Category: Newsletters

Dear Friends,

Tangents: Happy Friday!

     On Aug. 9, 1945, the United States exploded a nuclear device over Nagasaki, Japan, instantly killing an estimated 39,000 people. The explosion came three days after the atomic bombing of Hiroshima. Go to article »
     Two days later, Japan surrendered.  My brother-in-law, Tsuyoshi Hasegawa,  is  Japanese and is a professor at the University of California in Santa Barbara.  He is an expert on Russo-Japanese relations and spent many years living in Russia (he is fluent in Japanese, Russian and English).  He has written many books, mostly historical in nature about Japan and about  Russia.  In one of his books, which The New York Times described as “a brilliant and definitive study of American, Soviet, and Japanese records of the last weeks of the war”, Racing the Enemy: Stalin, Truman, and the Surrender of Japan (Harvard University Press), he contends that the American A-bombs were not the primary cause of Japanese surrender.  Examining in detail the deliberations of the Japanese leadership immersed in squabbling over how to end the war with the emperor system intact, he argues that only when the Soviets, jockeying with the United States for post-war influence in Asia, declared war and invaded Japanese-held Manchuria, did the Japanese leadership capitulate in order to prevent their falling under Soviet dominance.  He asserts that the Americans misunderstood the Japanese value system.  “The American assumption was that if you dropped the bomb on Japan, Japanese leaders would immediately surrender because that’s what American leaders would do in that situation.  But not everyone has the same value system.  However sad or tragic, Japanese leaders were more concerned with maintenance of the Japanese emperor system than with the lives of ordinary citizens.”  Even though the Soviets had let the Japanese know in April 1945 of their intention to abrogate the neutrality pact when it expired one year later, they “lulled the Japanese to sleep,” as Soviet premier Josef Stalin put it, by leading the Japanese to believe that the neutrality pact was still in force.  But secretly, the Soviets were sending troops, tanks, artillery, and equipment to prepare for the war against the Japanese.  When the Japanese ambassador met with the Soviets in Moscow on August 8^th, 1945, he got some unexpected news.  The Soviets declared war on Japan and within one hour, invaded Manchuria.  Several hours later, the U.S. dropped a second atomic bomb on Nagasaki.  Again, the Japanese authorities were not swayed.  Despite the destruction visited upon a second Japanese city, it was the invasion by the Soviet Union that got Japanese attention. 
     Finally, on August 10^th, with the Soviets gobbling up Manchuria, the Japanese, extremely fearful of falling under the influence of the Communists, tendered their unconditional surrender.
     Tsuyoshi asserts that the Japanese should have exited the war by accepting the Potsdam ultimatum.  Had the Japanese government had the foresight to do so, there would have been neither the atomic bombs nor the Soviet entry into the war.  He also raises the question of the Emperor’s responsibility.  He thinks that the Emperor should have abdicated after the war.
     “After all , the war was fought in his name.  If he was crucial in Japan’s decision to end the war, he was also responsible for prolonging the war until August.”  This view has provoked debate among the Japanese many of who believe that the emperor, in his intervention in the decision to surrender, saved Japan.
PHOTOS OF THE DAY
A Chinese blacksmith throws molten metal against a cold stone wall to create sparks during a summer carnival at Beijing World Park in Beijing, China.

CREDIT: ZHAO JUN/CHINA NEWES SERVICE/VCG VIA GETTY IMAGES
Muslim pilgrims perform morning prayers at the Grand Mosque in Saudi  Arabia’s holy city of Mecca, prior to the start of the annual Hajj pilgrimage in the holy city. Muslims from across the world gather in Mecca in Saudi Arabia for the annual six-day pilgrimage, one of the five pillars of Islam, an act all Muslims must perform at least once in their lifetime if they have the means to travel to Saudi Arabi.

CREDUT: ABDEL CHANI BASHIR/AFP/GETTY IMAGES
Marking the 50^th anniversary of the iconic Beatles zebra crossing images outside Abbey Road recording studios. Look-a-like band ‘ Fab Gear’, arrive in a replica of John Lennon’s psychedelic Rolls Royce, to lead everyone across the famous crossing 50 years to the minute since the Beatles. London, UK.

CREDIT: MARTYN WHEATLEY / I-IMAGES
Market Closes for August 9th, 2019

Market Index	Close	Change
Dow Jones	26287.44	-90.75 -0.34%
S&P 500	2918.65	-19.44 -0.66%
NASDAQ	7959.141	-80.015 -1.00%
TSX	16341.34	-63.19
		-0.39%

International Markets

Market Index	Close	Change
NIKKEI	20684.82	+91.47
		+0.44%
HANG SENG	25939.30	-181.47
		-0.69%
SENSEX	37581.91	+254.55
		+0.68%
FTSE 100*	7253.85	-32.05
		-0.44%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.273		1.243
CND. 30 Year Bond		1.521		1.492
U.S.    10 Year Bond		1.7429		1.7172
U.S. 30 Year Bond		2.2594		2.2243

Currencies

BOC Close	Today	Previous
Canadian $	0.75669	0.75560
US $	1.32155	1.32345
Euro Rate 1 Euro=		Inverse
Canadian $	1.48031	0.67553
US $	1.12021	0.89269

Commodities

Gold	Close	Previous
London Gold Fix	1495.75	1506.05
Oil
WTI Crude Future	54.50	52.54

Market Commentary:
On this day in 1995, the internet stock sector was born when 16-month-old Netscape Communications issued its initial public offering on the Nasdaq at an initial price of $28 per share. Because none of the initial buyers were willing to sell, lead underwriter Morgan Stanley had to raise the opening price all the way to $71 before public trading could begin.
Canada
By Michael Bellusci
(Bloomberg) — Canadian stocks dipped after two days of gains, following U.S. equities lower as President Donald Trump fanned trade-war flames anew.
The S&P/TSX Composite Index retreated 0.4% to 16,341. Materials were the worst-performing stocks while consumer discretionary shares were also weak after Linamar’s second- quarter sales missed estimates. Pot stocks also dropped.
Meanwhile, Inter Pipeline Ltd. confirmed reports that it had received an unsolicited takeover proposal but said it is not currently in negotiations regarding a potential buyout.
In other moves:
Stocks
* CannTrust rallied 33.8%
* MediPharm Labs jumped 13.3%
* Enerplus gained 8% after raising production outlook
* Auxly Cannabis Group lost 16.5%
* Canopy Rivers fell 13.9%
* New Gold lost 10% after a bought deal
* Ivanhoe Mines slid 7%
Ratings
* Black Diamond Upgraded to Outperform at National Bank; PT C$3
* Cervus Equipment Cut to Sector Perform at National Bank
* CES Energy Downgraded to Market Perform at BMO; PT C$2
* CES Energy Upgraded to Strong Buy at Raymond James; PT C$4.50
* CES Energy Upgraded to Buy at GMP; PT C$3.25
* Crombie REIT Downgraded to Hold at Canaccord; PT C$15.75
* Medical Facilities Cut to Hold at Industrial Alliance; PT C$8.50
* Iamgold Cut to Market Perform at Cormark Securities; PT C$5.50
* Recipe Unlimited Corp Cut to Sector Perform at RBC; PT C$29
* TransAlta Renewables Downgraded to Sell at Veritas; PT C$12.50
* SmartCentres REIT Upgraded to Buy at Canaccord; PT C$36
* Stantec Downgraded to Hold at Canaccord; PT C$31
Commodities
* Western Canada Select crude oil traded at a $12.35 discount to WTI
* Gold spot price about flat at $1509.50 an ounce
FX/Bonds
* The Canadian dollar gained 0.1% to C$1.3207 per U.S. dollar
* The Canada 10-year government bond yield rose to 1.29%
US
By Vildana Hajric
(Bloomberg) — U.S. stocks slipped after President Donald Trump fanned trade-war flames anew. Treasuries edged lower while the dollar held steady.
The S&P 500 Index sank as much as 1.3% after Trump warned that talks scheduled for next month could be canceled, but pared about half that drop after a White House aide reportedly walked back comments that suggested the U.S. wouldn’t do business with key Chinese telecommunications firm Huawei.
The 10-year Treasury yield inched up to 1.74%. Chipmakers were among the worst performers as the benchmark stock gauge halted a three-day rally and closed the week down 0.5%. It got off to a rough start Monday, when China’s currency devaluation sparked the biggest rout of the year. As the protectionist showdown between the U.S. and China drags on, investors are struggling to gauge the likely outcome and potential impact on asset prices. That’s driving up market volatility as traders try to predict the road ahead for corporate profits, interest rates and economic growth.
“The market is very sensitive of the comings and goings and narratives around trade,” said Arthur Hogan, chief market strategist at National Securities Corp. “There’s a lot of volatility, it’s scary, it’s headline-driven.”
Elsewhere, the offshore yuan weakened and the yen gained. Oil jumped and gold held near $1,500 per ounce. Italian bonds tumbled as the government coalition teetered, raising the prospect of snap elections. The Stoxx Europe 600 fell, capping a second weekly decline. The pound weakened after data showed the U.K. economy shrank for the first time in more than six years.
Asian stocks were broadly higher, though Shanghai equities finished lower for the seventh time in eight sessions and Hong Kong shares also fell.
Here are the main moves in markets:
Stocks
* The S&P 500 Index fell 0.7% at the close of trading in New York.
* The Stoxx Europe 600 Index declined 0.8%.
* The MSCI Asia Pacific Index increased 0.2%.
* Italy’s FTSE MIB Index declined 2.5%.
Currencies
* The Bloomberg Dollar Spot Index was little changed.
* The onshore yuan declined 0.2% to 7.0623 per dollar.
* The euro advanced 0.2% to $1.1203.
* The Japanese yen climbed 0.4% to 105.61 per dollar.
* Britain’s pound fell 0.9% to $1.2028.
Bonds
* The yield on 10-year Treasuries rose two basis points to 1.74%.
* Italy’s 10-year yield surged 27 basis points to 1.8%
* Germany’s 10-year yield declined two basis points to -0.58%.
Commodities
* Gold slipped 0.2% to $1,498.07 an ounce.
* West Texas crude gained 3.5% to $54.39 a barrel.
* Copper fell 0.5% to $2.594 a pound.
–With assistance from Cormac Mullen, Adam Haigh, Todd White and Luke Kawa.

Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

Our scientific power has outrun our spiritual power. 
We have guided missiles and misguided men.
                    -Martin Luther King Jr., 1929-1968

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:

August 8 is Happiness Happens Day, a day to celebrate all things happy. Created by the Secret Society of Happy People in 1999 as Admit You‘re Happy Day, this unofficial holiday encourages people to be open about their happiness and to share it with others.

On Aug. 8, 1974, President Richard Nixon announced he would resign following damaging revelations in the Watergate scandal. Go to article »

Did people say that back then, too? -By Melissa Mohr
…we’ve been talking about words and phrases that are surprisingly old, and this week we have one final set of examples: computer, hipster, dude, and “No pain, no gain.” This was a bit of a trick question, because all four of these happen to be old.
     The very first computers were actually people, as you may know from the book and movie “Hidden Figures.” These tell the story of the female African American mathematicians who worked for NASA calculating, or computing, the trajectories for spaceflights in the 1960s. These women are perhaps the most famous “computers,” but the word has been used in this sense since 1613. In the mid-19th century, it began to refer to a machine that could perform simple mathematical functions, a calculator, in essence. By the 1950s, these machines were evolving into the programmable computers we know today.
     The first hipsters were musicians in Harlem in the 1920s and ’30s, who wore zoot suits (long jackets with padded shoulders and baggy trousers pegged at the ankle), played jazz, and had their own slang: jive. We know a lot about this language because Cab Calloway, the famous band leader, published the “Hepsters Dictionary” in 1938. He defined the hepster or hep cat as “a guy who knows all the answers.” In the 1920s, hepsters were hip to the jive; in the 2010s, hipsters are hep to the artisanal coffee. 
     “No pain, no gain” is not just the mantra of muscle-bound people lifting weights at the gym. It is a venerable English proverb, first found in a collection of such sayings from 1577: “[T]hey must take pain that look for any gain.” It reflects the difficulty of this earthly life. In the 1980s, Jane Fonda seems to have popularized the proverb in relation to exercise when she encouraged people to “feel the burn” while following her aerobic workout videos.
     t’s perhaps not as surprising that dude is old, since the American West is full of dude ranches that seem to link the word to cowboy life. Dude originally had more to do with Yankee Doodle than with ranching, though. A doodle was a fop in the 18th century, a man who took too much care over his ostentatious clothes, just as Yankee Doodle was a “dandy” who tried to pass himself off as one of the “macaroni,” a set of ultra-fashionable 1770s young men.
      Doodle eventually became dude, so a dude ranch is not where real cowboys gather, but where delicate city slickers can go to get a taste of ranch life. In the 1960s, dude was rehabilitated to mean a cool guy, a later version of the hepster, and now often simply means guy, with neither positive nor negative connotation.

PHOTOS OF THE DAY

Cast members of the Shakespeare’s Rose Theatre’s production of Twelfth Night take to the River Ouse to celebrate the play, which runs until the 1 September in York.
CREDIT: DANNY LAWSON/PA

Acrobats Nikki Rummer and JD Brousse perform arial hand to hand Circus Lane in Edinburgh, Scotland
CREDIT: DUNCAN MCGLYNN

A worker putting salad seeds to grow onto a water basin at the Sfera Agricola hydroponic farm in Gavorrano, Italy. The Italian tomato is prized around the world, but its flavour has sourced in recent years over reports of mafia infiltration, slave labour and toxic fires that poison water sources. Southern Europe’s biggest hydroponics farm is out to change all that, by growing pesticide-free crops in environmentally-friendly greenhouses – and getting bumblebees to do the hard work.
CREDIT- ALBERTO PIZZOLI/AFP/GETTY IMAGES

Market Closes for August 8th, 2019

Market Index	Close	Change
Dow Jones	26378.19	+371.12 +1.43%
S&P 500	2938.09	+54.11 +1.88%
NASDAQ	8039.156	+176.330 +2.24%
TSX	16404.53	+139.31
		+0.86%

International Markets

Market Index	Close	Change
NIKKEI	20593.35	+76.79
		+0.37%
HANG SENG	26120.77	+123.74
		+0.48%
SENSEX	37327.36	+636.86
		+1.74%
FTSE 100*	7285.90	+87.20
		+0.23%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.243		1.241
CND. 30 Year Bond		1.492		1.485
U.S.    10 Year Bond		1.7172		1.7342
U.S. 30 Year Bond		2.2243		2.2522

Currencies

BOC Close	Today	Previous
Canadian $	0.75560	0.75146
US $	1.32345	1.33074
Euro Rate 1 Euro=		Inverse
Canadian $	1.48071	0.67535
US $	1.11875	0.89385

Commodities

Gold	Close	Previous
London Gold Fix	1506.05	1465.25
Oil
WTI Crude Future	52.54	51.09

Market Commentary:
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.9 percent, or 139.31 to 16,404.53 in Toronto. The move was the biggest gain since June 18. Shopify Inc. contributed the most to the index gain, increasing 4.3 percent. TMX Group Ltd. had the largest increase, rising 12.1 percent. Today, 189 of 239 shares rose, while 45 fell; 9 of 11 sectors were higher, led by financials stocks.

Insights
* In the past year, the index had a similar or greater gain 11 times. The next day, it advanced nine times for an average 0.5 percent and declined twice for an average 0.2 percent
* So far this week, the index rose 0.8 percent, heading for the biggest advance since the week ended July 5
* The index advanced 0.5 percent in the past 52 weeks. The MSCI AC Americas Index gained 2.6 percent in the same period
* The S&P/TSX Composite is 1.6 percent below its 52-week high on April 23, 2019 and 19.1 percent above its low on Dec. 24, 2018
* The S&P/TSX Composite is unchanged in the past 5 days and fell 0.4 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 16.5 on a trailing basis and 15.1 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$2.49 trillion
* 30-day price volatility rose to 6.75 percent compared with 6.32 percent in the previous session and the average of 6.37 percent over the past month
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 37.9585| 0.7| 24/2
Energy | 29.6264| 1.1| 32/7
Materials | 22.0632| 1.2| 39/6
Information Technology | 20.2696| 2.3| 10/0
Industrials | 19.8370| 1.1| 25/5
Consumer Staples | 6.6386| 1.0| 9/1
Utilities | 2.6015| 0.4| 13/3
Real Estate | 1.7587| 0.3| 16/9
Health Care | 1.4167| 0.5| 9/2
Consumer Discretionary | -0.9890| -0.1| 10/5
Communication Services | -1.8841| -0.2| 2/5
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Shopify | 13.7800| 4.3| 21.6| 150.6
TD Bank | 8.8760| 0.9| -13.2| 10.6
Canadian National | 7.3320| 1.2| -26.9| 22.9
CI Financial | -2.7790| -8.8| 200.0| 6.0
Canadian Tire | -2.8460| -4.8| 224.5| -4.5
Restaurant Brands | -4.5690| -2.4| 11.1| 42.0
Biggest Gainers | % Change |Points Move|20D AVG (%)| (%)
================================================================
TMX Group | 12.1| 3.1360| 132.3| 60.7
Inter Pipeline | 8.7| 5.5390| 246.9| 22.2
Cott | 7.4| 1.1850| 158.1| -7.3

Biggest Losers | % Change |Points Move| (%) | (%)
================================================================
Iamgold | -14.6| -2.6070| 244.9| -8.6
NuVista Energy | -9.4| -0.3380| 431.7| -50.2
AG Growth | | | |
International | -9.0| -0.6080| 389.9| -1.4

* The benchmark 10-year bond was little changed at 1.241 percent
* The S&P 500 Index advanced 1.9 percent
US
By Vildana Hajric and Brendan Walsh
(Bloomberg) — Equities rallied after China’s stronger-than-expected daily fixing of its currency eased fears about a worsening trade conflict. The S&P 500 Index posted its biggest advance in two months, building on gains in Europe and Asia and erasing its loss for the week. A surge in technology companies pushed the Nasdaq Composite up more than 2%. Treasury yields edged lower and the dollar weakened. Oil climbed. Thursday’s move by the People’s Bank of China was seen as an effort to stabilize its currency and went some way toward easing market concern that peaked Monday, when a weak reference rate spurred concern that the trade war was heating up. Despite evidence of some renewed risk appetite, stocks are still well off the record highs reached last month and traders remain jumpy about the potential for escalation in the conflict.
“For now, as far as volatility, the worst is over,” Rick Bensignor, the founder of Bensignor Group and a former strategist for Morgan Stanley, said in an interview at Bloomberg’s New York headquarters. “China’s smartly doing what they can. On their part, I think it’s a good tactical move.” The dollar extended its decline after President Donald Trump said a strong greenback was hurting U.S. manufacturers and urged the Federal Reserve to cut interest rates. The Stoxx Europe 600 rose the most in seven weeks. A gauge of Asia stocks increased as China’s Shanghai Composite rebounded from the lowest level since February. The Australian dollar gained from its lowest level in a decade. Bitcoin hovered below $12,000, a level it’s failed to close above for one month.
Oil snapped a three-day losing streak after Saudi Arabia contacted other producers to discuss options to stem a rout that’s been driven by the worsening China trade conflict. Here are the main moves in markets (all sizes and scopes are on a closing basis):
Stocks
* The S&P 500 Index increased 1.9% at the close of trading in New York; the Nasdaq Composite added 2.2%.
* The Stoxx Europe 600 Index jumped 1.7%, the biggest increase in more than seven weeks.
* The MSCI Asia Pacific Index climbed 0.6%, the largest increase in almost three weeks.
* The Shanghai Composite Index jumped 0.9% for the biggest increase in more than five weeks.
Currencies
* The Bloomberg Dollar Spot Index dipped 0.2%.
* The onshore yuan rose 0.2% to 7.0451 per dollar.
* The euro slipped 0.1% to $1.1187.
* The Australian dollar jumped 0.7% to $0.6807 for the biggest increase in three weeks.
* The Japanese yen climbed 0.3% to 106.01 per dollar.
Bonds
* The yield on 10-year Treasuries fell one basis point to 1.72%.
* Germany’s 10-year yield increased two basis points to -0.56%, the first advance in two weeks.
* Britain’s 10-year yield rose four basis points to 0.52%.
Commodities
* Gold rose 0.1% to $1,502.94 an ounce.
* West Texas Intermediate crude rose 3.2% to $52.75.
–With assistance from David Ingles, Adam Haigh, Andreea Papuc,
Laura Curtis and Andrew Dunn.
Have a great night.

Be magnificent!
As ever,

Carolann

Every man desires to live long, but no man would be old.
                                       -Jonathan Swift, 1667-1745

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 U.S. forces landed at Guadalcanal, marking the start of the first major allied offensive in the Pacific during World War II.  Go to article »

1960: Sir Winston Churchill died.

1959: First Photo of Earth from Space was released.  The U.S, satellite Explorer VI transmitted the first picture of Earth.   But it would take years for the general public to see the pictures of Earth from space.

“In 1966 I conceived and sold buttons which read, ‘Why Haven’t We Seen A Photograph of the Whole Earth Yet?’  Legend has it that this accelerated NASA’s making good color photos from distant space….We saw the photograph of the Earth from space that we got  from the Apollo program in 1969.  The first Earth Day was in 1970.  This is not an accident.  The ecology movement really took off once we had those photographs from space.” -Stewart Brand, founder, Whole Earth Catalog.

ICYMI -from Scott Kominers , Bloomberg.
Scientists bake bread with 4,500-year-old yeast. 
Ancient parrot was more than 3 feet tall.

PHOTOS OF THE DAY

A flock of sheep crosses alpine terrain in Flaesch, Switzerland.
CREDIT: GIAN EHRENZELLER/ KEYSTONE VIA AP

Ashtalaxmi Dinakaran (L) holding onto a canvas as her son Yugan Navin Jeyaratnam, 4, creates a watercolor and acrylic painting in at Splat Paint House in Singapore. -Singaporeans dressed in overalls squirted paint onto walls and canvas using water pistols and syringes at a new pop-up art studio where people get messy to relieve stress.
CREDITS: ROSLAN RAHMAN/AFP/GETTY IMAGES

A festival-goer rests in a hammock on the premises of the Sziget (Island) Festival on Shipyard Island, Northern Budapest, Hungary, on the eve of the opening. The festival is one of the biggest cultural events in Europe, offering art exhibitions, theatrical and circus performances and above all music concerts in seven days. Sziget Festival on Shipyard, Budpest, Hungary.
CREDIT: MARTOM MONUS/EPA-EFE/REX

Market Closes for August 7th, 2019

Market Index	Close	Change
Dow Jones	26007.07	-22.45 -0.9%
S&P 500	2883.98	+2.21 +0.08%
NASDAQ	7862.824	+29.559 +0.38%
TSX	16265.22	-115.73
		-0.72%

International Markets

Market Index	Close	Change
NIKKEI	20516.56	-68.75
		-0.33%
HANG SENG	25997.03	+20.79
		+0.08%
SENSEX	36690.50	-286.35
		-0.77%
FTSE 100*	7198.70	+27.01
		+0.38%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.241		1.239
CND. 30 Year Bond		1.485		1.501
U.S.    10 Year Bond		1.7342		1.7023
U.S. 30 Year Bond		2.2522		2.2330

Currencies

BOC Close	Today	Previous
Canadian $	0.75146	0.75278
US $	1.33074	1.32841
Euro Rate 1 Euro=		Inverse
Canadian $	1.49117	0.67060
US $	1.12056	0.89240

Commodities

Gold	Close	Previous
London Gold Fix	1465.25	1465.25
Oil
WTI Crude Future	51.09	53.63

Market Commentary:
With worries about tariffs slowing the U.S. economy intensifying, federal-funds futures used to wager on the direction of monetary policy now show a market-implied probability of about 43% that the Fed lowers rates at least three more times in its final three meetings of the year. 
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.7 percent at 16,265.22 in Toronto. The move was the biggest since rising 0.9 percent on June 18 and follows the previous session’s decrease of 0.8 percent. Today, materials stocks led the market higher, as 10 of 11 sectors gained; 131 of 239 shares rose, while 103 fell. Enbridge Inc. contributed the most to the index gain, increasing 2.5 percent. B2Gold Corp. had the largest increase, rising 11.5 percent.

Insights
* In the past year, the index had a similar or greater gain 17 times. The next day, it advanced 10 times for an average 0.5 percent and declined seven times for an average 0.4 percent.
* The index was little changed in the past 52 weeks. The MSCI AC Americas Index gained 0.6 percent in the same period
* The S&P/TSX Composite is 2.4 percent below its 52-week high on April 23, 2019 and 18.1 percent above its low on Dec. 24, 2018
* The S&P/TSX Composite is down 1.2 percent in the past 5 days and fell 1.7 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 16.4 on a trailing basis and 15 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$2.48 trillion
* 30-day price volatility fell to 6.32 percent compared with 6.45 percent in the previous session and the average of 6.35 percent over the past month

Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | 30.2667| 1.6| 29/17
Financials | 15.0428| 0.3| 12/13
Consumer Discretionary | 13.7743| 2.0| 11/5
Information Technology | 12.7133| 1.5| 9/1
Energy | 12.4788| 0.5| 7/31
Communication Services | 9.4201| 1.0| 5/2
Real Estate | 8.0945| 1.4| 25/0
Industrials | 6.8395| 0.4| 11/20
Consumer Staples | 6.0495| 0.9| 7/3
Utilities | 3.0901| 0.4| 11/4
Health Care | -2.0471| -0.7| 4/7

| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Enbridge Inc | 15.6100| 2.5| 143.6| 5.2
Barrick Gold | 9.1330| 3.1| 108.8| 30.5
Shopify | 8.3390| 2.7| 26.9| 140.3
Canadian Pacific | -1.9270| -0.6| 68.2| 25.3
Manulife Financial | -2.1080| -0.7| 102.6| 13.0
TD Bank | -2.3490| -0.2| 5.1| 9.6

Biggest Gainers | % Change | Move | (%) | (%)
================================================================
B2Gold | 11.5| 3.8030| 288.1| 29.3
First Majestic | 6.1| 0.9930| 75.2| 73.6
Finning International| 6.1| 1.5280| 66.1| -3.7

Biggest Losers| % Change | Move |20D AVG (%)| (%)
================================================================
NuVista Energy| -13.5| -0.5630| 552.1| -45.1
Eldorado Gold | -8.1| -1.0430| 173.2| 160.8
ERO Copper | -8.1| -0.8030| 206.5| 119.8

* The benchmark 10-year bond rose and the yield fell 0.7 basis points to 1.232 percent
* The S&P 500 Index advanced slightly, up 0.1 percent

US
By Vildana Hajric and Olivia Rinaldi
(Bloomberg) — U.S. equities and benchmark Treasury yields mounted an impressive comeback late in the day, reversing sharp drops as investors turned more positive on the outlook for global growth amid central-bank moves to ease monetary policy. The S&P 500 Index eked out a modest gain after tumbling as much as 2%, with CVS Health Corp.’s biggest jump in almost eight years and an advance for the biggest tech companies supporting the gauge. Yields on 10-year Treasuries edged higher after an earlier plunge. Currency markets were volatile after rate cuts in New Zealand, India and Thailand. Traders are weighing asset valuations after this week saw the biggest one-day plunge in global equities since February 2018 amid fear an escalation in the trade war will spur a global recession. Threats of expanded tariffs are also creating uncertainty in corporate boardrooms, spurring concern there will be a pullback in capital outlays and a drop in earnings. Hope is resting on central banks to buoy growth.
“A lot of investors feel like we’re getting ready to hit a wall because of the actions of the trade war,” said Bob Phillips, managing principal at Spectrum Management Group. “I’m hoping wiser heads will prevail in this trade battle and something will work out.” New Zealand’s dollar tumbled after a bigger-than-expected rate cut. The yuan dipped after China set its reference rate slightly weaker than expected. India’s rupee and the Thai baht slipped. The U.S. dollar was steady, while the yen gained and gold rallied toward $1,500 an ounce. The dovish moves by three central banks underscore the global shift toward easier policy even after the Federal Reserve’s unexpectedly hawkish stance last week. President Donald Trump again on Wednesday urged the Fed to ease policy, saying in a tweet that “They must Cut Rates bigger and faster, and stop their ridiculous quantitative tightening NOW.”
Elsewhere, oil extended a decline after Brent crude closed in a bear market on Tuesday. The Stoxx Europe 600 erased most of an advance that reached 1.1% at one point. Shares were mixed and calmer in Asia, with Japanese stocks closing barely changed
while equities in Shanghai fell.
These are some key events to watch out for this week:
* A string of Fed policy makers speak this week, including Chicago’s Charles Evans on Wednesday.

Here are the main moves in markets (all sizes and scopes are on a closing basis):
Stocks
* The S&P 500 Index rose 0.1% at the close of trading in New York.
* The Stoxx Europe 600 Index rose 0.2%.
* The MSCI AC Asia Pacific Index rose 0.1%.
Currencies
* The Bloomberg Dollar Spot Index was little changed.
* The euro rose 0.1% to $1.1215.
* The British pound declined 0.2% to $1.2146.
* The Japanese yen advanced 0.2% to 106.21 per dollar.
Bonds
* The yield on 10-year Treasuries rose one basis point to 1.71%.
* Germany’s 10-year yield decreased five basis points to -0.59%, hitting the lowest on record.
* Britain’s 10-year yield declined three basis points to 0.48%, the lowest on record.
* Japan’s 10-year yield dipped one basis point to -0.2%, the lowest in about three years.
Commodities
* West Texas Intermediate crude fell 2.4% to $52.32 a barrel, the lowest since early June.
* Gold gained 2% to $1,504.66 an ounce, the highest in more than six years.

–With assistance from Adam Haigh, Eddie van der Walt, Robert
Brand, Claire Boston and Vildana Hajric.

Have a great night.

Be magnificent!
As ever,

Carolann

Forever is composed of nows.
-Emily Dickinson, 1830-1886

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:
August 6, 1958 ~ Egypt and Syria united and renamed as the United Arab Republic.
On Aug. 6, 1945, the United States dropped an atomic bomb on Hiroshima, Japan, that instantly killed an estimated 66,000 people in the first use of a nuclear weapon in warfare. Go to article »

If I had only known, I would have been a locksmith. -Albert Einstein.

R.I.P., Toni Morrison.

How to spend $100,000 on a car in line at the grocery store. 

PHOTOS OF THE DAY

A Great Grey Owl utilising its amazing camouflage when hunting or sleeping in a tree. The playful owl camouflaged itself so well, making it impossible to spot between the trees, close to the rocky mountains, in Alberta, Canada.
CREDIT: ROB BROVOSKY / CATER NEWS

Shaolin boys practice kung fu in the sweltering heat during the zen shaolin music ceremony at a shaolin temple in Dengfeng, Henan province, China. These shaolin unique skills include: shaolin arhat formation, tiebushan, three gun sashimi, shaolin stick, shaolin stone lock skill, iron hand splitting bricks, water training, fist and foot sparring.
CREDIIT: ZUMA PRESS, INC / ALAMY LIVE NEWS

Lightning above South Shields in the North East if England as more as more storms are forecast for the UK this week.
CREDIT: ALEC JONES/ BAV MEDIA

Market Closes for August 6th, 2019

Market Index	Close	Change
Dow Jones	26026.52	+311.78 +1.21%
S&P 500	2881.77	+37.03 +1.30%
NASDAQ	7833.266	+107.226 +1.39%
TSX	16149.49	-122.17
		-0.75%

International Markets

Market Index	Close	Change
NIKKEI	20585.31	-134.93
		-0.65%
HANG SENG	25976.24	-175.08
		-0.67%
SENSEX	36976.85	+227.01
		+0.75%
FTSE 100*	7171.69	-52.16
		-0.72%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.239		1.374
CND. 30 Year Bond		1.501		1.614
U.S.    10 Year Bond		1.7023		1.8452
U.S. 30 Year Bond		2.2330		2.3820

Currencies

BOC Close	Today	Previous
Canadian $	0.75278	0.75712
US $	1.32841	1.32079
Euro Rate 1 Euro=		Inverse
Canadian $	1.48812	0.67199
US $	1.12023	0.89267

Commodities

Gold	Close	Previous
London Gold Fix	1465.25	1406.80
Oil
WTI Crude Future	53.63	55.66

Market Commentary:
Canada
By Carolina Wilson
(Bloomberg) — Canadian stocks played catch up with a global rout following Monday’s holiday, with the nation’s benchmark falling the most this year before paring losses. The S&P/TSX Composite Index fell 0.8% on Tuesday, extending its slump for a sixth straight session — its longest losing streak since Sept. 10. Energy stocks were the biggest decliners on the benchmark as the price of oil continued to slide despite China’s move to stabilize the yuan. Gold miners soared following the precious metal’s rise to near $1,500 per ounce on Monday.
Consumer discretionary and financials also fell. Materials and health care stocks led to the upside. Separately, troubled construction firm SNC-Lavalin Group Inc. plunged 8.1% to a 15-year low after company’s top shareholder Caisse de Depot et Placement du Quebec said Monday SNC must build a culture of execution and take a “major step up in discipline” to implement new strategy.
In other moves:
Stocks
* Gold miners: Eldorado Gold gained 5.6%, Yamana Gold jumped 9%
* Aurora Cannabis rose 8.2% after saying it’s on track for positive adj. Ebitda
* Just Energy Group plunged 10.5% after CEO change amid strategic review
* Peyto Exploration & Development dropped 6.2%
* Gran Tierra Energy fell 5.4%
Commodities
* Western Canada Select crude oil traded at a $12.85 discount to WTI
* Spot gold rose 0.6% to $1,485.70 an ounce
FX/Bonds
* The Canadian dollar retreated 0.5% to C$1.3275 per U.S. dollar
* The Canada 10-year government bond yield fell to 1.23%
US
By Brendan Walsh and Olivia Rinaldi
(Bloomberg) — U.S. shares clawed back some of their recent losses after China’s move to stabilize its currency fueled speculation cooler heads will prevent a full-blown trade war. The S&P 500 Index rose 1.3%, though it remained well off the record high it reached just a bit more than a week ago. The dollar steadied and gold held near a six-year high after China fixed the yuan at stronger than 7 per dollar, the level that spurred a global sell-off Monday. Treasuries gave back some of yesterday’s surge, which had created the most extreme yield-curve inversion since the lead-up to the 2008 financial crisis. China’s move to stabilize the yuan offered some reassurance that the trade conflict between the world’s two largest economies might be contained. But it came hours after the U.S. had designated the country a currency “manipulator,” a move that could open the door to new penalties on top of the tariff hikes already imposed on Chinese goods. For its part, China said the recent yuan depreciation was decided by the market, not Beijing,
and denied the Trump administration’s accusation.
“It was encouraging to see China walk in and support the currency overnight,” said Ed Keon, a managing director and portfolio manager at QMA. “But there’s still a long way to go and it feels as if this has entered a new, and perhaps more dangerous, phase.” Meanwhile, White House Chief Economic Adviser Larry Kudlow said the U.S. expects China to visit for more trade talks in September. Bloomberg reported the People’s Bank of China reassured a number of foreign exporters the yuan won’t continue to weaken significantly and the companies’ ability to buy and sell dollars would remain normal. Brent oil slid into bear-market territory as investors speculated a slowing economy could sap demand.The Stoxx Europe 600 erased gains and dropped for a third straight day. The yen slipped from its strongest closing level in more than a year.The benchmark gauge for Asian stocks fell for a fifth session.
Elsewhere, Bitcoin broke above $12,000 for the first time in three weeks before pulling back. The pound strengthened as opponents of a no-deal Brexit hardened their plans to stop Prime Minister Boris Johnson from possibly trying to leave the European Union with no agreement.
These are some key events to watch out for this week:
* Earnings from financial giants include: UniCredit, AIG, ABN Amro Bank, Standard Bank, Japan Post Bank.
* Central banks with rate decisions Wednesday include India and New Zealand.
* A string of Fed policy makers speak this week, including Chicago’s Charles Evans on Wednesday.

Here are the main moves in markets (all sizes and scopes are on a closing basis):
Stocks
* The S&P 500 Index rose 1.3% at the close of trading in New York.
* The Stoxx Europe 600 Index fell 0.5%.
* The MSCI Asia Pacific Index declined 0.8%, hitting the lowest in almost seven months.
Currencies
* The Bloomberg Dollar Spot Index rose 0.1%.
* The euro was little changed at $1.1197.
* The British pound gained 0.2% to $1.2161.
* The Japanese yen sank 0.5% to 106.52 per dollar.
* The onshore yuan jumped 0.4% to 7.0198 per dollar, the biggest increase in six weeks.
Bonds
* The yield on 10-year Treasuries increased one basis point to1.72%, the first advance in more than a week.
* Britain’s 10-year yield was little changed at 0.51%.
* Germany’s 10-year yield decreased two basis points to -0.54%, hitting the lowest on record with its eighth straight decline.
Commodities
* Gold rose 0.6% to $1,472.63 an ounce, the highest in more than six years.
* West Texas Intermediate crude fell 1.9% to $53.68 a barrel.
–With assistance from David Ingles, Cormac Mullen, Andreea
Papuc and Laura Curtis.
Have  a great night.

Be magnificent!
As ever,

Carolann

Every noble work is at first impossible.
          -Thomas Carlyle, 1795-1881

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 August 2, 2019, the Queen of Italy, Margherita Savoy, ordered the first pizza delivery.

An asteroid bigger than the Empire State Building is passing by Earth next week. You (probably) shouldn’t worry about it.

I just finished reading the book Happiness  last night by Aminatta Forna and I recommend it if you’re looking for something to read this summer.  It is a novel (fiction) that takes place in London and the main characters are a biologist who studies urban foxes and a psychiatrist from Ghana whose career was spent in war zones and conflict areas counselling those in the field and afterwards, those with PTSD.  They meet when he is in London for a convention of psychiatrists.  His definition of happiness which is expressed toward the end of the novel is intriguing and a profound conclusion to the novel.

PHOTOS OF THE DAY

Palestinian men perform fire breathing on the beach as an entertainment for children during the summer vacation in Gaza City.
CREDIT: MOHAMMED ABED/AFP/GETTY IMAGES

Fireworks illuminate the sky in Basel, Switzerland, on the eve of Switzerland’s birthday.
CREDIT: GEORGIOS KEFALAS/EPA-EFE/REX

A helicopter from the Swedish icebreaker Oden lands on an ice floe to pick up crew members involved in the retrieval of a scientific acoustic recorder containing valuable data on Arctic marine movements in the Canadian Arctic.
CREDIT: INNER SPACE CENTER VIA REUTERS ATTENTION

This satellite image provided by NASA shows winds carrying individual plumes of smoke in Russia, centre right, towards the southwest, mixing with a swirling storm system. Forest fires have engulfed nearly 30,000 square kilometres (11,580 square miles) of territory in Siberia and the Russian Far East – an area the size of Belgium.

Market Closes for August 2nd, 2019

Market Index	Close	Change
Dow Jones	26485.01	-98.41 -0.37%
S&P 500	2932.05	-21.51 -0.73%
NASDAQ	8004.074	-107.047 -1.32%
TSX	16271.66	-105.38
		-0.64%

International Markets

Market Index	Close	Change
NIKKEI	21087.16	-453.83
		-2.11%
HANG SENG	26918.58	-647.12
		-2.35%
SENSEX	37118.22	+99.90
		+0.27%
FTSE 100*	7407.06	-177.81
		-2.34%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.374		1.398
CND. 30 Year Bond		1.614		1.631
U.S.    10 Year Bond		1.8452		1.8935
U.S. 30 Year Bond		2.3820		2.4420

Currencies

BOC Close	Today	Previous
Canadian $	0.75712	0.75680
US $	1.32079	1.32136
Euro Rate 1 Euro=		Inverse
Canadian $	1.46815	0.68113
US $	1.11157	0.89963

Commodities

Gold	Close	Previous
London Gold Fix	1406.80	1427.55
Oil
WTI Crude Future	55.66	53.95

Market Commentary:
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks tumbled Friday to close out their worst week of the year, as strong gains in pot stocks weren’t enough to offset declines in most other sectors. The S&P/TSX Composite Index fell 0.6% to 16,271.66 amid an escalation in the U.S.-China trade war, bringing its weekly decline to 1.6%. Technology stocks led the decline as Open Text Corp. fell 8.8%, the most since 2015, after Veritas Investment Research Co. downgraded the stock to sell from buy.
The health-care sector jumped 4.8%, the most in two months, as pot stocks rose. Aphria Inc. surged 40%, the most since December, on strong earnings that beat expectations on virtually all metrics. Cronos Group Inc. gained 8.5% after announcing it will enter the U.S. CBD market with a $300 million acquisition.
In other moves:
Stocks
* Restaurant Brands International Inc. rose 5.9% to a record high. Second-quarter profit beat estimates on strong global sales at Burger King
* SNC-Lavalin Group Inc. lost 5.9% to the lowest since 2004. The engineering firm cut its quarterly dividend to two cents from 10 cents after reporting a wider-than-expected loss
* Spin Master Corp. fell 4.2% after U.S. President Donald Trump announced plans for additional Chinese tariffs that could hit toy makers
Commodities
* Western Canada Select crude oil traded at a $12.60 discount to WTI
* Gold rose 1.7% to $1,445.60 an ounce, the biggest gain in six weeks
FX/Bonds
* The Canadian dollar was little changed at C$1.3215 per U.S. dollar
* The Canada 10-year government bond yield fell two basis points to 1.38%
US
By Randall Jensen and Vildana Hajric
(Bloomberg) — U.S. stocks suffered the worst week of 2019 as investors fretted over Donald Trump’s escalation of his trade war with China. Treasuries rose, while the yen strengthened. The S&P 500 fell for a fifth straight day, its steepest weekly loss since December’s sell-off. Trade angst recaptured center stage after Trump said Thursday he’d slap more tariffs on Chinese goods, adding to worries that the spat could derail the global economy. China vowed it would counter the threat. The president ratcheted up his rhetoric late Friday, saying he could boost the levies to a “much higher number.” Stocks were already under pressure after investors groused that the first Federal Reserve rate cut in a decade didn’t come with assurances of further easing.Ten-year Treasury yields held near the lowest level since 2016 after the July U.S. jobs report did little to alter views on the economy and path for future rate policy. The dollar was lower against most major currencies. West Texas crude clawed back some of its 8% slide on Thursday, while copper fell to a two-year low in London.
“The Fed is largely easing policy because of the possibility that trade tensions will impact the global economy and the feedback into the U.S. economy would be negative, and that calculus appears to be correct,” said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance. “Yesterday’s announcement of an escalation of trade tensions is the key risk to markets now that the Fed is easing monetary policy and it bears watching how far the administration will push tariffs that ultimately impact the consumer, which up to this point has been very resilient.” The jobs report Friday added another piece to an already large puzzle that includes the Fed, earnings and trade. While China has yet to offer details on what measures it would take, the sudden escalation of the spat has put markets in a spin in an already action-packed week of corporate earnings and central-bank meetings.
The developments come after the Federal Reserve chief cast doubt about a long cycle of interest-rate cuts, provoking the president’s ire and disappointing many investors. Elsewhere, most European government bonds rose alongside the common currency. The pound gained after a by-election loss reduced U.K. Prime Minister Boris Johnson’s House of Commons majority to a single seat.
Here are the main moves in markets (all sizes and scopes
are on a closing basis):

Stocks
* The S&P 500 Index dipped 0.7% as of 4 p.m. New York time, hitting the lowest in five weeks and capping the worst weekly loss since December 2018.
* The Dow Jones Industrial Average decreased 0.6% to the lowest in more than six weeks.
* The Nasdaq Composite Index declined 1.6%, hitting the lowest in five weeks.
* The Stoxx Europe 600 Index decreased 2.5%, the lowest in more than six weeks.
Currencies
* The Bloomberg Dollar Spot Index fell 0.1%.
* The Japanese yen gained 0.7% to 106.47 per dollar, the strongest in 16 months.
* The euro rose 0.2% to 1.1112 per dollar.
Bonds
* The yield on 10-year Treasuries fell four basis points to 1.85%.
* The yield on two-year Treasuries decreased two basis points to 1.72%.
* Germany’s 10-year yield dipped five basis points to -0.495%, hitting the lowest on record.
Commodities
* Gold dropped 0.2% at $1,441.85 an ounce.
* West Texas Intermediate crude gained 2.5% to $55.29 a barrel.
–With assistance from Elena Popina, Laura Curtis and Luke Kawa.
Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

Science is what you know; philosophy is what you don’t know.
                                           -Bertrand Russell, 1872-1970

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:
August 1^st is Lammas, 1^st harvest, Wicca. The first day of August was one of the regular quarter days (the days on which certain payments are traditionally due and tenancies begin and end, so called as they fall at quarter-yearly intervals) in Scotland and a half-quarter or cross-quarter-day in England, the day on which, in Anglo-Saxon times, the first fruits (the first profitable results of labour. In husbandry, the first corn that is cut at harvest, which was offered to Jehova by the ancient Hebrews. Such offerings became customary also in the early Christian church. Annates were also called first fruits). Bread for the Lammas Day Eucharist was made from the new corn of the harvest.  The name derives from Old English, hlâfmæsse, “loaf mass”. It is also the feast of St. Peter ad Vincula.

On this day in….
1819 ~ Writer Herman Melville was born.
1924~ The first cross word puzzle in the world was published by London Sunday Express.
1936~ Designer Yves St. Laurent was born.
1942~ Guitarist Jerry Garcia was born.
1990~ World Wide Web was established.

Also on August 1, 1936, 100,000 saluted Adolf Hitler on his entrance at the opening of the Berlin Olympics.  Go to article »

From CNN today: A woman who celebrated her 107th birthday shared her secret for long life. Spoiler alert: It involves staying single.

PHOTOS OF THE DAY

Hasan Baglar, from Cyprus, came first in the Moments in Nature Category in the Glanzlichter photo contest for a photo of European mantis insects dancing on a stalk.
CREDIT: GLANZLICHTER/ HASAN BAGLAR

This is the adorable moment a baby gorilla pokes out his tongue to the camera. The hilarious image was captured at Lincoln Park Zoo, Chicago, Illinois.
CREDIT: LINCOLN PARK ZOO/ MEGA

An Iceberg floats in Disko Bay behind houses during unseasonably warm weather in Ilulissat, Greenland. The Sahara heat wave that recently sent temperatures to record levels in Europe is arriving in Greenland. Climate change is having a profound effect in Greenland, where over the last several decades summers have become longer and the rate that glaciers and the Greenland ice cap are retreating has accelerated.
CREDIT: SEAN GALLUP/GETTY IMAGES

Market Closes for August 1st, 2019

Market Index	Close	Change
Dow Jones	26583.42	-280.85 -1.05%
S&P 500	2953.56	-26.82 -0.90%
NASDAQ	8111.121	-64.298 -0.79%
TSX	16377.04	-29.52
		-0.18%

International Markets

Market Index	Close	Change
NIKKEI	21540.99	+19.46
		+0.09%
HANG SENG	27565.70	-212.05
		-0.76%
SENSEX	37018.32	-462.80
		-1.23%
FTSE 100*	7584.87	-1.91
		-0.03%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.398		1.477
CND. 30 Year Bond		1.631		1.696
U.S.    10 Year Bond		1.8935		2.0144
U.S. 30 Year Bond		2.4420		2.5249

Currencies

BOC Close	Today	Previous
Canadian $	0.75680	0.75826
US $	1.32136	1.31881
Euro Rate 1 Euro=		Inverse
Canadian $	1.46468	0.68274
US $	1.10847	0.90214

Commodities

Gold	Close	Previous
London Gold Fix	1427.55	1425.90
Oil
WTI Crude Future	53.95	58.58

Market Commentary:
On this day in 1973, the International Business Machines Corp. was fined $150,000 a day—an estimated 5% of its daily profits—by a Federal District Court judge for contempt of court. IBM, which was being sued by the U.S. Department of Justice for violating federal anti-trust law, refused to turn over sensitive documents requested by the government, claiming that they would give competitors unjustified access to IBM’s business secrets.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian stocks erased earlier gains to close lower, along with U.S. markets, after President Donald Trump abruptly escalated his trade war with China announcing that he would impose a 10% tariff on $300 billion in Chinese imports that aren’t yet subject to U.S. duties. The S&P/TSX Composite Index fell 0.2% to 16,377.04 in Toronto. Technology was the best performing sector, led by Shopify Inc. The e-commerce company shares continued their record-breaking rally after it reported second-quarter sales that beat analysts’ average estimate and gave a more optimistic full-year outlook
Healthcare was the worst performing sector led by mainly pot stocks. New cannabis stock Sundial Growers Inc. tumbled after its IPO, as investors grew more skittish about the cannabis sector following disappointing earnings reports.
In other moves:
Stocks
* Hudbay plunged 21% after a decision from the U.S. District Court for the District of Arizona halted construction of its Rosemont mine
* Bombardier tumbled about -16% after lowering its 2019 financial forecasts because of new costs in its troubled rail-equipment division
* Base metal miners such as First Quantum, Turquoise Hill Resources, Sherritt fell after metal prices tumbled on trade war worry
* Gold miners such as Detour Gold, Kinross and Alamos Gold benefitted from the trade war jitters after prices climbed back from yesterday’s decline
* Tourmaline Oil dropped -12% after Tudor Pickering downgraded shares to hold from buy on a 2Q earnings update
* Spin Master climbed +12% after reporting a second quarter adjusted EPS that beat the highest estimate
Ratings
* AKT/A CN: AKITA Drilling Downgraded to Sector Perform at Alta Corp; PT C$3
* ARX CN: ARC Resources Upgraded to Buy at Eight Capital; PT C$11
* CRH CN: CRH Medical Upgraded to Buy at Bloom Burton & Co
* GIB/A CN: CGI Inc Downgraded to Sell at SocGen
* GWO CN: Great-West Lifeco Downgraded to Neutral at CIBC; PT C$32.50
* PONY CN: Painted Pony Cut to Speculative Buy at Industrial Alliance
* PONY CN: Painted Pony Downgraded to Neutral at Eight Capital; PT C$1.55
* PONY CN: Painted Pony Cut to Underperform at National Bank; PT 75 Cents
* RME CN: Rocky Mountain Dealerships Downgraded to Hold at TD; PT C$8.50
* RMX CN: Rubicon Minerals Rated New Speculative Buy at Cormark Securities
* SNC CN: SNC-Lavalin Group Raised to Buy at Laurentian Bank Securities
* SRT-U CN: Slate Retail REIT Cut to Hold at Echelon Wealth; PT C$12.75
* WDO CN: Wesdome Gold Mines Cut to Buy at Industrial Alliance; PT C$7.50
Commodities
* Western Canada Select crude oil traded at a $12.40 discount to WTI
* Gold spot price rose 2% to $1,441.73 an ounce
FX/Bonds
* The Canadian dollar retreated 0.2% to C$1.3220 per U.S. dollar
* The Canada 10-year government bond yield fell to 1.392%
US
By Randall Jensen and Sarah Ponczek
(Bloomberg) — A fresh salvo in the U.S.-China trade war from President Donald Trump roiled financial markets a day after the Federal Reserve delivered the first interest-rate cut in a decade in part to combat the spat’s effects on global growth. The S&P 500 saw the biggest two-day drop since May, with stocks swinging 2% from gains to losses, after Trump said America will levy a 10% tariff on $300 billion in Chinese goods starting Sept. 1. After markets closed, the president said the new levies could be raised beyond 25%. The 10 year Treasury yield dropped to the lowest level since 2016, while two-year rates plunged as much as 18 basis points as traders increased bets on Fed cuts to another half point this year. The yen rose the most in two months versus the dollar, while crude slumped 8%, its worst day in four years.
Lenders led losses on benchmarks with Bank of America falling the most in more than two months. The declines spread across sectors as slumping global industrial company Caterpillar Inc., consumer brand Nike Inc. and tech giant Apple Inc. slammed the Dow Jones Industrial Average. A draft list of $300 billion worth of targets published by the Trump administration in May included a raft of consumer and technology goods, including most of Apple’s major products such the iPhone, along with toys, footwear and clothing. “Any way you slice it, escalations of the whole megillah, meaning the additional $300 billion starting with 10%, means it’s only going to get worse and that’s going to be a defining moment in this trade war where it starts showing up with the consumer,” said Arthur Hogan, chief market strategist at National Securities Corp. “This is not good news for the market.
We’re just seeing the beginning of what the market reaction’s going to look like.” Stocks had been rebounding from Wednesday’s Fed-induced sell-off before Trump put trade back at the center of investor minds. The tariffs come after U.S.-Sino talks earlier in the week ended with no major progress, prompting the American president to push forward with tariffs in addition to the 25% on $250 billion that has been in place for months.
Here are some of the key events to watch as the week unfolds:
* The U.S. July jobs report is due Friday.

Here are the main moves in markets:
Stocks
* The S&P 500 Index fell 0.9% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index rose 0.5%.
* The MSCI Emerging Market Index sank 0.6%.
* The MSCI Asia Pacific Index dropped 0.2%.
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%.
* The euro rose 0.1% at $1.1086.
* The Japanese yen gained 1.28% to 107.39 per dollar, the biggest rise since May 31.
Bonds
* The yield on 10-year Treasuries fell 12 basis points to 1.89%.
* The two-year rate lost 12 basis points to 1.73%.
* Britain’s 10-year yield fell two basis points to 0.59%.
Commodities
* Gold rose 1.2% to $1,454.50 an ounce.
* West Texas Intermediate crude decreased 7.9% to $53.95 a barrel, the biggest decline since February 2015
–With assistance from Laura Curtis, Vildana Hajric, Sophie
Caronello and Olivia Rinaldi.
Have a great night.

Be magnificent!
As ever,

Carolann

Keeping your body healthy is an expression
of gratitude to the whole cosmos – the trees,
the clouds, everything.
                     -Thich Nhat Hanh,  b. 1926

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 Fed Day.
The Federal Reserve has cut its main interest rate by 25 basis points for the first time since the financial crisis and signalled that it was prepared to ease monetary policy further if necessary.

On July 31^st, 1620, Pilgrim Fathers departed Leiden, Netherlands for England on their way to America.
On July 31, 1964, the American space probe Ranger 7 transmitted pictures of the moon’s surface. Go to article »

Sir Francis Drake, having helped to defeat Philip II of Spain’s Armada, to Sir Francis Walsingham, July 31^st, 1588:
I am commanded to send these prisoners ashore by my Lord Admiral; which had, ere this, by me been done, but that I thought their being here might have done something, which is not thought meet now.  Let me beseech your honour, that they may be presented unto her Majesty, either by your honour, or my honourable good Lord my Lord Chancellor, or both of you.  The one, Don Pedro, is a man of great estimation with the King of Spain, and thought next in this army to the Duke of Sidonia.  If they should be given from me unto any other, it would be some grief to my friends.  If her Majesty will have them, God defend, but I should think it happy.
     We have the army of Spain before us, and mind, with the grace of God, to wrestle a pull with him.  There was never any thing pleased better, than the seeing the enemy flying with a southerly wind to the northwards.  –from The Book of Days.

PHOTOS OF THE DAY

A wildlife photographer captured a Scottish hare making a series of hilarious facial expressions including this image of the animal poking it’s tongue out.
CREDIT: KAREN MILLER/ COVER IMAGES

Photographer Wayne Howes captured the incredible moment the International Space station crossed over the Milky Way. Captured in Dungeness, Kent.
CREDIT: WAYNE HOWES/ COVER IMAGES

Wells cathedral guide Maureen Boylan sits inside the ‘Hand of God’ sculpture created by artist Jan Niedojadlo. The installation is interactive and members of the public are invited to explore and climb inside.
CREDIT: JASON BRYANT/APEX

Market Closes for July 31th, 2019

Market Index	Close	Change
Dow Jones	26864.27	-333.75 -1.23%
S&P 500	2980.38	-32.80 -1.09%
NASDAQ	8175.418	-98.196 -1.19%
TSX	16406.56	-59.49
		-0.36%

International Markets

Market Index	Close	Change
NIKKEI	21521.53	-187.78
		-0.87%
HANG SENG	27777.75	-368.75
		-1.31%
SENSEX	37481.12	+83.88
		+0.22%
FTSE 100*	7586.78	-59.99
		-0.78%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.477		1.494
CND. 30 Year Bond		1.696		1.742
U.S.    10 Year Bond		2.0144		2.0580
U.S. 30 Year Bond		2.5249		2.5798

Currencies

BOC Close	Today	Previous
Canadian $	0.75826	0.76032
US $	1.31881	1.31524
Euro Rate 1 Euro=		Inverse
Canadian $	1.46114	0.68440
US $	1.10792	0.90259

Commodities

Gold	Close	Previous
London Gold Fix	1425.90	1419.05
Oil
WTI Crude Future	58.58	58.05

Market Commentary:
The British pound fell against the dollar for the seventh time in eight sessions Tuesday, dropping to its lowest level since January 2017. The currency is down 18% from its pre-Brexit vote level in 2016 on concerns of economic disruption. It is near its lowest value in more than 34 years.  
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks fell but closed well above their session lows after the U.S. Federal Reserve tempered expectations for multiple interest-rate cuts this year. The S&P/TSX Composite Index lost 0.4% to 16,407 after earlier losing as much as 1.1%, which would have been the largest drop since December. Gold miners led the declines, tumbling 4.1% as gold prices slid on Fed Chairman Jerome Powell’s comments. Kirkland Lake Gold Ltd. fell 9.2% and Barrick Gold Corp. lost 4.2%. The energy sector was one of the only bright spots for the Canadian benchmark, rising 0.5%. Oil prices closed at their highest level in more than two weeks before retreating following the Fed decision.
In other moves:

Stocks
* Seven Generations Energy Ltd. gained 13%, the most since 2014, after second-quarter cash flow and production beat analyst estimates
* CannTrust Holdings Inc. rose 8.8%. The beleaguered pot company has hired Greenhill & Co. to explore a sale after a regulatory breach erased about C$500 million in market value
* Genworth MI Canada Inc. added 8.2% to a record high. The mortgage insurance provider’s operating earnings beat the highest analyst estimate
Commodities
* Western Canada Select crude oil traded at a $12.85 discount to WTI, the narrowest gap in two weeks
* Gold fell 1.1% to $1,425.80 an ounce
FX/Bonds
* The Canadian dollar weakened 0.4% to C$1.3203 per U.S. dollar
* The Canada 10-year government bond yield fell 1 basis point to 1.49%
US
By Randall Jensen and Vildana Hajric
(Bloomberg) — U.S. equities fell the most in two months, while two-year Treasury yields rose as Jerome Powell dented hopes that the Federal Reserve is poised to continue easing after delivering the first interest-rate cut in over a decade. The S&P 500 Index fell as much as 1.8% after the Fed chairman said the quarter-point cut amounted to a “mid-term policy adjustment,” fueling speculation the central bank is not necessarily at the start of an easing cycle. The measure rebounded after Powell said the Fed hasn’t ruled out further cuts, closing down 1.1%. President Donald Trump said in a tweet “Powell let us down” with the size of the rate cut. The 10-year yield fell to below 2.01%, while the two-year rate jumped to 1.88%. The dollar advanced to the highest in two months, and gold slid. Fed fund futures showed less easing is now being priced in by markets that had been expecting almost three quarter-point cuts this year prior to the meeting.
The hope for a cycle of cuts had pushed stocks to all-time highs and sent 10-year rates
dipping below 2%. Markets turned volatile as Powell signaled the Fed is in no rush to continue with easing, unless warranted by data. The central bank earlier voted, with two officials dissenting, to cut rates as predicted by most investors and economists. With two of the week’s key events — the Fed and trade talks — over for now, investors still have an ongoing slew of corporate results and Friday’s U.S. jobs data to contend with. American delegates wrapped up negotiations with their Chinese counterparts in Shanghai on Wednesday with little evidence of progress toward ending the year-long trade dispute. Here are some of the key events to watch as the week unfolds:
* The Bank of England policy decision is due Thursday.
* The U.S. July jobs report is due Friday.

Here are the main moves in markets:
Stocks
* The S&P 500 Index fell 1.1%, the most since May 31, as of 4:30 p.m. New York time.
* The Dow Jones Industrial Average lost 1.2% and the Nasdaq 100 Index fell 1.2%.
* Emerging-market equities dropped 0.8%.
* The Stoxx Europe 600 Index gained 0.2%.
Currencies
* The Bloomberg Dollar Spot Index rose 0.4%.
* The euro decreased 0.7% to $1.1077.
* The British pound was little changed at $1.2158.
* The Japanese yen fell 0.2% at 108.80 per dollar.
Bonds
* The yield on 10-year Treasuries fell four basis points at 2.02%.
* The two-year rate spiked three basis points to 1.88%.
* Germany’s 10-year yield dipped one basis point to -0.41%.
* Britain’s 10-year yield rose less than one basis point to 0.63%.
Commodities
* West Texas Intermediate crude fell 0.1% at $57.99 a barrel.
* Gold fell 1.1% to $1,425.40 an ounce.
* The Bloomberg Commodity Index fell 0.2%.
–With assistance from Robert Brand.
Have a great night.

Be magnificent!
As ever,

Carolann

Study nature, love nature, stay close to nature. 
It will never fail you.
                   -Frank Lloyd Wright, 1867-1959

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 July 30, 1869, the Charles, considered the world’s first “oil tanker”, departed from the US heading for Europe with a bulk capacity of 7,000 barrels of oil.
July 30, 1935: Paperback books introduced.
On July 30, 1945, the USS Indianapolis, which had just delivered key components of the Hiroshima atomic bomb to the Pacific island of Tinian, was torpedoed by a Japanese submarine. Only 316 out of 1,196 men survived the sinking and shark-infested waters. Go to article »

“This is the season for picnics, when the weather is set fair and the ground quite dry; little rain has fallen with us for weeks.  It is perfect to spread out the rug on a newly-mown field and to sit back for a while and feel you are part of the countryside, smelling the grass and the hedgerows and listening to the sounds of he insects around you.
  You may find yourself sharing a hamper full of exotic food and sparkling champagne in the peace and beauty of the Glyndbourne garden, the music of the first act still ringing in your ears.  It matters not that you are surrounded by other picnickers, for they are integrated into the garden, hidden by hedges and borders and experiencing the same pleasures.  This is the grandest kind of picnic, when the tablecloth is laid with silver spoons and crystal goblets; it is an evening to remember for its 18^th century touch.  In contrast, when the spirit moves you, at a moment’s notice you may gather up a slice of bread, wash a lettuce, hard-boil an egg, fill a bottle with newly-made elderflower cordial and settle at the end of your own garden or somebody else’s – unpack your basket and enjoy the solitude of the countryside where you cannot hear the telephone ringing…” -from A Countrywoman’s Notes, July, by Rosemary Verey.

PHOTOS OF THE DAY

‘Unari’, women in white clothes carrying meals for gods, march among rice paddy during the Onda Festival at Aso Shrine in Aso, Kumamoto, Japan. The festival is a ritual that god inspect the growth of rice.
CREDIT: THE ASAHI SHIMBUN VIA GETTY IMAGES

Indian Kanwariyas, Hindu devotees of the Hindu deity Shiva, carry water from the Narmada river for their ritual walk during the holy month of Shravan in Jabalpur in Madhya Pradesh state – Kanwariyas take part in a journey on foot to carry holy water from holy rivers to temples in their home towns in an effort to fulfil wishes and endear them to Hindu deity Shiva.
CREDIT: UMA SHANKAR MISHRA/AFP/GETTY IMAGES

The world’s highest pedestrian bridge in Zhangjiajie, China Original description: An aerial photo shows the Zhangjiajie grand canyon glass bridge, the world’s highest pedestrian bridge, in Zhangjiajie, hunan province, China.
CREDIT: COSTFOTO/ BARCROFT MEDIA
Market Closes for July 30th, 2019

Market Index	Close	Change
Dow Jones	27198.02	-23.33 -0.09%
S&P 500	3013.18	-7.79 -0.26%
NASDAQ	8273.613	-19.715 -0.24%
TSX	16466.05	-26.12
		-0.16%

International Markets

Market Index	Close	Change
NIKKEI	21709.31	+92.51
		+0.43%
HANG SENG	28146.50	+40.09
		+0.14%
SENSEX	37397.24	-289.13
		-0.77%
FTSE 100*	7646.77	-39.84
		-0.52%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.494		1.476
CND. 30 Year Bond		1.742		1.739
U.S.    10 Year Bond		2.0580		2.0650
U.S. 30 Year Bond		2.5798		2.5907

Currencies

BOC Close	Today	Previous
Canadian $	0.76032	0.75983
US $	1.31524	1.31608
Euro Rate 1 Euro=		Inverse
Canadian $	1.46739	0.68154
US $	1.11568	0.89632

Commodities

Gold	Close	Previous
London Gold Fix	1419.05	1420.40
Oil
WTI Crude Future	58.05	56.87

Market Commentary:
On this day in 1914, stock exchanges in Berlin, Rome and Vienna shut down as Austria declared war on Serbia. Investors panicked in New York: General Motors plunged 34% and Bethlehem Steel dropped 14%. The Dow Jones Industrial Average tumbled 6.9% to 71.42, on immense volume of 1,307,000 shares.
Canada:
By Kristine Owram
(Bloomberg) — Canadian stocks fell for a second day as a mixed bag of earnings offset strong gains in the energy sector. The S&P/TSX Composite Index lost 0.2% to 16,466.05, the lowest in three weeks. Waste Connections Inc. was the biggest drag on the benchmark after lowering its full-year Ebitda outlook because of commodity-price headwinds. Energy stocks rose 0.7% as crude prices jumped 2.1%, their fourth straight daily gain amid expectations for a U.S. interest-rate cut. MEG Energy Corp. added 5.2% ahead of its quarterly earnings report.
In other moves:
Stocks
* Nutrien Ltd. rose 7.1%, the most ever, after second-quarter earnings beat estimates and the crop-nutrient supplier said it plans to invest $1 billion in Brazil
* Air Canada gained 3.6% to a record high. The airline’s earnings beat estimates by a wide margin, but it warned that the grounding of the Boeing 737 Max will curb earnings growth in the third quarter
* TMX Group Ltd. added 1.1% to a record high. Rival stock- exchange operator London Stock Exchange Group Plc is in talks to buy financial data and trading platform provider Refinitiv
Commodities
* Western Canada Select crude oil traded at a $14.25 discount to WTI
* Gold rose 0.7% to $1,429.70 an ounce
FX/Bonds
* The Canadian dollar strengthened 0.1% to C$1.3148 per U.S. dollar
* The Canada 10-year government bond yield rose 2 basis points to 1.49%

US
By Randall Jensen and Vildana Hajric
(Bloomberg) — U.S. stocks fell amid a mixed bag of corporate earnings and growing speculation a trade deal with China remains elusive. Treasuries edged lower as the Federal Reserve began deliberating on the path for interest rates. The S&P 500 Index declined for a second day after President Donald Trump criticized China just as his negotiators start talks in Shanghai. Though, Trump boosted sentiment late in the session when he said he had recently spoken with his Chinese counterpart. Tech shares led losses. In earnings news, retailer Under Armour tumbled after warning about weak sales, while Procter & Gamble and Merck gained on strong results.
The 10-year Treasury yield traded around 2.05% as investors awaited the Fed’s anticipated rate cut Wednesday. The dollar held near a two-month high, while the pound continued its decline amid concerns about a no-deal Brexit. West Texas crude rose above $58 a barrel. Trump redirected investor angst toward tariffs on China, lashing out at the nation for continuing to “rip off” the U.S. The trade dispute ranks high among the reasons global growth has been flagging enough to prompt the Fed to consider rate cuts. Stocks rose to records just last week as corporate profits came in higher than expected and data showed steady economic growth.
“Trade is the big question mark,” Doug Peta, chief U.S. investment strategist at BCA, said in an interview at Bloomberg’s New York headquarters. “If the tensions were to worsen, if trade were to slow even more, I’d think that that sharp manufacturing slowdown could easily become a manufacturing recession and if it were to spread to the services part of the global economy then it could easily induce a global recession.” Investors have a lot to digest this week with trade talks, the Federal Reserve, corporate earnings and U.S. jobs data all on their plates. Chinese and American negotiators are kicking off two days of talks in Shanghai on Tuesday, and on Wednesday the Fed is widely anticipated to cut rates. Chairman Jerome Powell’s post-meeting press conference will be scoured for clues on the policy path as signs of slowing growth put pressure on central banks around the world.
Meanwhile, as corporate reporting season rolls on in the U.S., Europe and Asia, traders will be looking for evidence of a slowdown. The latest economic data provide food for thought, showing Japan’s factory output fell more than expected in June and the French economy slowed in the second quarter.
Here are some of the key events to watch as the week unfolds:
* Earnings include: Qualcomm, AMD, Credit Suisse, Nomura, Toyota, Honda, Ferrari, GM, BMW, Rio Tinto, ConocoPhillips, Shell, Vale, GE, Altria.
* Fed officials begin their two-day meeting on monetary policy in Washington Tuesday. Chairman Jerome Powell will hold a press conference following the FOMC’s decision Wednesday.
* The Bank of England policy decision is due Thursday.
* The U.S. July jobs report is due Friday.

Here are the main moves in markets:

Stocks
* The S&P 500 Index fell 0.3% as of 4 p.m. New York time.
* The Dow Jones Industrial Average slid 0.1%.
* The Stoxx Europe 600 Index decreased 1.5%, the biggest declinein three months.
* The U.K.’s FTSE 100 Index declined 0.5%.
* The MSCI Asia Pacific Index advanced 0.1%.
Currencies
* The Bloomberg Dollar Spot Index was little changed.
* The euro gained 0.1% at $1.1152.
* The British pound decreased 0.4% to $1.2166, the weakest in more than two years.
* The Japanese yen increased 0.1% to 108.62 per dollar.
Bonds
* The yield on 10-year Treasuries fell one basis point to 2.06%.
* Germany’s 10-year yield dipped one basis point to -0.40%.
* Britain’s 10-year yield declined one basis point to 0.64%, the lowest in about three years.
Commodities
* West Texas Intermediate crude advanced 2.4% to $58.24 a barrel, the highest in two weeks.
* Gold rose 0.3% at $1,430.75 an ounce.
–With assistance from Andreea Papuc, Laura Curtis, Robert Brand and Sarah Ponczek.
Have a great night.

Be magnificent.

As ever,

Carolann

Throughout the centuries there were men who took first steps
down new roads armed with nothing but their own vision.
                                                     -Ayn Rand, 1905-1982           

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:
July 29, 1914 – Transcontinental telephone service began with the first phone conversation between New York and San Francisco.  Go to article »
July 29, 1949 – Moscow ended the blockade of West Berlin.
1958 –  NASA Established

Check out this blog: http://smittenkitchen.com/
Lots of easy to do recipes for cooking inspiration J.

Former schoolteacher is India’s newest billionaire.

PHOTOS OF THE DAY

The Honest Lad Aidan Maguire leads the cavalcade of horse riders taking part in the riding of the Marches through the River Esk alongside the Roman Bridge in Musselburgh, East Lothian, during the annual Musselburgh Festival.
CREDIT: JANE BARLOW/PA

(L-R) Andrew Shovlin, Trackside Engineering Director of Mercedes GP, Mercedes GP Executive Director Toto Wolff and James Vowles, Chief Strategist of Mercedes Gp pose for a photo in retro clothes to celebrate 125 years of Mercedes in motorsport ahead of the German Formula One Grand Prix at the Hockenheim racing circuit in southern Germany.
CREDIT: ANDREJ ISAKOVIC/AFP/ GETTY IMAGES

The pack rides through the courtyard of the Louvre museum during the twenty-first stage of the Tour de France cycling race.
CREDIT: RAFAEL YAGHOBZADEH/POOL VIA REUTERS

Team INEOS rider Egan Bernal of Colombia, wearing the overall leader’s yellow jersey, drinks champagne at the car of his team director. Thibault Camus
CREDIT: THIBAULT CAMUS/POOL VIA REUTERS
Market Closes for July 29th, 2019

Market Index	Close	Change
Dow Jones	27221.35	+8.79 +0.40%
S&P 500	3020.97	-4.89 -0.16%
NASDAQ	8293.328	-36.883 -0.44%
TSX	16492.17	-38.87
		-0.24%

International Markets

Market Index	Close	Change
NIKKEI	21616.80	-41.35
		-0.19%
HANG SENG	28106.41	-291.33
		-1.03%
SENSEX	37686.37	-196.42
		-0.52%
FTSE 100*	7686.61	+137.55
		+1.82%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.476		1.466
CND. 30 Year Bond		1.739		1.727
U.S.    10 Year Bond		2.0650		2.0703
U.S. 30 Year Bond		2.5907		2.6083

Currencies

BOC Close	Today	Previous
Canadian $	0.75983	0.75962
US $	1.31608	1.31644
Euro Rate 1 Euro=		Inverse
Canadian $	1.46723	0.68156
US $	1.11466	0.89713

Commodities

Gold	Close	Previous
London Gold Fix	1420.40	1416.10
Oil
WTI Crude Future	56.87	56.20

Market Commentary:
Get ready for a huge week of economic news.

On this day in 1869, the New York Stock Exchange was formed from the merger of the New York Stock & Exchange Board with the Open Board and the Government Board (where Treasury bonds were traded).
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks fell as tech heavyweight Shopify Inc. weighed on the benchmark and investors continued to flee pot companies. The S&P/TSX Composite Index lost 0.2% to 16,492.17. Technology shares led the decline as Shopify tumbled 5.1%, its biggest drop in a month. The move came as a report suggested Kylie Jenner’s beauty empire, a customer of Shopify’s, is experiencing declining sales. The health-care index slid 1% to the lowest since early January. All pot stocks fell with the exception of Hexo Corp., which posted a dramatic rebound after a short-seller report alleged it ran aggressive promotions that potentially violated Canadian advertising regulations.
In other moves:

Stocks
* Vermilion Energy Inc. lost 7.3% to the lowest since 2009. The company’s second-quarter earnings per share missed the lowest analyst estimate
* Thomson Reuters Corp. fell 3.1%, the most in eight months, after BMO Capital Markets downgraded the stock to market perform, citing its 46% advance this year through Friday
* Bausch Health Cos. gained 2.6%. The pharmaceutical company plans to pay down an additional $100 million of debt this week
Commodities
* Western Canada Select crude oil traded at a $13.75 discount to WTI
* Gold rose 0.1% to $1,420.40 an ounce
FX/Bonds
* The Canadian dollar strengthened 0.1% to C$1.3160 per U.S. dollar
* The Canada 10-year government bond yield rose 1 basis point to 1.47%
US
By Randall Jensen and Vildana Hajric
(Bloomberg) — U.S. equities edged lower as tech heavyweights weighed on benchmarks, while Treasuries gained ahead of the Federal Reserve’s meeting. The pound tumbled more than 1%. The S&P 500 Index fell for the second time in three sessions after reaching a record Friday as Amazon Inc., Facebook Inc., Alphabet Inc. and Netflix Inc. all slid. Apple Inc. gained ahead of its earnings announcement Tuesday, helping to lift the Dow Jones Industrial Average. Drug companies got a boost from surging Mylan NV after the generic drugmaker and Pfizer Inc. announced merger plans. The 10-year Treasury yield declined for a second day to 2.06% before the Fed’s anticipated rate cut on Wednesday. The dollar climbed to the highest in almost two months before a new round of trade talks between the U.S. and China this week. The pound slid to its lowest level in more than two years as U.K. Prime Minister Boris Johnson stepped up preparations for a no deal Brexit.
Investors will be picking through any developments on trade as Chinese and American negotiators gather Tuesday for two days of talks, three months after negotiations broke down. Neither side is signaling much hope for a breakthrough. Meanwhile, Fed Chairman Jerome Powell’s post-meeting press conference on Wednesday will provide an opportunity to gauge the trajectory of U.S. rates after the central bank is tipped to ease policy. On a related theme, traders will eagerly await monthly employment data from the world’s largest economy at the tail end of the week.
“It’s a very important week not only because of the Fed. You do have an employment number, which is obviously overshadowed by the Fed, but you also have some interesting earnings,” said JJ Kinahan, chief market strategist at TD Ameritrade. “It makes it a very busy week.” Corporate earnings will remain a focal point as investors stay vigilant for any signs that a global economic slowdown is being reflected in companies’ bottom lines. Among major earnings this week are Apple, Rio Tinto and carmakers Toyota and BMW. Here are some of the key events to watch as the week
unfolds:
* Earnings include: Nintendo, Qualcomm, AMD, Siemens, Sony, Credit Suisse, Nomura, Toyota, Honda, Ferrari, GM, BMW, Rio Tinto, ConocoPhillips, BP, Shell, Vale, Heineken, GE, Altria.
* Bank of Japan rate decision and Governor Haruhiko Kuroda briefing are due Tuesday.
* U.S. Trade Representative Robert Lighthizer and his team meet their Chinese counterparts in Shanghai Tuesday.
* Fed officials begin their two-day meeting on monetary policy in Washington Tuesday. Chairman Jerome Powell will hold a press conference following the FOMC’s decision Wednesday.
* The Bank of England policy decision is due Thursday.
* The U.S. July jobs report is due Friday.

These are the main moves in markets:
Stocks
* The S&P 500 Index fell 0.2% as of 4 p.m. New York time.
* The Dow Jones Industrial Average rose 0.1%.
* The Stoxx Europe 600 Index was little changed.
* The U.K.’s FTSE 100 Index increased 1.8% to the highest in almost a year.
* The MSCI Asia Pacific Index decreased 0.5% to the lowest in more than a week.
Currencies
* The Bloomberg Dollar Spot Index rose 0.1% to the highest in almost two months.
* The euro advanced 0.2% to $1.1145.
* The Japanese yen fell 0.1% to 108.79 per dollar, the weakest in almost three weeks.
* The British pound fell 1.3% to $1.2224, the biggest drop in more than eight months.
Bonds
* The yield on 10-year Treasuries dipped one basis point to 2.06%.
* Britain’s 10-year yield fell three basis points to 0.654%, the lowest in about three years.
* Germany’s 10-year yield declined two basis points to -0.39%, the lowest in more than three weeks.
Commodities
* Gold rose 0.5% to $1,426.13 an ounce.
* West Texas Intermediate crude gained 1.5% to $57.02 a barrel.
–With assistance from Tom Lavell, Laura Curtis and Sarah Ponczek.
Have a great night.

Be magnificent!
As ever,

Carolann

Change is the law of life.  And those who look only to the past or present are certain to miss the future.
                                                                               -John F. Kennedy, 1917-1963

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!

Mick Jagger turns 76 years old today and still touring:

Ronnie Wood from left Mick Jagger, Charlie Watts and Keith Richards
of The Rolling Stones  perform during their “No Filter Tour” at Lincoln Financial Field.
Credit: Owen Sweeney/Invision/AP

I was in New York for an investment conference a few years ago and the Stones were playing in Philadelphia the day after the conference ended so we took the train over to Philadelphia to see them.  I asked the concierge at the hotel to recommend an excellent restaurant for dinner near by.  When we arrived at the restaurant, we told our waiter that we were on a time line because we had to get to the concert.  He told us that the Stones had been to the restaurant the night before, and all reservations had been cancelled so that the group could have the restaurant to themselves.  Gary asked the waiter what they had ordered and he replied that they ordered very little, didn’t consume much  food at all but drank all the best wines that the restaurant stocked.

What does our universe look like? NASA has released fascinating new images that will make you wonder what else is really out there.

PHOTOS OF THE DAY

A removal van arrives at No.10 Downing St.
CREDIT- GEOFF PUGH FOR THE TELEGRAPH

The sunrise over London on what is expected to be the hottest July day on record.
CREDIT: THE ROOFTOP/ BAV MEDIA

Franky Zapata, a former jet-skiing champion, stands on his jet-powdered “flyboard” as he takes off from Sangatte in northern France. He is attempting to fly across the 22 mile Channel crossing in 20 minutes, while keeping an average speed of 87 mph at a height of 50-65 feet above the sea.
This attempt to cross the Channel is on the 110 year anniversary of pioneer Louis Bleriot’s first flight across the Channel.
CREDIT: DENIS CHARLET/AFP/GETTY IMAGES
Market Closes for July 26th, 2019

Market Index	Close	Change
Dow Jones	27192.45	+51.47 +0.19%
S&P 500	3025.86	+22.19 +0.74%
NASDAQ	8330.211	+91.670 +1.11%
TSX	16531.04	+42.84
		+0.26%

International Markets

Market Index	Close	Change
NIKKEI	21658.15	-98.40
		-0.45%
HANG SENG	28397.74	-196.56
		-0.69%
SENSEX	37882.79	+51.81
		+0.14%
FTSE 100*	7549.06	+60.01
		+0.80%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.466		1.466
CND. 30 Year Bond		1.727		1.731
U.S.    10 Year Bond		2.0703		2.0810
U.S. 30 Year Bond		2.5922		2.6083

Currencies

BOC Close	Today	Previous
Canadian $	0.75962	0.76104
US $	1.31644	1.31622
Euro Rate 1 Euro=		Inverse
Canadian $	1.46773	0.68132
US $	1.11453	0.89724

Commodities

Gold	Close	Previous
London Gold Fix	1416.10	1426.95
Oil
WTI Crude Future	56.20	55.84

Market Commentary:
On this day in 1786, the earliest known U.S. stock and bond tables were published in the Massachusetts Centinel.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian stocks rose, with nine of the 11 sectors climbing, led by consumer staples and technology shares. Energy and healthcare were the worst performing sectors within the index. The S&P/TSX Composite Index rose 0.3% to 16,531 in Toronto. The energy sector fell a fourth day, while health care declined for a third, mostly led by pot stocks. Meanwhile, Canada’s C$2.19 trillion ($1.67 trillion) household debt load will likely start swelling again, now that Bank of Canada appears to be on hold for at least the rest of the year.
Consumers hit the snooze button last year on home and vehicle purchases, but that spending is about to resume, according to Fred Demers, a director at BMO Global Asset Management in Toronto. He argues lower interest rates, an accelerating housing market, a solid labor market, record high stocks and decent investment returns will support consumption.
Stocks
* CannTrust jumped 17% after firing its CEO amid a scandal over a regulatory breach
* Aecon Group climbed 9.6% after reporting second quarter revenue that beat the highest estimate
* Winpak Ltd. rose 5.4% after second quarter EPS beat estimates
* Thomson Reuters jumped 4.3% after the London Stock Exchange Group was said to be in talks to acquire Refinitiv, the former financial and risk business of Thomson Reuters
* Aphria fell 6.1% as CIBC downgraded, partly due to a “leadership void”
Commodities
* Western Canada Select crude oil traded at a $14 discount to WTI
* Gold spot price rose 0.2% to $1,417.21 an ounce
FX/Bonds
* The Canadian dollar fell about 0.03% to C$1.3169 per U.S. dollar
* The Canada 10-year government bond yield up slightly to 1.467%
US
By Vildana Hajric and Olivia Rinaldi
(Bloomberg) — Technology shares propelled U.S. stocks to all-time highs after Alphabet posted strong results and a jump in gross domestic product failed to deter expectations that the Federal Reserve will cut rates next week. The euro traded at a two-year low. The S&P 500 and Nasdaq Composite indexes hit fresh records as Twitter and Google-parent Alphabet rallied after their sales beat estimates, though Amazon slid on lower-than-forecast earnings. The second-quarter GDP report came in the wake of Thursday’s European Central Bank meeting, where Mario Draghi failed to deliver the dovish signals investors sought.
“Stocks are hitting all-time highs based on the fact that the GDP report was better than expected and earnings continue to come in better than expected,” said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance. “But you also can see that as rates continue to stay low, people are looking to the Fed to cut.” Corporate results have largely buoyed stocks this earnings season, though investors continued to watch for any hints of a slowdown in companies’ bottom lines. Central banks remain at the top of the agenda, with policy makers expected to boost stimulus at next week’s Fed meeting. The yield on the benchmark 10-year Treasury note finished the day little changed after briefly spiking following the GDP report.
“There’s nothing about this that would cause them to either not cut rates next week or to cut rates say by 50 basis points instead of 25,”said David Donabedian, chief investment officer of CIBC Private Wealth Management.The Bloomberg Dollar Spot Index climbed as much as 0.2% on the day after comments from White House adviser Larry Kudlow on CNBC that the U.S. has ruled out plans to intervene in foreign-exchange markets. Elsewhere, Turkey’s lira strengthened a day after the central bank cut its key rate by the most on record. Most Asian benchmarks fell, but stocks in Shanghai bucked the trend.

These are the main moves in markets:

Stocks
* The S&P 500 Index gained 0.7% to 3,025.84 as of 4:03 p.m. New York time, the highest on record with the largest rise in more than three weeks.
* The Dow Jones Industrial Average climbed 0.2% to 27,192.45.
* The Nasdaq Composite Index gained 1.1% to 8,330.21, the highest on record with the largest climb in more than five weeks.
* The Stoxx Europe 600 Index increased 0.3% to 390.73.
Currencies
* The Bloomberg Dollar Spot Index gained 0.2% to 1,202.61, the highest in more than five weeks.
* The Japanese yen decreased 0.1% to 108.71 per dollar, the weakest in more than two weeks.
* The euro declined 0.2% to $1.1124, the weakest in more than two years.
* The Turkish lira advanced 0.3% to 5.6775 per dollar, the strongest in a week on the biggest gain in more than a week.
Bonds
* The yield on 10-year Treasuries dipped one basis point to 2.07%.
* The yield on two-year Treasuries decreased less than one basis point to 1.86%.
* Germany’s 10-year yield declined one basis point to -0.38%.
Commodities
* Gold climbed 0.2% to $1,416.88 an ounce.
* West Texas Intermediate crude increased 0.3% to $56.17 a barrel.
–With assistance from Sarah Ponczek.
Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

Never say you know a man until you have divided
an inheritance with him.
                        -Johann Lavater, 1741-1801

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