Category: Newsletters

Dear Friends,

Tangents:

Pause a minute….
One of the worst days so far for the Coronavirus was the 10^th of February.  On that day, 108 persons in CHINA died of Corona virus.

BUT, ON THE SAME DAY
26,283 people died of Cancer
24,641 people died of Heart Disease
4,300 people died of Diabetes
and on that day, Suicide, unfortunately took more lives than
the virus did, by 28 times.
Moreover, Mosquitoes kill 2,740 people every day, HUMANS
kill 1,300 fellow humans every day and Snakes kill 137
people every day.

So, wash your hands and keep your hands away from your face.  Virus entry points are eyes, nose, mouth.

March 5, 1770: Boston Massacre.
March 5, 1946: Winston Churchill’s “Iron Curtain” speech in Fulton, Missouri, popularizes the term and draws attention to the division of Europe.
“From Stettin in the Baltic to Trieste in the Adriatic an iron curtain has descended across the continent.” -Winston Churchill, 1946.

FROM Bloomberg today:
NASA picked a name for its newest Mars rover.

The brain has a nightly rinse cycle.

PHOTOS OF THE DAY

Kennel Huntsman Fred Morby of the Duke of Buccleuch’s Hunt looks across the River Tweed near Kelso. The Big Cheviot and Anglo Scottish Border are on the skyline.
CREDIT: CHRIS STRICKLAND/ALAMY LIVE NEWS

A blazing sunset behind Glastonbury Tor.
CREDIT: JASON BRYANT/APEX

A surfer in Ussuri Bay during a snowfall on the south-eastern coast of Russky Island, Vladivostok: originally a part of indigenous Hawaiian culture, surfing came first to Europe in 1767.
CREDIT: YURI SMITYUK/TASS/GETTY IMAGES

Market Closes for March 5^th ,2020 

Market Index	Close	Change
Dow Jones	26121.28	-969.58
		-3.58%
S&P 500	3023.94	-106.18
		-3.39%
NASDAQ	8738.594	-279.494 -3.10%
TSX	16553.99	-225.54
		-1.34%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	21329.12	+229.06
		+1.09%
HANG SENG	26767.87	+545.80
		+2.08%
SENSEX	38470.61	+61.13
		+0.16%
FTSE 100*	6705.43	-110.16 -1.62%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	0.846	1.008
CND. 30 Year Bond	1.170	1.307
U.S.    10 Year Bond	0.9184	1.0571
U.S. 30 Year Bond	1.5468	1.7046

Currencies

BOC Close	Today	Previous
Canadian $	0.74609	0.74712
US $	1.34032	1.33847
Euro Rate 1 Euro=		Inverse
Canadian $	1.50591	0.66405
US $	1.12355	0.89004

Commodities

Gold	Close	Previous
London Gold Fix	1641.85	1615.50
Oil
WTI Crude Future	45.90	46.78

Market Commentary:
On this day in 1923, Montana’s Old-Age Pension Law—the first state law that provided retirement pensions and stood up to constitutional challenges—was enacted, setting a key precedent for the creation of Social Security a decade later.
Canada
By Michael Bellusci and Bloomberg Automation
(Bloomberg) — Canadian shares fell Thursday as volatility sparked by the spread of the coronavirus continued to grip financial markets. Gold rose to the highest in more than a week. The S&P/TSX Composite fell 1.3% to 16,553.99 in Toronto. The move follows the previous session’s increase of 2.2%. Consumer discretionary stocks were among the laggards as nine of 11 sectors fell. Spin Master Corp. plunged 39% after posting a disappointing forecast, prompting an analyst downgrade. Canada will force the country’s three largest telecommunications companies to cut prices on some wireless services by 25% within two years. Meanwhile, Warren Buffett’s Berkshire Hathaway Inc. is pulling out of a gas export project in Quebec after weeks of rail blockades and an oversupplied market eroded the facility’s appeal, according to local reports.
Commodities
* Western Canada Select crude oil traded at a $13.75 discount to West Texas Intermediate
* Spot gold gained 0.9% to $1,1,657.40 an ounce
FX/Bonds
* The Canadian dollar weakened 0.1% to C$1.3402 per U.S. dollar
* The 10-year government bond yield tumbled 16.5 basis points to 0.846%
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -107.7784| -2.0| 2/24
Industrials | -48.9492| -2.6| 3/28
Energy | -35.4426| -1.4| 3/26
Consumer Discretionary| -26.1105| -4.1| 2/14
Communication Services| -17.6754| -1.9| 0/8
Information Technology| -14.8391| -1.4| 4/6
Health Care | -4.7497| -2.6| 3/6
Utilities | -3.0858| -0.3| 4/11
Real Estate | -2.9988| -0.5| 4/20
Consumer Staples | 8.5568| 1.3| 9/1
Materials | 27.5554| 1.5| 30/17

US
By Randall Jensen and Vildana Hajric
(Bloomberg) — U.S. stocks tumbled as volatility sparked by the spread of the coronavirus woes continued to grip financial markets. Treasury yields sank to record lows and haven assets surged. The S&P 500 fell more than 3%, erasing the majority of Wednesday’s steep gains, as wild swings piled up. The benchmark has had the most volatile week since S&P Global Ratings cut the U.S. debt rating in 2011. Banks and tech shares led losses. Investor confidence has been shaken as cases of the virus continue to multiply across the world’s largest economy despite efforts by authorities to contain the outbreak. The 10-year yield sank to as low as 0.90%, while the dollar plunged against the yen. Gold climbed and oil slid. “It’s definitely volatile. Once things get to this point, it normally takes a few weeks for things to settle down,” Michael Shaoul, chief executive officer at Marketfield Asset Management LLC, told Bloomberg TV.
     “All we know now is that we don’t really understand what’s going to happen next. It’s probably four, six, eight weeks before we’re going to have any useful information as to what the trajectory of the virus is or what the actual economic fallout looks like.” Risk assets have whipsawed this week, with traders still on edge amid a rise in virus cases around the world and governments extending quarantines and travel restrictions. An industry association warned the outbreak could cost airlines as much as $113 billion in lost revenue. The S&P 500 has rebounded since the Federal Reserve pledged action on Friday, but it remains more than 10% below last month’s all-time high.
These are the main moves in markets:
Stocks
* The S&P 500 Index dropped 3.4% as of 4 p.m. New York time.
* The Dow Jones Industrial Average fell 3.6%.
* The Stoxx Europe 600 Index fell 1.4%.
* The MSCI Asia Pacific Index gained 1.4%.
Currencies
* The Bloomberg Dollar Spot Index declined 0.3%.
* The euro climbed 0.8% to $1.1226.
* The British pound gained 0.7% to $1.2966.
* The Japanese yen strengthened 1.3% to 106.16 per dollar.
Bonds
* The yield on 10-year Treasuries sank 14 basis points to 0.91%.
* The yield on two-year Treasuries decreased 11 basis points to 0.58%.
* Germany’s 10-year yield fell five basis points at -0.69%.
Commodities
* West Texas Intermediate crude fell 1.9% at $45.89 a barrel.
* Gold strengthened 1.9% to $1,674.10 an ounce.
–With assistance from Adam Haigh, Todd White, Katherine Greifeld, Liz Capo McCormick and Claire Ballentine.
Have a great night.

Be magnificent!

As ever,

Carolann

A man should hear a little music, read a little poetry, and see a fine picture every day of his life,
in order that worldly cares may not obliterate the sense of the beautiful which God has
implanted in the human soul.
                                                                                                  -J.W. Goethe, 1749-1842

 

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

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

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

Dear Friends,

Tangents:
1675 – Antonio Vivaldi, composer, was born.
1789- US Constitution went into effect.
1861 – Abraham Lincoln is inaugurated as the 16th US President  Go to article »

Lost holiday. Half of the world’s beaches could vanish by 2100 due to climate change, scientists say, with 12% of shores facing severe erosion by 2050 that “will substantially impact the shape of the world’s coastline.” –Bloomberg.

A large asteroid will come extremely close to Earth next month, but NASA says it won’t hit us 
Gee, thanks for the reassurance. -CNN.

PHOTOS OF THE DAY

A dog wearing a face mask is seen in Shanghai, China.
CREDIT: ALY SONG/REUTERS

A weather front passes over St. George’s church at Cullercoats, near Tynemouth, on the north east coast of England.
CREDIT: OWEN HUMPHREYS/PA

A model presents a creation for Chanel during the Women’s Fall-Winter 2020-2021 Ready to Wear collection fashion show in Paris.
CREDIT: CHRISTOPHE ARCHAMBAULT/AFP

Market Closes for March 4^th ,2020 

Market Index	Close	Change
Dow Jones	27090.86	+1173.45
		+4.53%
S&P 500	3130.12	+126.75
		+4.22%
NASDAQ	9018.090	+334.000 +3.85%
TSX	16779.53	+355.91
		+2.17%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	21100.06	+17.33
		+0.08%
HANG SENG	26222.07	-62.75
		-0.24%
SENSEX	38409.48	-214.22
		-0.55%
FTSE 100*	6815.59	+97.39 +1.45%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.008	1.961
CND. 30 Year Bond	1.307	1.227
U.S.    10 Year Bond	1.0571	0.9957
U.S. 30 Year Bond	1.7046	1.6083

Currencies

BOC Close	Today	Previous
Canadian $	0.74712	0.74771
US $	1.33847	1.33741
Euro Rate 1 Euro=		Inverse
Canadian $	1.49009	0.67110
US $	1.11328	0.89825

Commodities

Gold	Close	Previous
London Gold Fix	1615.50	1599.65
Oil
WTI Crude Future	46.78	47.18

Market Commentary:
On this day in 1472, the world’s oldest continually operating bank, the Monte della Pieta (now known as the Monte dei Paschi di Siena), was founded in Siena, Italy to lend money to “poor or wretched or needy persons” at 7.5% annual interest. Today the Monte dei Paschi, still headquartered in the same building, is one of the largest banks in Italy.
Canada
By Michael Bellusci and Bloomberg Automation
(Bloomberg) — Canadian stocks rallied Wednesday after the Bank of Canada cut half a percentage point from its benchmark interest rate. The S&P/TSX Composite rose 2.2% at 16,779.53 in Toronto, the biggest one-day gain since December 2018. All sectors advanced; 197 of 230 shares rose, while 29 fell. The central bank reduced interest rates Wednesday to cushion the nation’s economy from the fallout of the coronavirus and said it is prepared to go further if necessary. However, economists say there are limits to what monetary policy can achieve, and the situation is dire enough to warrant additional help from Trudeau’s government.
Commodities
* Western Canada Select crude oil traded at a $14.75 discount to
West Texas Intermediate
* Spot gold slid 0.3% to $1,636.72 an ounce
FX/Bonds
* The Canadian dollar weakened 0.1% to C$1.3395 per U.S. dollar
* The 10-year government bond yield rose 3.3 basis points to 0.994%
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 84.2169| 1.6| 24/1
Information Technology | 50.5896| 4.9| 8/2
Industrials | 49.0505| 2.6| 24/7
Energy | 44.7754| 1.8| 21/7
Utilities | 26.7160| 3.0| 16/0
Communication Services | 26.6031| 2.9| 7/1
Materials | 22.2472| 1.2| 36/10
Real Estate | 19.5785| 3.2| 25/0
Consumer Staples | 17.8260| 2.7| 11/0
Consumer Discretionary | 9.4471| 1.5| 15/1
Health Care | 4.8458| 2.7| 10/0

US
By Randall Jensen and Claire Ballentine
(Bloomberg) — U.S. stocks surged to the second 4% rally in three days after Congress authorized nearly $8 billion for virus prevention and investors warmed to Joe Biden’s ascendant candidacy. Treasuries fell for just the second time in 10 days. The S&P 500 surged into the close, nearly matching Monday’s rally that was the best in 14 months. Health-care firms led the spike, rising the most since November 2008 as the weak performance in Tuesday’s primaries by Bernie Sanders dented the threat of policies that would upend the industry. “It looks like a combination of two things: Biden’s showing on Super Tuesday is really an unexpected surprise, a positive surprise to the markets because markets always prefer a more moderate centrist Democratic nominee,” Deepak Puri, Americas CIO at Deutsche Bank Wealth Management, said by phone.
     “The other is the G-7 coordinated fiscal and monetary policy easing, which is on top of the 50 basis-point rate cut by the Fed announced yesterday.” Stocks opened higher on speculation other central banks and governments would provide stimulus as the outbreak claimed more lives and new cases piled up. New York reported five new cases Wednesday and California had its first related death. The S&P 500 has now surged more than 6% this week, a rebound that began Friday when the Fed pledged support. The S&P 500 is still more than 7% below its February record. Ten-year Treasury yields pushed back above 1%, while two- year dropped to 0.66%. The low rates also helped breathe new life into corporate bond deals after a days-long hiatus. Investors are anxious for promised action by the Group of Seven to confront the virus while they’re buying risk assets on dips and watching the world’s biggest bond market move closer to negative yields. The Democratic contest posed a fresh challenge to Trump as nine states went to Biden, who’s positioned as a moderate against a more progressive Sanders in the race for the party’s nomination to take on Trump in November.
These are the main moves in markets:
Stocks
* The S&P 500 Index advanced 4.2% as of 4 p.m. New York time.
* The Dow Jones Industrial Average gained 4.5%.
* The Stoxx Europe 600 Index rose 1.4%.
* The U.K.’s FTSE 100 Index added 1.5%.
* The MSCI Asia Pacific Index climbed 0.4%.
Currencies
* The Bloomberg Dollar Spot Index increased 0.2%.
* The euro decreased 0.6%.
* The British pound rose 0.1%.
* The Japanese yen weakened 0.2%.
Bonds
* The yield on 10-year Treasuries rose three basis points to 1.03%.
* The yield on two-year Treasuries fell three basis points to 0.67%.
* Germany’s 10-year yield fell one basis point to -0.63%.
Commodities
* West Texas Intermediate crude fell 0.2% at $47.07 a barrel.
* Gold fell 0.2% to $1,637.47 an ounce.
–With assistance from Elena Popina, Katherine Greifeld, Nancy Moran, Todd White and Vildana Hajric.
Have  a great night.

Be magnificent!
As ever,

Carolann

One day, in retrospect, the years of struggle will strike you as the most beautiful.
                                                                     -Sigmund Freud, 1856-1939

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

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

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

Dear Friends,

Tangents:

From Bloomberg today:
A huge asteroid is heading for Earth. 
What happens to your emails after you die.

Sue Monk Kidd:
“I think life is a process.  You wake up.  Then you wake up some more.  One self dies.  Another is born.  It’s an evolution of consciousness.  If you look at the way God created the world, it’s always about a seed and a sprout and a flower.  And then it goes back to seed.  It’s always about process and unfolding.  We’re on a journey of greater and greater consciousness, becoming more compassionate, more loving, and that is a lifelong spiraling process.”

PHOTOS OF THE DAY

Everly Fidler, aged 3 from Leatherhead pictured amongst a stunning blanket of 200,000 crocus bulbs at RHS Garden Wisley, Surrey.
CREDIT: OLIVER DIXON

A woman runs on a small road before sunrise in Frankfurt, Germany.
CREDIT: MICHAEL PROBST/AP PHOTO

A horse breeder plays a horse in one of the stables of Aby Dhabi, United Arab Emirates.

This picture by Abbas Alkhamis is the Winner, National Awards, 2020 Sony World Photography Awards.
CREDIT: ABBAS ALKHAMIS/2020 SONY WORLD PHOTOGRAPHY AWARDS

After a thunderous hailstorm, a full, beautiful rainbow appeared behind the semi feral ponies of Cefn Bryn common, Swansea.
CREDIT: JOANN RANDLES/COVER IMAGES

Market Closes for March 3^rd, 2020 

Market Index	Close	Change
Dow Jones	25917.41	-785.91
		-2.94%
S&P 500	3003.37	-86.86
		-2.81%
NASDAQ	8684.090	-268.075 -2.99%
TSX	16423.62	-129.64
		-0.78%

International Markets

Market Index	Close	Change
NIKKEI	21082.73	-261.35
		-1.22%
HANG SENG	26284.82	-6.86
		-0.03%
SENSEX	38623.70	+479.68
		+1.26%
FTSE 100*	6718.20	+63.31 +0.95%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.961	1.101
CND. 30 Year Bond	1.227	1.329
U.S.    10 Year Bond	0.9957	1.1469
U.S. 30 Year Bond	1.6083	1.7014

Currencies

BOC Close	Today	Previous
Canadian $	0.74771	0.74982
US $	1.33741	1.33365
Euro Rate 1 Euro=		Inverse
Canadian $	1.49511	0.66885
US $	1.11791	0.89452

Commodities

Gold	Close	Previous
London Gold Fix	1599.65	1609.85
Oil
WTI Crude Future	47.18	46.75

Market Commentary:
On this day in 1882, in Lugo, Italy, outside of Bologna, Carlo Pietro Giovanni Guglielmo Tebaldo Ponzi was born. In 1903 he emigrated to Boston, renaming himself Charles Ponzi, and created a financial phenomenon—promising to double investors’ money every three months by speculating in foreign postage stamps to benefit from fluctuations in currency rates. Bostonians lost over $10 million on the scheme, and Mr. Ponzi’s name became synonymous with any con game that pays new investors out of the money that belongs to the old ones.
Canada
By Michael Bellusci and Bloomberg Automation
(Bloomberg) — Canadian stocks finished lower Tuesday amid ongoing coronavirus concerns, while the Federal Reserve slashed interest rates by half a percentage point in the first such emergency move since the 2008 financial crisis. Gold posted its biggest two-day advance in more than eight years after the Federal Reserve cut U.S. interest rates. The S&P/TSX Composite fell 0.8% to 16,423.62. The move follows the previous session’s increase of 1.8%. Materials stocks were a rare bright spot, rallying with metal prices. Meanwhile, the Bank of Canada is poised to follow the U.S. Federal Reserve and cut interest rates. All odds point to Governor Stephen Poloz lowering rates by at least 25 basis points on Wednesday.
Commodities
* Western Canada Select crude oil traded at a $13.30 discount to West Texas Intermediate
* Spot gold added 2.7% to $1,638.40 an ounce
FX/Bonds
* The Canadian dollar weakened 0.4% to C$1.3379 per U.S. dollar
* The 10-year government bond yield tumbled 15 basis points to
0.96%, the lowest since 2016
==============================================
Sector Name | Move | % Change | Adv/Dec
==============================================
Financials | -96.1710| -1.8| 1/25
Energy | -45.5059| -1.7| 1/29
Information Technology | -19.0857| -1.8| 1/9
Industrials | -17.6697| -0.9| 7/24
Consumer Discretionary | -11.8305| -1.8| 1/15
Communication Services | -3.7853| -0.4| 1/6
Health Care | -3.7668| -2.1| 5/4
Real Estate | 2.4053| 0.4| 13/11
Utilities | 6.6622| 0.8| 12/4
Consumer Staples | 7.5992| 1.2| 9/2
Materials | 51.5131| 2.9| 33/14

US
By Vildana Hajric and Katherine Greifeld
(Bloomberg) — U.S. stocks tumbled and Treasuries surged as investors worried the Federal Reserve’s emergency cut won’t be enough to combat the economic impact of the coronavirus. The S&P 500 fell for the eighth time in nine days following the Federal Reserve’s 50 basis-point cut of its benchmark rate. Fed chair Jerome Powell said during a press conference that the U.S. economy remains strong but the virus outbreak will weigh on activity “for some time.” The two-year Treasury yield sunk to 0.70%, while the 10- year plunged below 1% for the first time ever. Banks led losses on equity benchmarks. “Does a 50 basis point cut change things? That’s a tough one to answer,” said Subadra Rajappa, head of U.S. rates strategy at Societe Generale.
     “Fed cuts tend to be less effective in situations like this when there is a supply and demand shock.” Investors had piled out of risk assets last week as the spreading virus threatened to derail global growth, only to pour back in Monday in anticipation of concerted action from Group of Seven officials. Oil pared its rebound Tuesday, approaching $46 a barrel, while gold rose. The yen was higher versus the dollar. “Moving between meetings with a bigger than normal interest rate cut looks like Fed officials are panicking as much as stock market investors did last week,” said Chris Rupkey, chief financial economist for MUFG Union Bank. “They did not need to be so aggressive and the Fed under Powell keeps responding wrongly in our view more to the financial markets than they are to the broader economy. We aren’t in a recession yet and today’s move won’t keep one from coming. The OECD warned that growth will sink to levels not seen in more than a decade and ever more businesses are warning about the impact of the illness. The governor of the Bank of England, Mark Carney, said it would take all necessary steps to help the economy. Australia lowered its benchmark by a quarter percentage point. Its currency rose, however, underscoring how traders’ expectations have rapidly shifted in recent days.
These are the main moves in markets:
Stocks
* The S&P 500 Index fell 2.8% as of 4 p.m. New York time.
* The Dow Jones Industrial Average dropped 2.96%.
* The Stoxx Europe 600 Index gained 1.4%.
* The MSCI Asia Pacific Index rose 0.5%.
Currencies
* The Bloomberg Dollar Spot Index fell 0.4%.
* The euro rose 0.4% to $1.1178.
* The British pound gained 0.5% to $1.2812.
* The Japanese yen strengthened 1% to 107.23 per dollar.
Bonds
* The yield on 10-year Treasuries decreased 16 basis points to 1%.
* The two-year rate lost 20 basis points to 0.70%.
* Germany’s 10-year yield dropped two basis points to -0.64%.
Commodities
* Gold futures added 2.7% to $1,637.10 an ounce.
* West Texas Intermediate crude rose 1.1% at $47.24 a barrel.

–With assistance from Sophie Caronello.
Have a great night.

Be magnificent!
As ever,

Carolann

Each person must live their life as a  model for others.
                                        -Rosa Parks, 1913-2005

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

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

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

Dear Friends,

Tangents:  
R.I. P. JACK Welch.

March 2, 1904: Theodore Geisel, “Dr. Seuss,” writer, was born.
During his career, which spanned 60 years, as an illustrator and writer of children’s books, he filled the hearts and minds of generations of readers with joy, solace, and pure pleasure.  His characters like Horton and Nerkle and Humpf-Humpf-a-Dumpfer stick around in our heads forever; the memory of their stories read to us by parents or grandparents, or enjoyed in wonderful solitude, mark our childhood innocence and delight. 
 In 1937, Dr. Seuss’ first attempt at a child’s book – And to Think I Saw it on Mulberry Street – met rejection after rejection.  Finally, it was published and critics began to take notice.  But it was when Houghton Mifflin and Random House challenged Geisl to write a reading primer that wasn’t the usual boring, “See Dick run” kind of book, that he moved into our collective consciousness.  His answer to that challenge was the Cat in the Hat.  Handsome, kind and mischievous, Ted Geisl died on September 24, 1991, and left us an entire universe of whimsical creatures dedicated to our happiness.
www.seussville.com.

Unless someone like you cares a whole awful lot, nothing is going to get better.
It’s not. -Dr. Seuss.

Fisherman breaks state record with monster 37-pound lake trout 
This is every tall fishing tale come to life. -CNN
Extra dog days. Australian summers are now 31 days longer and winters 23 days shorter than in the 1950s, new research says, which means more extreme heat and less time for controlled burns to prevent bushfires. –Bloomberg.
PHOTOS OF THE DAY

Employees of the Paris Opera and the Comedie Francaise demonstrate against the pension reform, Paris, France
CREDIT: STEPHANE DE SAKUTIN/AFP
Enthusiasts take part in an attempt to set Russia’s record for the most number of people dousing themselves with icy water, to mark the end of calendar winter, in Krasnoyarsk, Russia
CREDUT: REUTERS
Richard Sikyna of Slovakia makes a jump as a rainbow forms behind in the MX2 race during the 2020 FIM MXGP World Championships in Winchester, England
CREDIT: JULIAN FINNEY/GETTY IMAGES EUROPE
Market Closes for March 2^nd, 2020 

Market Index	Close	Change
Dow Jones	26703.32	+1293.96
		+5.09%
S&P 500	3090.23	+136.01
		+4.60%
NASDAQ	8952.164	+384.797 +4.49%
TSX	16553.26	+290.21
		+1.78%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	21558.86	+214.78
		+1.01%
HANG SENG	26291.68	+161.75
		+0.62%
SENSEX	38144.02	-153.27
		-0.40%
FTSE 100*	6654.89	+74.28 +1.13%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.101	1.129
CND. 30 Year Bond	1.329	1.317
U.S.    10 Year Bond	1.1469	1.1650
U.S. 30 Year Bond	1.7014	1.6937

Currencies

BOC Close	Today	Previous
Canadian $	0.74982	0.74630
US $	1.33365	1.33995
Euro Rate 1 Euro=		Inverse
Canadian $	1.48342	0.67412
US $	1.11220	0.89912

Commodities

Gold	Close	Previous
London Gold Fix	1609.85	1652.00
Oil
WTI Crude Future	46.75	44.76

Market Commentary:
In most admired companies, key priorities are team work, customer focus, fair treatment of employees, initiative, and innovation.  In average companies the top priorities are minimizing risk, respecting the chain of command, supporting the boss, and making budget. -Bruce Pfau, Fortune.
Canada
By Michael Bellusci and Bloomberg Automation
(Bloomberg) — Canadian stocks snapped a six-day losing streak on Monday as investors gained confidence that stewards of the world’s largest economies would act in concert to offset any impact from the spreading coronavirus.
The S&P/TSX Composite rose 1.8% to 16,553.26 in Toronto. It was the biggest gain since December 2018. All eleven main industry groups rose, with communication services and utilities among the leaders.
Investors are betting the Bank of Canada will cut at least 25 basis points from its benchmark interest rate on Wednesday, swaps trading shows, with some betting on a 50 basis-point reduction.
Meanwhile, oil advanced the most in five months amid expectations central banks will move to prop up financial markets and OPEC will curb supplies in response to the virus- driven demand shock.
Commodities
* Western Canada Select crude oil traded at a $13.70 discount to West Texas Intermediate prices
* Spot gold added 0.7% to $1,595.95 an ounce
FX/Bonds
* The Canadian dollar strengthened 0.6% to C$1.3334 per U.S. dollar
* The 10-year government bond yield fell 2.7 basis points to 1.105%

================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 76.8050| 1.5| 22/4
Communication Services | 35.8014| 4.0| 7/1
Materials | 35.0275| 2.0| 38/9
Industrials | 34.1057| 1.9| 29/1
Utilities | 27.9630| 3.3| 16/0
Information Technology | 25.9816| 2.5| 8/2
Energy | 20.2429| 0.8| 20/10
Real Estate | 16.7488| 2.8| 22/3
Consumer Discretionary | 7.7961| 1.2| 12/5
Consumer Staples | 7.5012| 1.2| 10/1
Health Care | 2.2140| 1.2| 6/3
US
By Randall Jensen and Vildana Hajric
(Bloomberg) — U.S. stocks surged the most in fourteen months as investors gained confidence that stewards of the world’s largest economies would act in concert to offset any impact from the spreading coronavirus.
The S&P 500 rallied 4.6% after news that Group of Seven finance ministers and central bankers will hold a teleconference Tuesday to discuss how to respond to the outbreak. Tech shares led the rebound after seven straight days of declines for the benchmark index, with monetary policy makers from Japan to England joining the Federal Reserve in promising to take action to support their economies if needed.
Ten-year Treasury yields pared an early slide to trade little changed, while 30-year rates rose. Oil rallied on expectations that the OPEC+ alliance will deepen output cuts.
The stock gains provided hope for investors after last week’s nearly unprecedented rout, even as the S&P 500 Index traded more than 10% below the record it reached just two weeks ago. The coronavirus has already done severe economic damage — with the OECD warning that growth will sink to levels not seen in more than a decade — but investors are betting that policy makers will take decisive action to limit the pain.
“Markets are already looking beyond the first half, looking toward the second half to see whether or not we get a recovery in demand,” said Anik Sen, global head of equities at PineBridge Investments, which has about $101 billion in assets under management. “We’re finding stocks at much more reasonable levels than they have been.”
The global death toll from the virus has surpassed 3,000. U.S. cases climbed over the weekend, with the first infections appearing in New York City, Brussels and Berlin, while cases jumped in hot spots of Italy, Iran and South Korea. Positive tests in Italy jumped by more than 500 to 1,694 on Sunday with 41 deaths. Lombardy, the region that includes the financial capital of Milan, accounted for almost 1,000 cases.
Here are some key events coming up:
* The Reserve Bank of Australia sets policy on Tuesday.
* U.S. citizens in states including California and Texas will vote on “Super Tuesday” for a Democratic candidate to run against President Donald Trump in November’s election.
* The Bank of Canada has a rate decision on Wednesday.
* OPEC ministers gather in Vienna on March 5-6.

These are the main moves in markets:
Stocks
* The S&P 500 Index rose 4.6% as of 3:38 p.m. New York time.
* The Dow Jones Industrial Average gained 5.1%.
* The Nasdaq 100 Index advanced 4.9%.
* The Stoxx Europe 600 Index rose 0.1%.
* The MSCI Asia Pacific Index climbed 0.8%.
Currencies
* The Bloomberg Dollar Spot Index fell 0.4%.
* The euro increased 1.3% to $1.1163.
* The British pound slid 0.3% to $1.2782.
* The Japanese yen was little changed at 107.90 per dollar.
Bonds
* The yield on 10-year Treasuries was little changed at 1.15%.
* The yield on two-year Treasuries dipped one basis point to 0.90%.
* Germany’s 10-year yield fell two basis points to -0.63%.
Commodities
* West Texas Intermediate crude jumped 5.3% to $47.13 a barrel.
* Gold rose 0.5% to $1,593.64 an ounce.

–With assistance from Todd White, Claire Ballentine and Sam Potter.
Have a great night.

Be magnificent!

As ever,

Carolann

Mediocrity knows nothing higher than itself, but talent instantly recognizes genius.
                                                                -Sir Arthur Conan Doyle, 1859-1930

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

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

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

Dear Friends,

Tangents:  Happy Friday!

February 28, 1953 – Scientists James D. Watson and Francis H.C. Crick announced they had discovered the double-helix structure of DNA, the molecule that contains the human genes, at Cambridge University. Go to article »

Telescopes see the biggest explosion since the Big Bang. (h/t Scott Kominers, Bloomberg)

Tomorrow, Feb. 29., is a leap day — and your briefing writer’s birthday — a calendar oddity that gives us an extra day. It takes Earth a messy 365.2422 spins of the planet to complete its loop, or one orbit, of the sun, so every four years we add an extra day to balance it out and keep our seasons where they’re supposed to be.
The contortions are awkward, but they’re fairly straightforward compared with the adjustments that would need to be made to the calendars of alien civilizations if they existed elsewhere in our solar system. Luckily, astronomers, science-fiction writers and enthusiastic hobbyists have presented several proposals for Mars, Jupiter and Venus calendars. -from The New York Times.

PHOTOS OF THE DAY

The new Infinity Chamber, created using thousands of LED bulbs, encourages people to take five minutes out of their busy day and indulge in restorative colour therapy, in Conduit Court, Covent Garden, London.
CREDIT: VICTORIA JONES/ PA WIRE

Snow around the Jubilee tower in Darwen, Lancashire.
CREDIT: GREGG WOLSTENHOLME/BAV MEDIA

A land squirrel sniffs a dwarf sunflower in Vienna, Austria.
CREDIT: RENATO JUST/SWNS.COM

Market Closes for February 28^th, 2020 

Market Index	Close	Change
Dow Jones	25409.36	-357.28
		-1.39%
S&P 500	2949.43	-29.33
		-0.98%
NASDAQ	8567.367	+0.888 +0.01%
TSX	16152.17	-565.34
		-3.38%

International Markets

Market Index	Close	Change
NIKKEI	21142.96	-805.27
		-3.67%
HANG SENG	26129.93	-648.69
		-2.42%
SENSEX	38297.29	-1448.37
		-3.64%
FTSE 100*	6580.61	-215.79 -3.18%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.129	1.158
CND. 30 Year Bond	1.317	1.318
U.S.    10 Year Bond	1.1650	1.2607
U.S. 30 Year Bond	1.6937	1.7577

Currencies

BOC Close	Today	Previous
Canadian $	0.74630	0.74694
US $	1.33995	1.33880
Euro Rate 1 Euro=		Inverse
Canadian $	1.47818	0.67651
US $	1.0316	0.90648

Commodities

Gold	Close	Previous
London Gold Fix	1652.00	1634.90
Oil
WTI Crude Future	44.76	47.09

Market Commentary:
Charge it! On this day in 1950, New York City financial executive Frank McNamara and his attorney Ralph Schneider had dinner at the Major’s Cabin Grill Restaurant on 33rd St. in Manhattan. When the check came, Mr. McNamara handed the waiter a small paper Diners’ Club card and asked to charge the bill. After a year of preparation by the two men, the first charge-card transaction had taken place.
Canada
By Kristine Owram and Bloomberg Automation
(Bloomberg) — Canadian stocks ended their worst week since the financial crisis in late 2008 by tumbling 2.7%, the biggest one-day drop since 2015. The benchmark’s decline outpaced its U.S. peers as it played catch-up to Thursday’s coronavirus-related rout. A technical glitch forced the Toronto Stock Exchange to halt trading more than two hours early Thursday. The S&P/TSX Composite Index fell to 16,263.05, the lowest since August. It lost 8.9% this week, the biggest decline since December 2008. Today, materials stocks led the market lower, as all sectors declined; 200 of 231 shares fell, while 30 rose.
Commodities
* Western Canada Select crude oil traded at a $14.00 discount to West Texas Intermediate
* Spot gold tumbled 3.7% to $1,581.00 an ounce
FX/Bonds
* The Canadian dollar weakened 0.2% to C$1.3416 per U.S. dollar
* The 10-year government bond yield fell 2 basis points to
1.14%, the lowest since September
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -138.9189| -2.6| 1/25
Materials | -95.3814| -5.2| 6/40
Energy | -44.9505| -1.7| 13/17
Industrials | -40.2671| -2.1| 2/29
Communication Services| -38.6921| -4.1| 0/8
Utilities | -32.1333| -3.6| 0/16
Real Estate | -22.7738| -3.7| 1/24
Consumer Staples | -20.8315| -3.1| 0/11
Consumer Discretionary| -8.9492| -1.4| 4/13
Information Technology| -6.7568| -0.7| 2/8
Health Care | -4.8024| -2.6| 1/9

* The benchmark 10-year bond rose and the yield fell 3 basis points to 1.127%

US
By Jeremy Herron and Vildana Hajric
(Bloomberg) — The spread of the coronavirus rattled global financial markets, sending U.S. stocks to their worst week since the financial crisis more than a decade ago. Demand spiked for safe assets from Treasuries to the yen. The S&P 500 plunged 11% in the five days and the Dow Jones Industrial Average careened to the lowest since June, wiping out almost $3 trillion in value from American equities. Treasuries surged, pushing yields on the 10- and 30-year notes to record lows during the period. Oil plunged toward $45 a barrel in its biggest weekly rout since 2008. “Investors are selling stocks first and asking questions later,” Keith Lerner, SunTrust’s chief market strategist, wrote in a note. “We are seeing signs of pure liquidation. ‘Get me out at any cost’ seems to be the prevailing mood. There is little doubt the coronavirus will continue to weigh on the global
economy, and the U.S. will not be immune. There is much we do not know. However, it is also premature to suggest the base case for the U.S. economy is recession.” Battered bulls got a boost Friday when Federal Reserve Chairman Jerome Powell said the central bank is monitoring the virus and will act as appropriate, adding that the “fundamentals of the economy remain strong.” Bank of America strategists now expect the Fed to cut rates by 50 basis points at its March meeting. White House Economic Adviser Larry Kudlow suggested investors “buy the dip.” The S&P 500 fell 0.8% in the final day of the week, rallying back in the final 15 minutes of trading from losses that topped 3%. The index still dropped for a seventh day, its longest slide since 2016. The Cboe Volatility Index hit the highest in two years. The Nasdaq indexes ended higher. Banks led Friday’s drop, with JPMorgan sinking 4%, as travel restrictions took hold and trading floors scrambled for contingency plans if offices are required to close. Airlines tumbled after Lufthansa curbed short-haul flights and United pared back travel in Asia.
U.S. equity markets shuddered as the World Health Organization raised its global risk level for the virus and a White House official suggested some schools could close. More major companies warned that disruptions could upend sales and profit forecasts. Germany said it will intensify border checks and Switzerland banned large events, leading to the Geneva car show being canceled. Iran and South Korea revealed more infections while the first cases appeared in Mexico and Nigeria, Africa’s most populous country. Downgrades to the global outlook keep rolling in and money markets now see three Federal Reserve interest-rate cuts this year. Bank of America predicted that the global economy will see its weakest year since the financial crisis as the virus damages demand in China and beyond. “Asset prices diverged significantly from growth in the past year, in part because of central bank policy, but also because passive investment’s main signal is price action,” reckons James McCormick, global head of desk strategy at NatWest Markets. “The COVID-19 escalation runs a real risk of virtuous cycle turning to a vicious one. Either way, given where growth estimates are heading for the next few months, I’d expect more downside.”
These are the main moves in markets:
Stocks
* The S&P 500 Index fell 0.8% as of 4 p.m. New York time.
* The Nasdaq 100 Index rose 0.3%.
* The Dow slid 1.4%.
* The Stoxx Europe 600 Index decreased 3.5%.
* Germany’s DAX Index slid 3.9%.
* The MSCI Asia Pacific Index dropped 2.6%.
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%.
* The euro fell less than 0.1% to $1.10.
* The British pound dipped 1% to $1.2760.
* The Japanese yen strengthened 1.28% to 108.20 per dollar.
Bonds
* The yield on 10-year Treasuries declined nine basis points to 1.17%.
* The yield on two-year Treasuries decreased 13 basis points to 0.93%.
* Germany’s 10-year yield decreased five basis points to -0.60%.
Commodities
* West Texas Intermediate crude sank 5% to $44.73 a barrel.
* Gold futures decreased 3.4% to $1,586 an ounce.
* Bloomberg’s commodity index sank 2%.
–With assistance from Sam Potter, Cormac Mullen, Anchalee Worrachate, Gregor Stuart Hunter and Adam Haigh.
Have a wonderful weekend everyone.

Be magnificent!

As ever,

Carolann

It is strange that the years teach us patience;
that the shorter our time, the greater our capacity for waiting.
                                                         -Elizabeth Taylor, 1932-2011

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

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

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

Dear Friends,

Tangents:

A sobering first day of Lent.

This isn’t a great time to be Corona beer. -Bloomberg.

Give to the world what you want to receive from the world, because that is what you will receive. -Gary Zukav, the Path Made Clear.

Branson Bombs
Wearing a black suit and harness, Richard Branson once leaped from the roof of a Las Vegas casino to launch one of his ventures. His fortune headed in the same direction this week. The value of the British billionaire’s stake in Virgin Galactic has fallen about $1.1 billion since the company reported widening losses in the fourth quarter from a year earlier. The firm’s shares tumbled 24% to close at $21.97 in New York and have plunged 35% since Tuesday, but the Las Cruces, New Mexico-based firm is planning to resume ticket sales for future space flights to show Wall Street that affluent customers are willing to pay for such adventures. Space tourism is one of the latest bets from Branson, a serial creator of companies including everything from record labels to fizzy drinks to bridal gowns. Virgin Galactic was the first billionaire betting on space, following a merger with U.S. investment firm Social Capital Hedosophia four months ago. It’s since become a highly speculative stock, more than doubling this year before Tuesday’s after-market results as hedge funds and other investors predict it will establish a new space-tourism industry. -Bloomberg.

-from today’s New York Times:

The Leopard Cub with the Lion Mom

A lioness with her adopted leopard and biological son in Gir National Park in Gujarat, India.Dheeraj Mittal

By Cara Giaimo
The lions and leopards of Gir National Park, in Gujarat, India, normally do not get along.

“They compete with each other” for space and food, said Stotra Chakrabarti, a postdoctoral researcher at the University of Minnesota who studies animal behavior. “They are at perpetual odds.”
But about a year ago, a young lioness in the park put this enmity aside. She adopted a baby leopard.

The 2-month-old cub — all fuzzy ears and blue eyes — was adorable, and the lioness spent weeks nursing, feeding and caring for him until he died. She treated him as if one of her own two sons, who were about the same age. This was a rare case of cross-species adoption in the wild, and the only documented example involving animals that are normally strong competitors, Dr. Chakrabarti said. He and others detailed the case last week in the ecology journal Ecosphere.

PHOTOS OF THE DAY

During the carnival in Alsasua, Northern Spain, characters called “Momotxorros” come out onto the streets wearing horns, hiding their faces under headscarves and dressed in a white sheet stained with blood.
CREDIT: ALVARO BARREINTOS/AP

Revellers, knows as ‘Caretos’ wear brass or wooden masks and dress-up in costumes made of dyed wool and with cowbells in their belts for the Caretos Carnival, Portugal.

Revellers shout and chase people in the streets to scare them, with single women being their main target. Once they corner someone, they bang their cowbells against the person.
CREDIT: OCTAVIO PASSOS/GETTY IMAGES

Revellers from the Portuguese village of Podence wearing a traditional costume during the annual Carnival festivities.
CREDIT: OCTAVIO PASSOS/GETTY IMAGES

People stand in front of the international gene bank Svalbard Global Seed Vault (SGVS) on Spitsbergen, Norway.

The Arctic “doomsday vault” is set to receive 60,000 samples of seeds from around the world as the biggest global crop reserve stocks up for a global catastrophe.
CREDIT: LISE ASERUD/NTB SCANPIX/AFP/GETTY IMAGES

Market Closes for February 27^th, 2020 

Market Index	Close	Change
Dow Jones	25766.64	-1190.95
		-4.42%
S&P 500	2978.76	-137.63
		-4.42%
NASDAQ	8566.480	-414.294 -4.61%
TSX	16717.44	-324.48
		-1.90%

International Markets

Market Index	Close	Change
NIKKEI	21948.23	-477.96
		-2.13%
HANG SENG	26778.62	+82.13
		+0.31%
SENSEX	39745.66	-143.30
		-0.36%
FTSE 100*	6796.40	-246.07 -3.49%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.158	1.215
CND. 30 Year Bond	1.318	1.354
U.S.    10 Year Bond	1.2607	1.3354
U.S. 30 Year Bond	1.7577	1.8261

Currencies

BOC Close	Today	Previous
Canadian $	0.74694	0.75078
US $	1.33880	1.33196
Euro Rate 1 Euro=		Inverse
Canadian $	1.47221	0.67925
US $	1.09965	0.90938

Commodities

Gold	Close	Previous
London Gold Fix	1634.90	1650.30
Oil
WTI Crude Future	47.09	48.73

Market Commentary:
On this day in 1933, less than a week before President Franklin D. Roosevelt was inaugurated, the stock market was forecasting a gruesome future. The Dow Jones Industrial Average closed at 50.16, a new low for the year and barely above its all-time nadir of 41.22, set on July 8, 1932. Stocks were selling at 0.65 times book value and 10.3 times reported earnings, with an average dividend yield of 8.7% (among those that could afford to pay dividends). Five trading days later, after Mr. Roosevelt’s banking moratorium and financial reforms kicked in, the market was 23.8% higher; by the end of June, it had doubled.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the fifth day, dropping 1.9 percent, or 324.48 to 16,717.44 in Toronto. The index dropped to the lowest closing level since Nov. 5. Today, financials stocks led the market lower, as all sectors lost; 201 of 231 shares fell, while 29 rose. Toronto-Dominion Bank contributed the most to the index decline, decreasing 3.0 percent. Ballard Power Systems Inc. had the largest drop, falling 12.6 percent.
Insights
* In the past year, the index had a similar or greater loss once
* So far this week, the index fell 6.3 percent, heading for the biggest decline since the week ended Sept. 23
* This month, the index fell 3.5 percent
* The index advanced 4 percent in the past 52 weeks. The MSCI AC Americas Index gained 6 percent in the same period
* The S&P/TSX Composite is 7 percent below its 52-week high on Feb. 20, 2020 and 5.2 percent above its low on March 8, 2019
* The S&P/TSX Composite is down 6.8 percent in the past 5 days and fell 4.2 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 16.8 on a trailing basis and 15.2 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.1 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.6t
* 30-day price volatility rose to 12.17 percent compared with 10.96 percent in the previous session and the average of 6.80 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -115.0081| -2.1| 2/24
Energy | -63.0318| -2.3| 3/27
Materials | -60.9772| -3.2| 3/44
Utilities | -17.0786| -1.9| 1/15
Industrials | -14.5741| -0.8| 10/20
Real Estate | -12.4509| -2.0| 0/25
Information Technology| -10.7191| -1.0| 2/8
Consumer Staples | -7.8876| -1.2| 2/9
Health Care | -7.8732| -4.1| 1/9
Consumer Discretionary| -7.5146| -1.1| 4/13
Communication Services| -7.3575| -0.8| 1/7

US
By Vildana Hajric and Katherine Greifeld
(Bloomberg) — Global stocks plunged to four-month lows, government debt yields sunk to unprecedented levels and crude oil extended declines as anxiety over the spread of the coronavirus deepened. The S&P 500 tumbled 4.4% to close at the lowest levels of the day. It whipsawed investors earlier, turning lower late after California’s governor said the state was monitoring 8,400 people for signs of the virus after they traveled to Asia. The decline of more than 10% since last Friday has the benchmark on pace for its worse week since the 2008 global financial crisis and helped push the index into what is known as a correction. The MSCI All-Country World Index fell to the lowest since October, while the Stoxx Europe 600 also entered a correction. “Stocks and bonds say we’re doomed,” said Chris Rupkey, chief financial economist for MUFG Union Bank. “Anyone who has a better idea for what lies ahead please let us know because right now the direction ahead for the economy is straight down.” The outbreak has the potential to become a pandemic and is at a decisive stage, the head of the World Health Organization said Thursday.

     The global economy is on course for its weakest year since the financial crisis as the virus damages demand in China and beyond, Bank of America predicted. Earlier, Goldman Sachs slashed its outlook for U.S. companies’ profit growth to zero. Germany is examining potential stimulus measures to stem the economic impact. Saudi Arabia halted religious visits that draw millions. Haven assets continued to be in demand, and the yen strengthened as yields on 10-year U.S. and Australian government bonds hit fresh record lows. Oil sank further. The pound reversed a gain after the U.K. told the European Union it could walk away from the negotiating table in June if progress isn’t being made toward a trade deal. Investors are pricing in a Federal Reserve easing in April followed by another rate cut in July, swaps data show, while bets for easing from Japan to Australia have also increased after the International Monetary Fund cut global growth forecasts. Losses continue to mount as investors weigh each gloomy headline on the virus. U.S. health authorities on Wednesday said they found the first case of the illness that does not have ties to a known outbreak. Microsoft Corp. joined an expanding list of companies warning over the impact of the virus on operations. “The way the market is going down, it’s happening pretty quickly, but it’s very difficult to say that it’s over,” said Sameer Samana, senior global market strategist for Wells Fargo Investment Institute. “Bottoming is a multistep process and you’re probably still in step one.”

* Japan industrial production, jobs, and retail sales figures are due on Friday.

These are the major moves in markets:
Stocks
*The S&P 500 Index sank 4.4% to 2,978.48 as of 4:02 p.m. New York time, hitting the lowest in 19 weeks with its sixth consecutive decline and the largest tumble in more than eight years.
*The Dow Jones Industrial Average decreased 4.4% to 25,763.96, reaching the lowest in six months on its sixth consecutive decline and the biggest dip in about two years.
*The Nasdaq Composite Index sank 4.6% to 8,566.48, the lowest in almost 12 weeks on the largest tumble in more than eight years.
*The MSCI All-Country World Index sank 3% to 521.99, reaching the lowest in 19 weeks on its sixth consecutive decline and the biggest tumble in almost four years.
Currencies
*The Bloomberg Dollar Spot Index dipped 0.3% to 1,211.80.
*The euro gained 1% to $1.0989, the strongest in almost three weeks on the biggest climb in 21 months.
*The Japanese yen appreciated 0.5% to 109.85 per dollar, the strongest in more than a week.
Bonds
*The yield on 10-year Treasuries fell five basis points to 1.28%, reaching the lowest on record with its sixth straight decline.
*The yield on 30-year Treasuries declined four basis points to 1.78%, hitting the lowest on record with its sixth straight decline.
*Britain’s 10-year yield fell three basis points to 0.47%, reaching the lowest in almost 20 weeks on its eighth straight decline and the biggest fall in almost four weeks.
*Germany’s 10-year yield dipped four basis points to -0.54%, the lowest in almost 20 weeks.
Commodities
*Gold weakened 0.1% to $1,637.44 an ounce.
*West Texas Intermediate crude declined 3.8% to $46.68 a barrel, hitting the lowest in 14 months with its fifth straight decline and the largest drop in almost seven weeks.
–With assistance from Luke Kawa and Claire Ballentine.

Have  a great night.

Be magnificent!
As ever,

Carolann

If you are distressed by anything external, the pain is not due to the thing itself
but to your estimate of it; and this you have the power to revoke at any moment.
                                                                         -Marcus Aurelius, 121-180

You don’t have to be great to start, but you have to start to be great.
                                                              -Zig Ziglar, 1926-2012

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

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

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

Dear Friends,

Tangents:

Most of us will probably never journey to the moon. But this latest footage from NASA gets us pretty close. -CNN.

On Feb. 26, 1993, a bomb exploded in the garage of New York’s World Trade Center, killing six people and injuring more than 1,000 others.  Go to article »

PHOTOS OF THE DAY

A rainbow arcs over East Cliff at West Bay in Dorset during a brief spell of sunshine as a shower clouds passes overhead.
CREDIT: GRAHAM HUNT/ALAMY LIVE NEWS

A group of people dresses as ‘Gilles of Binche’ arrive to the Grand Place to pick up their jubilee medals at the City Hall during a traditional carnival in Binche, Belgium.
CREDIT: AP PHOTO/FRANCISCO SECO

A dress rehearsal for the Whitney Houston hologram tour, which opens tonight at City Hall in Sheffield, before embarking on a international tour.
CREDIT: DANNU LAWSON/PA WIRE

Market Closes for February 26^th, 2020 

Market Index	Close	Change
Dow Jones	26957.59	-123.77
		-0.46%
S&P 500	3116.46	-11.75
		-0.38%
NASDAQ	8980.773	+15.161 +0.17%
TSX	17042.02	-135.35
		-0.79%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	22426.19	-179.22
		-0.79%
HANG SENG	26696.49	-196.74
		-0.73%
SENSEX	39888.96	-392.24
		-0.97%
FTSE 100*	7042.47	+24.59 +0.35%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.215	1.208
CND. 30 Year Bond	1.354	1.330
U.S.    10 Year Bond	1.3354	1.3404
U.S. 30 Year Bond	1.8261	1.8115

Currencies

BOC Close	Today	Previous
Canadian $	0.75078	0.75266
US $	1.33196	1.32862
Euro Rate 1 Euro=		Inverse
Canadian $	1.44971	0.68979
US $	1.08841	0.91877

Commodities

Gold	Close	Previous
London Gold Fix	1650.30	1671.65
Oil
WTI Crude Future	48.73	49.76

Market Commentary:
The yield on the benchmark 10-year U.S. Treasury note fell to an all-time low Tuesday.  The yield on the 10-year note fell as low as 1.310% on an intraday basis and settled at 1.328%, according to Tradeweb, compared with 1.377% Monday. Both of those marks beat record lows set in July 2016 after the U.K.’s vote to leave the European Union.

On this day in 1954, the New York Stock Exchange introduced its first major advertising campaign with the theme “Own Your Share of American Business.”
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks erased their gains for the year, falling to the lowest since Dec. 18 amid the spreading coronavirus. The S&P/TSX Composite Index declined 0.8%, its fourth consecutive drop, to 17,041.92. All sectors were in the red except technology, which got a boost from Kinaxis Inc. The software company jumped 13% after releasing a better-than- expected 2020 revenue outlook. Energy stocks led the broader market’s decline, losing 1.7% as crude prices fell to the lowest level in a year. In total, 174 of 231 stocks in the index fell, while 53 rose.
Commodities
* Western Canada Select crude oil traded at a $14.35 discount to West Texas Intermediate
* Spot gold fell 0.5% to $1,642.40 an ounce
FX/Bonds
* The Canadian dollar weakened 0.3% to C$1.3319 per U.S. dollar
* The 10-year government bond yield was little changed at 1.21%

================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | -46.4655| -1.7| 2/28
Financials | -41.2466| -0.7| 4/22
Industrials | -24.8596| -1.3| 3/28
Materials | -10.1731| -0.5| 16/30
Consumer Discretionary | -7.0840| -1.1| 3/14
Consumer Staples | -5.2273| -0.8| 0/11
Communication Services | -3.9436| -0.4| 2/6
Utilities | -3.8731| -0.4| 4/12
Real Estate | -2.3849| -0.4| 10/14
Health Care | -0.5246| -0.3| 2/6
Information Technology | 10.3273| 1.0| 7/3
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Royal Bank of | | | |
Canada | -22.9000| -2.1| 27.6| 1.2
Enbridge | -12.2400| -1.6| 49.2| 1.1
Suncor Energy | -8.7800| -2.1| 18.9| -11.0
Kinaxis | 2.3490| 12.5| 406.0| 13.1
CIBC | 3.3280| 1.0| 85.6| -0.9
Shopify | 5.0240| 1.1| -5.1| 21.5

US
By Claire Ballentine and Vildana Hajric
(Bloomberg) — U.S. equities traded near the lows of the day as investors digested a barrage of reports on the widening coronavirus outbreak. The dollar advanced. The S&P 500 swung between gains and losses after a report said officials in the New York region are monitoring people for exposure. The benchmark index had slid more than 6% over the prior two days. The Dow Jones Industrial Average was lower, while the Nasdaq Composite gained. Ten-year Treasury yields approached the record-low close set Tuesday. European shares pared losses to close mostly higher, while Asian equities finished in the red. Oil bounced around $50 a barrel and gold edged higher. “No one has any idea the depth and duration of the coronavirus’ negative impact on the global economy and corporate earnings,” said Alec Young, managing director of global markets research at FTSE Russell. President Donald Trump and federal health officials plan to brief the U.S. public Wednesday on efforts to prevent the spread of the coronavirus. Health officials in Nassau County on New York’s Long Island are monitoring 83 people who have visited mainland China or may have come in contact with the virus.
Earlier, German and American officials warned of a pandemic. Diageo Plc and Danone SA said that the outbreak will hit sales in China. The first cases in Greece and in South America emerged, while Spain locked down a seaside resort hotel with about 1,000 guests and workers inside. Risk assets are struggling to rebound as coronavirus cases steadily climb outside the epicenter in China. South Korea said its national total rose to more than 1,000, while American health officials Tuesday warned that they expect the epidemic to spread in the U.S. Traders may be looking out for further signs of policy accommodation after American central bankers said they are closely monitoring the spreading virus, though it’s “still too soon” to say whether it will change the outlook. “People are taking a step back and reviewing the data and seeing how much this coronavirus is progressing,” said Michael Reynolds, investment strategy officer at Glenmede Trust Co. Elsewhere, a gauge of high-yield credit risk for European issuers rose for a fifth day. Industrial metals and minerals mostly dropped, including copper and iron ore. Bitcoin slumped for a third day.
These are some key events coming up:
* Earnings keep rolling in from companies including: Baidu Inc., Best Buy Co. Inc., Occidental Petroleum Corp. and Dell Technologies Inc. on Thursday; and London Stock Exchange Group Plc on Friday.
* The Bank of Korea announces its policy decision on Thursday, with rising risks of an interest-rate cut.
* U.S. jobless claims, GDP and durable goods data are out Thursday.
* Japan industrial production, jobs, and retail sales figures are due on Friday.

These are major moves in markets:
Stocks
* The S&P 500 Index dipped 0.2% to 3,117.37 as of 2:44 p.m. New York time, hitting the lowest in more than 11 weeks with its fifth consecutive decline.
* The Dow Jones Industrial Average declined 0.4% to 26,945.14, reaching the lowest in four months on its fifth consecutive decline.
* The Nasdaq Composite Index climbed 0.1% to 8,965.64, the first advance in a week.
* The MSCI All-Country World Index sank 0.5% to 540.28, reaching the lowest in more than 16 weeks on its fifth straight decline.
* The Stoxx Europe 600 Index was little changed at 404.62, the first advance in a week.
Currencies
* The Bloomberg Dollar Spot Index increased 0.2% to 1,214.35.
* The euro was little changed at $1.0899, the strongest in almost two weeks.
* The Japanese yen weakened 0.1% to 110.22 per dollar.
* The British pound fell 0.8% to $1.2916, the largest fall in three weeks.
Bonds
* The yield on 10-year Treasuries sank four basis points to 1.30%, reaching the lowest on record with its fifth straight decline.
* The yield on 30-year Treasuries dipped three basis points to1.79%, hitting the lowest on record with its fifth straight decline.
* Germany’s 10-year yield rose one basis point to -0.51%.
* Britain’s 10-year yield decreased two basis points to 0.504%, hitting the lowest in almost 20 weeks with its seventh straight decline.
Commodities
* Gold strengthened 0.7% to $1,648.20 an ounce.
* Copper fell 0.5% to $2.57 a pound, the lowest in two weeks.
* West Texas Intermediate crude dipped 2.9% to $48.67 a barrel, the lowest in 14 months.
Have a great night.

Be magnificent!
As ever,

Carolann

And what he greatly thought, he nobly dared.
                                               -Homer, c. 800 BCE-c. 701 BCE

As my knowledge of things grew I felt more and more the delight of the world I was in.
                                              -Helen Keller, 1880-1968

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

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

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

Dear Friends,

Tangents:

One of my favorite sections in the Sunday edition of The New York Times is called METROPOLITAN DIARY, wherein people send in letters to “Dear Diary” about things that have happened to them in the city – their  indelible New York minutes.  The following are three that I really enjoyed from this past Sunday’s edition:

Dear Diary:
On a Saturday afternoon in 1994, my father took me, my brothers and a few of our cousins to McSorley’s, which, of course, claims to be the oldest continuously operating tavern in the New York.
It was 100 years to the day, my father said, that his father, my grandfather, had been born in the apartment upstairs.
After we’d had a round or two, my father raised his glass.
“Bartender” he said, “a round for the house on the 100th anniversary of the birth of my father.”
“This is New York pal,” the bartender said. “Let me see some money. We had Columbus’s cousin in here last week.”
— Edward Wiessner

Dear Diary:
Early one night several summers ago, my roommate and I were sitting and chatting in our second-floor apartment in Washington Heights. The windows were wide open.
Our conversation turned to our favorite musicals.
“‘Evita,’” my roommate said. “I love that one!”
She started to belt out “Don’t Cry for Me Argentina,” but she stopped when I reminded her that the entire neighborhood could hear her.
Within seconds, we heard a knock on the door. My roommate opened it to find one of our neighbors standing there as if he had been waiting for just this moment to arrive.
“The truth is I never left you!” he sang.
We erupted in laughter, and my roommate accidentally slammed the door on his face.
No matter. He kept on, and we could hear the familiar lyrics echoing through the hallways: “All through my wild days, my mad existence, I kept my promise, don’t keep your distance”
— Keren Golan

Dear Diary:
I was at the dry cleaner, clutching my treasured aqua Algerian gauze dress. It had a large rust-colored water stain on the front.
Assessing the damage, the man behind the counter frowned and said there was nothing that could be done.
I asked about the possibility of dying the dress. He said that wouldn’t work because the stain would show through the dye.
I was dismayed.
“What can I do with this?” I asked.
“Wear it when you vacuum?” he replied.
— Karen Aberle

PHOTOS OF THE DAY

Brooklyn Bridge seen during sunset from Brooklyn side in New York, United States.
CREDIT: LOKMAN VURAL ELIBOL/ANADOLU AGENCY VIA GETTY IMAGES

In the background of this digital recreation, ancient microscopic green seaweed is seen living in the ocean 1 billion years ago. In the foreground is the same seaweed in the process of being fossilized for later. Image by Dinghua Yang.
CREDIT: DINGHUA YANG/SWNS.COM

These brilliant pictures show a mistle thrush bird’s nest-which has been built INSIDE a set of traffic lights.
CREDIT: DAN ROWLANDS/SWNS

Market Closes for February 25^th, 2020 

Market Index	Close	Change
Dow Jones	27081.36	-879.44
		-3.15%
S&P 500	3128.21	-97.68
		-3.03%
NASDAQ	8965.613	-255.667 -2.77%
TSX	17177.37	-385.37
		-2.19%

International Markets

Market Index	Close	Change
NIKKEI	22605.41	-781.33
		-3.34%
HANG SENG	26893.23	+72.35
		+0.27%
SENSEX	40281.20	-82.03
		-0.20%
FTSE 100*	7017.88	-138.95 -1.94%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.208	1.196
CND. 30 Year Bond	1.330	1.311
U.S.    10 Year Bond	1.3404	1.3621
U.S. 30 Year Bond	1.8115	1.8254

Currencies

BOC Close	Today	Previous
Canadian $	0.75266	0.75251
US $	1.32862	1.32889
Euro Rate 1 Euro=		Inverse
Canadian $	1.44590	0.69161
US $	1.08828	0.91888

Commodities

Gold	Close	Previous
London Gold Fix	1671.65	1643.30
Oil
WTI Crude Future	49.76	51.33

Market Commentary:
On this day in 1862, President Abraham Lincoln signed the Legal Tender Act, putting the U.S. government in the business of printing paper money. Previously, most money had been printed privately by local banks. The Act also authorized the Treasury to sell 6% bonds callable in five years, maturing in 20, which were quickly nicknamed “5-20s.” Philadelphia broker Jay Cooke invented what he called the “democratic distribution” of investments, slicing the 5-20s into denominations as small as $50, advertising them heavily in local newspapers, and hiring his own army of 2,500 “traveling agents” to sell them in towns throughout the Union. He raised $361 million in less than two years—and introduced tens of thousands of Americans to investing for the first time.

Canada
By Kristine Owram
(Bloomberg) — Canadian stocks posted their biggest two-day drop since 2016 after the U.S. Centers for Disease Control and Prevention warned Americans to prepare for a coronavirus outbreak at home. The S&P/TSX Composite Index lost 2.2% to 17,177.37, the lowest since early January. That followed Monday’s 1.6% drop amid a rapid spread in virus cases outside of China. The Canadian benchmark is outperforming its U.S. peer, with the S&P 500 down 6.3% over the past two days. Every sector fell by more than 1% as even safe havens like gold retreated; 222 of 231 shares fell, while 8 rose.
Commodities
* Western Canada Select crude oil traded at a $15.50 discount to West Texas Intermediate, the narrowest gap since October
* Spot gold tumbled 2.4% to $1,637.10 an ounce
FX/Bonds
* The Canadian dollar was little changed at C$1.3290 per U.S. dollar
* The 10-year government bond yield was little changed at 1.20%

================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -104.6834| -1.9| 1/25
Energy | -61.3154| -2.2| 0/30
Materials | -57.3651| -2.9| 3/44
Industrials | -46.3135| -2.4| 2/29
Information Technology| -39.7211| -3.7| 0/10
Consumer Discretionary| -22.9272| -3.3| 0/16
Communication Services| -14.1230| -1.5| 0/8
Utilities | -13.5046| -1.5| 1/15
Consumer Staples | -10.4514| -1.5| 0/11
Real Estate | -7.7635| -1.2| 1/24
Health Care | -7.1902| -3.6| 0/10

US
By Vildana Hajric and Claire Ballentine
(Bloomberg) — U.S. stocks tumbled to an almost 12-week low and bond yields plunged to records on rising concern the coronavirus will upend global supply chains critical to economic growth. The S&P 500’s four-day rout reached 7.6%, with losses accelerating Tuesday after the U.S. Centers for Disease Control and Prevention warned Americans to prepare for a coronavirus outbreak at home. That follows a rapid increase in cases from Italy to Iran and Japan, with a growing list of companies warning that profits will suffer as economies around the world suffer. The S&P, Dow Jones Industrial Average and Nasdaq Composite indexes all set record highs this month. The 10-year U.S. Treasury yield fell to a record low of 1.3055% as investors sought shelter from the virus’s impact on the outlook for growth. All 11 sectors in the S&P 500 fell with energy, material and financial shares leading the declines. Volatility spiked, sending the Cboe’s measure of equity gyrations surging past 30 for the first time since 2018. “The market is pricing in a significant slowdown in GDP and a 10% impact on earnings,” said Zhiwei Ren, portfolio manager at Penn Mutual Asset Management. “And since no one knows how bad the infection will be, it is hard to make a bet on economy.” U.S. central bankers are closely monitoring the spreading coronavirus, but it is “still too soon” to say whether it will result a material change to the outlook, Federal Reserve Vice Chairman Richard Clarida said.
Elsewhere, European stocks closed in the red, while bonds from the region were mixed. Crude oil slumped again after Monday’s slide of nearly 4%. Japanese shares tumbled more than 3% as traders returned after a holiday. Stocks fell in China and Australia and pushed higher in South Korea and Hong Kong. The yen strengthened against the dollar for a third day. Erratic market moves suggest investors remain on edge over the economic impact of the virus. The World Health Organization has held off from declaring a global pandemic even as cases surged in South Korea, Italy and Japan. “We know there will be supply disruptions, the question now is to what extent will it affect economic growth and more importantly for the stock market earnings growth,” said Sandip Bhagat, Whittier Trust Co.’s chief investment officer “The market is repricing to that new reality.” Analysts at Oxford Economics Ltd. said the epidemic could wipe more than $1 trillion from global domestic product, while the International Monetary Fund lowered its growth forecasts for the world economy.
These are some key events coming up:
* Earnings keep rolling in from companies including: Peugeot SA on Wednesday; Baidu Inc., Best Buy Co. Inc., Occidental Petroleum Corp. and Dell Technologies Inc. on Thursday; and London Stock Exchange Group Plc on Friday.
* The Democratic presidential debate in South Carolina is on Tuesday.
* The Bank of Korea announces its policy decision on Thursday, with rising risks of an interest-rate cut.
* U.S. jobless claims, GDP and durable goods data are out Thursday.
* Japan industrial production, jobs, and retail sales figures are due on Friday.

These are the main moves in markets:
Stocks
*The S&P 500 Index decreased 3.2% to 3,128.43 as of 4:01 p.m. New York time, the lowest in more than 11 weeks on the largest dip in almost 15 months.
*The Dow Jones Industrial Average sank 3.3% to 27,081.50, the lowest in four months.
*The Nasdaq Composite Index fell 2.9% to 8,965.61, the lowest in eight weeks on the largest drop in six months.
*The MSCI All-Country World Index dipped 2.4% to 542.98, the lowest in almost 12 weeks on the biggest decrease in almost seven months.
*The Stoxx Europe 600 Index fell 1.8% to 404.60, the lowest in more than 11 weeks.
Currencies
*The Bloomberg Dollar Spot Index decreased 0.2% to 1,212.91.
*The euro rose 0.2% to $1.0885, the strongest in almost two weeks.
*The Japanese yen strengthened 0.6% to 110.10 per dollar.
*The British pound gained 0.6% to $1.3003, the strongest in a week.
Bonds
*The yield on 10-year Treasuries sank five basis points to 1.33%, the lowest on record.
*The yield on 30-year Treasuries dipped four basis points to 1.80%, the lowest on record.
*Germany’s 10-year yield decreased three basis points to -0.51%, the lowest in almost 20 weeks.
*Britain’s 10-year yield fell two basis points to 0.519%, hitting the lowest in three weeks with its sixth straight decline.
Commodities
*Gold weakened 0.6% to $1,632.93 an ounce, the first retreat in more than a week and the biggest fall in almost three weeks.
*Copper decreased 0.8% to $2.56 a pound, the lowest in two weeks.
*West Texas Intermediate crude dipped 3.1% to $49.79 a barrel, the lowest in two weeks.
–With assistance from Nancy Moran and Sarah Ponczek.
Have  a great night.

Be magnificent!
As ever,

Carolann

If you look at what you have in life, you’ll always have more. 
If you look at what you don’t have in life, you’ll never have enough.
                                                                               –Oprah Winfrey, b. 1954

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

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

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

Dear Friends,

Tangents:

1946~ General Juan Perón first elected President of Argentina.

-from Bloomberg today:
How deep is the deepest hole in the world?
Divers recover artifacts from the HMS Erebus, which sank while seeking the Northwest Passage.
RIP to NASA mathematician and “Hidden Figures” figure Katherine Johnson.

PHOTOS OF THE DAY

Skiers take part in the Skicolor event where they are sprayed with biodegradable colour powders as part of the carnival celebrations in the alpine resort of La Tzoumaz, Switzerland.
CREDIT: VALENTIN FLAURAUD/EPA/REX

National Museums Scotland Images show the large painting, The Thin Red Line being re-glazed.
CREDIT: PHIL WILKINSON

Three lost sheep were caught after they wandered away from their farm and ended up on a rooftop in Glenridding, Cumbria.
CREDIT: SWNS

Market Closes for February 24^th, 2020 

Market Index	Close	Change
Dow Jones	27960.80	-1031.61
		-3.56%
S&P 500	3225.89	-111.86
		-3.35%
NASDAQ	9221.281	-355.309 -3.71%
TSX	17562.74	-280.79
		-1.57%

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	23386.74	-92.41
		-0.39%
HANG SENG	26820.88	-487.93
		-1.79%
SENSEX	40363.23	-806.89
		-1.96%
FTSE 100*	7156.83	-247.09 -3.34%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.196	1.279
CND. 30 Year Bond	1.311	1.384
U.S.    10 Year Bond	1.3621	1.4696
U.S. 30 Year Bond	1.8254	1.9141

Currencies

BOC Close	Today	Previous
Canadian $	0.75251	0.75645
US $	1.32889	1.32197
Euro Rate 1 Euro=		Inverse
Canadian $	1.44252	0.69323
US $	1.08551	0.92123

Commodities

Gold	Close	Previous
London Gold Fix	1643.30	1619.00
Oil
WTI Crude Future	51.33	53.30

Market Commentary:
On this day in 1784, meeting at the Merchant’s Coffee House in downtown New York City, several prominent businessmen led by a young attorney named Alexander Hamilton founded the Bank of New York “on liberal principles.”
Canada
By Kristine Owram
(Bloomberg) — Canada’s equity benchmark tumbled the most in six months but managed to outperform its U.S. peers as gains in gold stocks helped to offset declines in most other sectors. The S&P/TSX Composite Index slid 1.6% to 17,562.74, the lowest in nearly three weeks. Every sector was in the red except materials, which benefited as investors piled into haven assets, sending gold prices to their highest in more than seven years. Energy stocks tumbled 2.5%, the most since August, and technology shares lost 3.3%, the most since June. In total, 203 of 231 shares fell, while 28 rose.
Commodities
* Western Canada Select crude oil traded at a $16.40 discount to West Texas Intermediate prices
* Spot gold jumped 0.9% to $1,663.20 an ounce
FX/Bonds
* The Canadian dollar weakened 0.5% to C$1.3289 per U.S. dollar
* The 10-year government bond yield fell 8 basis points to 1.20%, the lowest since September
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -105.6043| -1.8| 0/26
Energy | -71.3012| -2.5| 0/30
Information Technology| -36.9952| -3.3| 0/10
Industrials | -30.9278| -1.6| 0/31
Consumer Discretionary| -16.9779| -2.4| 2/15
Health Care | -7.8986| -3.8| 0/10
Utilities | -7.3727| -0.8| 2/14
Real Estate | -7.2484| -1.1| 1/24
Communication Services| -5.8174| -0.6| 3/5
Consumer Staples | -5.5251| -0.8| 0/11
Materials | 14.8816| 0.8| 20/27

US
By Vildana Hajric and Claire Ballentine
(Bloomberg) — U.S. equities tumbled, with the S&P 500 dropping the most since February 2018, as authorities struggled to keep the coronavirus from spreading more widely outside China. Havens including Treasuries and gold surged.
 In a dramatic day across markets, these were some of the standout moves:
* All three main U.S. stock benchmarks slumped more than 3%. The Dow Jones Industrial Average and S&P erased all of their gains for the year. All 11 sectors of the S&P closed in the red.
* The FANG cohort of mega cap tech shares that led the year’s rally plunged more than 4%. AMD Corp. led losses in chipmakers exposed to China, at one point sinking more than 10%. High- flyers Virgin Galactic and Tesla each fell more than 5%. Alpha Pro Tech, maker of protective clothing and masks, surged more than 25%.
* The Stoxx Europe 600 Index slid 3.8% on trading volumes well above average for the largest drop since 2016 as investors fled travel and luxury-goods shares. A gauge of credit risk on the region’s high-yield companies jumped.
* The yield on 10-year Treasuries approached the 2016 record low.
* South Korea’s benchmark dropped 3.9%, leading declines across Asia, though Japan’s markets were shut for a holiday.
* Spot gold approached $1,700, while Brent crude oil tumbled about 5%. The risk-off mood hardened as the epidemic spread to more than 30 countries, with South Korea reporting a jump in infections and Italy locking down an area of 50,000 people near Milan. Finance chiefs and central bankers from the largest economies warned this weekend that they saw the virus bringing downside risks to global growth.
“Stock markets around the world are beginning to price in what bond markets have been telling us for weeks — that global growth is likely to be impacted in a meaningful way due to fears of the coronavirus,” said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance. Governments and companies are curbing travel and trade in an attempt to contain a novel pathogen that can be transmitted by people without symptoms. Today’s market moves follow on last week’s surge into havens after fresh warnings by companies over the potential impact of the virus on business and global supply chains. Adding to the anxiety Monday was China announcing an easing of the quarantine of Wuhan, only to retract the statement hours later. “Markets hate uncertainty and the coronavirus represents the most uncertain macro risk markets have faced in years,” said Alec Young, managing director of global markets research at FEST Russell. “Investors are also acutely aware that many misjudged the economic severity of the virus early on, making them more open to entertaining worst-case scenarios now.”

Elsewhere, Italian bonds dropped on concern that the spread of the coronavirus may push the economy into a recession. The Australian dollar weakened to an 11-year low and the offshore yuan held most of last week’s decline. Bitcoin slumped.
These are some key events coming up:
* Earnings keep rolling in from companies including: Home Depot Inc. on Tuesday; Peugeot SA on Wednesday; Baidu Inc., Best Buy Co. Inc., Occidental Petroleum Corp. and Dell Technologies Inc. on Thursday; and London Stock Exchange Group Plc on Friday.
* The Democratic presidential debate in South Carolina is on Tuesday.
* The Bank of Korea announces its policy decision on Thursday, with risks to the outlook growing amid a surge in coronavirus cases.
* U.S. jobless claims, GDP and durable goods data are out Thursday.
* Japan industrial production, jobs, and retail sales figures are due on Friday.

These are the main moves in markets:
Stocks
*The S&P 500 Index sank 3.4% to 3,225.92 as of 4:03 p.m. New York time, the lowest in more than three weeks on the largest tumble in about two years.
*The Dow Jones Industrial Average sank 3.6% to 27,961.28, the lowest in almost 11 weeks on the biggest tumble in about two years.
*The Nasdaq Composite Index decreased 3.7% to 9,221.28, the lowest in more than three weeks on the largest tumble in almost 15 months.
*The MSCI All-Country World Index sank 3% to 555.63, the lowest in more than 10 weeks on the biggest tumble in almost four years.
*The Stoxx Europe 600 Index sank 3.8% to 411.86, the lowest in three weeks on the largest tumble in almost four years.
Currencies
*The Bloomberg Dollar Spot Index climbed 0.1% to 1,215.78.
*The euro was little changed at $1.0852, the strongest in more than a week.
*The Japanese yen strengthened 0.8% to 110.72 per dollar, the biggest increase in six months.
*The British pound dipped 0.3% to $1.2927.
Bonds
*The yield on 10-year Treasuries decreased 10 basis points to 1.37%, the lowest in more than three years on the biggest tumble in almost 12 weeks.
*The yield on 30-year Treasuries dipped eight basis points to 1.83%, the lowest on record with the largest dip in more than seven weeks.
*Germany’s 10-year yield dipped five basis points to -0.48%, the lowest in almost 20 weeks on the biggest dip in more than seven weeks.
*Britain’s 10-year yield declined three basis points to 0.54%, hitting the lowest in three weeks with its fifth straight decline and the largest drop in more than two weeks.
Commodities
*Gold strengthened 1% to $1,659.63 an ounce, reaching the highest in about seven years on its fifth consecutive advance.
*Copper declined 1.5% to $2.58 a pound, the lowest in two weeks on the largest fall in more than two weeks.
*West Texas Intermediate crude dipped 4% to $51.24 a barrel, the lowest in almost two weeks on the biggest decrease in almost seven weeks.
Have a great night.

Be magnificent!
As ever,

Carolann

Do not go where the path may lead, go instead where there is no path and leave a trail.
                                                                        -Ralph Waldo Emerson, 1803-1882

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

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

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

Dear Friends,

Tangents: Happy Friday!

February 21, 1916 – Battle of Verdun: Over 1 million men killed, France.
1925 – New Yorker Magazine debuts.

On Feb. 21, 1965, former Black Muslim leader Malcolm X was shot and killed by assassins identified as Black Muslims as he was about to address a rally in New York City; he was 39. Go to article »

The creator of cut, copy and paste has died.  RIP to a true revolutionary. We owe him so much. -CNN

PHOTOS OF THE DAY

A man snowboards down a slope overlooking Mount Yotei at a ski resort in Niseko, Hokkaido, Japan.
CREDIT: JAE C. HONG/AP PHOTO

Police officers ride their horses through the snow to visit residents in remote parts of china’s Xinjiang region, to promote awareness of coronavirus.
CREDIT: STR/AFP/GETTY IMAGES

Sadhus, who are considered holy, sit around the Pashupathinath Temple in Kathmandu, Nepal.

With only a few days left for the Maha Shivaratri festival Sadhus from all over India and Nepal have gradually started to arrive at the temple for the celebration.
CREDIT: SKANDA GAUTAM/ZUMA WIRE ZUMA/EYEVINE

Market Closes for February 21^st, 2020 

Market Index	Close	Change
Dow Jones	28992.41	-227.57
		-0.78%
S&P 500	3337.75	-35.48
		-1.05%
NASDAQ	9576.590	-174.375 -1.79%
TSX	17843.53	-100.53
		-0.56%

International Markets

Market Index	Close	Change
NIKKEI	23386.74	-92.41
		-0.39%
HANG SENG	27308.81	-300.35
		-1.09%
SENSEX	41170.12	-152.88
		-0.37%
FTSE 100*	7403.92	-32.72 -0.44%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.279	1.308
CND. 30 Year Bond	1.384	1.423
U.S.    10 Year Bond	1.4696	1.5152
U.S. 30 Year Bond	1.9141	1.9606

Currencies

BOC Close	Today	Previous
Canadian $	0.75645	0.75411
US $	1.32197	1.32606
Euro Rate 1 Euro=		Inverse
Canadian $	1.43418	0.69726
US $	1.08488	0.92176

Commodities

Gold	Close	Previous
London Gold Fix	1619.00	1604.20
Oil
WTI Crude Future	53.30	53.78

Market Commentary:
On this day in 1947, Edwin H. Land, founder of Polaroid, demonstrated the instant camera to 650 scientists assembled at the annual meeting of the Optical Society of America. Never before had it been possible to develop a snapshot within a single minute. The Land Instant Camera sold at an initial price of $89.75, and though Polaroid lost money on it at first, it went on to make the company one of the great growth stocks of postwar America.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian shares declined on Friday, halting a four-day rally, amid renewed concerns over the impact of the coronavirus. Gold continued its surge to seven-year high, as investors sought safe havens. The S&P/TSX Composite Index fell 0.6% to 17,843.53. The move is the biggest since falling 0.6% on Feb. 7. The MSCI AC Americas Index declined 1%. Information Technology stocks led the market lower, while materials was the only sector that rose.
* Shopify contributed the most to the index decline measured in index points, decreasing 3.4%.
* CCL Industries had the largest percentage decline, falling 17%.
* Royal Bank of Canada provided the biggest boost to the index in points, advancing 1.1%.
* Eldorado Gold had the biggest percentage gain, rising 31% on positive Turkey update, 5-year guidance.

Meanwhile, Royal Bank of Canada’s deal making division is back to proving its worth. The RBC Capital Markets unit had record earnings in the fiscal first quarter, helping Canada’s largest lender post results that beat analysts’ estimates. Fees from investment banking jumped 82% from a year earlier amid a better deal making environment, and fixed-income trading more than doubled.
Commodities
* Western Canada Select crude oil traded at a $16.75 discount to West Texas Intermediate prices
* Spot gold rose 1.5% to $1,643.59 an ounce
FX/Bonds
* The Canadian dollar rose 0.3% to C$1.3218 per U.S. dollar
* The 10-year government bond yield fell 2.2 basis points to 1.280%

US
By Vildana Hajric
(Bloomberg) — U.S. stocks sank, gold surged and Treasury yields tumbled as investors took a defensive stance amid renewed concern about the economic impact of the coronavirus as it spreads outside of China. Tech companies were particularly hard hit, sending the Nasdaq 100 down almost 2%. The S&P 500 Index posted its first weekly decline since January. The yield on 30-year Treasuries fell to a record low amid data showing U.S. business activity shrank for the first time since 2013 as the virus hit supply chains. Investors were put on alert this week by a spike in infections outside China and a slew of fresh warnings by companies over the potential impact the deadly respiratory virus may have on business. The growing concerns reignited appetite for assets seen as havens from the turmoil and reversed stock gains that had sent the S&P 500 Index to a record high Wednesday.
“Investors have suddenly got cold feet and are running for the exits,” said Chris Rupkey, chief financial economist for MUFG Union Bank. “Bond yields and stock prices are back in sync today as the plunging markets mean the economic outlook is not looking as good this year as many thought.” The Stoxx Europe 600 Index slumped, with automakers among the worst performers, after equities in Korea and Hong Kong dropped more than 1%. Crude oil fell after hitting the highest in almost four weeks. Elsewhere, the yen strengthened, recouping some if its biggest two-day decline since 2017. The dollar slumped after a four-day winning streak. The euro strengthened after data showed economic activity in the common-currency area sped up unexpectedly.
Here are some key events coming up:
* Group of 20 finance ministers and central bank chiefs are due to meet Feb. 22-23 in Riyadh, Saudi Arabia, and are expected to discuss efforts to support growth amid the coronavirus threat.

These are the main moves in markets:
Stocks
* The S&P 500 Index dropped 1.1% at the close of trading in New York, leaving it down 1.3% this week.
* The Nasdaq 100 fell 1.9% Friday and 1.8% for the week.
* The Stoxx Europe 600 Index fell 0.5%.
* The MSCI Asia Pacific Index fell 0.5%.
Currencies
* The Bloomberg Dollar Spot Index fell 0.3%.
* The euro rose 0.6% to $1.0848.
* The British pound advanced 0.6% to $1.296.
* The Japanese yen strengthened 0.5% to 111.59 per dollar.
Bonds
* The yield on 10-year Treasuries declined five basis points to 1.47%.
* The yield on 30-year Treasuries fell five basis points to 1.91%
* Germany’s 10-year yield rose one basis point to -0.43%.
* Britain’s 10-year yield was little changed at 0.57%.
Commodities
* West Texas Intermediate crude sank 0.8% to $53.34 a barrel.
* Gold strengthened 1.5% to $1,644.38 an ounce.

–With assistance from Michael G. Wilson, Robert Brand, Constantine Courcoulas and Todd White.
Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

A fool is known by his speech and a wise man by his silence.
                                     -Pythagoras, 569 BC-c. 500 BC

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

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

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