Category: Newsletters

Dear Friends,

Tangents: Happy Friday!

August 23, 1943 – Trans Canada Airlines starts transatlantic service; now Air Canada. Montréal, Québec. Go to article>>  
August 23, 1977 ~ first human powered flight.
1912- Gene Kelly, dancer, b.
1927-Sacco and Vanzetti executed.

Hop to it! A new study shows higher levels of physical activity at any intensity lowers the risk of early death in middle-age and older people.

Here’s what else you need to know to Get Up to Speed and Out the Door.  – AJ Willingham, CNN.

‘The Wizard of Oz’
The film is celebrating its 80th anniversary on Saturday, but it very nearly ended up a disastrous footnote in the history of Hollywood.

The production was a mess, cycling through directors and screenwriters. Victor Fleming, the sole credited director, replaced Richard Thorpe less than two weeks into filming, and shot most of the scenes before sprinting off to save “Gone With the Wind.” King Vidor finished the job.

They’re off to see the wizard.  MGM Studios, via Getty Images

Cast members were injured during filming: Margaret Hamilton, who played the terrifying Wicked Witch of the West, was severely burned; and Buddy Ebsen, cast as the Tin Man, was poisoned by his makeup. (Jack Haley took over the role.)

The movie went over budget and wasn’t a hit on its initial release. Today, it endures as a cultural icon, thanks in large part to TV syndication from the late 1950s; Judy Garland’s signature performance of “Over the Rainbow”; and those coveted ruby slippers. –New York Times.

PHOTOS OF THE DAY

Ground keeper and 1992 Knighthood winner Terry Whitear, 75, carries out some last minute mowing of the bowling green before this year’s competition begins, at Southampton Old Bowling Green, the oldest bowling green in the world.
CREDIT: SOLENT NEWS & PHOTO AGENCY

A mischievous young fox pulls on the tail feathers of a golden eagle in the mountains of Avila, Spain.
CREDIT: GUILLERMO ARTEAGA/ SWNS.COM

 A boatman rests on his boat in the flooded Ganges river under the Shastri bridge at Daraganj Ghat, in Allahabad.
CREDIT: SANJAY KANOJIA/AFP/GETTY IMAGE
Market Closes for August 23rd , 2019

Market Index	Close	Change
Dow Jones	25628.90	-623.34 -2.37%
S&P 500	2847.11	-75.84 -2.59%
NASDAQ	7751.766	-239.622 -3.00%
TSX	16037.58	-215.88
		-1.33%

International Markets

Market Index	Close	Change
NIKKEI	20710.91	+82.90
		+0.40%
HANG SENG	26179.33	+130.61
		+0.50%
SENSEX	36701.16	+228.23
		+0.63%
FTSE 100*	7094.98	-33.20
		-0.47%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.172		1.291
CND. 30 Year Bond		1.432		1.519
U.S.    10 Year Bond		1.5351		1.6131
U.S. 30 Year Bond		2.0252		2.1047

Currencies

BOC Close	Today	Previous
Canadian $	0.75285	0.75193
US $	1.32905	1.32991
Euro Rate 1 Euro=		Inverse
Canadian $	1.48392	0.67365
US $	1.11652	0.89521

Commodities

Gold	Close	Previous
London Gold Fix	1502.05	1503.25
Oil
WTI Crude Future	54.11	55.25

Market Commentary:
Mark Carney laid out a radical proposal for an overhaul of the global financial system that would eventually replace the dollar as a reserve currency with a Libra-like virtual one. -Bloomberg.
Canada
By Michael Bellusci
(Bloomberg) — Canadian stocks fell Friday as U.S.-China trade tensions heated up. The S&P/TSX Composite Index lost 1.3% after Donald Trump said he’ll respond to new Chinese tariffs and blasted Federal Reserve Chairman Jerome Powell. The index fell 0.7% this week. Materials were the only shares to advance Friday as gold hit a fresh six-year high. Separately, Cargojet Inc. soared to a record high after Amazon.com Inc. signed a deal that would allow the online retailer to buy a stake in the Canadian cargo carrier. Additionally, Suncor Energy Inc., Canada’s top integrated oil producer, is joining the push against Enbridge Inc.’s attempt to change how producers purchase space for their crude on a key pipeline system.
In other moves:
Stocks
* Yamana Gold jumped 10%, a leader among materials shares
* Birchcliff Energy dropped 9.4%
* MEG Energy lost 8%
* Village Farms retreated 7%
* Canada Goose fell 6.7%
* BRP Inc. fell 6.1%
Commodities
* Western Canada Select crude oil traded at a $13 discount to WTI
* Spot gold gained 1.9% to $1,527 an ounce
FX/Bonds
* The Canadian dollar was flat around C$1.3297 per U.S. dollar
* The Canada 10-year government bond yield fell to 1.170
US
By Rita Nazareth and Vildana Hajric
(Bloomberg) — U.S. stocks slumped and Treasuries rallied as the trade dispute between the world’s two largest economies deepened. The dollar fell. After the close of regular trading, President Donald Trump confirmed he’ll boost tariffs on Chinese imports in response to Beijing’s retaliation. The SPDR S&P 500 ETF Trust was little changed following the announcement. Prospects for heightened tension rattled markets Friday, overshadowing speculation that the Federal Reserve will cut rates after Chairman Jerome Powell’s remarks. Energy and tech stocks led losses in the S&P 500 Index, and the Dow Jones Industrial Average tumbled 623 points as only Boeing Co. advanced among its 30 blue-chip companies. The Nasdaq-100 Index plunged more than 3% The bond market’s U.S. recession indicator — the spread between 2- and 10-year rates — flirted with inversion again. Elsewhere in the yield curve, three-month and 10-year Treasuries hit the most-inverted level since March 2007.
The greenback dropped as Trump said that “we have a very strong dollar and a very weak Fed,” fueling chatter about a possible move to weaken the currency. Oil sank, while gold surged. The trade war escalation rekindled concerns about the outlook for global growth that’s already looking shaky. The announcement comes as leaders from the Group of Seven nations prepare to meet in France and central bankers gather in Jackson Hole. Trump tweeted that the Fed chairman could be a greater “enemy” of the U.S. than Chinese President Xi Jinping. “As usual, the Fed did NOTHING!,” he wrote. “Trade trumps Jackson Hole,” said John Augustine, chief investment officer at Huntington Private Bank. “Fed Chair Powell was fairly dovish today and markets were reacting to that positively, but when the trade tweet came out, that obviously changed market dynamics.”
The plunge in the S&P 500 Friday destroyed what was shaping up to be a rally for the week. There have bee just four other weeks during this bull market when a Friday rout erased a gain of more than 1% through Thursday, data compiled by SentimenTrader show. This had never occurred from 1950 to mid-1980s, and since then, it’s happened just 15 other times before this week. “It’s all about trade, it’s all about global growth,” Scott Wren, senior global equity strategist for Wells Fargo Investment Institute, told Bloomberg TV. “Right now, people aren’t all that worried about the Fed. They’re a lot more worried about global growth and these trade negotiations.”
Here are the main moves in markets:
Stocks
* The S&P 500 sank 2.6% to 2,847.11.
* The CBOE Volatility Index surged 19%.
* The Stoxx Europe 600 Index declined 0.8%.
* The MSCI Asia Pacific Index climbed 0.4%.
Currencies
* The Bloomberg Dollar Spot Index sank 0.35%.
* The euro jumped 0.6% to $1.1144.
* The Japanese yen appreciated 1% to 105.39 per dollar.
Bonds
* The yield on 10-year Treasuries fell eight basis points to 1.54%.
* Germany’s 10-year yield decreased three basis points to -0.68%.
* Britain’s 10-year yield declined four basis points to 0.481%.
Commodities
* The Bloomberg Commodity Index decreased 0.5%.
* West Texas Intermediate crude fell 2.1% to $54.17 a barrel.
* Gold surged 1.9% to $1,537.60 an ounce.

–With assistance from Caroline Hyde, Joanna Ossinger, Adam
Haigh, Todd White, Yakob Peterseil, Namitha Jagadeesh, Susanne
Barton, Sarah Ponczek, Dave Liedtka, Elena Popina, Alexandra
Harris, Liz Capo McCormick and Nancy Moran.
Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

True originality consists not in a new manner but in a new vision.
                                                  -Edith Wharton, 1862-1937
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:
1942 – Battle of Stalingrad
On August 22, 1902, President Theodore Roosevelt became the first United States chief executive to ride in an automobile in public.  Go to article »

From Bonjour Paris today:
     This week marks the 75th anniversary of the Liberation of Paris. After four years of Nazi occupation during the Second World War, the city was triumphantly freed by Allied forces, led by Général Leclerc’s 2nd French Armored Division. A victory parade took place on the Champs-Élysées on August 26, 1944, and this week– 75 years later– the city will stage a host of commemorative events. 
At noon on Sunday, August 25th, a ceremony will take place at the Eiffel Tower, honoring the moment when six Paris firefighters climbed the Iron Lady to raise the French flag. Then at 3:30pm, there will be a celebratory parade from Porte d’Orléans to Denfert-Rochereau, following the same route as the original parade. At 6:30 pm, enjoy a concert at the Hotel de Ville, while at the same time, the newly redesigned Musée de la Libération will be inaugurated in the 14th arrondissement. — Mary Winston Nicklin, Editor, editor@bonjourparis.com. 

• The longest direct flight ever is here: NYC to Sydney in 20 hours. 

PHOTOS OF THE DAY

A vibrant display of purple heather in the New Forest was captured by Matt Pinner at dawn today.
CREDIT: MATTPINNER/BNPS

A late summer sunrise creates a pink glow over the famous arch of Durdle Door in Dorset.
CREDIT: RACHEL READ/ SWNS

The sunsets behind wild sunflowers as seen from near Taos in northern New Mexico.
CREDIT: ROBIN LOZNAK/ ZUMA WIRE/ALAMY LIVE NEWS
Market Closes for August 22^nd , 2019

Market Index	Close	Change
Dow Jones	26252.24	+49.51 +0.19%
S&P 500	2922.95	-1.48 -0.05%
NASDAQ	7991.387	-28.821 -0.36%
TSX	16253.46	-55.77
		-0.34%

International Markets

Market Index	Close	Change
NIKKEI	20628.01	+9.44
		+0.05%
HANG SENG	26048.72	-221.32
		-0.84%
SENSEX	36472.93	-587.44
		-1.59%
FTSE 100*	7128.18	-75.79
		-1.05%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.291		1.224
CND. 30 Year Bond		1.519		1.458
U.S.    10 Year Bond		1.6131		1.5893
U.S. 30 Year Bond		2.1047		2.0723

Currencies

BOC Close	Today	Previous
Canadian $	0.75193	0.75270
US $	1.32991	1.32855
Euro Rate 1 Euro=		Inverse
Canadian $	1.47376	0.67854
US $	1.10818	0.90238

Commodities

Gold	Close	Previous
London Gold Fix	1503.25	1504.55
Oil
WTI Crude Future	55.25	55.73

Market Commentary:
Bond yields in many countries world-wide have fallen to record lows this summer. Yet few governments have responded as many bankers and investors say they should, by locking in ultralow rates for decades
Canada
By Kristine Owram
(Bloomberg) — Canada’s equity benchmark retreated as pot stocks continued a several monthlong slide and lower crude prices weighed on energy shares.
The S&P/TSX Composite Index lost 0.3% to 16,253.46. Eight of 11 sectors fell, with the health-care index leading the decline as pot stocks fell for a third day in four. Canopy Growth Corp. lost 5.2% and Hexo Corp. slid 3.5%. Financials edged higher after Canadian Imperial Bank of Commerce beat profit estimates amid strength in its U.S. operations. The bank’s stock rose 2.1%, the most since December 2017.
In other moves:
Stocks
* Saputo Inc. slid 4.8%, the most since June. The dairy company plans to offer 10.1 million shares at C$39.60 a share, 5% below Wednesday’s closing price
* Zenabis Global Inc. tumbled 14%, the most since April. The pot company is taking on C$25 million in additional senior secured debt at an interest rate of 14% per year
* Canadian Tire Corp. closed with a 0.6% gain after dipping 0.6%. Steve Eisman, the money manager who foresaw the collapse of the U.S. housing market, said he’s shorting the retailer
Commodities
* Western Canada Select crude oil traded at a $13.15 discount to WTI
* Gold fell 0.5% to $1,497.30 an ounce
FX/Bonds
* The Canadian dollar weakened 0.1% to C$1.3300 per U.S. dollar
* The Canada 10-year government bond yield rose 6 basis points to 1.28%
US
By Rita Nazareth and Vildana Hajric
(Bloomberg) — U.S. stocks were mixed as a slide in technology companies offset a rally in bank shares. Treasuries dropped as Federal Reserve officials cast doubt on further
interest-rate cuts.
The S&P 500 Index closed little changed, while the Dow Jones Industrial Average outperformed as Boeing Co. surged. The Nasdaq-100 Index fell. Ten-year yields climbed after Philadelphia Fed President Patrick Harker told CNBC that he’s “on hold” right now for further monetary easing. His comments were in line with those of Kansas City counterpart Esther George, who said the U.S. doesn’t need lower rates. Fed Bank of Dallas President Robert Kaplan said that he wanted to be careful about cutting interest rates again “unless we have to.”
Markets have been whipsawed amid concern over economic weakness, the path of interest rates and U.S.-China trade tension. Fed Chairman Jerome Powell could provide more guidance on policy when he speaks Friday at the annual Jackson Hole symposium. Investors have priced in a quarter percentage-point rate cut next month, but dissenting Fed voices may limit the prospects for the larger move that some have advocated, including President Donald Trump.
“The big question mark is just going to be Jackson Hole — what’s Powell going to say?” said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance. “You’re seeing the market going higher and lower this week heading into tomorrow, where we could get some market-moving commentary out of Powell’s speech.”
Elsewhere, most euro-area government bonds fell as the European Central Bank expressed concern that investors were losing faith in its ability to revive inflation and after a
measure of German manufacturers reinforced recession concern. The British pound jumped as investors seized on hints from European leaders that a Brexit deal could still be reached.
Here are some notable events coming up:
* Kansas City Federal Reserve Bank hosts its annual central banking symposium in Jackson Hole, Wyoming. It started Thursday.
Here are some of the main moves in markets:
Stocks
* The S&P 500 was little changed at 2,922.95 at 4 p.m. in New York.
* The Stoxx Europe 600 Index declined 0.4%.
* The MSCI Asia Pacific Index fell 0.4%.
* The MSCI Emerging Market Index dipped 0.8%.
Currencies
* The Bloomberg Dollar Spot Index was little changed.
* The euro was little changed at $1.1081.
* The British pound climbed 1% to $1.2256.
* The Japanese yen strengthened 0.2% to 106.40 per dollar.
Bonds
* The yield on 10-year Treasuries increased two basis points to 1.61%.
* Germany’s 10-year yield gained three basis points to -0.64%.
* Britain’s 10-year yield rose four basis points to 0.517%.
Commodities
* The Bloomberg Commodity Index dropped 0.5%.
* West Texas Intermediate crude fell 0.6% to $55.35 a barrel.
* Gold dipped 0.5% to $1,508.50 an ounce.
–With assistance from David Wilson, Paul Allen, Adam Haigh, Yakob Peterseil, Todd White and Sarah Ponczek.

Have a great night.

Be magnificent!
As ever,

Carolann

Justice is the right of the weakest.
     -Joseph Joubert, 1754-1824            

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:
1991 – A hard-line coup against Soviet President Mikhail S. Gorbachev collapsed in the face of a popular uprising led by Russian federation President Boris Yeltsin.  Go to article>>

Birthday: Aubrey Beardsley, August 21, 1872.
Aubrey Vincent Beardsley (1872-1898), English artist in black and white, was born in Brighton on this day.  In 1891, he took up art as a profession and from 1893 until his death in 1898, his work came continually before the public, arousing a storm of criticism and much hostile feeling.  They felt that Beardsley had an unswerving tendency towards the fantastic art of the gloomier and unwholesome sort.  For more information on Aubrey Beardsley, see www.victorianweb.org.

When you have only two pennies left in the world, buy a loaf of bread with one, and a lily with the other. –Chinese Proverb.
PHOTOS OF THE DAY

A man rides his bike past art installation entitled “Forever Cycles” by Chinese artist Ai Weiwei in Rio de Janeiro, Brazil
CREDIT: CARL DE SOUZA/ AFP/GETTY IMAGES

The sea bridge is illuminated at the Baltic Sea beach in Sellin near Brinz and Baabe on the island of Ruegen, northeastern Germany, as night falls
CREDIT: JENS BUTTNER/ DPA/AFP

Drops of dew sit on a spider web in the early morning mist in Los Angeles, California, U.S
CREDIT: REUTERS/LUCY NICHOLSON

Artist’s view of the system Pictoris. At least two giant planets, 20 million years old at most, orbit the star(not visable):Pictoris c, the nearest, which has just been discovered, and Pictoris b, further away. The dust and gas disc is visible in the background.
CREDIT: HO /UNIVERSITY OF GRENOBLE-ALPES/AFP
Market Closes for August 21^st , 2019

Market Index	Close	Change
Dow Jones	26202.73	+240.29 +0.93%
S&P 500	2924.43	+23.92 +0.82%
NASDAQ	8020.207	+71.646 +0.90%
TSX	16309.23	+95.92
		+0.59%

International Markets

Market Index	Close	Change
NIKKEI	20618.57	-58.65
		-0.28%
HANG SENG	26270.04	+38.50
		+0.15%
SENSEX	37060.37	-267.64
		-0.72%
FTSE 100*	7203.97	+78.97
		+1.11%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.224		1.159
CND. 30 Year Bond		1.458		1.394
U.S.    10 Year Bond		1.5893		1.5555
U.S. 30 Year Bond		2.0723		2.0375

Currencies

BOC Close	Today	Previous
Canadian $	0.75270	0.75077
US $	1.32855	1.33196
Euro Rate 1 Euro=		Inverse
Canadian $	1.47351	0.67865
US $	1.70911	0.90162

Commodities

Gold	Close	Previous
London Gold Fix	1504.55	1496.60
Oil
WTI Crude Future	55.73	56.34

Market Commentary:
Canada
By Kristine Owram
(Bloomberg) — Canada’s equities benchmark gained, propelled by financial stocks, despite an earnings miss by Canada’s largest bank.
The S&P/TSX Composite Index gained 0.6% to 16,309.23. Energy stocks rose 1% after the oil-rich province of Alberta extended its output cuts by a year to December 2020, a move that could help support Canadian crude prices.
Financials also gained, adding 0.6%. Royal Bank of Canada rose 0.6% despite reporting fiscal third-quarter earnings that missed estimates. It did, however, see improvements in expenses and provisions, two areas of concern for investors.
In other moves:
Stocks
* Kinder Morgan Canada Ltd. jumped 32%, the most on record, after Pembina Pipeline Corp. said it will buy the Canadian unit and the U.S. portion of a key Kinder Morgan pipeline for about C$4.35 billion
* CannTrust Holdings Inc. fell 4.6% to C$2.48. That’s below the pot producer’s IPO price of C$2.50 and the lowest close since September 2017
* Bausch Health Cos. gained 5.4%. William Humphries, the company’s president of ortho-dermatologics, bought over $650,000 worth of shares
Commodities
* Western Canada Select crude oil traded at a $12.75 discount to WTI
* Gold was little changed at $1,504.60 an ounce
FX/Bonds
* The Canadian dollar strengthened 0.2% to C$1.3288 per U.S. dollar
* The Canada 10-year government bond yield rose 6 basis points to 1.22%
US
By Rita Nazareth and Sarah Ponczek
(Bloomberg) — U.S. stocks pared gains and Treasuries fell as Federal Reserve minutes fell short of signaling the central bank was ready to cut rates sharply.
The S&P 500 Index moved away from Wednesday’s highs and two-year Treasury yields surged after the minutes indicated the Fed is prepared to ease if economic conditions worsen, while hinting the committee didn’t view the July cut as part of an extended cycle of reductions. The two-year yield was briefly above the 10-year rate, a key signal watched by investors and seen as a harbinger of a recession. The bond market expects almost 65 basis points of interest-rate cuts by the end of the year.
“With hopes for Fed stimulus as the biggest driver of stocks’ buoyancy in the face of trade tensions and weakening global growth, today’s relatively dovish Fed minutes were about in line with investors’ high expectations,” said Alec Young, managing director of global markets research at FTSE Russell.          Stocks already started the day higher after solid results from retailers Target Corp. and Lowe’s Cos. defied recession fears. Traders also assessed the latest developments in the U.S.-China trade spat, with President Donald Trump predicting the U.S. will “probably” make a deal. Trump also said Wednesday that the economy is strong and kept up his relentless attack on the central bank, claiming that “the only problem we have is Jay Powell and the Fed.”
Elsewhere, most European bonds fell after Germany saw anemic demand for a 30-year bond offering zero coupon. The British pound slipped as the possibility of a so-called no-deal Brexit gained momentum. Oil slid as a surprise jump in U.S. diesel and gasoline stockpiles raised concerns about weakening demand.
Here are some notable events coming up:
* Thursday brings the Bank Indonesia rate decision and press conference with Governor Perry Warjiyo.
* Flash PMIs are due for the euro area on Thursday.
* Kansas City Federal Reserve Bank hosts its annual central banking symposium in Jackson Hole, Wyoming, starting Thursday. Fed Chairman Jerome Powell will give remarks on Friday.
Here are the main moves in markets:
Stocks
* The S&P 500 rose 0.8% to 2,924.43 as of 4 p.m. New York time.
* The Stoxx Europe 600 Index gained 1.2%.
* The MSCI Asia Pacific Index decreased 0.4%.
Currencies
* The Bloomberg Dollar Spot Index increased 0.1%.
* The euro dipped 0.1% to $1.1085.
* The British pound declined 0.4% to $1.2125.
* The Japanese yen fell 0.3% to 106.60 per dollar.
Bonds
* The yield on 10-year Treasuries rose three basis points to 1.58%.
* Germany’s 10-year yield climbed two basis points to -0.67%.
* Britain’s 10-year yield increased three basis points to 0.479%.
Commodities
* The Bloomberg Commodity Index advanced 0.1%.
* West Texas Intermediate crude declined 0.8% to $55.68 a barrel.
–With assistance from Adam Haigh, Robert Brand, Luke Kawa,
Nancy Moran, Sophie Caronello, Brandon Kochkodin and Laura Curtis.
Have a great night.

Be magnificent!
As ever,

Carolann

I only want people around me who can do the impossible.
                                     -Elizabeth Arden, 1884-1966

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: St. Stephen’s Day, Hungary.
1942 – Plutonium first weighed.
1977 – The United States launched Voyager 2, an unmanned spacecraft carrying a 12-inch copper phonograph record containing greetings in dozens of languages, samples of music and sounds of nature. Go to article>>
 
PHOTOS OF THE DAY

A thunderstorm moves across the Hudson Ricer over Hudson Yards and the Empire State Building in New York City as seen from Hoboken, New Jersey.
CREDIT: GARY HERSHORN/GERRY IMAGES

Long time exposure photo shows an aircraft flying over the buildings of banking district in Frankfurt, Germany.
CREDIT: AP PHOTO/MICHAEL PROBST

Gaia is a seven metre diameter sphere, featuring 120 dpi detailed NASA imagery of the earth’s surface. The artwork provides the opportunity to see our planet on this scale, floating in three-dimensions. The artwork is 1.8 million times smaller than the real earth with each centimetre of the internally lit sculpture describing 18km if the earth’s surface. By standing 211m away from the artwork, viewers will be able to see the Earth as it appears from the moon in Peterborough Cathedral, Peterborough, UK
CREDIT: TERRY HARRIS
 Market Closes for August 20th, 2019

Market Index	Close	Change
Dow Jones	25962.44	-173.35 -0.66%
S&P 500	2900.51	-23.14 -0.79%
NASDAQ	7948.563	-54.250 -0.68%
TSX	16213.31	-90.74
		-0.56%

International Markets

Market Index	Close	Change
NIKKEI	20677.22	+114.06
		+0.55%
HANG SENG	26231.54	-60.30
		-0.23%
SENSEX	37328.01	-74.48
		-0.20%
FTSE 100*	7125.00	-64.65
		-0.90%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.159		1.187
CND. 30 Year Bond		1.394		1.412
U.S.    10 Year Bond		1.5555		1.6063
U.S. 30 Year Bond		2.0375		2.0874

Currencies

BOC Close	Today	Previous
Canadian $	0.75077	0.75025
US $	1.33196	1.33288
Euro Rate 1 Euro=		Inverse
Canadian $	1.47838	0.67642
US $	1.10993	0.90096

Commodities

Gold	Close	Previous
London Gold Fix	1496.60	1515.25
Oil
WTI Crude Future	56.34	56.21

Market Commentary:
On this day in 1982, the stock market closed out a historic week with the Dow rallying more than 10% for the period and shattering volume records in four out of five trading sessions. The index finished the week at 869.26 and has risen by around 2900% since then.
Canada
By Kristine Owram
(Bloomberg) — Canada’s equity benchmark fell as bank stocks retreated ahead of the start of their fiscal third- quarter earnings season.
The S&P/TSX Composite Index lost 0.6% to 16,213.31 after two sessions of gains. Royal Bank of Canada fell 1.1% before it kicks off bank earnings Wednesday morning. Analysts expect headwinds from rate cuts, lower capital markets revenue and weakening credit conditions, offset by slower expense growth.
Energy stocks slid 1.1% as the discount for Canadian crude widened the most in a month. Precision Drilling Corp. fell 6.4%, offsetting some of Monday’s 18% gain.
In other moves:
Stocks
* Organigram Holdings Inc. gained 2.7%. The pot stock will graduate to the Toronto Stock Exchange at the start of trading on Aug. 22
* Birchcliff Energy Ltd. rose 6.3% and Peyto Exploration & Development Corp. gained 3.8% on speculation of a potential vote Thursday regarding changes to shipping rules on TC Energy Corp.’s NGTL system
* Cameco Corp. added 1.1% after Kazatomprom, the world’s largest uranium miner, said it will extend production cuts
Commodities
* Western Canada Select crude oil traded at a $12.50 discount to WTI
* Gold rose 0.4% to $1,517.30 an ounce
FX/Bonds
* The Canadian dollar was little changed at C$1.3318 per U.S. dollar
* The Canada 10-year government bond yield fell 3 basis points to 1.16%
US
By Rita Nazareth and Sarah Ponczek
(Bloomberg) — Stocks fell and Treasuries climbed as investors assessed the latest news on trade talks and awaited more clues on monetary policy.
The S&P 500 Index halted a three-day rally after U.S. Secretary of State Michael Pompeo told CNBC that Huawei Technologies Co. isn’t the only Chinese company that poses risks. He also sees the U.S. and China continuing their talks — at least by phone — over the next week or 10 days. Later Tuesday, President Donald Trump said he’s not ready to make a deal with China and cited the need for a “big” Federal Reserve rate cut. Benchmark 10-year yields slumped while the dollar
dropped from this year’s high. Italian bonds jumped as Prime Minister Giuseppe Conte resigned. Just a day after markets cheered progress on trade negotiations, investors took a more cautious approach. Trump’s top economic adviser, Larry Kudlow, speaks with business leaders this week amid concerns about a recession, the trade war and whipsawing markets. Pacific Investment Management Co. has reduced its positions in government debt on bets that a breakthrough in U.S.-China trade talks could trigger a violent sell-off, the Financial Times reported. Traders are also gearing up for a keynote speech from Fed Chairman Jerome Powell at the Jackson Hole symposium Friday.
“It’s kind of a choppy environment,” Dan Skelly, head of equity model portfolios at Morgan Stanley Wealth Management, said in a phone interview. “The liquidity in August is going to be pretty poor, so that certainly in my view caps the potential upside, but it does raise the risk that you do have a more pronounced sell-off at some point.” Wall Street watchdogs handpicked by Trump eased the Volcker Rule’s controversial ban on banks making speculative investments, wrapping up a top deregulatory priority that’s long been sought by the financial industry. Still, bank stocks joined broader market losses.
In corporate news, Home Depot Inc. surged after its results broadly cleared investor expectations — or at least, were no worse than expected by Wall Street. Beyond Meat Inc. jumped after JPMorgan upgraded the stock to overweight from neutral. Baidu Inc. soared after the China-based Internet company unexpectedly reported revenue growth in its June quarter. Kohl’s Corp. fell on sales that fell short of expectations.
Here are some notable events coming up:
* Minutes of the Fed’s July meeting will provide details on the discussions leading to the first interest-rate cut in a decade when they are released on Wednesday.
* Thursday brings the Bank Indonesia rate decision and press conference with Governor Perry Warjiyo.
* Flash PMIs are due for the euro area on Thursday.
* Kansas City Federal Reserve Bank hosts its annual central banking symposium in Jackson Hole, Wyoming, starting Thursday. Fed Chairman Jerome Powell will give remarks on Friday.

Here are the main moves in markets:
Stocks
* The S&P 500 Index dipped 0.8% to 2,900.53 as of 4 p.m. New York time.
* The Stoxx Europe 600 Index decreased 0.7%.
* The MSCI Asia Pacific Index rose 0.6%.
Currencies
* The Bloomberg Dollar Spot Index declined 0.3%.
* The euro rose 0.2% to $1.1102.
* The Japanese yen increased 0.4% to 106.21 per dollar.
Bonds
* The yield on 10-year Treasuries slid six basis points to 1.55%.
* Germany’s 10-year yield fell four basis points to -0.69%.
* Britain’s 10-year yield fell two basis points to 0.452%.
Commodities
* The Bloomberg Commodity Index was little changed.
* West Texas Intermediate crude climbed 0.2% to $56.34 a barrel.
* Gold increased 0.3% to $1,516.70 an ounce.
–With assistance from Sybilla Gross, Andreea Papuc, Todd White
and Laura Curtis.
Have a great night.

Be magnificent!
As ever,

Carolann

Common sense is not so common.
                -Voltaire, 1694-1778

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:
Coco Chanel, b. 1883
Bill Clinton, b.1946
If you happen to be in Cape Town, South Africa you can check out the pop-up restaurant that focuses on insect cuisine. Yeah, you read that right. -CNN.
Staring at seagulls can stop them from stealing food. 
Bees are dropping dead, sending a message to humans

On Aug. 19, 1934, a plebiscite in Germany approved the vesting of sole executive power in Adolf Hitler as Fuhrer.  Go to article>>

Porsche’s Nazi Car Stalls in Auction Blunder
During Saturday night’s highly charged standing-room only auction in downtown Monterey, California, auctioneers at RM Sotheby’s premier sale dimmed the lights and showed a promotional video for the much-anticipated sale of the 1939 Type 64. The controversial silver coupe had been expected to sell for some $20 million, but the video rocked the audience. In the end, the car didn’t sell at all. -from Bloomberg.

PHOTOS OF THE DAY

A girl holds a sign that reads ‘pull the emergency brake’ as she attends a ceremony in the area which once was the Okjokull glacier, in Iceland. With poetry, moments of silence and political speeches about the urgent need to fight climate change, Icelandic officials, activists and others bade goodbye to the first Icelandic glacier to disappear.
CREDIT:FELIPE DANA/AP

A 3D light animation is projected by the Limelight Projection Mapping International Light Art Group onto the façade of the University of Debrecen during the Night of Lights in Debrecen, Hungary
CREDIT: THE TELEGRAPH AUGUST 19, 2019

Revellers leave after the Havana Carnival celebrations were suspended due to bad weather conditions.
CREDIT:YAMIL LAGE/AFP/GETTY IMAGES
Market Closes for August 19th, 2019

Market Index	Close	Change
Dow Jones	26135.79	249.78 +0.96%
S&P 500	2923.65	+34.97 +1.21%
NASDAQ	8002.813	+106.819 +1.35%
TSX	16304.05	+154.26
		+0.96%

International Markets

Market Index	Close	Change
NIKKEI	20563.16	+144.35
		+0.71%
HANG SENG	26291.84	+557.62
		+2.17%
SENSEX	37402.49	+52.16
		+0.14%
FTSE 100*	7189.65	+72.50
		+1.02%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.187		1.160
CND. 30 Year Bond		1.412		1.377
U.S.    10 Year Bond		1.6063		1.5538
U.S. 30 Year Bond		2.0874		2.0348

Currencies

BOC Close	Today	Previous
Canadian $	0.75025	0.75362
US $	1.33288	1.32693
Euro Rate 1 Euro=		Inverse
Canadian $	1.47710	0.67700
US $	1.10816	0.90239

Commodities

Gold	Close	Previous
London Gold Fix	1515.25	1515.65
Oil
WTI Crude Future	56.21	54.87

Market Commentary:
On this day in 2004, Google’s stock began trading in one of the most anticipated public offerings in years. Initially priced at $85, the stock has returned more than 4000% since then.
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks rose the most since January after the U.S. struck a more conciliatory tone on Chinese trade relations and a drone attack in Saudi Arabia sent oil prices
higher.
The S&P/TSX Composite Index added almost 1% to reach 16,304.05 amid a global rally in equities. The U.S. will extend exemptions that protect some domestic customers from a ban on doing business with China’s Huawei Technologies Co., a development that was seen as positive for trade negotiations.
Energy stocks led the gain in Toronto, rising 1.6% after a drone strike by Yemeni rebels on a Saudi Arabian oil field raised fears about ongoing unrest in the region. Health-care stocks brought up the rear as cannabis stocks retreated.
In other moves:
Stocks
* Precision Drilling Corp. jumped 18%, the most since 1991. The company cut its 2019 capital expenditure guidance and announced a plan to buy back up to 10% of its stock
* Hudson’s Bay Co. gained 7.6% to the highest in two months. Private equity firm Catalyst Capital Group Inc. bought a 10% stake in the company as part of its efforts to block a proposed takeover by the retailer’s chairman
* AGF Management Ltd. rose by a record 19%, after confirming that Smith & Williamson is in exclusive takeover talks with Tilney Group Ltd. AGF owns a minority stake in Smith & Williamson
Commodities
* Western Canada Select crude oil traded at an $11.25 discount to WTI
* Gold fell 0.8% to $1,500.40 an ounce
FX/Bonds
* The Canadian dollar weakened 0.5% to C$1.3334 per U.S. dollar
* The Canada 10-year government bond yield rose 2 basis points to 1.18%
US
By Rita Nazareth and Sarah Ponczek
(Bloomberg) — Stocks climbed after the Trump administration signaled progress on trade negotiations and speculation grew that major central banks will shore up their economies. The dollar rose to this year’s high.
The S&P 500 Index gained for a third day, led by chipmakers, as U.S. Commerce Secretary Wilbur Ross said the nation will delay restrictions imposed on some business operations of China’s Huawei Technologies Co. The Treasury market was unfazed by President Donald Trump’s call for the central bank to cut rates by “at least 100 basis points.” Bunds tumbled as Germany was said to be preparing fiscal stimulus measures. Oil rallied as a drone attack in Saudi Arabia highlighted simmering Middle East tension. Gold fell. The week started on a positive note as the news on Huawei was seen as encouraging for the long-awaited trade pact between the world’s two largest economies. Still, the company said the temporary relief doesn’t change the fact that it’s been treated “unjustly.” The announcement of a reprieve followed a tweet from Trump over the weekend indicating the U.S. was “doing very well with China, and talking,” but suggesting he wasn’t ready to sign a deal.
“It’s kind of like a drunken walk,” said Paul Nolte, a money manager at Kingsview Asset Management in Chicago. “There’s no rhyme or reason from day to day as to what’s happening with trade, and trade is really what’s driving the markets. And there’s no way to handicap it. There is no glide path, there is no, ‘Here’s what happening.’ It’s a random walk.” Trump’s top economic adviser, Larry Kudlow, will speak with business leaders this week amid concerns about the rising odds for a recession, the trade war and whipsawing markets. Federal Reserve Bank of Boston President Eric Rosengren pushed back against further rate cuts, arguing he’s not convinced that slowing trade and global growth will significantly dent the economy. Investors awaited Fed Chairman Jerome Powell’s remarks about the challenges for monetary policy at the Jackson Hole symposium Friday.
In corporate news, Walt Disney Co. erased gains and was little changed at the close after a MarketWatch report cited a whistleblower who said the company had materially overstated revenue for years. Estee Lauder Cos. rallied after the cosmetics company forecast earnings that topped analysts’ estimates. PG&E Corp. tumbled after a judge said that a jury could now hear $18 billion in legal claims from a deadly 2017 wildfire. Blue-chip U.S. companies are likely to see a surge in demand for their bonds as the rising amount of negative-yielding debt globally forces more overseas investors to seek higher returns in dollar assets, according to Bank of America Corp. “There is a wall of new money being forced into the global corporate bond market,” strategists led by Hans Mikkelsen wrote in an Aug. 16 note.
Here are some notable events coming up:
* Minutes of the Fed’s July meeting will provide details on the discussions leading to the first interest-rate cut in a decade when they are released on Wednesday.
* Thursday brings the Bank Indonesia rate decision and press conference with Governor Perry Warjiyo.
* Flash PMIs are due for the euro area on Thursday.
* Kansas City Federal Reserve Bank hosts its annual central banking symposium in Jackson Hole, Wyoming, starting Thursday. Fed Chairman Jerome Powell will give remarks on Friday.
Here are the main moves in markets:
Stocks
* The S&P 500 rose 1.2% to 2,923.65 as of 4 p.m. New York time.
* The Stoxx Europe 600 Index increased 1.1%.
* The MSCI Asia Pacific Index climbed 0.9%.
Currencies
* The Bloomberg Dollar Spot Index gained 0.3%.
* The euro decreased 0.1% to $1.1078.
* The Japanese yen dipped 0.3% to 106.65 per dollar.
Bonds
* The yield on 10-year Treasuries rose five basis points to 1.60%.
* Germany’s 10-year yield jumped four basis points to -0.65%.
* Britain’s 10-year yield climbed less than one basis point to 0.47%.
Commodities
* West Texas Intermediate crude increased 2.4% to $56.21 abarrel.
* Gold for December delivery fell 0.8% to $1,511.60 an ounce; the spot price dropped below $1,500.
–With assistance from Adam Haigh, Todd White and Laura Curtis.
Have a great night.

Be magnificent!
As ever,

Carolann

A day without laughter is a day wasted.
             -Charlie Chaplin, 1889-1977

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!
On Aug. 16, 1977, singer Elvis Presley died at Graceland Mansion in Memphis, Tenn., at age 42.  Go to article »

In 1977 I spent the summer travelling around  Europe.  I met an English woman in the south of Italy, in Brindisi to be exact, where there is a ferry terminal.  I was alone as was she and we started chatting.  I was waiting for the ferry to go to Crete and she was heading to Ios in the Cyclades.  She met friends there every summer.  They spent the winters in North Africa and the summers on the tiny island of Ios.  After a couple of hours hanging around the ferry dock together, she persuaded me to go with her to Ios and then move on to Crete from there.  It turned out that I was having such a great time on Ios,  I never left until that day in 1977 – August 16^th.  I headed back to Paris in order to get my flight back to Montreal so I could prepare to continue my undergraduate studies at university.  As I was hustling through the Athens airport, a young woman around my age, noticed my backpack, and rushing up to me asked tearfully if I had heard the news.  Of course, in those days, there were no smart phones or i-Pads for news and in fact, Ios didn’t even have cars, just donkeys.  I didn’t see a newspaper, television or even hear a radio while I was there – a sort of blissful reprieve.  I realized that I had heard no news for a couple of weeks.  She then told me that Elvis Presley was dead.  So it is now an indelible memory for me – where I was when I first heard that  Elvis had died.  I must admit, my musical affinity at the time wasn’t to Elvis, but to the Stones, David Bowie, Led Zeppelin, Van Morrison, Steely Dan….but I instantly comprehended the profound significance of this tragedy.  He was an amazing musical iconoclast and he influenced many of the musicians I loved.

I don’t know anything about music.  In my line you don’t have to.  –Elvis Presley, 1935-1977

Weekend reading from Bloomberg:
Bugatti’s one-off La Voiture Noire debuted at the Pebble Beach Concours D’Elegance. It’s already been sold , for $18.68 million.
Robert Ballard, discoverer of the Titanic, is exploring a startling clue that may help him find Amelia Earhart’s plane .  
PHOTOS OF THE DAY

Firework explode in front of the full moon during celebrations marking the feast of the Assumption of Our Lady in Mosta, Malta
CREDIT: REUTERS/DARRIN ZAMMIT LUPI

Icebergs are photographed from the window of an airplane carrying NASA Scientist as they fly on a mission to track melting ice in eastern Greenland. Greenland has been melting faster in the last decade and this summer, it has seen two of the biggest melts on record since 2012
CREDIT: AP PHOTO/MSTYLAV CHERNOV

People gather during the Marian procession the shrine of Our Lady of Lourdes during the annual Catholic pilgrimage of Lourdes
CREDIT: PASCAL PAVANI/AFP
Market Closes for August 16th, 2019

Market Index	Close	Change
Dow Jones	25886.01	+306.62 +1.20%
S&P 500	2888.68	+41.08 +1.44%
NASDAQ	7895.992	+129.375 +1.67%
TSX	16149.79	+137.26
		+0.86%

International Markets

Market Index	Close	Change
NIKKEI	20418.81	+13.16
		+0.06%
HANG SENG	25734.22	+238.76
		+0.94%
SENSEX	37350.33	+38.80
		+0.10%
FTSE 100*	7117.15	+50.14
		+0.71%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.160		1.094
CND. 30 Year Bond		1.377		1.299
U.S.    10 Year Bond		1.5538		1.5269
U.S. 30 Year Bond		2.0348		1.9729

Currencies

BOC Close	Today	Previous
Canadian $	0.75362	0.75098
US $	1.32693	1.33160
Euro Rate 1 Euro=		Inverse
Canadian $	1.47185	0.67942
US $	1.10921	0.90154

Commodities

Gold	Close	Previous
London Gold Fix	1515.65	1513.25
Oil
WTI Crude Future	54.87	54.47

Market Commentary:
For the first time, the owner of the New York Stock Exchange will allow investors to buy derivatives that pay out in Bitcoin.
Canada
By Michael Bellusci
(Bloomberg) — Canadian stocks recovered some losses after a two-day slump, following U.S. stocks higher as investors got a break from a tumultuous week of concerns regarding trade.
The S&P/TSX Composite Index rose 0.9% Friday. Pot shares led most of Canada higher, with only materials stocks lagging. TheScore Inc. jumped 10.2% after getting the green light to launch a mobile application for sports betting in New Jersey.
And, looking ahead, the Royal Bank of Canada is set to report earnings Wednesday morning. Despite pressure on rates, the bank is expected to post 3Q earnings gains above its targeted 7%, according to Bloomberg Intelligence.
In other moves:
Stocks
* Horizons Marijuana Life Sciences ETF (HMMJ CN) gained 1.4% after plunging 7.3% Thursday
* Crescent Point Energy Corp. gained 7%
* Interfor Corp. rose 6.6%
* Enerplus Corp. advanced 5.2%
* Semafo Inc. fell 6.2%
* Osisko Mining Inc. dropped 3.9%
Ratings
* BB CN: Blackberry Rated New Neutral at Macquarie; PT $8
* BBD/B CN: Bombardier Downgraded to Neutral at Goldman; PT C$2
* BYD-U CN: Boyd Group Upgraded to Buy at Desjardins; PT C$195
* CG CN: Centerra Gold Upgraded to Outperform at Credit Suisse; PT C$14
* EXE CN: Extendicare Upgraded to Outperform at CIBC; PT C$9.50
* HR-U CN: H&R REIT Downgraded to Hold at Desjardins; PT C$24
* JE CN: Just Energy Group Downgraded to Underperform at CIBC; PT C$2
* LGO CN: Largo Resources Rated New Outperform at RBC; PT C$3.50
* WEED CN: Canopy Growth Cut to Market Perform at Cormark Securities
Commodities
* Western Canada Select crude oil traded at a $12 discount to WTI
* Gold spot price fell 0.5% to $1,523.60 an ounce
FX/Bonds
* The Canadian dollar gained 0.3% to C$1.3272 per U.S. dollar
* The Canada 10-year government bond yield rose to 1.15%
US
By Jeremy Herron and Sarah Ponczek
(Bloomberg) — U.S. stocks rose for a second day as investors got a reprieve from trade posturing and speculation mounted that European officials will bolster stimulus if growth in the region continues to sputter. Treasuries nudged lower, lifting yields from multiyear lows.
The S&P 500 jumped more than 1%, notching its 13th straight session with an intraday move of that magnitude as August volatility persisted. The index lost 1% in the five days for a third straight drop. Bulls got ammunition when on a report Germany would engage in deficit spending in the event of a recession. A day earlier, a European Central Bank official said monetary stimulus would be greater than investors anticipated. Germany’s Dax surged and the region’s bonds retreated.
In the U.S., chipmakers paced Friday’s advance after Nvidia Corp.’s after quarterly sales and profit beat estimates. Banks also rose as the yield curve steepened, with two-year rates slipping and 10-years turning higher. Deere & Co. rebounded even after cutting guidance, blaming in part the trade war for undermining sales. In Asia, shares in Hong Kong rallied, Chinese stocks edged higher and Korean equities fell.
The prospect for strong European stimulus bolstered confidence that the U.S. economy would be spared some of the ill-effects of the slowdown in that region. Investors remained on edge over trade after a week of back-and-forth headlines delivered wild swings in the equity and bond markets. With traders gunning for more rate cuts from the Federal Reserve, chair Jerome Powell may give a hint of his thinking when he speaks Aug. 23 at the annual central bankers retreat in Jackson Hole, Wyoming.
“The Fed, in order to keep this expansion going, needs to provide additional accommodation,” Tiffany Wilding, U.S. economist at Pacific Investment Management Co., told Bloomberg TV. “Whether they are able to arrest the downturn — there is some question around that. Ultimately we think that they will be able to.”
Here are the main moves in markets:
Stocks
* The S&P 500 Index gained 1.45% as of 4 p.m. New York time.
* The Dow Jones Industrial Average rose 1.2%.
* The Stoxx Europe 600 Index rose 1.2%.
* The Shanghai Composite Index climbed 0.3%.
* The MSCI Emerging Market Index increased 0.7%, trimming the week’s loss to 1.1%.
Currencies
* The Bloomberg Dollar Spot Index rose 0.1%, pushing its weekly advance to 0.5%.
* The euro fell 0.1% to $1.1092.
* The British pound jumped 0.5% to $1.2146.
* The onshore yuan dipped 0.1% to 7.04 per dollar.
* The Japanese yen declined 0.2% to 106.34 per dollar.
Bonds
* The yield on 10-year Treasuries rose two basis points to 1.5454%.
* The yield on two-year Treasuries fell one basis point to 1.48%.
* Germany’s 10-year yield rose three one basis points to -0.685%.
* Britain’s 10-year yield climbed six basis points to 0.466%.
Commodities
* West Texas Intermediate crude rose 0.6% to $54.76 a barrel.
* Iron ore climbed 0.3% to $86.75 per metric ton.
* Gold futures decreased 0.6% to $1,522.60 an ounce.
–With assistance from Nancy Moran, Adam Haigh and Yakob Peterseil.
Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

Success is not final, failure is not fatal: it is the courage to continue that counts.
                                                               -Sir Winston Churchill, 1874-1965

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

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

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

Dear Friends,

Tangents: Full Moon Tonight!
2001 Astronomers announced the discovery of the first solar system outside our own – two planets orbiting a star in the Big Dipper.  Go to article »

Napoleon Bonaparte, born 1769.
Sir Walter Scott, born 1771.
T.E. Lawrence,  born 1888.
Julia Child, born 1912.

Portland, Maine: An Incomparable Insider’s Guide:  James Beard award-winning restaurants line cobblestone streets, breweries turn out serious suds and the lobster roll is in a constant state of upscale reinvention. Portland, Maine, is a food-lover’s fantasyland, but the culture goes well beyond the plate.– from The Wall Street Journal.

Your next San Francisco salad may have been raised entirely by robots. (h/t James Greiff) –Bloomberg.
PHOTOS OF THE DAY
Artist of the Tbilisi Opera And Ballet theater perform during dress rehearsal of the spectacle ‘Un Ballo Maschera’ in Tbilisi, Georgia
CREDIT: ZURAB KURTSIKIDZE/EPA -EFE/REX

Flames rise from a forest fire near the village of Makrimalli on the island of Evia, northeast of Athens
CREDIT: ANGELLOS TZORTZINIS / AFP

Swedish activist Greta waves to well-wishers while leaving Plymouth, Britain, 14 August 2019. GretaThunberg is making her way from Plymouth to New York aboard the Malizia II to attend the climate change conference in September. Swedish activist Greta Thunberg press conference in Plymouth ahead of trip to New York aboard the Malizia II, United Kingdom
CREDIT: ANDY RAIN/EPA -EFE/REX
The moon appears to be hanging from a crane as it rises up last night. Tom Duffin photographed the moment close to Waverly Station, Edinburgh, Scotland. Mr Duffin photographed the moon, ‘hanging’ from the crane, which will be at it’s full tonight.
CREDIT: TOM DUFFIN/SOLENT NEWS
Market Closes for August 15th, 2019

Market Index	Close	Change
Dow Jones	25579.39	+99.97 +0.39%
S&P 500	2847.60	+7.00 +0.25%
NASDAQ	7766.617	-7.322 -0.09%
TSX	16012.53	-33.41
		-.21%

International Markets

Market Index	Close	Change
NIKKEI	20405.65	-249.48
		-1.21%
HANG SENG	25495.46	+193.18
		+0.76%
SENSEX	37311.53	+353.37
		+0.96%
FTSE 100*	7067.01	-80.87
		-1.13%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.094		1.149
CND. 30 Year Bond		1.299		1.355
U.S.    10 Year Bond		1.5269		1.5843
U.S. 30 Year Bond		1.9729		2.0220

Currencies

BOC Close	Today	Previous
Canadian $	0.75098	0.75087
US $	1.33160	1.33179
Euro Rate 1 Euro=		Inverse
Canadian $	1.47956	0.67588
US $	1.11112	0.90000

Commodities

Gold	Close	Previous
London Gold Fix	1513.25	1498.40
Oil
WTI Crude Future	54.47	55.23

Market Commentary:
The yield on the 30-year U.S. Treasury note—the longest type of U.S. government debt and one of the most sensitive to changes in expectations for long-term growth and inflation—fell to a record low of 2.038% Wednesday. Yields fall as prices rise and have slid on fears about slowing growth recently. 
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian stocks fell after a brief intraday recovery as volatile trading whipsawed financial markets. The biggest loser was the health-care sector, which was mainly hurt by Canopy Growth’s surprise revenue decline.
The S&P/TSX tried to make a comeback after Wednesday’s massive sell-off that saw Canadian stocks tumble the most in nearly a year amid mounting signs of a global economic slowdown. That rout wiped off almost C$47 billion from the S&P/TSX in just one trading session, according to data compiled by Bloomberg.
However, the index fell 0.2% on Thursday in Toronto to 16,012.53, as health-care stocks sank 6.3%. Consumer staples and materials were the best-performing sectors. The turbulence in markets globally has had equity traders sitting on the edge of their seats all summer long. In Canada, volatility has risen to its highest in seven months amid a fraught geopolitical backdrop, escalating U.S.-China trade tensions and global recession concerns.
In other moves:
Stocks
* Just Energy tumbled 40% after cutting its year Ebitda guidance. Canaccord said the company’s “house cleaning” signals intent to sell
* Canopy Growth fell 15% on a surprise revenue decline. Other pot stocks such as Cronos, Aphria and Hexo also tumbled
* Birchcliff Energy fell 9.1% despite having boosted its net average production forecast for the full year
* Boardwalk REIT was among the best performing stocks, up 4.4%, after it raised its annual FFO per share guidance
* Hudbay Minerals rose 3.8% after falling 8.2% yesterday
* Stars Group rose 1.7% after news activist ValueAct built a new stake in the company during the second quarter
Ratings
* BHC CN: Bausch Health Upgraded to Buy at TD
* CAR-U CN: Canadian Apartment Raised to Outperform at National Bank
* FTT CN: Finning International Rated New Equal-weight at Stephens
* GFI SJ: Asanko Gold Targets 8-10 Years of Remaining Life in Asanko Mine
* MTL CN: Mullen Group Cut to Sector Perform at National Bank; PT C$11
* PL CN: Pinnacle Renewable Energy Resumed at GMP With Buy; PT C$14
* SPB CN: Superior Plus Raised to Strong Buy at Industrial Alliance
* TD CN: TD Bank Downgraded to Neutral at BofAML; PT C$77
* TVE CN: Tamarack Valley Energy Rated New Sector Perform at RBC
Commodities
* Western Canada Select crude oil traded at a $11 discount to WTI
* Gold spot price rose 0.4% to $15,22.29 an ounce
FX/Bonds
* The Canadian dollar was little changed at C$1.3316 per U.S. dollar
* The Canada 10-year government bond yield fell to 1.081%
US
By Sarah Ponczek
(Bloomberg) — U.S. stocks finished the day higher after getting whipsawed throughout the session as Treasury yields plummeted to levels unseen in years amid concerns about the prospect of a global recession.
The S&P 500 swung more than 1% from its high to low for a 12th straight day in volume more than a third above its 30-day average before finally ending the day up. Treasuries also
suffered whiplash. The 10-year Treasury yield slid below 1.5% for the first time in three years, while the 30-year dropped under 2% for the first time. Trade headlines set investors on
edge, though volatility has gripped markets for most of August since Donald Trump escalated his spat with China. Walmart’s strong results and retail sales that topped estimates did give bulls ammunition. But big declines weighed on indexes as Tapestry Inc. tumbled more than 20% on poor sales and General Electric sank more than 10% on accusations of financial fraud. Cisco Systems fell the most in two years after blaming a slowing global economy for a weak outlook.
The trade war still hung over markets, with discordant headlines sending risk assets on a wild ride throughout the day. Stocks sold off after China said it would retaliate against
fresh tariffs before bouncing back after official comments struck a more conciliatory tone. President Donald Trump added to concern by saying any deal with China must be “on our terms.”
“We’re getting a lot of mixed signals on the trade war. There are messages from both the U.S. and China, sometimes they’re tougher messages and sometimes they’re less tough
messages. It’s hard to sort out,” said Janet Johnston, portfolio manager at TrimTabs Asset Management. European assets took a jolt when a top official at the European Central Bank said stimulus measures would exceed investor expectations next month, according to a Dow Jones report. The common currency turned lower against the dollar and stocks erased losses before finishing lower.
The morning volatility continued a bout of turmoil sparked two weeks ago when Trump escalated his trade war with China. The uncertainty the rising tensions caused and growing signs of a slowing global economy inverted a key version of the U.S. Treasury yield curve for the first time in 12 years, exacerbating the flight from risk assets. “It’s a tough week with markets as volatile as they are,” said John Roe, the head of multi-asset funds at Legal & General. “Fundamentals are playing a central role but it’s not helped by trade war politics. Markets seemed calmer today after Trump’s more positive tone yesterday, but now China’s upping the rhetoric and it’s becoming a case of he said-Xi said.”
Here are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.3% at 4 p.m. New York time.
* The Dow Jones Industrial Average rose 0.5%.
* The Nasdaq 100 was little changed.
* The Stoxx Europe 600 Index dropped 0.3%.
* The MSCI Asia Pacific Index declined 0.7%.
Currencies
* The Bloomberg Dollar Spot Index was steady.
* The euro fell 0.2% to $1.1112.
* The British pound gained 0.4% to $1.2110.
* The Japanese yen fell 0.1% to 106.00 per dollar.
Bonds
* The yield on 10-year Treasuries decreased seven basis points to 1.51%.
* The two-year yield fell 10 basis points to 1.48%.
* Germany’s 10-year yield dipped six basis points to -0.713%.
Commodities
* Gold futures rose 0.4% at $1,533.20 an ounce.
* West Texas Intermediate crude declined 1.1% to $54.64 a barrel.
–With assistance from Adam Haigh, Joanna Ossinger, Ksenia
Galouchko, Laura Curtis and Jeremy Herron.

Have a great night.

Be magnificent!
As ever,

Carolann

You grow up the day you have your first real laugh  –  at yourself.
                                                -Ethel Barrymore, 1879-1959

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:
On Aug. 14, 1945, President Truman announced that Japan had surrendered unconditionally, ending World War II.  Go to article »
 

Skip and Ping moved to the Berlin zoo in April, where zookeepers observed the king penguins trying to nurture a rock and a fish. So when their zoomate Orange ignored the egg she laid, the zoo gave it to the fellas. “We are sure they would be good parents because they were so nice to their stone,” said a spokesman. If the egg hatches, it would be the first penguin chick at the zoo since 2002. The whole thing has delighted Germany.  -New York Times

PHOTOS OF THE DAY

Light installation the Sziget (Island) Festival on Shipyard Island, Northern Budapest, Hungary
CREDIT: TAMAS SOKI/EPA-EFE/REX

A green light trail created by long exposures in the form of bug. The creative photographer creates some amazing long exposures as he is capturing the view while rock climbing.
CREDIT: LUKE RASMUSSEN/ CATERS NEWS

A long exposure shows stars behind a tree during the annual Perseid meteor shower near the town of Mitzpe Ramon, southern Israel
CREDIT: REURERS/AMIR COHEN
Market Closes for August 14th, 2019

Market Index	Close	Change
Dow Jones	25479.42	-800.49 -3.05%
S&P 500	2840.59	-85.73 -2.93%
NASDAQ	7773.938	-242.421 -3.02%
TSX	16044.48	-306.36
		-1.87%

International Markets

Market Index	Close	Change
NIKKEI	20655.13	+199.69
		+0.98%
HANG SENG	25302.28	+20.98
		+0.08%
SENSEX	37311.53	+353.37
		+0.96%
FTSE 100*	7147.88	-103.02
		-1.42%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.149		1.241
CND. 30 Year Bond		1.355		1.465
U.S.    10 Year Bond		1.5843		1.7035
U.S. 30 Year Bond		2.0220		2.1633

Currencies

BOC Close	Today	Previous
Canadian $	0.75087	0.75622
US $	1.33179	1.32237
Euro Rate 1 Euro=		Inverse
Canadian $	1.48358	0.67405
US $	1.11397	0.89769

Commodities

Gold	Close	Previous
London Gold Fix	1498.40	1504.70
Oil
WTI Crude Future	55.23	57.10

Market Commentary:
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian stocks tumbled most in almost a year alongside U.S. stocks as mounting signs of a globaleconomic slowdown stoked fears of an economic recession. The
sell-off saw almost C$47 billion wiped-off the S&P/TSX in just one trading session, according to Bloomberg data
The S&P/TSX Composite Index fell about 1.9%, the most since Oct. 24, 2018 on Wednesday to 16,045.94. The index seems to have found some support around 16,000, a level previously seen in around June this year, from which the index rebounded to record levels.
All 11 sectors within the index fell, with health care the worst performer and utilities posting the smallest decline. The few stocks that were positive today were mostly found among gold and silver miners, with some outliers such as Chemtrade Logistics Income Fund.
In other moves:
Stocks
* Gold stocks such as Eldorado, Novagold, Detour Gold were among the best performers as prices climbed
* Chemtrade Logistics rose after 2Q adjusted Ebitda beat estimates and said it’s set plans to sell two specialty chemical businesses
* CAE slumped 4.6% after reporting a first quarter adjusted EPS that missed the lowest estimate
* Pot companies fell alongside Tilray after its earnings loss; CannTrust Holdings declined 4.4% and Canopy Growth retreated 5.8%
* Canada Goose fell 6.7% after guidance was unchanged amid a revenue surge for the firm
Ratings
* ABT CN: Absolute Software Upgraded to Buy at Canaccord; PT C$9.25
* BABA: Canada Goose Keeps View; RealReal Tops: N.A. Consumer Pre-Market
* CG CN: Centerra Gold Raised to Outperform at National Bank; PT C$13.50
* LTG LN: Learning Tech Rated New Outperform at Macquarie; PT 1.55 Pounds
* NUAG CN: New Pacific Holdings Rated New Speculative Outperform at BMO
* SYZ CN: Sylogist Downgraded to Buy at Cormark Securities; PT C$15
* TOT CN: Total Energy Services Cut to Sector Perform at Alta Corp
Commodities
* Western Canada Select crude oil traded at a $11.15 discount to WTI
* Gold spot price rose 0.8% to $1,513.78 an ounce
FX/Bonds
* The Canadian dollar retreated 0.7% to C$1.3315 per U.S. dollar
* The Canada 10-year government bond yield fell to 1.
US
By Jeremy Herron and Sarah Ponczek
(Bloomberg) — U.S. stocks suffered one of the deepest sell-offs of the year and Treasuries surged as mounting signs of a global economic slowdown stoked fears of an economic
recession.
The S&P 500 sank almost 3% and the Dow Jones Industrial Average plunged 800 points in its worst rout of the year, sparked when the 10-year Treasury rate slid below the two-year for the first time since 2007. The 30-year yield fell to the lowest on record. Financial shares plunged 3.5% led by a 4.2% rout in Goldman Sachs Group Inc. All of the 30 Dow components retreated.
Volatility has gripped the S&P 500 since President Donald Trump rekindled the trade war at the start of August. The index has swung at least 1% intraday for 11 straight sessions and is
now down 6.1% from its July record. Oil sank 3.5%, gold rallied and the dollar rose.
“With U.S.-China trade uncertainty lingering, investors are increasingly selling first and asking questions later,” Said Alec Young, managing director for global markets research at FTSE Russell. “The only thing seemingly capable of reversing the volatility is credible evidence global growth is bottoming out. That seems too much to hope for right now.”
European shares lost more than 1.5% after Germany’s economy contracted in the second quarter, adding to angst fueled by weak Chinese retail and industrial numbers. The British yield curve also inverted for the first time since the financial crisis and the pound edged higher after inflation unexpectedly rose. Government bonds rallied across Europe, with the yield on benchmark bunds sliding to another record.
The warning emanating from bond markets spooked investors already seeking shelter from the fraught geopolitical climate and the impact of the global trade war just a day after equities rallied on a tariff reprieve from President Donald Trump. While curve inversions normally precede economic downturns, they do not necessarily signal imminent doom. “This is not a positive sign for the market,” Jonathan Golub, chief U.S. equity strategist at Credit Suisse, said on Bloomberg TV. “The Fed is totally empowered to change this dynamic and the market is saying they have to.”
Meanwhile, Hong Kong’s airport resumed normal operations after a chaotic night of protest in which demonstrators beat and detained two suspected infiltrators and Trump warned of Chinese troops massing on the border.
Here are the main moves in markets:
Stocks
* The S&P 500 Index fell 2.9% as of 4 p.m. New York time.
* The Dow Jones Industrial Average lost 3.1% and the Nasdaq 100 fell 3.1%.
* The Stoxx Europe 600 Index fell 1.7%.
* Germany’s DAX Index sank 2%.
* The MSCI Emerging Market Index rose 0.2%.
* The MSCI Asia Pacific Index jumped 0.9%.
Currencies
* The Bloomberg Dollar Spot Index rose 0.3%.
* The euro increased 0.3% to $1.1143.
* The British pound climbed 0.1% to $1.2073.
* The Japanese yen jumped 0.7% to 106.01 per dollar.
Bonds
* The yield on 10-year Treasuries sank 12 basis points to 1.59%.
* The yield on two-year Treasuries declined nine basis points to 1.58%.
* The 30-year rate fell to 2.034%.
* Germany’s 10-year yield declined four basis points to -0.65%.
Commodities
* Gold futures rose 0.8% to $1,526.60 an ounce.
* West Texas Intermediate crude decreased 3.5% to $55.11 a barrel.
–With assistance from Adam Haigh, John Ainger and Laura Curtis.

Have a great night.

Be magnificent!
As ever,

Carolann

We are all in the gutter, but some of us are looking at the stars.
                                                      -Oscar Wilde, 1854-1900

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:
On Aug. 13, 1961, Berlin was divided as East Germany sealed off the border between the city’s eastern and western sectors in order to halt the flight of refugees.  Go to article »
PHOTOS OF THE DAY
A view of the Manneken Pis sculpture dresses with a floral creation by Belgian artist Geoffroy Mottart, on the occasion of the ‘Flower Time” event in Brussels, Belgium. Every other summer, in alternation with the Flower Carpet, the City Hall of Brussels and the Grand-Place run the Flower Time international plant and flower arrangement event. The entry hall, the corridors, the offices, meeting and reception rooms of the buildings are adorned with dozens of floral arrangements. The floral creations are created by internationally renowned landscape architects and artists. This year’s event runs from 14 until 18 August.
CREDIT: STEPHANIE LECOCQ/EPA-EFE/REX

 World-famous trials rider Danny MacAskill performing some stunts from his Fringe Debut show in Edinburgh. The Edinburgh Festival Fringe has come top a list of 500 must-do experiences in the UK complied by travel guide Lonely Planet. The festival was voted into first place by seasoned travellers asked to rank their most memorable experiences, beating the British Museum and Giant’s Causeway.
CREDIT: THE TELEGRAPH, AUGUST 13, 2019

Argentina’s Jose Torres competes to win the silver medal in the Cycling BMX Men’s Freestyle Final during the Lima 2019 Pan-American Games in Lima.
CREDIT: THE TELEGRAPH, August 13, 2019
Market Commentary:
On this day in 1979, BusinessWeek’s cover famously proclaimed “The Death of Equities,” citing a Labor Department ruling that allowed pension funds to diversify into other asset classes beyond stocks and bonds, high inflation and the reduction by seven million in the number of shareholders from 1970. 
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian stocks alongside U.S. equities got a big boost Tuesday, erasing yesterday’s losses, after the Trump administration said it will delay tariffs on some Chinese goods until December.
The S&P/TSX Composite Index rose 0.7% to 16,350.84 at the close in Toronto, with ten of the 11 sectors rising. Health care sector was the best performers, led by pot stocks, while materials were the worst, weighed down by precious metal miners.
Meanwhile, the sharp moves by several pot stocks in the final minutes of trading last week may be the result of trades
by the largest cannabis exchange-traded fund. The $1 billion ETFMG Alternative Harvest ETF recently added about 5.5 million shares of CannTrust Holdings Inc., according to holdings data compiled by Bloomberg. The medical cannabis producer jumped about 40% in the last hour of trading on Friday after spending most of the day in the red. Conversely, the fund, known as MJ, has significantly reduced its positions in Auxly Cannabis Group Inc., Vivo Cannabis Inc., Supreme Cannabis Co. and Canopy Rivers Inc., which all fell by at least 13%.
In other moves:
Stocks
* Pot stocks such as Aphria, Cronos, Hexo were among the top performers within the marijuana sector. Cronos was earlier initiating with an overweight rating at Piper on U.S. CBD growth otential
* Diversified miners such as Lundin Mining, NexGen, Teck Resources were among the outperformer as metal prices rose on trade optimism, while gold miners such as Centerra, Detour Gold, Yamana fell with the prices
* Stars Group rose 3.2% after Eight Capital said the sell-off in shares was overdone
Ratings
* ABX CN: Barrick Gold Upgraded to Buy at Argus; PT Set to $22
* CFP CN: Canfor Downgraded to Hold at TD; PT C$16
* CFX CN: Canfor Pulp Products Upgraded to Buy at TD; PT C$13
* CHH CN: Centric Health Downgraded to Hold at Echelon Wealth; PT 20 Cents
* CL CN: Cresco Labs Inc Rated New Overweight at Piper Jaffray
* CL CN: Cresco Labs Inc Rated New Speculative Buy at Echelon Wealth
* EMA CN: Emera Cut on Valuation at BMO Despite Improved EPS Visibility
* GTII CN: Green Thumb Rated New Overweight at Piper Jaffray; PT $13
* GTII CN: Green Thumb Rated New Buy at Echelon Wealth; PT C$24
* LB CN: Laurentian Bank of Canada Upgraded to Neutral at CIBC; PT C$49
* RUF/U CN: Pure Multi-Family REIT Cut to Sector Perform at RBC; PT $7.61
* SCL CN: ShawCor Downgraded to Sector Underperform at Scotiabank; PT C$20
* USA CN: Americas Silver Cut to Hold at Laurentian Bank Securities
Commodities
* Western Canada Select crude oil traded at a $11.00 discount to WTI
* Gold spot price fell 0.5% to $1,503.24 an ounce
FX/Bonds
* The Canadian dollar rose 0.1% to C$1.3225 per U.S. dollar
* The Canada 10-year government bond yield climbed to 1.232%
US
By Jeremy Herron
(Bloomberg) — U.S. stocks halted a two-day slide and Treasuries tumbled after the Trump administration de-escalated
its trade war with China. Oil surged and gold fell.
The S&P 500 Index jumped as much as 2% after trade officials granted a grace period before tariffs take effect on a
broad swath of consumer goods Americans shoppers covet at the holidays. Makers and sellers of consumer electronics, toys and apparel led the advance.
* Apple surged more than 4% to pace gains among hardware makers
* Best Buy rose the most in the S&P 500, while Target added 3%
* Gap and L Brands jumped more than 3%; Hasbro surged
* Soybeans rose 1.5%, oil added 3.8%
* Gold lost more than $50 an ounce from its high

     The trade headlines sparked demand for risk assets that had been under pressure for more than a week as investors grew increasingly concerned the spat with China would slam global growth. President Donald Trump said he delayed the tariffs to spare the Christmas shopping season after his representatives had a “productive” call with China.
“This news creates a lot of this upside volatility,” said Bruce Bittles, chief investment strategist at Robert W. Baird.
“If the news is sustainable and indeed they are moving to a trade agreement, this is a very important development and we can go to new highs.”
Before the trade headlines landed, fresh inflation data showed an unexpectedly hot reading, denting arguments for cutting interest rates and flattening the Treasury yield toward inversion. The spread between two- and 10-year yields hit the narrowest since 2007. The tariff detente did halt the bond rally, pushing the 10-year rate toward 1.7%. Some investors also remained cautious about the prospects for a trade truce as signs of the war’s impact grow. Singapore’s
government cut its forecast for economic growth this year to almost zero. In Europe, Henkel was among the worst-performing stocks after missing quarterly profit estimates, which the detergents maker blamed on the trade conflict and a competitive retail environment.
“It’s an encouraging first steps but it’s difficult to speculate how far it will go,” Peter Jankovskis, co-chief investment officer at Oakbrook Investments. “We’ve certainly gotten into these situations before where the market believed we
were headed toward a deal and then it was derailed by comments from various officials.”
Meanwhile, the situations in Hong Kong and Argentina remained unstable. The South American nation’s peso tumbled anew amid rising concern the nation will default on its debt, while Hong Kong equities slumped after its airport canceled flights for a second day as protesters clashed with police.
Here are some key events coming up:
* Companies releasing results include China’s JD.com, Tencent and Alibaba; Cisco, Walmart and Nvidia of the U.S.; the U.K.’s Prudential; Australia’s Telstra; Europe’s Swisscom and brewer arlsberg.
* Wednesday brings data on China retail sales, industrial production and the jobless rate.
* Thursday sees the release of U.S. jobless claims, industrial production and retail sales data.

These are the main moves in markets:
Stocks
* The S&P 500 Index rose 1.4% as of 4 p.m. New York time.
* The Dow Jones Industrial Average rose 1.2%.
* Nasdaq Composite Index gained 2%, while the Nasdaq 100 Index rose 2.2%.
* The Stoxx Europe 600 Index rose 0.5%.
* The MSCI Asia Pacific Index decreased 1.4%.
* The MSCI Emerging Market Index decreased 0.3%.
Currencies
* The Bloomberg Dollar Spot Index advanced 0.2%.
* The euro fell 0.4% at $1.1174.
* The British pound slipped 0.2% at $1.2057.
* The Japanese yen fell 1.3% to 106.678.
* The Argentine peso slumped 4.8% to 55.55 per dollar.
Bonds
* The yield on 10-year Treasuries rose four basis points to 1.68%.
* The two-year rate rose eight basis points to 1.66%.
* Germany’s 10-year yield fell two basis points to -0.609%.
Commodities
* Gold futures fell 0.1% to $1,515 an ounce.
* West Texas Intermediate crude rose 3.8% to $57.04 a barrel.
–With assistance from Katherine Greifeld, Andreea Papuc, Todd
White and Olivia Rinaldi.
Have a great night.

Be magnificent!
As ever,
Carolann

A wise man will make more opportunities than he finds.
                                -Sir Francis Bacon, 1561-1626

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:
1851 – sewing machine invented.
On Aug. 12, 1981, IBM introduced its first personal computer, the model 5150.  Go to article »

Night of the Shooting Stars: 
Tonight is the peak of the Perseid Meteor shower – don’t forget to gaze at the night sky.
Peak: Aug 12–13 in Victoria
            Up to 150 meteors per hour
Made of tiny space debris from the comet Swift-Tuttle, the Perseids are named after the constellation Perseus. This is because the direction, or radiant, from which the shower seems to come in the sky lies in the same direction as Perseus. The Perseids are widely sought after by astronomers and stargazers because most years at its peak, one can see 60 to 100 meteors in an hour from a dark place.
How to See the Perseids
You don’t need any special equipment or a lot of skills to view a meteor shower. Even though all you really need is a clear sky, lots of patience, and our handy Interactive Meteor Shower Sky Map with a visibility conditions meter to see a meteor shower, the following tips can help maximize your shooting star viewing experience.

• Find a secluded viewing spot, away from the city lights. Once at the venue, your eyes may take 15 to 20 minutes to get used to the dark.
• Dress for the weather, and make sure you are comfortable, especially if you plan to stay out long. Bring a blanket or a comfortable chair with you—meteor watching can be a waiting game.
• Once you have found your viewing spot, lie down on the ground and look up in the direction of the radiant. Use our Interactive Meteor Shower Sky Map or the table above to find the current direction of the radiant in the sky. –from TimeandDate.com

PHOTOS OF THE DAY

The shoreline of Penmon on the island of Anglesey is lit up by glowing neon blue plankton.
CREDIT: ROB AMSBURY/SOLENT NEWS

Staff a wildlife park have expressed their delight after hatching a pair of snowy owl chicks. One of the chicks is being nursed by zookeepers at Beale Wildlife Park and Gardens, who removed it from its parents, to ease the burden of raising a hungry, demanding twosome.
CREDIT: BEALE WILDLIFE PARK/ SWNS
 

This Saturday, Aug 10, 2019, photo provided by the North Korean government, shows what it says the launch of a short -range ballistic missile from the east coast of North Korea. North Korea on Saturday extended a recent streak of weapons displays by firing what appeared to be two short- range ballistic missiles into the sea, according to South Korea’s military.
CREDIT:KOREAN CENTRAL NEWS AGENCY /KOREA NEWS SERVICE VIA AP
Market Closes for August 12th, 2019

Market Index	Close	Change
Dow Jones	25896.44	-391.00 -1.49%
S&P 500	2882.70	-35.95 -1.23%
NASDAQ	7863.410	-95.730 -1.20%
TSX	16237.77	-103.57
		-0.63%

International Markets

Market Index	Close	Change
NIKKEI	20684.82	+91.47
		+0.44%
HANG SENG	25824.72	-114.58
		-0.44%
SENSEX	37581.91	+254.55
		+0.68%
FTSE 100*	7226.72	-27.13
		-0.44%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.198		1.273
CND. 30 Year Bond		1.448		1.521
U.S.    10 Year Bond		1.6454		1.7429
U.S. 30 Year Bond		2.1325		2.2594

Currencies

BOC Close	Today	Previous
Canadian $	0.75523	0.75669
US $	1.32410	1.32155
Euro Rate 1 Euro=		Inverse
Canadian $	1.48492	0.67344
US $	1.12146	0.89169

Commodities

Gold	Close	Previous
London Gold Fix	1497.70	1495.75
Oil
WTI Crude Future	54.93	54.50

Market Commentary:
The market value of negative-yielding debt in the world recently rose to $15.6 trillion, or about 28% of the global total, per BAML. 

On this day in 1920, Charles Ponzi was arrested for financial fraud in Boston after taking in more than $6 million from thousands of investors. He repaid each $1,000 invested with $1,500 just 90 days later—but only by taking more money from newcomers or, as a judge later put it, “robbing Peter to pay Paul.” Such pyramid arrangements were forever afterwards known as “Ponzi schemes.”
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian stocks fell with U.S. equities as political unrest in Hong Kong and Argentina fueled a rally in global bonds, continuing to raise the specter of a looming recession.
The S&P/TSX Composite Index fell 0.6% to 16,237.77 on Monday, with all 11 sectors declining, led by consumer discretionary and financial stocks.
Meanwhile, Monday saw two high profile deals. Canadian billionaire Jim Pattison, offered to take lumber producer Canfor Corp. private for about C$982 million ($742 million). And Air Canada boosted its takeover offer for Transat A.T. by 38%, or C$200 million ($151 million), securing support from the tour operator’s largest shareholder in the process.
In other moves:
Stocks
* Canfor rallied +73% on Pattison’s offer. Other lumber stocks also gained.
* MAG Silver rose 3.7% after reporting second quarter earnings and gold/silver rallied
* Sleep Country climbed 3.3% after CIBC upgraded the stock, citing an earlier-than-expected return to same-store sales growth
* CannTrust plunged 28% as Health Canada found more breaches of pot rules
* Stars Group plunged 19% after cutting its adjusted annual EPS guidance to below analysts’ average estimate
Commodities
* Western Canada Select crude oil traded at a $10.75 discount to WTI
* Gold spot price rose ~1% at $1,511.72 an ounce
FX/Bonds
* The Canadian dollar fell 0.1% to C$1.3240 per U.S. dollar
* The Canada 10-year government bond yield fell to 1.199%
US
By Sarah Ponczek and Olivia Rinaldi
(Bloomberg) — U.S. stocks fell more than 1% as political unrest in Hong Kong and Argentina fueled a rally in global bonds that continues to raise the specter of a looming recession. Gold surged.
The S&P 500 Index slumped for a second day and now sits almost 5% below its all-time high as the rally in Treasuries sparked by last week’s escalating trade tensions picked up steam. Risk assets came under pressure after authorities closed Hong Kong’s airport and a Chinese official said the city was at a “critical juncture.” Argentina’s peso and equities sank after voters turned on the president in a primary vote. Corn futures plunged the most since 2013 as more of the grain was planted than analysts had estimated.
The weakness in stocks fed demand for haven assets, pushing the 10-year Treasury yield lower by 10 basis points and boosting the yen for a fourth day. China’s central bank fixing continued to signal its determination to manage an orderly depreciation.
Italian bonds led gains in European debt after Fitch affirmed the country’s credit rating on Friday. The pound strengthened following three sessions of declines.
Monday’s sell-off in risk assets provided another reminder of the fragile mood across markets as it extended the tumultuous start to August. Gains for the safest government bonds show lingering caution by traders who’ve increased bets for central bank easing in recent weeks, as the U.S. and China escalate their trade war and a slew of global data point to slowing growth.
“It’s a day with very little news in terms of economic calendar and earnings and a week that’s going to have a lot of earnings that are very important. But it doesn’t look like there’s true sort of resiliency in the sell right now,” said JJ Kinahan, chief market strategist at TD Ameritrade. “The flight to bonds is really the more concerning element only because it flattens the yield curve.”
Here are some key events coming up:
* Companies releasing results include China’s Tencent, JD.com and Alibaba, Cisco, Brazilian utility Eletrobras, the U.K.’s Prudential, Australia’s Telstra, giant retailer Walmart, Nvidia, Swisscom and the Danish brewer Carlsberg.
* The U.S. consumer price index, out Tuesday, probably picked up to a 1.7% annual pace in July, according to economist estimates. Core prices, which exclude food and energy, are seen rising 2.1%.
* Wednesday brings data on China retail sales, industrial production and the jobless rate.
* Thursday sees the release of U.S. jobless claims, industrial production and retail sales data.
These are the main moves in markets:
Stocks
* The S&P 500 Index fell 1.2% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index dipped 0.2%.
* The MSCI Asia Pacific Index decreased less than 0.05%.
* Hong Kong’s Hang Seng Index declined 0.4%.
Currencies
* The Bloomberg Dollar Spot Index rose less than 0.1%.
* The euro climbed 0.1% to $1.1211.
* The Japanese yen strengthened 0.3% to 105.33 per dollar.
Bonds
* The yield on 10-year Treasuries fell 10 basis points to 1.65%.
* The two-year rate lost six basis points to 1.5857%.
* The spread of Italy’s 10-year bonds over Germany’s declined five basis points to 2.33 percentage points.
* Germany’s 10-year yield decreased two basis points to -0.59%.
Commodities
* Gold futures rose 1% to $1,524 an ounce.
* West Texas Intermediate crude added 0.5% to $54.75 a barrel.
* Corn futures for December delivery fell by the limit of 25 cents to $3.9275 a bushel, down 6%.
–With assistance from Luke Kawa, Adam Haigh and Samuel Potter.
Have a great night.

Be magnificent!
As ever,

Carolann

Luck is a matter of preparation meeting opportunity.
                                   -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