy and depression, loneliness and escape, to perceive nonverbally this life as a whole, not fragmented, nor broken up, is to learn.
Krishnamurti

As ever,

 

Carolann

 

He who undervalues himself is justly undervalued by others.
                                              -William Hazlitt, 1778-1830

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:

Birthday: William Butler Yeats, June 13, 1865

The Song of Wandering Aengus

                       -BY WILLIAM BUTLER YEATS
I went out to the hazel wood,
Because a fire was in my head,
And cut and peeled a hazel wand,
And hooked a berry to a thread;
And when white moths were on the wing,
And moth-like stars were flickering out,
I dropped the berry in a stream
And caught a little silver trout.

When I had laid it on the floor
I went to blow the fire a-flame,
But something rustled on the floor,
And someone called me by my name:
It had become a glimmering girl
With apple blossom in her hair
Who called me by my name and ran
And faded through the brightening air.

Though I am old with wandering
Through hollow lands and hilly lands,
I will find out where she has gone,
And kiss her lips and take her hands;
And walk among long dappled grass,
And pluck till time and times are done,
The silver apples of the moon,
The golden apples of the sun.

Source: The Wind Among the Reeds (1899)

www.poets.org/exh/wbyea/
On June 13, 1966, the Supreme Court issued its landmark Miranda vs. Arizona decision, ruling that criminal suspects must be informed of their constitutional rights prior to questioning by police.
Go to article »
PHOTOS OF THE DAY

A worker carrying a buoy for a fiber-optic cable near Bilbao in Spain, as Facebook and Microsoft join forces to lay a fiber-optic cable across the Atlantic to link Europe and the U.S. VINCENT WEST/REUTERS

A swimmer passing under the ‘Museum of the Moon’ by British artist Luke Jerram at the Saint-Georges swimming pool in Rennes, France. DAMIEN MEYER/AGENCE FRANCE-PRESSE/GETTY IMAGES

The main pack of riders rolling past cows in Switzerland during the fourth stage of the 81st Tour de Suisse. GIAN EHRENZELLER/ASSOCIATED PRESS
Market Closes for June 13^th, 2017

Market Index	Close	Change
Dow Jones	21328.47	+92.80   +0.44%
S&P 500	2440.35	+10.96   +0.45%
NASDAQ	6220.371	+44.906   +0.73%
TSX	15379.75	-4.05
		-0.03%

International Markets

Market Index	Close	Change
NIKKEI	19898.75	-9.83
		-0.05%
HANG SENG	25852.10	+144.06
		+0.56%
SENSEX	31103.49	+7.79
		+0.03%
FTSE 100*	7500.44	-11.43
		-0.15%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.561		1.489
CND. 30 Year Bond		2.112		2.075
U.S.    10 Year Bond		2.2092		2.2127
U.S. 30 Year Bond		2.8640		2.8686

Currencies

BOC Close	Today	Previous
Canadian $	0.75533	0.75051
US $	1.32393	1.33243
Euro Rate 1 Euro=		Inverse
Canadian $	1.48425	0.67374
US $	1.12109	0.89199

Commodities

Gold	Close	Previous
London Gold Fix	1262.00	1266.40
Oil	Close	Previous
WTI Crude Future	46.46	46.08

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks were little changed as gains in energy shares offset declines in telecom and financials.
     The S&P/TSX Composite Index slipped 4 points or less than 0.1 percent to 15,379.75. Energy shares gained 0.4 percent as the price of crude rose for a third straight day, rebounding from last week’s sharp decline. Birchcliff Energy Ltd. rose 2.6 percent.
     The telecom index tumbled 0.9 percent after Shaw Communications Inc. said it will sell a data-service business and buy new spectrum, pressuring shares of its three biggest competitors. Shaw gained 2.7 percent.
     In other moves:
* Sierra Wireless Inc. added 6.2 percent as the broader tech sector rebounded from a two-day rout
* Quebecor Inc. gained 3.1 percent. The company will sell spectrum licenses to Shaw for C$430 million
* Sears Canada Inc. tumbled 24 percent to its lowest level ever. The retailer said there’s “significant doubt” about its ability to keep operating as obligations exceed cash flow
* Sleep Country Canada Holdings Inc. jumped 4.6 percent after analysts at GMP said the company is likely to benefit from a potential bankruptcy filing at Sears Canada.
US
By Jeremy Herron
     (Bloomberg) — U.S. stocks snapped a two-day slide to close at fresh records as technology shares rebounded from the worst drop of the year. The dollar weakened and Treasuries were steady as the Federal Reserve policy meeting kicked off.
     The Dow Jones Industrial Average and the S&P 500 Index ended at all-time highs, while the Nasdaq 100 Index bounced back from its biggest two-day drop since September. European and emerging-market equities advanced. Sterling rose for the first time since the U.K. election. Ten-year Treasury yields held near 2.21 percent and the dollar slipped versus major peers before the Fed is projected to raise rates Wednesday.
     The rebound in tech shares carried through to U.S. trading, affording investors a break from the selloff as the sector resumed its rose as the key driver of global equity gains. Drama in Washington continued to demand attention, with U.S. Attorney General Jeff Sessions slated to testify to lawmakers. 
     He will likely face pressure to explain his role in the firing of James Comey and contacts that he and associates of President Donald Trump had with Russian officials, with markets looking for any indication that the administration’s business- friendly agenda will be delayed.
     Here are the key events investors will be watching this week:
* Fed policy makers are expected to raise their benchmark interest rate for the second time this year on Wednesday. Since that’s widely anticipated, the more market-sensitive elements of the meeting will relate to signals on future policy — either the path for rates or plans to cut the $4.5 trillion balance sheet.
* Central banks in Japan, Switzerland and Britain are also scheduled to weigh in with policy decisions this week.
     Here are the main moves in markets:
     Stocks
* The S&P 500 added 0.5 percent to 2,440.35 as of 4 p.m. in New York. The Dow rose 92.80 points to 21,328.47.
* The Nasdaq 100 climbed 0.8 percent, rebounding from its worst two-day drop of the year. It’s still 2.3 percent below it’s all- time high.
* The Stoxx Europe 600 Index rose 0.6 percent, after dropping 1 percent on Monday. Tech shares rose 1.6 percent.
* MSCI’s Emerging Markets Index added 0.1 percent.
     Currencies
* The pound strengthened 0.8 percent to $1.2755 after sliding 0.7 percent on Monday; it stayed higher as U.K. data showed inflation resumed its upward march last month.
* The euro was flat at $1.1209.
* The Bloomberg Dollar Spot Index fell by 0.2 percent.
* The yen dropped 0.1 percent to 110.05 per dollar, after Monday’s 0.3 percent gain. 
     Bonds
* The yield on 10-year Treasuries was little changed at 2.21 percent; before today it climbed for four straight sessions.
* German benchmark yields rose two basis points and French yields rose one basis point, while U.K. yields added seven basis points.
     Commodities
* West Texas crude futures rose 0.8 percent to settle at $46.46, as OPEC reported rising production, offsetting expectations of a further decline in U.S. stockpiles.
* Gold slipped 0.1 percent to $1,268.50, its fifth day of losses and the longest losing streak in a month as investors anticipate a Fed rate hike.
Have a wonderful evening everyone.

 

Be magnificent!

You are the product of your environment.
That is why you are not able to see beyond the habits and social conventions
that are rooted deep within you.  If you wish to see beyond them,
you must first of all free yourself from the normal way in which you interpret facts.
Swami Prajnanpad

As ever,

 

Carolann

 

There is nothing as sweet as a comeback, when you are down and out,
about to lose, and out of time.   -Anne Lamott, b. 1954

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 June 12, 1987, during a visit to the divided German city of Berlin, President Ronald Reagan publicly challenged Soviet leader Mikhail S. Gorbachev to ”tear down this wall.”
Go to article »
PHOTOS OF THE DAY

Shepherds move sheep during sunset in the Tatvan district of Bitlis, Turkey. ALI IHSAN OZTURK/ANADOLU AGENCY/GETTY IMA

A deer peers from a grain field near Reitwein, Germany. PATRICK PLEUL/AGENCE FRANCE-PRESSE/GETTY IMAGES
Market Closes for June 12^th, 2017

Market Index	Close	Change
Dow Jones	21235.67	-36.30   -0.17%
S&P 500	2429.39	-2.38   -0.10%
NASDAQ	6175.465	-32.454   -0.52%
TSX	15383.80	-89.41
		-0.58%

International Markets

Market Index	Close	Change
NIKKEI	19908.58	-104.68
		-0.52%
HANG SENG	25708.04	-322.25
		-1.24%
SENSEX	31095.70	-166.36
		-0.53%
FTSE 100*	7511.87	-15.46
		-0.21%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.489		1.428
CND. 30 Year Bond		2.075		2.036
U.S.    10 Year Bond		2.2127		2.2058
U.S. 30 Year Bond		2.8686		2.8617

Currencies

BOC Close	Today	Previous
Canadian $	0.75051	0.74253
US $	1.33243	1.34675
Euro Rate 1 Euro=		Inverse
Canadian $	1.49291	0.66983
US $	1.12044	0.89250

Commodities

Gold	Close	Previous
London Gold Fix	1266.40	1266.55
Oil	Close	Previous
WTI Crude Future	46.08	45.83

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks closed lower after briefly spiking more than 100 points earlier in the trading day, as technology shares tumbled for a second day and most other sectors traded in the red.
     The S&P/TSX Composite Index lost 89 points or 0.6 percent to 15,383.80. Tech stocks tumbled 2.1 percent amid a bigger rout in the sector. BlackBerry Ltd. lost 5 percent and Sierra Wireless Inc. fell 4.2 percent.
     The raw-materials index lost 0.8 percent as both base and precious metals fell, and financial shares slipped 0.7 percent even as bond yields rose. Energy stocks also fell, losing 0.6 percent, despite a gain in the price of crude.
     In other moves:
* Eldorado Gold Corp. fell 6.9 percent, the biggest decliner on the materials index. The company will be deleted from S&P/TSX 60 Index on June 19
* Intertape Polymer Group Inc. gained 1.7 percent. The company is buying Canadian Technical Tape Ltd. for approximately $63 million
* CCL Industries Inc. added 3.3 percent after S&P Dow Jones Indices said it will be added to the S&P/TSX 60 Index.
US
By Jeremy Herron
     (Bloomberg) — U.S. technology shares fell a second day after spreading to Asia and Europe on concern the group had risen too far too quickly. The pound retreated as an embattled Theresa May fought to survive the fallout from the British general election.
     The Nasdaq 100 Index capped its biggest two-day decline since September after closing Thursday with a 21 percent gain for the year. Samsung Electronics Co., ASML Holding NV and Tencent Holdings Ltd. led declines in Europe and Asia. Energy shares advanced, mitigating losses in the S&P 500 Index, as crude topped $46 a barrel. Treasuries and the dollar were little changed two days before the Federal Reserve’s policy decision.0
     The sudden slide in tech stocks, which had helped send global equities to repeated record levels this year, blindsided many investors after markets largely brushed aside last week’s trio of risk events. The question now is whether the drops represent merely a pause or a more fundamental crack in the U.S. stock bull market. The Nasdaq 100 fell as much as 2 percent before paring losses into the close.
     Meanwhile, in Washington the drama continues. Attorney General Jeff Sessions will testify Tuesday to the Senate Intelligence Committee to answer questions about alleged Russian meddling in the 2016 presidential election. And the Fed is this week set to lift rates, leading a pack of central banks that are mostly nodding in the direction of removing ultra-accommodative policy.
     Here’s what investors will be watching:
* Sessions will testify before the Senate on Tuesday.
* Fed policy makers are forecast to raise their benchmark interest rate for the second time this year on Wednesday.
* Central banks in Japan, Switzerland and Britain are also scheduled to weigh in with policy decisions this week.
     Here are the main moves in markets:
     Stocks
* The tech-heavy Nasdaq 100 fell 0.6 percent at 4 p.m. in New York, adding to its 2.4 percent rout on Friday. Apple fell 2.5 percent while Microsoft Corp. slid 0.8 percent.
* Losses in the S&P 500 Index were muted, with the benchmark gauge down 0.1 percent. Energy and phone shares advanced more than 0.6 percent.
* The Stoxx Europe 600 Index slid 1 percent, with ASML Holding dropping 3.8 percent.
* France’s CAC 40 lost 1.1 percent even as Emmanuel Macron headed for a clear majority in the National Assembly. His success appears to be largely priced in.
* Emerging market equities slid 1.1 percent.
     Currencies
* The pound fell 0.7 percent to $1.2656. The currency lost 1.6 percent on Friday.
* The euro strengthened 0.1 percent to $1.1203.
* The Bloomberg Dollar Spot Index fell 0.1 percent after gaining 0.5 percent over the previous three sessions.
     Bonds
* The yield on 10-year Treasuries rose one basis point to 2.21 percent.
* U.K. benchmark yields decreased four basis points, after dropping three basis points on Friday.
* French yields slipped five basis points while those in Germany fell one basis point.
* Italian 10-year yields tumbled seven basis points.
     Commodities
* West Texas crude futures rose 0.6 to settle at $46.08 a barrel after Saudi Arabia and Russia sought to reassure investors that coordinated production cuts by OPEC and its partners are draining a global glut.
* Gold futures posted the longest losing streak in three months as investors anticipate the Fed will raise rates Wednesday. Bullion slipped 0.2 percent to settle at $1,268.90, for a fourth day of losses.
* Tin rebounded from the worst week since 2015, while copper declined.

Have a wonderful evening everyone.

 

Be magnificent!

How can we be free to look and learn when our minds from the moment we are born
to the moment we die are shaped by a particular culture in the narrow pattern of “me?”
For centuries we have been conditioned by nationality, caste, class, tradition,
religion, language, education, literature, art, custom, convention,
propaganda of all kinds, economic pressure, the food we eat, the climate we live in,
our family, our friends, our experience – every influence you can think of –
and therefore our responses to every problem conditioned.
Are you aware that you are conditioned?
Krishnamurti

As ever,

Carolann

 

The courage to imagine the otherwise is our greatest resource, adding color and suspense to all our life.
                                                                                       -Daniel J. Boorstin, 1914-2004

 

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:
1534 – Jacques Cartier sails into the river he names the St. Lawrence, on the Saint’s feast day.

1934: Donald Duck, cartoon, was born.

1898: Hong Kong lease signed from Britain.

On this day in 1973, Secretariat becomes the first horse since Citation in 1948 to win the Triple Crown.

Number of the Day :
318
The latest results of the U.K. general election indicate the Conservative party won 318 seats in Parliament, less than the 330 it had before the election and short of the 326 it would have needed to retain a majority.
PHOTOS OF THE DAY

People cross Westminster Bridge in front of the Houses of Parliament in London the day after Britain’s national elections.MARKUS SCHREIBER/ASSOCIATED PRESS

Larry the cat sits outside 10 Downing Street in London. CARL COURT/GETTY IMAGES
Market Closes for June 9^th, 2017

Market Index	Close	Change
Dow Jones	21271.97	+89.44   +0.42%
S&P 500	2430.08	-3.71   -0.15%
NASDAQ	6207.918	-113.846   -1.80%
TSX	15472.41	+49.33
		+0.32%

International Markets

Market Index	Close	Change
NIKKEI	20013.26	+104.00
		+0.52%
HANG SENG	26030.29	-32.77
		-0.13%
SENSEX	31262.06	+48.70
		+0.16%
FTSE 100*	7527.33	+77.35
		+1.04%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.428		1.417
CND. 30 Year Bond		2.036		2.032
U.S.    10 Year Bond		2.2058		2.1902
U.S. 30 Year Bond		2.8617		2.8510

Currencies

BOC Close	Today	Previous
Canadian $	0.74253	0.74066
US $	1.34675	1.35015
Euro Rate 1 Euro=		Inverse
Canadian $	1.50774	0.66324
US $	1.11954	0.89323

Commodities

Gold	Close	Previous
London Gold Fix	1266.55	1273.10
Oil	Close	Previous
WTI Crude Future	45.83	45.64

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks closed higher as financial shares posted their biggest three-day gain since December and energy shares rallied following two days of declines.
     The S&P/TSX Composite Index added 50 points or 0.3 percent to 15,473.21. The benchmark gained 0.2 percent on the week. Financial stocks rose 1.1 percent for a three-day gain of 2.4 percent as bond yields rose. Energy shares jumped 1.3 percent as the price of oil gained for the first time since Tuesday.
     Raw-materials stocks lost 0.8 percent as gold miners fell with the price of the yellow metal. Asanko Gold Inc. tumbled 7.6 percent.
     In other moves:
* Enghouse Systems Ltd. lost 11 percent after reporting second- quarter earnings that missed the lowest analyst estimate
* Hudson’s Bay Co. fell 11 percent. The retailer announced plans to cut 2,000 jobs after posting a wider-than-expected loss last quarter
* Home Capital Group Inc. rose 7.8 percent following reports that private equity firm Catalyst Capital Group has proposed a strategic partnership with the troubled mortgage lender.
US
By Samuel Potter
     (Bloomberg) — A selloff in technology shares spoiled an otherwise buoyant day in the U.S. stock market as companies from Apple Inc. to Nvidia Corp. tumbled. The British pound dropped as the U.K.’s ruling Conservative Party lost its parliamentary majority, plunging the country into uncertainty just days before Brexit negotiations were due to start.
     Sterling fell the most in eight months as the election intended to strengthen Prime Minister Theresa May’s hand in negotiations with the European Union instead left her battling to survive. The currency’s retreat gave British stocks a boost, as the FTSE 100 Index gained around 1 percent. U.K. bonds rose.
     Outside of Britain, investors turned their attention to sinking technology stocks following early enthusiasm that had pushed U.S. equity indexes to new intraday highs. The move lower began when Robert Boroujerdi, global chief investment officer at Goldman Sachs Group Inc., warned that low volatility in Facebook Inc., Amazon.com Inc., Apple, Microsoft Corp. and Google parent Alphabet Inc. may be blinding investors to risks such as cyclicality and regulation. The S&P 500 technology index plunged 2.7 percent.
     The U.K. vote capped a series of major events this week — including former FBI Director James Comey’s testimony before the Senate Intelligence Committee on Thursday — that passed with relatively little fuss. Attention will now turn to the week ahead, when the Fed is expected to raise interest rates and the Bank of England, the Bank of Japan and the Swiss National Bank also meet.
     “For now, the results of the U.K. elections do not appear to be threatening the global growth story,” Mark Haefele, global chief investment officer at UBS Group AG, said in a note to clients. But for Britain,“political uncertainty is likely to more than offset any benefit from a marginally weaker pound,” he said.
     Here’s what investors will be facing next:
* French voters go to the polls over the weekend, this time as part of a two-step process for parliamentary elections. The outcome will decide how much control new President Emmanuel Macron will have to enact his legislative agenda.
* Federal Reserve policy makers are forecast to raise their benchmark interest rate for the second time this year at the conclusion of a two-day meeting next week. Central banks in Japan and Britain are also scheduled to weigh in with policy decisions.
     Here are the main moves in markets:
     Stocks
* The S&P 500 fell 0.1 percent, while the Dow Jones Industrial Average rose 0.4 percent. The tech-heavy Nasdaq Composite Index dropped 1.8 percent, and the Nasdaq 100 Stock Index plunged 2.4 percent.
* Apple led decliners in the S&P 500, sinking 3.7 percent, while Microsoft, Amazon, Facebook and Google all lost more than 1 percent.
* The FTSE 100 climbed 1 percent. The Stoxx Europe 600 Index added 0.3 percent.
     Currencies
* The pound weakened 1.8 percent to $1.2734 per dollar, while the yen retreated 0.2 percent to 110.26 and the euro slipped 0.2 percent to $1.1197.
* The Bloomberg Dollar Spot Index added 0.2 percent.
     Bonds
* The yield on 10-year Treasuries rose two basis points to 2.21 percent.
* U.K. gilt yields dropped three basis point after climbing three basis points on Thursday.
* German bund yields rose one basis point to 0.26 percent. French 10-year yields were essentially flat.
     Commodities
* West Texas crude rose 0.5 percent to $45.86 a barrel, after two days of losses. Oil has slumped this week as an unexpected increase in U.S. stockpiles cast doubt on OPEC’s ability to rebalance world crude markets.
* Gold fell 0.8 percent to $1,269.40 an ounce, declining a third day. 
     Asia
* Japan’s Nikkei 225 Stock Average jumped 0.5 percent. SoftBank Group Corp. rallied 7.4 percent to the highest in 17 years after agreeing to buy Boston Dynamics from Google parent Alphabet Inc.

 

Have a wonderful weekend everyone.

 

Be magnificent!

Have you ever tried living with yourself?
If so, you will begin to see that yourself is not a static state,
it is a fresh living thing.
And to live with a living thing your mind must also be alive,
And it cannot be alive if it is caught in opinions, judgements, and values.
Krishnamurti

As ever,

Carolann

 

It is better to know some of the questions than all of the answers.
                                                  -James Thurber, 1894-1961

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 June 8, 1968, authorities announced the capture in London of James Earl Ray, the suspected assassin of civil rights leader Martin Luther King Jr.

Go to article »

Frank Lloyd  Wright, architect, b. 1867
PHOTOS OF THE DAY

German Chancellor Angela Merkel speaks with U.S. President Barack Obama outside the Elmau Castle following a working session of the G-7 summit in southern Germany on Monday. MICHAEL KAPPELER/AGENCE FRANCE-PRESSE/GETTY IMAGES

View of the “Parthenon of Books” by Argentinian artist Marta Minujin, at the Documenta 14 art exhibition in Kassel.   The Parthenon of books, a full-scale replica of the temple on the Acropolis, is made up with some 100,000 copies of banned books donated from the public as well as publishers and institutions.
CREDIT: John Macdougall/AFP
Market Closes for June 8^th, 2017

Market Index	Close	Change
Dow Jones	21182.53	+8.84   +0.04%
S&P 500	2433.79	+0.65   +0.03%
NASDAQ	6321.766	+24.386   +0.39%
TSX	15423.09	+50.95
		+0.33%

International Markets

Market Index	Close	Change
NIKKEI	19909.26	-75.36
		-0.38%
HANG SENG	26063.06	+88.90
		+0.34%
SENSEX	31213.36	-57.92
		-0.19%
FTSE 100*	7449.48	-28.64
		-0.38%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.417		1.140
CND. 30 Year Bond		2.032		2.020
U.S.    10 Year Bond		2.1902		2.1729
U.S. 30 Year Bond		2.8510		2.8350

Currencies

BOC Close	Today	Previous
Canadian $	0.74066	0.74032
US $	1.35015	1.35076
Euro Rate 1 Euro=		Inverse
Canadian $	1.51413	0.66044
US $	1.12145	0.89170

Commodities

Gold	Close	Previous
London Gold Fix	1273.10	1291.00
Oil	Close	Previous
WTI Crude Future	45.64	45.72

Market Commentary:
Number of the Day
2.3%
GDP growth in the European Union came in at an annualized 2.3% rate in the first quarter, the best since 2015, which may if maintained accelerate the ECB’s plans to wind down its stimulus measures.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks gained as financials rose the most in more than six weeks and health-care shares jumped on a nearly $1-billion deal.
     The S&P/TSX Composite Index added 51 points or 0.3 percent to close at 15,423.09. Financial stocks added 1 percent, rallying along with U.S. banks after former FBI Director James Comey said Donald Trump was never under investigation by the bureau, potentially easing concerns about the president’s stalled agenda.
     The health-care index jumped 4 percent after Valeant Pharmaceuticals International Inc. said it will sell its iNova unit to two private equity firms for $930 million. Valeant accounts for 42 percent of the index.
     In other moves:
* Home Capital Group Inc. jumped 13 percent following a report that the company has received preliminary takeover offers
* Sierra Wireless Inc. added 11 percent to the highest level in more than two years. Sierra is the best-performing stock on the Canadian benchmark year-to-date
* Hudbay Minerals Inc. rose 11 percent as copper futures posted the biggest advance in nine weeks.
US
By Cecile Gutscher and Jeremy Herron
     (Bloomberg) — U.S. stocks ended an up-and-down session little changed, while Treasuries fell and the dollar advanced as the European Central Bank decision and testimony from former FBI Director James Comey did little to impact financial markets.
     The S&P 500 Index edged higher, with markets weighing his testimony for clues on the fate of the Trump administration’s policy agenda. Banks advanced as the 10-year Treasury yield climbed to 2.20 percent. U.K. assets were weighed down by risks of shock outcomes as British voters head to polls in a general election. The euro weakened after Mario Draghi signaled that inflation in the region remains tepid, overshadowing improved prospects for the economy. Crude closed at a five-week low.
     The ousted FBI director called Trump’s explanations for firing him “lies,” though his comments had little implications for financial markets. The ECB’s earlier decision failed to have any lasting impact on assets as investors now turn to the results of the U.K. election, due at 5 p.m. in New York.
     At a press conference after the ECB rates decision, President Draghi said risks to the euro-area economy were “broadly balanced,” while revising inflation forecasts weaker. Until they see stronger evidence of a recovery and a pickup in prices, policy makers will hesitate to shut off stimulus taps, Aberdeen Asset Management Senior Investment Manager Patrick O’Donnell, said before Draghi’s briefing.
Here are some of the key upcoming events:
* Investors are awaiting results from the U.K. elections. The polls close at 10 p.m. Thursday night in the U.K.
     Here are the main moves in markets:
     Stocks
* The S&P 500 rose less than one point to 2,433.78 at 4 p.m. in New York, for a second day of gains. It briefly rose above its closing record during Comey’s testimony but faded in afternoon trading.
* Banks led gains for a second day, while energy shares slid. Rate-sensitive shares fell the most.
* Small caps rallied 1.4 percent to the highest since April 27. It closed 0.2 percent below a record.
* The Stoxx Europe 600 Index edged lower, while the FTSE 100 dropped 0.4 percent.
* The MSCI Emerging Market Index added 0.4 percent.
     Currencies
* The Bloomberg Dollar Spot Index added 0.2 percent.
* The euro fell 0.4 percent to $1.12108, while the pound weakened 0.2 percent to $1.294.
     Bonds
* The yield on 10-year Treasuries rose two basis points to 2.19 percent.
* Benchmark U.K. gilt yields rose three basis points to 1.03 percent, underperforming European peers.
* German bund yields fell one basis point to 0.26 percent.
     Commodities
* Oil fell to the lowest level in five weeks in New York after an unexpected increase in U.S. crude stockpiles cast doubt on OPEC’s ability to rebalance world crude markets.
* Futures settled lower by 0.2 percent to $45.72. The contract fell as much as 0.9 percent in New York after sinking 5.1 percent Wednesday.
* Gold futures fell 1.1 percent to settle at $1,279.50 an ounce in New York.
* Rubber capped its longest run of losses in at least 42 years, dropping to a seven-month low on concern that a shaky Chinese economy may slow demand just as supply picks up.

 

Have a wonderful evening everyone.

 

Be magnificent!

Thought is crooked
because it can  invent anything
and see things that are not there.
It can perform the most extraordinary tricks,
therefore it cannot be depended upon.
Krishnamurti

As ever,

Carolann

 

No amount of skillful invention can replace the essential element of imagination.
                                                                   -Edward Hopper, 1882-1967

 

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:

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

PHOTOS OF THE DAY

This striking image of a giant man made of lightening shocked onlookers as it dominated the skyline in a thunderstorm at Knowlton Church in Dorset, UK.
CREDIT: MARTIN DOLAN/SWNS.COM
Bathers cool off at a fountain Tuesday in New Delhi. ALTAF QADRI/ASSOCIATED PRESS

Four long-eared owl chicks sit on a tree branch at a wildlife sanctuary near the village of Vygonoshchi in Belarus. SERGEI GAPON/AGENCE FRANCE-PRESSE/GETTY IMAGES
Market Closes for June 6^th, 2017

Market Index	Close	Change
Dow Jones	21136.23	-47.81   -0.23%
S&P 500	2429.33	-6.77   -0.28%
NASDAQ	6275.058	-20.626   -0.33%
TSX	15464.56	+54.78
		+0.36%

International Markets

Market Index	Close	Change
NIKKEI	19979.90	-190.92
		-0.95%
HANG SENG	25997.14	+134.15
		+0.52%
SENSEX	31190.56	-118.93
		-0.38%
FTSE 100*	7524.95	-0.81
		-0.01%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.393		1.412
CND. 30 Year Bond		1.999		2.025
U.S.    10 Year Bond		2.1451		2.1817
U.S. 30 Year Bond		2.8115		2.8396

Currencies

BOC Close	Today	Previous
Canadian $	0.74366	0.74217
US $	1.34470	1.34740
Euro Rate 1 Euro=		Inverse
Canadian $	1.51678	0.65929
US $	1.12796	0.88655

Commodities

Gold	Close	Previous
London Gold Fix	1293.50	1279.95
Oil	Close	Previous
WTI Crude Future	48.19	47.40

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks were relatively unchanged as a risk-off trade boosted gold miners, offsetting declines in other sectors.
     The S&P/TSX Composite Index added 3 points or less than 0.1 percent to 15,410 at 10:02 a.m. Financial stocks lost 0.4 percent as bond yields fell. Genworth MI Canada Inc. lost 1.9 percent and Element Fleet Management Corp. fell 1.4 percent.
     Raw-materials stocks were the biggest gainer as gold prices jumped 1.1 percent. Investors piled into safe havens ahead of several potentially market-moving events on Thursday, including a British election and Congressional testimony from former FBI Director James Comey. Iamgold Corp. jumped 6.9 percent and B2Gold Corp. added 4.9 percent.
     In other moves:
* Valeant Pharmaceuticals International Inc. gained 3.1 percent. The company is in talks to sell its eye-surgery assets to Germany company Carl Zeiss Meditec AG, according to people familiar with the matter
* AutoCanada Inc. added 3.1 percent after the car-dealership owner said it will buy back up to 1.37 million shares
* Major Drilling Group International Inc. gained 2.6 percent. The company’s fourth-quarter loss was in line with estimates
US
By Jeremy Herron
     (Bloomberg) — U.S. stocks fell a second day, the dollar weakened to an eight-month low and Treasuries advanced as caution prevailed before testimony Thursday from former FBI Director James Comey, the ECB’s policy decision and the U.K. election.
     The S&P 500 Index fell the most since mid-May as consumer and industrial shares slumped. Equities briefly pared declines on reports Comey would stop short of saying the president sought to obstruct justice. Europe’s equity benchmark slid the most in a week. Gold headed for a seven-month high and the yen rose to the strongest since April, while 10-year Treasury yields fell to the lowest since November.
     Thursday is shaping up to be a pivotal day for capital markets as Comey’s testimony may give clues on how politically effective the Trump administration will be in refocusing attention on its policy agenda. Investors had already taken a defensive stance this week following a diplomatic spat among energy producing nations in the Middle East and the weekend’s terror attack in London.
     “There is not much scheduled today that could potentially inspire the markets as the main focus this week is on ‘Super Thursday,”’ Piotr Matys, a London-based currency strategist at Rabobank, wrote in a client note. “Essentially, we brace for a volatile session on Thursday and Friday as at least one of those crucial events could trigger sharp moves in the markets.”
     Here are details on some of the important coming events:
* The European Central Bank’s policy decision probably won’t surprise, but the bank may drop the reference to “downside” risks to growth, while reiterating a weak inflation outlook. As a bonus, you get Mario Draghi speaking afterwards.
* Will she, won’t she? Voters will decide on Thursday whether U.K. Prime Minister Theresa May will extend her majority. Or lose it completely.
* Comey’s testimony will be parsed for clues to how the probe into the Trump campaign’s contact with Russian officials could impact the administration.
     Here are the main moves in markets:
     Stocks
* The S&P 500 Index dropped 0.3 percent to 2,429.34 as of 4 p.m. in New York.
* The Stoxx Europe 600 Index declined 0.7 percent. Swiss pharmaceutical company Roche Holding AG slid after one of its drug studies disappointed.
* Emerging-market shares lost 0.2 percent. Qatari stocks fell another 1.6 percent after plunging the most since 2009 on Monday when Saudi Arabia and three other Arab countries severed most diplomatic and economic ties to the country.
     Currencies
* The yen rose 1 percent to 109.409 per dollar, the strongest level since April 21 on a closing basis.
* The Bloomberg Dollar Spot Index fell 0.3 percent and was trading at the lowest since October.
* The euro strengthened 0.2 percent to $1.1277 and the British pound was unchanged at $1.2904.
* South Africa’s rand weakened 0.9 percent after a report showed the economy contracted for a second successive quarter in the first three months of the year.
     Commodities
* Gold climbed futures added 1.2 percent to end at $1,297.50 an ounce, advancing for a third day to the highest since Nov. 9. The sagging dollar and concern over U.K. elections boosted demand for the metal as store of value.
* WTI crude climbed 1.7 percent to settle at $48.19 a barrel in New York. The gains came as U.S. crude stockpiles are seen falling for a ninth week, ahead of the release of industry- funded data on inventories.
* Copper declined as hedge funds pulled back amid concerns about slowing global demand for the metal used in pipes and wires.
     Bonds
* The yield on 10-year Treasuries declined four basis points to 2.14 percent, after climbing two basis points in the previous session.
* Ten-year yields in France fell five basis points to 0.669. Similar maturity U.K. bond yields lost six basis points.

 

Have a wonderful evening everyone.

 

Be magnificent!

As ever,

“Strength and growth come only through continuous effort and struggle.” Napoleon Hill

 

Karen

 

“Happiness lies in the joy of achievement and the thrill of creative effort”. Franklin D. Roosevelt

 

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:

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

PHOTOS OF THE DAY

Picture shows the sun rising over the Southworld Pier, Suffolk at the start of a sunny day. The Met office forecast stated that the UK would see sunny spells and showers across Scotland, some heavy and possibly thundery. Cloudier with showings moving across southwest England during the morning, these will move east into central and southern England through the afternoon and evening. CREDIT: ANDREW SHARPE/GEOFF ROBINSON PHOTOGRAPHY

Rowers take part at the 43^rd Venice Vogalonga in Venice, Italy. 43 years ago a group of Venetians, both amateur and professional rowers, came up with an idea of non-competitive race in which any kind of rowing boat can take part. The first Vogalonga began with the message to protest against the growing use of powerboats in Venice and the swell damage they do to the historic city.
CREDIT: AWAKENING/GETTY
Market Closes for June 5^th, 2017

Market Index	Close	Change
Dow Jones	21184.04	-22.25   -0.10%
S&P 500	2436.10	-2.97   -0.12%
NASDAQ	6295.684	-10.112   -0.16%
TSX	15409.78	-32.97
		-0.21%

International Markets

Market Index	Close	Change
NIKKEI	20170.82	-6.46
		-0.03%
HANG SENG	25862.99	-61.06
		-0.24%
SENSEX	31309.49	+36.20
		+0.12%
FTSE 100*	7525.76	-21.87
		-0.29%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.412		1.396
CND. 30 Year Bond		2.025		2.009
U.S.    10 Year Bond		2.1817		2.1522
U.S. 30 Year Bond		2.8396		2.8040

Currencies

BOC Close	Today	Previous
Canadian $	0.74217	0.74254
US $	1.34740	1.34673
Euro Rate 1 Euro=		Inverse
Canadian $	1.51669	0.65933
US $	1.12565	0.88838

Commodities

Gold	Close	Previous
London Gold Fix	1279.95	1274.95
Oil	Close	Previous
WTI Crude Future	47.40	47.66

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks pared earlier losses but still closed in the red, with every sector but one declining.
     The S&P/TSX Composite Index fell 33 points or 0.2 percent to 15,409.78 after earlier declining as much as 0.6 percent. The biggest underperformers were financial, energy, technology and gold miners.
     The consumer discretionary index fell 0.6 percent while materials lost 0.5 percent. Energy stocks closed virtually unchanged despite a 0.6 percent drop in the price of crude. Oil prices swung between gains and losses after four Arab allies of the U.S. moved to isolate Qatar over its ties to Iran.
     In other moves:
* Osisko Gold Royalties Ltd. jumped a record 14 percent after it announced a deal to buy mining assets from Orion Mine Finance Group for about C$1.13 billion
* Element Fleet Management Corp. gained 5.1 percent. The company, which plunged 13% last week on incorrect rumors that it was the target of a short-seller, will buy back up to 10 percent of its shares
* Granite Real Estate Investment Trust added 1.4 percent. Institutional Shareholder Services recommended investors vote for an activist-nominated slate of directors
US
By Jeremy Herron
     (Bloomberg) — U.S. stocks slipped from all-time highs, while the dollar slumped with crude as a caution prevailed at the start of a week full of events that could set the tone on financial markets.The S&P 500 Index swung between gains and losses before closing lower as gains in banks failed to offset weakness in defensive shares. Miners weighed on European equities, as zinc and tin led base metals lower. Some European markets were closed for a public holiday. Mexico’s peso traded at the strongest level in seven months. Oil erased gains sparked by a political spat between several energy-producing nations in the Middle East.
     Markets showed little reaction to the diplomatic tensions in the Middle East and the latest terror attack in London, though a slew of events lie ahead, including the U.K. vote Thursday. The European Central Bank also meets this week and former FBI head James Comey will testify to Congress. The key for the assets may be how investors gauge the strength of global economic growth and its ability to withstand rising borrowing costs or an end to the era of easy central bank cash.
* Comey’s testimony may offer clues to how the probe into the Trump campaign’s contact with Russian officials will impact the administration’s ability to push through its policy agenda.
* Surveys of U.K. voters over the past few weeks have indicated a tightening race, increasing the chance that Prime Minister Theresa May might not bolster her majority.
* Mario Draghi holds forth after Thursday’s ECB meeting. Don’t expect policy changes, but the bank may drop the reference to “downside” risks to growth, while reiterating a weak inflation outlook, Bloomberg Intelligence said.
* Policy decisions from central banks in India and Australia are due during the week, as well as data on Chinese trade and inflation, European industrial output figures and GDP reports for Australia, Japan and the euro area.
     Here are the main moves in markets Monday:
     Stocks
* The S&P 500 fell 0.1 percent to 2,436.21 at 4 p.m. in New York, falling from a record set Friday. Utility and materials shares led losses.
* The Dow Jones Industrial Average and Nasdaq Composite Index also slipped from all-time highs. Apple Inc. lost 1 percent after unveiling new products and software.
* The Stoxx Europe 600 Index declined 0.1 percent with basic resources producers down 0.6 percent.
* MSCI’s emerging-market index added 0.2 percent. The measure is higher by 18 percent in 2017.
     Commodities
* West Texas Intermediate crude declined 0.6 percent to settle at $47.40 a barrel in New York, after dropping 1.5 percent on Friday. The Monday settlement was the lowest in more than three weeks.
* Gold rose 0.3 percent to $1,283.80 an ounce.
* Copper fell 0.5 percent to $5,636 a ton and zinc traded 1.4 percent lower at $2,492 a ton on the London Metal Exchange.  
     Currencies
* The Bloomberg Dollar Spot Index dropped 0.2 percent, adding to a 0.4 percent decline on Friday. The yen fell 0.1 percent to 110.485 per dollar. Japan’s currency climbed 0.9 percent Friday after the U.S. data.
* The Mexican peso jumped 1.9 percent. President Enrique Pena Nieto’s party forged ahead in the election for governor of Mexico’s largest state.
* The pound climbed 0.2 percent after erasing an earlier loss. The euro fell 0.2 percent to $1.1256.
     Bonds
* The yield on 10-year Treasury notes rose two basis points to 2.18 percent after dropping five basis points on Friday.
* U.K. benchmark yields climbed less than one basis point as investors moved past the terror incident in the capital.

 

Have a wonderful evening everyone.

 

Be magnificent!

As ever,

 “A man who dares to waste one hour of time has not discovered the value of life.” —Charles Darwin

 

Karen

  “It is always the simple that produces the marvelous.” —Amelia Barr

 

 

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 June 2, 1953, Queen Elizabeth II of Britain was crowned in Westminster Abbey, 16 months after the death of her father, King George VI.
Go to article »

PHOTOS OF THE DAY

A capsule carrying Russian astronauts from the international space station returns to earth near Dzhezkazgan, Kazakhstan. SHAMIL ZHUMATOV/ASSOCIATED PRESS

An artist’s impression of NASA’s solar Probe Plus spacecraft approaching the sun.  On Wednesday, NASA announced it will launch the probe in summer 2018 to explore the solar atmosphere.  I will be subjected to brutal heat and radiation like no other man-made structure before.
CREDIT: JOHN HOPKINS UNIVERSITY APPLIED PHYSICS LABORATORY.  VIA/AD
Market Closes for June 2^nd, 2017

Market Index	Close	Change
Dow Jones	21206.29	+62.11   +0.29%
S&P 500	2438.71	+8.65   +0.36%
NASDAQ	6305.797	+58.967   +0.94%
TSX	15440.74	-29.16
		-0.19%

International Markets

Market Index	Close	Change
NIKKEI	20177.28	+317.25
		+1.60%
HANG SENG	25924.05	+114.83
		+0.44%
SENSEX	31273.29	+135.70
		+0.44%
FTSE 100*	7547.63	+3.86
		+0.05%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.396		1.426
CND. 30 Year Bond		2.009		2.050
U.S.    10 Year Bond		2.1522		2.2114
U.S. 30 Year Bond		2.8040		2.8626

Currencies

BOC Close	Today	Previous
Canadian $	0.74254	0.74000
US $	1.34673	1.35135
Euro Rate 1 Euro=		Inverse
Canadian $	1.50585	0.66408
US $	1.11815	0.89434

Commodities

Gold	Close	Previous
London Gold Fix	1274.95	1264.85
Oil	Close	Previous
WTI Crude Future	47.66	48.36

Market Commentary:
On this day in 1985, R.J. Reynolds agrees to buy Nabisco Brands for $4.9 billion, making it at the time the largest takeover on record outside the oil industry.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks closed lower amid oil’s biggest weekly drop in a month as investors continue to question whether OPEC will successfully find a way to reduce a supply glut.
     The S&P/TSX Composite Index lost 27 points or 0.2 percent to 15,442.75 even as global stocks rallied. The benchmark gained 0.2 percent for the week. Energy shares tumbled 0.9 percent Friday as crude prices fell 1.5 percent to $47.66 a barrel. Cenovus Energy Inc. fell 5.3 percent and Bonterra Energy Corp. lost 5.7 percent.
     The raw-materials index lost 0.3 percent as a drop in copper prices more than offset a gain in gold. Semafo Inc. rose 9.4 percent.
     In other moves:
* Canada Goose Holdings Inc. jumped 16 percent after its first quarterly earnings report as a public company showed surprising strength in direct-to-consumer sales despite a tough retail environment
* Asanko Gold Inc. added 5 percent, its first gain in five trading days. The stock fell 22 percent on the week after it was targeted by short seller Muddy Waters LLC
* Saputo Inc. rose 2.9 percent, retracing some of Thursday’s 3.8 percent loss. The stock was upgraded to buy at Desjardins despite a fourth-quarter earnings miss
US
By Jeremy Herron
     (Bloomberg) — The dollar weakened and Treasuries advanced with gold after the latest jobs report offered mixed signals on the strength of the American labor market, while U.S. stocks pushed to fresh records as technology shares extended a rally.
     The Nasdaq 100 Index jumped more than 1 percent to an all- time high as Microsoft Corp. surged the most in six months to a record. Gains in rate-sensitive shares drove the S&P 500 Index to a new high after the 10-year Treasury yield slumped to the lowest level of the year following wage growth and hiring that was below forecasts. The Bloomberg dollar index fell to the lowest since November. Gold jumped and oil capped its worst week in a month.
     The latest jobs report likely won’t deter the Federal Reserve from increasing interest rates in two weeks as the economy continues to grind higher even as Washington shows few signs of moving forward with tax and spending reforms. Global equities have advanced more than 10 percent this year to set fresh records as data showed growth in the world’s largest economy is intact.
     “The unemployment number that came out was well below expectations, and we have a market that’s starting to rethink the Fed’s strategy. There’s a lot of stuff going on,” said Andrew Brenner, head of international fixed income for National Alliance Capital Markets.“But we’re still in a flows market. We’re getting closer to a correction every day, but I think you’re going to have a melt-up first.”
     Here are the main moves in markets:
     Stocks
* The S&P 500 climbed 0.3 percent to a record 2,438.38 as of 4 p.m. in New York.
* The measure rose 0.9 percent in the week, led by gains of at least 2 percent in phone and health-care share. Energy producers slumped 2.4 percent and banks lost 0.9 percent.
* The Dow Jones Industrial Average rose 0.2 percent to 21,190, and briefly climbed above 21,200 for the first time.
* The Nasdaq Composite Index extended its record. The technology-heavy index jumped 1.5 percent in the week.
* The Russell 2000 added 1.7 percent in the four days.
* The Stoxx Europe 600 Index increased 0.2 percent, to cap a 0.3 percent advance in the week.
* Emerging-market equities rose 0.6 percent, paring a loss in the five days to 0.2 percent. The MSCI index is up 18 percent so far in 2017.
     Currencies
* The Bloomberg Dollar Spot Index retreated 0.4 percent to the lowest level since November. It fell 0.5 percent in the week.
* The British pound was little changed at $1.2887, while the euro strengthened 0.6 percent to $1.1283.
* The yen gained 0.9 percent to 110.40 per dollar, after falling 0.5 percent on Thursday.
     Bonds
* The yield on 10-year Treasuries fell six basis points to 2.1487, the lowest level of the year.
* The data had only a marginal impact on the odds of the Fed tightening, with the likelihood for a June hike holding around 86 percent.
     Commodities
* West Texas Intermediate crude dropped 1.5 percent to settle at $47.66 a barrel. Prices fell 4.3 percent in the week, the most since May 5, as U.S. crude production expanded to the highest level since August 2015, countering a slide in stockpiles.
* Gold futures rallied as the jobs data weakened the case for the Fed to move aggressively. Bullion for delivery in three months added 0.8 percent to settle at $1,280.20 an ounce after falling as much as 0.7 percent earlier. The metal posted a fourth straight weekly gain.
     Asia
* The MSCI Asia Pacific Index climbed 0.9 percent to the highest since April 2015. The Nikkei 225 Stock Average rallied 1.6 percent and topped 20,000 for the first time since December 2015.
* China’s offshore yuan tumbled the most since February amid signs that a funding crunch is beginning to abate. The onshore currency slipped 0.2 percent, breaking a four-day rally.

Have a wonderful weekend everyone.

 

Be magnificent!

No one can understand the sound of a drum,
without understanding both the drum and the drummer.
No one can understand the sound of  a conch shell,
without understanding the shell and the one who blows it.
No one can understand the sound of a lute,
without understanding both the lute and the one who plays it.
As there can be no water without the sea, no touch without the skin,
no smell without the nose, no taste without the tongue, no sound without the ear,
no thought without the mind, no work without hands, and no walking without feet,
so there can be nothing without the soul.
Brihadaranyaka Upanishad

As ever,

 

Carolann

 

May you live every day of your life.
       -Jonathan Swift, 1667-1745

 

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