Category: Newsletters

Dear Friends,

Tangents: HAPPY FRIDAY!

July 6, 1854: Republican party formed.

Politics is supposed to be the second oldest profession. I have come to realize that it bears a very close resemblance to the first.  -Ronald Reagan

Since a boys’ soccer team became trapped in a flooded cave in Thailand on June 23, a sprawling rescue effort has captured the world’s attention.

The effort is the latest chapter in the annals of cave rescues.

A cave rescue in Germany in 2014.
Bergwacht Bayern, via Getty Images

The sport of caving was first developed in the late 19th century, and its popularity grew partly as a result of explorations by Édouard-Alfred Martel, a caving pioneer from France. The first clubs were formed in England in the 1920s and ’30s.

Comprehensive data on worldwide cave rescues since then is scarce. But one study found that there were 1,356 documented cases of “cavers requiring rescue” in the U.S. from 1980 to 2008.

And the Cave Rescue Organization, the oldest cave-rescue group in Britain, says it has responded to 2,927 episodes since its founding in 1935. Of those, 745 were in caves; the rest were on mountains and in disused mines or other locations.

The all-volunteer group says the episodes involved 4,193 people and hundreds of animals, including 252 lambs, 226 sheep, 79 dogs, nine cows, nine ducks, one rabbit and one cat. 

Mike Ives wrote today’s Back Story., New York Times, July 6, 2018

PHOTOS OF THE DAY

A vendor waits for clients at a flower booth at a local market during the 2018 soccer World Cup in Kazan, Russia. Credit: The Telegraph

A man looks at goldfish during a press preview of the 2016 EDO Nihonbashi Art Aquarium exhibition om Tokyo, Japan. Credit: Martin Bureau/AFP/Getty Images

Rare Bioluminescent Plankton light up the ocean in Penmon, Anglesey, Wales. Credit: Paul Joinson/SWNS.COM

A woman views an installation of umbrellas at a night market in Chiang Mai, Thailand. Credit: Taylor Weidman/Bloomberg
Market Closes for July 6^th, 2018

Market Index	Close	Change
Dow Jones	24456.48	+99.74   +0.41%
S&P 500	2759.82	+23.21 +0.85%
NASDAQ	7688.387	+101.960 +1.34%
TSX	16371.78	+105.17
		+0.65%

International Markets

Market Index	Close	Change
NIKKEI	21788.14	+241.15
		+1.12%
HANG SENG	28315.62	+133.53
		+0.47%
SENSEX	35657.86	+83.31
		+0.23%
FTSE 100*	7617.70	+14.48
		+0.19%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.130		2.147
CND. 30 Year Bond		2.168		2.187
U.S.    10 Year Bond		2.8217		2.8345
U.S. 30 Year Bond		2.9293		2.9493

Currencies

BOC Close	Today	Previous
Canadian $	0.76416	0.76099
US $	1.30863	1.31407
Euro Rate 1 Euro=		Inverse
Canadian $	1.53752	0.65040
US $	1.17490	0.85113

Commodities

Gold	Close	Previous
London Gold Fix	1255.50	1255.65
Oil
WTI Crude Future	73.80	72.94

Market Commentary:
Canada
By Stefanie Marotta
     (Bloomberg) — Canadian stocks rose even as the country’s trade deficit in May widened thanks to an unexpected decline in exports.
     The S&P/TSX Composite Index rose 0.7 percent to 16,371.78, the largest gain in two weeks. Telecom led gains, rising 1.7 percent to the highest point since January. Rogers Communications Inc. climbed 1.8 percent, the most since April.
     Transcontinental Inc. added 5.5 percent, the most in four weeks. The printing company dropped below $30 for the first time in a month yesterday, spurring some investors to jump on the lower price.
     In other moves:
                             Stocks
* Cogeco Communications Inc. climbed 3.6 percent after National Bank of Canada upgraded it to outperform from sector perform.
* Meg Energy Corporation rose 3 percent despite AltaCorp Capital downgraded to sector perform from outperform
Commodities
* Western Canada Select crude oil traded at a $19.60 discount to WTI
* Aeco natural gas traded at a $1.89 discount to Henry Hub
* Gold fell 0.2 percent to $1,255.80 n ounce
                              FX/Bonds
* The Canadian dollar strengthened 0.2 percent to C$1.31027 per U.S. dollar
* The Canada 10-year government bond yield fell two basis points to 2.128 percent
US
By Sarah Ponczek and Olivia Schaber
     (Bloomberg) — Technology beat the trade war, for a day at least.
     U.S. stocks rose in light trading Friday as biotech shares drove gains following a report that Biogen Inc.’s Alzheimer’s drug showed positive results in a large clinical trial. The dollar extended losses and Treasuries climbed as investors assessed a mixed jobs report and the impact of an escalating trade rift with China.
     All major U.S. equity benchmarks were higher. The S&P 500 Index rose, clinching its biggest weekly increase in a month, following the release of the employment report, which showed U.S. hiring topped forecasts in June. Nasdaq gauges jumped by more than 1 percent with biotech firms, chipmakers, and software and tech hardware companies leading the way.
     Volume was soft, with trading in S&P 500 stocks 23 percent below normal and Dow Jones Industrial Average shares 32 percent off their daily average. The dollar was lower and Treasuries rose as traders tried to determine how the Federal Reserve will react to the jobs report showing wage increases slowing.
     “In many respects, it’s the best of a lot of worlds,” David Ader, chief macro strategist at Informa Financial Intelligence, said of the jobs report. “You’re not seeing inflation in this number. This doesn’t change anything for the Fed, and that I think is very, very important.”
     Global stocks had been under pressure after China said it was retaliating over U.S. tariffs and President Donald Trump threatened to impose levies on even more Chinese goods. The escalating tit-for-tat is stoking market fears that the world economy could become destabilized amid a trade war that isn’t set to end anytime soon. For example, billionaire Ray Dalio, founder of the investment firm Bridgewater Associates, tweeted that “Today is the first day of the war with China.”
     “If there’s one thing we’ve learned over the past couple of years, it’s that politics hasn’t been rattling the markets,” said Brad McMillan, chief investment officer for Commonwealth Financial Network. “But it’s the next phase, when it shows up in things people buy on a day-to-day basis — that’s when it starts to get nasty.”
     Follow our live blog as China says it is forced to retaliate on U.S. tariffs.
     The Bloomberg Commodity Index reversed a loss and moved higher. West Texas crude slipped below $73 a barrel early in the session before surging higher, and copper traded at a one-year low after suffering its worst week since January 2015. Emerging- market shares put up their first gain of the week.
     In Europe, stocks drifted higher, with defensive plays such as utilities among the leaders, underscoring the cautious mood. Deutsche Bank AG rose on speculation of takeover bids. The euro rose after a jump in German industrial production.
     Here are the main market moves:
                           Stocks
* The S&P 500 gained 0.8 percent to 2,759.71, while the Nasdaq 100 Index rose 1.5 percent and posted its best week since May.
* The Stoxx Europe 600 Index added 0.2 percent
* The MSCI All-Country World Index climbed 0.8 percent to the highest in two weeks.
* The MSCI Emerging Market Index increased 0.7 percent, the first advance in a week.
                            Currencies
* The Bloomberg Dollar Spot Index fell 0.4 percent to the lowest in about a month.
* The euro jumped 0.5 percent to $1.1744, the strongest in more than three weeks.
* The British pound climbed 0.4 percent to $1.3277, the strongest in more than a week.
* The Japanese yen nudged 0.2 percent higher to 110.44 per dollar.
                            Bonds
* The yield on 10-year Treasuries dipped less than a basis point to 2.8336 percent.
* Germany’s 10-year yield slid one basis point to 0.292 percent, the lowest in more than five weeks.
* Britain’s 10-year yield added one basis point to 1.267 percent.
                           Commodities
* The Bloomberg Commodity Index rose 0.8 percent.
* West Texas Intermediate crude surged 1.2 percent to $73.82 a barrel.
* LME copper sank 1 percent to $6,282 per metric ton, reaching the lowest in about a year on its worst week since January 2015.
* Gold dipped 0.2 percent to $1,255.08 an ounce.
–With assistance from Sid Verma, Eddie van der Walt and Katia Dmitrieva.

Have a great weekend. 

Be magnificent!

As ever,

Carolann

Romance is everything.
-Gertrude Stein, 1874-1946 

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

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

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

Dear Friends,

Tangents: Tynwald Day: Viking Mid-summer Day, Isle of Man.

First Bikini Swimsuit, July 5, 1946: Bikini swimsuits get their name from Bikini Atoll in the south Pacific.  French fashion designer Louis Réard chose the name to upstage rival designer Jacques Heim who had started selling a two-piece called the Atome.  On July 5, 1946, four days after the US tested an atomic bomb over Bikini, Réard launched his explosively small creation under the suddenly well-known name.   See www.binkiniscience.com.

On July 5, 1975, Arthur Ashe became the first black man to win a Wimbledon singles title as he defeated Jimmy Connors.

Spam — the canned meat, not the unwanted email — might deserve more respect.

On this day in 1937, Hormel Foods introduced the mix of pork shoulder and ham, whose name is derived from “spiced ham.” (No, it doesn’t stand for “Something Posing As Meat.”) Since then, Spam has been a muse for poets, comedians and chefs, and it helped win World War II.

The Times’s obituary for Jay Hormel, Spam’s creator, said he was the first to successfully can ham. Cooking the meat inside the can produced a natural gelatin, increased shelf life and made it useful in battle. President Dwight D. Eisenhower wrote a letter praising Spam, and the former Soviet premier Nikita Khrushchev said his country couldn’t have fed its troops without it.

Hawaii embraced Spam during the war, too, and the affection never ceased. The state consumes the most in America, with seven million cans a year, or five cans per person.

“In all of its high-sodium, gravy-drenched glory, Spam has, in every sense, found its way into my heart,” the chef Anthony Bourdain, who died last month, said during a visit to Hawaii for his show “No Reservations.” “I get it now. I feel inducted into the Church of True Knowledge.”

Robb Todd wrote today’s Back Story.  –The New York Times, July 5, 2018

PHOTOS OF THE DAY

French President Emmanuel Macron meets with a young boy who drew a portrait of him during a visit to the New Afrika Shrine in Lagos, Nigeria. Credit: Ludovic Marin/AP

Lightning flashes illuminate the sky over the Saint-Michel church in Bordeaux, southwestern France. Credit: Nicolas Tucat/AFP/Getty Images

A model walks the runway during the Maison Margiela Haute Couture Fall Winter 2018/2019 show as part of Paris Fashion Week in France. Credit: Thierry Chesnot/Getty Images
Market Closes for July 5^th, 2018

Market Index	Close	Change
Dow Jones	24356.74	+181.92   +0.75%
S&P 500	2736.63	+23.41 +0.86%
NASDAQ	7586.426	+83.752 +1.12%
TSX	16263.03	-41.69
		-0.26%

International Markets

Market Index	Close	Change
NIKKEI	21546.99	-170.05
		-0.78%
HANG SENG	28182.09	-59.58
		-0.21%
SENSEX	35574.55	-70.85
		-0.20%
FTSE 100*	7603.22	+30.13
		+0.40%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.147		2.162
CND. 30 Year Bond		2.187		2.203
U.S.    10 Year Bond		2.8345		2.8309
U.S. 30 Year Bond		2.9493		2.9586

Currencies

BOC Close	Today	Previous
Canadian $	0.76099	0.76084
US $	1.31407	1.31434
Euro Rate 1 Euro=		Inverse
Canadian $	1.53605	0.65102
US $	1.16892	0.85549

Commodities

Gold	Close	Previous
London Gold Fix	1255.65	1251.75
Oil
WTI Crude Future	72.94	74.14

Market Commentary:
Canada
By Stefanie Marotta
     (Bloomberg) — Canadian stocks fell as global markets rose, weighed down by losses in the energy sector.
     The S&P/TSX Composite Index fell 0.2 percent to 16,266.61 points. Energy dropped 0.9 percent as oil dipped the most in three weeks after an increase in American stockpiles and moves by Saudi Arabia to cool prices.
     Even as the market declined, Bombardier gained 3.4 percent as the jet maker’s competitor Embraer SA inked a $4.75 billion deal with Boeing.
     In other moves:
                            Stocks
* Centerra Gold Inc. slid 9.2 percent amid concerns over regulatory approvals that could affect targets at the Mount Milligan Mill
* Maxar Technologies Ltd. jumped 6.1 percent after the data company’s DigitalGlobe announced a new head of its defense programs
* Canopy Growth Corp. added 2.7 percent after acquiring a Colombian medical cannabis company
                           Commodities
* Western Canada Select crude oil traded at a $20.20 discount to WTI
* Gold rose 0.4 percent to $1,258.00 an ounce
                           FX/Bonds
* The Canadian dollar strengthened 0.03 percent to C$1.3141 per U.S. dollar
* The Canada 10-year government bond yield fell two basis points to 2.15 percent
US
By Sarah Ponczek
     (Bloomberg) — U.S. stocks returned from a holiday break with a strong advance led by technology shares, even as markets prepared Friday’s jobs report and the implementation of fresh tariffs between America and China. The dollar slumped.
     All major equity benchmarks in the U.S. advanced, with the Nasdaq indexes climbing more than 1 percent on strength in chipmakers. European automakers drove the continent’s stock markets higher on hopes of a trans-Atlantic tariff agreement. Asian shares earlier sank to a nine-month low as trade fears increased. Trading was quiet during the U.S. holiday week, with turnover on the S&P 500 and Nasdaq 100 more than 20 percent below normal.
     Investors also assessed minutes from the most recent Federal Reserve meeting where officials affirmed the need for gradual interest rate hikes amid increasing trade risks. And while the jobs report Friday is expected to show continued strength in the American labor market, the midnight deadline for tariffs is fast approaching.
     “The risks are increasing, it’s becoming a bit of a bumpier ride, and I think there probably is some nervousness,” said James McCann, global economist at Aberdeen Standard Investments. “Tightening policy alongside building risks is a more difficult cocktail for them.”
     The dollar fell as jobless data disappointed, and Treasuries were stable. The yuan declined. Commodities slid and those with heavy exposure to international trade were particularly pressured, with iron ore futures in Singapore hitting a seven month low. Oil slumped as inventories unexpectedly rose.
     “A pretty quiet day today as a lot of people are still on vacation,” Matt Maley, an equity strategist at Miller Tabak & Co., wrote in an email to clients. “Those who are at their posts will be waiting to see tomorrow’s employment report and the reaction to the tariffs that will go into effect tomorrow as well.”
     The trade conflict is poised to enter a new phase on Friday with the imposition of fresh tariffs between the world’s two biggest economies. China said it won’t be the first to act and will hold off on enforcement until the U.S. does. Investors are also preparing for the release of Federal Reserve minutes later Thursday and American jobs data on Friday.
     The euro strengthened and sovereign bonds fell as investors repriced the trajectory of ECB rate increases and after data showed German factory orders surged in May. The pound climbed on hawkish comments from Bank of England Governor Mark Carney.
     Elsewhere, emerging-market shares slipped for the eighth time in nine days, and developing-nation currencies held steady.
     These are key events coming up this week:
* U.S. payrolls are due Friday.
* Also on Friday, the U.S. is scheduled to impose tariffs on $34 billion of Chinese goods. Beijing has said it will slap tariffs on an equal value on U.S. exports including agricultural and auto exports.
     Here are the main market moves:
                           Stocks
* The S&P 500 Index rose 0.9 percent to 2,736.61, while the Nasdaq 100 Index climbed 1.2 percent.
* The Stoxx Europe 600 Index gained 0.4 percent to the highest in almost two weeks.
* The MSCI All-Country World Index increased 0.6 percent.
* The MSCI Emerging Market Index fell 0.1 percent.
* The MSCI Asia Pacific Index dipped 0.5 percent to the lowest since October.
                           Currencies
* The Bloomberg Dollar Spot Index dropped 0.2 percent to the lowest in more than three weeks.
* The euro added 0.3 percent to $1.1691.
* The British pound fell 0.1 percent to $1.3221.
* The Japanese yen declined 0.1 percent to 110.64 per dollar.
                           Bonds
* The yield on 10-year Treasuries rose less than a basis point to 2.8345 percent.
* Germany’s 10-year yield dipped one basis point to 0.299 percent.
* Britain’s 10-year yield fell two basis points to 1.258 percent.
                          Commodities
* The Bloomberg Commodity Index dropped 0.5 percent.
* WTI crude slipped 1.6 percent to $72.99 a barrel.
* Gold increased 0.1 percent to $1,256.74 an ounce.
–With assistance from Jana Randow, Srinivasan Sivabalan and Eddie van der Walt.

Have a great night.

Be magnificent!

As always,

Carolann

A yawn is a silent shout.
-Gilbert Keith Chesterton, 1874-1936 

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

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

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

Dear Friends,

Tangents:
On July 4, 1976, the United States celebrated its Bicentennial. In 1776, the Continental Congress adopted the Declaration of Independence.
Go to article »

PRIME NUMBERS:

297 BILLION
Global investment (in US dollars) in renewable energy in 2016, more than twice the $143 billion spent on fossil fuels and nuclear power.

40 BILLION
Value (in US $) wiped from cryptocurrencies June 9-11 after a hack of south Korean cryptocurrency exchange Coinrail sparked a sell-off.

200 QUADRILLION
Mathematical calculations (per second) that the world’s fastest supercomputer, Summit, can perform.  A person doing one such calculation per second would have to live for 6.3 billion years to do what Summit can do in one second.
Source: CSM, The Street, NPR, The New York Times.

PHOTOS OF THE DAY

People view Ryoji Ikeda’s latest installation ‘Mico / Macro” at Carriageworks in Sydney, Australia. Credit: Don Arnold Wireimage

A model walks the runway during the Schiaparelli Haute Couture Fall-Winter 2018/2019 show as part of Paris Fashion Week. Credit: Stephane Cardinale-Corbis/Getty

The launch of Frieze Sculpture, in regents Park. One of the largest outdoor exhibitions in London. Work by 25 leading international artists from across five continents. Rana Begum with her work Np. 814, 2018 Coloured laminated glass panels. Credit: Geoff Pugh for the Telegraph
Market Closes for July 4^th, 2018

Market Index	Close	Change
Dow Jones	24174.82	Closed
S&P 500	2713.22	Closed
NASDAQ	7502.672	Closed
TSX	16304.72	+41.56
		+0.26%

International Markets

Market Index	Close	Change
NIKKEI	21717.04	-68.50
		-0.31%
HANG SENG	28241.67	-303.90
		-1.06%
SENSEX	35645.40	+266.80
		+0.75%
FTSE 100*	7573.09	-20.20
		-0.27%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.162		2.139
CND. 30 Year Bond		2.203		2.183
U.S.    10 Year Bond		2.8309		2.8309
U.S. 30 Year Bond		2.9586		2.9586

Currencies

BOC Close	Today	Previous
Canadian $	0.76084	0.76076
US $	1.31434	1.31448
Euro Rate 1 Euro=		Inverse
Canadian $	1.53198	0.65275
US $	1.16559	0.85793

Commodities

Gold	Close	Previous
London Gold Fix	1251.75	1247.80
Oil
WTI Crude Future	74.14	74.14

Market Commentary:
Canada
By Stefanie Marotta
     (Bloomberg) — Canadian stocks rose after two days of positive developments in the oil patch.
     The S&P/TSX Composite Index rose 0.3 percent to 16,304.72 points. MEG Energy Corp. soared 4.2 percent after Eight Capital said Canada’s oil sands is on the cusp of a “renaissance,” and pointed to the stock as its top pick. Positive pipeline news lifted the sector on Tuesday.
     Enbridge Inc. rose 1.21 percent after selling its midstream assets to Brookfield Asset Management Inc. for C$4.31 billion ($3.3 billion), reducing its debt load.
     In other moves:
     Stocks
* Bombardier Inc. fell amid reports that the Toronto Transit Commission would need to return 67 of the manufacturer’s streetcars for repair
* Valeant Pharmaceuticals International Inc. lead gains in health care, rising 2.5 percent.
     Commodities
* Western Canada Select crude oil traded at a $21.00 discount to WTI
* Gold rose 0.4 percent to $1,258.10 an ounce
     FX/Bonds
* The Canadian dollar weakened 0.04 percent to C$1.31441 per U.S. dollar
* The Canada 10-year government bond yield rose two basis points to 2.16 percent
US
US markets closed for Independence Day.

Have a great night.

Be magnificent!

As ever,

 

Carolann

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

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

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

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

Dear Friends,

Tangents: Dog Days of Summer, hottest days of the year July 3-August 11

When the sea boiled, wine turned sour, dogs grew mad, and all creatures became languid…-Brady’s Clavis Calendarium.

 “This is the time when evil is on the land, when dogs and snakes must be watched with special care and when all living things seem to wilt under some baleful influence.”

So said a 1975 article in The Times, rapturously describing the dog days of summer. The term originated in ancient times, linked not to humankind’s best friend, but marking when Sirius, the Dog Star, starts rising at dawn. (In the U.S., according to the Old Farmer’s Almanac, the dog days begin today.)

It was once believed that Sirius combined forces with the sun to create midsummer’s intense heat.

The dog days have often been associated with ill fortune.

The Roman poet Virgil described in the Aeneid how Sirius, “bringer of drought and plague to frail mortals, rises and saddens the sky with sinister light.”

Pure superstition, right? A Finnish study published in 2009 tested folklore saying wounds are more infection-prone during this time.

“This study was conducted in order to challenge the myth that the rate of infections is higher during the dog days,” the authors wrote. “To our surprise, the myth was found to be true.”

The dog days continue into August. Until then, avoid sharp objects.

Nancy Wartik wrote today’s Back Story.  -New York Times, July 3, 2018

PHOTOS OF THE DAY

A contestant dives from a 27-metre platform on the La Salve bridge overlooking the Guggenheim Museum during the finals of the Red Bull Cliff Diving series in Bilbao, Spain. Credit: Vincent West/Reuters

Nepalese farmers cover themselves with plastic sheets as they work in a paddy field during a drizzle in Kathmandu, Nepal. Credit: Niranjan Shrestha/AP

A ‘Usho’, cormorant masters use cormorants to catch fishes in Ujigawa River in Kyoto, Japan. Credit: The Asahi Shimbun/Getty Images

Supporters of the presidential candidate for the “Juntos haremos historia” coalition, Andres Manuel Lopez Obrador, celebrate at the Zocalo square in Mexico City, after getting the preliminary results of the general elections. Anti-establishment leftist Andres Manual Lopez Obrador won Mexico’s presidential election Sunday by a large margin, according to exit polls, in a landmark break with the parties that have governed for nearly a century. Credit: Mario Vazquez/AFP/Getty Images
Market Closes for July 3^rd, 2018

Market Index	Close	Change
Dow Jones	24174.82	-132.36   -0.54%
S&P 500	2713.22	-13.49   -0.49%
NASDAQ	7502.672	-65.015   -0.86%
TSX	16263.16	-14.57
		-0.09%

International Markets

Market Index	Close	Change
NIKKEI	21785.54	-26.39
		-0.12%
HANG SENG	28545.57	-409.54
		-1.41%
SENSEX	35378.60	+114.19
		+0.32%
FTSE 100*	7593.29	+45.44
		+0.60%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.139		2.170
CND. 30 Year Bond		2.183		2.205
U.S.    10 Year Bond		2.8309		2.8583
U.S. 30 Year Bond		2.9586		2.9906

Currencies

BOC Close	Today	Previous
Canadian $	0.76076	0.76123
US $	1.31448	1.31366
Euro Rate 1 Euro=		Inverse
Canadian $	1.53254	0.65251
US $	1.16589	0.85772

Commodities

Gold	Close	Previous
London Gold Fix	1247.80	1251.55
Oil
WTI Crude Future	74.14	74.15

Market Commentary:
Canada
By Stefanie Marotta
     (Bloomberg) — Canadian stocks slipped as oil prices ran out of steam before the U.S. holiday after rallying to a three- year high.
     The S&P/TSX Composite Index fell 0.1 percent to 16,263.16 points. Energy dropped 0.5 percent, dragged down by Trican Well Service Ltd. with a 4.4 percent loss.
     Real estate sidestepped ongoing fears of a global trade war, rising 0.9 percent. Colliers International Group Inc. rose 2.2 percent to a record high after acquiring Danish firm Sadolin & Albæk.
     In other moves:
                              Stocks
* Minto Apartment Real Estate Investment Trust rose 8.8 percent on its first day of trading after launching its IPO at $14.50
* Martinrea International Inc. dropped 4 percent as auto suppliers slumped amid light-vehicle sales and ongoing tariff concerns
* Yamana Gold Inc. climbed 6.5 percent, more than any full-day gain since September
                             Commodities
* Western Canada Select crude oil traded at a $21.00 discount to WTI
* Aeco natural gas traded at a $1.91 discount to Henry Hub
* Gold rose 1 percent to $1,254.10 an ounce
                              FX/Bonds
* The Canadian dollar strengthened 0.4 percent to C$1.3141 per U.S. dollar
* The Canada 10-year government bond yield fell three basis points to 2.139 percent
US
By Sarah Ponczek
     (Bloomberg) — U.S. stocks reversed an early climb and ended lower Tuesday, as weakness in technology and financial shares weighed on benchmarks. Oil briefly rose above $75 a barrel for the first time since November 2014 before paring the gain.
     All major equity benchmarks dropped, with the S&P 500 Index stumbling after a Chinese court temporarily banned Micron Technology Inc. chip sales in the country. The Nasdaq 100 Index plunged on the news, ending down more than 1 percent. U.S. stock markets closed at 1 p.m. in New York, while the bond market shut at 2 p.m.
     The dollar retreated. In China, an earlier pledge by the governor of nation’s central bank not to use the yuan as a weapon in any trade dispute assuaged some fears and helped it reverse losses. That boosted developing-nation currencies overall, though Turkey’s lira slumped after inflation data. The Swedish krona strengthened as the country’s central bank stuck to its plan to start lifting interest rates.
     Meanwhile, the global trade spat between the world’s biggest economies appeared to be worsening, with President Donald Trump taking measures to prevent China Mobile Ltd. from entering the U.S. market.
     “It certainly looks like there will be no deal before the tariffs take effect, at least the first round of $34 billion,” said John Vail, chief global strategist at Nikko Asset Management. “I think negotiations will start after that to perhaps prevent any further escalation, but for the first part it looks like it’s going to happen.”
     Telephone companies led an advance in the Stoxx Europe 600 Index, while miner Glencore Plc headed for the biggest decline in two years after saying it was subpoenaed by the U.S. Department of Justice. Commodities climbed as metals recovered after losses that saw platinum drop to the lowest in nine years.
     These are key events coming up this week:
* The U.S. celebrates Independence Day on Wednesday, July 4. Stock and bond markets are closed, along with government offices.
* Federal Reserve releases minutes of its June 12-13 meeting, when FOMC policy makers raised the benchmark rate a quarter point for the second time this year and lifted the median forecast to four total increases in 2018.
* U.S. payrolls are due Friday.
* Also on Friday, the U.S. is scheduled to impose tariffs on $34 billion of Chinese goods. Beijing has said it will slap tariffs on an equal value on U.S. exports including agricultural and auto exports.
     Here are the main market moves:
                          Stocks
* The S&P 500 fell 0.5 percent to 2,713.29, while the Nasdaq 100 Index dropped 1.2 percent.
* The Stoxx Europe 600 Index gained 0.8 percent.
* The MSCI All-Country World Index was little changed.
* The MSCI Emerging Market Index added less than 0.1 percent.
                         Currencies
* The Bloomberg Dollar Spot Index declined 0.6 percent as of 4:09 p.m. in New York.
* The euro gained 0.1 percent to $1.1651.
* The British pound climbed 0.2 percent to $1.3170.
                          Bonds
* The yield on 10-year Treasuries slid three basis points to 2.8364 percent.
* Germany’s 10-year yield dipped one basis point to 0.294 percent.
* Britain’s 10-year yield fell one basis points to 1.243 percent.
                          Commodities
* The Bloomberg Commodity Index increased 0.2 percent.
* West Texas Intermediate crude slipped 0.2 percent to $73.79 a barrel.
* Gold jumped 0.9 percent to $1,253.42 an ounce, the largest climb in four months.
–With assistance from Richard Frost, Adam Haigh and Eddie van der Walt. 

Have a great night.

Be magnificent!

As ever,

Carolann

 

Minds are like parachutes.  They only function when they are open.
                                                -James Dewar, 1842-1923

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!

June 29, 1922 – France formally transfers ownership of 100 hectares at Vimy Ridge to Canada.

PHOTOS OF THE DAY

Former Chief of the Secret Intelligence Service, also known as M16, John Sawers (2nd R) stands in his
formal robes at the beginning of the Service of Commemoration and Dedication, marking the 200th anniversary of the Most Distinguished Order of St Michael and St George at St Paul’s Cathedral in London. Credit: Leon Neal/AFP/Getty Images

Prince Williams touches the Western Wall, Judaism’s holiest prayer site, in Jerusalem’s Old City. Credit: Abir Sultan/Pool Via Reuters

A view of the Russian city of Petropavlovsk-Kamchatsky covered in fog. Credit: Vereshchaka Yelena\\Tass Via Getty Images

Lightning illuminates the night sky during heavy rainfall in Istanbul, Turkey. Credit: Emrah Yorulmaz/Anadolu Agency/Getty Images
Market Closes for June 29^th, 2018

Market Index	Close	Change
Dow Jones	24271.41	+55.36   +0.23%
S&P 500	2718.37	+2.06   +0.08%
NASDAQ	7510.305	+6.622   +0.09%
TSX	16277.73	+97.84
		+0.60%

International Markets

Market Index	Close	Change
NIKKEI	22304.51	+34.12
		+0.15%
HANG SENG	28955.11	+457.79
		+1.61%
SENSEX	35423.48	+385.84
		+1.10%
FTSE 100*	7636.93	+21.30
		+0.28%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.170		2.134
CND. 30 Year Bond		2.205		2.205
U.S.    10 Year Bond		2.8583		2.8365
U.S. 30 Year Bond		2.9906		2.9657

Currencies

BOC Close	Today	Previous
Canadian $	0.76123	0.75458
US $	1.31366	1.32524
Euro Rate 1 Euro=		Inverse
Canadian $	1.53515	0.65140
US $	1.16861	0.85572

Commodities

Gold	Close	Previous
London Gold Fix	1251.55	1260.30
Oil
WTI Crude Future	74.15	73.45

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks posted their best quarter since 2013, driven largely by energy stocks, which jumped 15 percent to mark their biggest quarterly gain in nine years.
     The S&P/TSX Composite Index added 5.9 percent in the second quarter, aided by a 0.6 percent gain on Friday to close at 16,277.73. Energy led the increase, rising 2.1 percent. Enbridge Inc. added 7.1 percent to the highest since January after Minnesota regulators approved the replacement and expansion of its Line 3 pipeline.
     The materials sector rose 1.6 percent, with First Quantum Minerals Ltd. up 6.4 percent. The company is reportedly a potential takeover target for Rio Tinto Plc.
     In other moves:
                          Stocks
* Bombardier Inc. gained 2.2 percent. Quebec Premier Philippe Couillard said he expects the shares to post further gains as its C Series jet attracts new orders
* Magna International Inc. lost 2 percent to the lowest in nearly two months after General Motors Co. warned that auto tariffs could force it to shrink U.S. operations and cut jobs
* AltaGas Ltd. rose 2.9 percent to the highest since Feb. 1. Its takeover of WGL Holdings Inc. gained the last major approval needed for the deal to close
                          Commodities
* Western Canada Select crude oil traded at a $21.00 discount to WTI
* Gold rose 0.3 percent to $1,254.50 an ounce, its first gain of the week
                           FX/Bonds
* The Canadian dollar strengthened 0.8 percent to C$1.3143 per U.S. dollar after Canada’s economy posted an unexpected gain in April
* The Canada 10-year government bond yield rose four basis points to 2.17 percent
US
By Jeremy Herron
     (Bloomberg) — Stocks eked out a gain amid late selling to cap a quarter that’s seen equities whipsawed by escalating trade tensions and central-bank hawkishness. Treasuries fell and the dollar slipped.
     The S&P 500 Index rose for a third straight month, though the index gave back more than three-quarters of a gain that neared 1 percent, with the retreat heaviest in the final 15 minutes of trading. Nike Inc. rose the most on record after reporting results, but the gain was not enough to drag the Dow Jones Industrial Average to an advance for June. The dollar pared a third straight monthly advance. The euro rose the most in a month and Italian 10-year government bonds rose. European equities pared a monthly loss. Ten-year Treasury yields rose to 2.85 percent, where they ended May.
     Investors looked for reasons to cheer at the end of a volatile quarter overshadowed by trade tensions and political risk. Trump’s reported threat to leave the World Trade Organization rattled markets before the U.S. open, but his Treasury secretary later walked back the statements. It’s still too early to tell how long the European Union’s united front and the respite in the yuan’s decline will last, for now the risks to financial markets appear to have eased.
     Emerging-market stocks rallied Friday to shave a fifth monthly loss. The group is down almost 8 percent in 2018. Shares in Hong Kong and Shanghai led an advance in Asia earlier. The offshore yuan rose, halting an 11-day decline that was triggered by concern about Chinese policy makers’ intentions. Crude rallied to $74.10 in New York, while Brent jumped toward $80 a barrel.
     These are key events coming up for the remainder of this week:
* China manufacturing and non-manufacturing PMI are due on Saturday.
     Here are the main market moves
                           Stocks
* The S&P 500 rose 0.1 percent to 2,718.38 at 4 p.m. in New York. It rose 0.5 percent in June.
* The Russell 2000 Index was flat, but capped a fourth monthly advance. The Dow Jones Industrial Average pared a loss in June as Nike rallied.
* The Stoxx Europe 600 Index advanced 0.8 percent.
* Japan’s Nikkei 225 Stock Average jumped 0.2 percent.
* The Shanghai Composite Index surged 2.2 percent.
                           Currencies
* The Bloomberg Dollar Spot Index sank 0.5 percent.
* The euro climbed 0.9 percent to $1.1678.
* The British pound climbed 0.9 percent to $1.3194.
* The Japanese yen fell 0.2 percent to 110.754 per dollar.
                           Bonds
* Germany’s 10-year yield fell one basis point to 0.31 percent.
* Britain’s 10-year yield advanced two basis points to 1.272 percent.
* The yield on 10-year Treasuries rose one basis point to 2.85 percent.
                           Commodities
* West Texas Intermediate crude rose 1.2 percent to $74.34 a barrel.
* Brent crude climbed 2 percent to $79.44 a barrel.
* Gold futures added 0.2 percent to $1,253.80 an ounce.
–With assistance from Srinivasan Sivabalan, Adam Haigh and Joe Easton. 

Have a great weekend.

Be magnificent!

As ever, 

Carolann

Diligence is the mother of good fortune.
       -Miguel de Cevantes, 1547-1616

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

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

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

Unsubscribe me from this list

 

Dear Friends,

Tangents:
On June 28, 1919, the Treaty of Versailles was signed in France, ending World War I.

Jean-Jacques Rousseau, philosopher, b. 1712.

The person who has lived the most is not the one with the most years but the one with the richest experiences. -Jean-Jacques Rousseau.
PHOTOS OF THE DAY

Two Damselfies are captured in incredible detail as they peer through holes that they have munched out of a leaf near the river Po in Reggio Emilia, Italy. Credit: Roberto Aldrovandi/Solent News & Photo Agency

South Korea players celebrate an historic victory against reigning world champions Germany. Germany are the fourth defending champions to be eliminated from the Group Stage at the World Cup in the last five tournaments (also France 2002, Italy 2010, Spain 2014). Credit: Dylan Martinez/Reuters

Germany fans react as they watch the match at a public viewing area at Brandenburg Gate. Credit: Hannibal Hanschke/Reuters

One of Lucian Freud’s last great nudes, Portrait on a White Cover sold in Sotheby’s London sale room for £22.5 million, making it the most valuable painting by the artist even sold in London. The previous highest price for a London auction of the artist’s work was £16.1 million set by Pregnant Girl at Sotheby’s in February 2016. Credit: Heathcliff O’Malley for the Telegraph
Market Closes for June 28^th, 2018

Market Index	Close	Change
Dow Jones	24216.05	+98.46   +0.41%
S&P 500	2716.31	+16.68   +0.62%
NASDAQ	7503.684	+58.599   +0.79%
TSX	16179.89	-51.36
		-0.32%

International Markets

Market Index	Close	Change
NIKKEI	22270.39	-1.38
		-0.01%
HANG SENG	28497.32	+141.06
		+0.50%
SENSEX	35037.64	-179.47
		-0.51%
FTSE 100*	7615.63	-6.06
		-0.08%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.134		2.093
CND. 30 Year Bond		2.205		2.179
U.S.    10 Year Bond		2.8365		2.8256
U.S. 30 Year Bond		2.9657		2.9673

Currencies

BOC Close	Today	Previous
Canadian $	0.75458	0.75163
US $	1.32524	1.33045
Euro Rate 1 Euro=		Inverse
Canadian $	1.53245	0.65255
US $	1.15636	0.86479

Commodities

Gold	Close	Previous
London Gold Fix	1254.60	1260.30
Oil
WTI Crude Future	73.45	72.76

Market Commentary:
Canada
By Stefanie Marotta
     (Bloomberg) — Canadian stocks declined with consumer discretionary companies leading losses. Shaw Communications, Inc. fell 3.5 percent after taking an impairment charge on its investment in Corus Entertainment Inc., which slid 9.8 percent.
     The S&P/TSX Composite Index fell 0.3 percent to 16,179.89 points as global markets wavered under fears of President Trump’s trade war.
     Materials weighed on the market, dropping 0.8 percent even as Detour Gold Corp. climbed 3.3 percent, helped by two upgrades and a view that its status as an M&A target is growing.
     In other moves:
                                Stocks
* The Stars Group Inc. rose 6.2 percent after closing its previously announced underwritten public offering of common shares at $38.00
* Health care rose 4 percent as cannabis stocks accelerated.  Canopy Growth Corp. soared 9.8 percent despite reporting weak 4Q results
                                Commodities
* Western Canada Select crude oil traded at a $21.75 discount to WTI
* Aeco natural gas traded at a $1.67 discount to Henry Hub
* Gold fell 0.5 percent to $1,249.40 an ounce
                                 FX/Bonds
* The Canadian dollar strengthened 0.6 percent to C$1.3261 per U.S. dollar
* The Canada 10-year government bond yield rose four basis points to 2.13 percent
US
By Jeremy Herron
     (Bloomberg) — U.S. stocks rose the most in three weeks as technology rebounded from losses sparked by America’s unclear strategy toward Chinese trade. Emerging-market assets had another miserable day, while Treasuries slumped with the dollar.
     The S&P 500 Index shook off early malaise to end higher, as technology stocks lifted the benchmark toward a monthly gain. The 2,700 mark provided a key level of support. The Nasdaq indexes led advances after bearing the brunt of selling in prior sessions. Walgreens Boots Alliance Inc., the Dow Jones Industrial Average’s newest member, plunged after Amazon.com Inc. said it acquired an online pharmacy. A gauge of developing- market stocks sank to the lowest level in 10 months. West Texas Intermediate crude pushed above $73 a barrel.
     Confusing signals on global trade keep coming from the White House, which yesterday appeared to step back from an all- out confrontation with the world’s second biggest economy, only for adviser Larry Kudlow to later say that President Donald Trump’s wasn’t softening his stance. In China, which Trump previously branded a currency manipulator, the yuan’s fastest fall since 2015 is threatening to heighten tensions.
     “The volatility comes because we’ve seen some volatility in the trade talks and it just naturally moves over into the markets,” Chris Gaffney, president of TIAA Bank World Markets in St. Louis, said by phone. “Trade is one of the major things impacting emerging markets, it’s impacting all of the markets. But specifically on the emerging market rout, unfortunately there’s probably more to come.”
     These are key events coming up for the remainder of this week:
* U.S. personal spending probably increased in May for a third month, economists forecast ahead of Friday’s data.
* China manufacturing and non-manufacturing PMI are due on Saturday.
     Here are the main market moves:
                            Stocks
* The S&P 500 rose 0.6 percent at 4 p.m. in New York.
* The Russell 2000 added 0.2 percent and the Nasdaq 100 Index climbed 0.9 percent.
* The Stoxx Europe 600 Index declined 0.8 percent to the lowest in more than 11 weeks.
* The MSCI All-Country World Index was flat.
* Germany’s DAX Index fell 1.4 percent to the lowest in 12 weeks.
                            Currencies
* The Bloomberg Dollar Spot Index declined 0.3 percent.
* The euro rose 0.1 percent to $1.163.
* The Japanese yen increased 0.2 percent to 110.51 per dollar.
* The British pound sank 0.3 percent to $1.3075.
* The offshore yuan fell 0.1 percent to 6.6337 per dollar.
                             Bonds
* The yield on 10-year Treasuries increased two basis points to2.84 percent, the first advance in more than a week.
* The two-year yield added one basis point to 2.52 percent.
* Britain’s 10-year yield decreased less than one basis point to 1.245 percent, the lowest in four weeks.
                             Commodities
* The Bloomberg Commodity Index fell 0.4 percent.
* West Texas crude rose 0.8 percent to $73.34 per barrel.
* Gold futures fell 0.5 percent to $1,249.40 an ounce.
–With assistance from Cormac Mullen, Andreea Papuc, Aline Oyamada, Giulia Morpurgo, Srinivasan Sivabalan, Adam Haigh and Eddie van der Walt.

Have a great night.

Be magnificent!

As ever,

Carolann

It is quite a three-pipe problem.
-Arthur Conan Doyle, 1859-1930

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:

1980 – O Canada Proclaimed as Canada’s National Anthem

PHOTOS OF THE DAY

Clouds gather over the Grand Mosque of the Kremlin during the 2018 soccer World Cup in Kazan, Russia. Credit: Michael Probst/AP

Victor the Polar Bear enjoys a dip in the water at Yorkshire Wildlife Park as temperatures are predicted to increase this week. Credit: Danny Lawson/PA

A storm rolls in over Sarasota, Florida, US. Credit: Val Vasilescu/Facebook.com/Kingofsunsets/via Reuters
Market Closes for June 27^th, 2018

Market Index	Close	Change
Dow Jones	24117.59	-165.52   -0.68%
S&P 500	2699.63	-23.43   -0.86%
NASDAQ	7445.086	-116.541   -1.54%
TSX	16231.25	-48.84
		-0.30%

International Markets

Market Index	Close	Change
NIKKEI	22271.77	-70.23
		-0.31%
HANG SENG	28356.26	-525.14
		-1.82%
SENSEX	35217.11	-272.93
		-0.77%
FTSE 100*	7621.69	+83.77
		+1.11%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.093		2.102
CND. 30 Year Bond		2.179		2.186
U.S.    10 Year Bond		2.8256		2.8766
U.S. 30 Year Bond		2.9673		3.0251

Currencies

BOC Close	Today	Previous
Canadian $	0.75018	0.75163
US $	1.33302	1.33045
Euro Rate 1 Euro=		Inverse
Canadian $	1.54103	0.64892
US $	1.15605	0.86501

Commodities

Gold	Close	Previous
London Gold Fix	1260.30	1268.70
Oil
WTI Crude Future	72.76	70.53

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks rose, buoyed for a second day by oil prices, which rose to a one-month high on a U.S. demand that allies end all imports of Iranian oil.
     The S&P/TSX Composite Index added 51 points or 0.3 percent to 16,331.45 at 10:01 a.m. Energy stocks jumped 1.3 percent, bringing their quarter-to-date gain to more than 13 percent. Kelt Exploration Ltd. led Wednesday’s rise, up 4.1 percent.
     Meanwhile, health-care stocks fell 2.3 percent amid losses in the cannabis sector. Canopy Growth Corp. slid 4.8 percent after fourth-quarter revenue missed the lowest analyst estimate.
     In other moves:
                          Stocks
* Corus Entertainment tumbled 12 percent to a record low after slashing its dividend by 79 percent
* WSP Global Inc. lost 1.6 percent. The stock was downgraded to sector perform at Scotia Capital
* AGF Management Ltd. fell 1.1 percent after second-quarter earnings missed expectations
                          Commodities
* Western Canada Select crude oil traded at a $21.00 discount to WTI
* Aeco natural gas traded at a $2.04 discount to Henry Hug
* Gold fell 0.2 percent to $1,257.10 an ounce, the lowest since December
                           FX/Bonds
* The Canadian dollar strengthened 0.1 percent to C$1.3296 per U.S. dollar
* The Canada 10-year government bond yield fell three basis points to 2.08 percent, the lowest since January
US
By Jeremy Herron and Sarah Ponczek
     (Bloomberg) — U.S. stocks fell to the lowest level since May and Treasuries rallied amid renewed concern that the Trump administration will crack down on Chinese investment. Energy producers surged with crude, while the dollar jumped.
     The S&P 500 Index erased gains that reached 0.9 percent to finish at the worst level since May 29. Comments from Larry Kudlow re-established the White House’s hard line on trade even after President Donald Trump softened his stance. Tech bore the brunt of selling as the White House intentions on limiting Chinese investment remained murky. Banks in the S&P 500 fell a record 13th straight day. Exxon Mobil Corp. rallied as oil moved toward $73 a barrel, though the Dow Jones Industrial Average pushed its loss in the year past 2 percent.
     Trade dominated U.S. equities for a third straight day as investors grapple with the implications of the on-again, off- again dust-ups with key partners. Federal Reserve Bank of Atlanta President Raphael Bostic yesterday warned that disruption to trade could increase risk to the economy. Crude added to its surge sparked by the U.S.’s request of allies to halt imports of Iranian oil.
     “It’s clearly been acting as a negative on the stock market,” Jeffrey Kleintop, chief global investment strategist at Charles Schwab, said in an interview at Bloomberg’s New York headquarters. “On days or times during the day like earlier today where trade issues appear to be receding, stocks tend to head higher, and I think ex the trade issues that’s where we’d be going.”
     These are key key events coming up this week:
* New Zealand and Indonesia monetary policy decisions on Thursday.
* U.S. personal spending probably increased in May for a third month, economists forecast ahead of Friday’s data.
* China manufacturing and non-manufacturing PMI are due on Saturday.
     Here are the main market moves.
                          Stocks
* The S&P 500 fell 0.6 percent at 4 p.m. in New York.
* The Nasdaq Composite Index lost 1.3 percent.
* The Stoxx Europe 600 Index climbed 0.7 percent.
* The MSCI Asia Pacific Index dipped 0.8 percent to the lowest in more than eight months.
* The MSCI World Index of developed countries fell 0.1 percent.
                          Currencies
* The Bloomberg Dollar Spot Index advanced 0.6 percent to the highest in a week.
* The Japanese yen declined 0.2 percent to 110.266 per dollar.
* The euro decreased 0.8 percent to $1.1555.
* The British pound declined 0.8 percent to $1.3117, the weakest in more than seven months on the largest fall in more than a week.
                           Bonds
* The yield on 10-year Treasuries fell five basis points to 2.83 percent, reaching the lowest since May 29 on its fifth straight decline.
* Germany’s 10-year yield declined two basis points to 0.32 percent.
* Britain’s 10-year yield declined six basis points to 1.246 percent, the lowest in almost four weeks on the biggest fall in more than a week.
                           Commodities
* Gold futures fell 0.2 percent to $1,257 an ounce, the weakest in more than six months.
* West Texas Intermediate crude rose 1.5 percent to $71.59 a barrel in New York.
* Brent crude climbed 1.1 percent to $77.14 a barrel, the highest in almost three weeks. 

Have a great night.

Be magnificent!

As ever,

 

Carolann

 

True strength is delicate.
-Louise Nevelson, 1899-1988

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

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

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

Dear Friends,

Tangents:

On this day in 1974, the first item with a Universal Product Code was scanned at a supermarket in Troy, Ohio.

The rectangular bar code was the result of many decades of invention and collaboration, but it was based on an original, circular design by N. Joseph Woodland. He came up with the idea while sitting on the beach.

Now ubiquitous, the U.P.C. had its origins on a beach.
GS1 US

As a graduate student at the Drexel Institute of Technology, Mr. Woodland heard from a classmate about a supermarket executive in search of a solution to long checkout lines. Intrigued, they started trying to solve the problem. Mr. Woodland eventually moved to his grandparents’ house in Miami Beach to devote himself full time to the endeavor.

It’s there that he drew four lines in the sand with his fingers, envisioning a kind of graphical Morse code.

It was a flash of inspiration that Mr. Woodland said “sounds like a fairy tale.”

Though the original patent was sold for a paltry $15,000, Mr. Woodland was awarded the National Medal of Technology and Innovation in 1992 by President George Bush.

Emma McAleavy wrote today’s Back Story, The New York Times, June 26, 2018.

June 26, 2000 – Rival scientific teams completed the first rough map of the human genetic code.

Abner Doubleday, invented baseball, b. June 26,1819

PHOTOS OF THE DAY

An art installation called “Concentric Eccentric Circles” by Swiss artist Felice Varini on the outside of the medieval city in Carcassonne, France. To help celebrate 20 years of the site being listed as World Heritage by UNESCO, the Center for National monuments in France invited the artist to create a piece of art on the exterior walls. The work consists of 15 yellow circles and has not been to everyone’s taste with some people deeply disliking the art work and some enjoying the dramatic sight. Credit: James D. Morgan/Getty Images

A Lego sculpture of a chameleon created by New York – based artist Sean Kenny is displayed during the “Nature Connects” Lego exhibition at the Chengdu International Finance Square (IFS) in downtown Chengdu, China. Credit: Imaginechina/Rex/Shutterstock

San Francisco City Hall is lit up in rainbow colours following the Pride parade in San Francisco, US. Credit: Josh Edelson/AFP/Getty Images
Market Closes for June 26^th, 2018

Market Index	Close	Change
Dow Jones	24283.11	+30.31   +0.12%
S&P 500	2723.06	+5.99   +0.22%
NASDAQ	7561.629	+29.623   +0.39%
TSX	16280.09	+96.13
		+0.59%

International Markets

Market Index	Close	Change
NIKKEI	22342.00	+3.85
		+0.02%
HANG SENG	28881.40	-79.99
		-0.28%
SENSEX	35490.04	+19.69
		+0.06%
FTSE 100*	7537.92	+28.08
		+0.37%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.102		2.094
CND. 30 Year Bond		2.186		2.182
U.S.    10 Year Bond		2.8766		2.8803
U.S. 30 Year Bond		3.0251		3.0244

Currencies

BOC Close	Today	Previous
Canadian $	0.75163	0.75219
US $	1.33045	1.32945
Euro Rate 1 Euro=		Inverse
Canadian $	1.54979	0.64525
US $	1.16487	0.85847

Commodities

Gold	Close	Previous
London Gold Fix	1268.70	1269.15
Oil
WTI Crude Future	70.53	71.58

Market Commentary:
Canada
By Stefanie Marotta
     (Bloomberg) — Canadian stocks rose as Brent crude oil surged past $76 a barrel and West Texas Intermediate neared $71 a barrel, thanks to concern over sanctions on Iranian crude.
     The S&P/TSX Composite Index rose 0.6 percent to 16,280.09 points, led by energy, up 2.1 percent, trailed by telecom, ahead 0.8 percent, and materials, higher by 0.7 percent.
     Birchcliff Energy Ltd., an exploration and production company in Western Canada, rallied 4 percent.
     In other moves:
                             Stocks
* Stelco Holdings Inc. fell 0.8 percent amid escalating tensions on steel imports
* Telecom rose 0.8 percent, nearing its January high. Rogers led the pack, climbing 1.6 percent
                             Commodities
* Western Canada Select crude oil traded at a $20.50 discount to WTI
* Aeco natural gas traded at a $2.05 discount to Henry Hub
* Gold fell 0.6 percent to $1,260.80 an ounce
                             FX/Bonds
* The Canadian dollar weakened 0.05 percent to C$1.3301 per U.S. dollar
* The Canada 10-year government bond yield rose one basis points to 2.11 percent
US
By Jeremy Herron and Sarah Ponczek
     (Bloomberg) — U.S. stocks rebounded from the worst selloff since early April as a rally in American crude overshadowed lingering concerns about the impact of heightened trade tensions. The dollar advanced.
     The S&P 500 Index rose back above its 50-day moving average, while technology shares hit hardest Monday bounced back to give the Nasdaq indexes advances. Energy producers led gains after oil popped above $70 a barrel following reports the U.S. is pressing allies to halt imports of Iranian crude. The dollar jumped versus major peers.
     The spike in oil prices took some attention from the simmering trade tensions as investors await more clarity from the White House on its plans. President Donald Trump signaled he may take a less confrontational path toward curbing Chinese investments, backing down from earlier reports that the U.S. would bar Chinese money in certain technologies. As traders fret over the immediate outlook they also have doubts about the longer-term path for U.S. rates; the Treasury curve is the flattest in years, stoking fears about the prospect of a recession.
     “Trade is weighing on the markets,” Carin Pai, director of equity management at Fiduciary Trust Company International in New York, said by phone. “But so far we do have the view that the fundamentals are strong enough to weather a lot of the negotiations, and we do think that right now a lot of it is negotiation.”
     In Asia, Chinese equities entered a bear market on concern about the country’s ability to fight a trade war. West Texas Intermediate crude jumped 3.5 percent. Brent crude rose above $76 a barrel after U.S. Energy Secretary Rick Perry suggested a planned production hike isn’t enough to stop a price spike. The pound weakened as a new Bank of England member spoke about the risks of raising interest rates too fast. Emerging-market stocks dropped. Metals retreated, with zinc falling a ninth day and gold touching the lowest price this year.
     These are key events coming up this week:
* New Zealand and Indonesia monetary policy decisions on Thursday.
* U.S. personal spending probably increased in May for a third month, economists forecast ahead of Friday’s data.
* China manufacturing and non-manufacturing PMI are due on Saturday.
     Here are the main market moves.
                            Stocks
* The S&P 500 rose 0.2 percent to 2,722.99 at 4 p.m. in New York.
* The Nasdaq 100 Index climbed 0.4 percent.
* The Russell 2000 added 0.7 percent.
* The Stoxx Europe 600 Index ended higher by less than 0.1 percent.
* The MSCI Emerging Market Index sank 0.5 percent to the lowest in about 10 months.
* The MSCI Asia Pacific Index declined 0.1 percent to the lowest in eight months.
                            Currencies
* The Bloomberg Dollar Spot Index increased 0.3 percent, the first advance in a week.
* The euro fell 0.1 percent to $1.1643.
* The Japanese yen fell 0.3 percent to 110.108 per dollar.
* The Turkish lira jumped 1.3 percent to 4.622 per dollar.
                            Bonds
* The yield on 10-year Treasuries fell one basis point to 2.7 percent.
* Germany’s 10-year yield rose one basis point to 0.34 percent.
                           Commodities
* West Texas Intermediate crude increased 3.5 percent to $70.48 a barrel.
* Gold futures fell 0.6 percent to $1,260.70 an ounce.
* Brent crude rose 2.3 percent to $76.43 a barrel.
–With assistance from Sophie Caronello, Andreea Papuc, Adam Haigh, Ranjeetha Pakiam and Eddie van der Walt.
Have a great night.

Be magnificent!

As ever,

 

Carolann 

Dream big and dare to fail.
-Norman Dane Vaughan, 1905-2005

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:
1950: Korean War begins.
George Orwell, b. 1903
On June 25, 1876, Lt. Col. George A. Custer and his 7th Cavalry were slaughtered by Sioux and Cheyenne Indians in the Battle of Little Big Horn in Montana. 
Go to article »

1647 – First horses arrive in Canada; gift from the French King; today’s Canadian breed.

From today’s New York Times:

Did you see strange lights in the sky yesterday?

If so, perhaps you spotted an extraterrestrial anniversary celebration! The modern era of ufology (yes, it’s a word) dawned 71 years ago on June 24.

Kenneth Arnold had one of the earliest reported sightings of a U.F.O., in 1947.
Idaho Statesman, via Associated Press

That’s when Kenneth Arnold, an Idaho businessman flying a private plane, saw nine disc-like objects zooming impossibly fast past Mount Rainier, in Washington. He told a newspaper, the East Oregonian, about his sighting, and it ran a short article that was picked up by The Associated Press.

Since then, U.F.O. sightings have been reported worldwide, including in Australia, Canada, India and Scotland.

June 24 was also the day, in 1997, the Air Force published a study about a second flying object report in 1947, by a rancher near Roswell, N.M., who found metallic debris scattered there. Rumors grew that an alien spacecraft had crashed. The study intended to debunk rumors about little green people once and for all (whether it succeeded is debatable).

As for Mr. Arnold, stung at being mocked by skeptics, he once complained to an Air Force officer who interviewed him, “If I saw a 10-story building flying through the air I would never say a word about it.”

But he never recanted his original story.

Nancy Wartik wrote today’s Back Story.

PHOTOS OF THE DAY

A man walks past a recent artwork by street artist Banksy in Paris. Credit: Philippe
Lopez/AFP/Getty Images

A vintage ship with scarlet sails passes on the Neva River in central Saint Petersburg, during the “Scarlet Sails,” a romantic holiday with laser show to honour high schools graduates. “Scarlet Sails” is the title of a story by Alexander Grin, the story of a young girl, who never gave up on her dreams and finally arrived on the tall ship with the scarlet sails. Credit: Olga Maltseva/AFP/Getty Images

An owl grabs a midnight snack in Ticino Park, Italy before passing the rodent to its mate in a nest in a tree. Credit: Luzzini/Vignati/swns.com
Market Closes for June 25^th, 2018

Market Index	Close	Change
Dow Jones	24252.80	-328.09   -1.33%
S&P 500	2717.07	-37.81   -1.37%
NASDAQ	7532.008	-160.810   -2.09%
TSX	16183.96	-266.18
		-1.62%

International Markets

Market Index	Close	Change
NIKKEI	22338.15	-178.68
		-0.79%
HANG SENG	28961.39	-377.31
		-1.29%
SENSEX	35470.35	-219.25
		-0.61%
FTSE 100*	7509.84	-172.43
		-2.24%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.094		2.125
CND. 30 Year Bond		2.182		2.206
U.S.    10 Year Bond		2.8803		2.8931
U.S. 30 Year Bond		3.0244		3.0370

Currencies

BOC Close	Today	Previous
Canadian $	0.75219	0.75347
US $	1.32945	1.32718
Euro Rate 1 Euro=		Inverse
Canadian $	1.55583	0.64275
US $	1.17029	0.85449

Commodities

Gold	Close	Previous
London Gold Fix	1269.15	1266.15
Oil
WTI Crude Future	71.58	68.98

Market Commentary:
Canada
By Stefanie Marotta
     (Bloomberg) — Canadian stocks plummeted as global markets dropped amid escalating fears of President Donald Trump’s trade war.
     The S&P/TSX Composite Index fell 1.6 percent to 16,183.96 points. Technology lead losses, dropping 3.1 percent as Shopify Inc. slid 5.8 percent.
     Health care fell 2.9 percent even as cannabis companies prepare for Canada to legalize recreational marijuana. Canopy Growth Corporation fell 4.5 percent.
     In other moves:
                               Stocks
* Hudbay Minerals Inc. dropped 6.3 percent after Scotiabank downgraded the miner to sector perform from focus stock due to permit uncertainty for the Rosemont project
* Suncor Energy Inc. dropped 3.6 percent after news that a power outage at Syncrude Canada may tighten Canadian crude differentials
* Canada Goose Holdings Inc. bucked the global trend, climbing 2.1 percent after Goldman Sachs reinstated the company at neutral
                               Commodities
* Western Canada Select crude oil traded at a $23.75 discount to WTI
* Gold fell 0.2 percent to $1,267.70 an ounce
                               FX/Bonds
* The Canadian dollar weakened 0.2 percent to C$1.3294 per U.S. dollar
* The Canada 10-year government bond yield fell three basis points to 2.09 percent
US
By Eddie van der Walt and Jeremy Herron
     (Bloomberg) — Escalating trade tensions sent U.S. stocks to the steepest drop since early April, as President Donald Trump’s threats of more protectionism against major partners were met with Chinese and European vows of retaliation.
     The S&P 500 Index fell 1.4 percent, though comments from National Trade Council Director Peter Navarro brought the measure back from losses that topped 2 percent. The Dow Jones Industrial Average closed below its 200-day moving average. Selling was heaviest in tech shares, with the Nasdaq 100 Index sinking 2.2 percent.
     Equities tumbled around the world on reports that the Treasury department will propose limits on Chinese technology investment, straining already tense relations between the world’s two largest economies. Navarro said on CNBC that there were no plans to impose restrictions, sparking a late-day rebound. China and Europe warned the escalating trade war could trigger a global recession.
     The selling in American stocks spread from Asia, where equities in Shanghai and Hong Kong declined despite China’s central bank freeing up liquidity in the banking system. European shares also tumbled, with the Stoxx 600 Index down 2.1 percent. Political concerns hit Italian bonds and stocks after the nationalist League party won municipal elections. Emerging- market equities slid. U.S. crude pushed toward $69 a barrel. After an early surge, Turkey’s lira swung between gains and losses as traders digested Recep Tayyip Erdogan election victory.
     The rising tensions have weighed on stocks ahead of the second-quarter earnings season that so far has seen estimates keep rising. Daimler AG dented that notion last week, warning that tariffs will lower its profits. Germany’s DAX Index was among the worst performers of the region’s stock gauges as data showed business sentiment slipped. Automakers were the big losers after more tariff threats from Trump at the end of last week.
     These are key events coming up this week:
* German Chancellor Angela Merkel holds private talks with leaders of the other parties in her coalition government on refugee policy and euro-area reforms in Berlin Tuesday.
* New Zealand and Indonesia monetary policy decisions on Thursday.
* U.S. personal spending probably increased in May for a third month, economists forecast ahead of Friday’s data.
* China manufacturing and non-manufacturing PMI are due on Saturday.
     Here are the main market moves.
                                 Stocks
* The S&P 500 Index fell 1.4 percent as of 4 p.m. New York time, the most since April 46
* The Dow slipped 1.3 percent and the Nasdaq indexes slid at least 2.1 percent.
* The Stoxx Europe 600 Index declined 2 percent to the lowest since April 11 on the biggest drop since March.
* The MSCI All-Country World Index declined 1.4 percent.
* Emerging market shares fell 1.5 percent.
                                 Currencies
* The Bloomberg Dollar Spot Index fell 0.2 percent to the lowest in more than a week.
* The Japanese yen jumped 0.4 percent to 109.58 per dollar, the strongest in more than two weeks.
* The euro increased 0.3 percent to $1.1691, the strongest in more than a week.
* The British pound climbed 0.1 percent to $1.328, the strongest in more than a week.
* The Turkish lira gained less than 0.05 percent to 4.6769 per dollar, the strongest in more than a week.
                                 Bonds
* The yield on 10-year Treasuries fell one basis point to 2.88 percent, the lowest in more than three weeks.
* Germany’s 10-year yield declined one basis point to 0.33 percent, the lowest in almost four weeks.
* Britain’s 10-year yield decreased one basis point to 1.308 percent.
                                 Commodities
* Gold declined less than 0.05 percent to $1,270.02 an ounce.
* Brent crude decreased 1.4 percent to $74.49 a barrel.
* LME copper advanced 0.1 percent to $6,792.50 per metric ton.
–With assistance from Andreea Papuc, Samuel Potter and Adam Haigh. 

Have a great night.

Be magnificent!

As ever,

 

Carolann

Act as if what you do makes a difference.  It does.
                            -William James, 1842-1910

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

Children play on an art installation that features a projection of a waterfall and flowers at the Mori Building Digital Art Museum in Tokyo, Japan. CREDIT: SHUJI KAJIYAMA/AP

The sun breaks the horizon and shines through the stones at Stonehenge onto crowds of people celebrating the longest day in the UK. CREDIT: GEOFF PUGH FOR THE TELEGRAPH

Barry Balkin takes a dip in a swimming hole prepared at the Casey research station by plunging into icy waters as part of a “mad tradition” as they look forward to brighter days after weeks of darkness. CREDIT: AUSTRALIAN ANTARCTIC DIVISION/AFP/GETTY IMAGES
Market Closes for June 22nd, 2018

Market Index	Close	Change
Dow Jones	24580.89	+119.19   +0.49%
S&P 500	2754.88	+5.12   +0.19%
NASDAQ	7692.816	-20.136   -0.26%
TSX	16450.14	+114.99
		+0.70%

International Markets

Market Index	Close	Change
NIKKEI	22516.83	-176.21
		-0.78%
HANG SENG	29338.70	+42.65
		0.15%
SENSEX	35689.60	+257.21
		+0.73%
FTSE 100*	7682.27	+125.83
		+1.67%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.125		2.142
CND. 30 Year Bond		2.206		2.203
U.S.    10 Year Bond		2.8931		2.8967
U.S. 30 Year Bond		3.0370		3.0441

Currencies

BOC Close	Today	Previous
Canadian $	0.75347	0.75091
US $	1.32718	1.33171
Euro Rate 1 Euro=		Inverse
Canadian $	1.54709	0.64638
US $	1.16569	0.85786

Commodities

Gold	Close	Previous
London Gold Fix	1266.15	1274.20
Oil
WTI Crude Future	68.98	65.84

Market Commentary:
Canada
By Stefanie Marotta
(Bloomberg) — Canadian stocks rose to a fresh record as energy soared amid news of OPEC’s plans to boost output less than some investors had anticipated.
The S&P/TSX Composite Index rose 0.7 percent to 16,450.14 points. Energy climbed 2.3 percent, with Whitecap Resources, Inc. leading gains, up 7.9 percent.
Blackberry plummeted 9.3 percent after investors focused on weak growth in software revenues.
In other moves:
Stocks
* Canada Goose Holdings Inc. tumbled 7.4 percent amid reports that Canada retail sales fell 1.2 percent.
* Canopy Growth Corp. fell 9.1 percent as health care slid 4.1 percent for the first time since surging earlier this week when the Canadian government passed a bill to legalize recreational marijuana.
Commodities
* Western Canada Select crude oil traded at a $24.00 discount to WTI
* Aeco natural gas traded at a $1.63 discount to Henry Hub
* Gold rose 0.1 percent to $1,271.70 an ounce
FX/Bonds
* The Canadian dollar strengthened 0.3 percent to C$1.3272 per U.S. dollar
* The Canada 10-year government bond yield fell two basis points to 2.126 percent
US
By Sarah Ponczek
(Bloomberg) — U.S. stocks climbed following gains in Europe as OPEC’s plans to boost output less than some investors had anticipated sent oil on a tear. Energy shares surged.
The S&P 500 Index rose the most in a week even after Donald Trump revived concerns about a global trade war with a tweet threatening to impose 20 percent tariffs on cars imported from the European Union. Treasuries steadied and the dollar slumped, while a gauge of emerging-market currencies climbed from its lowest level since November.
The benchmark U.S. gauge posted its first weekly loss in more than a month as traders contended with an escalation of trade tensions between the U.S. and China, just as the Federal Reserve signals a faster pace of policy tightening. Positive economic news from Europe provided a counterbalance Friday as a measure of private-sector activity unexpectedly picked up in June, underpinning the European Central Bank’s prediction that a rebound is in the cards.
West Texas oil surged the most since November 2016, climbing above $69 as OPEC and allies including Russia agreed to boost oil production starting next month, overcoming Iran’s threats to veto any supply hike.
“With OPEC, the rumors started yesterday afternoon that this was what they would do,” Joe “JJ” Kinahan, the chief market strategist at TD Ameritrade, said by phone. “When you think about this in terms of the total production, it’s just not that big an increase, so it should be able to support it without a problem.”
Elsewhere, developing-nation stocks advanced. Greece’s creditors struck a landmark deal to ease repayment terms on some of the nation’s loans. Greek bonds jumped, while Italian debt also gained after Thursday’s plunge.
Here’s the main market moves.
Stocks
* The S&P 500 Index rose 0.2 percent at the close of trading in New York, leaving it down 0.9 percent for the week.
* The Stoxx Europe 600 Index rose 1.1 percent.
* The U.K.’s FTSE 100 Index surged 1.7 percent.
* Japan’s Nikkei 225 Stock Average fell 0.8 percent.
* Hong Kong’s Hang Seng Index rose 0.1 percent.
Currencies
* The Bloomberg Dollar Spot Index fell 0.3 percent.
* The euro increased 0.5 percent to $1.166.
* The British pound rose 0.2 percent to $1.3261.
* The Japanese yen was little changed at 109.99 per dollar.
Bonds
* The yield on 10-year Treasuries was little changed at 2.9 percent.
* Germany’s 10-year yield was little changed at 0.33 percent.
* Britain’s 10-year yield jumped four basis points to 1.32 percent.
Commodities
* West Texas Intermediate crude surged 5.7 percent to $69.24 a barrel.
* Gold rose 0.2 percent to $1,270.28 an ounce.

Have a great weekend.

Be magnificent!

As ever,

Megan

“The greatest glory in living lies not in never falling, but in rising every time we fall.” – Nelson Mandela

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