Posted on

July 20, 2018 Newsletter

Dear Friends,

Tangents: Happy Friday!
MOON DAY
On July 20, 1969, astronaut Neil Armstrong became the first man to walk on the moon.
Go to article »

They remained on the lunar surface 21 hours, 36 minutes and 16 seconds.  The landing was made from the Apollo XI’s orbiting command and service module, code named Columbia, whose pilot, Michael Collins, remained aboard.  Neil Armstrong was the first to set foot on the move.  Armstrong and Edwin Aldrin, Jr. were outside the spacecraft, walking on the moon’s surface, approximately 21/4 hours.  The astronauts returned to Earth July 24, bringing photographs and rock samples.

Sir Edmund Hillary, explorer, b.  July 20, 1919.
It is not the mountain we conquer, but ourselves. -Sir Edmund Hillary, 1919-2008

PHOTOS OF THE DAY

A woman wears VR glasses while the projection mapping is cast on table and walls during its media preview at “TREE BY NAKED, yoyogi park” restaurant in Tokyo. This restaurant incorporates virtual reality projection mapping, and music to enhance diners’ enjoyment of their food. CREDIT: KIM KYUNG-HOON/REUTERS

Silhouettes of visitors are seen as they walk on the dried ground of Lake Salt, which is the second largest lake in Ankara, Turkey. Lake Salt is one of the most important wetlands for conservation and biodiversity. The Lake is largely dry and resembles a salt desert every summer. It is believed that if you walk on the salt barefoot you can release your negative energy. Many tourists from nearby cities and other countries visit the salt lake each year. CREDIT: EVRIM AYDIN/GETTY
Market Closes for July 20th, 2018

Market

Index

 Close Change
Dow

Jones

 25058.12 -6.38

 

 -0.03%
S&P 500 2801.83 -2.66

 

-0.09%
NASDAQ 7820.199 -5.097

 

-0.07%
TSX 16435.46 -107.55
-0.65%

International Markets

Market

Index

 Close Change
NIKKEI 22697.88 -66.80
-0.29%
HANG

SENG

 28224.48 +213.62
+0.76%
SENSEX 36496.37 +145.14
+0.40%
FTSE 100* 7678.79 -5.18
-0.07%

Bonds

Bonds % Yield Previous % Yield
CND.

10 Year Bond

 2.175 2.109
CND.

30 Year

Bond

 2.219 2.164
U.S.   

10 Year Bond

 2.8931 2.8380
U.S.

30 Year Bond

 3.0258 2.9585

Currencies

BOC Close Today Previous  
Canadian $ 0.76084 0.75379
US

$

 1.31433 1.32664
 
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.54140 0.64876
US

$

 1.17276 0.85269

Commodities

Gold Close Previous
London Gold

Fix

 1217.55 1224.50
 
Oil
WTI Crude Future 70.46 69.46

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks tumbled the most in seven sessions, with auto suppliers and energy companies retreating amid escalating trade tensions, while the loonie strengthened on strong economic data.
     The S&P/TSX Composite Index fell 108 points or 0.7 percent to 16,435.46 Friday, bringing the weekly decline to 0.8 percent.
Consumer discretionary shares lost 1.1 percent, with Linamar Corp. falling 4.8 percent, the most in two months. BMO said a tariff war threatens to push supplier stocks down by at least 20 percent.
     The energy index lost 1.1 percent even as oil prices rose 1.4 percent. TransCanada Corp. fell 2.3 percent, retracing some of Thursday’s 5.4 percent gain.
     In other moves:
                             Stocks
* Detour Gold Corp. fell 1 percent and Barrick Gold Corp. lost 0.9 percent. Barrick is said to be the undisclosed suitor that’s courting Detour
* Aimia Inc. jumped 18 percent to the highest since Feb. 1 after announcing that members will be able to use their Aeroplan points on any major airline beginning in 2020
* Sherritt International Corp. lost 2.9 percent, adding to Thursday’s 4.6 percent decline. Panasonic Corp. suspended cobalt purchases from Sherritt’s mine in Cuba
                          Commodities
* Western Canada Select crude oil traded at a $26.25 discount to WTI
* Gold rose 0.6 percent to $1,231.10 an ounce
                            FX/Bonds
* The Canadian dollar strengthened 1.1 percent to C$1.3126 per U.S. dollar, the biggest gain since May, after inflation and retail sales beat forecasts
* The Canada 10-year government bond yield rose 7 basis points to 2.18 percent
US
By Olivia Schaber and Sarah Ponczek
     (Bloomberg) — The dollar weakened the most since March, Treasuries tumbled and stocks closed mostly lower after President Donald Trump’s latest verbal salvos fanned investor concern that a global trade war is escalating.
     Financial markets were upended after Trump said he’s “ready to go” with additional import tariffs and that China, the European Union and others have been manipulating their currencies and interest rates. Yields on Treasuries climbed the most since May as Trump reiterated that he’s unhappy with the Federal Reserve tightening after the administration has worked so hard to grow the economy.
     “We’re in a world of firsts and tweeting about the Fed, not once, but twice, doubling down, that the president is trying to exert pressure,” said Kim Forrest, senior portfolio manager at Fort Pitt Capital Group LLC in Pittsburgh. “Crazy times we live in, I love it. You never know what’s going to happen. This is supposed to be the sleepy time. We’re supposed to be looking at earnings, which are killing it by the way.”
     Trump’s latest move in the trade war with China came as investors try to gauge the ability of the Asian nation’s economy
— the world’s second-biggest — to withstand a protectionist showdown. The yuan may be a key tool in China’s response to Trump, who continues to express dissatisfaction with America’s own monetary policy as his country’s currency strengthens.
     Oil posted its third consecutive weekly loss amid concern the escalating trade rows will undercut energy demand, undermining reassurances from Saudi Arabia that it won’t flood global crude markets.
     Copper rose for the first day this week after the yuan steadied amid signs that domestic banks are taking steps to support the currency. Most metals were supported on the London Metal Exchange as the dollar weakened for the first time in four days. The gains in metals capped a turbulent week across the industry as traders extended a month long selloff kicked off by fears that the trade tensions between China and the U.S. will hurt demand for industrial materials.
     These are the main moves in markets:
                             Stocks* 
The S&P 500 Index slipped less than 0.1 percent to 2,801.83 as of 4:08 p.m. in New York.
* The Dow Jones Industrial Average dropped less than 0.1 percent to 25,058.12.
* The Nasdaq Composite Index eased less than 0.1 percent to 7,820.20.
* The U.K.’s FTSE 100 Index was little changed.
* The MSCI Emerging Market Index gained 1.1 percent.
* The Stoxx Europe 600 Index fell 0.2 percent.
                           Currencies
* The Bloomberg Dollar Spot Index slumped 0.76 percent, the most since March 21.
* The euro increased 0.8 percent to $1.1729.
* The British pound strengthened 0.9 percent to $1.3136.
* The Japanese yen gained 0.9 percent to 111.51 per dollar.
* South Africa’s rand gained 1 percent to 13.41 per dollar.
                             Bonds
* The yield on 10-year Treasuries rose six basis points to 2.89 percent, the most since May 30.
* Italian 10-year yields increased eight basis points to 2.59 percent.
* Germany’s 10-year yield rose four basis points to 0.37 percent.
                          Commodities
* West Texas Intermediate crude rose for a fifth day, climbing 1 percent to $70.46 a barrel.
* Gold increased for the first time in six trading sessions, climbing 0.6 percent to $1,230.21 an ounce.
–With assistance from Eddie van der Walt.

Have a great weekend.

Be magnificent!

As ever,

Carolann

The ultimate inspiration is the deadline.
                -Nolan K Bushnell, b. 1943

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

Posted on

July 19, 2018 Newsletter

Dear Friends,

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

PHOTOS OF THE DAY

Photographer Patrick Marshall spent three hours cooped up in a water hide at Horn Mill Trout Farm in Oakham, Peterborough to capture this moment. When the osprey eventually scooped up the fish, it then flew directly towards the camera, yielding this dramatic image. CREDIT: PATRICK MARSHALL/CATERS NEWS

People fish from the end of Whitby pier on Wednesday morning as the sun rises on the Yorkshire coast & the UK prepares for another hot day. CREDIT: ANDREW MCCAREN/LNP
Market Closes for July 19th, 2018

Market

Index

 Close Change
Dow

Jones

 25064.50 -134.79

 

 -0.53%
S&P 500 2804.49 -11.13

 

-0.40%
NASDAQ 7825.297 -29.147

 

-0.37%
TSX 16543.01 +65.61
+0.40%

International Markets

Market

Index

 Close Change
NIKKEI 22764.68 -29.51
-0.13%
HANG

SENG

 28010.86 -106.56
-0.38%
SENSEX 36351.23 -22.21
-0.06%
FTSE 100* 7683.97 +7.69
+0.10%

Bonds

Bonds % Yield Previous % Yield
CND.

10 Year Bond

 2.109 2.149
CND.

30 Year

Bond

 2.164 2.198
U.S.   

10 Year Bond

 2.8380 2.8692
U.S.

30 Year Bond

 2.9585 2.9857

Currencies

BOC Close Today Previous  
Canadian $ 0.75379 0.75939
US

$

 1.32664 1.31685
 
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.54473 0.64736
US

$

 1.16440 0.85881

Commodities

Gold Close Previous
London Gold

Fix

 1224.50 1232.80
 
Oil
WTI Crude Future 69.46 68.76

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks rose the most in a week, bucking the global trend amid higher oil prices and strong railway earnings.
     The S&P/TSX Composite Index added 66 points or 0.4 percent to 16,543.01. Energy stocks led the gains, rising 1.4 percent as Saudi Arabia pledged not to flood global markets with oil.
TransCanada Corp. jumped 5.4 percent, the most since 2015, after U.S. regulators made major changes to a new tax rule announced earlier this year.
     Industrials gained 1.2 percent to a record high. Canadian Pacific Railway Ltd. added 2.3 percent following strong second- quarter earnings and anticipation that the company will boost its full-year targets.
     In other moves:
                             Stocks
* First Quantum Minerals Ltd. was the biggest decliner on the benchmark, losing 7.5 percent as copper prices fell below $6,000 a metric ton for the first time in a year
* Magna International Inc. lost 1.9 percent, Linamar Corp. slid
2.4 percent and Martinrea fell 2.2 percent. The U.S. Commerce Department held a hearing Thursday into whether imports of passenger vehicles threaten national security
* West Fraser Timber Co. lost 2.9 percent and Canfor Corp. fell
3.2 percent as lumber prices fell for a fourth day
                          Commodities
* Western Canada Select crude oil traded at a $26.25 discount to WTI, the widest gap since March
* Gold fell 0.3 percent to $1,224.00 an ounce
                           FX/Bonds
* The Canadian dollar weakened 0.7 percent to C$1.3264 per U.S.
dollar as the Bloomberg commodity index fell to its lowest level in a year
* The Canada 10-year government bond yield fell 4 basis points to 2.11 percent
US
By Sarah Ponczek
     (Bloomberg) — The dollar swung between gains and losses and Treasuries strengthened after President Donald Trump criticized the Federal Reserve for raising interest rates. U.S.
equities finished lower for the first time in three days as financial shares led declines.
     Trump expressed frustration with the central bank in an CNBC interview. The critique follows Fed Chairman Jerome Powell’s upbeat assessment this week of the domestic economy.
The greenback has rallied for three consecutive days after Powell pledged to continue to tighten policy to keep the domestic economy from overheating, pressuring emerging market assets and commodities.
     “The market is already challenging the notion that the Fed can tighten as much as it has been projecting, but even so, it does throw a bit of a monkey wrench into that debate,” said Mazen Issa, a senior foreign-exchange strategist at TD in New York. “This is a knee-jerk reaction.”
     While Powell’s comments that the U.S. economy may not yet have reached full employment helped cement investor expectations for the path of monetary tightening, the strengthening dollar has done little to lift the mood elsewhere. The immediate focus in the stock market remains on company results, but trade threats are never far away. China said on Thursday it doesn’t want a trade war, but isn’t afraid of one.
     Commodities tumbled into correction territory earlier Thursday, sliding again in the face of the resurgent dollar and lingering global trade tensions. Among the recent milestones:
Copper dipping below $6,000. West Texas Intermediate crude tested $68. Gold crashing through $1,220.
     Oil recovered after Saudi Arabia dismissed assertions that it’ll oversupply demand as “without basis” and said it “does not try to push oil into the market beyond its customers’ needs.”
Gold briefly rallied after Trump’s comments, but finished lower.
     These are the main moves in markets:
                             Stocks
* The S&P 500 Index fell 0.4 percent to 2,804.50 as of 4:03 p.m. in New York.
* The Dow Jones Industrial Average eased 0.5 percent to 25,064.50.
* The Nasdaq Composite Index slumped 0.4 percent to 7,825.30.
* The U.K.’s FTSE 100 Index gained 0.1 percent.
* The MSCI Emerging Market Index slumped 0.9 percent.
* The Stoxx Europe 600 Index fell 0.2 percent.
                           Currencies
* The Bloomberg Dollar Spot Index rose 0.3 percent, after rising as much as 0.6 percent.
* The euro was little changed at $1.1639.
* The Japanese yen gained 0.3 percent to 112.49 per dollar.
* South Africa’s rand fell 2.4 percent to 13.59 per dollar.
                             Bonds
* The yield on 10-year Treasuries fell three basis points to 2.84 percent.
* Italian 10-year yields were little changed at 2.51 percent.
* Germany’s 10-year yield fell one basis point to 0.33 percent.
                          Commodities
* West Texas Intermediate crude rose 0.9 percent to $69.32 a barrel.
* Gold fell 0.4 percent to $1,222.75 an ounce, after reaching the weakest level in more than a year.
–With assistance from Yakob Peterseil.

Have a great evening.

Be magnificent!

As ever,

Megan

Try not to become a person of success, but rather try to become a person of value. 
-Albert Einstein

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

Posted on

July 18, 2018 Newsletter

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 gorgeous morning glow spreads over Xiangjiang. Fisherman catch fish on the Red River, forming a beautiful morning fishing picture. CREDIT: BARCROFT IMAGES

Indian police fire a jet of dyed water from their water cannon at Kashmiri government teachers during a protest against the government in Srinagar, India. Hundreds of Kashmir government teachers took to the streets in the city centre to demand an increase in their salaries. CREDIT: YAWAR NAZIR/GETTY IMAGES
Market Closes for July 18th, 2018

Market

Index

 Close Change
Dow

Jones

 25199.29 +79.40

 

 +0.32%
S&P 500 2815.62 +6.07

 

+0.22%
NASDAQ 7854.445 -0.673

 

-0.01%
TSX 16477.40 -41.84
-0.25%

International Markets

Market

Index

 Close Change
NIKKEI 22794.19 +96.83
+0.43%
HANG

SENG

 28117.42 -64.26
-0.23%
SENSEX 36373.44 -146.52
-0.40%
FTSE 100* 7676.28 +49.95
+0.65%

Bonds

Bonds % Yield Previous % Yield
CND.

10 Year Bond

 2.149 2.123
CND.

30 Year

Bond

 2.198 2.173
U.S.   

10 Year Bond

 2.8692 2.8600
U.S.

30 Year Bond

 2.9857 2.9694

Currencies

BOC Close Today Previous  
Canadian $ 0.75939 0.75797
US

$

 1.31685 1.31931
 
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.53333 0.65218
US

$

 1.16443 0.85879

Commodities

Gold Close Previous
London Gold

Fix

 1232.80 1241.10
 
Oil
WTI Crude Future 68.76 68.08

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian equities fell, bucking the trend set by European and U.S. markets, as a widening discount for Canadian crude oil pressured energy stocks.
     The S&P/TSX Composite Index lost 42 points or 0.3 percent to 16,477.40, the lowest in a week. The energy sector slid 0.7 percent as Western Canada Select sold for $25 less than a barrel of West Texas Intermediate, the widest gap since June 1.
     Consumer staples fell 1.2 percent. Goldman Sachs cut its view on the household goods and food sector to cautious, citing reduced pricing power and lower margins. Saputo Inc. lost 2.2 percent.
     In other moves:
                             Stocks
* Detour Gold Corp. rose 9.7 percent, the most in almost a year. Another investor joined Paulson & Co. in calling for the miner to put itself up for sale
* Cameco Corp. fell 1 percent amid U.S. plans to open an investigation into whether uranium imports are hurting national security
* Norbord Inc. fell 6.7 percent, the most since September, as lumber futures tumbled by the exchange maximum of $15
                          Commodities
* Western Canada Select crude oil traded at a $25 discount to WTI
* Gold was little changed at $1,227.70 an ounce
                            FX/Bonds
* The Canadian dollar strengthened 0.1 percent to C$1.3173 per U.S. dollar
* The Canada 10-year government bond yield rose 3 basis points to 2.15 percent
US
By Olivia Schaber and Sarah Ponczek
     (Bloomberg) — Equities rose, led by gains in financials and industrial companies, after Morgan Stanley earnings beat forecasts, helping to offset a slide in tech stalwarts such as Apple and Microsoft. The peso swung between gains and losses after President Donald Trump said he may prioritize a bilateral trade deal with Mexico.
     With Morgan Stanley’s results Wednesday, the six largest U.S. banks have reported second-quarter earnings that mostly surpassed estimates, helping to push the S&P 500 Financials Index 2.7 percent higher since Friday. The dollar held onto gains as Federal Reserve Chairman Jerome Powell delivered an upbeat assessment of the U.S. economy during his second day of testimony to Congress.
     “Banks are leading the way today as they did the past couple days,” Lindsey Bell, an investment strategist at CFRA, said by phone. “We’re actually seeing stocks respond very strongly to good earnings beats.”
     The U.S. and Mexico are “getting closer” to reaching a trade deal, and the administration may advance separate talks with Canada later, Trump told reporters at the start of a cabinet meeting in Washington on Wednesday. Trump said earlier this year he may break up talks for a new North American Free Trade Agreement into separate tracks with Canada and Mexico.
     Crude bounced between gains and losses as investors assessed conflicting supply-and-demand signals in the world’s biggest economy.
     Elsewhere, Bitcoin extended its biggest three-day rally this year, earlier climbing above $7,500.
     These are some key events coming up this week:
* Earnings season continues, with reports due from companies including: Microsoft, Taiwan Semiconductor Manufacturing and Unilever.
* Initial U.s. jobless claims for the week ended July 14, the Philadelphia Fed Business Outlook Survey and the Conference Board’s U.S. Leading Index will be released Thursday. 

     These are the main moves in markets:
                             Stocks
* The S&P 500 Index rose 0.2 percent to 2,815.62 as of 4:05 p.m. in New York.
* The Dow Jones Industrial Average gained 0.3 percent to 25,199.29.
* The Nasdaq Composite Index was little changed after climbing to a record high of 7,855.12 Tuesday.
* The U.K.’s FTSE 100 Index gained 0.7 percent.
* The MSCI Emerging Market Index slumped 0.2 percent.
* The Stoxx Europe 600 Index rose 0.5 percent.
                           Currencies
* The Bloomberg Dollar Spot Index rose 0.1 percent, the second consecutive daily gain.
* The euro slipped 0.2 percent to $1.1644.
* The British pound dropped 0.3 percent to $1.3080.
* The Japanese yen was mostly flat at 112.88 per dollar.
* South Africa’s rand was little changed at 13.28 per dollar.
                             Bonds
* The yield on 10-year Treasuries rose for a third consecutive day, climbing two basis points to 2.88 percent.
* Italian 10-year yields rose four basis points to 2.51 percent.
* Germany’s 10-year yield fell abut one basis point to 0.34 percent.
                          Commodities
* West Texas Intermediate crude rose 1.2 percent to $68.91 a barrel.
* Gold was little changed at $1,227.77 an ounce.

Have a great evening.

Be magnificent!

As ever,

Megan

Life is inherently risky. There is only one big risk you should avoid at all costs, and that is the risk of doing nothing.
-Denis Waitley

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

Posted on

July 17, 2018 Newsletter

Dear Friends,

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

PHOTOS OF THE DAY

The Red Arrows, Royal Air Force Aerobatic Team, are joined by a Spitfire at the opening of the Farnborough Airshow, in Farnborough, UK. CREDIT: REUTERS/PETER NICHOLLS

A fossil-mad teenager has stunned his teacher by creating a life-size dinosaur from scrap metal for an A-level project. William Wisson-Burton, 17, spent eight months creating the 27-foot-long, 15ft high Allosaurus in his dad’s workshop. The giant model has taken 400 hours of work and was made using cast off metal and pieces of chain. The finished model is now proudly standing outside the teenagers home and will be submitted as part of his A-level in paleontology – the study of fossils. CREDIT: SWNS.COM

A plane battling the Ferguson Fire passes the setting sun in unincorporated Mariposa County California USA, near Yosemite National Park. CREDIT: AP PHOTO/NOAH BERGER
Market Closes for July 17th, 2018

Market

Index

 Close Change
Dow

Jones

 25119.89 +55.53

  

+0.22%
S&P 500 2809.55 +11.12

 

+0.40%
NASDAQ 7855.118 +49.399

 

+0.63%
TSX 16519.24 +24.51
+0.15%

International Markets

Market

Index

 Close Change
NIKKEI 22697.36 +100.01
+0.44%
HANG

SENG

 28181.68 -357.98
-1.25%
SENSEX 36519.96 +196.19
+0.54%
FTSE 100* 7626.33 +25.88
+0.34%

Bonds

Bonds % Yield Previous % Yield
CND.

10 Year Bond

 2.123 2.139
CND.

30 Year

Bond

 2.173 2.192
U.S.   

10 Year Bond

 2.8600 2.8527
U.S.

30 Year Bond

 2.9694 2.9585

Currencies

BOC Close Today Previous  
Canadian $ 0.75797 0.76110
US

$

 1.31931 1.31389
 
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.53831 0.65006
US

$

 1.16600 0.85764

Commodities

Gold Close Previous
London Gold

Fix

 1241.10 1241.70
 
Oil
WTI Crude Future 68.08 68.06

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks closed higher after spending much of the morning in the red, with consumer-discretionary shares leading the gains amid flickers of trade optimism.
     The S&P/TSX Composite Index added 25 points or 0.2 percent to 16,519.24. The consumer discretionary sector rose 1.3 percent, the most in six weeks, with Linamar Corp. up 3 percent and Magna International Inc. gaining 1.7 percent. Europe is said to be exploring talks with U.S. President Donald Trump on reducing car tariffs.
     Technology shares rose 0.9 percent, tracking a recovery in their U.S. counterparts. Shopify Inc. added 2.5 percent.
     In other moves: 
                             Stocks
* Nevsun Resources Ltd. jumped 13 percent after Lundin Mining Corp. went hostile with a C$1.4 billion acquisition offer; Lundin rose 0.5 percent
* First Majestic Silver Corp. tumbled 8.5 percent, the most since December. The miner said it produced 2.8 million ounces of silver in the second
quarter
* Hive Blockchain Technologies Ltd. added 24 percent as Bitcoin prices surged through the $7,000 level for the first time in more than a month 
                          Commodities
* Western Canada Select crude oil traded at a $17.30 discount to WTI
* Gold fell 1 percent to $1,227.30 an ounce, the lowest in a year, as the dollar advanced and the Federal Reserve signaled more rate hikes are coming
                            FX/Bonds
* The Canadian dollar weakened 0.4 percent to C$1.3194 per U.S. dollar
* The Canada 10-year government bond yield fell 1 basis point to 2.13 percent
US
By Sarah Ponczek and Olivia Schaber
     (Bloomberg) — The Nasdaq Composite Index closed at a record high as a recovery in technology shares emboldened investors and Federal Reserve Chairman Jerome Powell reiterated his upbeat assessment of the economy.
     The dollar extended gains and Treasuries were little changed after Powell told a Senate committee that the Fed will continue to gradually raise interest rates “for now’’ to keep inflation near target amid a strong U.S. labor market.
Technology shares had started the day lower after disappointing subscriber growth at Netflix weighed on the rest of the FAANG stocks.
     “The ability of Netflix to bounce off its opening lows, and Amazon to do the same, has given investor’s confidence that the big momentum stocks are not suddenly going to fall out of bed,”
said Matt Maley, equity strategist at Miller Tabak + Co. “The other thing is Chairman Powell did not say anything that was overly hawkish in his opening statement.”
     Earnings and U.S. monetary policy have become the main drivers of market sentiment this week. That’s giving respite from a backdrop of worsening trade relations between the world’s biggest economic powers. Company results have been mixed thus far, with Deutsche Bank AG and Bank of America Corp. beating estimates, counterbalancing the Netflix reading.
     “The concern is as interest rates rise, what has been a market that’s stretched the bounds of valuation is going to have to be repriced to reflect higher rates,” Michael Arone, chief investment strategist at State Street Global Advisors, said in an interview at Bloomberg’s New York headquarters. “Any time there’s relief to that, folks are applauding the fact that valuations can stay a bit elevated for longer.”
     Powell addressed Congress with the underpinnings of the U.S. expansion looking solid. Unemployment stands close to an 18-year low and inflation is around the Fed’s 2 percent target, though some sentiment indicators are starting to flash warning signs over escalating trade disputes. He will appear before the House Financial Services Committee Wednesday.
     Crude recovered after tumbling more than 5 percent in two days and breaching key price levels as focus shifted to declining stockpiles in the U.S. In the U.S., crude stockpiles dropped by an estimated 4.2 million barrels last week, according to a Bloomberg survey of analysts ahead of an Energy Information Administration report on Wednesday and the industry-funded American Petroleum Institute later Tuesday.
     These are some key events coming up this week:
* Earnings season continues, with reports due from companies including: Morgan Stanley, American Express, Microsoft, Taiwan Semiconductor Manufacturing, Unilever and IBM.
* Fed’s Powell delivers the semi-annual Monetary Policy Report to a House panel on Wednesday, and will answer lawmakers’ questions.
* Euro-zone inflation data for June is expected on Wednesday to show the annual rate inched higher to 2 percent.
     These are the main moves in markets:
                             Stocks 
* The S&P 500 Index rose 0.4 percent to 2,809.58 as of 4:03 p.m. in New York.
* The Dow Jones Industrial Average gained 0.2 percent to 25,119.89.
* The Nasdaq Composite Index rallied 0.6 percent to a record 7,855.12.
* The U.K.’s FTSE 100 Index gained 0.3 percent.
* The MSCI Emerging Market Index slumped 0.1 percent.
* The Stoxx Europe 600 Index rose 0.2 percent.
                           Currencies
* The Bloomberg Dollar Spot Index rose 0.4 percent, the first increase in four days.
* The euro slipped 0.4 percent to $1.1664.
* The British pound dropped 0.9 percent to $1.3115.
* The Japanese yen weakened 0.5 percent to 112.84 per dollar.
* South Africa’s rand fell 0.4 percent to 13.27 per dollar.
                             Bonds
* The yield on 10-year Treasuries rose less than one basis points to 2.86 percent.
* Italian 10-year yields fell 11 basis points to 2.47 percent.
* Germany’s 10-year yield fell two basis points to 0.35 percent.
                          Commodities
* West Texas Intermediate crude was little changed at $68.11 a barrel.
* Gold fell 1.1 percent to $1,227.61 an ounce, the third straight daily decline.
–With assistance from David Wilson.

Have a great evening.

Be magnificent!

As ever,

Megan

A man grows most tired while standing still. 
-Chinese Proverb

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

Posted on

July 16, 2018 Newsletter

Dear Friends,

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

PHOTOS OF THE DAY

Proud to be blue: Fans on the Champs Elysees in Paris celebrate the victory of France in the World Cup 2018. CREDIT: STEPHANE CARDINALE – CORBIS

A butterfly and bees sit on a sunflower in Sieversdorf, eastern Germany. CREDIT: PATRICK PLEUL/AFP/GETTY IMAGES

A 10-metre installation depicting a whale, made up of five tons of plastic waste pulled out of the Pacific Ocean is displayed in Brugges, Belgium, for the 2018 Bruges Triennial. CREDIT: JOHN THYS/AFP/GETTY IMAGES
Market Closes for July 16th, 2018

Market

Index

 Close Change
Dow

Jones

 25064.36 +44.95

 

 +0.18%
S&P 500 2797.74 -3.57

 

-0.13%
NASDAQ 7805.719 -20.257

 

-0.26%
TSX 16498.49 -62.63
-0.38%

International Markets

Market

Index

 Close Change
NIKKEI 22597.35 +409.39
+1.85%
HANG

SENG

 28539.66 +14.22
+0.05%
SENSEX 36323.77 -217.86
-0.60%
FTSE 100* 7600.45 -61.42
-0.80%

Bonds

Bonds % Yield Previous % Yield
CND.

10 Year Bond

 2.139 2.132
CND.

30 Year

Bond

 2.192 2.190
U.S.   

10 Year Bond

 2.8527 2.8253
U.S.

30 Year Bond

 2.9585 2.9315

Currencies

BOC Close Today Previous  
Canadian $ 0.76110 0.76021
US

$

 1.31389 1.31542
 
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.53915 0.64971
US

$

 1.17144 0.85365

Commodities

Gold Close Previous
London Gold

Fix

 1241.70 1245.90
 
Oil
WTI Crude Future 68.06 71.01

Market Commentary:
Canada
By Stefanie Marotta
     (Bloomberg) — Canadian stocks fell as the federal government considered new quotas and tariffs to curb an increase in foreign steel imports as a result of the ongoing trade war.
     The S&P/TSX Composite Index fell 0.4 percent to 16,494.73 points. Health care led losses, tumbling 3.3 percent, the most in more than two weeks. Aphria Inc. dropped 7.2 percent as cannabis stocks weighed on the sector.
     Among the outperformers, bus maker NFI Group Inc. climbed 3.1 percent, the most since March, after saying it expects rising aluminum and steel prices to have an “immaterial” impact.
     In other moves:
     Stocks
* Guyana Goldfields Inc. fell 22 percent, the most since 2008, after second quarter mining fell behind by about 2.5 million tonnes
* Pan American Silver Corp. dropped 3.9 percent after Scotiabank downgraded the company to sector perform from sector outperform
* Bombardier Inc. fell 3.5 percent even as Canada’s innovation minister said that he expects to hear good news on Airbus 220 sales. Even so, Cormark Securities downgraded the aircraft maker to reduce from market perform
     Commodities
* Western Canada Select crude oil traded at a $16.25 discount to WTI* Gold was little changed at $1,241.10 an ounce
     FX/Bonds
* The Canadian dollar strengthened 0.2 percent to C$1.3137 per U.S. dollar
* The Canada 10-year government bond yield rose 0.5 basis points to 2.138 percent
US
By Sarah Ponczek
     (Bloomberg) — Stocks struggled for direction as investors continue to weigh earnings against a backdrop of trade tensions.
The dollar and Treasuries declined.
     The S&P 500 Index drifted near the key 2,800 level, as losses in energy shares offset gains in financials. Earnings were better-than-expected from the likes of Bank of America Corp. and BlackRock Inc., while there was an upbeat early release from Deutsche Bank AG, but it did little to spur equities. Ten-year Treasury yields rose, while the greenback declined against most peers following strong upward revisions to U.S. retail sales.
     Commodities fell, with West Texas Intermediate oil slumping below $70 a barrel as Saudi Arabia was said to offer extra crude supplies to some customers. Emerging-market currencies edged higher, while their shares fell.
     “If things remain the way they are, where the fundamentals are good, but trade remains a relevant issue, I think we will be doing what we have been doing for the last few months,” Krishna Memani, the chief investment officer at OppenheimerFunds Inc., said by phone. “A two days up, two days down kind of a situation.”
     With no fresh signs of a trade war escalation and President Donald Trump at a summit with Vladimir Putin, investors will no doubt remain occupied by a slew of numbers coming over the next few days, including economic data and company earnings. Later this week, Federal Reserve Chairman Jerome Powell is expected to lay the groundwork for further tightening.
     These are some key events coming up this week:
* Earnings season continues with reports due from companies including: Goldman Sachs, Morgan Stanley, American Express, Netflix, Microsoft, Taiwan Semiconductor Manufacturing, Unilever, Johnson & Johnson and IBM.
* Fed’s Powell delivers the semi-annual Monetary Policy Report to the Senate Banking Committee and answers lawmakers’
questions.

     These are the main moves in markets:
                             Stocks
* The S&P 500 Index fell 0.1 percent as of 1:35 p.m. in New York.
* The Dow Jones Industrial Average rose less than 0.1 percent.
* The Nasdaq Composite Index dropped 0.2 percent.
* The U.K.’s FTSE 100 Index dropped for the first time in three days, falling 0.8 percent.
* The MSCI Emerging Market Index slumped 0.5 percent.
* The Stoxx Europe 600 Index fell 0.3 percent.
                           Currencies
* The Bloomberg Dollar Spot Index fell 0.2 percent.
* The euro rose 0.2 percent to $1.1712.
* The British pound gained 0.1 percent to $1.3230.
* The Japanese yen was little changed at 112.32 per dollar.
* South Africa’s rand rose 0.4 percent to 13.22 per dollar.
                             Bonds
* The yield on 10-year Treasuries rose three basis points to
2.86 percent, while the yield on the 30-year increased three basis points to 2.96 percent.
* Italian 10-year yields rose three basis points to 2.58 percent.
* Germany’s 10-year yield rose two basis points to 0.36 percent.
                          Commodities
* West Texas Intermediate crude dropped 4.4 percent to $67.87 a barrel.
* Gold fell 0.1 percent at $1,239.69 an ounce.

Have a great evening.

Be magnificent!

As ever,

Megan

Knowledge is learning something every day. Wisdom is letting go of something every day. 
– Zen Proverb

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

Posted on

July 13, 2018 Newsletter

Dear Friends,

Tangents:  HAPPY FRIDAY 13TH!
July 13, 1930: First World Cup Soccer Championship.
1985: Live Aid Concert
On July 13, 1977, a 25-hour blackout hit the New York City area after lightning struck upstate power lines. 
Go to article »

Prime Numbers:

1 BILLION
People who are using social media photography platform Instagram.  The app now sits in an elite tier of those with a billion or more users.

25 MILLION
Funds (in US $) raised by a California couple to help reunite immigrant children separated from their parents by US border agents.  Their initial goal was $1,500.

20 MINUTES
During which a kangaroo halted a women’s soccer match in Canberra, Australia.  The kangaroo bounced among players and lay down in the goal before official chased it away.

1.6 BILLION
Estimated payment (in US$) that AT & T is expected to pay for AppNexus in a bid to create a first-of-its-kind market place for TV and digital ads and to compete with Facebook and Google.

Sources: The New York Times, Axios, The Wall Street Journal, UPI.

PHOTOS OF THE DAY

Huge swarms of dazzling jellyfish have turned the seas off the British coast into a multi-coloured marvel. Boatmen thought the thick sea of purple and pink was actually an oil spill – but turned out to be thousands of the creatures. The massive group of moon jellyfish is believed to stretch for some 40m across the waters off the coast of Ceredigion in Mid Wales. Credit: Wales News Service/Vanessa Bridget

IceCube laboratory at the South Pole, where scientists made the first ever detection of a high-energy neutrino. A single ghost-like sub-atomic particle captured on Earth after a journey of four billion light years could help solve a cosmological conundrum that has vexed scientists for more than 100 years. Credit: Erik Beiser/The Icecube Collaboration/PA Wire

Hot-air balloons flies during the 22th European Balloon Festival in Igualada, near Barcelona. The European Balloon Festival is the largest one in the country and one of the biggest in Europe. Credit: AFP Photo/Josep Lago
Market Closes for July 13th, 2018

Market

Index

 Close Change
Dow

Jones

 25019.41 +94.52

 

+0.38%
S&P 500 2801.31 +3.02

 

+0.11%
NASDAQ 7825.977 +2.061

 

+0.03%
TSX 16561.12 -6.29
-0.04%

International Markets

Market

Index

 Close Change
NIKKEI 22597.35 +409.39
+1.85%
HANG

SENG

 28525.44 +44.61
+0.16%
SENSEX 36541.63 -6.78
-0.02%
FTSE 100* 7661.87 +10.54
+0.14%

Bonds

Bonds % Yield Previous % Yield
CND.

10 Year Bond

 2.132 2.152
CND.

30 Year

Bond

 2.190 2.201
U.S.   

10 Year Bond

 2.8253 2.8473
U.S.

30 Year Bond

 2.9315 2.9469

Currencies

BOC Close Today Previous  
Canadian $ 0.76021 0.75993
US

$

 1.31542 1.31591
 
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.53685 0.65068
US

$

 1.16833 0.85592

Commodities

Gold Close Previous
London Gold

Fix

 1245.90 1251.40
 
Oil
WTI Crude Future 71.01 70.33

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks posted their best week in two months despite a small decline Friday, with consumer staples and technology shares leading the weekly gains.
     The S&P/TSX Composite Index slipped less than 0.1 percent Friday to 16,561.12, bringing the benchmark’s weekly gain to 1.2 percent. Health-care stocks led Friday’s decline, falling 2.3 percent as Bausch Health Companies Inc., formerly Valeant Pharmaceuticals, fell 3.3 percent.
     Energy stocks were the biggest gainers, adding 0.4 percent as crude prices rebounded 1 percent following two days of steep declines. CES Energy Solutions Corp. rose 3.2 percent and PrairieSky Royalty Ltd. gained 2.9 percent.
     In other moves:
                            Stocks
* Callidus Capital Corp. tumbled 29 percent to a record low after the embattled lender eliminated its dividend
* Pattern Energy Group Inc. lost 8.2 percent. Macquarie warned that Ontario’s push to renegotiate wind and solar contracts would be “painful” for the company
* Kinross Gold Corp. fell 1.4 percent after TD securities downgraded the stock to buy from action list buy
                            Commodities
* Western Canada Select crude oil traded at a $16.80 discount to WTI, the narrowest gap since early June
* Aeco natural gas traded at a $1.86 discount to Henry Hub
* Gold fell 0.4 percent to $1,241.20 an ounce, the lowest since December
                            FX/Bonds
* The Canadian dollar was little changed at C$1.3153 per U.S. dollar
* The Canada 10-year government bond yield fell 2 basis points to 2.13 percent
US
By Randall Jensen
     (Bloomberg) — Stocks edged higher, while Treasuries advanced as an ongoing pause in trade tensions outweighed a mixed start to earnings season.
     The S&P 500 Index rose for a second week, breaking through the key 2,800 level for the first time since March. Big banks opened earnings with mixed results, while AT&T Inc.’s stock slumped after the Justice Department said it will appeal an antitrust ruling in favor of the company. Shares of Cisco Systems Inc. tumbled after reports Amazon.com Inc. is considering becoming a competitor, dragging down networking- equipment companies.
     The dollar saw its largest weekly gain in a month, while the 10-year Treasury yield clung to its first weekly advance in five. The ruble declined after Special Counsel Robert Mueller indicted 12 Russian spies for hacking. West Texas crude climbed to above $70 a barrel.
     “Trade issues aren’t going away, investors are going into areas perceived to be safer. And as long as you’ve got a market where there is rotation, that’s telling you investors are still prepared to be exposed to the stock market,” Quincy Krosby, chief market strategist at Prudential Financial Inc., said by phone.
     Traders may get some relief as earnings season gets underway in earnest. Trade tensions seemed to ease somewhat, with officials in Beijing appearing to moderate their responses to Trump’s tariff threats amid a slowing economy, falling stock market and weakening currency. Still, China’s monthly trade surplus with the U.S. rose to a record in June and exports to the nation also soared, underlining the cause of the escalating trade war.
     Meanwhile, most metals declined, with gold heading for the lowest close in a year. Emerging-market shares extended gains to head for a first weekly advance in five.
     And here are the main market moves:
                            Stocks
* The S&P 500 Index rose 0.1 percent to 2,801.22 as of 4 p.m. New York time.
* The Stoxx Europe 600 Index increased 0.2 percent
* The MSCI All-Country World Index rose 0.2 percent.
* The MSCI Emerging Market Index climbed 0.4 percent.
                           Currencies
* The Bloomberg Dollar Spot Index fell 0.1 percent.
* The euro was steady at $1.1671.
* The British pound was little changed at $1.3201.
* The Japanese yen rose 0.1 percent to 112.42 per dollar. 
                            Bonds
* The yield on 10-year Treasuries dipped two basis points to 2.83 percent.
* Germany’s 10-year yield sank two basis points to 0.34 percent.
* Britain’s 10-year yield dipped one basis points to 1.273 percent.
                           Commodities
* The Bloomberg Commodity Index declined 0.3 percent.
* West Texas Intermediate crude advanced 0.5 percent to $70.68 a barrel.
* Gold fell 0.5 percent to $1,241.29 an ounce.
–With assistance from Sarah Ponczek, Richard Richtmyer and Eddie van der Walt. 

Have a great weekend.

Be magnificent!

As ever,

Carolann

 

If you do not change direction, you may end up where you are heading.
                                                      -Lao Tzu, 601 BCE-531 BCE

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

Posted on

July 12, 2018 Newsletter

Dear Friends,

Tangents:
July 12, 1690: Protestant forces led by William of Orange defeated the Roman Catholic army of James II at the Battle of the Boyne in Ireland.
Read article

The history of Aborginial Australians stretches back more than 40,000 years, but a flag represnting them wasn’t flown until this day in 1971. 

Back Story, NY  Times:
In the late 1960s, Aboriginal Australians were battling for land rights. Demonstrations featured numerous banners and posters, but for Harold Thomas, an Indigenous artist and activist, representation of Aboriginal identity was missing. 

pic.jpg
The flag representing Aboriginal Australians.
Daniel Munoz/EPA-Shutterstock 

He designed a flag to correct that: A yellow circle symbolizing the sun divides a black half (representing Aboriginal Australians) and a red one (their relationship to the land). 

The Aboriginal athlete Cathy Freeman made waves in 1994 when she took a victory lap at the Commonwealth Games with both the Australian national flag and the Aboriginal flag. 

The aboriginal design was officially adopted as a flag of Australia in 1995. 

Last year, it earned digital recognition when Twitter added an emoji for it. (The emoji also includes the flag of the Torres Strait Islanders, another group of Indigenous Australians.) 

“The Aboriginal flag is central to our national identity,” Mr. Thomas told The Times when the emoji was released. “We are the first people here, for a very long time, and we’ll stay here until eternity.” 

Remy Tumin wrote today’s Back Story, New York Times, July 12, 2018

PHOTOS OF THE DAY

New observations with ESO’s Very Large Telescope show the star cluster RCW 38 in all its glory. The image, taken during testing of the HAWK-I camera with the GRAAL adaptive optics system, shows the cluster and its surrounding clouds of brightly glowing gas in exquisite detail, with dark tendrils of dust threading through the bright core of this young gathering of stars. Credit: European Southern Observatory

A Japanese fireworks performer set off fireworks to celebrate annual opening of Mount Fuji for the public at Sengentaisha Shrine in Fujinomiya, Japan. Credit: Aflo/Barcroft Images

Tamer Uysal at work cleaning windows in Eskisehir dressed as Spiderman. Credit: Emrah Yasar/Anadolu Agency/Getty Images
Market Closes for July 12th, 2018

Market

Index

 Close Change
Dow

Jones

 24924.89 +224.44

 

+0.91%
S&P 500 2798.29 +24.27

 

+0.87%
NASDAQ 7823.918 +107.307

 

+1.39%
TSX 16567.42 +150.10
+0.91%

International Markets

Market

Index

 Close Change
NIKKEI 22187.96 +255.75
+1.17%
HANG

SENG

 28480.83 +169.14
+0.60%
SENSEX 36548.41 +282.48
+0.78%
FTSE 100* 7651.33 +59.37
+0.78%

Bonds

Bonds % Yield Previous % Yield
CND.

10 Year Bond

 2.152 2.143
CND.

30 Year

Bond

 2.201 2.188
U.S.   

10 Year Bond

 2.8473 2.8400
U.S.

30 Year Bond

 2.9469 2.9431

Currencies

BOC Close Today Previous  
Canadian $ 0.75993 0.75693
US

$

 1.31591 1.32113
 
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.53543 0.65128
US

$

 1.16693 0.85695

Commodities

Gold Close Previous
London Gold

Fix

 1251.40 1254.00
 
Oil
WTI Crude Future 70.33 70.38


Market Commentary
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks rose the most in two and a half months to a record high, following global benchmarks in rebounding from Wednesday’s trade-related slump.
     The S&P/TSX Composite Index added 150 points or 0.9 percent to 16,567.42 after China appeared to tone down its response to U.S. tariff threats. Technology shares jumped 3 percent to the highest since 2008, with Constellation Software Inc. adding 4.6 percent.
     Consumer staples rose 2 percent, the sector’s fifth straight gain. Alimentation Couche-Tard Inc. added 3.2 percent following strong earnings earlier this week.
     In other moves:
                            Stocks
* Cogeco Communications Inc. rose 9.1 percent, the most since 2007. CEO Louis Audet said the company is considering a move into wireless services
* Aritzia Inc. jumped 11 percent, the most since 2016, after a nod from Meghan Markle pushed first-quarter same-store-sales growth to 10.9 percent
* Hydro One Ltd. fell 3.2 percent, the most in 14 months. The utility’s CEO stepped down and its entire board resigned amid government pressure, prompting four analyst downgrades
                            Commodities
* Western Canada Select crude oil traded at a $19.50 discount to WTI
* Gold rose 0.2 percent to $1,246.60 an ounce
                            FX/Bonds
* The Canadian dollar strengthened 0.4 percent to C$1.3158 per U.S. dollar
* The Canada 10-year government bond yield rose 1 basis point to 2.16 percent
US
By Randall Jensen and Sarah Ponczek
     (Bloomberg) — Stocks rallied as trade tensions appeared to ease after China held off from immediately retaliating against the latest U.S. salvo. The dollar declined.
     The S&P 500 Index closed at the highest level since February as China seemed to strike a conciliatory tone in reaction to President Donald Trump’s newest escalation of the trade war between the two countries. Technology shares led gains, sending the Nasdaq Composite Index to a record.
     Ten-year Treasury yields traded little changed, and the dollar dropped against most peers after U.S. consumer prices rose less than forecast in June. West Texas crude fell to $70 a barrel.
     While markets welcome the lull in the trade war, they’ll remain on edge as they await a potential reprisal from Beijing to Trump’s latest volley. Investors concerns had overshadowed economic data hinting that global growth is on track as well as the start of earnings season.
     “What’s going on in the market right now is the tariffs are lending a tremendous amount of uncertainty,” Dave Haviland, managing partner of Beaumont Capital Management in Needham, Massachusetts, said by phone. “It’s the day-to-day back and forth, markets tend to overreact or react emotionally to news. This whole cauldron that is swirling around, all these worries and uncertainties are really causing this daily tug-of-war.”
     Elsewhere, Turkey’s lira recovered from a record low. The won fell, with little reaction to the Bank of Korea holding its benchmark rate at 1.5 percent.
     These are some events to look out for this week:
* Earnings season gets into gear with JPMorgan Chase & Co. and Citigroup Inc. among the largest companies due to give results, as well as India’s Infosys Ltd.
* Chinese trade data due at the end of the week will probably show slightly slower export growth, after early indicators pointed to softer overseas demand and weaker export orders, Bloomberg Economics said.
     And here are the main market moves:
                            Stocks
* The S&P 500 Index rose 0.9 percent to 2,798.34, the highest close since Feb. 1, 2018, as of 4 p.m. New York time.
* The Stoxx Europe 600 Index advanced 0.8 percent.
* The MSCI All-Country World Index gained 0.6 percent.
* The MSCI Emerging Market Index rose 0.5 percent.
                            Currencies
* The Bloomberg Dollar Spot Index declined 0.1 percent.
* The euro was little changed at $1.1677.
* The British pound was steady at $1.3209.
* The Japanese yen decreased 0.4 percent to 112.50 per dollar.
                            Bonds
* The yield on 10-year Treasuries were little changed at 2.85 percent.
* Germany’s 10-year yield dipped one basis point to 0.36 percent.
* Britain’s 10-year yield declined two basis points to 1.275 percent.
                            Commodities
* West Texas Intermediate crude fell 0.2 percent to $70.22 a barrel.
* Brent crude rose 1.1 percent at $74.20 a barrel.
* Copper gained 1.3 percent to $2.77 a pound.
* Gold increased 0.4 percent to $1,246.87 an ounce.
–With assistance from Samuel Potter.

Have a great night.

Be magnificent!


As ever,


Carolann

Experience teaches slowly and at the cost of mistakes.
                           -James A. Froude, 1818-1894\

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

Posted on

July 11, 2018 Newsletter

Dear Friends,

Tangents:
July 11, 1804: Burr-Hamilton duel.

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 »
PHOTOS OF THE DAY

A monster saltwater crocodile is bound on a trailer after it was captured near Katherine, Australia. Northern Territory Parks and Wildlife trapped the 600 kilograms (1,328 pounds) aquatic reptile only 30km (19 miles) downstream from Katherine Gorge, a major tourist attraction outside the Northern Territory town of Katherine. Credit: NT Department of Tourism and Culture.

The Santa Maria Manuela is pictured as Tall Ships Arrive at Sunderland Docks. Credit: Charlotte Graham for the Telegraph

A wild cow leaps over revellers after the fourth running of the bulls at the San Fermin festival in Pamplona, Spain. Credit: Joseba Etxaburu/Reuters

A man dressed as a Kiliki traditional figure stands next to a door at the San Fermin festival in Pamplona. Credit: Vincent West/Reuters
Market Closes for July 11th, 2018

Market

Index

 Close Change
Dow

Jones

 24700.45 -219.21

 

-0.88%
S&P 500 2774.02 -19.82

 

-0.71%
NASDAQ 7716.613 -42.584

 

-0.55%
TSX 16417.32 -131.40
-0.79%

International Markets

Market

Index

 Close Change
NIKKEI 21932.21 -264.68
-1.19%
HANG

SENG

 28311.69 -370.56
-1.29%
SENSEX 36265.93 +26.31
+0.07%
FTSE 100* 7591.96 -100.08
-1.30%

Bonds

Bonds % Yield Previous % Yield
CND.

10 Year Bond

 2.143 2.157
CND.

30 Year

Bond

 2.188 2.208
U.S.   

10 Year Bond

 2.8400 2.8656
U.S.

30 Year Bond

 2.9431 2.9648

Currencies

BOC Close Today Previous  
Canadian $ 0.75693 0.76170
US

$

 1.32113 1.31285
 
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.54220 0.64842
US

$

 1.16733 0.85665

Commodities

Gold Close Previous
London Gold

Fix

 1254.00 1262.05
 
Oil
WTI Crude Future 70.38 74.11

Market Commentary
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks slid as an escalating U.S.- China trade war sent crude and copper prices tumbling and battered commodity stocks.
     The S&P/TSX Composite Index lost 131 points or 0.8 percent to 16,417.32, its biggest drop in two and a half weeks. Materials stocks were the biggest decliners, falling 2.7 percent, the most since February. First Quantum Minerals Ltd. retreated 7.1 percent and Hudbay Minerals Inc. lost 5.6 percent amid weak prices for copper and other industrial metals.
     Energy stocks lost 1 percent as West Texas Intermediate prices fell 5 percent, the most in more than a year. Trade tensions overshadowed the biggest drop in U.S. crude inventories since 2016, a development that would normally be bullish for oil.
     In other moves:
                            Stocks
* West Fraser Timber Co. fell 4.5 percent as lumber futures declined, pressured by trade worries
* WeedMD Inc. tumbled 16 percent after Hiku Brands Co. canceled a planned acquisition, reaching a deal instead with Canopy Growth Corp. Hiku jumped 20 percent and Canopy rose 2.2 percent
* Martinrea International Inc. lost 4.2 percent, Linamar Corp. fell 2.6 percent and Magna International Inc. retreated 3.1 percent as trade fears weighed on auto suppliers
                           Commodities
* Western Canada Select crude oil traded at a $19.30 discount to WTI
* Gold fell 0.9 percent to $1,244.40 an ounce
                            FX/Bonds
* The Canadian dollar weakened 0.7 percent to C$1.3208 per U.S. dollar after the Bank of Canada hiked interest rates
* The Canada 10-year government bond yield fell 1 basis point to 2.14 percent
US
By Randall Jensen
     (Bloomberg) — U.S. stocks fell as crude plunged the most in two years and the dollar spiked higher amid renewed tensions over trade and geopolitics.
     The S&P 500 dropped the most in two weeks, as energy and material producers tumbled at least 2 percent on renewed angst that the Trump administration’s trade stance will damp demand for commodities. Oil’s retreat took West Texas crude toward $70 a barrel, while metals and crop futures also slid. Caterpillar Inc. and Chevron Corp. led losses in the Dow Jones Industrial Average, and emerging-market equities fell the most since the end of June.
     The dollar saw the biggest rise in a month, while the Japanese yen and Chinese offshore yuan dropped. Ten-year Treasury yields fell for the second day in a row.
     “We impose tariffs last night after the close and markets across the world are just wrecked,” George Maris, Janus Henderson’s co-head of equities, said in an interview at Bloomberg’s New York headquarters. “Over the prior three days we just had quiet and markets just were green across the board.  This is right now the critical issue confronting markets.”
     The newest salvo in the trade war shattered the momentary calm in the markets that had allowed investors to turn their focus to earnings and growth in the economy and sent the S&P 500 to the highest close since February. Investors continue to be caught in a push and pull between corporate results, which begin to pile in this week, and the growing specter of the trade war.
     These are some events to look out for this week:
* Earnings season gets into gear with JPMorgan Chase & Co. and Citigroup Inc. among the largest companies due to give results, as well as India’s Infosys Ltd.
* The most noteworthy U.S. data may be the June inflation report on Thursday, which consensus expects will show both headline and core price growth picking up. There’s another deluge of Treasury debt sales too, with a total $156 billion of notes and bills offered during the week.
* Chinese trade data due at the end of the week will probably show slightly slower export growth, after early indicators pointed to softer overseas demand and weaker export orders, Bloomberg Economics said.
     And here are the main market moves:
                            Stocks
* The S&P 500 Index sank 0.7 percent to 2,774.10 as of 4 p.m. New York time.
* The Dow Jones Industrial Index declined 0.7 percent, the largest slide since the end of June.
* The Stoxx Europe 600 Index fell 1.3 percent, the biggest tumble in more than two weeks.
* The Topix Index declined 0.8 percent to 1,701.88.
* Hong Kong’s Hang Seng Index fell 1.1 percent, the largest fall in more than a week.
                            Currencies
* The Bloomberg Dollar Spot Index gained 0.7 percent, most since June 14.
* The Japanese yen dropped 0.9 percent to 111.95 per dollar.
* The offshore yuan fell 1.1 percent to 6.7227 per dollar.
* The euro declined 0.6 percent at $1.1671.
                            Bonds
* The yield on 10-year Treasuries fell less than one basis point to 2.84 percent.
                            Commodities
* West Texas Intermediate crude dropped 4.7 percent to $70.67 a barrel, biggest decline since Feb. 9.
* Gold declined 1 percent to $1,242.59 an ounce.
–With assistance from Sarah Ponczek, Phil Kuntz and Samuel Potter. 

Have a great night.

Be magnificent!

As ever,

Carolann

He who undervalues himself is justly undervalued by others.
                                            -William Hazlitt, 1778-1830

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

Posted on

July 10, 2018 Newsletter

Dear Friends,

Tangents:
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. 
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PHOTOS OF THE DAY

Kestrels in flight at the opening of the Great Britain Birds of Prey Centre at the National Botanic Garden of Wales. Credit: Chris Fairweather/Huw Evans Agency

The 2018 Audubon Photography Awards, celebrating its ninth year featured bird species protected under conservation law among its winning entries – including cobalt-winged parakeets and black-necked stilts. World-renowned judges, including Steve Freligh, publisher of Nature’s Best Photography, chose photographer Steve Mattheis’ snap on an owl majestically preparing for lift-off as its Grand Prize Winner. Credit: Liron Gertsman/SWNS.COM

The Grand Lake Wetland Park in Ba Likun, Xinjiang, China, has a beautiful sunset. Credit: Costfoto/Barcroft Images

The Milky Way is seen over a “nuraghe” (tower-fortresses) in Sardinia, Italy. Credit: Reuters/Stefano Rellandini

Fireflies give off flashes of light at Linggu Temple in Nanjing, east China’s Jiangsu Province. Credit: Sipa Asia/Zuma Wire/Alamy Live News
Market Closes for July 10th, 2018 

Market

Index

 Close Change
Dow

Jones

 24919.66 +143.07

 

+0.58%
S&P 500 2793.84 +9.67

 

+0.35%
NASDAQ 7759.199 +2.998

 

+0.04%
TSX 16548.72 +96.38
+0.59%

International Markets

Market

Index

 Close Change
NIKKEI 22196.89 +144.71
+0.66%
HANG

SENG

 28682.25 -6.25
-0.02%
SENSEX 36239.62 +304.90
+0.85%
FTSE 100* 7692.04 +4.05
+0.05%

Bonds

Bonds % Yield Previous % Yield
CND.

10 Year Bond

 2.157 2.164
CND.

30 Year

Bond

 2.208 2.210
U.S.   

10 Year Bond

 2.8656 2.8564
U.S.

30 Year Bond

 2.9648 2.9648

Currencies

BOC Close Today Previous  
Canadian $ 0.76170 0.76246
US

$

 1.31285 1.31155
 
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.54134 0.64879
US

$

 1.17401 0.85178

Commodities

Gold Close Previous
London Gold

Fix

 1262.05 1255.35
 
Oil
WTI Crude Future 74.11 73.85

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks hit a second consecutive record as strong earnings from a convenience-store operator pushed consumer staples to their biggest gain in more than two years.
     The S&P/TSX Composite Index added 96 points or 0.6 percent to 16,548.72. Consumer staples jumped 1.8 percent as Alimentation Couche-Tard Inc. gained 6.7 percent to the highest in four months.
    The energy index rose 1.1 percent as the discount for Canadian crude shrank to its narrowest gap in almost a month. Paramount Resources Ltd. gained 7.2 percent and Birchcliff Energy Ltd. added 5.1 percent.
     In other moves:
                            Stocks
* Canopy Growth Corp. fell 1.5 percent. Canopy is buying Hiku Brands Co. for about C$270 million
* Gildan Activewear Inc. rose 2.1 percent after Hedgeye added the stock its Best Idea Long list
* Toronto-Dominion Bank added 0.4 percent. The bank is buying Greystone Capital Management Inc. for C$792 million
                            Commodities
* Western Canada Select crude oil traded at a $18.60 discount to WTI
* Gold fell 0.3 percent to $1,255.40 an ounce
                            FX/Bonds
* The Canadian dollar weakened 0.1 percent to C$1.3115 per U.S. dollar
* The Canada 10-year government bond yield fell 1 basis point to 2.16 percent
US
By Randall Jensen
     (Bloomberg) — Stocks rose and Treasuries fell as a lull in the trade war gave investors room to focus on the start of the earnings season.
     The S&P 500 Index gained for a fourth day, the longest streak since the beginning of June. PepsiCo Inc. jumped more than 4 percent after reporting better-than-forecast profit, while banks fell ahead of JPMorgan Chase & Co. and Citigroup Inc. results Friday. The Russell 2000 Index declined, ending a five-day rally.
     The dollar reversed earlier gains as the euro pared losses. Treasury yields advanced for a second session and West Texas crude held at around $74 a barrel.
     “The last couple days people have said, ‘well, the tariffs went into effect on Friday, the world didn’t end,’” JP Gravitt, chief executive officer and market strategist for Market Realist, said in an interview at Bloomberg’s New York headquarters. “Stocks are directionless, they just want the numbers. They need the numbers right now because there’s a lot of stuff out there that we don’t know.”
     With fewer trade-war headlines rattling markets since Friday’s imposition of U.S. and Chinese tariffs, investors turn their attention to earnings season in the hope that strong results can complement a recent run of positive economic data.
     Elsewhere, a basket of emerging-market currencies gained, while Turkey’s lira climbed after yesterday’s end-of-day tumble as traders came to terms with President Recep Tayyip Erdogan latest power grab.
     These are some events to look out for this week:
* Earnings season gets going with JPMorgan and Citigroup among the largest companies due to give results, as well as India’s Infosys Ltd.
* The most noteworthy U.S. data may be the June inflation report on Thursday, which consensus expects will show both headline and core price growth picking up. There’s another deluge of Treasury debt sales too, with a total $156 billion of notes and bills offered.
* Chinese trade data due at the end of the week will probably show slightly slower export growth, after early indicators pointed to softer overseas demand and weaker export orders, Bloomberg Economics said.
     Here are the main market moves:
                            Stocks
* The S&P 500 Index climbed 0.4 percent to 2,793.82 as of 4 p.m. New York time.
* The Dow Jones Industrial Average rose 0.6 percent, it’s fourth day of gains.
* The Russell 2000 Index fell 0.5 percent.
* The Stoxx Europe 600 Index rose 0.4 percent.
* The MSCI All-Country World Index gained 0.2 percent.
* The MSCI Emerging Market Index advanced 0.2 percent.
                            Currencies
* The Bloomberg Dollar Spot Index dropped 0.1 percent.
* The euro fell 0.1 percent to $1.1745.
* The British pound rose 0.1 percent to $1.3270.
* The Japanese yen sank 0.4 percent to 111.28 per dollar.                            
                           Bonds
* The yield on 10-year Treasuries rose one basis point to 2.867 percent.
* Germany’s 10-year yield gained two basis points to 0.32 percent.
* Britain’s 10-year yield advanced five basis points to 1.302 percent.
                            Commodities
* The Bloomberg Commodity Index fell 0.4 percent.
* West Texas Intermediate crude rose 0.3 percent to $74.07 a barrel.
* Gold declined 0.2 percent to $1,255.74 an ounce.
–With assistance from Lananh Nguyen, Jeremy Herron, Sarah Ponczek and Eddie van der Walt. 

Have a great evening.

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

Posted on

July 9, 2018 Newsletter

Dear Friends,

Tangents:

This poem appeared in the Financial Times this past Saturday:

BRONTESAURUS
   -by Jeanette Winterson

Fossil record of a miracle
Bone by Bone
Word for Word
Three Women writing the Past into the Future
Line by Line
Listen to the Wildfell of your heart
Do not betray what you love
The earth opens like a book
You are come back to me then?
BRONTISSIMO

This new, unpublished poem is part of the Brontë Stones project being launched this weekend [July7-8, 2018], commissioned by Bradford Literature Festival in association with Provident Financial Group.  The project features four new, original works of writing by Jeanette Winterson, Kate Bush, Carol Ann Duffy and Jackie Kay, engraved on to stones in different locations connecting the Brontë sisters’ birthplace in Thornton and the Brontë family parsonage (now Brontë Parsonage Museum) at Haworth.  bradfordlitfest.co.uk.

PHOTOS OF THE DAY

Three-masted topsail schooner Oosterschelde, of the Sail Royal Greenwich Tall Ships Festival Fleet, passes under Tower Bridge as tourists took in the sights of the River Themes. Credit: Paul Quezada-Neiman/Alamy Live News

Horseman ride in a choreographed cavalry charge in a fantasia during the 14th Tan-Tan Moussem Berber festival in the western Moroccan desert town of Tan-Tan. The festival, which is recognized by UNESCO as a “Masterpiece of the Oral and Intangible Heritage of Humanity”, is organized every year to promote local traditions and brings together nomadic tribes from northern Africa. Credit: Karim Sahib/AFP/Getty Images

A ballerina watches the broadcast of the World Cup quarter-final match between Russia and Croatia at the Mikhailovsky Theatre. Credit: Anton Vaganov/Reuters
Market Closes for July 9th, 2018

Market

Index

 Close Change
Dow

Jones

 24776.59 +320.11

+1.31%
S&P 500 2784.17 +24.35

 

+0.88%
NASDAQ 7756.203 +67.816

 

+0.88%
TSX 16452.34 +80.56
+0.49%

International Markets

Market

Index

 Close Change
NIKKEI 22052.18 +264.04
+1.21%
HANG

SENG

 28688.50 +372.88
+1.32%
SENSEX 35934.72 +276.86
+0.78%
FTSE 100* 7687.99 +70.29
+0.92%

Bonds

Bonds % Yield Previous % Yield
CND.

10 Year Bond

 2.164 2.130
CND.

30 Year

Bond

 2.210 2.168
U.S.   

10 Year Bond

 2.8564 2.8217
U.S.

30 Year Bond

 2.9648 2.9293

Currencies

BOC Close Today Previous  
Canadian $ 0.76246 0.76416
US

$

 1.31155 1.30863
 
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.54128 0.64881
US

$

 1.17498 0.85108

Commodities

Gold Close Previous
London Gold

Fix

 1255.35 1255.50
 
Oil
WTI Crude Future 73.85 73.80

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks closed at a fresh record, tracking global indexes higher, as investors shrugged off trade fears, with industrials leading the gains.
     The S&P/TSX Composite Index added 81 points or 0.5 percent to 16,452.34, just ahead of its previous high of 16,450 hit on June 22. Industrials rose 1.9 percent as trade-sensitive stocks rallied, with Air Canada gaining 3.8 percent and Canadian Pacific Railway Ltd. adding 3.4 percent.
     Utilities were the biggest decliners, losing 1 percent as bond yields rose. Atco Ltd. fell 2 percent and Fortis Inc. slid 1.9 percent.
     In other moves:
                          Stocks
* Pretium Resources Inc. jumped 15 percent to the highest since January after it reported second-quarter production results and said its Brucejack mine reached steady-state production
* Precision Drilling Corp. gained 6.8 percent, the most in three months. The oilfield driller was awarded a contract in Kuwait and said it has 54 active rigs in Canada
* Canadian National Railway Co. rose 2.7 percent. The carrier was upgraded to buy from hold at Deutsche Bank on expected margin expansion and earnings growth
                          Commodities
* Western Canada Select crude oil traded at a $19.00 discount to WTI, the narrowest gap in more than three weeks
* Gold rose 0.3 percent to $1,259.60 an ounce, the highest in two weeks
                          FX/Bonds
* The Canadian dollar weakened 0.2 percent to C$1.3118 per U.S. dollar
* The Canada 10-year government bond yield rose three basis points to 2.16 percent
US
By Jeremy Herron and Sarah Ponczek
     (Bloomberg) — U.S. equities rose to the highest in almost a month as investors set aside concern about escalating trade tensions and rising political tension abroad to focus on the coming earnings season. The dollar gained versus major peers and Treasuries retreated.
     The S&P 500 Index climbed for a third day and the Dow Jones Industrial Average popped through key technical levels. Miners and energy producers took the Stoxx Europe 600 Index to a fifth consecutive advance, the longest winning streak since March. The MSCI Asia Pacific Index jumped the most in a month.
     The pound erased gains after pro-Brexit official Boris Johnson quit as U.K. foreign secretary throwing the U.K. government into turmoil over negotiations to leave the European Union. The dollar strengthened against most major peers. The Turkish lira retreated after President Recep Erdogan named his son-in-law finance minister. The Chinese yuan rebounded after its fourth weekly decline.
     The start of earnings season this week may divert some attention away from the trade war that’s kept global stocks under pressure, while data out Friday supported sentiment. The U.S. jobs report showed another month of gains in excess of 200,000, while German industrial production beat all estimates for May. Those signs of strength contrasted with protectionist tensions after China retaliated against U.S. tariff increases.
     “The markets, especially after the report on unemployment last week, seem to be pretty comfortable looking ahead and getting all the jitters about the trade war away,” Omar Aguilar, chief investment officer for equities at Charles Schwab Investment Management, said by phone. “Having the market paying more attention to earnings and fundamentals is clearly a good sign.”
     These are some events to look out for this week:
* Chinese trade data due at the end of the week will probably show slightly slower export growth, after early indicators pointed to softer overseas demand and weaker export orders, Bloomberg Economics said. China releases June PPI and CPI on Tuesday, both of which should show a pickup.
* The most noteworthy U.S. data is the June inflation report on Thursday, which consensus expects will show both headline and core price growth picking up. There’s another deluge of Treasury debt sales too, with a total $156 billion of notes and bills offered.
* Earnings season gets going with JPMorgan Chase & Co. and Citigroup among the largest companies due to give results, as well as India’s Infosys Ltd.
     Here are the main market moves:
                          Stocks
* The S&P 500 rose 0.9 percent to 2,784.28 as of 4 p.m. in New York, the highest close since June 12.
* The Dow added 321 points to 24,777.51, a level last seen on June 18.
* The Stoxx Europe 600 Index rose 0.6 percent, hitting the highest in more than two weeks.
* The MSCI All-Country World Index increased 0.9 percent to the highest in almost three weeks.
* The MSCI Emerging Market Index advanced 1.4 percent on the largest gain in more than a week.
* The MSCI Asia Pacific Index surged 1.3 percent.
                            Currencies
* The Bloomberg Dollar Spot Index rose 0.1 percent.
* The euro fell 0.1 percent to $1.1736.
* The British pound fell 0.5 percent to $1.3215.
* The Japanese yen slid 0.4 percent to 110.852 per dollar.
                            Bonds
* The yield on 10-year Treasuries gained four basis points to2.86 percent, the highest in a week.
* Germany’s 10-year yield increased three basis points to 0.32 percent.
* Britain’s 10-year yield advanced five basis points to 1.312 percent.
                            Commodities
* The Bloomberg Commodity Index was little changed after touching the highest a week.
* West Texas Intermediate crude fell 0.1 percent to $73.72 a barrel.
* Gold futures increased 0.6 percent to $1,263.60 an ounce, the highest in two weeks.
–With assistance from Eddie van der Walt. 

Have a great night.

Be magnificent!

As ever,

Carolann

No man can lose what he never had.
            -Izaak Walton, 1593-1683

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