Category: Newsletters

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

Dear Friends,

Tangents:
July 10, 1985: Rainbow Warrior sunk, Greenpeace.
1871~ Marcel Proust, author, born.
On July 10, 1940, during World War II, the 114-day Battle of Britain began as Nazi forces began attacking southern England by air. By late October, Britain managed to repel the Luftwaffe, which suffered heavy losses.  Go to article »

“Happiness is beneficial for the body, but it is grief that develops the mind.” ~Marcel Proust.

SUMMER AND SALT WATER

Back reaches of some creek
I have no name for

Pale jellies parse
The pulse of summer

A crow comments
On marsh margins

I watch light ripple
Across a flight of swallows.
              –B.R. Strahan

PHOTOS OF THE DAY

Luke Rasmussen climbing a rock tower in Page, Arizona,, USA wearing LED lights as to make a rainbow effect on the side of the rock face. These fascinating images show a climber turning his route into a rainbow as he scales sheer rocks while wearing LED lights. Luke Rasmussen takes to sky-high ridges across the USA under the cover of darkness, tracking his journeys with colorful patterns. He records the routes through a series of long exposure images taken from the foot of each rock face.

CREDIT: LUKE RASMUSSEN/SWNS.COM

Flamingos are seen on Lake Tuz, one of the most important center that flamingos incubate, as the sun sets in Konya province of Turkey.

CREDIT: MURAT ONER TAS/ANADOLU AGENCY/GETTY IMAGES

Horses and Cows stand together in a paddock in the outskirts of Frankfurt, Germany, as the sun rises Tuesday.

CREDIT: AP PHOTO/MICHAEL PROBST

Divers tend to ‘coral nurseries’ where different species are grown before being planted into the wild in a bid to restore dying reefs. Over 900 tree-like structures built underwater on the coast of Bonaire Island in the Caribbean are used to culture different strains of coral. Each 5ft PVC and fibreglass tree has 10 branches, and can hold around 100 of the young organisms. Marine biologist Lorenzo Mittiga, 49, took photographs of the process, before the young corals are planted on a reef.

CREDIT: LORENZO MITTIGA/ SOLENT NEWS & PHOTO AGENCY
Market Closes for July 10^th, 2019

Market Index	Close	Change
Dow Jones	26860.20	+76.71 +0.29%
S&P 500	2993.07	+13.44 +0.45%
NASDAQ	8202.531	+60.803 +0.75%
TSX	16563.29	+18.08
		+0.11%

International Markets

Market Index	Close	Change
NIKKEI	21533.48	-31.67
		-0.15%
HANG SENG	28204.69	+88.41
		+0.31%
SENSEX	38557.04	-173.78
		-0.45%
FTSE 100*	7530.69	-5.78
		-0.08%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.585		1.583
CND. 30 Year Bond		1.755		1.728
U.S.    10 Year Bond		2.0613		2.0684
U.S. 30 Year Bond		2.5758		2.5404

Currencies

BOC Close	Today	Previous
Canadian $	0.76464	0.76171
US $	1.30780	1.31283
Euro Rate 1 Euro=		Inverse
Canadian $	1.47194	0.67937
US $	1.12549	0.88850

Commodities

Gold	Close	Previous
London Gold Fix	391.55	1400.10
Oil
WTI Crude Future	60.43	57.83

Market Commentary:
T-Mobile US—The telecommunications company will replace Red Hat in the S&P 500 following the completion of IBM’s acquisition of Red Hat, S&P Dow Jones Indices said.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.1 percent, or 18.08 to 16,563.29 in Toronto. Canadian Natural Resources Ltd. contributed the most to the index gain, increasing 2.7 percent. Crescent Point Energy Corp. had the largest increase, rising 9.3 percent. Today, 147 of 239 shares rose, while 85 fell; 5 of 11 sectors were higher, led by energy stocks.
Insights
* The index was little changed in the past 52 weeks. The MSCI AC Americas Index gained 6.9 percent in the same period
* The S&P/TSX Composite is 0.7 percent below its 52-week high on April 23, 2019 and 20.2 percent above its low on Dec. 24, 2018
* The S&P/TSX Composite is little changed in the past 5 days and rose 2.1 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 17.8 on a trailing basis and 15.3 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$2.56 trillion
* 30-day price volatility fell to 6.66 percent compared with 7.45 percent in the previous session and the average of 7.94 percent over the past month
* The benchmark 10-year bond fell and the yield rose 0.3 basis points to 1.586 percent
* The S&P 500 Index advanced 0.5 percent
US
By Vildana Hajric and Jeremy Herron
(Bloomberg) — U.S. stocks rose toward all-time highs, gold rallied and the dollar fell as comments by Jerome Powell cemented market bets for a rate cut this month. Treasuries were mixed.
Equities that had slumped since Friday’s strong jobs report rallied back to intraday records after the Fed chairman signaled a willingness to lower rates, citing a slowing global economy and trade issues. Minutes from the Fed’s June meeting confirmed an inclination among officials to cut rates soon. Gains faded as Powell testified to Congress, with financial shares leading the pullback. The S&P 500 briefly topped 3,000 for the first time.
“Psychologically, when you hit those round numbers you get a little bit of resistance — you hit it and it fails,” said Aaron Clark, portfolio manager at GW&K Investment Management. “The big round numbers, you tend to get a level that’s tough to
power through.”
The yield on 10-year Treasuries fell as low as 2.04% after climbing above 2.10% for the first time in a month before settling around 2.06%. Two-year rates slumped while longer-dated bond yields rose. The dollar weakened versus major peers, gold topped $1,400 again and oil rose above $60 a barrel in New York. “A rate cut in July is now all but certain,” said James McCann, senior global economist at Aberdeen Standard Investments. “The strength of last week’s jobs number did lead some to think that the Fed may pause for thought. It’s clear from this that they won’t.”
Powell’s remarks came ahead of two days of testimony in Congress on the economic and policy outlook. With both equities and bonds sitting on outsize gains since the start of the year, it’s unclear what further impetus they can get given that traders are already discounting a cycle of interest-rate cuts.
In Europe, strong manufacturing data from France and low demand at an auction of German bunds weighed on government debt. The pound halted a drop to a two-year low as data showed the U.K. economy rebounded in May. The trading session in Asia was mixed, with modest gains in Hong Kong and South Korea and slides in Japan and China.
Here are some key events coming up:
* Powell testifies to Senate Banking Committee on Thursday
* ECB minutes are due on Thursday.
* A key measure of U.S. inflation — the core consumer price index, due Thursday — is expected to have increased 0.2% in June from the prior month, while the broader CPI is forecast to remain unchanged.
* U.S. producer prices are due on Friday.
Here are the main moves in markets:
Stocks
* The S&P 500 rose 0.5% to 2,993 as of 4 p.m. New York time.
* The Dow Jones Industrial Average advanced 0.3%, while the Nasdaq-100 Index gained 1% to a record high.
* The Stoxx Europe 600 Index declined 0.2%.
* The MSCI Asia Pacific Index climbed 0.3%.
Currencies
* The Bloomberg Dollar Spot Index fell 0.3%.
* The euro climbed 0.4% to $1.125.
* The British pound rose 0.3% to $1.2506.
* The Japanese yen added 0.4% to 108.448 per dollar.
Bonds
* The yield on 10-year Treasuries fell one basis point to 2.06%.
* The two-year rate dropped nine basis points to 1.82%.
* Germany’s 10-year yield climbed five basis points to -0.31%.
Commodities
* The Bloomberg Commodity Index climbed 1.8%.
* West Texas Intermediate crude surged 4.4% to $60.35 a barrel.
* Gold futures rose 1.3% to $1,419 an ounce.
–With assistance from Adam Haigh, Sophie Caronello, Laura
Curtis, Rita Nazareth and Colin Beresford.
Have a great night.

Be magnificent!
As ever,

Carolann

You will never win if you never begin.
           -Helen Rowland, 1875-1950

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 9, 1893: first successful open heart surgery.
July 9, 1944 – World War II – Canadians and British capture Caen after massive bombardment by 467 planes from Bomber Command; urban area north of Orne River secured by nightfall by two British Divisions and the 3rd Canadian Division; the Stormont, Dundas and Glengarry Highlanders and the Sherbrooke Fusilier tanks are the First into the ruined city, although the famous Abbaye-aux-Hommes, 1000 years old, is untouched; 1,194 Canadian casualties after a month of fighting, 334 are fatal. Caen, France

PAMPLONA BULL RUNNING FESTIVAL
The Festival of San Fermin is better known as the Pamplona Bull Running Festival where its original essence as a religious celebration of the feast of San Fermin has been lost through the ages. In its stead are the week long festivities of music, drinking, dancing, street theatre and bullfighting. Wear a red scarf or shawl and you’ll blend well in the throng of people this side of historic Spain.
Just what is the significance of the color red in the San Fermin Festival other than it being particularly attractive to the eyes of the bull? The truth is, there is clearly no explanation as to why majority of the revelers in the San Fermin festivities wear red clothing or have red fashion accessories worn around their bodies.
Perhaps it has something to do with what the color red conveys. Red is well known as the most emotionally intense color as it is often associated with faster heart beats as well as breathing. It is a very powerful magnet for the eyes to behold, often making the wearer look a lot heavier. These characteristics of the color red make it a perfect choice in sheer festive atmospheres.
Bull fighting has nothing to do with the color red, however. Contrary to popular belief, bulls – and all animals for that matter – are color-blind. So it does not actually matter whether you are wearing a red colored shawl or a gray or black one. Chances are, the bull will only see shades of gray cloth. What matters more are the agitated movements you’ll make as you run from them.
The Pamplona Bull Running Festival was not at all an original July festival but rather an October event. More specifically it coincided with the Feast of San Fermin on the 10th of October, a celebration which began as early as the thirteenth century. However, because of the growing number of varied festivities aside from the usual religious undertones, the festival was essentially moved to the more weather-friendly month of July.
Article Source: http://EzineArticles.com/4062468

PHOTOS OF THE DAY
Revellers run next to fighting bulls from Cebada Gago ranch during the running of the bulls at the San Fermin Festival, in Pamplona, northern Spain.
CREDIT: ALVARO BARRIENTOS/AP

Cars pile up in a crash at Daytona International Speedway in Florida, USA. The eventual winner, Justin Haley, was 27^th when the 17 car crash took out half of the field.
CREDIT: DAVID GRAHAM/AP

People jump into the Mediterranean Sea on  the French Riviera city of Nice.
CREDIT: VALERY HACHE/AFP/GETTYIMAGES

Market Closes for July 9^th, 2019

Market Index	Close	Change
Dow Jones	26783.49	-22.65 -0.08%
S&P 500	2979.63	+3.68 +0.12%
NASDAQ	8141.727	+43.345 +0.54%
TSX	16545.21	+82.26
		+0.50%

International Markets

Market Index	Close	Change
NIKKEI	21565.15	+30.80
		+0.14%
HANG SENG	28116.28	-215.41
		-0.76%
SENSEX	38730.82	+10.25
		+0.03%
FTSE 100*	7536.47	-12.80
		-0.17%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.583		1.582
CND. 30 Year Bond		1.728		1.728
U.S.    10 Year Bond		2.0648		2.0476
U.S. 30 Year Bond		2.5404		2.5290

Currencies

BOC Close	Today	Previous
Canadian $	0.76171	0.76388
US $	1.31283	1.30911
Euro Rate 1 Euro=		Inverse
Canadian $	1.47152	0.67960
US $	1.12081	0.89219

Commodities

Gold	Close	Previous
London Gold Fix	1400.10	1388.65
Oil
WTI Crude Future	57.83	57.66

Market Commentary:
On this day in 1999, the S&P 500 closed above 1400 for the first time, less than four months after breaking the 1300 barrier. The index, which finished the day at 1403.28, had doubled in less than three years. The broad equity gauge closed Monday at 2975.95 and has closed in on 3000 recently with its rally to record highs. 

Canada
By Kristine Owram
(Bloomberg) — Canadian stocks rose, outpacing gains in
their U.S. counterparts as Canadian crude prices rose to their
highest level versus the U.S. benchmark in nearly four weeks.
The S&P/TSX Composite Index added 0.5% to 16,545.21. Energy
stocks gained 1.6%, the most in three months, as the discount
for Western Canada Select crude narrowed even as U.S. oil prices
rose. Canadian Natural Resources Ltd. added 3.2% after it said
it’s looking at transporting crude by rail.
Health-care stocks were little changed as CannTrust
Holdings Inc. fell 5.4%, bringing the pot stock’s two-day
decline to 27%. Regulators have put a hold on a majority of the
company’s inventory after they found it grew cannabis in unlicensed rooms.

In other moves:

Stocks
* First Quantum Minerals Ltd. lost 6.5%. Macquarie said the
company is highly leveraged and exposed to political risks
* West Fraser Timber Co. fell 6%, the most since December, after
RBC Capital Markets cut estimates for most lumber stocks, citing
lower-than-expected prices
* Open Text Corp. gained 1.8% to a record high. The software
company announced an expanded partnership with Google’s cloud division

Commodities
* Western Canada Select crude oil traded at an $11.75 discount to WTI
* Gold was little changed at $1,400.50 an ounce

FX/Bonds
* The Canadian dollar weakened 0.3% to C$1.3129 per U.S. dollar
* The Canada 10-year government bond yield was little changed at 1.58%

US
By Vildana Hajric
(Bloomberg) — U.S. stocks closed a whisker higher after
treading water for most of the session as markets braced for an
onslaught of central bank news this week. The dollar
strengthened to its highest level since mid-June and Treasuries slipped.
The S&P 500 Index perked up just before the close Tuesday,
with gains in technology shares helping to offset a slump in
materials and consumer staples. So-called FAANG shares —
including Amazon.com Inc. and Facebook Inc. — led advancers in
the equity benchmark.
Trading may stay choppy ahead of key testimony this week
from Federal Reserve Chair Jerome Powell as observers assess
prospects for easing following conflicting signals on the global
economy. Stock and bond investors are struggling to find fresh
reasons to chase this year’s rallies, but an interest rate cut
by the Fed this month is already priced and recent economic data
has been mixed, making the path for future policy less clear.

“Powell is likely to walk a fine line between the hawks and
doves in his testimony — giving a nod to the underlying
strength in the domestic economy on the one hand, while also
acknowledging the persistently subdued inflation backdrop and
global uncertainties on the other,” said Candice Bangsund, vice
president and portfolio manager at Fiera Capital Corp.

The Stoxx Europe 600 Index closed lower after the world’s
largest chemical company, BASF, slashed its 2019 earnings
forecast, blaming global trade conflicts. Stocks reversed gains
in Japan, fluctuated in South Korea and saw modest slides in
Hong Kong and China.
Italian bonds rose as the country tookadvantage of low borrowing costs to sell 50-year bonds. The Mexican peso slid after the country’s finance minister announced his resignation.

Elsewhere, West Texas intermediate crude gained following a
report that Russian output declined. Bitcoin extended Monday’s
11% jump. The pound weakened as economists predicted the U.K.
economy likely shrank for the first time since 2012 in the second quarter.

Hong Kong’s dollar dipped as the city’s leader Carrie Lam
said a controversial bill that would allow extraditions to China
was “dead,” but stopped short of saying she’d withdraw the
legislation after weeks of protests.

Here are some key events coming up:

* Powell testifies before Congress on monetary policy and the
state of the U.S. economy on Wednesday (the House of
Representatives) and Thursday (the Senate).
* Fed minutes are due on Wednesday, ECB minutes on Thursday.
* A key measure of U.S. inflation — the core consumer price
index, due Thursday — is expected to have increased 0.2% in
June from the prior month, while the broader CPI is forecast to
remain unchanged.
* U.S. producer prices are due on Friday.

Here are the main moves in markets:

Stocks
* The S&P 500 Index gained 0.1% as of 4:01 p.m. New York time.
* The Stoxx Europe 600 Index sank 0.5% to the lowest in more than a week.
* The U.K.’s FTSE 100 Index decreased 0.2%.
* Germany’s DAX Index slid 0.9%, the biggest decrease in more than five weeks.
* The MSCI Emerging Market Index fell 0.4%.

Currencies
* The Bloomberg Dollar Spot Index rose 0.2% to its highest in three weeks.
* The British pound fell 0.4% to $1.2464, the weakest in more than two years.
* The euro decreased 0.1% to $1.1207, the lowest in three weeks.
* The Japanese yen weakened 0.2% to 108.89 per dollar.
* The Mexican peso dropped 1.1% to 19.1273 per dollar, the
biggest tumble in over five weeks.

Bonds
* The yield on 10-year Treasuries rose one basis point to 2.06%,
a three-week high.
* Germany’s 10-year yield increased one basis point to -0.35%,
the highest in more than a week.
* Britain’s 10-year yield rose one basis point to 0.72%.

Commodities
* West Texas Intermediate crude gained 0.6% to $58.02 a barrel.
* Gold rose 0.1% to $1,396.76 an ounce.
–With assistance from Laura Curtis.

Have a great night.

Be magnificent!
As ever,
Change is inevitable.  Change is constant.
            -Benjamin Disraeli, 1804-1881

Carolann

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 8, 1857 – Finance – The Bank of Toronto founded by distiller George Gooderham, with a branch at 78 Church Street and a staff of three; its first president is James Grant Chewett; in 1860, it opens its first branch outside of Ontario in Montreal; will merge with The Dominion Bank on February 1, 1955 to form the Toronto-Dominion Bank. Toronto, Ontario

The Poem:
Basho

An old silent pond…
A frog jumps into the pond,
Splash! Silence again.

Basho

Farewell!  Like a bee
reluctant to leave the deeps
of a peony.

WIMBLEDON:

The tournament takes its name for an area less than 10 miles southwest of central London.

The Museum of Wimbledon traces human habitation there to at least 4000 B.C., as hunters ceded territory to those clearing forests to cultivate crops and raise domesticated animals.

The name was first recorded in the Middle Ages as Wunemannedun, or Wynnmann’s Hill. In 1550, when an official serving King Edward VI established a residence there, it became a haunt of high society.

In 2013, Wimbledon officials made Roger Federer ditch his orange-soled shoes.  Adrian Dennis/Agence France-Presse — Getty Images

In the 1870s, it was also a center for the genteel game of croquet, soon to be overshadowed by a novel sport that became known as lawn tennis.

The All-England Croquet Club at Wimbledon held its first tennis tournament in 1877.

The niceties carried over from croquet, including a distaste for seeing sweat soaking through clothes.

White makes that far less noticeable, and when the club sitting on land once plowed by man and beast updated its name to include Lawn Tennis, it kept the rule that players must wear white (though a few colored accents are allowed). -from The New York Times, July 8th, 2019

 PHOTOS OF THE DAY

A woman in Vietnamese traditional costume walks among lotus flowers adjacent to the West Lake in Hanoi, Vietnam
CREDIT: WANG DI

Aerial photo of tourists and farmers peel lotus seeds together at the opening ceremony of the 4^th China Jianning County, southeast China’s Fujian Province.
CREDIT: SONG WEIWEI

One of the eagles catching a fish. Bald eagles swoop over the surface of an Alaskan lake to pluck from beneath the water. Photographs show the birds gliding just inches above the water before plunging their talons in to grab herring. The bald eagles even try to steal each other’s fish, sometimes leaving their own dinner behind to pursue a rival’s catch instead if it’s bigger than theirs. Professional bird photographer Alan Murphy photographed the impressive hunters in Kachemak Bay in Alaska, USA.
CREDIT: ALAN MURPHY/BIA/SOLENT NEWS
Market Closes for July 8^th, 2019

Market Index	Close	Change
Dow Jones	26806.14	-115.98 -0.43%
S&P 500	2975.95	-14.46 -0.48%
NASDAQ	8098.383	-63.408 -0.78%
TSX	16462.95	-79.04
		-0.48%

International Markets

Market Index	Close	Change
NIKKEI	21534.35	-212.03
		-0.98%
HANG SENG	28331.69	-443.14
		-1.54%
SENSEX	38720.57	-789.82
		-2.01%
FTSE 100*	7549.27	-3.87
		-0.05%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.582		1.572
CND. 30 Year Bond		1.728		1.741
U.S.    10 Year Bond		2.0476		2.0338
U.S. 30 Year Bond		2.5290		2.5419

Currencies

BOC Close	Today	Previous
Canadian $	0.76388	0.76432
US $	1.30911	1.30835
Euro Rate 1 Euro=		Inverse
Canadian $	1.46850	0.68097
US $	1.12170	0.89150

Commodities

Gold	Close	Previous
London Gold Fix	1388.65	1414.90
Oil
WTI Crude Future	57.66	57.34

Market Commentary:
On this day in 1932, In the icy grip of the Great Depression, the Dow closed at 41.22—its lowest level since June 1897. Since its peak in September 1929, the Dow had lost 89% of its value. The average stock traded at 0.49 times book value and 9.7 times reported earnings; the average dividend yield, among stocks that could afford to pay one, was 12.5%.
Canada
By Kristine Owram
(Bloomberg) — Canadian equities fell for a second session as a regulatory blunder weighed on pot stocks and investors continued to assess the likelihood of central-bank rate cuts.
The S&P/TSX Composite Index lost 0.5% to 16,462.95. Health- care stocks led the decline, falling 1.8% as CannTrust Holdings Inc. tumbled 23%, the most on record. Canadian regulators found the cannabis company grew pot in unlicensed parts of its greenhouse, resulting in a hold on inventory that one analyst said could pressure sales into 2020.
Technology was one of the bright spots in Monday’s session as Shopify Inc. added 2.7%. The e-commerce platform could be a viable competitor to Amazon.com Inc., according to analysts at KeyBanc Capital Markets.
In other moves:
Stocks
* SNC-Lavalin Group Inc. lost 6.3%, the most in more than two months, after BMO Capital Markets cut its price target on the stock amid expectations for a weak second quarter
* Bombardier Inc. fell 3.1%. Brazil’s antitrust regulator fined the company for taking part in an alleged cartel related to subway works
* Rogers Communications Inc. slid 0.7% and BCE Inc. lost 0.9%. Both stocks were downgraded at JPMorgan
Commodities
* Western Canada Select crude oil traded at a $12.15 discount to WTI, the narrowest gap in more than three weeks
* Gold was little changed at $1,400 an ounce
FX/Bonds
* The Canadian dollar weakened 0.1% to C$1.3096 per U.S. dollar
* The Canada 10-year government bond yield rose 1 basis point to 1.58%
US
By Laura Curtis and Olivia Rinaldi
(Bloomberg) — U.S. equities fell as investors took a cautious approach to a week full of central bank activity. Treasuries edged lower and gold retreated.
The S&P 500 slipped for a second day after Friday’s blow- out jobs report altered market calculus for Federal Reserve rate cuts. Tech and health-care shares led decliners, with Apple Inc. falling 2.1% after a downgrade. U.S.-listed shares of BASF SE tumbled more than 5% after the German company cut its forecast. Shorter-term Treasuries fell and gold slipped fell for a third day, while the dollar edged higher versus major peers. The main focus for markets this week looks to be Fed Chairman Jerome Powell, who will testify in Congress just days
after the latest payroll report signaled that the American economy remains on track.
U.S. stocks hit a record last week and a bond rally took yields to multiyear lows amid expectations the Fed will lower interest rates by at least a quarter of a percentage point at its July meeting. Joe “JJ” Kinahan, the chief market strategist at TD Ameritrade, sees a high likelihood of a July cut.
“If they don’t do something, it’s going to be mightily
disappointing,” he said. “I think, September, you have high probabilities also — but there may be a little bit of waiting to see what the data says going into September.”
The Stoxx Europe 600 Index slipped, with Deutsche Bank AG surrendering earlier gains as traders weighed a plan to cut its workforce by one-fifth. The euro fell after German industrial- production data saw a slight pick-up in May. Greek bonds rose amid hope a new government elected over the weekend will prove to be market-friendly.
Elsewhere, oil gained amid heightened geopolitical risks in the Middle East. Emerging-market shares were dragged down by the Asia sell-off. Turkey’s lira fell after President Recep Tayyip Erdogan’s shock decision to replace the country’s central bank governor, which has fueled concern the regulator could lower borrowing costs more than expected.
Here are some key events coming up:
* U.K. Conservative Party members start voting Monday to chooseTheresa May’s successor. Front-runner Boris Johnson and Jeremy Hunt will appear at events through the week, including a televised debate on July 9.
* Federal Reserve Chairman Jerome Powell testifies before
Congress on monetary policy and the state of the U.S. economy on Wednesday (the House of Representatives) and Thursday (the Senate).
* Fed minutes are due on Wednesday, ECB minutes on Thursday.
* A key measure of U.S. inflation — the core consumer price index, due Thursday — is expected to have increased 0.2% in June from the prior month, while the broader CPI is forecast to remain unchanged.
* U.S. producer prices are due on Friday.
Here are the main moves in markets:
Stocks
* The S&P 500 Index decreased 0.5% as of 4 p.m. New York time.
* The Nasdaq 100 lost 0.7% and the Dow Jones Industrial Average fell 0.4%.
* The Stoxx Europe 600 Index declined 0.1%.
* Germany’s DAX Index dipped 0.2%.
* The MSCI Emerging Market Index fell 1.3%, the biggest fall in more than six weeks.
Currencies
* The Bloomberg Dollar Spot Index gained 0.1%.
* The euro fell 0.1% to $1.1218, the weakest in almost three weeks.
* The Japanese yen decreased 0.2% to 108.672 per dollar, the weakest in more than five weeks.
* The Turkish lira declined 1.9% to 5.7392 per dollar, the biggest decrease in two months.
Bonds
* The yield on 10-year Treasuries rose more than one basis point to 2.05%.
* The two-year rate rose three basis points to 1.89%, while 30- year yields fell two basis points to 2.53%.
* Germany’s 10-year yield was flat at -0.366%.
Commodities
* West Texas Intermediate crude was flat near $57.50 a barrel.
* Gold futures slipped 0.4% to $1,394.80 an ounce.
–With assistance from Emily Barrett.
Have a great night.

Be magnificent!
As ever,

Carolann

Great things are done by a series of small things brought together.
                                               -Vincent Van Gogh, 1853-1890

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! 
Tynwald Day: Viking Mid-summer Day

July 5, 1946:First bikini swimsuit modelled at Piscine Molitor, Paris, France.
On July 5, 1975, Arthur Ashe became the first black man to win a Wimbledon singles title as he defeated Jimmy Connors. Go to article »
 

A SYMBOL OF LONDON, –from The New York Times:

In 1938, a Times film critic wrote that there were “three unique and valuable institutions the British have that we in America have not”: Alfred Hitchcock, Magna Carta and Tower Bridge.

Last Sunday was the 125th anniversary of the opening of the bridge, one of London’s most recognizable landmarks. It took eight years to build.

To allow ships more than 29 feet tall access along the River Thames, a hydraulic system raises and lowers the bridge’s twin sections. In 1894, its first year of operation, the bridge opened more than 6,000 times; it now does so just two or three times a day.

In 1952, a bus driver was crossing the bridge when it began to open. He accelerated safely over the gap, resulting in only minor injuries. He was rewarded with 10 pounds (nearly £300, or about $380, today), and later served as best man at the wedding of one of his passengers.

PHOTOS OF THE DAY

A man walks on a slackline during the 7^th edition of the European ‘Marmotte Highline Project’ (MHP) festival in Lans-en-Vercors, near Grenoble, eastern Gremoble, eastern France.
CREDIT: PHILIPPE DESMAZES/AFP/IMAGES

Seabirds fly among breaking waves at sunrise on Saltburn beach on in Saltburn-By-The-Sea, England.
CREDIT: IAN FORSYTH/GETTY IMAGES

London Children’s Ballet-Baller Shoes Choreography by Ruth Brill a ballet based on a novel by Noel Streatfeild at the Peacock Theatre, London. It will be brought to life by the company’s talented cast comprising 56 young dancers aged 9-16. With specially commissioned choreography, sets, costumes and scores and a live orchestra accompanying each performance.
CREDIT: ELLIOTT FRANKS
Market Closes for July 5^th, 2019

Market Index	Close	Change
Dow Jones	26922.12	-43.88 -0.16%
S&P 500	2990.41	-5.41 -0.18%
NASDAQ	8161.793	-8.438 -0.10%
TSX	16541.99	-46.86
		-0.28%

International Markets

Market Index	Close	Change
NIKKEI	21746.38	+43.93
		+0.20%
HANG SENG	28774.83	-20.94
		-0.07%
SENSEX	39513.39	-394.67
		-0.99%
FTSE 100*	7553.14	-50.44
		-0.66%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.572		1.469
CND. 30 Year Bond		1.741		1.662
U.S.    10 Year Bond		2.0338		1.9498
U.S. 30 Year Bond		2.5419		2.4666

Currencies

BOC Close	Today	Previous
Canadian $	0.76432	0.76637
US $	1.30835	1.30485
Euro Rate 1 Euro=		Inverse
Canadian $	1.46920	0.68064
US $	1.12305	0.89043

Commodities

Gold	Close	Previous
London Gold Fix	1414.90	1413.50
Oil
WTI Crude Future	57.34	57.34

Market Commentary:
Net futures bets on a higher dollar fell to $20.3 billion last week, the lowest level in a year, according to data from Scotiabank and the Commodity Futures Trading Commission, another sign that investors believe rate cuts are on the way.  
Canada
By Aoyon Ashraf
      (Bloomberg) — Canadian stocks fell the most in seven sessions as strong U.S. jobs data raised investor fears that the Federal Reserve will have less reason to lower interest rates. Canada’s labor market, meanwhile, shed jobs in June.
      The S&P/TSX Composite Index lost 0.3% to 16,541.99 in Toronto. Metals and mining stocks were the worst performers as prices for most metals slid. Communication services, financials and utilities were the only sectors that were positive.
In other moves:
Stocks
* Chemtrade Logistics rose 4.7%, extending a 9% gain in last three days
* OceanaGold gained 2.1% after falling the last two days on Didipio operations restraint
* Peyto Exploration & Development rose 2.1% after crude rebounded as the U.S. payrolls surge eased economic jitter
* First Quantum, Lundin Mining, Teck Resources were among industrial metal miners that fell on copper price declines
Commodities
* Western Canada Select crude oil traded at a $13.10 discount to WTI
* Gold spot price fell -1.3% to $1,402.70 an ounce
FX/Bonds
* The Canadian dollar fell 0.2% to C$1.3075 per U.S. dollar
* The Canada 10-year government bond yield rose to 1.568%
US
By Olivia Rinaldi and Vildana Hajric
      (Bloomberg) — U.S. stocks fell from all-time highs, Treasuries tumbled and the dollar rallied after a strong jobs report clouded the Federal Reserve’s rate plans. Gold retreated.
     The S&P 500 Index fell in thin post-holiday trading to pare a weekly advance to 1.7%. The measure slumped as much as 0.9% after the jobs data signaled a vibrant labor market, but ground higher in the afternoon. Banks led the recovery after the 10- year Treasury yield retook 2% and two-year rates hit 1.85%. The dollar surged versus major peers. Gold fell toward $1,400 an ounce.
      The latest labor report delivered signs that the economy remains on track, countering some recent data that showed weakness in manufacturing. Stocks had rallied to records and bonds surged on market expectations that the central bank will lower interest rates by at least a quarter percentage point at its July meeting, though fed fund futures showed traders trimming the amount of easing they expect.
      “The positive numbers for the labor markets have given investors a bit of a conundrum as continuing strength in employment should support earnings while at the same time they make a FOMC cut less likely,” said Chris Gaffney, president of world markets at TIAA Bank. “Very thin markets due to the holiday weekend have also contributed to some of the volatility.”
     Elsewhere, the euro declined after German factory orders came in far weaker than expected, with most European bonds edging down. Earlier, equity benchmarks in Japan, China and South Korea rose along with Australian stocks. Iron-ore prices tumbled after China’s largest steel-industry group urged officials to maintain order after the commodity’s recent surge to a five-year high.
Here are the main moves in markets:
Stocks
* The S&P 500 Index fell 0.2% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index sank 0.7%, the biggest dip in more than a month.
* The MSCI Asia Pacific Index declined 0.1%.
* The MSCI Emerging Market Index decreased 0.5%.
Currencies
* The Bloomberg Dollar Spot Index gained 0.4%.
* The euro decreased 0.5% to $1.1225, the weakest in two weeks.
* The British pound fell 0.4% to $1.2526.
* The Japanese yen dipped 0.7% to 108.507 per dollar.
Bonds
* The yield on 10-year Treasuries climbed nine basis points to 2.04%.
* The two-year rate jumped 11 basis points to 1.87%.
* Germany’s 10-year yield rose four basis points to -0.363%.
Commodities
* Gold futures fell 1.3% to $1,402.90 an ounce.
* West Texas Intermediate crude fell 0.3% to $57.51 a barrel.
* Iron ore sank 5.8% to $107.70 per metric ton, the largest tumble in more than two years.
–With assistance from Yakob Peterseil and Laura Curtis.

Have a wonderful weekend everyone.

Be magnificent!
As  ever,

Carolann

The important thing is not to stop questioning.  Curiosity has its own reason for existing.
                                                                                    -Albert Einstein, 1879-1955

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:
Independence Day, USA.

Happy 4^th of July!

 The Gift of Outright

     -by Robert Frost

The land was ours before we were the land’s.
She was our land more than a hundred years
Before we were her people. She was ours
In Massachusetts, in Virginia,
But we were England’s, still colonials,
Possessing what we still were unpossessed by,
Possessed by what we now no more possessed.
Something we were withholding made us weak
Until we found out that it was ourselves
We were withholding from our land of living,
And forthwith found salvation in surrender.
Such as we were we gave ourselves outright (The deed of gift was many deeds of war)
To the land vaguely realizing westward,
But still unstoried, artless, unenhanced,
Such as she was, such as she would become.

 ~Spoken by the Poet at the Inauguration of John F. Kennedy.

 July 4, 1905 – House of Commons passes bills establishing Alberta and Saskatchewan as provinces.  Go to article >>

PHOTOS OF THE DAY

A woman poses for a photo at the sunflower field in Edirne, Turkey
CREDIT: SALIH BARAN/ANADOLU AGENCY/GETTY IMAGES

A sculpture celebrating Aston Martin and the 70^th anniversary of the car company’s first race at Goodwood displayed outside Goodwood, ahead of the Goodwood Festival of Speed this weekend.\
CREDIT: PAUL MELBERT

Aerial view of fields in Wick near Pershore, Worcestshire which has now closed to the public so that the flowers can be harvested to make 100% biodegradable confetti.
CREDIT:TRISTAN POTTER/SWNS

A person gestures while observing a solar eclipse at Incahuasi, Chile
CREDIT: REUTERS/JUAN JOSE GONZALEZ GALAZ
Market Closes for July 4^th, 2019

Market Index	Close	Change
Dow Jones	Market Close	N/A
S&P 500	Market Close	N/A
NASDAQ	Market Close	N/A
TSX	16588.85	+12.65
		+0.08%

International Markets

Market Index	Close	Change
NIKKEI	21702.45	+64.29
		+0.30%
HANG SENG	28795.77	-59.37
		-0.21%
SENSEX	39908.06	+68.81
		+0.17%
FTSE 100*	7603.58	-5.74
		-0.08%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.469		1.457
CND. 30 Year Bond		1.662		1.658
U.S.    10 Year Bond		N/A		1.9498
U.S. 30 Year Bond		N/A		2.4666

Currencies

BOC Close	Today	Previous
Canadian $	0.76637	0.76567
US $	1.30485	1.30605
Euro Rate 1 Euro=		Inverse
Canadian $	1.47270	0.67902
US $	1.12865	0.88602

Commodities

Gold	Close	Previous
London Gold Fix	1413.50	1397.05
Oil
WTI Crude Future	N/A	57.34

Market Commentary:
It wasn’t raining when Noah built the ark.  –Warren Buffet, CEO, Berkshire Hathaway.
Canada
By Aoyon Ashraf
     (Bloomberg) — Canadian stocks ended Thursday’s session slightly higher in thin trading given the July 4 U.S. holiday. Gains in industrial shares were offset by a decline in marijuana stocks.
     The S&P/TSX Composite Index rose 0.08% to 16,588.85 in Toronto. Industrials were led by airline stocks, while the health-care index slid as cannabis stocks retreated.
     Meanwhile, Toronto home sales jumped again in June, nudging prices higher and narrowing affordable options for buyers. A total of 8,860 homes changed hands in Canada’s biggest city in the month, up 10% from the same month a year earlier, the Toronto Real Estate Board reported Thursday.
In other moves:
Stocks
* Richelieu Hardware rose 11% after reporting second quarter earnings 
* Lightspeed POS Inc. gained 6.2% 
* MEG Energy rose 3.9% after 6-day for decline; additional energy stocks also rose after several days of decline
* OceanaGold fell 5.6% after the company filed injunction against restraint of operations at Didipio 
* CES Energy Solutions Corp. lost 4.8% 
Commodities
* Western Canada Select crude oil traded at a $13.10 discount to WTI
* Gold fell 0.2% to $1,416.19 an ounce
FX/Bonds
* The Canadian dollar was little changed at C$1.3055 per U.S. dollar
* The Canada 10-year government bond yield rose 1 basis point to 1.47%
US
By Laura Curtis
     (Bloomberg) — U.S. stock futures and European shares edged higher Thursday in a lackluster session marked by thin trading volumes thanks to the American holiday. Brazilian stocks surged and the real gained as a congressional committee voted to advance the pension-reform bill. Gold slipped but stayed above $1,400 and WTI futures fell.
     The Stoxx Europe 600 Index finished modestly higher, with real estate firms and banks lifting the gauge. Contracts on the S&P 500 Index also nudged up after Asia’s benchmark finished higher overall thanks to gains in Japan and South Korea. Trading volumes were well below average across the board, with U.S. markets shut for the July 4 holiday and investors counting down to Friday’s American jobs report.
     Core European bonds climbed, with German 10-year yields sliding below the European Central Bank’s deposit rate for the first time. Treasuries aren’t trading thanks to Independence Day. The dollar was slightly lower in the wake of accusations from President Donald Trump that the European Union and China engage in currency manipulation, while the euro edged higher. Thursday’s holiday in the U.S. is giving many investors a breather after a hectic few weeks in which bonds surged and stocks hit records as they tracked every twist in the trade war, tried to second guess central bankers and analyzed every data point. Next up, a U.S. jobs report that will be closely monitored for clues on the Federal Reserve’s next move.
     “Friday’s data is important to the extent that it will calibrate expectations for what the Fed could deliver later this month,” said Ned Rumpeltin, European head of FX strategy at Toronto-Dominion Bank in London. “It is more about confirming the market’s current bias rather than setting fresh expectations.”
     On the currency-war front, Trump in a Twitter post Wednesday said China and Europe are playing a “big currency manipulation game” and “pumping money into their system” to compete with the U.S. He said America should match their efforts “or continue being dummies” who watch other countries manipulate currencies.
Here are some key events coming up:
* U.S. equity markets close Thursday for the Independence Day holiday.
* The U.S. jobs report is due Friday and is projected to show non-farm payrolls rose by 160,000 in June, rebounding from 75,000 the month prior.
Here are the main moves in markets:
Stocks
* Futures on the S&P 500 Index increased 0.1% as of 2:16 p.m. New York time.
* The Stoxx Europe 600 Index gained 0.1%, reaching the highest in 12 months.
* The U.K.’s FTSE 100 Index decreased 0.1%, the first retreat in a week.
* The MSCI Asia Pacific Index rose 0.3% to the highest in two months.
* The MSCI Emerging Market Index jumped 0.5%.
* Brazil’s Ibovespa index surged as much as 1.9% to a record high.
Currencies
* The Bloomberg Dollar Spot Index fell 0.1%.
* The euro increased less than 0.05% to $1.1283.
* The British pound gained less than 0.05% to $1.258.
* The Japanese yen climbed less than 0.05% to 107.78 per dollar.
* The Brazilian real climbed 0.8% to 3.7956 per dollar, the strongest in three months.
Bonds
* Britain’s 10-year yield dipped two basis points to 0.673%, the lowest in almost three years.
* Germany’s 10-year yield decreased two basis points to -0.402%.
Commodities
* Gold dipped 0.2% to $1,415.48 an ounce.
* West Texas Intermediate crude dipped 0.9% to $56.80 a barrel.
–With assistance from Anchalee Worrachate.

Have a great night.

Be magnificent!

As ever,

Carolann

 

The one unchangeable certainty is that nothing is unchangeable or certain.

                                                  -John Fitzgerald 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:  Dog Days – hottest days of the year July 3-August 11

July 3, 1934 – Finance – Bank of Canada Act receives royal assent, following recommendations of the 1933 Royal Commission on Banking and Currency; the Bank will open for business March 11, 1935 under Governor Graham Towers; has a mandate to issue currency and regulate the money supply; will begin as a privately owned institution, with shares sold to the public; shortly becomes a government-owned central bank. Ottawa, Ontario  Go to article >>

The Banking Dynasty Older Than the Rothschilds

In the U.K. there’s old money, really old money and then there’s C. Hoare & Co. The London firm was started in 1672 by Richard Hoare and has tended to the affairs of diarist Samuel Pepys, poet Lord Byron and novelist Jane Austen. That’s almost a hundred years older than the famous Rothschild dynasty, which was founded in the 1760s. After more than three centuries of continuous operation, the family still runs the show, overseeing about 4.4 billion pounds ($5.6 billion) of deposits and sticking to a traditional way of doing business. –from Bloomberg Pursuits.

I am proud to tell you that I belong to a religion in whose sacred language, the Sanskrit, the word exclusion is untranslatable. -Swami Vivekananda, 1863-1902.

PHOTOS OF THE DAY

A colossal 7,500 light years away from Earth, beans of red, white and blue gas shoot from Eta Carinae, one of the Milky Way’s most “petulant” star systems. The image is the latest from Nasa’s Hubble Space Telescope
CREDIT: ESA/HUBBLE/SWINS.COM

Attendees perform indigenous dance during a celebration for Mexican President Andres Manuel Lopez Obrador in Mexico City, Mexico
CREDIT: ALEIANDRO CEGARRA/BLOOMBERG

Former Scotland Rugby international and Motor Neurone campaigner Doddie Weir, with wife Kathy and their three sons (from left) Angus, Ben and Hamish, after receiving his OBE from Queen Elizabeth II during an Investiture ceremony at the Palace of Holyroodhouse in Edinburgh
CREDIT: JANE BARLOW/PA WIRE
Market Closes for July 3^rd, 2019

Market Index	Close	Change
Dow Jones	26966.00	+179.32     +0.67%
S&P 500	2995.82	+22.81   +0.77%
NASDAQ	8170.230	+61.138   +0.75%
TSX	16576.20	+104.91
		+0.64%

International Markets

Market Index	Close	Change
NIKKEI	21638.16	-116.11
		-0.53%
HANG SENG	28855.14	-20.42
		-0.07%
SENSEX	39839.25	+22.77
		+0.06%
FTSE 100*	7609.32	+50.13
		+0.66%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.457		1.468
CND. 30 Year Bond		1.658		1.678
U.S.    10 Year Bond		1.9498		1.9740
U.S. 30 Year Bond		2.4666		2.5013

Currencies

BOC Close	Today	Previous
Canadian $	0.76567	0.76305
US $	1.30605	1.31052
Euro Rate 1 Euro=		Inverse
Canadian $	1.47325	0.67877
US $	1.12806	0.88648

Commodities

Gold	Close	Previous
London Gold Fix	1397.05	1390.10
Oil
WTI Crude Future	57.34	56.25

Market Commentary:
On this day in 1884, Charles Dow, partner in Dow Jones & Co., published the first modern index of American stocks in his “Customer’s Afternoon Letter,” a two-page financial bulletin. The 11 stocks included nine railroads (Chicago & North Western, Delaware, Lackawanna & Western, Lake Shore, New York Central, St. Paul, Northern Pacific, Union Pacific, Missouri Pacific, and Louisville & Nashville), a steamship company (Pacific Mail) and telegraph giant Western Union.
Canada
By Aoyon Ashraf
     (Bloomberg) — Canadian stocks closed higher Wednesday, led by consumer staples and real estate shares. The energy complex also aided the rally after crude oil rebounded on drop in U.S. gasoline supplies.
     The S&P/TSX Composite Index gained 0.6% to 16,576.52. Materials and communication services were the worst performing sectors in the index. Cascades Inc. was among top gaining stocks after an upgrade to outperform at National Bank.
     Meanwhile, Bruce Linton, who founded Canopy Growth Corp. in an abandoned chocolate factory and turned it into the world’s biggest cannabis firm, has been ousted as chief executive officer effective immediately. The stock pared early losses and advanced 2%.
In other moves:
Stocks
* Mullen Group Ltd. advanced +3.3% after the company announced acquisitions of trucking/logistics companies and got upgraded by CIBC
* Alaris Royalty Corp. rose 4.6% after falling for 7 straight days
* Linamar Corp. fell 3.3%
* Knight Therapeutics Inc lost 2.3% after rising for 2 days
* Transat A.T. dropped 8.2% after report that Group Mach withdrew its bid for the company
Commodities
* Western Canada Select crude oil traded at a $13.10 discount to WTI
* Spot gold fell 0.06% to $1,417.80 an ounce
FX/Bonds
* The Canadian dollar gained 0.3% to C$1.3064 per U.S. dollar
* The Canada 10-year government bond yield fell to 1.453%
US
By Vildana Hajric and Jeremy Herron
     (Bloomberg) — Major U.S. indexes rose to all-time highs in thin trading ahead of a holiday and the rally in global bonds extended as investors weighed the prospect of more dovish appointees to two of the world’s major central banks.
     The Dow Jones Industrial Average notched its first record since October, while the S&P 500 climbed a fifth day to extend its high. Futures on the broader index briefly topped 3,000 for the first time. The Nasdaq indexes rose past closing records set in early May. Stock investors piled into high dividend-yielding sectors like utilities and REITs after 10-year Treasury yields dipped to the lowest since November 2016 on rising market bets that the Federal Reserve will cut rates this month. Markets closed at 1 p.m. ahead of the July 4 holiday.
     “We’ve seen continued doubt and worry over this bull market for a decade now, yet it continues to defy all skeptics,” said Ryan Detrick, senior market strategist for LPL Financial. “The bottom line is the dual benefit of both fiscal and monetary policy should help extend this business cycle potentially much longer than many expect.”
     The dollar fell after jobless claims came in broadly as forecast and private hiring numbers missed expectations. A reading on the services sector fell to the lowest since 2017, but Wednesday’s batch of data did little to move markets, with jobs numbers coming Friday. The euro erased a small drop as purchasing manager data for the region was revised slightly higher. Europe’s leaders have nominated Christine Lagarde to take the helm of the ECB later this year, ushering in a candidate analysts anticipate will take up departing President Mario Draghi’s mantle in providing stimulus. And U.S. President Donald Trump said he’s planning to nominate Christopher Waller and Judy Shelton to serve on the Fed Board, candidates both seen as likely to advocate lower interest rates.
     The yield difference between Italian 10-year government bonds and the equivalent German securities fell to below 200bps for the first time since May 2018 after the European Commission deciding not to penalize Italy for breaking government spending limits. “An absence of inflation, the shortages of ‘safe’ positive yielding bonds that is a legacy of QE, geopolitical concerns and a dovish monetary policy bias almost everywhere are seeing the bond rally go on, and on,” Kit Juckes, chief global FX strategist at Societe Generale, wrote in a note.
     Meanwhile, Cleveland Fed President Loretta Mester said she’d need to see more data before supporting an immediate rate cut, while many of her colleagues are leaning toward loosening policy.
     Elsewhere, oil rebounded after tumbling Tuesday. Shares in Japan, China and South Korea led losses in Asia as equities in Australia edged higher. The yen strengthened after the Bank of Japan made small tweaks to its bond buying program.
Here are some key events coming up:
* U.S. markets equity markets close at 1 p.m. on Wednesday and remain shut Thursday for the Independence Day holiday.
* The U.S. jobs report is due Friday and is projected to show non-farm payrolls rose by 164,000 in June, rebounding from 75,000 the month prior.
Here are the main moves in markets:
Stocks
* The S&P 500 Index increased 0.8% as of 1 p.m. New York time, hitting the highest on record with its fifth straight advance.
* The Dow rose 0.7% for its first record since Oct. 3.
* The Stoxx Europe 600 Index jumped 0.8%, reaching the highest in almost 13 months on its fifth consecutive advance and the biggest increase in more than two weeks.
* The MSCI Emerging Market Index dipped 0.5%, the biggest decrease in more than a week.
* The MSCI Asia Pacific Index fell 0.3%, the largest fall in a week.
Currencies
* The Bloomberg Dollar Spot Index decreased 0.1%, the biggest dip in more than a week.
* The euro increased less than 0.05% to $1.1282.
* The Japanese yen climbed 0.1% to 107.82 per dollar, the strongest in more than a week.
Bonds
* The yield on 10-year Treasuries declined two basis points to 1.95%, the lowest in more than two years.
* The two-year rate was little changed at 1.76%.
* Italy’s 10-year rate fell 25 basis points to 1.58%.
* Germany’s 10-year yield dipped two basis points to -0.38%, hitting the lowest on record with its fifth straight decline.
Commodities
* West Texas Intermediate crude gained 1% to $56.82 a barrel.
* Gold futures increased 0.8% to $1,419.30 an ounce, the highest in more than a week.
–With assistance from Laura Curtis.

Have a great night.

Be magnificent!
As ever,

Carolann

 

The stories of past courage can teach, they can offer hope,

they can provide inspiration.  But they cannot supply courage

itself.  For this each man must look into his own soul.

                                   -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:
On July 2, 1937, aviator Amelia Earhart and navigator Fred Noonan disappeared over the Pacific Ocean while attempting to make the first round-the-world flight at the equator.  Go to article »

Scientists search for a mirror universe.

Good Company
The evening closes in on a warm summer’s day.
The wine is coursing through you and through your friends but not down into the tributary of political discourse that can end up in an almighty row, but down the waterfalls of laughing memory.
Long forgotten stories and cackles emerge of times past while grand plans are made for the future still to be lived.
Sharing bread, barbeques and those generous anecdotes –
the simple gentleness of caring for the people you love.
–Dan Kieran, The book of Idle Pleasures
PHOTOS OF THE DAY

The Olga bulk carrier sits off the coast near Tynemouth, UK, just before sunrise.
CREDIT: OWEN HUMPHREYS/PA WIRE

A loon internet balloon, carrying solar powered mobile networking equipment flies over rugged terrain in New Zealand.
CREDIT: REUTERS

Aerial view of the anti government protester’s front line and the police cordon seen during the standoff between the police and demonstrators. Thousands of anti government protesters faced off with riot police and occupy major roads around the Hong Kong government complex during the 22^ndanniversary of Hong Kong return to Chinese rule.
CREDIT: ZUMA PRESS INC/ALAMY LIVE NEWS
Market Closes for July 2^nd, 2019

Market Index	Close	Change
Dow Jones	26786.68	+69.25     +0.26%
S&P 500	2973.01	+8.68   +0.29%
NASDAQ	8109.094	+17.931   +0.22%
TSX	16471.29	+89.09
		+0.54%

International Markets

Market Index	Close	Change
NIKKEI	21754.27	+24.30
		+0.11%
HANG SENG	28875.56	+332.94
		+1.17%
SENSEX	39816.48	+129.98
		+0.33%
FTSE 100*	7559.19	+61.69
		+0.82%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.468		1.466
CND. 30 Year Bond		1.678		1.685
U.S.    10 Year Bond		1.9740		2.0051
U.S. 30 Year Bond		2.5013		2.5291

Currencies

BOC Close	Today	Previous
Canadian $	0.76305	0.76194
US $	1.31052	1.31244
Euro Rate 1 Euro=		Inverse
Canadian $	1.47951	0.67590
US $	1.12900	0.88574

Commodities

Gold	Close	Previous
London Gold Fix	1390.10	1402.50
Oil
WTI Crude Future	56.25	58.47

Market Commentary:
On this day in 2008, the Dow industrials entered a bear market when they fell 1.5% to 11215.51 as the financial crisis gained momentum. The blue-chip index is up nearly 140% since then, after closing at 26717.43 on Monday.
Canada
By Aoyon Ashraf
     (Bloomberg) — Canadian stocks rose after a long weekend as Shopify Inc. led technology to outperform, while a decline in oil prices led to underperformance for energy stocks.
     The S&P/TSX Composite Index rose 0.5% to 16,471 in Toronto. Tech stocks, communications and industrials were the top three outperformers, while pot stocks and energy lagged the most.
     Meanwhile, Canada’s export financing agency lifted its suspension on Saudi Arabian-related activity, citing an improving environment for the nation’s businesses since a diplomatic blowout with the kingdom last summer.
In other moves:
Stocks
* Eldorado Gold gained 7.8% as gold prices rallied
* Cascades Inc. rose 7.8%, after saying it will buy Orchids Paper Products assets for $207m
* Dollarama Inc. gained 7.7% to the highest in nearly 10 months. The retailer is buying a majority stake in Latin American firm Dollarcity
* Crescent Point, Ensign Energy and Gran Tierra among energy stocks fell after crude oil declined
Commodities
* Western Canada Select crude oil traded at a $13.50 discount to WTI
* Gold spot price rose 2.2% to $1,414.17 an ounce
FX/Bonds
* The Canadian dollar strengthened 0.2% to C$1.3111 per U.S. dollar
* The Canada 10-year government bond yield rose to 1.470%
US
By Vildana Hajric and Sarah Ponczek
     (Bloomberg) — U.S. stocks edged higher to a fresh record, while haven assets from Treasuries to gold resumed rallies as investors awaited a slew of economic data around the Fourth of July holiday. The euro erased gains after Christine Lagarde was nominated to lead the European Central Bank.
     The S&P 500 swung between gains and losses before rising into the close for a second straight all-time high. The 10-year Treasury yield slumped to 1.98% and gold surged back above $1,400 an ounce. Demand for riskier assets ebbed after a Federal Reserve official said she’s not ready to support a rate cut and news broke that House Democrats are stepping up their investigation into the president’s taxes.
      U.S. markets close early tomorrow and are shut Thursday for the Fourth of July holiday. Data on private hiring, factory orders and the services sector are due Wednesday, with June’s government jobs report coming the final day of the week. The Japanese yen climbed and crude plunged more than 4% in New York.
      “Everything’s two-fold oriented: what’s the Fed going to do in July with interest rates and then everything geopolitical is basically an everyday headline,” said Bob Phillips, managing principal at Spectrum Management Group. “Every time the market stalls, anxiety skyrockets and goes through the roof. There’s just a lot of fear out there.”
     The Stoxx Europe 600 Index extended a modest advance while U.K. shares climbed to the highest in nine months. U.K. gilts rallied as construction data disappointed. The euro edged higher after Bloomberg reported ECB policy makers don’t see a need to rush into a rate cut this month. U.S. notes nudged up with most government bonds in Europe, where the yield on two-year Italian debt briefly dipped below zero.
      In Asia, shares rallied in Hong Kong and its dollar strengthened as the market reopened after a holiday to catch up with Monday’s move — despite violent local protests overnight. Chinese stocks were steady.
Here are some key events coming up:
* U.S. equity markets close at 1 p.m. Wednesday and all day Thursday for the Independence Day holiday. The bond markets close early Wednesday.
* The U.S. jobs report is due Friday and is projected to show non-farm payrolls rose by 164,000 in June, rebounding from 75,000 the month prior.
And here are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.3% at 4 p.m. New York time.
* The Nasdaq 100 Index added 0.4% and the Dow Jones Industrial Average gained 0.3%.
* The Stoxx Europe 600 Index climbed 0.4% to the highest in two months.
* The MSCI Asia Pacific Index increased 0.4% to the highest in two months.
* The MSCI Emerging Market Index fell 0.1%, the largest fall in a week.
Currencies
* The euro was flat at $1.1284.
* The Japanese yen strengthened 0.5% to 107.887 per dollar, the biggest increase in more than a week.
* The Australian dollar advanced 0.4% to 0.699 per dollar, the largest rise in more than a week.
Bonds
* The yield on 10-year Treasuries declined four basis points to 1.98%.
* The two-year rate lost three basis points to 1.75%
* Germany’s 10-year yield fell one basis point to -0.367%.
Commodities
* Gold futures gained 1.5% to $1,409.30 an ounce, the largest rise in more than a week.
* West Texas Intermediate crude fell 3.4% to $57.12 a barrel.
–With assistance from Paul Allen and Laura Curtis.

Have a great night.

Be magnificent!
As ever,

Carolann

 

Although the world is full of suffering, it is also full of the overcoming of it.

                                                                   -Helen Keller, 1880-1968

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

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

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

Dear Friends,

Tangents: Happy Friday!
On June 28, 1919, the Treaty of Versailles was signed in France, ending World War I. Go to article »

What’s the best Beatles song?, June 28, 2019

The Negroni, The New York Times

Never mind the Aperol spritz. This is Negroni Week.

Or so says Campari, the company behind marketing blitzes for both cocktails.

Negroni gets its place in the sun now because it is said to have been invented 100 years ago when Count Camillo Negroni in Florence, Italy, asked his bartender at the Cassoni Cafe to replace the soda in his Americano drink with gin.

An array of Negronis.  Leah Nash for The New York Times

(Another version puts its origins in Senegal in 1870, with Gen. Pascal Olivier Comte de Negroni.)

Equal parts of Campari and sweet vermouth make up the rest of the classic recipe, though there are infinite variations, many with bitters and an orange slice.

The company is mixing a little charity into its promotion. By drinking a Negroni at a participating bar or restaurant (10,000 around the world have signed up), you can designate contributions to any of nearly 50 nonprofits. Negroni Week ends on Sunday.
PHOTOS OF THE DAY

The sun sets as revellers look out from a viewing platform over the Tipi Village as they attend the Glastonbury Festival of Music and Performing Arts on Worthy Farm near the village of Pilton in Somerset, South West England
CREDIT: OLI SCARFF/ AFP

Children play under water jets in a fountain as they cool off during a heatwave in Nice
CREDIT: VALERY HACHE/ AFP

Polar bear “Milana” holds an ice cake with frozen fruit as she takes a bath in her pool at the zoo in Hanover, northern Germany, where temperatures reached around 33 degrees Celsius
CREDIT:HAUKE-CHRISTIAN DITTRICH /DPA/ AFP

Horses run past the Hermitage of El Rocio during the annual ‘Saca de las Yeguas’(round-up of the wild mares) in Andalusia
CREDIT: CRISTINA QUICLER/AFP
Market Closes for June 28th, 2019

Market Index	Close	Change
Dow Jones	26599.96	+73.38     +0.28%
S&P 500	2941.76	+16.84   +0.58%
NASDAQ	8006.246	+38.488   +0.48%
TSX	16382.20	+74.47
		+0.46%

International Markets

Market Index	Close	Change
NIKKEI	21275.92	-62.25
		-0.29%
HANG SENG	28542.62	-78.80
		-0.28%
SENSEX	39394.64	-191.77
		-0.48%
FTSE 100*	7425.63	+23.30
		+0.31%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.466		1.474
CND. 30 Year Bond		1.685		1.712
U.S.    10 Year Bond		2.0051		2.0140
U.S. 30 Year Bond		2.5291		2.5292

Currencies

BOC Close	Today	Previous
Canadian $	0.76194	0.76337
US $	1.31244	1.30998
Euro Rate 1 Euro=		Inverse
Canadian $	1.49436	0.66918
US $	1.13866	0.87822

Commodities

Gold	Close	Previous
London Gold Fix	1402.50	1403.95
Oil
WTI Crude Future	58.47	59.43

Market Commentary:
Apple Inc. said its chief design officer, Jony Ive, will leave later this year to form an independent design company, with Apple being one of its primary clients
Canada
By Michael Bellusci
     (Bloomberg) — Canadian equities gained ahead of the Canada Day long weekend after dropping for five consecutive sessions, following U.S. shares up on optimism the U.S. and China will make progress during trade talks this weekend.
     The S&P/TSX Composite Index rose 0.5% to 16,382. Ten of 11 sectors advanced, with only consumer staples slipping. WTI crude fell late in trading on Europe’s Iran sanctions workaround, while energy investors remain focused on next week’s OPEC meeting in Vienna. Additionally, BCE Inc. named Mirko Bibic to take over as chief executive officer of Canada’s largest telecommunications company by market value when George Coperetires in January.
In other moves:
Stocks
* Canaccord Genuity Group Inc. jumped 16% after share buyback plan
* Resolute Forest Products Inc. gained 11% 
* New Gold Inc. rose 7.6% 
* Paramount Resources Ltd. advanced 3.7% after a gas facility sale
* TORC Oil & Gas Ltd. dropped 3.1% 
* Seven Generations Energy Ltd. fell 3% 
Ratings
* ACO/X CN: Atco /Canada Upgraded to Sector Perform at RBC; PT C$48
* CP CN: Canadian Pacific Downgraded to Peer Perform at Wolfe
* CR CN: Crew Energy Downgraded to Hold at GMP; PT C$1.15
* CRON CN: Cronos Group Rated New equalweight at Consumer Edge Research
* DGC CN: Detour Gold Cut to Sector Perform at National Bank; PT C$18.50
* HSE CN: Husky Energy Downgraded to Hold at GMP; PT C$14
* HYG CN: Hydrogenics Downgraded to Neutral at HC Wainwright 
* HYG CN: Hydrogenics Downgraded to Hold at Canaccord 
* HYG CN: Hydrogenics Downgraded to Hold at Craig-Hallum
* ITP CN: Intertape Polymer Rated New Outperform at BMO; PT C$23
* VET CN: Vermilion Energy Downgraded to Hold at GMP; PT C$30 
* WEED CN: Canopy Growth Rated New Equal-weight at Consumer Edge Research
* WPK CN: Winpak Rated New Market Perform at BMO; PT C$48
* YRI CN: Yamana Gold Upgraded to Outperform at National Bank; PT C$4.25
Commodities
* Western Canada Select crude oil traded at a $13.25 discount to WTI
* Gold spot about flat at $1,410.75 an ounce
FX/Bonds
* The Canadian dollar flat at C$1.3099 per U.S. dollar
* The Canada 10-year government bond yield fell to 1.467%
US
By Randall Jensen and Sarah Ponczek
     (Bloomberg) — Stocks rose for a second day, notching the best month since January on optimism the U.S. and China will make progress during trade talks this weekend. Treasuries edged higher.
     The S&P 500 Index pushed its June advance to 6.9% and rose by more than 3.5% in the quarter, rebounding from the rout in May. Materials producers surged 11% in June, buoyed by crude’s best month in five and gold’s biggest rally since the Brexit vote. Chipmakers saw the best monthly gain since 2011 as the sector has shown signs of resilience amid the trade war. Banks led benchmarks after the Federal Reserve cleared the way for better-than-expected payouts, while Apple Inc. weighed on tech after a report said it was moving some production from the U.S. to China.
     Ten-year Treasury yields lingered above 2%, dropping nearly 40 basis points since the end of the last quarter, as fresh evidence that American manufacturing growth is slowing boosted expectations for deep rate cuts this year. The dollar was little changed versus peers, heading for its worst month since January.
     All eyes now turn to the G-20 gathering in Osaka, where Presidents Donald Trump and Xi Jinping will meet Saturday to seek a breakthrough in the trade war. Trump on Friday said while he hasn’t promised not to issue new tariffs on China he does think “at a minimum” Saturday’s meeting will be “productive.” Meanwhile Xi warned that “bullying practices” won’t work, without mentioning Trump by name. “Markets just have simple needs right now and they want to see signs of progress,” Nela Richardson, investment strategist at Edward Jones, said in an interview at Bloomberg’s New York headquarters. “If they get something that say, ’look we’re not going to start a new round of tariffs,’ I think that would be good for next week.”
These are the main moves in markets:
Stocks
* The S&P 500 Index advanced 0.6% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index gained 0.7%.
* The MSCI Emerging Market Index was little changed.
* The MSCI Asia Pacific Index declined 0.2%.
Currencies
* The Bloomberg Dollar Spot Index was little changed.
* The euro was steady at $1.1372.
* The British pound gained 0.2% to $1.2704, the biggest gain in a week.
* The Japanese yen fell less than 0.05% to 107.83 per dollar.
Bonds
* The yield on 10-year Treasuries fell one basis point to 2.00%.
* Germany’s 10-year yield dropped one basis point at -0.327%.
* Britain’s 10-year yield gained one basis point to 0.833%.
Commodities
* Gold advanced 0.1% to $1,413.70 an ounce.
* West Texas Intermediate crude fell 2.3% at $58.06 a barrel.
–With assistance from Justina Lee, Laura Curtis and Vildana Hajric.

Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

Time you enjoy wasting, was not wasted.

                       -John Lennon, 1940-1980

 

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 BIRTHDAY TO YOU” song composed on this day in 1859.

 
Helen Keller born June 27, 1880.  Some of her insights:

Many persons have a wrong idea of what constitutes true happiness.

It is not attained through self-gratification but through fidelity to a worthy purpose.

Character cannot be developed in ease and quiet.  Only through experience of trial and suffering can the soul be strengthened, ambition inspired, and success achieved.

Science may have found a cure for most evils; but it has found no remedy for the worst of them all – the apathy of human beings.

Read: The Times’s book critics select the most outstanding memoirs published since 1969

 ~On June 27, 1950, President Truman ordered the Air Force and Navy into the Korean War following a call from the United Nations Security Council for member nations to help South Korea repel an invasion from the North.  Go to article »

ICYMI
The Kennedy estate on Martha’s Vineyard is on sale for $65 million.

PHOTOS OF THE DAY

Daniela, 3, and Siena, 6, take a well earned rest as they arrive at Glastonbury Festival
CREDIT: GEOFF PUGH FOR THE TELEGRAPH

Lightning strikes during an electrical storm over Port-au-Prince, Haiti
CREDIT: CHANDAN KHANNA/AFP/GETTY IMAGES

North Korean soldiers show their skills during a mass game performance of “The Land of the People” at the May Day Stadium in Pyongyang, North Korea, Tuesday, June 25, 2019
CREDIT: AP PHOTO/CHA SONG HO
Market Closes for June 27th, 2019

Market Index	Close	Change
Dow Jones	26526.58	-10.24   -0.04%
S&P 500	2924.92	+11.14   +0.38%
NASDAQ	7967.758	+57.787   +0.73%
TSX	16307.73	-4.49
		-0.03%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	21338.17	+251.58
		+1.19%
HANG SENG	28621.42	+399.44
		+1.42%
SENSEX	39586.41	-5.67
		-0.01%
FTSE 100*	7402.33	-14.06
		-0.19%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.474		1.501
CND. 30 Year Bond		1.712		1.735
U.S.    10 Year Bond		2.0140		2.0468
U.S. 30 Year Bond		2.5292		2.5695

Currencies

BOC Close	Today	Previous
Canadian $	0.76337	0.76196
US $	1.30998	1.31240
Euro Rate 1 Euro=		Inverse
Canadian $	1.48921	0.67152
US $	1.13679	0.87967

Commodities

Gold	Close	Previous
London Gold Fix	1403.95	1431.40
Oil
WTI Crude Future	59.43	59.38

Market Commentary:
Facebook’s libra could give the dollar, and banks, some welcome competition. Facebook’s new digital currency has the potential to become a true alternative to national currencies by creating a de facto central bank, which other fin-tech startups and cryptocurrencies have failed to do.
Canada
By Michael Bellusci
     (Bloomberg) — Canadian equities made a late push to gain Thursday, though closed down for their fifth straight session.
     The S&P/TSX Composite Index fell less than 0.1% to 16,307. Information technology, consumer staples, and health care rose while energy lagged.
     Alberta raised its mandatory production limit by 25k b/d in August from July levels to 3.74m b/d, while Ontario Teachers’ Pension Plan has invested an undisclosed amount in Elon Musk’s Space Exploration Technology Corp.
     Also, Acreage Holdings Inc. has some “head-turner” acquisitions in the works now that its planned sale to pot giant Canopy Growth Corp. has been sealed, according to the New York- based company’s chief executive officer. 
In other moves:
Stocks
* MedMen Enterprises Inc. rose 5.9% 
* Stars Group Inc. rallied 4.7% 
* Shopify Inc. gained 4% 
* OceanaGold Corp. fell 7.8% 
* Kelt Exploration Ltd lost 7.2% 
* ARC Resources Ltd dropped 6.2% 
Ratings
* ALS CN: Altius Minerals Rated New Buy at Cormark Securities; PT C$20
* AGF/B CN: AGF Management Downgraded to Hold at TD; PT C$5.50
* BAD CN: Badger Daylighting Rated New Buy at TD; PT C$55
* CP CN: Canadian Pacific Cut to Sector Perform at National Bank
* CR CN: Crew Energy Downgraded to Sector Perform at Scotiabank; PT C$1
* HSE CN: Husky Energy Rated New Sector Perform at National Bank; PT C$16
* INO-U CN: Inovalis REIT Rated New Hold at Canaccord; PT C$10.50 
* KSI CN: kneat.com Rated New Speculative Buy at Cormark Securities
* MG CN: Magna International Rated New Neutral at Credit Suisse; PT $55 
* OSS CN: Onesoft Solutions New Speculative Buy at Cormark Securities 
* VPY CN: VersaPay Rated New Speculative Buy at Cormark Securities
* ZENA CN: Zenabis Global Inc Rated New Buy at GMP; PT C$3.25
Commodities
* Western Canada Select crude oil traded at a $13 discount to WTI
* Gold spot price flat at about $1,408.85 an ounce
FX/Bonds
* The Canadian dollar rose 0.2% to C$1.3099 per U.S. dollar
* The Canada 10-year government bond yield fell to 1.471%
US
By Randall Jensen and Vildana Hajric
     (Bloomberg) — Stocks halted four days of declines as trade optimism reigned ahead of U.S.-China talks at the Group of 20 conference this weekend in Japan. Treasuries advanced.
     The S&P 500 headed for its best month since January, rebounding from a rout in May to leave it higher by more than 3% for the quarter. Banks led gains on the day as Chinese and American officials jockeyed before the highly anticipated meeting between Presidents Donald Trump and Xi Jinping on Saturday. Energy producers fell as oil hovered just under $60 a barrel.
     The 10-year Treasury yield slipped below 2.02%, with Goldman Sachs Group Inc. cutting its year-end forecast for the rate to 1.75%, matching JPMorgan Chase & Co.’s call from May 31. The yield has plunged from 2.4% at the end of the first quarter. The two-year rate hit 1.74%. The dollar was little changed, on track for its first monthly decline since January. Gold futures slipped a second day after reaching a six-year high, paring its best monthly rally since 2016 to 7.9%.
     The Saturday sit-down between President Donald Trump and Xi in Japan looms as a key event for markets, with reports about a tariff pause contrasting with Trump’s repeated threats of more duties. Even with all of the noise surrounding trade, investors are keeping a close eye on monetary policy and expectations central banks will cut rates to counter signs of a slowing global economy. “Investors need to be sensitive to this rally, that it’s not driven by corporate fundamentals or better economic data,” Deepak Puri, Americas CIO at Deutsche Bank Wealth Management, said in an interview at Bloomberg’s New York headquarters. “It’s purely driven by two things: one is the Fed and ECB, the global concerted effort to go on an easing cycle. And second, with this near-term resolution on trade, which they might be up for disappointment because we don’t expect the G-20 summit to bring anything materially different than a handshake and a continuation of talks.” These are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.4% as of 4 p.m. New York time.
* The Nasdaq composite rose 0.7%
* The Dow Jones Industrial Average was little changed. 
* The Stoxx Europe 600 Index was little changed.
* The MSCI Emerging Market Index climbed 0.7%.
* The MSCI Asia Pacific Index jumped 1%.
Currencies
* The Bloomberg Dollar Spot Index was steady.
* The euro was little changed at $1.1369.
* The British pound fell 0.2% at $1.2669.
* The Japanese yen was little changed at 107.76 per dollar.
Bonds
* The yield on 10-year Treasuries fell four basis points to 2.01%.
* Germany’s 10-year yield dropped two basis points to -0.32%.
* Britain’s 10-year yield fell one basis point at 0.822%.
Commodities
* West Texas Intermediate crude fell 0.2% at $59.24 a barrel.
* Gold dipped 0.3% to $1,411.30 an ounce.
–With assistance from Laura Curtis and Sarah Ponczek.

 Have a great night.

Be magnificent!
As ever,

Carolann

 

It is not true that people stop pursuing dreams because they grow old,

they grow old because they stop pursing dreams.

                                               -Gabriel Garcia Marquez, 1927-2014

 

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