Category: Newsletters

Dear Friends,

Tangents:
On May 29, 1953, Mount Everest was conquered as Edmund Hillary of New Zealand and sherpa Tenzing Norgay of Nepal became the first climbers to reach the summit. 
Go to article »

1453: Constantinople falls to the Turks
Bob Hope, comedian, b. May 29, 1903.
John F. Kennedy, b. 1917.

“We need men who can dream of things that never were.” -John F. Kennedy.
PHOTOS OF THE DAY

Two arguing chicks on the back of their Grebe mother on Conalero Reservoir County Park, San Jose, California
CREDIT: PHOO CHAN/ SWNS.COM

The Chateau de Versailles “Fetes Galantes” masked ball
CREDIT: LUDOVIC MARIN/AFP/GETTY IMAGES

A speeding driver in Germany was saved from a €105 (£93) fine when a snow-white dove interceded on his behalf. The driver was caught on speed cameras – but his identity was hidden by the bird’s wings spread in flight.
CREDIT:VIERSEN DISTRICT POLICE
Market Closes for May 29^th, 2019

Market Index	Close	Change
Dow Jones	25126.41	-221.36     -0.87%
S&P 500	2783.02	-19.37   -0.69%
NASDAQ	7547.309	-60.042   -0.79%
TSX	16131.47	-165.99
		-1.02%

International Markets

Market Index	Close	Change
NIKKEI	21003.37	-256.77
		-1.21%
HANG SENG	27235.71	-155.10
		-0.57%
SENSEX	39502.05	-247.68
		-0.62%
FTSE 100*	7185.30	-83.65
		-1.15%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.580		1.576
CND. 30 Year Bond		1.827		1.831
U.S.    10 Year Bond		2.2605		2.2658
U.S. 30 Year Bond		2.6926		2.7045

Currencies

BOC Close	Today	Previous
Canadian $	0.73983	0.74125
US $	1.35166	1.34908
Euro Rate 1 Euro=		Inverse
Canadian $	1.50491	0.66449
US $	1.11354	0.89803

Commodities

Gold	Close	Previous
London Gold Fix	1278.30	1282.50
Oil
WTI Crude Future	58.81	59.14

Market Commentary:
On this day in 1946, with the stock market still euphoric over peace, the Dow hit its immediate post-World War II high of 212.50, a level it wouldn’t surpass again until April 12, 1950, after nearly four years of chronic doldrums.  Today, the Dow close at 25,126.41.
Canada
By Michael Bellusci and Carolina Wilson
     (Bloomberg) — Canadian stocks dropped Wednesday, mimicking a U.S. market retreat that was spurred by heated trade war rhetoric and a plunge in the price of crude oil. 
     The S&P/TSX Composite Index fell as much as 1.2% to 16,104.98 in Toronto, the most for any full day since Dec. 21. Health care stocks — mainly cannabis firms — led decliners while Canada Goose Holdings Inc. dragged consumer discretionary companies lower after its first-quarter revenue missed estimates.
     Meanwhile, the Bank of Canada expressed growing confidence that the country’s economy is rebounding from its recent soft patch. In a decision Wednesday, policy makers in Ottawa left interest rates unchanged for a fifth straight meeting and continued to indicate they see no need to move borrowing costs anytime soon.
In other moves:
Stocks
* New Gold Inc. fell 5.4% after a drilling update
* Turquois Hill rose 5.8%
* B2Gold gained 5.5%, the most since October 2018 
* Cronos Group Inc. dropped 5.2% and Canopy Growth declined more than 5% as pot stocks fell 
* Bank of Montreal fell 2.4% after 2Q adj. EPS missed
* Champion Iron gained 4.3% on a refinancing pact and plan to buy Bloom Lake asset 
Commodities
* Western Canada Select crude oil traded at a $16.75 discount to WTI
* Gold rose 0.2% to $1,284.90 an ounce
FX/Bonds
* The Canadian dollar fell 0.2% to C$1.3513 per U.S. dollar
* The Canada 10-year government bond yield rose to 1.578%
US
By Vildana Hajric and Jeremy Herron
     (Bloomberg) — U.S. stocks fell to a 12-week low, while Treasuries advanced amid persistent concern the bond-market recession warning is growing louder as the trade war shows no signs of easing.
     The S&P 500 closed at the lowest since March 11, though it cut a drop that reached 1.3% by half late in the session. The index dipped below its average price for the past 200 days for the first time since March before bouncing back. It ended under its 100-day moving average for the first time since February.
     The 10-year Treasury yield dipped below 2.21% before rebounding to 2.26% — still the lowest since September 2017. The yield gap between three-month and 10-year Treasuries, often watched as an early signal of pending recession, slid to a 2007 low of minus 13 basis points. Investors will get a closer look at the health of the American economy when a batch of data lands Thursday morning.
     “After months of over-optimism, investors are finally realizing a quick fix isn’t likely on US-China trade,” said Alec Young, managing director of global markets research for FTSE Russell. “In fact, an escalation in trade tensions increasingly seems more likely than a near-term resolution.” The risk-off tone was set in overnight as Chinese media reports suggested Beijing may cut exports of rare-earth minerals used in the defense and energy sectors, opening another front in its trade war with the U.S. The dollar rose for a third day versus major peers, including the yen. Gold climbed and oil retreated.
     “The news from China just keeps getting a little more nerve-wracking. I don’t know what the final tally could be in terms of tariff or tariff-related damage if we keep proceeding but it’s a new line in the sand on a daily basis,” said Tom Stringfellow, president at Frost Investment Advisors, which has $4.7 billion in assets under management. “It’s a balancing act for investors and the market. I find it amazing how well consumer sentiment and investor sentiment seems to be holding up.”
     Investors are gauging warning signals in fixed-income markets with little expectation of a quick improvement in the global growth outlook or the U.S.-China trade war, as the full impact of American tariff hikes is yet to kick in. Beijing is gearing up to use its dominance of rare earths as a counter. A raft of American data tomorrow and Friday will give traders more to chew on as they reassess the Federal Reserve’s policy path.
Here are some key events coming up:
* China provides a first peek at its May economic performance on Friday, with economists anticipating the official manufacturing PMI will tick down to 49.9 amid the worsening trade war with the U.S.
* U.S. first-quarter revised GDP data are due Thursday.
* On Friday, data is due on the Fed’s preferred measure of price pressures; the gauge, which excludes food an energy, is forecast to be steady at an annual 1.6%.
And these are the main moves in markets:
Stocks
* The S&P 500 fell 0.7% at 4 p.m. in New York.
* The Dow Jones Industrial Average slid 0.9% to the lowest since Feb. 11. The Russell 2000 Index dropped to its lowest since Jan. 30.
* The Stoxx Europe 600 Index fell 1.4% to the lowest since Feb. 21.
* The MSCI All-Country World Index declined 1.1%, the lowest since February.
Currencies
* The Bloomberg Dollar Spot Index jumped 0.3%, the highest in more than five months.
* The euro decreased 0.2% to $1.1134, the weakest in a week.
* The British pound declined less than 0.05% to $1.2647, the weakest in almost 21 weeks.
* The Japanese yen fell 0.1% to 109.445 per dollar.
Bonds
* The yield on 10-year Treasuries dipped one basis points to 2.26%, the lowest since September 2016.
* Germany’s 10-year yield declined two basis points to -0.18%, the lowest in about three years.
* Japan’s 10-year yield dipped two basis points to -0.09%, thelowest in almost three years on the largest decrease in almost six weeks.
Commodities
* West Texas Intermediate crude dipped 0.6% to $58.79 a barrel.
* Gold futures advanced 0.4% to $1,287.20 an ounce.
–With assistance from Andreea Papuc, Adam Haigh and Todd White.

Have a great night.

Be magnificent!
As ever,

Carolann

 

Life is the art of drawing without an eraser.

                -John W. Gardner, 1912-2002

 

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:
1892- Sierra Club founded.

May 28, 1970 – Retail – Proprietors and directors of the Hudson’s Bay Company (the oldest continuing incorporated company in the world) vote to transfer the head office to Winnipeg, Manitoba; dining that evening at Nelson’s Tavern in Greenwich, England, from which many of the HBC ships sailed, they are served cuisine consisting of Company favourites over the past 300 years. London, England
Go to article »
PHOTOS OF THE DAY

A street performer on the Royal Mile entertains members of the public with a mass of bubbles in Edinburgh, Scotland.
CREDIT: JEFF J MITCHELL/GETTY IMAGES

Villagers in the South Downs hamlet of South Harting in West Sussex gather for the Harting Festivities held on this bank holiday date each year. The village is near the National Trust home of Uppark where HG wells often stayed. Look closely you can see the Sleep Dog trials taking place in the field to the right.
CREDIT:CHRIS GORMAN/BIG LADDER

Corgi dogs race during the Southern California “ Corgi Nationals” championship at the Santa Anita Horse Racetrack in Arcadia, California, USA. The event saw hundreds of Corgi dogs compete for the coveted fastest corgi title at the 17 race event.
CREDI: MARK RALSTON/AFP/GETTY IMAGES
Market Closes for May 28^th, 2019

Market Index	Close	Change
Dow Jones	25347.77	-237.92
S&P 500	2802.39	-23.67
NASDAQ	7607.352	-29.657
TSX	16297.46	-49.20
		-0.30%

International Markets

Market Index	Close	Change
NIKKEI	21260.14	+77.56
		+0.37%
HANG SENG	27390.81	+102.72
		+0.38%
SENSEX	39749.73	+66.44
		+0.17%
FTSE 100*	7268.95	-8.78

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.576		1.598
CND. 30 Year Bond		1.831		1.851
U.S.    10 Year Bond		2.2658		2.3202
U.S. 30 Year Bond		2.7045		2.7512

Currencies

BOC Close	Today	Previous
Canadian $	0.74125	0.74386
US $	1.34908	1.34434
Euro Rate 1 Euro=		Inverse
Canadian $	1.50625	0.66390
US $	1.50625	0.89564

Commodities

Gold	Close	Previous
London Gold Fix	1282.50	1282.50
Oil
WTI Crude Future	59.14	58.43

Market Commentary:
Canada
By Michael Bellusci
     (Bloomberg) — Canadian stocks dropped Tuesday after two days of gains as the U.S. market resumed trading following the Memorial Day holiday.
     The S&P/TSX Composite Index fell 0.3% to 16,297.46 in Toronto. Real estate, health care, and industrial stocks paced the decline.
     Traders are bracing for the rate decision Wednesday, and analysts surveyed expect Bank of Canada Governor Stephen Poloz will probably keep interest rates unchanged in what looks to be a prolonged hiatus, at least until after elections in October.
In other moves:
Stocks
* TILT Holdings Inc. jumped 21% 
* Osisko Mining Inc. rose 8.4% after the discovery of a new shallow gold bearing zone at its 100% owned Windfall Lake gold project 
* Enerflex Ltd. fell 6.3%, extending Monday’s drop after the CFO departure 
* MEG Energy Corp. fell 5.8%
* MediPharm Labs Corp. dropped 5.2% 
Ratings
* ALO CN: Alio Gold Downgraded to Neutral at PI Financial; PT 85 Cents 
* EDR CN: Endeavour Silver Upgraded to Buy at PI Financial; PT C$3
* WL CN: Westleaf Inc Rated New Buy at Eight Capital; PT C$1.10
* CLIQ CN: Alcanna New Buy at Eight Capital; PT C$9.50 
* FAF CN: Fire & Flower Holdings Rated New Buy at Eight Capital; PT C$2.75 
* SMU-U CN: Summit Industrial Upgraded to Buy at Desjardins; PT C$13.50
Commodities
* Western Canada Select crude oil traded at a $16.75 discount to WTI
* Gold fell 0.3% to $1,284.80 an ounce
FX/Bonds
* The Canadian dollar weakened 0.4% to C$1.3497 per U.S. dollar
* The Canada 10-year government bond yield fell to 1.577%
US
By Vildana Hajric
     (Bloomberg) — U.S. stocks fell to the lowest since March as a rally in 10-year Treasuries rekindled concern that a key recession signal has started to flash warnings amid what could be a protracted trade dispute with China.
     The S&P 500 slumped back toward 2,800, with 10 of 11 main groups lower on the day. Selling accelerated in the afternoon session as the retreat in the 10-year yield pushed it more than 9 basis points below the rate on the three-month bill, further inverting a part of the yield curve watched for its ability to signal a recession. Bonds were in demand after President Donald Trump declared that the U.S. was “not ready” to reach a trade deal with China.
     Stalled talks in the U.S.-China trade war and escalating tensions have soured sentiment for risk assets. That’s driven sovereign bonds higher and pushed global stocks toward their first monthly decline of 2019. With the Federal Reserve reiterating last week that it remains fully in patience mode, investors have little reason to bid stocks higher.
     “Markets are coming to grips with the fact that that’s going to be a story where they won’t get a resolution anytime soon,” Shawn Cruz, manager of trader strategy at TD Ameritrade, said in a phone interview.
     Here are some key events coming up:
* China provides a first peek at its May economic performance on Friday, with economists anticipating the official manufacturing PMI will tick down to 49.9 — a contraction — amid the worsening trade war with the U.S.
* U.S. first-quarter revised GDP data are due Thursday.
     And these are the main moves in markets:
Stocks
* The S&P 500 dropped 0.8% as of 4 p.m. in New York. 
* The Nasdaq 100 Index declined 0.3%.
* The Stoxx Europe 600 Index lost 0.2%. 
* The MSCI Emerging Market Index fell 0.2%. 
* The MSCI Asia Pacific Index climbed 0.3%. 
Currencies
* The Bloomberg Dollar Spot Index rose 0.3%, the biggest advance in a week. 
* The euro fell 0.3% to at $1.1164. 
* The Japanese yen rose 0.1% to 109.361 per dollar. 
Bonds
* The yield on 10-year Treasuries decreased six basis points to 2.26%, the lowest since September 2017. 
* Germany’s 10-year yield fell to -0.16%, the lowest in more than two years.
Commodities
* Gold futures declined 0.4% to $1,284.10 an ounce. 
* West Texas Intermediate crude gained 0.4% to $58.88 a barrel.
–With assistance from Andreea Papuc, Ksenia Galouchko and Namitha Jagadeesh.

Have a great night.

Be magnificent!
As ever,

Carolann

 

It isn’t where you came form, it’s where you’re going that counts.

                                                     -Ella Fitzgerald, 1917-1996

 

 

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:
1937 – Golden Gate Bridge Opened, San Francisco.
1930 – Scotch tape patented.
Rachel Carson, writer, b. 1907.

1999 – Julie Payette joins Shuttle mission; first Canadian to board the Intl. Space Station.
Go to article »
PHOTOS OF THE DAY

People attend a yoga class during a meeting organised by the YSYoga System community in the Samalayuca Fields in the municipality of Juarez, Chihuahua State, Mexico.
CREDIT: HERIKA MARTINEZ/AFP/GETTY IMAGES

People attend the float out ceremony of the nuclear-powered icebreaker “Ural” at the Baltic shipyard in Saint Petersburg. “ Ural”, the second serial universal nuclear-powered icebreaker of the project 22220, is 173.3 meters long, 34 meters wide, 52 meters high, and 33.54 thousand tons displacement.
CREDIT: OLGA MALTSEVA/ AFP / GETTY IMAGES

A young woman dressed up in traditional attire takes part in an audition organised by the Indoni Culture School in the South African city of Durban, on the occasion of Africa Month, a month that sees Africans on the continent showcasing the diaspora of cultural activities, film, music and food.
CREDIT:RAJESH JANTILAL/ AFP/ GETTY IMAGES
Market Closes for May 27^th, 2019

Market Index	Close	Change
Dow Jones	N/A	N/A
S&P 500	N/A	N/A
NASDAQ	N/A	N/A
TSX	16346.66	+116.62
		+0.72%

International Markets

Market Index	Close	Change
NIKKEI	21182.58	+65.36
		+0.31%
HANG SENG	27288.09	-65.84
		-0.24%
SENSEX	39683.29	+248.57
		+0.63%
FTSE 100*	N/A	N/A

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.598		1.613
CND. 30 Year Bond		1.851		1.866
U.S.    10 Year Bond		2.3202		2.3202
U.S. 30 Year Bond		2.7512		2.7521

Currencies

BOC Close	Today	Previous
Canadian $	0.74386	0.74439
US $	1.34434	1.34338
Euro Rate 1 Euro=		Inverse
Canadian $	1.50485	0.66452
US $	1.11934	0.89338

Commodities

Gold	Close	Previous
London Gold Fix	1282.50	1283.65
Oil
WTI Crude Future	58.43	58.43

Market Commentary:
Canada
By Michael Bellusci
     (Bloomberg) — Canadian stocks closed higher to start the week amid holidays in the U.S. and the U.K. Crude rebounded as supply risks helped offset trade war concerns.
     The S&P/TSX Composite Index added 0.7% to 16,346.66. Health care led all 11 sectors higher. Events on tap for investors this week include Bank of Nova Scotia’s second-quarter earnings Tuesday before the open, along with Husky Energy Inc.’s investor day in Toronto. Traders are also preparing for the Bank of Canada’s meeting Wednesday.
     In other moves:
Stocks
* Eldorado Gold Corp. gained 12% after Greek election optimism
* MedMen Enterprises Inc. rose 5.1%, a leader among pot stocks
** Aphria Inc. advanced 4.6%
** Curaleaf Holdings Inc. gained 4.4%
* Largo Resources Ltd. dropped 8%, the most since March 28
* Enerflex Ltd. fell 1.5% after announcing the resignation of CFO James Harbilas
Commodities
* Western Canada Select crude oil traded at a $16.50 discount to WTI
* Gold rose 0.1% to about $1,289.90 an ounce
FX/Bonds
* The Canadian dollar was little changed at C$1.3445 per U.S. dollar
* The Canada 10-year government bond yield fell 1 basis point to 1.60%
US
US markets closed for Memorial Day.

Have a great night.

Be magnificent!
As ever,

Carolann

Rumor travels faster, but it don’t stay put as long as truth.

                                              -Will Rogers, 1879-1935

 

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!
1779 – Simon McTavish pulls together the North West Company, to do battle with the HBC.
Go to article »

1844- first US telegraph line opens.

Bob Dylan’s birthday today~ 78 years.
My Back Pages
Bob Dylan
Crimson flames tied through my ears, rollin’ high and mighty traps
Pounced with fire on flaming roads using ideas as my maps
“We’ll meet on edges, soon, ” said I, proud ‘neath heated brow
Ah, but I was so much older then, I’m younger than that now
Half-wracked prejudice leaped forth, “rip down all hate, ” I screamed
Lies that life is black and white spoke from my skull, I dreamed
Romantic facts of musketeers foundationed deep, somehow
Ah, but I was so much older then, I’m younger than that now
Girls’ faces formed the forward path from phony jealousy
To memorizing politics of ancient history
Flung down by corpse evangelists, unthought of, though somehow
Ah, but I was so much older then. I’m younger than that now
A self-ordained professor’s tongue too serious to fool
Spouted out that liberty is just equality in school
“Equality, ” I spoke the word as if a wedding vow
Ah, but I was so much older then, I’m younger than that now
In a soldier’s stance, I aimed my hand at the mongrel dogs who teach
Fearing not that I’d become my enemy in the instant that I preach
My existence led by confusion boats, mutiny from stern to bow
Ah, but I was so much older then, I’m younger than that now
Yes, my guard stood hard when abstract threats too noble to neglect
Deceived me into thinking I had something to protect
Good and bad, I define these terms quite clear, no doubt, somehow
Ah, but I was so much older then I’m younger than that now
Songwriter: Bob Dylan

PHOTOS OF THE DAY

The incredible images show a musician giving a spectacular show by playing a grand piano hanging upside down, high above the ground from a crane.
CREDIT: CEN/ OLIVIER CARREL

An incredible 27m tall hot air balloon, shaped like a Dutch post-impressionist painter Vincent Van Gogh’s head, sores over the morning Melbourne skyline to promote the 2019 King Valley Balloon Festival starting this June.
CREDIT: GOLDRUSH BALLOONING/ SWNS.COM

Sunset over Ely Cathedral in the Cambridgeshire Fens
CREDIT: ANDREW SHARPE/ GEOFF ROBINSON
Market Closes for May 24^th, 2019

Market Index	Close	Change
Dow Jones	25585.69	+95.22     +0.37%
S&P 500	2826.06	+3.82   +0.14%
NASDAQ	7637.008	+8.724   +0.11%
TSX	16230.04	+65.43
		+0.40%

International Markets

Market Index	Close	Change
NIKKEI	21117.00	-33.92
		-0.16%
HANG SENG	27353.93	+86.80
		+0.32%
SENSEX	39434.72	+623.33
		+1.61%
FTSE 100*	7277.73	+46.69
		+0.65%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.613		1.642
CND. 30 Year Bond		1.866		1.886
U.S.    10 Year Bond		2.3202		2.3185
U.S. 30 Year Bond		2.7521		2.7535

Currencies

BOC Close	Today	Previous
Canadian $	0.74439	0.74215
US $	1.34338	1.34743
Euro Rate 1 Euro=		Inverse
Canadian $	1.50550	0.664223
US $	1.12068	0.89232

Commodities

Gold	Close	Previous
London Gold Fix	1283.65	1273.80
Oil
WTI Crude Future	58.43	57.71

Market Commentary:
“There isn’t a single formula.  You need to know a lot about business and human
nature and numbers….
It is unreasonable to expect that there is a magic system that will do it for you.” –Charlie Munger.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks rebounded from their worst day of 2019 but ended the week in the red as trade developments continue to whipsaw investors.
     The S&P/TSX Composite Index added 0.4% to 16,230.04, its first gain in three sessions. The benchmark lost 1.1% for the week.
     Financial stocks led the gains, adding 0.8%, the most since April 1. The sector bounced back from two days of steep losses after Canadian banks reported slowdowns in their domestic operations.
     Energy added 0.7% as crude prices rose but still posted their worst weekly loss of the year. MEG Energy Corp. rose 4.3%.
In other moves:
Stocks
* Aphria Inc. jumped 15%, the most since December. Jefferies initiated coverage of the pot stock with a buy rating, saying there’s a “big disconnect between valuation and strategic positioning”
* B2Gold Corp. fell 1.2%. The miner is considering buying an idled Zimbabwean gold mine, according to people familiar with the situation
* Canfor Corp. added 5.1%, its first gain in 10 sessions. The forest products company had slumped 17% in the 9 sessions before Friday
Commodities
* Western Canada Select crude oil traded at a $16.50 discount to WTI
* Gold fell 0.1% to $1,283.60 an ounce
FX/Bonds
* The Canadian dollar strengthened 0.3% to C$1.3438 per U.S. dollar
* The Canada 10-year government bond yield fell 3 basis points to 1.62 percent, the lowest since March
US
By Sarah Ponczek and Vildana Hajric
     (Bloomberg) — U.S. stocks rose Friday on thin volume before the holiday weekend, but the gains weren’t enough to compensate for a week of market turmoil stoked by trade tensions. Oil advanced, while 10-year Treasury yields edged higher and the dollar slipped.
     The S&P 500 Index put in its third straight weekly decline as concerns mount that the trade dispute between the U.S. and China could cripple global growth, with disappointing American factory data Thursday hinting at the fragility of the expansion.
     The Dow Jones Industrial Average saw a fifth consecutive weekly drop, the longest such streak since 2011. “We all know what the issues are: the slowing economic scenario — you had those weak reports on manufacturing orders, Germany is slowing and German consumer confidence is down. You can see it’s being reflected in flight-to-quality items,” said Donald Selkin, chief market strategist at Newbridge Securities Corp. “And of course there’s the trade issue. It doesn’t look to be anywhere near resolved.”
     Miners and utilities pushed the Stoxx Europe 600 index higher, while shares in Asia climbed as Chinese equities finished little changed and Indian stocks rebounded. Despite the gains, a gauge of global equities headed for a third straight weekly drop, its longest losing streak of the year. Oil climbed as supply risks outweighed concerns that the trade war will stifle demand. Sterling advanced after U.K. Prime Minister Theresa May announced she will step down as party leader June 7. Italy’s bonds jumped after Deputy Prime Minister Matteo Salvini said that he would be willing to talk to French and German leaders about his nation’s budget
And these are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.1% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index rose 0.6%, the biggest advance in a week.
* The U.K.’s FTSE 100 Index increased 0.6%.
* The MSCI Emerging Market Index gained 0.3%.
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%, the biggest drop in almost three weeks.
* The euro rose 0.3% to $1.1209, the strongest in more than a week.
* The British pound increased 0.4% to $1.2715, the biggest gain in almost three weeks.
* The Japanese yen gained 0.3% to 109.30 per dollar, the strongest in 16 weeks.
Bonds
* The yield on 10-year Treasuries advanced less than one basis point to 2.32%.
* Germany’s 10-year yield rose less than one basis point to -0.12%.
* Britain’s 10-year yield increased less than one basis point to 0.956%.
Commodities
* West Texas Intermediate crude gained 1.6% to $58.84 a barrel.
* Gold rose 0.1% to $1,284.89 an ounce.
–With assistance from Adam Haigh and Namitha Jagadeesh.

Have a wonderful weekend.

Be magnificent!
As ever,

Carolann

It’s not what you look at that matters.  It’s what you see.

                             -Henry David Thoreau, 1817-1862

 

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:

1887 – First CPR Transcontinental Train Steams into the Vancouver Harbour Terminal.
Go to article »
1895: NY Public Library founded.
PHOTOS OF THE DAY

Geishas perform during the rehearsal of the ‘Azuma Odori’ at the Shinbashi Enbujo Theatre on May 22, 2019 in Tokyo, Japan.
CREDIT: THE ASAHI SHIMBUN VIA GETTY IMAGES

An iftar cannon is being fired to announce the fast breaking time ahead of the iftar dinner in The Old City of Jerusalem
CREDIT: FAIZ ABU RMELEH/ANADOLU AGENCY/GETTY IMAGES

The blinking lights of fireflies are captured in this composite image that combines 67 photos taken every 30 seconds at night in a woodland area in Suita, Osaka Prefecture.
CREDIT: NEWSCOM
Market Closes for May 23^rd, 2019

Market Index	Close	Change
Dow Jones	25490.47	-286.14     -1.11%
S&P 500	2822.24	-34.03   -1.19%
NASDAQ	7628.285	-122.557   -1.58%
TSX	16164.61	-162.74
		-1.00%

International Markets

Market Index	Close	Change
NIKKEI	21151.14	-132.23
		-0.62%
HANG SENG	27267.13	-438.81
		-1.58%
SENSEX	38811.39	-298.82
		-0.76%
FTSE 100*	7231.04	-103.15
		-1.41%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.642		1.716
CND. 30 Year Bond		1.886		1.952
U.S.    10 Year Bond		2.3185		2.3820
U.S. 30 Year Bond		2.7535		2.8076

Currencies

BOC Close	Today	Previous
Canadian $	0.74215	0.74427
US $	1.34743	1.34359
Euro Rate 1 Euro=		Inverse
Canadian $	1.50697	0.66358
US $	1.11837	0.89416

Commodities

Gold	Close	Previous
London Gold Fix	1273.80	1271.15
Oil
WTI Crude Future	57.71	61.22

Market Commentary:
Mimicking the heard invites regression to the mean. –Charlie Munger.
Canada
By Kristine Owram
     (Bloomberg) — Canadian equities posted their biggest drop this year, with energy and pot stocks leading the decline.
     The S&P/TSX Composite Index lost 1% to 16,164.61, the biggest drop since Christmas Eve, amid a global slump. Investors are increasingly worried that the U.S.-China trade war is settling in for the long haul amid escalating tensions.
     Health-care stocks slid 3% as cannabis companies retreated. CannTrust Holdings Inc. fell 4.7% and Cronos Group Inc. lost 4.6%. The energy index fell 2.3% as oil future in New York lost almost 6%, their worst daily performance of the year. MEG Energy Corp. was the biggest decliner on the Canadian benchmark, losing 9.9%.
In other moves:
Stocks
* Royal Bank of Canada lost 2.4% after reporting higher expenses and provisions for credit losses
* Toronto-Dominion Bank gained 2.2%. The bank posted a domestic net interest margin of 2.87%, the highest in at least two years
* Canada Goose Holdings Inc. fell 4.1% after Hedgeye Risk Management named the retailer to its best ideas short list
Commodities
* Western Canada Select crude oil traded at a $16.50 discount to WTI
* Gold rose 0.9% to $1,285.40 an ounce
FX/Bonds
* The Canadian dollar weakened 0.3% to C$1.3475 per U.S. dollar
* The Canada 10-year government bond yield fell 8 basis points to 1.64%, the biggest drop in a year
US
By Sarah Ponczek and Vildana Hajric
     (Bloomberg) — U.S. stocks retreated further on Thursday and investors sought refuge in gold and bonds as the world’s two largest economies hardened their trade-war stances. The yen gained against the dollar, while 10-year Treasury yields fell to their lowest since 2017.
     The S&P 500 Index dropped for a fourth session in five, and the Dow Jones Industrial Average lost 286 points, after the Chinese Communist Party’s flagship newspaper published two commentaries assailing U.S. moves to curb Chinese companies.
     Stocks in industries seen as susceptible to trade disruptions — including semiconductors, automobiles and energy — retreated. Emerging-market shares slid and West Texas crude fell below $60 a barrel, while yields on bunds and gilts hit two-year lows.
     Risky assets remain under pressure and havens in demand as investors dig in for what looks like a protracted trade dispute. One expert predicts tensions could endure until 2035, while economists are also turning more pessimistic. Goldman Sachs Group Inc. now sees higher odds of a stalemate between the two nations, and Nomura Holdings Inc. has shifted to forecasting a full-blown escalation of tariffs.
     “Continued weak global economic data and the lack of a specific date for the resumption of U.S.-China trade talks are clouding earnings visibility and weighing on risk appetite,” said Alec Young, managing director of global markets research for FTSE Russell. “Markets are pricing in the harsh reality that trade tension is more likely to linger than quickly be resolved, as had been the consensus expectation anchoring sentiment until late April.”
     The Stoxx Europe 600 Index had its worst day in two weeks as automakers tumbled after an EU official said the U.S. was unlikely to start trade talks with the bloc soon while it’s preoccupied with China. The dollar was little changed, while the British pound struggled to end its two-week losing streak against the euro.
     Elsewhere, China’s yuan dipped in onshore trading even after the People’s Bank of China set its daily fixing at a stronger-than-expected level for a fourth straight day. West Texas crude had its biggest two-day drop of the year as inventory data alleviated concerns over a supply crunch. Commodities slumped across the board as traders increasingly girded for a full-blown trade war.
Here are some notable events coming up:
* The European Parliament holds continent-wide elections May 23-26.
* On Thursday, the European Central Bank publishes its account of the April monetary policy decision.
And these are the main moves in markets:
Stocks
* The S&P 500 Index declined 1.2% as of 4:02 p.m. New York time.
* The Stoxx Europe 600 Index decreased 1.4% to the lowest in more than a week.
* The U.K.’s FTSE 100 Index fell 1.4%.
* The MSCI Emerging Market Index fell 1.4% to a 19-week low.
Currencies
* The Bloomberg Dollar Spot Index fell less than 0.05%.
* The euro climbed 0.3% to $1.118.
* The British pound fell 0.1% to $1.2657.
* The Japanese yen advanced 0.7% to 109.59 per dollar, the biggest gain in two months.
Bonds
* The yield on 10-year Treasuries fell seven basis points to 2.31%, the lowest in about 19 months.
* Germany’s 10-year yield fell three basis points to -0.12%.
* Britain’s 10-year yield declined six basis points to 0.953%, a 23-month low.
Commodities
* West Texas Intermediate crude decreased 5.4% to $58.13 a barrel, the lowest in over 10 weeks.
* Gold gained 0.8% to $1,283.91 an ounce. 
* The Bloomberg Commodity Index sank 1.3%, its biggest decline in over 16 weeks. 
–With assistance from Andreea Papuc, Adam Haigh, John Ainger,
Alexandra Harris and Yakob Peterseil.

Have a great evening.

Be magnificent!
As ever,

Carolann

Do one thing each day that scares you.

          -Eleanor Roosevelt, 1884-1962

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:
Just returned from an investment conference in NYC – lots of good ideas were circulating.  I did have  a couple of hours kill time, so I hopped in an Uber and went down to check out the new Hudson Yards development which recently opened.  It’s very impressive, quite a breeze that blows off the Hudson River, creating a very different climate from midtown Manhattan just a few streets away.  There will be an observation deck opening soon, though it hasn’t yet.   The Shed is a fabulous concept, intended to inject the scene with culture, attracting artists from every conceivable artistic venue.   Check it out at https://theshed.org/

Sir Arthur Conan Doyle, writer, b. 1859~”How often have I said to you that when you have eliminated the impossible, whatever remains, however improbable, must be the truth?” –Sir Arthur Conan Doyle.

ICYMI
Steve Cohen was the ultimate buyer of that $91 million Koons bunny.

On this day in 1867 –

Queen Victoria decrees that Canada should come into being July 1.  Go to article »
PHOTOS OF THE DAY

A construction worker cycles to head for working in Samroang village outside Phnom Penh, Cambodia
CREDIT: AP PHOTO/HENG SINITH

A Kashmiri man removes weed from the Dal Lake early in the morning in Srinagar, Indian controlled Kashmir
CREDIT: PHOTO/MUKHTAR KHAN

An alleged work by British street artist Banksy depicting a migrant child wearing a lifejacket holding a pink flare, is painted on the outer wall of a house overlooking the canal Rio de ca Foscari, in Venice
CREDIT: MARCO SABADIN/AFP
Market Closes for May 22^nd, 2019

Market Index	Close	Change
Dow Jones	25776.61	-100.72     -0.39%
S&P 500	2856.27	-8.09   -0.28%
NASDAQ	7750.844	-34.880   -0.45%
TSX	16327.35	-99.11
		-0.60%

International Markets

Market Index	Close	Change
NIKKEI	21283.37	+10.92
		+0.05%
HANG SENG	27705.94	+48.70
		+0.18%
SENSEX	39110.21	+140.41
		+0.36%
FTSE 100*	7334.19	+5.27
		+0.07%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.716		1.760
CND. 30 Year Bond		1.952		1.974
U.S.    10 Year Bond		2.3820		2.4264
U.S. 30 Year Bond		2.8076		2.8439

Currencies

BOC Close	Today	Previous
Canadian $	0.74427	0.74599
US $	1.34359	1.34050
Euro Rate 1 Euro=		Inverse
Canadian $	1.49855	0.66731
US $	1.11527	0.89664

Commodities

Gold	Close	Previous
London Gold Fix	1271.15	1276.85
Oil
WTI Crude Future	61.22	62.99

Market Commentary:
On this day in 1928, Thomas Boone Pickens was born in Holdenville, Okla. He later headed Mesa Petroleum, setting off the hostile takeover wars of the 1980s with an unsolicited bid to buy Cities Service Co. in 1982. In January 2018, Mr. Pickens closed the energy-focused hedge fund he ran for two decades.
Canada
By Kristine Owram
      (Bloomberg) — Canadian stocks bounced off their session lows but still closed at the lowest level in a week as a disappointing start to bank earnings season and trade tensions weighed on the benchmark.
     The S&P/TSX Composite Index lost 0.6% to 16,327.35, the biggest drop in six sessions. Materials slid 2% and energy stocks fell 1.6% following news that the White House is targeting more Chinese technology firms, which hit commodity prices.
     Financials lost 0.7% as Canadian Imperial Bank of Commerce fell about 4.3%, the most since 2011. The bank kicked off the sector’s second-quarter earnings season with a miss amid shrinking domestic mortgages and net interest income.
     In other moves:
Stocks
* First Quantum Minerals Ltd. slid 11% to the lowest since January amid escalating tensions in Zambia
* Barrick Gold Corp. fell 1.5%. The miner plans to buy the shares of Acacia Mining Plc is doesn’t already own for $285 million
* Canopy Growth Corp. gained 2.5%. The cannabis company is buying British skin-care brand This Works for 43 million pounds
Commodities
* Western Canada Select crude oil traded at a $15.50 discount to WTI
* Gold rose 0.1% to $1,274.20 an ounce
FX/Bonds
* The Canadian dollar weakened 0.2% to C$1.3430 per U.S. dollar
* The Canada 10-year government bond yield fell 4 basis points to 1.72%
US
By Vildana Hajric and Elena Popina
     (Bloomberg) — U.S. stocks fell Wednesday as trade tensions simmered, with the White House said to be preparing to blacklist more Chinese technology companies. The dollar and Treasuries held their ground after the release of meeting minutes from the Federal Reserve, which stressed a patient approach to interest- rate changes.
     The S&P 500 Index fell for the third session in four, with tech shares under pressure amid the latest developments in the trade war with China. Markets continue to run hot and cold as investors react to the near-daily salvos in the conflict, trying to size up how much damage they will bring to growth and supply chains. The Fed minutes put a damper on prospects for lower rates this year, weighing slightly on equity markets as fed funds futures showed a slight drop in the odds for a rate cut.
     “It’s kind of like a doctor — the first thing you do is do no harm,” Michael Kushma, chief investment officer of global fixed income at Morgan Stanley Investment Management, said after the minutes came out. “So if you don’t know exactly what to do, don’t do anything. Don’t give medicine if you don’t know what the implications will be. So I think it’s easy for them to justify doing nothing for an extended period of time absent some major change in fiscal policy, trade policy.”
     Energy shares slid along with crude futures after an unexpected buildup in U.S. oil and gasoline stockpiles, while retail stocks declined on disappointing earnings from Lowe’s Cos. and Nordstrom Inc.
     Retail and real estate shares led a decline in the Stoxx Europe 600 gauge. Russia’s 10-year bond yields fell to their lowest level since the emerging-market currency crisis last August, after the Finance Ministry said it would consider returning to limited bond auctions. The pound extended a decline and gilts jumped as Prime Minister Theresa May faced pressure to quit within days.
     Here are some notable events coming up:
* Counting of votes from the Indian general elections takes place Thursday as Prime Minister Narendra Modi attempts to secure a second term.
* The European Parliament holds continent-wide elections May 23-26.
* On Thursday, the ECB publishes its account of the April monetary policy decision.
And these are the main moves in markets:
Stocks
* The S&P 500 Index fell 0.3% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index dipped 0.1%.
* The U.K.’s FTSE 100 Index rose 0.1%
* The MSCI Emerging Market Index fell 0.1%.
Currencies
* The Bloomberg Dollar Spot Index rose 0.1% to a five-month high.
* The euro fell 0.1% to $1.1153.
* The British pound dipped 0.3% to $1.266.
* The Japanese yen advanced 0.1% to 110.34 per dollar.
Bonds
* The yield on 10-year Treasuries fell four basis points to 2.39%.
* Germany’s 10-year yield declined two basis points to -0.09%.
* Britain’s 10-year yield sank seven basis points to 1.015%, the biggest drop in two months.
Commodities
* West Texas Intermediate crude sank 2.9% to $61.28 a barrel.
* Gold gained 0.1% to $1,273.88 an ounce.
–With assistance from April Ma, Adam Haigh and Todd White.

Have  a great night!

Be magnificent!
As ever,

Carolann

There was another life that I might have had, but I am having this one.

                                                                -Kazuo Ishiguro, b. 1954

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

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

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

Dear Friends,
Tangents:

Carolann is out of the office this afternoon, I will be writing the newsletter on her behalf.

PHOTOS OF THE DAY

A model poses with body art and headwear made of Peonies at the RHS Chelsea Flower Show at the Royal Hospital Chelsea, London

CREIDT: REUTERS/TOBY MELVILLE

Visitors stroll through a carpet of moss flowers, called shibazakura in Japanese, in full bloom at Shibazakura Park in the Hokkaido town of Ozora

FROM: TELEGRAPH MAY 21, 2019

The Edgar Evans club annual tug of war competition on Bramble Bank in the central Solent at low tide. The event raised £600 for the Buckland Park Play Centre in Portsmouth, Hampshire, UK, which coincidently is situated on the same road where Edgar Evans lived in 1907 with his wife and three children. The Edgar Evans club was inspired by its namesake due to the number of similar connection Edgar has with its founders, who have served in the Royal Navy and been part of the Royal Tournament Command field Gun Crew for both Portsmouth and Devonport.

CREDIT: SIENNA ANDERSON/ SOUL PHOTOGRAPHY
Market Closes for May 21^st, 2019

Market Index	Close	Change
Dow Jones	25877.33	+197.43     +0.77%
S&P 500	2864.36	+24.13   +0.85%
NASDAQ	7785.723	+83.348   +1.08%
TSX	16426.47	+24.72
		+0.15%

International Markets

Market Index	Close	Change
NIKKEI	21272.45	-429.28
		-0.14%
HANG SENG	27657.24	-130.37
		-0.47%
SENSEX	38969.80	-382.87
		-0.97%
FTSE 100*	7328.92	+18.04
		+0.25%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.760		1.688
CND. 30 Year Bond		1.974		1.916
U.S.    10 Year Bond		2.4264		2.3909
U.S. 30 Year Bond		2.8439		2.8253

Currencies

BOC Close	Today	Previous
Canadian $	0.74599	0.74288
US $	1.34050	1.34611
Euro Rate 1 Euro=		Inverse
Canadian $	1.49643	0.66826
US $	1.11635	0.89577

Commodities

Gold	Close	Previous
London Gold Fix	1276.85	1291.70
Oil
WTI Crude Future	62.99	62.76

Market Commentary:

Canada
By Carolina Wilson
     (Bloomberg) — Canadian stocks rose on Tuesday, reversing earlier losses, as U.S. equities also rebounded in the wake of the latest trade-war moves.
     The S&P/TSX Composite Index climbed close to 0.2% to 16,426 in Toronto. Communication services and financial companies outperformed other industry groups, while materials stocks dragged down the benchmark. Shares of New Gold retreated 10% to the lowest level in seven months. Technology also declined.
     Meanwhile, the Canada crude discount hit its widest in 2019 as Alberta increased output limits and oil-sands producers forged ahead with new projects. Western Canadian Select traded at $15.75 less per barrel than West Texas Intermediate on Tuesday, the widest discount since Dec. 31.
     In other moves:
Stocks
* Premium Brands Holdings climbed almost 9% after completing a private placement of 2.63m shares to the Canada Pension Plan Investment Board
* First Quantum fell 7.2% after Citi downgraded the stock on Zambia risk
* Gran Tierra Energy slumped as much as 6.1% after getting cut at RBC, which said its shares are lagging 2019’s recovery in oil prices 
* CAE declined 3.7% after being downgraded to market perform at BMO and to hold at Desjardins
Ratings
* CAE CN: CAE Downgraded to Market Perform at BMO; PT C$36
** CAE CN: CAE Downgraded to Hold at Desjardins; PT C$37
* CIA CN: Champion Iron Rated New Buy at Canaccord
* DOL CN: Dollarama Upgraded to Outperform at Wells Fargo; PT C$48
* FM CN: First Quantum Minerals Downgraded to Neutral at Citi
* GTE CN: Gran Tierra Downgraded to Outperform at RBC
* JE CN: Just Energy Group Raised to Speculative Buy at Canaccord; PT C$6
Commodities
* Western Canada Select crude oil traded at a $15.75 discount to WTI
* Gold spot prices fell 0.3% to 1,274.64 an ounce
FX/Bonds
* The Canadian dollar rose 0.2% to C$1.34048 per U.S. dollar
* The Canada 10-year government bond yield rose to 1.755%
US
By Vildana Hajric and Sarah Ponczek
     (Bloomberg) — U.S. stocks rebounded on Tuesday as the trade-war driven back-and-forth that has dominated markets this month showed few signs of abating. Treasuries slipped while the dollar gained.
     The S&P 500 Index climbed after the U.S. decided to grant limited relief for consumers and carriers that do business with Huawei Technologies — a day after the White House’s moves against the Chinese telecom giant battered stocks. Semiconductors bounced back from yesterday’s 4% sell-off, logging their first gain in four sessions. Risk assets have been whipsawed in May as the world’s largest economies ratchet up both rhetoric and action on trade, with the latest phase focused on Huawei and its suppliers and customers. For all the turmoil, a gauge of global stocks remains within 5% of an all-time high, while the S&P 500 is about 3% from a record. Against that backdrop, investors will be closely watching U.S. data this week, as well as Federal Reserve policy- meeting minutes due on Wednesday.
     “There’s two things that drive the market — emotion and fundamentals,” Kevin Miller, chief executive officer of Minnesota-based E-Valuator Funds, said in an interview at Bloomberg’s New York headquarters. “Uncertainty is obviously something the markets do not like, but from a fundamental perspective, the markets are still really strong.”
     In Europe, technology shares powered the Stoxx 600 Index higher. Chinese equities had the strongest gains in the Asian session, while their Japanese peers ended lower. An advance for Samsung Electronics Co. helped bolster Korean shares, on bets it may benefit from Huawei’s need to shift away from American suppliers.
     Elsewhere, the pound fluctuated after U.K. Prime Minister Theresa May said she’s prepared to offer parliament a vote on holding a second Brexit referendum. The British currency spiked higher on her remarks before giving up those gains as some key lawmakers responded with skepticism. Turkey’s lira stayed lower after the country’s central bank effectively lowered its main interest rate, undoing a limited tightening of policy.
     Here are some notable events coming up:
* The Fed minutes of its FOMC April 30-May 1 policy meeting will be released Wednesday.
* Counting of votes from the Indian general elections takes place Thursday as Prime Minister Narendra Modi attempts to secure a second term.
* ECB President Mario Draghi speaks in Frankfurt on Wednesday.
* The European Parliament holds continent-wide elections May 23-26.
* On Thursday, the ECB publishes its account of the April monetary policy decision.
     And these are the main moves in markets:
Stocks
* The S&P 500 Index gained 0.9% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index gained 0.5%.
* The U.K.’s FTSE 100 Index increased 0.2%.
* The MSCI Emerging Market Index advanced 0.5%, its biggest gain in five weeks.
Currencies
* The Bloomberg Dollar Spot Index increased 0.2% to its highest in five months.
* The euro decreased less than 0.05% to $1.1161.
* The British pound sank 0.2% to $1.27.
* The Japanese yen decreased 0.5% to 110.56 per dollar.
Bonds
* The yield on 10-year Treasuries advanced one basis point to 2.43%, the highest in more than a week.
* Germany’s 10-year yield gained two basis points to -0.06%, the highest in over a week.
* Britain’s 10-year yield advanced three basis points to 1.083%.
Commodities
* West Texas Intermediate crude fell 0.2% to $62.99 a barrel, the biggest drop in over a week.
* Gold dipped 0.2% to $1,274.75 an ounce, the weakest in almost three weeks.
–With assistance from Amanda Wang, Andreea Papuc and Yakob Peterseil.

Have a great night.

Be magnificent!
As ever,

Carolann

The work of today is the history of tomorrow and we are its makers.
                                                 -Juliette Gordon Low, 1860-1927

 

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: HAPPY FRIDAY!

May 17,1844: Rubber band patented.
1954: School segregation banned.  Brown vs. Board of Education.
Constitution Day in Norway.

‘Game’ over?
More than 300,000 “Game of Thrones” fans are so ticked off about the way this final season has played out, they’ve signed a petition demanding a remake. They also need a life. -from CNN

On this day in 1792 – The New York Stock Exchange was founded by brokers meeting under a tree on what is now Wall Street.  24 brokers gathered under a tree and signed the Buttonwood Agreement: “We the Subscribers, Brokers for the Purchase and Sale of Public Stock, do hereby solemnly promise and pledge ourselves to each other, that we will not buy or sell from this day for any person whatsoever, any kind of Public Stock at a less rate than one quarter per cent Commission.”  

Go to article »

PHOTOS OF THE DAY

Kew Garden’s “Children’s garden” opens in Kew, London, UK.
CREDIT: EDDIE MULHOLLAND FOR THE TELEGRAPH

A man prunes roses during preparations for the RHS Chelsea Flower Show at the Royal Hospital Chelsea, London.
CREDIT: AARON CHOWN/PA WIRE

A beautiful early sunrise on a misty spring morning illuminates The Abbey Church of St Mary the Virgin, in Tewkesbury Abbey, this 12-century parish church and former Benedictine monastery, is one of the finest examples of Norman architecture in Britain.
CREDIT: TRISTAN POTTER/ SWNS

A surfer is silhouetted as he walks past a residential building at Bondi Beach in Sydney, Australia, on Wednesday. Australia’s economy has been weighed down by a retrenchment in household spending as property prices slump and slash personal wealth. An election Saturday is likely to see the opposition Labour party win power and lift spending further.
CREDIT: DAVID GRAY/ BLOOMBERG

An interior view of the ‘S.A.C.R.E.D.’ installation of Chinese artist Ai Weiwei during his currently largest exhibition in Europe, which the art collection North Rhine – Westphalia is showing simultaneously at K20 and K21 in Duesseldorf, Germany. The exhibition titled ‘Everything is art, everything is politics’ will be inaugurated on 17 May.
CREDIT: SASCHA STEINBACH/EPA-EFE/REX
Market Closes for May 17^th, 2019

Market Index	Close	Change
Dow Jones	25764.00	-98.68     -0.38%
S&P 500	2859.53	-16.79   -0.58%
NASDAQ	7816.285	-81.760   -1.04%
TSX	16401.75	-42.11
		-0.26%

International Markets

Market Index	Close	Change
NIKKEI	21250.09	+187.11
		+0.89%
HANG SENG	27946.46	-328.61
		-1.16%
SENSEX	37930.77	+537.29
		+1.44%
FTSE 100*	7348.62	-4.89
		-0.07%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.688		1.678
CND. 30 Year Bond		1.916		1.913
U.S.    10 Year Bond		2.3909		2.3944
U.S. 30 Year Bond		2.8253		2.8338

Currencies

BOC Close	Today	Previous
Canadian $	0.74288	074272
US $	1.34611	1.34626
Euro Rate 1 Euro=		Inverse
Canadian $	1.50254	0.66554
US $	1.11633	0.89579

Commodities

Gold	Close	Previous
London Gold Fix	1291.70	1299.10
Oil
WTI Crude Future	62.76	62.87

Market Commentary:

Canada
By Aoyon Ashraf
     (Bloomberg) — Canadian stocks fell, ending a three-day win streak as trade related jitters left investors to hit the sell button, globally. The S&P/TSX Composite Index fell 0.3% to 16,401.75 on Friday in Toronto. Pot stocks were among the worst performers, while consumer staples were the best. Seven of the 11 industry groups fell, with CAE Inc. as the best performing stock after earnings beat the highest estimate. 
     Meanwhile, The U.S. and Canada have reached a deal to lift metals tariffs, and the agreement will take effect in “no later than two days,” according to a joint statement. Countries have agreed to lift “all tariffs the United States imposed under Section 232 on imports of steel and aluminum products from Canada” and “all tariffs Canada imposed in retaliation for the Section 232 action taken by the United States.”
     In other moves:
Stocks
* CAE rallied 15%, BMO said that company cleared a “high bar”
* Alacer Gold rose about 13% in last five days. New Gold fell 6.5% on Friday, underperforming peers
* Stelco and Russel Metals rose after U.S.-Canada deal
* Seven Generation fell 4%, along with MEG Energy, which was down 3.4%
Ratings
* ITP CN: Intertape Polymer Rated New Neutral at CIBC; PT C$20
* TRZ CN: Transat AT Downgraded to Hold at Desjardins; PT C$13
* WJA CN: WestJet Airlines Cut to Sector Perform at Scotiabank; PT C$31
Commodities
* Western Canada Select crude oil traded at a $13 discount to WTI
* Gold spot prices fell 0.7% to 1,278.04 an ounce
FX/Bonds
* The Canadian dollar rose 0.03% to C$1.3455 per U.S. dollar
* The Canada 10-year government bond yield rose to 1.688%
US
By Randall Jensen and Sarah Ponczek
     (Bloomberg) — U.S. stocks fell for the first time in four days, with technology shares bearing the brunt of the selling in a market rattled by a barrage of trade-related headlines. The dollar rose.
     The S&P 500 declined a second week for the first time this year amid speculation U.S.-Chinese trade negotiations reached an impasse after tit-for-tat tariffs soured proceedings. Friday’s slump halted a three-day rally sparked by optimism the two sides would eventually reach a deal. The Nasdaq 100 slid 1%, with chipmakers under pressure a second day after the Trump administration threatened to ban Huawei Technologies Co. products.
     Ten-year Treasury yields were little change at 2.39%, while the dollar rose to around year highs. Oil fell toward $62 a barrel. The late-day sell-off underscored the fragile mood on financial markets roiled by two weeks of concern that escalating trade war will undermine global growth. President Donald Trump took steps toward calming nerves by postponing any tariffs on Japanese and European cars, while agreeing to end levies on Canadian steel and aluminum imports. But the status of talks with China remained unclear as investors headed into the weekend.
     “What’s happening in markets is there’s this push and pull idea of what’s happening with the trade war with China. That’s obviously what’s on everyone’s minds,” said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance.
     Meanwhile, iron ore rose to the highest level in almost five years. The pound weakened as U.K. Prime Minister Theresa May agreed to set a timeline to quit and Labour leader Jeremy Corbyn walked out of cross-party Brexit talks. MSCI’s gauge of emerging-market stocks fell to its lowest since January. Bitcoin slumped as much as 14%, before paring losses as this month’s surge for cryptocurrencies was tested.
     Here are the main market moves:
Stocks
* The S&P 500 Index fell 0.6% to 2,859.53 as of 4 p.m. New York time, the second weekly decline.
* The Dow Jones Industrial Average fell 0.4% to 25,764.00. 
* The Stoxx Europe 600 Index dipped 0.4%.
* The U.K.’s FTSE 100 Index fell 0.1%.
Currencies
* The Bloomberg Dollar Spot Index climbed 0.3% to the highest in more than 21 weeks.
* The euro fell 0.1% to $1.1165.
* The British pound dipped 0.6% to $1.2726.
* The Japanese yen fell 0.1% to 110.00 per dollar.
Bonds
* The yield on 10-year Treasuries fell less than one basis point to 2.39%.
* Germany’s 10-year yield decreased one basis point to -0.1%.
* Britain’s 10-year yield declined four basis points to 1.034%.
Commodities
* West Texas Intermediate crude dropped 0.2% to $62.71 a barrel.
* Gold fell 0.6% to $1,278.90 an ounce.
–With assistance from Robert Brand.

Have a wonderful weekend.

Be magnificent!
As ever,

 

Carolann

A fanatic is one who can’t change his mind and won’t change the subject.

                                                   -Sir Winston Churchill, 1874-1965

 

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

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

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

 

Dear Friends,

Tangents:
1961 – US President John F. Kennedy starts 3-day visit to Ottawa.

10 reasons why ‘Dief the Chief’ and JFK hated each other >> Go to article »
PHOTOS OF THE DAY

Visitors take a look of the newly launched OnePlus 7 and OnePlus Pro series smartphones at the experience centre in Bangalore, India
CREDIT: JAGADEESH HV/EPA/REX

Betty Bromage, celebrates her 90^th birthday in spectacular style by taking on a Zip wire across a Welsh Quarry.
CREDIT: GARY LAWSON/CAG PHOTOGRAPHY

Claude Monet’s painting titled “Meules.”, one of Monet’s iconic paintings of haystacks, has fetched a record $110.7 million at an auction in New York.
CREDIT: SOTHEBY’S

Final touches are added to couture floral displays in Covent Garden, as the area launches Covent Garden in Bloom, hosting Fleurs de Villes an immersive display.
CREDIT: JEFF MOORE

Market Closes for May 16^th, 2019

Market Index	Close	Change
Dow Jones	25862.68	+214.66     +0.84%
S&P 500	2876.32	+25.36   +0.89%
NASDAQ	7898.047	+75.900   +0.97%
TSX	16443.86	+125.72
		+0.77%

International Markets

Market Index	Close	Change
NIKKEI	21062.98	-125.58
		-0.59%
HANG SENG	28275.07	+6.36
		+0.02%
SENSEX	37393.48	+278.60
		+0.75%
FTSE 100*	7353.51	+56.56
		+0.78%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.678		1.666
CND. 30 Year Bond		1.913		1.904
U.S.    10 Year Bond		2.3944		2.3732
U.S. 30 Year Bond		2.8338		2.8199

Currencies

BOC Close	Today	Previous
Canadian $	074272	0.74410
US $	1.34626	1.34391
Euro Rate 1 Euro=		Inverse
Canadian $	1.50462	0.66462
US $	1.11763	0.89480

Commodities

Gold	Close	Previous
London Gold Fix	1299.10	1298.40
Oil
WTI Crude Future	62.87	62.02

Market Commentary:
Outflows from Chinese equities totaled more than $2.5 billion last week amid the recent flare up in U.S.-China trade tensions, averaging around $600 million net outflows daily, according to the Institute of International Finance’s daily capital flows tracker. Outflows have continued this week, with more than $1.5 billion on Tuesday
Canada
By Aoyon Ashraf
     (Bloomberg) — Canadian stocks rose for a third consecutive day, the longest streak of gains in a month, with Shopify among the standouts as it rallied to a record. The S&P/TSX Composite Index gained 0.8% to 16,443.86 in Toronto.
     All 11 industry groups except materials climbed. Technology stocks rose the most. Gold miner Iamgold outperformed its peers, gaining 9.4% after Bloomberg reported that company exploring sale. Air Canada also advanced, climbing 3.9% after it said that company is in talks to buy Transat Airline for $387 Million The market was lifted by a report showing Canadian factory sales rose by the fastest in almost a year in March, adding to evidence the economy is emerging from a recent weak patch. Manufacturing sales climbed 2.1% from the prior month, the most since May 2018, Statistics Canada reported Thursday.
     In other moves:
Stocks
* Bombardier Inc gained 7.5% after Airbus CEO said looking at options for Belfast A220 wing factor
* Boardwalk REIT rallied 7.2% after first quarter FFO per unit beat estimates
* ATS rose 4.9% after fourth quarter revenue beat the highest estimate
* Birchcliff Energy climbed 7.2% despite first quarter EPS missing the lowest estimate
* Gold miners such as Torex Gold, Eldorado Gold, Centerra Gold were among some of the biggest losers after the metal fell as U.S. home starts rose, jobless claims declined
Ratings
* BMO CN: Bank of Montreal Reinstated Underperform at Credit Suisse
* BNS CN: Bank of Nova Scotia Reinstated Outperform at Credit Suisse
* CM CN: CIBC Reinstated at Credit Suisse With Neutral; PT C$116
* CWB CN: Canadian Western Bank Reinstated Neutral at Credit Suisse
* LB CN: Laurentian Bank of Canada Reinstated at Credit Suisse With Underperform; PT C$41
* NA CN: National Bank of Canada Reinstated Neutral at Credit Suisse
* NRI CN: Nuvo Pharmaceuticals Cut to Hold at Bloom Burton & Co; PT C$2.50
* PDL CN: North American Palladium Rated New Outperform at BMO; PT C$15.50
* RY CN: Royal Bank of Canada Reinstated Neutral at Credit Suisse
* TD CN: TD Bank Reinstated at Credit Suisse With Outperform; PT C$81
* TRZ CN: Transat AT Upgraded to Neutral at CIBC; PT C$13
Commodities
* Western Canada Select crude oil traded at a $13 discount to WTI
* Gold spot prices fell 0.8% to 1,286.68 an ounce
FX/Bonds
* The Canadian dollar fell 0.2% to C$1.3461 per U.S. dollar
* The Canada 10-year government bond yield climbed to 1.679%
US
By Randall Jensen and Vildana Hajric
     (Bloomberg) — U.S. stocks rose and Treasuries slumped anew as the rebound in risk assets from the trade-fomented sell-off continued.
     The S&P 500 capped a third day of gains, but faded into the close to finish just above its average price over the last 50 sessions. Solid earnings from Cisco Systems Inc. and Walmart Inc., along with strong housing data, boosted shares. However, trade tensions remained in the background as the Trump administration threatened to blacklist China’s Huawei Technologies Co. and Walmart warned tariffs would lead to higher consumer prices. The 10-year yield topped 2.39% and the dollar strengthened.
     “This has become a pattern where you get a big aggressive statement from the administration that might impact trade and then the market reacts aggressively as it did on Monday and then it seems to back off,” Chicago-based Susan Schmidt, head of U.S. equities at Aviva Investors, said in an interview. “Business is still doing well. I think if the market can stay focused on the facts and the data, then I think the market will hold.”
     Strong economic data and earnings, along with hints from the Trump administration that it may be willing to compromise on trade has helped stocks bounce back from the battering they took when the tariff battle with China flared last week. But the headlines have come fast and furiously, most recently President Donald Trump signed an order that’s expected to restrict Chinese telecommunications firms from selling in the U.S.
     Elsewhere, the pound dropped for a ninth day versus the euro — the longest losing streak since 2000 — as U.K. Prime Minister Theresa May faced a new threat to oust her. Emerging market shares fell for the third time in four days.
     Here are the main market moves:
Stocks
* The S&P 500 Index rose 0.9% as of 4 p.m. New York time.
* The Nasdaq 100 gained 8%.
* The Stoxx Europe 600 Index advanced 1.3%.
* The U.K.’s FTSE 100 Index gained 0.8%.
* The MSCI Emerging Market Index dipped 0.6%.
* The MSCI Asia Pacific Index decreased 0.5%.
Currencies
* The Bloomberg Dollar Spot Index gained 0.3%.
* The euro dipped 0.2% to $1.1174.
* The British pound decreased 0.4% to $1.2795, reaching the weakest in three months.
* The Japanese yen fell 0.2% to 109.83 per dollar.
Bonds
* The yield on 10-year Treasuries climbed two basis points to 2.40%.
* Britain’s 10-year yield rose one basis point to 1.074%.
* Germany’s 10-year yield gained less than one basis point to -0.10%.
Commodities
* West Texas Intermediate crude increased 1.7% to $63.08 a barrel.
* Gold fell 0.8% to $1,286.80 an ounce.
–With assistance from Adam Haigh, Todd White and Sarah Ponczek.

Have a great night.

Be magnificent.

As ever,

Carolann

The whole problem with the world is that fools and fanatics are always so certain of themselves, but wiser people so full of doubts.

                                                                       -Bertrand Russell, 1872-1970

 

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

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

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

Dear Friends,

Tangents: Happy Hump Day!
1893 – First Stanley Cup presented to the Montreal Hockey Club (MHC).
Go to article »

Henry James, writer, b. 1843.

Live all you can – it’s a mistake not to.  It doesn’t so much matter what you do in particular, so long as you have your life.  If you haven’t had that, what have you had? –Henry James, 1843-1916.

L. Frank Baum, b. May 15, 1856
When L. (Lyman) Frank Baum wrote The Wonderful Wizard of Oz for children, it was no so much as a piece of fiction, but as a real tale they could lose themselves inf.  Baum di many things until he joined illustrator Maxfield Parish in 1897 to create his first book, Mother Goose in Prose.  In 1900, he wrote the instantly successful story of the Dorothy and the Tin Man, Glinda and the Wicked Witch of the West, Toto and Aunt Em – the characters now familiar to an astonishing number of people all over the world.  Baum followed up with thirteen more books about Oz until his death in 1919. See www.thewizardofoz.warnerbros.com/#/

We’re off to see the Wizard,
The Wonderful Wizard of Oz.
You’ll find he is a whiz of a Wiz!
If ever a Wiz! there was…
PHOTOS OF THE DAY

A pride of lions appear to replicate and image of the rock band Wueen from their Bohemian Rhapsody album cover in Serengeti National Park, Tazania
CREDIT: DANIEL ROSENGREN/CATERS NEWS

Hot air balloons glide over Goreme district during early morning at the historical Cappadocia region, located in Central Anatolia’s Nevsehir province, Turkey. Cappadocia is known as a region which attracts tourists with hot air balloon rides over its cone-shaped rock formations.
CREDIT: ALPASLAN KORUKCU/ANADOLU AGENCY/GETTY IMAGES

Cricket players from the Ship Inn and Borderers team hold the first match of the season at the beach in Elie, Scotland. The Ship Inn pub is the only cricket team in the United Kingdom to play their matches on a beach. Over the course of a season they hold regular fixtures against Scottish clubs as well as touring teams from across the world.
CREDIT: JEFF J MITCHELL/GETTY IMAGES
Market Closes for May 15^th, 2019

Market Index	Close	Change
Dow Jones	25658.02	+115.97     +0.45%
S&P 500	2850.96	+16.55   +0.58%
NASDAQ	7822.148	+87.654   +1.13%
TSX	16318.14	+33.61
		+0.21%

International Markets

Market Index	Close	Change
NIKKEI	21188.56	+121.33
		+0.58%
HANG SENG	28268.71	+146.69
		+0.52%
SENSEX	37114.88	-203.65
		-0.55%
FTSE 100*	7296.95	+55.35
		+0.76%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		1.666		1.691
CND. 30 Year Bond		1.904		1.918
U.S.    10 Year Bond		2.3732		2.4104
U.S. 30 Year Bond		2.8199		2.8485

Currencies

BOC Close	Today	Previous
Canadian $	0.74410	0.74281
US $	1.34391	1.34623
Euro Rate 1 Euro=		Inverse
Canadian $	1.50606	0.66398
US $	1.12062	0.89237

Commodities

Gold	Close	Previous
London Gold Fix	1298.40	1295.60
Oil
WTI Crude Future	62.02	61.78

Market Commentary:
On this day in 1995, the Foundation for New Era Philanthropy—which had claimed to match the money it raised for charities from such wealthy donors as investor Sir John Templeton, former U.S. Treasury Secretary William E. Simon and ex-Goldman Sachs co-chairman John C. Whitehead—filed for bankruptcy protection as founder John G. Bennett confessed the whole thing was a Ponzi scheme.
Canada
By Aoyon Ashraf
     (Bloomberg) — Canadian stocks bounced back with global equities amid signs that the Trump administration is working toward easing tensions with trade partners.
     The S&P/TSX Composite Index erased earlier losses, and closed Wednesday’s trading session 0.2% higher to 16,318.14 in Toronto. Technology was the best sector, led by Shopify. Communication services fell 0.4%
     Meanwhile, annual inflation accelerated in Canada for a third consecutive month as gasoline costs continue to escalate, in part due to new taxes on energy. Annual consumer price inflation rose to 2.0% in April, Statistics Canada said Wednesday in Ottawa, up from 1.9% a month earlier.
     In other moves:
Stocks
* Fortuna Silver fell 9.1% after reporting first quarter earnings
* Corus Entertainment dropped 17% after holder Shaw Communications entered an agreement to offer of 80.6m shares of the entertainment company at C$6.80 per share
* Boyd Group rose 6.6% after reporting first-quarter adjusted Ebitda that beat estimates
* Keyera climbed 5.1% despite the co. reporting first quarter basic EPS that missed the lowest estimate
* CCL Industries gained 6.6% after reporting better-than- expected profits.
Ratings
* AIM CN: Aimia Downgraded to Hold at TD; Price Target C$5
* CIA CN: Champion Iron Reinstated at Macquarie With Outperform
* CLR CN: Clearwater Seafoods Raised to Buy at Cormark Securities
* WJA CN: WestJet Airlines Downgraded to Underweight at JPMorgan; PT C$31
* WPM CN: Wheaton Precious Metals Rated New Buy at Industrial Alliance
* WSP CN: WSP Global Upgraded to Outperform at National Bank; PT C$79
* WSP CN: WSP Global Upgraded to Outperform at Alta Corp; PT C$86
Commodities
* Western Canada Select crude oil traded at a $14.80 discount to WTI
* Gold spot prices were flat at $1,296.40 an ounce
FX/Bonds
* The Canadian dollar rose 0.2% to C$1.3442 per U.S. dollar
* The Canada 10-year government bond yield retreated to 1.662%
US
By Randall Jensen and Sarah Ponczek
     (Bloomberg) — U.S. stocks rebounded for second day on signs the Trump administration is working toward easing tensions with trade partners. Treasuries advanced.
     The S&P 500’s two-day gain was the biggest in more than a month after Bloomberg reported President Donald Trump would postpone by up to six months a decision on car tariffs that was due by Saturday. The benchmark is still down over 3% since the trade war with China flared last week. American and German carmakers jumped on the news. Treasury Secretary Steven Mnuchin also said negotiators were close to a deal with Mexico and Canada on removing metals tariffs, helping to boost indexes.
     The two-year Treasury yield touched the lowest level since February 2018 early Wednesday before paring losses, while the 10-year rate fell to 2.37%. The dollar erased its advance against major peers to trade little changed. Oil rose above $62 a barrel.
     The possibility that the president will delay penalties on cars and end steel and aluminum tariffs helped calm investors’ concerns about Trump’s protectionist turn against major trade partners, outside of China. However, anxiety still hovered over markets after unexpectedly weak U.S. and Chinese economic numbers Wednesday heightened worries the trade war could weigh on a global economy that’s already staggering.
     “We just had political talk out today about not taking on another region of the world at the same time in regards to autos,” said Matt Forester, chief investment officer at BNY Mellon’s Lockwood Advisors. “Any news from the administration around lessening of trade disputes is going to be received pretty well, and we’re seeing that today.”
     Here are some notable events coming up this week:
* Earnings this week include Cisco, Nvidia.
* Bank of Indonesia has an interest rate decision on Thursday.
* Australian unemployment is out on Thursday.
     And here are the main market moves:
Stocks
* The S&P 500 Index rose 0.6% as of 4 p.m. New York time, the biggest two-day advance since April 1.
* The Nasdaq 100 Index increased 1.4%. 
* The Stoxx Europe 600 Index gained 0.5%.
* Germany’s DAX Index advanced 0.9%.
* The MSCI Emerging Market Index added 0.3%.
* The MSCI Asia Pacific Index advanced 0.6%, the biggest gain in six weeks.
Currencies
* The Bloomberg Dollar Spot Index was little changed.
* The euro was steady at $1.1208.
* The British pound dipped 0.5% to $1.2842.
* The Japanese yen rose 0.1% to 109.56 per dollar.
Bonds
* The yield on 10-year Treasuries fell four basis points to 2.37%.
* Germany’s 10-year yield dipped three basis points to -0.1%.
* Britain’s 10-year yield declined four basis points to 1.063%.
Commodities
* West Texas Intermediate crude rose 0.7% to $62.21 a barrel.
* Gold advanced 0.1% to $1,296.90 an ounce.
–With assistance from Charlotte Ryan, Vildana Hajric and Todd White.
Have a great night.

Be magnificent!
As ever,

Carolann

To create one’s world in any of the arts takes courage.

                                -Georgia O’Keeffe, 1887-1986

 

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