Category: Newsletters

Dear Friends,

Tangents:

Lawmakers questioning Robert Mueller on Wednesday tried mightily to decipher what may become the most infamous double negative in U.S. history: “If we had had confidence … that the president clearly did not commit obstruction of justice, we would so state. However, we are unable to reach that judgment.” Double negatives — commonly defined as a negative statement containing two negative elements — have long been abhorred by grammarians.

Nevertheless, they are a popular rhetorical device: Geoffrey Chaucer used them to humorous effect, and William Shakespeare slipped a triple negative into “Twelfth Night.” In “Another Brick in the Wall,” Pink Floyd sang, “We don’t need no education”; “Weird Al” Yankovic shamed double negative users in his parody song “Word Crimes”; and Bart Simpson vowed on a chalkboard that he “won’t not use no double negatives.

Other languages — including Hebrew, Persian, Polish and Russian — don’t have a problem with the double negative. The French use them for emphasis, and in Chinese they make an even stronger affirmative.
But George Orwell railed against their use in political speech, which he said can “make lies sound truthful and murder respectable.” -from The New York Times.
Archaeologists discover proof of the 1099 siege of Jerusalem. (h/t Scott Kominers)

PHOTOS OF THE DAY

A dancer performs during a ceremony marking one year before the start of the Tokyo 2020 Olympic Games in Tokyo.
CREDIT: BEHROUZ MEHRI/ AP

Incredible Lightning strike at the 17^th century Chesterton Windmill near Leamington Spa, Warks.
CREDIT: CHAD GORDON HIGGINS/ SWNS.COM

Hot sunny weather A wonderful sunset was observed on Portobello beach, Edinburgh, Scotland last night.
CREDIT: TOM DUFFIN/ SOLENT NEWS

Carpathian spruce forest is shrouded in mist in the morning, Zakarpattia Region, western Ukraine.
CREDIT: UKRINFORM/ BARCROFT  MEDIA

Market Closes for July 25th, 2019

Market Index	Close	Change
Dow Jones	27140.98	-128.99 -0.47%
S&P 500	3003.67	-15.89 -0.53%
NASDAQ	8238.543	-82.957 -1.00%
TSX	16488.20	-123.64
		-0.74%

International Markets

Market Index	Close	Change
NIKKEI	21756.55	+46.98
		+0.22%
HANG SENG	28594.30	+70.26
		+0.25%
SENSEX	37830.98	-16.67
		-0.04%
FTSE 100*	7489.05	-12.41
		-0.17%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.466		1.444
CND. 30 Year Bond		1.731		1.704
U.S.    10 Year Bond		2.0810		2.0428
U.S. 30 Year Bond		2.6083		2.5726

Currencies

BOC Close	Today	Previous
Canadian $	7.75975	0.76104
US $	1.31622	1.31399
Euro Rate 1 Euro=		Inverse
Canadian $	1.46722	0.68156
US $	1.11475	0.89706

Commodities

Gold	Close	Previous
London Gold Fix	1426.95	1425.55
Oil
WTI Crude Future	55.84	55.69

Market Commentary:
Money is better than poverty, if only for financial reasons. -Woody Allan.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian stocks declined after three days of gains, hurt by materials and energy stocks. Consumer staples, tech and industrials were the best sectors within the S&P/TSX Composite Index. The S&P/TSX fell 0.7% to 16,488 on Thursday in Toronto. Metals and mining stocks were the worst performers as gold and silver prices tumbled after ECB president Mario Draghi said that he sees a low risk of a recession.
Cameco and Husky Energy were among the underperformers within the energy sector, after reporting earnings. Meanwhile, Canada’s small and mid-size firms, which account for the majority of the nation’s businesses, were less optimistic in July compared with the previous month, according to a monthly survey from the Canadian Federation of Independent Business.
Stocks
* Mullen Group rose 8.6% after second quarter adjusted EPS beats estimates
* FirstService Corp climbed 2.8%. The company beat the highest adjusted EPS estimate when it reported second quarter earnings on July 24
* Aritzia Inc was up 2.8%
* Cameco fell 7.7%
* OceanaGold was among the chief underperformers as gold fell and after a ruling on its Didipio operations
* Celestica fell 1.5% after its third quarter revenue forecast missed estimates
Ratings
* BEP-U CN: Brookfield Renewable Partners Cut to Neutral at Credit Suisse
* GSV CN: Gold Standard Ventures Rated New Buy at B Riley FBR, Inc.
* TIH CN: Toromont Industries Raised to Outperform at National Bank
Commodities
* Western Canada Select crude oil traded at a $14.50 discount to WTI
* Gold spot price fell 0.8% to $1,414.40 an ounce
FX/Bonds
* The Canadian dollar fell about 0.1% to C$1.3160 per U.S. dollar
* The Canada 10-year government bond yield rose to 1.461%
US
By Vildana Hajric and Olivia Rinaldi
(Bloomberg) — U.S. stocks fell from record highs amid a torrent of corporate results, while the euro swung between gains and losses and European bond yields climbed from all time lows after Mario Draghi didn’t give markets more of a dovish signal. All 11 industry sectors in the S&P 500 closed lower a day after the benchmark index closed at an all-time high. The Dow Jones Industrial Average slumped to the lowest two weeks as investors digested a flood of earnings. 3M initially advanced after beating estimates before turning lower, while Tesla plunged on weak results. A Federal Trade Commission probe weighed on Facebook, overshadowing impressive results. After the close or regular trading, Amazon fell after posting lower-than- forecast earnings and Alphabet exceeded revenue estimates.
“Stocks’ weakness, despite today’s ECB dovishness, calls into question how much upside equities have left even if the Fed cuts rates as expected next week,” said Alec Young, managing director of global markets research at FTSE Russell in New York. “With global leading economic indicators still weak, investors seem increasingly unwilling to keep buying without greater signs of improving fundamentals.” The euro initially plunged versus the dollar after ECB President Draghi left rates unchanged but said a “significant degree” of monetary stimulus is needed and the outlook is “getting worse and worse.” It then spiked before trading little changed.
“For the markets, it continues to be this tug-of-war between continued policy stimulus and whether that’s going to be enough to head off the slowing trend in global growth,” said Ed Campbell, portfolio manager and managing director at QMA. Earnings have been broadly positive for stocks, but worries still linger over trade and a slowing global economy. Oil was little changed as declining U.S. crude stockpiles and threats to Persian Gulf exports mingled with concerns that slower economic growth will stifle demand. Most major indexes in Asia advanced, though Korean stocks declined for a second day.
Turkey’s lira fluctuated after the central bank cut its key rate by the most on record. Australia’s dollar hit its low of the session and benchmark bond yields touched a record low after Reserve Bank Governor Philip Lowe said he was prepared to cut interest rates again if needed.
Here are some key events coming up:
* Earnings season rolls on with companies including McDonald’s still to report this week.
* U.S. gross domestic product figures due Friday may show business investment posted the first decline in three years.

These are the main moves in markets:

Stocks
* The S&P 500 Index decreased 0.5% to 3,003.70 as of 4:03 p.m. New York time.
* The Dow Jones Industrial Average sank 0.5% to 27,141.05, the lowest in two weeks on the biggest dip in a month.
* The Nasdaq Composite Index decreased 1% to 8,238.54, the largest decrease in a month.
* The Stoxx Europe 600 Index decreased 0.6% to 389.52, the first retreat in a week and the biggest dip in almost three weeks.
* The U.K.’s FTSE 100 Index dipped 0.2% to 7,489.05, the lowest in almost four weeks.
* Japan’s Nikkei 225 Stock Average gained 0.2% to 21,756.55, the highest in more than 11 weeks.
Currencies
* The Bloomberg Dollar Spot Index rose 0.2% to 1,200.75, the highest in more than five weeks.
* The euro was little changed at $1.1144, the first advance in a week.
* The Japanese yen decreased 0.5% to 108.71 per dollar, the weakest in more than two weeks on the largest dip in almost three weeks.
* The British pound decreased 0.3% to $1.2451.
* The Swiss franc dipped 0.6% to $0.991, the weakest in more than two weeks on the largest dip in almost three weeks.
* The onshore yuan was little changed at 6.872 per dollar.
Bonds
* The yield on 10-year Treasuries gained three basis points to 2.07%.
* The yield on two-year Treasuries climbed three basis points to 1.85%, the highest in two weeks.
* Germany’s 10-year yield rose two basis points to -0.36%, the first advance in more than a week and the largest rise in two weeks.
* Britain’s 10-year yield gained three basis points to 0.71%, the first advance in a week and the biggest rise in two weeks.
Commodities
* Gold declined 0.8% to $1,414.24 an ounce, the weakest in more than a week.
* West Texas Intermediate crude was little changed at $55.89 a barrel.

Have a great night.

Be magnificent!
As ever,

Carolann

You have to have confidence in your ability,
and then be tough enough to follow through.
                         -Rosalynn Carter, b. 1927
             

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:
1969 Apollo 11, the first manned mission to the moon, splashed down safely in the Pacific.  Go to article »

Wednesday: named after Woden, principal Teutonic god.  Other languages have divine inspiration for the weekday names also.   In French and in Italia, Wednesday’s mercredi or mercoledi Is named after the Roman god Mercury.  In business, we call it “hump day”.

PHOTOS OF THE DAY

“Gateway’, an intricately designed swimming pool by Portuguese artist Joana Vasconcelos, is unveiled at the Jupiter Artland sculpture park at Kirknewton, Edinburgh, before it opens to the public on Saturday as part of the 2019 Edinburgh Art Festival.
CREDIT: OWEN HUMPHREYS/PA WIRE

A man rides a jet ski during sunset on Lake Van in Edremit district of Van, Turkey.
CREDIT: OZKAN BILGIN/ANADOLU AGENCY VIA GETTY IMAGES

A daredevil admires a spectacular fireworks display from a highline. Slackliner Sarah Rixham, 28, flung her arms wide open as she watched the colorful show from the 65ft-high wire. While two million people watched the fireworks from the ground at Zurich Fest, Switzerland, adrenaline junkie Miss Rixham spent five minutes up on the line watching the action. Professional slackline photographer Aidan Williams captured these images of Mis Rixham enjoying the fireworks show.
CREDIT: AIDAN WILLIAMS/SOLENT NEWS

A professional balance performer hiked to the edge of a cliff to perform a deadly dangerous handstand at more than 1300ft. The adrenaline-filled footage was captured by Eskil Ronningsbakken at Rampestreken viewpoint in Andalsnes, Norway on his fortieth birthday, June 24. The viewpoint was 400 metres high and overlooked some incredible Norwegian scenery and required Eskil to travel 1.7 km in order to reach the spot.
CREDIT: CATERS NEWS
Market Closes for July 24th, 2019

Market Index	Close	Change
Dow Jones	27269.97	-79.22 -0.29%
S&P 500	3019.56	+14.09 +0.47%
NASDAQ	8321.500	+70.097 +0.85%
TSX	16611.84	+39.15
		+0.24%

International Markets

Market Index	Close	Change
NIKKEI	21709.57	+88.69
		+0.41%
HANG SENG	28524.04	+57.56
		+0.20%
SENSEX	37847.65	-135.09
		-0.36%
FTSE 100*	7501.46	-55.40
		-0.73%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.444		1.497
CND. 30 Year Bond		1.704		1.741
U.S.    10 Year Bond		2.0428		2.0812
U.S. 30 Year Bond		2.5726		2.6156

Currencies

BOC Close	Today	Previous
Canadian $	0.76104	0.76140
US $	1.31399	1.31337
Euro Rate 1 Euro=		Inverse
Canadian $	1.46409	0.68302
US $	1.11424	0.89747

Commodities

Gold	Close	Previous
London Gold Fix	1425.55	1427.75
Oil
WTI Crude Future	55.69	56.65

Market Commentary:
Canada
By Aoyon Ashraf
(Bloomberg) — Stocks in Canada erased earlier losses, with the key benchmark ending Wednesday at a three-month high. Transportation shares paced the gains as Canadian National Railway Co. topped second-quarter earnings estimates. The S&P/TSX Composite Index rose 0.2% to 16,611.84 in Toronto, reaching the highest level since April. Industrials, technology and materials were the best-performing sectors, while energy and health-care posted the only losses.
Energy shares slipped more than 1% after oil fell on news that Kuwait and Saudi Arabia will coordinate the resumption of crude output in a disputed neutral zone that could yield 500,000 barrels a day. Meanwhile, pot stocks declined as CannTrust Holdings Inc. slumped on a report that executives knew the cannabis company was growing pot in unlicensed rooms well before government regulators unearthed the violation.

In other moves:
Stocks
* Gold and silver companies such as Sandstorm Gold Ltd., Pan American Silver, Torex Gold Resources Inc. and Eldorado Gold Corp. were among miners that gained as metal prices rose
* Hexo Corp. fell after Quebec said it will ban sweet pot edibles ahead of next legalization phase
Ratings
* BCB CN: Cott Upgraded to Buy at Goldman
* EDR CN: Endeavour Silver Downgraded to Neutral at PI Financial; PT C$3
* ESI CN: Ensign Energy Services Raised to Sector Perform at Scotiabank
* EXN CN: Excellon Resources Cut to Neutral at PI Financial; PT C$1.15
* HNL CN: Horizon North Logistics Cut to Sector Perform at Scotiabank
* PD CN: Precision Drilling Raised to Sector Perform at Scotiabank
* RCI/B CN: Rogers Communications Upgraded to Buy at Echelon Wealth; PT C$79
* TRI CN: Thomson Reuters Downgraded to Sell at Canaccord
Commodities
* Western Canada Select crude oil traded at a $14.75 discount to WTI
* Gold spot price rose 0.5% to $1,425.52 an ounce
FX/Bonds
* The Canadian dollar fell about 0.06% to C$1.3144 per U.S. dollar
* The Canada 10-year government bond yield fell to 1.445%
U.S.
By Sarah Ponczek and Olivia Rinaldi
(Bloomberg) — U.S. stocks pushed higher for a third day as investors looked past weak economic data and mixed corporate results, including an unexpected quarterly loss for Boeing. Treasuries advanced along with bonds in Europe. The Nasdaq Composite Index climbed to a record after Texas Instruments posted strong earnings, while UPS’s bullish profit guidance helped push the S&P 500 to an all-time closing high. Along with Boeing, Caterpillar weighed on the Dow Jones Industrial Average. After the close of regular trading, Facebook climbed on higher-than-forecast revenue, while Ford slumped as earnings missed estimates.
“I like that we do have this idiosyncratic risk in the market right now where these indices are being pushed by the underlying constituents, not necessarily global-macro forces,” said Joe Mallen, chief investment officer of Helios Quantitative Research in Tampa, Florida. European bond yields dropped to unprecedented lows as disappointing manufacturing data added to concerns about the region’s growth and bolstered expectations for more central bank accommodation, including by the Federal Reserve. “The Fed backdrop is providing some cushion so-to-speak,” Nancy Perez, senior portfolio manager at Boston Private Wealth, said by phone. “It would be very healthy to trade sideways here and digest the earnings, digest trade policy.”
Broadly positive earnings reports have buoyed stocks this so far week, though Deutsche Bank’s woes and flagging demand reported by carmakers and other manufacturers gave investors a reminder of the uncertain outlook for the global economy. To add to that, the U.S. Justice Department opened a broad probe into whether dominant technology firms are unlawfully stifling competition, hitting shares of Amazon and Alphabet. Central banks remain in focus after the IMF on Tuesday revised its forecasts for global growth lower and the Federal Reserve is seen trimming its policy rate by a quarter percentage point next week. The European Central Bank may hold fire tomorrow, though its message will be closely parsed for signs of a September move as the poor economic data ramp up pressure to deliver stimulus.
Elsewhere, Britain’s pound rebounded from a two-year low following Boris Johnson’s victory in the contest to succeed Theresa May as U.K. prime minister, though the nation’s equity benchmark underperformed. The dollar dropped for the first time in four days.
Here are some key events coming up:
* Earnings season rolls on with companies including Amazon.com, Alphabet, Unilever and McDonald’s still to report this week.
* Thursday brings the European Central Bank policy decision. Economists widely expect officials to signal their readiness to cut interest rates and potentially broaden stimulus. Some see the chance of an immediate rate cut. ECB President Mario Draghi holds a briefing afterward.

These are the main moves in markets:
Stocks
* The S&P 500 Index climbed 0.5% to 3,019.56 as of 4:06 p.m. New York time, the highest on record.
* The Nasdaq Composite Index climbed 0.8% to 8,321.50, the highest on record with the biggest increase in more than three weeks.
* The Dow Jones Industrial Average fell 0.3% to 27,269.97, the largest fall in a week.
* The Stoxx Europe 600 Index was little changed at 391.73, the highest in almost three weeks.
* The U.K.’s FTSE 100 Index sank 0.7% to 7,501.46, the largest decrease in almost eight weeks.
* Japan’s Nikkei 225 Stock Average climbed 0.4% to 21,709.57, the highest in almost three weeks.
* Hong Kong’s Hang Seng Index gained 0.2% to 28,524.04.
Currencies
* The Bloomberg Dollar Spot Index fell 0.1% to 1,198.85.
* The Japanese yen was little changed at 108.20 per dollar.
* The euro sank 0.1% to $1.1138, the weakest in almost eight weeks.
* The British pound increased 0.3% to $1.2482.
* The Swiss franc was little changed at $0.9854, the weakest in a week.
* The Canadian dollar decreased 0.1% to C$1.3148 per U.S. dollar, the weakest in more than four weeks.
* The Australian dollar decreased 0.4% to 0.698 per dollar, the weakest in almost two weeks.
Bonds
* The yield on two-year Treasuries sank two basis points to 1.82%.
* Germany’s 10-year yield fell two basis points to -0.38%, reaching the lowest in almost three weeks on its sixth straight decline and the biggest fall in a week.
* The yield on 10-year Treasuries declined four basis points to
2.04%, the largest fall in a week.
* Britain’s 10-year yield fell one basis point to 0.678%, reaching the lowest in almost three weeks on its sixth straight decline.
–With assistance from Vildana Hajric.
Have a great night.

Be magnificent!
As ever,

Carolann

The most common error made in matters of appearance
is the belief that one should disdain the superficial and let
the true beauty of one’s soul shine through.  If there are
places on one’s body where this is a possibility,
you are not attractive – you are leaking.
                                          -Fran Lebowitz, b. 1946

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

Tangents:

On July 23, 1914, Austria-Hungary issued an ultimatum to Serbia following the killing of Archduke Francis Ferdinand by a Serb assassin; the dispute led to World War I. Go to article »

On July 23, 1934, T.H. White wrote, England Have My Bones:
Flying over Wiltshire yesterday, we followed the course of a little river. Hanging over Corbett’s favorite country, with the sharp downs to provide a skyline of useful beauty, and the fertile valleys full of comfort and richness between them, it was almost an agony of affection to look down into the clean water. You could see the whole geography of the stream, the bright green cresses, almost the shadowy trout with their under-shadows.
     Nothing will beat the dry-fly…the highest of the arts.  You have got to endure for a salmon, and there is a pleasure in the absolutely straight sizzle of gut culminating in the plop of a lure that will be fishing efficiently through the whole arc, and the ten minutes with the fish on are at the tip f life.  But you can’t stalk a salmon.  You don’t caress your cast on to the water with a feathery anxiety.
     There is something in our effete old English waters after all.…And in them stands absorbed the ruminant angler, unconscious of time, deft with his fingers, puzzling his beloved fly-box, breathing his pipe smoke regularly in the bliss of concentration, pitting his quivering wits and tackle against the rosy-spotted tiger-fighters of the drinkable water, sun struck into another infinite universe like the heron.  I suppose the heron must be the happiest of living creatures. -T.H. White, 1906-1964,  from The Book of Days.32

Travelling:
A Trip to Ireland’s Hauntingly Beautiful Burren: On Ireland’s west coast, the rocky Burren region is home to ancient crypts, medieval holy sites and a wildly idiosyncratic garden. -from today’s Wall Street Journal.

PHOTOS OF THE DAY

Part of a headdress from a helmet belonging to a real-life Asterix resistance fighter against the Romans that has been discovered on a West Sussex building site. Archaeologists have described the discovery, which will go on display at Chichester’s Novium Museum in January 2020, as “the most elaborately equipped warrior grave ever found in England.
CREDIT: STEVE PARSONS/ PA WIRE

People sunbathe at Levante Beach in Benidorm, Spain. More than 39 million of tourists are  expected to visit Spain by the end of July, 7% more than the same period in 2019, but Spain’s tourist industry remains tepid with UK visitor’s figures. Spain is expected to host 8.5 million UK tourists by the end of July, just a 0.4% increase of same period in 2018 which confirms a deceleration dating from 2016 with the worst figures in 2018.
CREDIT: DAVID RAMOS/ GETTY IMAGES

London’s last working shire horses cut the grass Thames meadows at the National Trust’s Ham House and Garden. The National Trust’s Ham House and Garden. The National Trust is replacing heavy machinery with a 17^th century technique of using shire horses to cut rare hay meadows in the heart of the capital. The herd of working heavy horses have been called in by the conservation charity to cut the hay on its Ham House estate, near Richmond, as part of efforts to manage the land in a more sustainable way. The towering horses, which belong to charity Operation Centaur, weigh up to a tonne each but are a lighter alternative to tractors, reducing compaction of the soil which encourages wildflowers to grow and in turn provides habitats for wildlife.
CREDIT: JAMES LINSELL-CLARK/SWNS
Market Closes for July 23th, 2019

Market Index	Close	Change
Dow Jones	27349.19	+177.29 +0.65%
S&P 500	3005.47	+20.44 +0.68%
NASDAQ	8251.402	+47.264 +0.58%
TSX	16572.68	+53.80
		+0.33%

International Markets

Market Index	Close	Change
NIKKEI	21620.88	+204.09
		+0.95%
HANG SENG	28466.48	+95.22
		+0.34%
SENSEX	37982.74	-48.39
		-0.13%
FTSE 100*	7556.86	+41.93
		+0.56%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.497		1.485
CND. 30 Year Bond		1.741		1.721
U.S.    10 Year Bond		2.0812		2.0464
U.S. 30 Year Bond		2.6156		2.5712

Currencies

BOC Close	Today	Previous
Canadian $	0.76140	0.76223
US $	1.31337	1.31194
Euro Rate 1 Euro=		Inverse
Canadian $	1.46480	0.68269
US $	1.11525	0.89666

Commodities

Gold	Close	Previous
London Gold Fix	1427.75	1439.70
Oil
WTI Crude Future	56.65	56.22

Market Commentary:
Starbucks Corp. said it is taking a stake in a digital technology company to speed up its offering of mobile ordering and payment options at its global stores to improve customer convenience.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian stocks gained for a second consecutive day, while U.S. stocks climbed amid some positive earnings results and optimism surrounding trade negotiations. The S&P/TSX Composite Index rose 0.3% to 16,572.68 on Tuesday in Toronto. Eight of 11 sectors rose, led by consumer discretionary stocks. Tech, materials and energy stocks were the worst sectors within the index.
Meanwhile, after years of Canada dominating the world of marijuana finance, the country’s head start is evaporating and U.S. bankers are increasingly answering the call of cannabis companies.
In other moves:
Stocks
* BRP Inc. rose 9.2% after completing its substantial issuer bid
* Cronos Group climbed 5.1%, while Hexo fell 4.1%
* SNC fell 9.6%, following the previous day’s declines, as the company’s largest shareholder said SNC’s performance is cause for concern.
Ratings
* ELD CN: Eldorado Gold Cut to Sector Perform at National Bank; PT C$11
* GTII CN: Green Thumb Rated New Buy at Craig-Hallum
* SMF CN: Semafo Downgraded to Sector Perform at National Bank; PT C$6.50
* VFF CN: Village Farms International Rated New Buy at Craig-Hallum
Commodities
* Western Canada Select crude oil traded at a $14.85 discount to WTI
* Gold spot price fell 0.5% to $1,417.18 an ounce
FX/Bonds
* The Canadian dollar fell about 0.2% to C$1.3146 per U.S. dollar
* The Canada 10-year government bond yield rose to 1.490%
US
By Vildana Hajric and Olivia Rinaldi
(Bloomberg) — U.S. stocks rose, sending the benchmark S&P 500 Index back above the 3,000 level, as investors assessed a batch of strong earnings and signs of progress in trade talks with China. Treasuries fell and the dollar rose. Equities extended gains after Blooomberg reported that U.S. Trade Representative Robert Lighthizer is set to travel to China next Monday for the first high-level, face-to-face trade negotiations between the world’s two biggest economies since talks broke down in May.
“We’re starting to see perhaps both sides are building more good faith for continuing negotiations,” said Michael Reynolds, investment strategy officer at Glenmede Trust Co. in Philadelphia. “It seems like they’re making progress, which is good, and the market applauds something like that.” The S&P 500 climbed for a second day as Coca-Cola reached a record high, while United Technologies jumped after the duo posted earnings that topped estimates. PulteGroup, Zions Bancorp and Whirlpool all tumbled after results disappointed. Strong earnings helped the Stoxx Europe 600 gain, with upbeat reports from heavyweights including UBS, Santander, Hermes and AMS.
One of the biggest risks is that people underestimate how much the U.S. companies actually rely on international and emerging markets for growth,” said Brian Kersmanc, a senior investment analyst at GQG Partners and deputy portfolio manager on the GQG International Strategy. “The lines between developed market, emerging market, and U.S. and international are blurring immensely.”
Elsewhere, the British pound stayed lower after Boris Johnson was officially named by the Conservative Party as Prime Minister Theresa May’s replacement. Oil gained amid the optimism on trade. Futures in New York shook off their earlier malaise and shot up 1% to close trading.
Here are some key events coming up:
* Earnings season rolls on with companies including Amazon.com, Alphabet, Unilever, Caterpillar, McDonald’s and Boeing still to report this week.
* Thursday brings the European Central Bank policy decision. Economists widely expect officials to signal their readiness to cut interest rates and potentially broaden stimulus. Some see the chance of an immediate rate cut. ECB President Mario Draghi holds a briefing afterward.

These are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.7% as of 4:02 p.m. New York time. The Nasdaq Composite Index increased 0.6% and the Dow Jones Industrial Average climbed 0.7%.
* The Stoxx Europe 600 gained 1%, the third straight increase.
* The MSCI Emerging Market Index was little changed.
* The MSCI Asia Pacific Index rose 0.3%.
Currencies
* The Bloomberg Dollar Spot Index rose 0.4%, the third consecutive gain.
* The euro declined 0.5% to $1.1148, while the yen weakened 0.4% to 108.25 per dollar.
* The British pound fell 0.3% to $1.2435, the third straight decline.
* The MSCI Emerging Markets Currency Index dropped 0.2%.
Bonds
* The yield on 10-year Treasuries rose 2 basis points to 2.07%.
* Germany’s 10-year yield was little changed at -0.36%.
* Britain’s 10-year yield fell 2 basis points to 0.69%.
Commodities
* West Texas Intermediate rose 1.3% to $56.93 a barrel.
* Gold fell 0.6% to $1,417 an ounce.
* The Bloomberg Commodity Index gained 0.3%.
Have a great night.

Be magnificent!
As ever,

Carolann

Do not condemn the judgement of another because it differs from your own. 
You may both be wrong.
            -Lao Tzu, 570-490 BC

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

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

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

Dear Friends,

Tangents:
Rat Catcher’s Day
July 22, 1376 – Pied Piper of Hamelin, Germany.
The story is that the town of Hamelin (Hameln), in Westphalia, was infested with rats in 1284, and that a mysterious piper in a  parti-colored suit appeared in the town and offered to rid it of vermin for a certain sum, which offer was accepted by the townspeople.  The Pied Piper fulfilled his contract, but payment was not forthcoming.  On the following St. John’s Day, he reappeared and again played hi pipe.  This time all the children followed him and he led them to a mountain cave, where all disappeared save two: one blind, the other dumb and lame.  Another version is that they were led to Transylvania where they formed a  German colony.  The story, familiar in England from Robert Browning’s poem (1842), appeared earlier in James Howell’s Familiar Letters (1645-55).  The legend has its roots in the story of the Children’s Crusade

-from  THE PIED PIPER OF HAMELIN
  BY Robert Browning
Hamelin Town’s in Brunswick,
By famous Hanover city;
The river Weser, deep and wide,
Washes its wall on the southern side;
A pleasanter spot you never spied;
But, when begins my ditty,
Almost five hundred years ago,
To see the townsfolk suffer so
From vermin, was a pity.

Rats! They fought the dogs and killed the cats,
And bit the babies in the cradles,
And ate the cheeses out of the vats,
And licked the soup from the cooks’ own ladle’s,
Split open the kegs of salted sprats,
Made nests inside men’s Sunday hats,
And even spoiled the women’s chats
By drowning their speaking
With shrieking and squeaking
In fifty different sharps and flats…

At last the people in a body
To the town hall came flocking:
“‘Tis clear,” cried they, ‘our Mayor’s a noddy;
And as for our Corporation–shocking
To think we buy gowns lined with ermine
For dolts that can’t or won’t determine
What’s best to rid us of our vermin!
You hope, because you’re old and obese,
To find in the furry civic robe ease?
Rouse up, sirs! Give your brains a racking
To find the remedy we’re lacking,
Or, sure as fate, we’ll send you packing!”
At this the Mayor and Corporation
Quaked with a mighty consternation…

ICYMI
Archaeologists find a perfectly preserved, 500-year-old shipwreck in the Baltic Sea. (h/t Ellen Kominers)

PHOTOS OF THE DAY

Thousands of people watch a fireworks display, as the UK’s finest fireworks companies compete during the Fireworks Champions at Newby Hall in Yorkshire.
CREDIT: DANNY LAWSON/PA

Window of Autumn by Hasan Baglar taken in Nicosia, Cyprus, which has come first in the All About Plants Section for the RHS Photographic Competition 2019.
CREDIT: HASAN BAGLAR/RHS/PA

Families enjoy the evening sunshine around the Lavendar Fields of Abbaye Notre-Dame de Sénanque in Provence.
CREDIT: CHARLOTTE GRAHAM FOR THE TELEGRAPH
Market Closes for July 22th, 2019

Market Index	Close	Change
Dow Jones	27171.90	+17.70 +0.7%
S&P 500	2985.03	+8.42 +0.28%
NASDAQ	8204.137	+57.648 +0.71%
TSX	16518.88	+32.94
		+0.20%

International Markets

Market Index	Close	Change
NIKKEI	21416.79	-50.20
		-0.23%
HANG SENG	28371.26	-394.14
		-1.37%
SENSEX	38031.13	-305.88
		-0.80%
FTSE 100*	7514.93	+6.23
		+0.08%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.485		1.4999
CND. 30 Year Bond		1.721		1.737
U.S.    10 Year Bond		2.0464		2.0242
U.S. 30 Year Bond		2.5712		2.5640

Currencies

BOC Close	Today	Previous
Canadian $	0.76223	0.76751
US $	1.31194	1.30292
Euro Rate 1 Euro=		Inverse
Canadian $	1.47063	0.67998
US $	1.12096	0.89209

Commodities

Gold	Close	Previous
London Gold Fix	1439.70	1410.35
Oil
WTI Crude Future	56.22	55.30

Market Commentary:
On this day in 1946, the Bretton Woods Agreement was signed in Mount Washington, N.H., pegging major foreign currencies to the U.S. dollar, fixing the gold price at $35 per ounce, and laying the groundwork for the International Monetary Fund and the World Bank.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian stocks rose, with tech companies including Shopify Inc. and Sierra Wireless Inc. leading the way as their U.S. counterparts rallied in anticipation of earnings reports.The S&P/TSX Composite Index rose 0.2% to 16,518.88 on Monday in Toronto. Health care stocks were the worst performers, led by marijuana companies as pot policy review in the U.S. weighed on producers.
Meanwhile, wholesale sales in Canada pulled back by the most since 2016 in May on declines in motor vehicles, while a measure of sales to inventories rose to the highest in more than two decades. The value of wholesales fell 1.8% on the month, the biggest decrease since March 2016, Statistics Canada said. That missed the median forecast in a Bloomberg survey for a gain of 0.5%.
In other moves:
Stocks
* Torex Gold Resources and First Majestic Silver Corp. climbed as gold and silver prices stayed elevated
* AltaGas climbed more than 6.1 after company said that it will sell U.S. generation assets to TerraForm for $720m
* Shopify rose 2%, leading the tech stock rally
* Husky Energy, Kelt Exploration and Precision Drilling were among the energy outperformers on higher oil price
* SNC-Lavalin fell 6.7% after company said it will take $1.45 billion charge as reorganization ramps Up
* Methanex fell 6% after it said will build methanol plant in Geismar for $1.4 billion
Ratings
* CNQ CN: Canadian Natural Resources Downgraded to Neutral at Goldman
* DGC CN: Detour Gold Downgraded to Hold at GMP; PT C$20.50
* ELD CN: Eldorado Gold Downgraded to Hold at GMP; PT C$10.30
* EQB CN: Equitable Group Upgraded to Outperform at RBC; PT C$96
* FN CN: First National Financial Raised to Sector Perform at RBC
* IFC CN: Intact Financial Downgraded to Sector Perform at RBC; PT C$135
* IMG CN: Iamgold Downgraded to Hold at GMP; PT C$5.30
* SJR/B CN: Shaw Communications Upgraded to Buy at Canaccord; PT C$30
* SLF CN: Sun Life Financial Reinstated Outperform at Evercore ISI
* T CN: Telus Downgraded to Hold at Canaccord; PT C$50
* TKO CN: Taseko Mines Downgraded to Hold at TD; PT 85 Cents
* U CN: Uranium Participation Downgraded to Hold at TD; PT C$5
* WPM CN: Wheaton Precious Metals Upgraded to Buy at GMP; PT C$41.50
Commodities
* Western Canada Select crude oil traded at a $14.75 discount to WTI
* Gold spot price flat at $1,424.61 an ounce
FX/Bonds
* The Canadian dollar fell about 0.4% to C$1.3115 per U.S. dollar
* The Canada 10-year government bond yield fell to 1.48%
US
By Sarah Ponczek and Vildana Hajric
(Bloomberg) — Technology shares led gains among U.S. stocks following mixed sessions in Europe and Asia as investors looked ahead to a busy week of corporate earnings. Oil gained amid tensions in the Persian Gulf. Apple rallied after Morgan Stanley boosted its price target, while Micron Technology was lifted to buy from neutral by Goldman, as were Lam Research and Applied Materials. The Dow Jones Industrial Average was little changed. Stocks slipped throughout Asia, led by declines in Shanghai and Hong Kong as traders watched escalating tensions there. Treasuries advanced after traders pared bets the Federal Reserve will slash rates by a half-point this month.
“We will start to get results from some of the big multi-national industrials and tech firms, which should shed more light on the effects of the trade war and therefore could move markets on a broad scale,” Tom Essaye, a former Merrill Lynch trader who founded “The Sevens Report” newsletter, wrote in a note to clients. Oil rose again, posting its biggest gain in more than a week, after Iran’s seizure of a British tanker fanned concerns of a confrontation that could disrupt Middle East supplies.
Investors will be eyeing earnings this week for signs of economic slowdown and any indication that trade strife is affecting companies’ bottom lines. On the trade front, Chinese state media reported face-to-face negotiations with the U.S. may resume soon, as Beijing considers a plan to boost American soybean purchases to sweeten a deal, people familiar with the matter said.
“It’s nice to see it’s restarting,” said Michael Kelly, global head of multi-asset at PineBridge Investments, which manages more than $90 billion. “I think it will provide plenty of room for both sides to get something and for us to avoid the worst case of tariffs on another $300 billion.”
Elsewhere, core European government bonds gained, while the pound slumped after a forecast showed Brexit may have already pushed the U.K. into a technical recession, and as Conservative Party members vote on new leadership.
Here are some key events coming up:
* Earnings season rolls on with companies including: Amazon.com, Alphabet, Unilever, Caterpillar, Coca-Cola, McDonald’s and Boeing.
* U.K. Prime Minister Theresa May’s successor is announced on Tuesday, with Boris Johnson expected to become the new Conservative leader and PM.
* Thursday brings the European Central Bank policy decision. Economists widely expect officials to signal their readiness to cut interest rates and potentially broaden stimulus. Some see the chance of an immediate rate cut. ECB President Mario Draghi holds a briefing afterward.

These are the main moves in markets:

Stocks
* The S&P 500 Index rose 0.3% as of 4:03 p.m. New York time. The Nasdaq Composite Index gained 0.7% and the Dow Jones Industrial Average less than 0.1%.
* The Stoxx Europe 600 rose 0.1%.
* The MSCI Emerging Market Index eased 0.4%.
* The MSCI Asia Pacific Index dropped 0.5%.
Currencies
* The Bloomberg Dollar Spot Index rose 0.1%, the second consecutive gain.
* The euro was little changed at $1.1209, while the yen weakened 0.2% to 107.88 per dollar.
* The British pound fell 0.2% to $1.2476.
* The MSCI Emerging Markets Currency Index was little changed.
Bonds
* The yield on 10-year Treasuries eased 1 basis point to 2.05%.
* Germany’s 10-year yield dropped 2 basis points to -0.35%, the fourth straight decline.
* Britain’s 10-year yield fell 3 basis points to 0.71%.
Commodities
* West Texas Intermediate rose 1.1% to $56.22 a barrel.
* Gold was little changed at $1,425 an ounce.
* The Bloomberg Commodity Index fell 0.3%.
–With assistance from Laura Curtis.
Have a great night.

Be magnificent!
As ever,

Carolann

Courage is not the absence of fear, but rather the judgement
that something else is more important than fear.
                                    -Ambrose Redmoon,  1933-1996

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:  Start every day off with a smile and get it over with. -W.C. Fields, 1880-1946

On July 18, 1936, the Spanish Civil War began as Gen. Francisco Franco led an uprising of army troops based in North Africa.  Go to article »

-from the Stanford commencement speech by Steve Jobs, June, 2005:
Remembering that I’ll be dead soon is the most important tool I’ve encountered to help me make the big choices in life.  Because almost everything, all external expectations, all pride, all fear of embarrassment or failure – these things just fall away in the face of death, leaving only what is truly important.
Remembering that you are going to die is the best way I know to avoid the trap of thinking you have something to lose.  You are already naked.  There is no reason not to follow your heart.
PHOTOS OF THE DAY

The Lunar eclipse over Bembridge lifeboat station on the Isle of Wight.
CREDIT: BNPS

A hummingbird plays in water droplets sprayed from a sprinkler in California. US.
CREDIT: WEI LIAN/ SOLENT NEWS & PHOTO AGENCY.

People watch as the Saturn V rocket that took Apollo II to the moon is displayed on the Washington Monument on the National Mall during a light show in Washington, DC.
CREDIT: UPI/ BARCROFT MEDIA
Market Closes for July 18^th, 2019

Market Index	Close	Change
Dow Jones	27222.97	+3.12 +0.01%
S&P 500	2995.11	+10.69 +0.36%
NASDAQ	8207.242	+22.036 +0.27%
TSX	16494.23	+10.02
		+0.06%

International Markets

Market Index	Close	Change
NIKKEI	21046.24	-422.94
		-1.97%
HANG SENG	28461.66	-131.51
		-0.46%
SENSEX	38897.46	-318.18
		-0.81%
FTSE 100*	7493.09	-42.37
		-0.56%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.4999		1.528
CND. 30 Year Bond		1.737		1.733
U.S.    10 Year Bond		2.0242		2.0451
U.S. 30 Year Bond		2.5640		2.5568

Currencies

BOC Close	Today	Previous
Canadian $	0.76751	0.76623
US $	1.30292	1.30509
Euro Rate 1 Euro=		Inverse
Canadian $	1.46941	0.68055
US $	1.12777	0.88671

Commodities

Gold	Close	Previous
London Gold Fix	1410.35	1409.85
Oil
WTI Crude Future	55.30	56.78

Market Commentary:
All money is a matter of belief. -Adam Smith, 1723-1790.
On this day in 1996, “Chainsaw Al” Dunlap became chairman of Sunbeam, a maker of coffee machines, barbecue grills and massaging shower heads. The veteran tough-guy turnaround artist announced massive layoffs, factory closings, and other steps that he predicted would save the company $225 million and double revenues by 1999; the stock soared 50% on Dunlap’s first day. Less than two years later, Dunlap stepped down amid allegations of massive accounting fraud. He died earlier this year. 
Canada
By Michael Bellusci
(Bloomberg) — Canadian stocks finished higher Thursday, with material producers leading the way after gold and silver rose amid weaker U.S. dollar and Iran geopolitics. The S&P/TSX Composite Index up less than 0.1% to 16,494.23. Material stocks jumped 1.7% while Aurora Cannabis Inc. paced losses among pot shares.
Meanwhile, energy shares slipped along with oil. Crude prices slid to the lowest in almost a month as pessimism about a trade truce between the U.S. and China continued to dog markets, while the resumption of Russian pipeline flows fed worries about a supply glut.     In other moves:
Stocks
* Neptune Wellness Solutions jumped 16% after closing a private placement
* Sandstorm Gold rose 8.6%
* First Majestic Silver gained 6.3%
* iAnthus Capital Holdings lost 6.9%
* Aurora Cannabis fell 6.5% after BofA downgraded to neutral
Ratings
* ATD/B CN: Couche-Tard Cut to Market Perform at BMO; Price Target C$84
* CVE CN: Cenovus Energy Upgraded to Outperform at CIBC; PT C$16.50
* FM CN: First Quantum Minerals Upgraded to Buy at Canaccord; PT C$16
* GDI CN: GDI Integrated Rated New Buy at Cormark Securities; PT C$35
* IMO CN: Imperial Oil Rated New Buy at Accountability; PT C$43
* TCW CN: Trican Well Service Downgraded to Neutral at CIBC; PT C$1.50
* VET CN: Vermilion Energy Downgraded to Sector Perform at RBC; PT C$33
* WCN CN: Waste Connections Downgraded to Perform at Oppenheimer
Commodities
* Western Canada Select crude oil traded at a $14.75 discount to WTI
* Gold spot price rose 1.4% to $1,446.23 an ounce
FX/Bonds
* The Canadian dollar climbed about 0.1% to C$1.3036 per U.S. dollar
* The Canada 10-year government bond yield fell to 1.501%
US
By Rita Nazareth
(Bloomberg) — U.S. stocks rebounded and the dollar fell after Federal Reserve Bank of New York President John Williams highlighted the need for swift action should policy makers conclude the economy is in trouble. Consumer and financial stocks led gains in the S&P 500 Index, while Treasury 10-year yields dropped. A positive outlook from Apple Inc. supplier’s Taiwan Semiconductor Manufacturing Co.’s lifted chipmakers. The NYSE FANG+ Index slid on Netflix Inc.’s surprise loss of U.S. customers.
A report that Iran made a “substantial” offer on its nuclear program in return for fewer sanctions gave a lift to equities that was later tempered by news that the U.S. shot down an Iranian drone. In after-hours trading, Microsoft Corp. and CrowdStrike Holdings Inc. rallied after sales topped estimates.The futures market edged closer to the idea of a half-point U.S. rate cut this month, with fed funds now pricing in about 42 basis points of easing. Fed Vice Chairman Richard Clarida told Fox Business Network that policy makers shouldn’t wait for the economy to turn down to act. Cutting rates could help cushion some of the blow from uncertainty about trade that’s likely to prove persistent, according to Fed Bank of St. Louis President James Bullard.
“We’re in a trade war, you’re seeing the impact on corporate earnings, you’re seeing the central banks forced to scramble to react to that,” Bob Michele, CIO and head of global
fixed income at JPMorgan Asset Management, said in a Bloomberg TV interview.
Elsewhere, oil slid to the lowest in almost a month as pessimism about a trade truce between the U.S. and China continued to dog markets, while the resumption of Russian pipeline flows fed worries about a supply glut. The pound climbed as the British Parliament backed measures to prevent the next prime minister suspending the legislature to pursue a no-deal Brexit.

These are the main moves in markets:
Stocks
* The S&P 500 rose 0.4% to 2,995.11 as of 4 p.m. New York time.
* The Stoxx Europe 600 Index decreased 0.2%.
* The MSCI Asia Pacific Index fell 0.6%.
Currencies
* The Bloomberg Dollar Spot Index dipped 0.5%.
* The euro gained 0.5% to $1.1276.
* The British pound climbed 1% to $1.2554.
* The Japanese yen added 0.6% to 107.26 per dollar.
Bonds
* The yield on 10-year Treasuries dipped two basis points to 2.03%.
* Germany’s 10-year yield declined two basis points to -0.31%.
* Britain’s 10-year yield was unchanged at 0.759%.
Commodities
* The Bloomberg Commodity Index dipped 0.8%.
* West Texas Intermediate crude declined 2.6% to $55.30 a barrel.

–With assistance from Nancy Moran, Sophie Caronello, Todd White, Yakob Peterseil, Cecile Gutscher, Tom Keene, Nejra Cehic, Adam Haigh and Vildana Hajric.

Have a great night.

Be magnificent!

As ever,

Carolann

You cannot find peace by avoiding life.
              –Virginia Woolf, 1882-1941

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 17, 1975, an Apollo spaceship docked with a Soyuz spacecraft in orbit in the first superpower linkup of its kind.  Go to article »

Apollo 11 engineers discuss what it took to get to the moon.

A swan census

This week, scarlet-clad teams are rowing the River Thames in southern England, counting swans.

Since the 12th century, British monarchs have asserted exclusive rights to most of the country’s mute swans. But two groups descended from London’s medieval craft guilds own swans on the Thames, and mark them to show as much.

 

The Queen’s Swan Marker examining a young bird in London on Tuesday.  Toby Melville/Reuters It’s called “Swan Upping,” perhaps because the searchers “take up” the swans they find for examination and enumeration.

Swans were a medieval delicacy, prized at banquets. But these days, they are protected in Britain, and eating them is forbidden.

In 2005, the composer and conductor Peter Maxwell Davies made a terrine from a swan he said had died after flying into a power line. The police questioned him, and he pondered whether he might have to serve time “with a ball and chain in the Tower of London.”

He got off, maintaining that “making a delicious terrine” was within his rights. –The New York Times.

PHOTOS OF THE DAY

The bright orange disc of the full moon is seen rising over Glastonbury Tor, late on July 15 2019. The full moon is July is called the Buck Moon – named after the time new antlers emerge from a Buck’s forehead.
CREDIT: PAUL SILVERS / SWINS

Model rockets are launched at the U.S Space & Rocket Center in Huntsville, US, on the 50^th anniversary of the Apollo II liftoff. Organisers attempted to break a Guinness World Record by launching 5,000 simultaneously.
CREDIT: JOE SONGER/THE HUNTSVILLE TIMES – AL.COM/AP

Competitors are given drinks during the men’s 10km open water swimming final during the 2019 World Championships in Yeosu, South Korea.
CREDIT: FINA ORGANISING COMMITTEE / YONHAP/ AFP

Market Closes for July 17^th, 2019

Market Index	Close	Change
Dow Jones	27219.85	-115.78 -0.42%
S&P 500	2984.42	-19.62 -0.65%
NASDAQ	8185.207	-37.590 -0.46%
TSX	16484.21	-18.21
		-0.11%

International Markets

Market Index	Close	Change
NIKKEI	21469.18	-66.07
		-0.31%
HANG SENG	28593.17	-26.45
		-0.09%
SENSEX	39215.64	+84.60
		+0.22%
FTSE 100*	7535.46	-41.74
		-0.55%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.528		1.588
CND. 30 Year Bond		1.733		1.784
U.S.    10 Year Bond		2.0451		2.1096
U.S. 30 Year Bond		2.5568		2.6209

Currencies

BOC Close	Today	Previous
Canadian $	07.6623	0.76441
US $	1.30509	1.30819
Euro Rate 1 Euro=		Inverse
Canadian $	1.46509	0.68255
US $	1.12259	0.89077

Commodities

Gold	Close	Previous
London Gold Fix	1409.85	1412.40
Oil
WTI Crude Future	56.78	57.62

Market Commentary:
Behind every stock is a company.  Find out what it’s doing. -Peter Lynch, b. 1944.
On this day in 1995, the Nasdaq rose 6.56 points to close at 1005.89, its first finish above the 1000 barrier. The index has gained more than 700% since then, closing at 8222.80 on Tuesday.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 0.1 percent, or 18.21 to 16,484.21 in Toronto. The index dropped to the lowest closing level since July 8. Canadian National Railway Co. contributed the most to the index decline, decreasing 3.0 percent. Precision Drilling Corp. had the largest drop, falling 4.9 percent. Today, 127 of 239 shares fell, while 110 rose; 6 of 11 sectors were lower, led by industrials stocks.

Insights
* The index was little changed in the past 52 weeks. The MSCI AC Americas Index gained 6 percent in the same period
* The S&P/TSX Composite is 1.1 percent below its 52-week high on April 23, 2019 and 19.7 percent above its low on Dec. 24, 2018
* The S&P/TSX Composite is down 0.5 percent in the past 5 days and rose 0.8 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 17.7 on a trailing basis and 15.2 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.1 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.55 trillion
* 30-day price volatility fell to 6.02 percent compared with 6.04 percent in the previous session and the average of 7.53 percent over the past month
* The benchmark 10-year bond rose and the yield fell 5.6 basis points to 1.532 percent
* The S&P 500 Index declined 0.7 percent
US
By Rita Nazareth and Vildana Hajric
(Bloomberg) — U.S. stocks fell as investors assessed mixed corporate earnings amid concern over the U.S.-China trade spat. Treasuries rose. Industrials led the S&P 500 Index below 3,000, with CSX Corp. plunging 10% after a weakened sales forecast stoked fears of a prolonged freight slump. The Dow Jones Transportation Average, a barometer of economic growth, tumbled. Bank of America Corp. advanced as gains in its retail division drove overall profit to a record, while the trading unit saw a drop in revenue. Netflix Inc. plummeted in after-hours trading as its subscriber ads missed estimates.
While early indications are usually unreliable when it comes to earnings, investors have closely watched corporate reports for clues on the state of the world’s largest economy amid the threat of a trade war. Market sentiment was clearly dented after President Donald Trump said Tuesday he could impose more tariffs on China, pushing stocks down from a record high.
“Stocks’ strong gains are finally succumbing to profit- taking,” said Alec Young, managing director of global markets research at FTSE Russell. “Earnings and guidance so far have been mixed and, given the big run-up, it’s no surprise there’s little investor tolerance for even a hint of disappointment.”
The U.S. economy expanded at a modest pace with job gains slowing somewhat and  inflation remaining stable or slightly weaker, a Federal Reserve survey showed. The report is unlikely to sway the debate policy makers will have during the July 30-31 meeting. They’re expected to reduce rates by a quarter point, though a handful of regional Fed presidents appear uneasy about a cut. Elsewhere, oil sank after a mixed U.S. government report showed a surprising drop in fuel demand last week. Bitcoin climbed, while still trading below $10,000.
Here are some key events coming up:
* Monetary policy decisions are due in Indonesia, South Korea and South Africa on Thursday.

These are the main moves in markets:

Stocks
* The S&P 500 lost 0.7% to 2,984.42 as of 4 p.m. New York time.
* The Stoxx Europe 600 Index fell 0.4%.
* The MSCI Asia Pacific Index fell 0.1%.
Currencies
* The Bloomberg Dollar Spot Index decreased 0.1%.
* The euro rose 0.1% to $1.1224.
* The Japanese yen increased 0.1% to 108.08 per dollar.
Bonds
* The yield on 10-year Treasuries sank five basis points to 2.05%.
* Germany’s 10-year yield sank five basis points to -0.29%.
* Britain’s 10-year yield fell six basis points to 0.759%.
Commodities
* The Bloomberg Commodity Index fell 0.1%.
* West Texas Intermediate crude dipped 1.5% to $56.78 a barrel.
* Gold rose 0.9% to $1,423.30 an ounce.
–With assistance from Adam Haigh, Samuel Potter, Laura Curtis
and Robert Brand.
Have  a great night.

Be magnificent!
As ever,

Carolann

In the realm of ideas, everything depends on enthusiasm;
in the real world, all rests on perseverance.
 –Johann Wolfgang von Goethe, 1749-1832

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!
On July 16, 1918, Russia’s Czar Nicholas II, his wife and their five children were executed by the Bolsheviks.  Go to article »

I am almost finished reading a terrific novel that takes place in Russia just after the revolution.  It is entitled “A Gentleman in Moscow”  and is written by Amor Towles.   I began reading it this past weekend and am unable to put it down.  I hope to finish it tonight, but based on the 300 or so pages I’ve read thus far, I can highly recommend it with confidence.  I hope you enjoy it as much as I have – fascinating times.
PHOTOS OF THE DAY

The Fireworks of the Champ de Mars on the occasion of the National Day in Paris, France.
CREDIT: BACKGRID

A man dressed in regalia is seen during the 32nd annual Squamish Nation Youth Pow Wow at Capilano Reserve Park in west Vancouver, Cabnada, July 14, 2019. First Nations people from Canada and the U.S. took part in the 32nd Annual Squamish Nation Youth Pow Wow in celebration of indigenous cultures. Pow Wow is an indigenous cultural activity in which people socialize together via different activities like dancing, singing, and honouring the traditions of their ancestors.
CREDIT: XINHUA / BARCROFT MEDIA

Trevor the peacock, whose lovelorn mating calls left residents in Burnopfield, County Durham, sleep deprived when he escaped from his home in search of a partner, has now became a dad-of-three after finding love with Poppy the peahen at Leazes Hall care home.
CREDIT: WILL WALKER / NORTH NEWS
Market Closes for July 16^th, 2019

Market Index	Close	Change
Dow Jones	27335.63	-23.53 -0.09%
S&P 500	3004.04	-10.26 -0.34%
NASDAQ	8222.797	-35.389 -0.43%
TSX	16502.42	-8.40
		-0.05%

International Markets

Market Index	Close	Change
NIKKEI	21535.25	-150.65
		-0.69%
HANG SENG	28619.62	+64.74
		+0.23%
SENSEX	39131.04	+234.33
		+0.60%
FTSE 100*	7577.20	+45.48
		+0.60%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.588		1.591
CND. 30 Year Bond		1.784		1.788
U.S.    10 Year Bond		2.1096		2.0887
U.S. 30 Year Bond		2.6209		2.6099

Currencies

BOC Close	Today	Previous
Canadian $	0.76441	0.76641
US $	1.30819	1.30478
Euro Rate 1 Euro=		Inverse
Canadian $	1.46629	0.68202
US $	1.12089	0.89215

Commodities

Gold	Close	Previous
London Gold Fix	1412.40	1407.60
Oil
WTI Crude Future	57.62	59.58

Market Commentary:
Amazon.com: The e-commerce giant’s annual Prime Day featuring discounts and deals on its site for members ends today.   Amazon’s Prime service penetrates 30% of U.S. households and less than 5% of international markets, according to Jeffries.
Canada
By Michael Bellusci
(Bloomberg) — Canadian stocks were little changed Tuesday, while U.S. shares fell from a record high as President Donald Trump said he could impose more tariffs on China. The S&P/TSX Composite Index fell less than 0.1% to 16,502. Industrial stocks advanced, led by Canadian Pacific Railway Ltd. after the company beat second-quarter earnings estimates and closed at a record high. Meanwhile, the Bank of Canada is taking over a new risk- free overnight rate that could become the dominant benchmark for the country’s C$12 trillion ($9.2 trillion) market for loans and derivatives.
In other moves:
Stocks
* Fortuna Silver Mines gained 15%, most since November 2014
* Organigram rose 11%; see outlook here
* Richelieu Hardware advanced 5.3%
* Turquoise Hill Resources plunged 43% after saying its development capex may increase by $1.2-$1.9 billion from its previously disclosed $5.3 billion at its Oyu Tolgoi mine
* CannTrust Holdings fell 9.6%
* NFI Group lost 10% after 2Q deliveries, backlog update
Ratings
* ABX CN: Barrick Gold Downgraded to Equal-weight at Barclays
* BTE CN: Baytex Among Favorites in Credit Suisse’s Canada E&P Initiation
* BYD-U CN: Boyd Group Downgraded to Hold at Desjardins; PT C$190
* CAS CN: Cascades Downgraded to Hold at TD; Price Target C$13.50
* FTT CN: Finning International Downgraded to Neutral at CIBC; PT C$27
* MEG CN: MEG Energy Rated New Neutral at Credit Suisse
* NVA CN: NuVista Energy Rated New Outperform at Credit Suisse
* POU CN: Paramount Resources Rated New Underperform at Credit Suisse
* TRQ CN: Turquoise Hill Downgraded to Neutral at Eight Capital; PT C$3
* VET CN: Vermilion Energy Rated New Neutral at Credit Suisse
* WEF CN: Western Forest Products Cut to Market Perform at Raymond James
* WPM CN: Wheaton Precious Metals Upgraded to Overweight at Barclays
Commodities
* Western Canada Select crude oil traded at a $9.20 discount to WTI
* Gold spot price fell 0.6% to $1,405.50 an ounce
FX/Bonds
* The Canadian dollar dropped 0.3% to C$1.3086 per U.S. dollar
* The Canada 10-year government bond yield fell to 1.588%
US
By Rita Nazareth and Vildana Hajric
(Bloomberg) — U.S. stocks fell from a record high as President Donald Trump said he could impose more tariffs on China, reminding investors that the trade spat remains unresolved. Treasuries dropped and the dollar rose. The S&P 500 Index halted a five-day rally, with energy producers joining an oil sell-off and technology giants facing an antitrust showdown with Congress. Goldman Sachs Group Inc. jumped on better-than-estimated results in its trading unit, and JPMorgan Chase & Co. rebounded from losses triggered by a disappointing lending outlook. Benchmark 10-year yields climbed on solid data, then pared their surge after Federal Reserve Chairman Jerome Powell said the central bank “will act as appropriate” amid increased uncertainties.
Investors remained locked into the notion of a Fed rate cut this month even after strong retail sales, factory output and housing data. While Powell’s remarks resembled his July 10-11 testimony to U.S. lawmakers, they continued to support the case for monetary easing amid risks stemming from Trump’s trade policies and slower global growth. “Trade’s a big, big issue,” said Dave Campbell, a principal at San Francisco-based BOS, which manages about $4.5 billion.“There’s a lot of uncertainties — all of these are weighing on people’s minds right now.”
Elsewhere, Bitcoin slid below $10,000 just three weeks after surging above it for the first time in more than a year as U.S. legislators expressed deep skepticism about the viabilityof cryptocurrencies. The euro slipped as investor confidence in Germany’s economic outlook fell. The pound slumped as the market once again reckoned with no-deal Brexit risk after the contenders to be U.K. prime minister toughened their rhetoric.
Here are some key events coming up:
* Bank of America Corp. and Taiwan Semiconductor are among
companies due to report results this week.
* Monetary policy decisions are due in Indonesia, South Korea
and South Africa on Thursday.

These are the main moves in markets:
Stocks
* The S&P 500 dipped 0.3% to 3,004.04 as of 4 p.m. New York time.
* The Stoxx Europe 600 Index added 0.4%.
* The MSCI Asia Pacific Index decreased 0.2%.
Currencies
* The Bloomberg Dollar Spot Index increased 0.4%.
* The euro declined 0.4% to $1.1209.
* The British pound decreased 0.9% to $1.2408.
* The Japanese yen dipped 0.3% to 108.28 per dollar.
Bonds
* The yield on 10-year Treasuries gained three basis points to 2.11%.
* Germany’s 10-year yield climbed one basis point to -0.24%.
* Britain’s 10-year yield increased two basis points to 0.821%.
Commodities
* The Bloomberg Commodity Index slid 1.1%.
* West Texas Intermediate crude sank to $57.62 a barrel.
–With assistance from Adam Haigh, Samuel Potter, Laura Curtis and Yakob Peterseil.

Have a great night.

Be magnificent!

As ever,

Carolann

Penguins mate for life.  Which doesn’t surprise me that much,
because they all look alike – it’s not like they’re gonna
l meet a better-looking penguin one day.
                                             -Ellen Degeneres, b. 1958

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:

Birthday: Rembrandt, July 15, 1606

The Storm on the Sea of Galilee
Painting by Rembrandt

Isabella Stewart Gardner Museum
Google Arts & Culture

     Rembrandt was born in Leiden, the Netherlands on this day in 1606.  His full name was Rembrandt Harmenszoon van Rijn.  He was the son of  a miller.  Despite the fact that he came from modest means, he was able to study art and, by age 22,  took his first pupils.  He married Saskia van Uylenburgh, the cousin of a successful art dealer, in 1634.
     Rembrandt’s family life was marked by misfortune.  Between 1635 and 1641 Saskia gave birth to four children but only the last, Titus, survived.  Saskia died in 1642, at the age of 30.  Hendrickje Stoffels, who became Rembrandt’s housekeeper in 1649, eventually became his wife and was the model for many of his pictures.  Despite Rembrandt’s success as an artist, teacher and art dealer, his flamboyant living forced him to declare bankruptcy in 1656.  His beloved Hendrickje died in 1663, and his son Titus, in 1668 at only 27 years of age.  Eleven months later, on October 4, 1669, Rembrandt died in Amsterdam.
PHOTOS OF THE DAY

Two women hold torches in the late evening during a medieval event in Bueckeburg, Germany.
CREDIT: PETER STEFFEN/DPA VIA AP

A passanger in an American classic car watches as the train using new equipment from China rides past, in Havana, Cuba.
CREDIT: AP PHOTO/RAMON ESPINOSA

Chaps and Chappettes during The Grand Flaneur Walk, celebrating 20 years of The Chap Magazine, in London.
CREDIT: JEFF GILBERT FOR THE TELEGRAPH
Market Closes for July 15^th, 2019

Market Index	Close	Change
Dow Jones	27359.16	+27.13 +0.10%
S&P 500	3014.30	+0.53 +0.02%
NASDAQ	8258.188	+14.043 +0.17%
TSX	16510.82	+22.70
		+0.14%

International Markets

Market Index	Close	Change
NIKKEI	21685.90	+42.37
		+0.20%
HANG SENG	28554.88	+83.26
		+0.29%
SENSEX	38896.71	+160.48
		+0.41%
FTSE 100*	7531.72	+25.75
		+0.34%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.591		1.608
CND. 30 Year Bond		1.788		1.793
U.S.    10 Year Bond		2.0887		2.1219
U.S. 30 Year Bond		2.6099		2.6467

Currencies

BOC Close	Today	Previous
Canadian $	0.76641	0.76676
US $	1.30478	1.30419
Euro Rate 1 Euro=		Inverse
Canadian $	1.46921	0.68064
US $	1.12598	0.88811

Commodities

Gold	Close	Previous
London Gold Fix	1407.60	1413.75
Oil
WTI Crude Future	59.58	60.21

Market Commentary:
On this day in 1916, William Boeing incorporated the Pacific Aero Products Co. in Seattle with $100,000 in capital. In 1917, he renamed his firm the Boeing Airplane Co. Boeing later made jet travel an accepted part of everyday life. Today, the aerospace giant has a market value of $206 billion and is the largest component of the Dow industrials. The stock is up 13% for the year despite fallout over its 737 MAX planes after two fatal crashes earlier this year. 
Canada
By Michael Bellusci
     (Bloomberg) — Canadian stocks advanced for the first time in three sessions, led by technology companies, as their U.S. counterparts drove the Nasdaq-100 Index to a fresh record.The S&P/TSX Composite Index rose 0.1% to 16,510 in Toronto. Information technology shares rose the most among 11 industry groups, gaining 2.2%. Shopify Inc. advanced 4.6%. Health-care also gained, with pot stocks advancing after Organigram Holdings Inc. reported earnings.
In other moves:
Stocks
* MediPharm Labs Corp. jumped 8.3%
* Peyto Exploration & Development Corp. gained 6.2%
* NuVista Energy Ltd. advanced 6.1%
* Cameco Corp. lost 7.8% after arbitration ruling
* Flowr Corp. dropped 7.1%
* Precision Drilling Corp. fell 5.9%
Commodities
* Western Canada Select crude oil traded at a $10.50 discount to WTI
* Gold spot price about flat to $1,415 an ounce
FX/Bonds
* The Canadian dollar fell 0.2% to C$1.3051 per U.S. dollar
* The Canada 10-year government bond yield fell to 1.587%
US
By Rita Nazareth and Vildana Hajric
     (Bloomberg) — A technology rally drove U.S stocks to fresh records at the start of a  busy week for corporate earnings, economic data and Federal Reserve speakers. Treasuries climbed. Gains in tech shares outweighed losses in energy and financial companies in the S&P 500 Index. Both the Nasdaq-100 Index and the Dow Jones Industrial Average also closed at all-time highs. Citigroup Inc., the first big U.S. bank to report results, was little changed. After last week’s surge, Treasury 10-year yields dropped as investors bought bonds at cheaper prices. Oil fell below $60 a barrel. Investors will sift through speeches by Fed officials this week after Chairman Jerome Powell left it all but certain that the central bank will reduce rates this month for the first time in a decade. As the July 30-31 meeting nears, the debate now is how deep they will cut and what will they do afterward. Key data points such as U.S. retail sales may provide more clarity as the earnings season gets under way.
     “It’s very, very well advertised that earnings are expected to come out weaker,” said Jim Caron, managing director of global fixed-income at Morgan Stanley Investment Management. “If we connect this with the Fed and say, ‘OK, if the Fed is doing these insurance cuts to really stave off any real significant slowdown, then hey, you know what, then maybe earnings in the fourth quarter might be pretty good.”’ Profits are expected to drop from last year, making this season “the worst of times,” according to Bloomberg Intelligence analyst Gina Martin Adams. Eight of 11 sectors are forecast to post declines in per-share earnings growth, with analysts and companies cutting second-quarter views “to the bone,” she said.
     Investors also assessed data showing that China’s economy slowed to the weakest pace since quarterly data began in 1992 amid the ongoing trade standoff with the U.S., while monthly indicators provided signs that a stabilization is emerging. Elsewhere, Bitcoin trimmed losses, following another weekend sell-off that saw some digital tokens plunge by more than 20%. Treasury Secretary Steven Mnuchin said Monday that the Trump administration has “very serious concerns” about Facebook Inc.’s proposed cryptocurrency Libra.
Here are some key events coming up:
* JPMorgan Chase & Co., Bank of America Corp., Goldman Sachs Group Inc. and Taiwan Semiconductor are among companies due to report results this week.
* U.S. June retail sales, due Tuesday, are expected to rise from the prior month.
* Monetary policy decisions are due in Indonesia, South Korea and South Africa on Thursday.

These are the main moves in markets:
Stocks
* The S&P 500 rose less than 0.1% to 3,014.30 at 4 p.m. in New York.
* The Dow Jones Industrial Average gained 0.1% while the Nasdaq-100 Index added 0.3%.
* The Stoxx Europe 600 Index gained 0.2%.
* The MSCI Asia Pacific Index climbed 0.3%.
Currencies
* The Bloomberg Dollar Spot Index increased 0.1% to 1,191.71.
* The euro fell 0.1% to $1.1257, the biggest fall in more than a week.
* The Japanese yen was unchanged at 107.91 per dollar, the strongest in more than a week.
Bonds
* The yield on 10-year Treasuries declined four basis points to 2.09%, the biggest decrease in almost two weeks.
* Germany’s 10-year yield decreased four basis points to -0.25%, the first retreat in a week and the largest tumble in almost four weeks.
* Britain’s 10-year yield declined three basis points to 0.801%.
Commodities
* The Bloomberg Commodity Index dipped 0.6%.
* West Texas Intermediate crude dipped 1.1% to $59.58 a barrel.
–With assistance from Adam Haigh, Joanna Ossinger, Samuel
Potter, Todd White, Laura Curtis and Sarah Ponczek.
Have a great evening.

Be magnificent!
As ever,

Carolann

Diligence is the mother of good fortune.
       -Miguel De Cervantes, 1547-1616

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!
July 12, 1817 – Samuel Jarvis kills John Ridout, 18-year-old son of Surveyor General Thomas Ridout, in the last fatal duel in York. Toronto, Ontario  Go to article »
A treasury of special places
Migratory bird sanctuaries in China. A radio astronomy observatory in northwest England. Burial mounds in Japan. Eight Frank Lloyd Wright constructions.
These are just a handful of the 29 additions Unesco made this week to its World Heritage List of sites that have cultural, natural, scientific, historical or other significance. (The criteria for selection are broad.)
The list began in 1978 with 12 sites, including the Galápagos Islands and Yellowstone National Park. It now has 1,121.
Inclusion can spur preservation and protection. But it can also stimulate tourism, and some sites have struggled to manage an increase in visitors.

The Grand Canal in Venice.  Marco Bertorello/Agence France-Presse — Getty Images

Venice and its lagoon received the designation in the 1980s, enhancing their already extraordinary appeal. It’s now one of the most heavily toured cities in the world, with tens of millions of visitors annually, overwhelming a population of just 50,000.

In fact, this year, Unesco almost added Venice to another list: endangered World Heritage sites. -from The New York Times

PHOTOS OF THE DAY

Over one hundreD yachts prepare to race during the Salcombe Gin Merlin Rocket Week off the shores of Salcombe in Devon.
CREDIT: APEX

Researchers and employees celebrate after receiving confirmation of Hayabusa2’s touchdown on the asteroid Ryugu, at the mission control room in Sagamihara city, Japan. Japan’s Hayabusa2 probe touched down on a distant asteroid on Thursday on a mission to collect samples that could shed light on the history of the solar system.
CREDIT: YUKATA IUIMA/ ISAS-JAXA/ AFP

Dancer’s from English National Ballet rehearse for Akram Khan’s production of Giselle on the New Stage of the Bolshoi Theatre in Moscow, Russia. The play will be performed at the 2019 Chekov International Theatre Festival.
CREDIT: VALERY SHARIFULIN/TASS VIA GETTY IMAGES

Market Closes for July 12^th, 2019

Market Index	Close	Change
Dow Jones	27332.03	+243.95 +0.90%
S&P 500	3013.77	+13.86 +0.46%
NASDAQ	8244.145	+48.102 +0.59%
TSX	16488.12	-39.78
		-0.24%

International Markets

Market Index	Close	Change
NIKKEI	21685.90	+42.37
		+0.20%
HANG SENG	28471.62	+39.82
		+0.14%
SENSEX	38736.23	-86.88
		-0.22%
FTSE 100*	7505.97	-3.85
		-0.05%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.608		1.627
CND. 30 Year Bond		1.793		1.802
U.S.    10 Year Bond		2.1219		2.1396
U.S. 30 Year Bond		2.6467		2.6593

Currencies

BOC Close	Today	Previous
Canadian $	0.76676	0.76528
US $	1.30419	1.30670
Euro Rate 1 Euro=		Inverse
Canadian $	1.47122	0.67971
US $	1.12808	0.88646

Commodities

Gold	Close	Previous
London Gold Fix	1413.75	1408.30
Oil
WTI Crude Future	60.21	60.20

Market Commentary:
On this day in 1943, women were allowed on the floor of the New York Stock Exchange for the first time in its 151-year history. With so many men off serving in the military, the exchange allowed women to fill some jobs. They were still not allowed to trade and worked as pages and reporters, shuttling orders around the floor of the exchange.
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks fell for a second day as the ongoing fallout from a compliance breach at CannTrust Holdings Inc. hit the entire cannabis sector.
The S&P/TSX Composite Index lost 0.2% to 16,488.12. Health- care stocks slid 4.6%, the most since December, as CannTrust tumbled 17% after halting all sales and shipments of its products. Canopy Growth Corp. fell 8% and Cronos Group Inc. lost 6%.
Industrials followed their U.S. counterparts higher, gaining 0.4%. Air Canada rose 1.5% and trucking company TFI International Inc. added 1.3%. In other moves:
Stocks
* Cameco Corp. gained 4% and NexGen Energy Ltd. jumped 11% after
U.S. President Donald Trump decided against placing a cap on uranium imports
* Aritzia Inc. added 7% after the clothing retailer reported
earnings and revenue that beat estimates
* Alaris Royalty Corp. gained 2.3%. CIBC upgraded the stock to
outperform, citing its additional investment in Planet Fitness Inc.
Commodities
* Western Canada Select crude oil traded at a $10.65 discount to
WTI, the narrowest gap since April
* Gold rose 0.4% to $1,412.20 an ounce
FX/Bonds
* The Canadian dollar strengthened 0.3% to C$1.3035 per U.S. dollar
* The Canada 10-year government bond yield fell 2 basis points to 1.61%
US
By Vildana Hajric
(Bloomberg) — U.S. equities closed at a record high for a second straight day, and recorded a second consecutive weekly advance, as investors remained cautiously optimistic about prospects for easier monetary policy, despite a bigger-than-projected rise in a key inflation measure.The dollar retreated for a third day.
The S&P 500 Index rose Friday, led by technology and industrial shares, while drug stocks continued to weigh on the benchmark. An unexpected increase in American producer prices seemed to do little to alter investor sentiment toward the Federal Reserve’s next policy move. Treasury 10-year yields slipped. “The important thing is that the Fed has reassured themarket that ‘Hey, we’re not hiking rates anymore and we may actually ease, if necessary,”’ Scott Wren, a senior global equity strategist at Wells Fargo Investment Institute, told Bloomberg TV. “I think that’s really what the market wanted. It’s a very important concept that global central banks — and you could have said this for the last several months — they’re not in hiking mode anymore. They are in easing mode.”
The Stoxx Europe 600 eked out its first gain of the week, while shares dipped in Australia and Japan and posted modest gains in Hong Kong, China and South Korea. Emerging-market shares declined. Government bonds extended declines in Europe, heading for the worst week since at least October, after industrial output data for the euro region beat expectations.
The single currency advanced. The rally in risk assets is continuing to benefit from Federal Reserve Chairman Jerome Powell’s dovish comments this week, even after strong U.S. consumer inflation data on Thursday offered a potential complication to policy makers when they set rates at the end of the month.
Meanwhile, weak data from both Singapore and China sent another warning shot to the world economy on the impact of trade tensions. The reports came after President Donald Trump complained that China hasn’t increased its purchases of American farm products, a promise he said he had secured at his G-20 meeting with the country’s president Xi Jinping last month. Elsewhere, West Texas intermediate crude gained as operators in the Gulf of Mexico braced for Tropical Storm Barry. The lira weakened after Turkey said it started receiving parts of a Russian-made missile defense system, a move opposed by the U.S.
Here are the main moves in markets:
Stocks
* The S&P 500 Index climbed 0.5% as of 4:01 p.m. New York time.
* The Stoxx Europe 600 Index gained less than 0.05%.
* The U.K.’s FTSE 100 Index fell 0.1%.
* The MSCI Emerging Markets Index sank 0.3%.
Currencies
* The Bloomberg Dollar Spot Index declined 0.3% to the lowest in over a week.
* The euro rose 0.2% to $1.1271.
* The British pound advanced 0.4% to $1.2573, the strongest in more than a week.
* The Japanese yen climbed 0.6% to 107.86 per dollar, the biggest gain in over three weeks.
Bonds
* The yield on 10-year Treasuries declined three basis points to 2.11%, the biggest drop in over a week.
* Germany’s 10-year yield gained two basis points to -0.21%, the highest in more than five weeks.
* Britain’s 10-year yield decreased less than one basis point to 0.835%.
Commodities
* West Texas Intermediate crude increased 0.1% to $60.26 a barrel.
* Gold gained 0.8% to $1,414.69 an ounce.
–With assistance from Adam Haigh and Laura Curtis.
Have  a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

Follow your  honest convictions and stay strong.
                     -William Thackeray, 1811-1863

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

July 11, 1804: Burr-Hamilton duel.

From todays’ New York Times:
Our art critic…. thought quite highly of “Saint Jerome Praying in the Wilderness,” by Leonardo da Vinci, on loan to the Met in New York from the Vatican’s collections for the 500th anniversary of Leonardo’s death.

The unfinished painting “leaves an expression of fever-pitch emotion ever burning,” he writes.
PHOTOS OF THE DAY

The images show a free diver being swallowed by a massive fish bait ball, made to attract sharks. Vincent E Sousa, an author from Paris, France, photographed his friend Scott Wilson underwater, in the Solomon Islands in the Marovo Lagoon.
CREDIT: CATERS NEWS AGENCY

Children play with water in the fountains around the Unisphere at the Flushing Meadows Corona Park in New York, the United States.
CREDIT: XINHUA / BARCROFT MEDIA
First Edinburgh base jump.
CREDITS: CATRES NEWS AGENCY
Market Closes for July 11^th, 2019

Market Index	Close	Change
Dow Jones	27088.08	+227.88 +0.85%
S&P 500	2999.91	+6.84 +0.23%
NASDAQ	8196.043	-6.488 -0.08%
TSX	16527.90	-35.39
		-0.21%

International Markets

Market Index	Close	Change
NIKKEI	21643.53	+110.05
		+0.51%
HANG SENG	28431.80	+227.11
		+0.81%
SENSEX	38823.11	+266.07
		+0.69%
FTSE 100*	7509.82	-20.87
		-0.28%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.627		1.583
CND. 30 Year Bond		1.802		1.728
U.S.    10 Year Bond		2.1396		2.0648
U.S. 30 Year Bond		2.6593		2.5404

Currencies

BOC Close	Today	Previous
Canadian $	0.76528	0.76171
US $	1.30670	1.31283
Euro Rate 1 Euro=		Inverse
Canadian $	1.47034	0.68014
US $	1.12528	0.88868

Commodities

Gold	Close	Previous
London Gold Fix	1408.30	1400.10
Oil
WTI Crude Future	60.20	57.66

Market Commentary:
Cooperation is essential to address 21^st-century challenges; you can’t fire cruise missiles at the global financial crises. -Nicholas D. Kristof, New York Times columnist, 10/23/08.
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks fell even as U.S. equities closed at a record high, with cannabis companies and materials weighing on the benchmark.
The S&P/TSX Composite Index lost 0.2% to 16,527.90. Health- care shares led the decline as pot stocks weakened and pharma company Bausch Health Cos. slid 4.3%. CannTrust Holdings Inc. fell 1.9%, its fourth day of declines after a regulatory breach.
Materials lost 0.8% as gold prices slipped. A key measure of U.S. consumer prices rose more than forecast in June. That failed to boost gold or the miners. Yamana Gold Inc. fell 3.2% and Kinross Gold Corp. slid 2.6%.
In other moves:
Stocks
* Methanex Corp. fell 2.9% to the lowest since 2017 after CIBC downgraded it to neutral on a “lower-for-longer” methanol market outlook
* Cogeco Communications Inc. gained 5.5% to a record high. Third-quarter earnings per share beat analyst estimates
* Alimentation Couche-Tard Inc. slipped 1.5% after the stock was downgraded at TD Securities and Desjardins Securities
Commodities
* Western Canada Select crude oil traded at an $11.25 discount to WTI
* Gold fell 0.4% to $1,406.70 an ounce
FX/Bonds
* The Canadian dollar strengthened 0.1% to C$1.3065 per U.S. dollar
* The Canada 10-year government bond yield rose 4 basis points to 1.62%
US
By Vildana Hajric and Olivia Rinaldi
(Bloomberg) — U.S. equities rallied late to close at a record high, while Treasuries retreated after the latest American inflation reading came in hotter than anticipated. The dollar dropped for a second day and gold slipped.
The S&P 500 gained for a straight third day after drifting much of the session. The benchmark briefly crossed above 3,000, while the Dow Jones Industrial Average surpassed 27,000. A mid- morning tweet from President Donald Trump, complaining about China trade policy, sent equities into a fleeting swoon and showed how sensitive the market remains to trade-related developments. Financial and technology shares led gainers in the
S&P, while real estate and communications lagged. An oil rally stalled out as investors weighed the threat of a tropical storm off the U.S. Gulf Coast against the prospects of more trade conflict. Yields on 10-year Treasuries hit a one-month high. Federal Reserve Chair Jerome Powell, who struck a dovish tone before a congressional panel Wednesday, returned to Capitol Hill to answer senators’ questions and suggested that the
central bank has room to ease as the tie between the inflation and jobless rates has broken down.
“Inflation appears to have stabilized and this will put a wrench in some Fed rate-cut bet forecasts,” Edward Moya, senior market analyst at Oanda, wrote in a note. “With wage pressure not delivering a powerful effect on inflation, we should still see day two of Fed Chair Powell’s testimony keep the rate cut expectations in place for the July 30-31st meeting.”
The Stoxx Europe 600 Index faded late in the session, putting in its fifth straight daily drop. Shares rallied across most of Asia, with the South Korean and Hong Kong markets
outperforming and stocks in China edging higher. Emerging-market equities jumped alongside developing-nation currencies, while the pound continued its rebound from a two-year low as the greenback fell.
This year’s rallies across stocks, bonds and credit got a fresh jolt on Wednesday thanks to comments from Powell that persuaded investors rates are headed lower by at least a
quarter-point in July. Minutes from the central bank’s last meeting further cemented expectations for a cut in borrowing costs.
Here are some key events coming up:
* U.S. producer prices are due on Friday.
Here are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.2% to close at a record high as of 4:01 p.m. New York time.
* The Stoxx Europe 600 Index fell 0.1%.
* The U.K.’s FTSE 100 Index fell 0.3%, its sixth consecutive decline.
* The MSCI Emerging Market Index increased 0.6%.
Currencies
* The Bloomberg Dollar Spot Index dipped 0.1% to the lowest in a week.
* The euro climbed less than 0.05% to $1.1255.
* The British pound climbed 0.2% to $1.2525.
* The Japanese yen rose less than 0.05% to 108.45 per dollar.
Bonds
* The yield on 10-year Treasuries climbed seven basis points to 2.13%, the highest in four weeks.
* Britain’s 10-year yield jumped eight basis points to 0.836%, the largest surge in 14 weeks.
Commodities
* West Texas Intermediate crude rose 0.1% to $60.47 a barrel.
* Gold dipped 0.8% to $1,407.11 an ounce.
–With assistance from Ruth Carson, Chester Yung, Cormac Mullen,
Gregor Stuart Hunter and Laura Curtis.

Have a great evening.

Be magnificent!
As ever,

Carolann

The most wasted day of all is that on which we have not laughed.
                                               -Nicolas Chamfort, 1741-1794

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
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