January 4, 2017 Newsletter

Dear Friends,

Tangents:

Points of Progress:
GERMANY: 
Germany is set to launch the world’s most environmentally friendly trains.  Since the trains are powered by hydrogen and oxygen, the only exhaust waste they produce is water vapor.  They can travel 1,000 kilometers on a single tank, at speeds of 140 kilometers per hour (87 miles per hour).  Fourteen of these trains are scheduled to come on line in Germany in December 2021.  A pilot program will begin in December 2018. -World Economic Forum.

ENGLAND:
England is experimenting with free 24-hour vending machines for the homeless.  In December Huzaifah Khaled’s charity, Action Hunger, will launch the first machine (which will dispense water, fresh fruit, sandwiches, socks, toiletries, and books) in Nottingham.  Major supermarkets are among the donors that will provide the goods, and volunteers will stock the machines.  So-called rough sleepers will receive special keycards allowing them three items per day. -World Economic Forum, CNN.

ST. HELENA:
An ancient tortoise is looking forward to a new crowd of admirers.  Jonathan, a Seychelles giant tortoise, is believed, at 185 years old, to be the oldest reptile on earth.  Experts estimate that he was born several decades after Napoleon died in exile on the remote South Atlantic island in 1821.  But now Jonathan’s quiet life may be about to change as St. Helena opens its first airport and prepares for more tourism.
“[Jonathan] loves company,” Lisa Phillips, governor of St. Helena, told Agence-Presse.

On Jan. 4, 1965, President Lyndon B. Johnson outlined the goals of his ”Great Society” in his State of the Union address.
Go to article »

PHOTOS OF THE DAY

People look at the damage to the harbour wall that was caused last night during Storm Eleanor in Portreath, Cornwall.


Jonathan Czitkovics and his wife Yvonne Chen take wedding photos in Niagara Falls, Canada as a cold snap gripping much of Canada and the United States has nearly frozen over the American side of the falls.

A family caught in blowing sea foam on the Brittany coast after storm Eleanor hit Saint-Guenole in western France.

Peter Prevc of Slovenia jumps during the training round for the third stage of the 66th Four Hills Tournament in Innsbruck, Austria.
Market Closes for January 4th, 2018

Market

Index

Close Change
Dow

Jones

25075.13 +152.45

 

+0.61%

 
S&P 500 2723.99 +10.93

 

+0.40%

 
NASDAQ 7077.914 +12.383

 

+0.18%

 
TSX 16412.94 +41.39

 

+0.25%

International Markets

Market

Index

Close Change
NIKKEI 23506.33 +741.39
+3.26%
HANG

SENG

30736.48 +175.53
+0.57%
SENSEX 33969.64 +176.26
+0.52%
FTSE 100* 7695.88 +24.77
+0.32%

Bonds

Bonds % Yield Previous % Yield
CND.

10 Year Bond

2.083 2.051
CND.

30 Year

Bond

2.320 2.295
U.S.   

10 Year Bond

2.4507 2.4434
U.S.

30 Year Bond

2.7847 2.7816

Currencies

BOC Close Today Previous  
Canadian $ 0.80097 0.79714
US

$

1.24848 1.25449
     
Euro Rate

1 Euro=

  Inverse
Canadian $ 1.50687 0.66363
US

$

1.20696 0.82853

Commodities

Gold Close Previous
London Gold

Fix

1314.50 1314.90
     
Oil    
WTI Crude Future 62.01 61.63

Market Commentary:
On this day in 1865, the New York Stock Exchange opens its first permanent building at the corner of Broad and Wall Streets in Manhattan, after decades of shifting from one rented or borrowed space to another.

Number of the Day
625 million

The number of rotisserie chickens Americans bought at supermarkets in 2017, a rare bright spot in an industry struggling to adapt to a shift away from packaged foods.
Canada
By Kristine Owram

     (Bloomberg) — Canadian stocks rose to a third consecutive record as a slump in pot stocks was offset by gains in financials and materials.
     The S&P/TSX Composite Index added 41 points or 0.3 percent to 16,412.94. Financials gained 0.7 percent, the most since September, while the materials index rose 0.4 percent, boosted by higher gold prices.
     Health-care stocks, meanwhile, tumbled 3.8 percent. Marijuana companies took a hit from the U.S. Attorney General’s decision to rescind a policy that helped states legalize recreational marijuana. Aphria Inc. tumbled 14 percent and Canopy Growth Corp. fell 10 percent.
     In other moves:

                          Stocks
* Brookfield Business Partners LP rose 4.1 percent to a record high after announcing a deal to buy Westinghouse Electric Co. from Toshiba Corp. for $4.6 billion
* Colliers International Group Inc. fell 1.5 percent. The real estate company is buying Finnish company Ovenia Group for an undisclosed amount
* Birchcliff Energy Ltd. fell 6.6 percent and Crew Energy Inc. lost 5 percent as AECO natural gas prices continue to tumble
                          Commodities
* Western Canada Select crude oil traded at a $24.90 discount to WTI
* Aeco natural gas traded at a $1.42 discount to Henry Hub
* Gold rose 0.2 percent to $1,321.60 an ounce, the highest since mid-September
                           FX/Bonds
* The Canadian dollar strengthened 0.3 percent to $1.2497 per U.S. dollar, the strongest since October
* The Canada 10-year government bond yield rose three basis points to 2.08 percent, the highest since October
US
By Sarah Ponczek and Kailey Leinz

     (Bloomberg) — Stocks rallied around the world on signs the global economic expansion that pushed benchmarks to records in 2017 remains intact. The dollar slipped and U.S. Treasuries declined as a private report showed U.S. employment strengthening.
     The Dow Jones Industrial Average surpassed 25,000 for the first time, while the Standard & Poor’s 500 Index and the Nasdaq Composite reached all-time highs. Trading in S&P 500 stocks was not slowed by the storm lashing the East Coast, with volumes about 20 percent above the 30-day average.
     Builders and carmakers led the advance in Europe, with most of the sectors in the Stoxx Europe 600 Index strengthening. The MSCI Asia Pacific Index hit a record after benchmarks in Tokyo closed at their highest in more than a quarter century.
     In the U.S., companies added more workers to payrolls than expected in December, data from the ADP Research Institute showed. The economy probably added 190,000 workers in December, the median projection of economists surveyed by Bloomberg ahead of Labor Department data due Friday.
     “You saw some very positive numbers coming out of the U.S. payrolls, which continues to show this economic growth story,” said Francis Gannon, co-chief investment officer at Royce Funds. “That’s what the market is running on. It’s this idea that the economy is doing better than people think, and then you’ve got the tax reform on top of it, which is kind of adding fuel to the fire.”
     Core European bonds pared Wednesday’s gains and the euro advanced toward a three-year high as data showed economic activity in the region accelerated to the fastest pace in almost seven years.
     Meanwhile, commodities steadied after a record run of gains with oil trading close to its highest in three years. South Africa’s rand led an advance in emerging-market currencies.    
     Here are highlights of key events investors will be monitoring the rest of the week:
* The U.S. session features St. Louis Fed President James Bullard delivering a keynote address in
Philadelphia
* U.S. December employment data are due on Friday.
* India releases an estimate for 2018 economic growth Friday.

      These are the main moves in markets:
                          Stocks
* The S&P 500 Index climbed 0.4 percent to 2,723.99 as of 4:07 p.m. in New York, while the Dow Jones Industrial Average gained 0.6 percent 25,075.13 and the NASDAQ Composite Index rose 0.2 percent to 7,077.915.
* The Stoxx Europe 600 Index gained 0.9 percent, the highest in eight weeks on the biggest rise in more than two weeks.
* The MSCI All-Country World Index advanced 0.5 percent to the highest on record.
                         Commodities
* West Texas Intermediate oil for February delivery rose 38 cents to $62.01 a barrel on the New York Mercantile Exchange.
* Gold rose 0.7 percent to $1,322.55 an ounce.
                         Currencies
* The Bloomberg Dollar Spot Index dipped 0.2 percent.
* The euro advanced 0.5 percent to $1.2069, after touching the strongest in about three years.
                         Bonds
* The yield on 2-year Treasuries advanced two basis points to 1.96 percent.
* Germany’s 10-year yield was little changed at 0.43 percent.
* Britain’s 10-year yield advanced two basis points to 1.23 percent.

Have a wonderful evening everyone.

Be magnificent!

As ever,


Carolann
 

To be honest, to be kind – to earn a little and to spend a little less,
to make upon the whole a family happier for his presence, to renounce

when that shall be necessary and not be embittered, to keep a few friends,
but these without capitulation – above all, on the same grim condition,
to keep friends with himself – here is a task for all that a man has of
fortitude and delicacy.
                                      -Robert Louis Stevenson, 1850-1894

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

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

January 3, 2017 Newsletter

Dear Friends,

Tangents:
2004    NASA’s Mars rover, Spirit, touched down on the red planet.
Go to article »

BIRTHDAY: J.R.R. Tolkien, writer, b. 1892.

“It’s a dangerous business, Frodo, going out of your door,” he used to say.  “You step into the Road, and if you don’t keep your feet, there is no knowing where you might be swept off to.” -J.R.R Tolkien.
PHOTOS OF THE DAY

Zoe Harrigan & Anna Milson stand in front of the York Minster’s 600 year-old Great East Window, following a 10-year conservation and restoration project. All 311 panels of the window, which is the country’s largest single expanse of medieval stained glass, were removed and restored by York Glaziers Trust – a task which took 92,400 hours and cost 11.5 millions pounds.

CREDIT: CHARLOTTE GRAHAM FOR THE TELEGRAPH

A woman harvests water lilies in a pond in the Mekong Delta in Vietnam.

Camels walk across the Liwa desert, some 250 kilometres west of the Gulf emirate of Abu Dhabi, during the Liwa 2018 Moreeb Dune Festival.

A man stands on rocks surrounded by waves at Godrevy Lighthouse near St Ives in Cornwall.
Market Closes for January 3rd, 2018

Market

Index

Close Change
Dow

Jones

24922.68 +98.67

 

+0.40%

 
S&P 500 2713.06 +17.25

 

+0.64%

 
NASDAQ 7065.531 +58.633

 

+0.84%

 
TSX 16371.55 +61.56

 

+0.38%

International Markets

Market

Index

Close Change
NIKKEI 22764.94 -19.04
-0.08%
HANG

SENG

30560.95 +45.64
+0.15%
SENSEX 33793.38 -18.88
-0.06%
FTSE 100* 7671.11 +23.01
+0.30%

Bonds

Bonds % Yield Previous % Yield
CND.

10 Year Bond

2.051 2.080
CND.

30 Year

Bond

2.295 2.317
U.S.   

10 Year Bond

2.4434 2.4579
U.S.

30 Year Bond

2.7816 2.8066

Currencies

BOC Close Today Previous  
Canadian $ 0.79714 0.79942
US

$

1.25449 1.25090
     
Euro Rate

1 Euro=

  Inverse
Canadian $ 1.50714 0.66351
US

$

1.20140 0.83236

Commodities

Gold Close Previous
London Gold

Fix

1314.90 1312.05
     
Oil    
WTI Crude Future 61.63 60.37

Market Commentary:
*On this day in 1977, Apple Computer Corp. is incorporated by Steve Jobs and Steve Wozniak.*

Number of the Day
17%

The rise in natural gas futures over the past seven sessionsdriven by the cold weather affecting large swaths of the U.S.
Canada
By Kristine Owram

     (Bloomberg) — Canadian stocks closed at a new high as oil prices approached $62, the highest in three years.
     The S&P/TSX Composite Index added 62 points or 0.4 percent to 16,371.55, its second day of gains. Energy shares rose 1 percent as crude gained 2.1 percent, reflecting ongoing unrest in Iran and dwindling U.S. stockpiles.
     Financials gained 0.4 percent, while the technology index added 1.3 percent. BlackBerry Ltd. jumped 13 percent to the highest in nearly five years after partnering with Chinese internet giant Baidu Inc. on automotive software.
     In other moves:
                          Stocks
* Valeant Pharmaceuticals International Inc. jumped 6 percent. The company paid down an added $300 million of debt for a total of $6.5 billion since early 2016
* Bonavista Energy Corp. fell 7.4 percent and Painted Pony Energy Ltd. lost 6.2 percent after updated reserve-engineer commodity forecasts indicated weaker outlooks
* Aurora Cannabis Inc. jumped 19 percent, adding to Tuesday’s 24 percent gain, despite being mentioned cautiously by Citron Research
                          Commodities
* Western Canada Select crude oil traded at a $23.90 discount to WTI, the narrowest gap in three and a half weeks
* Aeco natural gas traded at a $1.22 discount to Henry Hub
* Gold rose 0.2 percent to $1,318.50 an ounce, the highest since September
                          FX/Bonds
* The Canadian dollar weakened 0.2 percent to $1.2541 per U.S. dollar
* The Canada 10-year government bond yield fell three basis points to 2.05 percent
US
By Kailey Leinz

     (Bloomberg) — U.S. stocks climbed to record highs, gold fell and the dollar extended gains as the minutes from the Federal Reserve’s December policy meeting showed officials continued to back gradual interest-rate increases.
     The Standard & Poor’s 500 Index rose past 2,700 for the first time, while the Nasdaq Composite Index and Dow Jones Industrial Average reached all-time highs. An earlier report showed U.S. manufacturing expanded in December at the fastest pace in three months. European stocks rose following a positive session in Asia and bonds gained as the region’s new investment regulations finally took effect.
     “There’s no desire within the Fed anywhere to actually moderate any potential boom and cause a downturn,’ said Brent Schutte, chief investment strategist at Northwestern Mutual in Milwaukee. “They will let it run hot… I don’t think the Fed will stomp it out.”
     Most participants at the Fed gathering reiterating support for “continuing a gradual approach to raising the target range” for the benchmark policy rate, according to minutes of the Federal Open Market Committee’s Dec. 12-13 meeting. U.S. central bankers raised interest rates by a quarter percentage point and penciled in three more hikes for 2018, according to the median estimate.
     Elsewhere, West Texas oil approached $62 a barrel for the first time in three years, surpassing a crucial threshold for spurring new shale drilling. Gold dropped from a near four-month high after the Fed minutes were released.
     Emerging-market shares also gained for a second session. European bonds rose after strong investor interest in an Irish debt sale, and the euro retreated for the first time in six days.
     In Europe the MiFID II rules are one of the most seismic regulatory shifts in history, affecting everything from investment research to trade execution.    These are the main moves in markets:
                          Stocks
* The S&P 500 Index climbed 0.6 percent to close at a record 2,713.07 as of 4:05 p.m. in New York, while the Dow Jones Industrial Average gained 0.4 percent to 24,922.68 and the NASDAQ Composite Index rose 0.8 percent to 7,065.531.
* The Stoxx Europe 600 Index climbed 0.5 percent.
* The U.K.’s FTSE 100 Index rose 0.3 percent.
* Germany’s DAX Index rose 0.8 percent.
* The MSCI Asia Pacific Index gained 0.2 percent to the highest on record.
* The MSCI Emerging Market Index increased 0.6 percent.
                           Currencies
* The Bloomberg Dollar Spot Index rose 0.2 percent to 1,155.81, snapping a five-day slide that was the longest streak of losses since September.
* The euro weakened 0.4 percent to $1.21011, dropping from the strongest level in about three years.
* The British pound fell 0.1 percent.
* The Japanese yen weakened 0.2 percent to 112.45 per dollar.                            
                            Bonds
* The yield on 10-year Treasuries fell two basis point to 2.45 percent.
* Germany’s 10-year yield dropped three basis points to 0.44 percent.
* Britain’s 10-year yield decreased seven basis points to 1.21 percent.
                            Commodities
* West Texas Intermediate oil for February delivery rose $1.26 to settle at $61.63 a barrel on the New York Mercantile Exchange, the highest close since December 2014.
* Gold dropped 0.2 percent to $1,315.24 an ounce, after trading near a four-month high.
* Copper dipped 2.2 percent to $3.26 a pound.

Have a wonderful evening everyone.

Be magnificent!

As ever,

Carolann

It is a profitable thing, if one is wise, to seem foolish.
                                 -Aeschylus, 525 BC-456 BC

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

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

January 2, 2018 Newsletter

Dear Friends,

Tangents:  WISHING YOU A HAPPY NEW YEAR!

OUR STORY
-William Stafford

Remind me again – together we
trace our strange journey, find
each other, come on laughing.
Some time we’ll cross where life
ends.  We’ll both look back
as far as forever, that first day. 
I’ll touch you – a new world then.
Stars will move a different way.
We’ll both end.  We’ll both begin.
Remind me again

PHOTOS OF THE DAY

A “wolf moon” rises behind St. Paul’s Cathedral and London City’s skyline.


A flock of starling morphs into one giant bird in the skies over Spain’s Costa Brava. Daniel Biber, 53, spent four days observing hundreds of thousands of birds before capturing the breathtaking event.

Brazilian surfer Marcelo Luna rides a wave during the first surf lesson session of 2018 at Praia do Norte in Nazare, Portugal.

A dune buggy practices during a sand dune racing at the Liwa 2018 Moreeb Dune Festival in the Liwa desert, some 250 kilometres west of the Gulf emirate of Abu Dhabi.
Market Closes for January 2nd, 2018

Market

Index

Close Change
Dow

Jones

24824.01 +104.79

 

+0.42%

 
S&P 500 2695.79 +22.18

 

+0.83%

 
NASDAQ 7006.898 +103.510

 

+1.50%

 
TSX 16309.99 +100.86

 

+0.62%

International Markets

Market

Index

Close Change
NIKKEI 22764.94 -19.04
-0.08%
HANG

SENG

30515.31 +596.16
+1.99%
SENSEX 33812.26 -0.49
FTSE 100* 7648.10 -39.67
-0.52%

Bonds

Bonds % Yield Previous % Yield
CND.

10 Year Bond

2.080 2.045
CND.

30 Year

Bond

2.317 2.266
U.S.   

10 Year Bond

2.4579 2.4054
U.S.

30 Year Bond

2.8066 2.7399

Currencies

BOC Close Today Previous  
Canadian $ 0.79942 0.79506
US

$

1.25090 1.25776
     
Euro Rate

1 Euro=

  Inverse
Canadian $ 1.50822 0.66303
US

$

1.20570 0.82939

Commodities

Gold Close Previous
London Gold

Fix

1312.05 1291.00
     
Oil    
WTI Crude Future 60.37 60.42

Market Commentary:
On this day in 1915, a scant 23,505 shares trade hands on the New York Stock Exchange, its slowest trading day of the 20th century. By the end of the year, the Dow Jones Industrial Average will have gained 82%, its greatest annual gain of all time.

Canada
By Kristine Owram

     (Bloomberg) — Canadian stocks kicked off 2018 with a fresh high, gaining the most in almost four weeks as gold and energy shares rose.
     The S&P/TSX Composite Index added 101 points or 0.6 percent to 16,309.99. Materials stocks jumped 2.7 percent as gold prices posted their longest stretch of gains since mid-2011. Barrick Gold Corp. rose 4.6 percent.
     The energy index gained 1.9 percent to the highest since early November as crude prices hovered above $60 amid anti- government protests in Iran. Cenovus Energy Inc. jumped 6.1 percent, the biggest gain since September.
     In other moves:
                         Stocks
* Canopy Growth Corp. gained 8.8 percent and Aphria Inc. rose 8 percent as long line ups to buy newly legalized marijuana in California and a new exchange-traded fund boosted pot stocks
* Westport Fuel Systems Inc. jumped 11 percent. The company is in a development and supply pact with Tata Motors Ltd.
* Brookfield Asset Management Inc. fell 1.5 percent. The company raised $885 million for its first infrastructure debt fund
                         Commodities
* Western Canada Select crude oil traded at a $25 discount to WTI, the narrowest gap in two weeks
* Gold rose 0.5 percent to $1,316.10 an ounce, the highest since mid-September
                         FX/Bonds
* The Canadian dollar strengthened 0.3 percent to $1.2508 per U.S. dollar, the strongest since October
* The Canada 10-year government bond yield rose four basis points to 2.08 percent, the highest in nearly three months
US
By Lu Wang and Kailey Leinz

     (Bloomberg) — U.S. stocks rose to record highs, Treasuries tumbled and the dollar weakened against all of its G-10 peers in the first official day of trading in 2018.
     Technology shares led the rally and analyst upgrades fueled gains in consumer-discretionary companies. The NASDAQ 100 Index climbed 1.8 percent, the biggest gain since Oct. 27. The NASDAQ Composite closed above 7,000 for the first time, while the Standard & Poor’s 500 Index also finished at an all-time high. European stocks started the year in the red, failing to capitalize on a positive Asian session as the strength of the region’s common currency weighed on exporters.
     European bonds dropped and the euro strengthened to near a three-year high against the dollar as the region’s manufacturing activity expanded in line with estimates in December. The Bloomberg Dollar Index hit a three-month low, helping propel gold to the highest since September. West Texas oil fluctuated as Iran said protests in the country will fade in days. Bitcoin recovered from Monday’s losses.
     “The backdrop for the dollar is just not very good,” said Mark McCormick, head of FX strategy for North America for Toronto Dominion Bank. “The global reflation trade is progressing along and the backdrop is that we’re rotating into a regime shift and that comes with a changing backdrop for capital flows.”
     The Stoxx Europe 600 Index dropped, with consumer staples leading the decline as a majority of industry sectors ended lower. In Asia, the MSCI Asia Pacific Index climbed to a record, though markets in Tokyo remain closed until Thursday for Japanese holidays. Chinese equities led gains as property shares soared and a gauge of the nation’s manufacturing strength beat expectations. 
     Investors begin 2018 on the heels of a winning year for equities and a losing one for the greenback. Global stocks last year posted their best performance since 2009, fueled by a synchronous expansion and a go-slow approach toward monetary- stimulus withdrawal in major economies.
     Here are the main events to watch for this week:
* MiFID II, the biggest change to European investment industry rules in a decade, takes effect Wednesday.
* FOMC December meeting minutes also expected Wednesday.
* U.S. non-farm payrolls due Friday.     
     These are the main moves in markets:
                           Stocks
* The S&P 500 Index climbed 0.8 percent to 2,695.79 as of 4:11 p.m. in New York, while the Dow Jones Industrial Average gained 0.4 percent to 24,824.01 and the NASDAQ Composite Index rose 1.5 percent to 7,006.898.
* The Stoxx Europe 600 Index dipped 0.2 percent, after reaching the lowest in almost four weeks.
* The U.K.’s FTSE 100 Index declined 0.5 percent.
* Germany’s DAX Index fell 0.4 percent, after touching the lowest in almost 14 weeks.
* The MSCI Asia Pacific Index jumped 1 percent to the highest on record.
* The MSCI Emerging Market Index jumped 1.8 percent to the highest in almost seven years.
                          Currencies
* The Bloomberg Dollar Spot Index declined 0.5 percent to 1,153.42, after touching the lowest in 14 weeks.
* The euro increased 0.4 percent to the strongest in about three years.
* The British pound climbed 0.7 percent to $1.3597, the strongest in almost 15 weeks.
* The Japanese yen advanced 0.3 percent to 112.26 per dollar, the strongest in almost five weeks.
                           Bonds
* The yield on 10-year Treasuries increased five basis points to 2.46 percent.
* Germany’s 10-year yield rose four basis points to 0.46 percent, the highest in almost 10 weeks.
* Britain’s 10-year yield advanced 10 basis points to 1.29 percent, the highest in about a month.
                           Commodities 
* West Texas Intermediate crude was little changed at $60.37 a barrel.
* Gold gained 1.2 percent to $1,317.69 an ounce, the highest in more than 15 weeks.
* Copper dipped 0.6 percent to $3.28 a pound.

Have a wonderful evening everyone.

 

Be magnificent!

 

As ever,

 

Carolann

Man is able to do what he is unable to imagine.
                             -Rene Char, 1907-1988

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

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

December 29, 2017 Newsletter

Dear Friends,

Tangents:

On December 29th, 1170, Edward Grim, a clerk in the following of the Archbishop Thomas à Becket, describes his murder by four knights in Canterbury Cathedral, 1170:

But when he [Beckett] would not be persuaded by arguments or prayer to take refuge in the church the monks caught hold of him in spite of his resistance, and pulled, dragged, and pushed him, not heeding his clamours to be let go, and brought him to the church…And straightway [the knights] entered the house of peace and reconciliation with swords sacrilegiously drawn causing horror to the beholders by their very looks and the clanging of their arms…Inspired by fury the knights called out, “Where is Thomas Becket, traitor to the King and realm?”  As he answered not they cried out the more furiously, “Where is the Archbishop?”  At this…he descended from the stair where he had been dragged by the monks in fear of the knights, and in a clear voice answered, “I am here, no traitor to the King, but a priest.  Why do ye seek me?”
  “Absolve”, they cried, “and restore to communion those whom you have excommunicated, and restore their powers to those whom you have suspended.”  He answered, “There has been no satisfaction, and I will not absolve them.”  “Then you shall die,” they cried, “and receive what you deserve”…They laid sacrilegious hands on him, pulling and dragging him that they might kill him outside the church, or carry him away a prisoner, as they afterwards confessed.  But when he could not be forced away from the pillar, one of them pressed on him and clung to him more closely.  Him he pushed off calling him “pander” and saying, “Touch me not, Reginald; you owe me fealty and subjection; you and your accomplices act like madmen”… The wicked knight, fearing lest he should be rescued by the people and escape alive, leapt upon him suddenly and wounded this lamb who was sacrificed to God on the head, cutting off the top of the crown which the sacred unction of the chrism  had dedicated to God; and by the same blow he wounded the arm of him who tells this…Then he received a second blow on the head but still stood firm.  At the third blow he fell on his knees and elbows… the third knight inflicted a terrible wound as he lay, by which the sword was broken against the pavement, and the crown which was large was separated from the head; so that the blood white with brain and the brain red with blood, dyed the surface of the virgin mother church with the life and death of the confessor and martyr in the colours of the lily and the rose. –from The Book of Days.

On Dec. 29, On Dec. 29, 1940, during World War II, Germany began dropping incendiary bombs on London.
Go to article »

PHOTOS OF THE DAY

Rough seas off the beach at Tynemouth with the lighthouse of the town’s North Pier in the background.


A walker looks out across the Lake District at dawn this morning, as the rising sun highlights the wind-driven snowy summit of Blencathra, which like many of the Lakeland fells is covered in snow following the recent wintry blast.

Ants balance to carry pete cina seeds, in Java, Indonesia.
Market Closes for December 29th, 2017

Market

Index

Close Change
Dow

Jones

24719.22 -118.29

 

-0.48%

 
S&P 500 2673.61 -13.93

 

-0.52%

 
NASDAQ 6903.391 -46.770

 

-0.67%

 
TSX 16209.13 -12.82

 

-0.08%

International Markets

Market

Index

Close Change
NIKKEI 22764.94 -19.04
-0.08%
HANG

SENG

29919.15 +55.44
+0.19%
SENSEX 34056.83 +208.80
+0.62%
FTSE 100* 7687.77 +64.89
+0.85%

Bonds

Bonds % Yield Previous % Yield
CND.

10 Year Bond

2.045 2.031
CND.

30 Year

Bond

2.266 2.239
U.S.   

10 Year Bond

2.4054 2.4305
U.S.

30 Year Bond

2.7399 2.7561

Currencies

BOC Close Today Previous  
Canadian $ 0.79506 0.79565
US

$

1.25776 1.25684
     
Euro Rate

1 Euro=

  Inverse
Canadian $ 1.50950 0.66238
US

$

1.20025 0.83316

Commodities

Gold Close Previous
London Gold

Fix

1291.00 1291.00
     
Oil    
WTI Crude Future 60.42 59.84

Market Commentary:
On this day in 1954, the Dow Jones Industrial Average closes above 400 for the first time, finishing the day at 401.97. It took a quarter century to climb from 300.
Number of the Day
24%

The gain this year in the MSCI AC World ex-USA Index, which tracks stocks across developed and emerging markets outside the U.S. Meanwhile, the S&P 500 is up 20%. It’s the first time international equities outpaced the U.S. since 2012.
Canada
By Michael Bellusci

     (Bloomberg) — Canadian stocks closed the last trading day of 2017 in the red as the marijuana rally failed to reach new highs. Crude oil above $60/barrel also wasn’t enough to propel the energy sector.
     The S&P/TSX Composite Index fell 13 points, or 0.1 percent to 16,209.13. The health care sector, including marijuana- exposed stocks, was the worst performer. Canopy Growth Corp. fell 2.2 percent, and was earlier halted as IIROC cited a single-stock circuit breaker.
     In other moves:
                         Stocks
* Neptune Technologies & Bioressources Inc. rose 13 percent
* Supreme Cannabis Co. rose 13 percent
* Viemed Healthcare Inc. fell 24 percent\
* Global Blockchain Technologies Corp. fell 7.7 percent
                         Commodities
* Gold rose 0.9 percent to $1,342.50 an ounce
                         FX/Bonds
* The Canadian dollar weakened 0.1 percent to $1.25770 per U.S. dollar
* Canada 10-year government bond yield little changed at 2.04 percent
US
By Jeremy Herron and Kailey Leinz

     (Bloomberg) — U.S. stocks pared the best annual gain since 2013, slipping on the final market day in thin trading. The dollar’s slump continued as it heads for its worst year since 2005, pushing the euro above $1.20.
     The S&P 500 Index fell to finish the year higher by 19 percent. The bulk of Friday’s losses came in the final 15 minutes of trading. Volume was 28 percent lower than the 30-day average as investors prepare for a three-day weekend. The Dow Jones Industrial Average fell from a record to trim its 2017 rise to 25 percent. Small caps rose only 13 percent in the year, while the Nasdaq Composite rose 29 percent. European equities edged lower but notched the fifth rise in the past six years. 
     The Bloomberg Dollar Index fell to the lowest level since Dec. 1, leaving it lower by 8.5 percent in 2017. The euro topped $1.20 for the first time since September as the common currency looks for its best annual gain in 14 years. The Bloomberg Commodity Index extended a record-breaking string of gains, as WTI crude held above $60 a barrel.
     With little news to drive trading ahead of the New Year holidays, investors returned to themes familiar for the year — a synchronous global expansion and go-slow approach toward monetary-stimulus withdrawal in major economies, which has been a winning recipe for equities and a loser for the greenback.
     When investors return from the New Year holiday, they’ll have a week full of economic data to mull. Purchasing manager indexes and data on the services industries come before the monthly government jobs report and the minutes from the Federal Reserve’s last meeting.
                           Stocks
* The S&P 500 Index fell 0.5 percent at 4 p.m. in New York. The Dow lost 0.5 percent and the Nasdaq Composite Index dropped 0.7 percent.
* The Stoxx Europe 600 Index fell 0.1 percent.
* The MSCI Asia Pacific Index rose 0.4 percent. The MSCI Emerging Markets Index headed for a third straight weekly gain and its highest close since 2011.  Japan’s Topix Index fell 0.1 percent as of the close in Tokyo, still near its highest level since 1991.
                           Currencies
* The Bloomberg Dollar Spot Index decreased 0.4 percent to the lowest in more than three months.
* The euro climbed 0.4 percent to $1.20, the strongest in more than 14 weeks.
* The British pound gained 0.6 percent to $1.3525, hitting the strongest in 14 weeks.
* The Japanese yen gained 0.3 percent to 112.56 per dollar, the strongest in more than a week.
                           Bonds
* The yield on 10-year Treasuries fell three basis points to2.41 percent.
* Germany’s 10-year yield climbed two basis points to 0.44 percent, the highest in more than two months.
* Britain’s 10-year yield declined one basis point to 1.199 percent.
                           Commodities
* West Texas Intermediate crude advanced 0.4 percent to $60.05 a barrel, the highest in more than two years.
* Gold climbed 0.4 percent to $1,299.90 an ounce, hitting the highest in 11 weeks with its eighth consecutive advance.
* Copper dipped 0.8 percent to $3.28 a pound, the first retreat in more than three weeks.
* The Bloomberg Commodity Index gained 0.1 percent to 87.79, hitting the highest in more than seven weeks with its 12th straight advance.

 

Have a wonderful New Year’s long weekend!

 

Be magnificent!


As ever,

 

Carolann

 

In the right light, at the right time, everything is extraordinary.
                                                                   -Aaron Rose

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

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

December 28, 2017 Newsletter

Dear Friends,

Tangents:

Famous Blue Raincoat
Leonard Cohen
It’s four in the morning, the end of December

I’m writing you now just to see if you’re better
New York is cold, but I like where I’m living
There’s music on Clinton Street all through the evening
I hear that you’re building your little house deep in the desert
You’re living for nothing now, I hope you’re keeping some kind of record
Yes, and Jane came by with a lock of your hair
She said that you gave it to her
That night that you planned to go clear
Did you ever go clear?
Ah, the last time we saw you you looked so much older
Your famous blue raincoat was torn at the shoulder
You’d been to the station to meet every train, and
You came home without Lili Marlene
And you treated my woman to a flake of your life
And when she came back she was nobody’s wife
Well I see you there with the rose in your teeth
One more thin gypsy thief
Well, I see Jane’s awake
She sends her regards
And what can I tell you my brother, my killer
What can I possibly say?
I guess that I miss you, I guess I forgive you
I’m glad you stood in my way
If you ever come by here, for Jane or for me
Well, your enemy is sleeping, and his woman is free
Yes, and thanks, for the trouble you took from her eyes
I thought it was there for good so I never tried
And Jane came by with a lock of your hair
She said that you gave it to her
That night that you planned to go clear
Sincerely, L Cohen

PHOTOS OF THE DAY

This young orangutan appears to shake a fist in frustration at a photographer taking its photo. Andrew Walmsley captured this adorable photograph of the young orangutan, as it was carried around on it’s mothers back high up in the tree canopy. The newly identified species of Tapanuli Organutan has been found in the Batang Toru forests in North Sumatra, Indonesia.


Snow falls as a Macaque monkey stands at the Jigokudani Yaen-koen wild Macaque monkey park in Yamanouchi, Japan.  The wild Japanese macaques are known as snow monkeys, according to the park’s official website.

Runners and riders participate in the Christmas Ballyheigue beach horse races in the County Kerry village of Ballyheigue, Ireland.
Market Closes for December 28th, 2017

Market

Index

Close Change
Dow

Jones

24837.51 +63.21

 

+0.26%

 
S&P 500 2687.54 +4.92

 

+0.18%

 
NASDAQ 6950.160 +10.824

 

+0.16%

 
TSX 16221.95 +18.82

 

+0.12%

International Markets

Market

Index

Close Change
NIKKEI 22783.98 -127.23
-0.56%
HANG

SENG

29863.71 +266.05
+0.90%
SENSEX 33848.03 -63.78
-0.19%
FTSE 100* 7622.88 +2.20
+0.03%

Bonds

Bonds % Yield Previous % Yield
CND.

10 Year Bond

2.031 1.982
CND.

30 Year

Bond

2.239 2.199
U.S.   

10 Year Bond

2.4305 2.4107
U.S.

30 Year Bond

2.7561 2.7461

Currencies

BOC Close Today Previous  
Canadian $ 0.79565 0.79010
US

$

1.25684 1.26567
     
Euro Rate

1 Euro=

  Inverse
Canadian $ 1.50131 0.66608
US

$

1.19451 0.83716

Commodities

Gold Close Previous
London Gold

Fix

1291.00 1279.40
     
Oil    
WTI Crude Future 59.84 59.64

Market Commentary:
On this day in 1967, the New York Stock Exchange admits its first woman member, Muriel Siebert of Muriel Siebert and Co. Ms. Siebert later becomes a pioneer of discount brokerages, and serves as New York’s first female superintendent of banking.

Number of the Day
23.8%

The weighing of technology stocks in the S&P 500 index has climbed to 23.8% as of Dec. 26, from 20.8% at the end of last year, as tech stocks have rallied.
Canada
By Michael Bellusci

     (Bloomberg) — Canadian stocks crept up toward the end of the trading day to reach yet another record high as the medical marijuana sector fueled gains in health stocks. The country’s emerging legal producers have a chance to seize opportunities in other countries that could make them worldwide leaders, Canopy Growth Corp. Chief Executive Officer Bruce Linton said.
     The S&P/TSX Composite Index gained 19 points, or 0.1 percent, to 16,221.95. The health care sector led the way for a second-straight session, while industrials underperformed.
     In other moves:
                          Stocks
* Sherritt International Corp. rose 13 percent as metals were strong
* Canopy Growth Corp. rose 9.5 percent as its CEO sees globalization of medical pot as theme for 2018
* Global Blockchain Technologies Corp. fell 8 percent as the rout in bitcoin is also taking down stocks with ties to cryptocurrencies
                          Commodities
* Gold rose 0.45 percent to $1,297.10 an ounce
* LME 3mth copper rose 0.7%
                           FX/Bonds
* The Canadian dollar strengthened 0.65 percent to $1.25739 per U.S. dollar
* The Canada 10-year government bond yield rose five basis points to 2.03 percent
US
By Randall Jensen

     (Bloomberg) — U.S. stocks rose amid thinned-out trading between holidays. The dollar touched its lowest level this month, while Treasury yields rose after Wednesday’s slide.
     The S&P 500 Index closed higher for the second day amid trading nearly 40 percent below the 30-day average. The greenback dropped against all major peers on its way to the worst year in more than a decade. Ten-year Treasury yields advanced toward 2.43 percent after the biggest intraday slide since the start of December on Wednesday.
     The euro was on track for the strongest close in three months after European stocks and core bonds fell. The Bloomberg Commodity Index extended its longest rising streak in more than 12 years as copper headed for its highest level since Sept. 2013. WTI crude rose toward $60 a barrel.
     While the Federal Reserve’s three interest-rate hikes this year might have argued for higher U.S. yields and a stronger greenback, instead its low cap on its long-term estimated policy rate and muted inflation have proved to be stronger dynamics.
     Meanwhile, bitcoin retreated again Thursday to near $14,000, extending a selloff that began last week, as South Korean regulators stepped up scrutiny of their citizens’ dealings with cryptocurrencies.
     Among the key events remaining for investors this week:
* Egypt decides on interest rates.
     And here are the main moves in markets:
                           Stocks
* The S&P 500 Index rose 0.2 percent to 2,687.52 as of 4:00 p.m. New York time.
* The Dow Jones Industrial Average rose 0.3 percent to 24,837.51, another record close.
* The Stoxx Europe 600 Index dipped 0.3 percent.
* The U.K.’s FTSE 100 Index was steady.
* Germany’s DAX Index decreased 0.7 percent. 
                           Currencies
* The Bloomberg Dollar Spot Index sank 0.4 percent, touching the lowest in more than three weeks.
* The euro advanced 0.5 percent to $1.1943, the strongest in almost 14 weeks.
* The British pound gained 0.3 percent to $1.3440.
* The Japanese yen rose 0.4 percent to 112.88 per dollar, the strongest in more than a week on the biggest increase in more than two weeks.
                           Bonds
* The yield on 10-year Treasuries gained two basis points to 2.43 percent.
* Germany’s 10-year yield gained four basis points to 0.42 percent, the largest climb in more than a week.
* Britain’s 10-year yield rose less than one basis point to 1.176 percent.
                           Commodities
* West Texas Intermediate crude advanced 0.5 percent to $59.91 a barrel.
* Gold gained 0.6 percent to $1,295.01 an ounce, hitting the highest since October.
* Copper rose 0.7 percent to $3.31 a pound, reaching the highest in more than four years on its 16th consecutive advance.


Have a wonderful evening everyone.

 

Be magnificent!


As ever,

Carolann

 

I think; therefore I am.
-Rene Descartes, 1596-1650

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

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

December 27, 2017 Newsletter

Dear Friends,

Tangents:

Louis Pasteur, chemist, b. 1822

Let me tell you the secret that has led me to my goal.  My strength lies solely in my tenacity. -Louis Pasteur.

The Poem:

Ligament
By Charif Shanahan

Even after she cut into my shoulder

Coldly, with a  scalpel, resetting my clavicle.

Tying it down with borrowed ligament and screwing it

Into place, even after she sutured me shut,

Sewing the two banks of skin across the thin blood river,

Watching me sleep the chemical sleep

Until tender and hazy I awoke – Even after all that,

What seems the least plausible is how

She had known, walking into that white room,

To put her hand for just a second in my hand.

PHOTOS OF THE DAY

Harrods butlers entertain shoppers as they queue outside the store in Knightsbridge, London ahead of the launch of its winter sale.


Theresa Kingston takes her dog for a walk in winter wonderland conditions near Alston, Cumbria following heavy snowfall across northern England.

It all got too much for one lazy 2,200-pound walrus as it lies flat out on an ice floe covering its eyes with its flipper as if avoiding the camera in Svalbard, Norway.
Market Closes for December 27th, 2017

Market

Index

Close Change
Dow

Jones

24774.30 +28.09

 

+0.11%

 
S&P 500 2681.82 +1.32

 

+0.05%

 
NASDAQ 6939.336 +3.086

 

+0.04%

 
TSX 16197.36 +32.09

 

+0.20%

International Markets

Market

Index

Close Change
NIKKEI 22911.21 +18.52
+0.08%
HANG

SENG

29597.66 +19.65
+0.07%
SENSEX 33911.81 -98.80
-0.29%
FTSE 100* 7620.68 +28.02
+0.37%

Bonds

Bonds % Yield Previous % Yield
CND.

10 Year Bond

1.982 2.026
CND.

30 Year

Bond

2.199 2.248
U.S.   

10 Year Bond

2.4107 2.4810
U.S.

30 Year Bond

2.7461 2.8309

Currencies

BOC Close Today Previous  
Canadian $ 0.79010 0.78583
US

$

1.26567 1.27253
     
Euro Rate

1 Euro=

  Inverse
Canadian $ 1.50496 0.66447
US

$

1.18907 0.84100

Commodities

Gold Close Previous
London Gold

Fix

1279.40 1264.55
     
Oil    
WTI Crude Future 59.64 58.42

Market Commentary:
Canada
By Michael Bellusci

     (Bloomberg) — Canadian stocks rose as as California rolls toward recreational legalization of marijuana, while the energy sector experienced a strong session despite oil falling.
     The S&P/TSX Composite Index rose 38 points or 0.2 percent to 16,203.13. The health care index led the way given marijuana- exposure, followed by the energy sector.
     In other moves:
                       Stocks
* Nutritional High International Inc. rose 136 percent after reporting Calyx Brands Inc. has received a Medicinal – Distributor Temporary License from the California Bureau of Cannabis Control
* Future Farm Technologies Inc. rose 63 percent after announcing it has set a closing date of January 4 on its previously announced 10-acre operating greenhouse acquisition
* Brookfield Infrastructure Partners LP rose 3.3 percent
* Centerra Gold Inc. fell 10.3 percent as the company’s mill processing operations at the Mount Milligan mine in British Columbia have been temporarily suspended
                      Commodities
* Gold rose 0.4 percent to $1,292 an ounce
                      FX/Bonds
* The Canadian dollar strengthened 0.3 percent to $1.26438 per U.S. dollar
US
By Randall Jensen and Jeremy Herron

     (Bloomberg) — U.S. stocks edged higher and Treasuries rose amid trading thinned by a holiday-shortened week. The dollar weakened against most peers.
     The S&P 500 Index halted a two-day slump as data showed American consumers remain upbeat about the economy. Trading was almost 40 percent below the 30-day average. Stocks in Europe ended slightly higher following a mixed session in Asia. Ten- year Treasury yields headed for a fourth day of declines, while the dollar traded near month lows.
     Meanwhile, the euro and pound gained, while bonds in Europe were mixed. West Texas crude retreated after breaching $60 a barrel for the first time since June 2015 on Tuesday. Bitcoin fell below $15,000 after its biggest gain in two weeks took it above $16,000.
     The best year for U.S. equities since 2013 is ending with a bit of a whimper after stocks soared in the week before the holidays as Republicans passed a major overhaul of the tax code. Investors will now turn attention to 2018 for clues on whether corporations will plow some of the savings into investments that will bolster earnings at the same time central banks around the world are dialing down stimulus or actively tightening.
     Among the key events remaining for investors this week:
* Italy’s parliament is expected to be dissolved ahead of elections in 2018.
* Egypt decides on interest rates.
     And here are the main moves in markets:
                            Stocks
* S&P 500 Index rose 0.1 percent as of 4 p.m. New York time.
* The Stoxx Europe 600 Index rose 0.1 percent.
* Emerging market shares jumped 0.5 percent.
                            Currencies
* The Bloomberg Dollar Spot Index lost 0.3 percent near the lowest in more than three weeks.
* The euro gained 0.3 percent to $1.1895, the strongest in almost four weeks on the biggest rise in more than a week.
* The British pound increased 0.2 percent to $1.3404.
* The Japanese yen increased less than 0.05 percent to 113.28 per dollar.
                            Bonds
* The yield on 10-year Treasuries fell seven basis points to 2.41 percent, the most since September.
* Germany’s 10-year yield lost four basis points to 0.385 percent.
                            Commodities
* West Texas Intermediate crude lost 0.7 percent to $59.57 a barrel, the first retreat in more than a week.
* Gold futures increased 0.4 percent to $1,292.30 an ounce.
* LME copper advanced 1.1 percent to $7,206.00 per metric ton, reaching the highest in about four years on its ninth consecutive advance.

  

Have a wonderful evening everyone.

 

Be magnificent!

 

As ever,

Adversity does teach you who your real friends are.
                        -Lois McMaster Bujold, b. 1949

 

Carolann

 

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

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

December 22, 2017 Newsletter

Dear Friends,

Tangents: Happy Friday!

On this day in 1956, a western lowland gorilla is born at the Columbus Zoo in Ohio, becoming the first-ever gorilla born
in captivity.  She is named Colo, a combination of Columbus and Ohio.
Also, on December 22nd in 2005, astronomers announced the discovery of two more rings and two new moons encircling the planet Uranus.
Ralph Fiennes, actor, b. 1962.
Diane Sawyer, journalist, b. 1946
Giacomo Puccini, composer, b. 1858
Lady Bird Johnson, 1st Lady, b.1912  (We recently went to see the movie Lady Bird that is currently playing in cinemas and absolutely loved it!  The acting is awesome –  Saoirse Ronan and Laurie Metcalfe give truly brilliant performances – one of the best films of the year).

THE HOLLY  AND  THE  IVY
The holly and the ivy,

When they are both full grown,
Of all the trees that are in the wood,
Th holly bears the crown.
                ~Old French Carol

Holly has had special meaning for thousands of years, each culture adding its layer of significance.  The Druids saw holly and ivy as female and male – holly represented the Goddess, with her red berries standing for the blood of fertility.  Ivy was her consort.  The Romans thought Saturn gave them holly and the plant figured heavily in the sensual and wild Saturnalia festival honoring the god.  Holly is linked to Christmas in a couple of ways.  Early Christians, wishing to avoid Roman persecution, decorated their houses with holly in mid-December during Saturnalia.  As the number of Christians increased, holly became associated with the Christmas season.  Another connection is that holly was said to have been woven into Christ’s crown of thorns.
   But holly’s natural characteristic of evergreen cheerfulness and festive berries simply make it an apt symbol for celebration, especially in the dark of winter.  Its upright growth and deep reaching roots speak to strength and goodness.  In the Bach Flower remedy pharmacopeia, holly is given to heal the inner soul and stimulate our basic loving nature.
For more information on Christmas and the other Winter Holidays, see www.holidays.net.

Enjoy the holidays!

VERILY, GREAT GRACE MAY GO WITH A LITTLE GIFT; AND PRECIOUS ARE ALL THINGS THAT COME FROM FRIENDS. -THEOCRITUS.

May Peace be your gift at Christmas and your blessing all year through.
PHOTOS OF THE DAY

A police officer looks at Greg Knight MP arriving in Downing Street, London, in a 1961 Sunbeam Rapier car.


A thick mist rolls over Edinburgh, Scotland.

Artists from Stroud in traditional costume celebrate the Winter Solstice Sunrise om Painswick Beacon in Gloucestershire.
Market Closes for December 22nd, 2017

Market

Index

Close Change
Dow

Jones

24754.06 -28.23

 

-0.11%

 
S&P 500 2683.34 -1.23

 

-0.05%

 
NASDAQ 6959.961 -5.400

 

-0.08%

 
TSX 16165.27 -17.36

 

-0.11%

International Markets

Market

Index

Close Change
NIKKEI 22902.76 +36.66
+0.16%
HANG

SENG

29578.01 +210.95
+0.72%
SENSEX 33940.30 +184.02
+0.55%
FTSE 100* 7592.66 -11.32
-0.15%

Bonds

Bonds % Yield Previous % Yield
CND.

10 Year Bond

2.026 2.032
CND.

30 Year

Bond

2.248 2.252
U.S.   

10 Year Bond

2.4810 2.4808
U.S.

30 Year Bond

2.8309 2.8371

Currencies

BOC Close Today Previous  
Canadian $ 0.78583 0.78537
US

$

1.27253 1.27328
     
Euro Rate

1 Euro=

  Inverse
Canadian $ 1.50917 0.66262
US

$

1.18595 0.84320

Commodities

Gold Close Previous
London Gold

Fix

1264.55 1264.55
     
Oil    
WTI Crude Future 58.42 58.33

Market Commentary:
Number of the Day
394 days

The longest stretch in history that the S&P 500 or its predecessor hasn’t fallen 5% within any six-month period. The index is on pace to break the record  in early January.
Canada
By Andrew Dunn

     (Bloomberg) — The dollar advanced and U.S. equities were mixed in the last trading session before Christmas, while bitcoin plunged at the close of a tumultuous week for cryptocurrencies.
     With volume running about 25 percent below average, the S&P 500 Index was little changed as declines in consumer, health- care and financial stocks were countered by real estate and energy. Bitcoin’s slump entered a fourth day, with the digital currency enduring its worst week since January 2015. Chipmakers were among the biggest decliners in the S&P.
     Reports showed U.S. consumer spending rose more than forecast in November and an inflation gauge advanced, signs of economic vitality that should keep the Federal Reserve on track to raise rates in 2018. Although Treasuries stabilized, they were set for the biggest weekly loss since September as investors contemplate prospects for continued growth and reduced central bank stimulus. 
     Catalan separatist parties triumphed in regional elections, reigniting Spain’s political trauma and diverting focus from data on consumer spending, wholesale prices and gross domestic product from France and the Netherlands which underscored the region’s health.
     The Stoxx Europe 600 Index slipped with Spain’s Ibex 35 leading the declines. The country’s bonds also fell along with peripheral European government debt before recovering, while bunds were little changed after a selloff this week drove yields to five-week highs.  
     West Texas oil wavered between gains and losses as U.S. crude stockpiles dropped to their lowest level in more than two years. Copper and gold rose, and the Bloomberg Commodity Index advanced for the eighth straight day.
     Equities in Asia ended largely in the green, with Japan’s Topix Index reaching its highest level since 1991.
      These are the main moves in markets:
                          Stocks
* The S&P 500 Index fell less than 0.05 percent as of 4:03 p.m. New York time.
* The Stoxx Europe 600 Index fell 0.1 percent.
* The U.K.’s FTSE 100 Index declined 0.1 percent.
* Germany’s DAX Index decreased 0.3 percent. 
                          Currencies
* The Bloomberg Dollar Spot Index advanced 0.2 percent.
* The euro decreased 0.2 percent to $1.1856, the first retreat in a week.
* The British pound dipped 0.2 percent to $1.3365.
* The Japanese yen increased less than 0.05 percent to 113.28 per dollar.
                          Bonds
* The yield on 10-year Treasuries dipped less than one basis point to 2.48 percent.
* Germany’s 10-year yield climbed less than one basis point to 0.42 percent.
* Britain’s 10-year yield fell two basis points to 1.241 percent.
* Spain’s 10-year yield gained less than one basis point to 1.472 percent.
                          Commodities
* West Texas Intermediate crude fell 0.1 percent to $58.31 a barrel.
* Gold gained 0.6 percent to $1,274.23 an ounce, the highest in more than two weeks.
* LME copper increased 0.6 percent to $7,125 a metric ton, the highest in more than two months.
* The Bloomberg bitcoin composite fell 6.9 percent to $14,325.
US
By Andrew Dunn

     (Bloomberg) — The dollar advanced and U.S. equities were mixed in the last trading session before Christmas, while bitcoin plunged at the close of a tumultuous week for cryptocurrencies.
     With volume running about 25 percent below average, the S&P 500 Index was little changed as declines in consumer, health- care and financial stocks were countered by real estate and energy. Bitcoin’s slump entered a fourth day, with the digital currency enduring its worst week since January 2015. Chipmakers were among the biggest decliners in the S&P.
     Reports showed U.S. consumer spending rose more than forecast in November and an inflation gauge advanced, signs of economic vitality that should keep the Federal Reserve on track to raise rates in 2018. Although Treasuries stabilized, they were set for the biggest weekly loss since September as investors contemplate prospects for continued growth and reduced central bank stimulus. 
     Catalan separatist parties triumphed in regional elections, reigniting Spain’s political trauma and diverting focus from data on consumer spending, wholesale prices and gross domestic product from France and the Netherlands which underscored the region’s health.
     The Stoxx Europe 600 Index slipped with Spain’s Ibex 35 leading the declines. The country’s bonds also fell along with peripheral European government debt before recovering, while bunds were little changed after a selloff this week drove yields to five-week highs.  
     West Texas oil wavered between gains and losses as U.S. crude stockpiles dropped to their lowest level in more than two years. Copper and gold rose, and the Bloomberg Commodity Index advanced for the eighth straight day.
     Equities in Asia ended largely in the green, with Japan’s Topix Index reaching its highest level since 1991.
     These are the main moves in markets:
                          Stocks
* The S&P 500 Index fell less than 0.05 percent as of 4:03 p.m. New York time.
* The Stoxx Europe 600 Index fell 0.1 percent.
* The U.K.’s FTSE 100 Index declined 0.1 percent.
* Germany’s DAX Index decreased 0.3 percent. 
                         Currencies
* The Bloomberg Dollar Spot Index advanced 0.2 percent.
* The euro decreased 0.2 percent to $1.1856, the first retreat in a week.
* The British pound dipped 0.2 percent to $1.3365.
* The Japanese yen increased less than 0.05 percent to 113.28 per dollar.
                          Bonds
* The yield on 10-year Treasuries dipped less than one basis point to 2.48 percent.
* Germany’s 10-year yield climbed less than one basis point to 0.42 percent.
* Britain’s 10-year yield fell two basis points to 1.241 percent.
* Spain’s 10-year yield gained less than one basis point to 1.472 percent.
                          Commodities
* West Texas Intermediate crude fell 0.1 percent to $58.31 a barrel.
* Gold gained 0.6 percent to $1,274.23 an ounce, the highest in more than two weeks.
* LME copper increased 0.6 percent to $7,125 a metric ton, the highest in more than two months.
* The Bloomberg bitcoin composite fell 6.9 percent to $14,325.

 

Have a wonderful weekend everyone!

 

Be magnificent!

As ever,

 

Carolann

Anyone can hold the helm when the sea is calm.
                                -Publilius Syrus, 85-43 BC

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

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

December 21, 2017 Newsletter

Dear Friends,

Tangents:  WINTER SOLSTICE
On Dec. 21, 1988, a terrorist bomb exploded aboard a Pan Am Boeing 747 over Lockerbie, Scotland, killing 270 people.

Go to article »

1620: Pilgrims land at Plymouth, Mass.
1937: Jane Fonda born

PHOTOS OF THE DAY

The sun rises behind St. Mary’s lighthouse in Whitley Bay, Tyne and Wear.


A tourist walks on the Peak Walk bridge at Glacier 3000 in Les Diablerets, Switzerland.

Fisherman walk across the frozen Lake Hamurpet in Turkey.
Market Closes for December 21st, 2017

Market

Index

Close Change
Dow

Jones

24782.29 +55.64

 

+0.23%

 
S&P 500 2684.57 +5.32

 

+0.20%

 
NASDAQ 6965.359 +4.400

 

+0.06%

 
TSX 16182.63 +22.95

 

+0.14%

International Markets

Market

Index

Close Change
NIKKEI 22866.10 -25.62
-0.11%
HANG

SENG

29367.06 +132.97
+0.45%
SENSEX 33756.28 -21.10
-0.06%
FTSE 100* 7603.98 +78.76
+1.05%

Bonds

Bonds % Yield Previous % Yield
CND.

10 Year Bond

2.032 1.990
CND.

30 Year

Bond

2.252 2.246
U.S.   

10 Year Bond

2.4808 2.4970
U.S.

30 Year Bond

2.8371 2.8791

Currencies

BOC Close Today Previous  
Canadian $ 0.78537 0.77933
US

$

1.27328 1.28315
     
Euro Rate

1 Euro=

  Inverse
Canadian $ 1.51118 0.66173
US

$

1.18685 0.84257

Commodities

Gold Close Previous
London Gold

Fix

1264.55 1264.55
     
Oil    
WTI Crude Future 58.33 58.02

Market Commentary:
Canada
By Kristine Owram 

     (Bloomberg) — Canadian stocks closed at a record high for the second consecutive day, while the loonie and bond yields surged amid faster-than-expected inflation and retail sales growth.
     The S&P/TSX Composite Index added 23 points or 0.1 percent to reach 16,182.63 on lower-than-normal volume. Energy shares rose 0.7 percent as crude prices gained 0.5 percent and the discount for Western Canadian oil narrowed.
     Financials added 0.2 percent and materials edged up 0.1 percent. Paramount Resources Ltd. was the biggest gainer on the benchmark, rising 7 percent.
     In other moves:
                         Stocks
* Bonterra Energy Corp. rose 5.8 percent, the most in six weeks. AltaCorp upgraded the stock, saying its recent royalty deal has eliminated debt uncertainty
* Novo Resources Corp. tumbled 28 percent, the most since 2011, after releasing an update on exploration in Australia
* Cogeco Communications Inc. added 2.2 percent. The company’s U.S. subsidiary will benefit from U.S. tax changes, TD Securities said
                         Commodities
* Western Canada Select crude oil traded at a $26.75 discount to WTI, with weak prices expected to last well into 2018
* Aeco natural gas traded at a $1.06 discount to Henry Hub
* Gold rose 0.1 percent to $1,267.30 an ounce
                          FX/Bonds
* The Canadian dollar strengthened 0.7 percent to $1.2742 per U.S. dollar, the biggest gain in nearly three weeks
* The Canada 10-year government bond yield rose four basis points to 2.03 percent, the highest since October
US
By Kailey Leinz

     (Bloomberg) — U.S. equities broke a two-session losing streak the day after Congress passed a sweeping tax bill, while Treasuries stopped a week-long slide as third-quarter economic growth was revised lower. 
     The S&P 500 Index closed higher Thursday, buoyed by energy and financial stocks. While the U.S. GDP figure was trimmed on lower contributions from consumer spending and trade, the pace of expansion remained the fastest since early 2015, Commerce Department data showed.
     “I think the best way to approach today is to recognize it’s a real mixed bag of data,” Steve Ricchiuto, chief U.S. economist at Mizuho Securities, said by phone. “The big story is the tax cut, and whether or not the tax cut will work or not in terms of driving up economic activity. Everyone has been such a growth optimist for years on the U.S. economy, and now they’ve got this fiscal move, and they’re not all convinced that it’s going to work dramatically.”
     Core European bond yields rose for a fourth session as traders tidied up positions ahead of the Christmas holiday. Those in the periphery were mostly lower. Treasury yields dropped.
     Equities in Europe steadied after two days of declines. The Stoxx Europe 600 index rose after a mixed session in Asia, as energy firms rallied with oil prices, outweighing a slump in utilities. Health-care and mining stocks pushed the FTSE 100 Index to a record close. Sterling and the euro both advanced.
     The dollar gave up some early gains on the GDP report. The yen fluctuated as the Bank of Japan held rates and Governor Haruhiko Kuroda said there’s no need to reconsider the current policy framework.
     Oil rose to a two-week high. Gold and copper also gained.
     Ballots are being counted in elections in Catalonia, where voters got another chance to express their view on whether the region should press its fight to break away or remain within Spain. 
     A poll released as voting ended showed the separatists winning a very narrow majority, but the result was still too close to call. An exchange-traded fund that tracks Spanish equities fell from session highs after polls closed but still finished up on the day.
     These are the main moves in markets:
                          Stocks
* Then S&P 500 Index gained 0.2 percent as of 4:03 p.m. New York time.
* The Stoxx Europe 600 Index gained 0.6 percent.
* The U.K.’s FTSE 100 Index climbed 1 percent, the biggest jump in more than five months.
* Germany’s DAX Index rose 0.3 percent.
                         Currencies
* The Bloomberg Dollar Spot Index was unchanged.
* The euro climbed less than 0.05 percent to $1.1876.
* The British pound gained 0.1 percent to $1.3387.
* The Japanese yen increased 0.1 percent to 113.29 per dollar.
                          Bonds
* The yield on 10-year Treasuries dipped two basis points to 2.48 percent, the first retreat in more than a week.
* Germany’s 10-year yield gained one basis point to 0.42 percent, the highest in eight weeks.
* Britain’s 10-year yield advanced one basis point to 1.262 percent, the highest in almost two weeks.
                          Commodities
* West Texas Intermediate crude increased 0.2 percent to $58.23 a barrel.
* Gold rose 0.2 percent to $1,267.89 an ounce.
* LME copper increased 0.6 percent to $7,086 per metric ton, the highest in over two months.
* The Bloomberg Commodity Index climbed 0.3 percent, the seventh straight advance.

 

Have a wonderful evening everyone.

 

Be magnificent!

 

As ever,

 

No duty is more urgent than that of returning thanks.
                                     -James Allen, 1864-1912

Carolann

 

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

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

December 20, 2017 Newsletter

Dear Friends,

Tangents:

On Dec. 20, 1989, the United States launched Operation Just Cause, sending troops into Panama to topple the government of General Manuel Noriega.
Go to article »

PRIME NUMBERS:

5,800
Barrels of oil leaked since TransCanada’s existing Keystone pipeline in the Dakotas began operating in 2010.  The company originally predicted spills of 1,000 barrels or more would occur no more than once every 100 years.

110 MILLION
Compensation payment (in Canadian dollars) the Canadian government will pay to victims of its authorized program of discrimination against gay people from the 1950s to 1990s.

375 MILLION
Workers worldwide who will have to change careers by 2030 to avoid being replaced by machines, according to McKinsey Global Institute.

150
Percentage of salaries American Airlines is offering some of its pilots to fly over the Christmas season after a computer error allowed too many to sign up to take that period off.

969
Flights that left Mumbai Airport on November 24, 2017, a new daily record.  India’s aviation industry is booming.

350,000
Highest estimated value (in U$) of the diamond engagement ring Britain’s Prince harry gave fiancée Meghan Markle.  In the US, the average person spends $6,163 on an engagement ring.

PHOTOS OF THE DAY

Mist surrounds Glastonbury Tor on the Somerset Levels.


A man decorates a Christmas tree made of bananas in the Damour area, south of Beirut, Lebanon.

A man takes a photograph of the Christmas lights on Regent Street in London
Market Closes for December 20th, 2017

Market

Index

Close Change
Dow

Jones

24726.65 -28.10

 

-0.11%

 
S&P 500 2679.25 -2.22

 

-0.08%

 
NASDAQ 6960.961 -2.890

 

-0.04%

 
TSX 16159.67 +26.32

 

+0.16%

International Markets

Market

Index

Close Change
NIKKEI 22891.72 +23.72
+0.10%
HANG

SENG

29234.09 -19.57
-0.07%
SENSEX 33777.38 -59.36
-0.18%
FTSE 100* 7525.22 -18.87
-0.25%

Bonds

Bonds % Yield Previous % Yield
CND.

10 Year Bond

1.990 1.931
CND.

30 Year

Bond

2.246 2.195
U.S.   

10 Year Bond

2.4970 2.4518
U.S.

30 Year Bond

2.8791 2.8058

Currencies

BOC Close Today Previous  
Canadian $ 0.77933 0.77647
US

$

1.28315 1.28788
     
Euro Rate

1 Euro=

  Inverse
Canadian $ 1.52322 0.65650
US

$

1.18710 0.84239

Commodities

Gold Close Previous
London Gold

Fix

1264.55 1260.35
     
Oil    
WTI Crude Future 58.02 57.46

Market Commentary:
On this day in 1966, the transmission of trades and quotes from the floor of the New York Stock Exchange is fully automated for the first time.

Number of the Day
26%

The most actively traded copper contract is up 26% so far in 2017, on track to post its best year since 2010, supported by a favorable global economic backdrop and the prospect of mine disruptions across the globe.
Canada
By Kristine Owram

     (Bloomberg) — Canadian stocks closed at a record high, rebounding from a decline earlier in the day as strong gains in commodity prices offset drops in most other sectors.
     The S&P/TSX Composite Index added 26 points or 0.2 percent to 16,159.67. Materials rose 1.2 percent as copper prices jumped 1.4 percent to the highest in nearly two months. Lundin Mining Corp. gained 3.3 percent.
     The energy index gained 0.7 percent, boosted by a 1.1 gain in crude prices. U.S. weekly imports of Canadian crude saw their biggest inflow since March, new data showed.
     In other moves:
                         Stocks
* BlackBerry Ltd. jumped 12 percent to the highest since 2013. The company reported record software revenue and said sales for the full year will come in at the high end of its forecast
* Bombardier Inc. added 1 percent. Its CEO is scaling back plans to being a new aircraft program, focusing instead on generating cash flow and cutting debt
* Brookfield Business Partners LP rose 1.3 percent. The stock was initiated with a buy rating at Citi
                         Commodities
* Western Canada Select crude oil traded at a $26.85 discount to WTI, the widest gap in four years
* Aeco natural gas traded at a $1.00 discount to Henry Hub, the narrowest gap in six weeks
* Gold rose 0.4 percent to $1,266.10 an ounce, the highest in two and a half weeks.
                          FX/Bonds
* The Canadian dollar strengthened 0.4 percent to $1.2828 per U.S. dollar
* The Canada 10-year government bond yield rose five basis points to 1.99 percent, the highest in nearly two months
US
By Kailey Leinz

     (Bloomberg) — U.S. stocks fluctuated while Treasury yields climbed to a nine-month peak as the Republican tax overhaul passed its final vote before going to President Donald Trump for his signature.
     The S&P 500 Index was little changed Wednesday, held back in part by slumping consumer and real estate shares, while the energy and telecom sectors rose. Core European bond yields followed Treasury rates higher, with European Central Bank asset purchases for the year ending Thursday.
     The U.S. Senate approved the tax-cut legislation in a party-line vote and the House of Representatives passed the bill after a re-vote, bringing Trump to the brink of his first major legislative victory. The bill itself will be signed at a later date.
     “The tax reform passing, you’d expect the market to celebrate that,” Kevin Caron, a senior portfolio manager at Washington Crossing Advisors, said by phone. “But in reality a lot of this has already been part of the drama over the last year or so in anticipation of this moment. The market has gotten what it has already been discounting in.” 
     Tech shares led the Stoxx Europe 600 Index to its biggest decline in almost three weeks, with Spanish equities underperforming before Thursday’s Catalan poll. Miners gained as the Bloomberg Commodity Index advanced for a sixth day. The euro climbed against the dollar, as did the British pound. The yen had its biggest decline against the greenback in almost two weeks.
     Meanwhile, oil traded above $58 after a report of a drop in U.S. crude stockpiles. Gold edged higher and industrial metals rose.
     Earlier, Japan’s Topix index closed at its highest level since November 1991, while stocks in Hong Kong and China declined.
     Among the key events investors will be watching this week:
* The U.S. and U.K. publish updated estimates of third-quarter GDP.
* The Bank of Japan meets on Thursday to set monetary policy.
* Catalonia votes in an election Thursday that will pose a test for the Spanish region’s secession movement.

      And these are the main moves in markets:
                          Stocks
* The S&P 500 Index fell less than 0.05 percent as of 4 p.m. New York time
* The Stoxx Europe 600 Index fell 0.7 percent, its biggest drop in almost three weeks.
* The U.K.’s FTSE 100 Index fell 0.3 percent.
* Germany’s DAX Index decreased 1.1 percent. 
                          Currencies
* The Bloomberg Dollar Spot Index declined 0.1 percent.
* The euro advanced 0.3 percent to $1.1878, the strongest in more than two weeks.
* The British pound rose less than 0.05 percent to $1.3386.
* The Japanese yen fell 0.4 percent to 113.40 per dollar.
                           Bonds
* The yield on 10-year Treasuries gained three basis points to 2.50 percent, its fifth straight advance.
* Germany’s 10-year yield advanced three basis points to 0.41 percent, the highest in more than five weeks.
* Britain’s 10-year yield climbed four basis points to 1.25 percent.
                           Commodities
* West Texas Intermediate crude rose 0.9 percent to $58.07 a barrel, the highest in almost three weeks.
* Gold gained 0.3 percent to $1,265.57 an ounce, the highest in more than two weeks.
* Copper increased 1.5 percent to $7,044 a metric ton.
* The Bloomberg Commodity Index rose 0.6 percent to its highest in more than two weeks.

 

Have a wonderful evening everyone.

 

Be magnificent!

 

As ever,

 

Carolann

 

Knowledge will give you power, but character respect.
                                         -Bruce Lee, 1940-1973

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

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

December 19, 2017 Newsletter

Dear Friends,

Tangents:

TRUE BLUE
Photographers know about “blue hour” – the time just before sunrise or just after sunset when objects take on a blue appearance.  Artist Journey Gong took photos of sights including Grand Central Terminal during “blue hour,” and the resulting images are beautiful and sometimes eerie.  You can find the work at http://bit.ly/bluehourphotos.

PHOTOS OF THE DAY

The spire of St. Mary’s Church appears through the mist cloaking Ambleside at the north end of Windermere in the Lake District, as fog is forecast to cause problems across England and Wales.


A Nepalese man walking a bridge, arrives to perform rituals during Gaya Aunsi festival in Kathmandu, Nepal. In this festival people gather and perform holy rituals to offer prayers and pay tribute to the deceased family member. Also, believed that doing this will help departed soul to find the way to the heaven.

The morning sun illuminating paddle boarders near Cuckmere Haven, East Sussex on a beautiful crisp morning on the south coast.
Market Closes for December 19th, 2017

Market

Index

Close Change
Dow

Jones

24754.75 -37.45

 

-0.15%

 
S&P 500 2681.47 -8.69

 

-0.32%

 
NASDAQ 6963.852 -30.908

 

-0.44%

 
TSX 16133.35 +1.71

 

+0.01%

International Markets

Market

Index

Close Change
NIKKEI 22868.00 -33.77
-0.15%
HANG

SENG

29253.66 +203.25
+0.70%
SENSEX 33836.74 +235.06
+0.70%
FTSE 100* 7544.09 +7.08
+0.09%

Bonds

Bonds % Yield Previous % Yield
CND.

10 Year Bond

1.931 1.858
CND.

30 Year

Bond

2.195 2.134
U.S.   

10 Year Bond

2.4518 2.3888
U.S.

30 Year Bond

2.8058 2.7369

Currencies

BOC Close Today Previous  
Canadian $ 0.77647 0.77720
US

$

1.28788 1.28667
     
Euro Rate

1 Euro=

  Inverse
Canadian $ 1.52499 0.65574
US

$

1.18410 0.84452

Commodities

Gold Close Previous
London Gold

Fix

1260.35 1260.60
     
Oil    
WTI Crude Future 57.46 57.16

Market Commentary:
On this day in 1927, the Dow Jones Industrial Average closes above 200 for the first time, finishing the day at 200.93.

Number of the Day
$600 billion

More than $600 billion is remitted world-wide every year, and the race is on to become the top global app for international money transfers.
Canada
By Kristine Owram

     (Bloomberg) — Canadian stocks ended the day little changed after earlier gaining as much as 0.4 percent, in what appeared to be a classic case of buy the rumor, sell the news on the U.S. tax debate.
     The S&P/TSX Composite Index rose two points or less than 0.1 percent to 16,133.35. Consumer discretionary stocks added 0.4 percent as Great Canadian Gaming Corp. jumped 15 percent to the highest in three months. The company won a bid to operating gambling facilities in the Toronto area.
     The utilities index fell 0.7 percent as Canadian government bond yields rose the most since September. Fortis Inc. lost 1.7 percent.
     In other moves:
                         Stocks
* Kirkland Lake Gold Ltd. gained 6.7 percent, the most in six weeks. The miner reported positive drilling results at its Cosmo Mine in Australia
* Canadian Imperial Bank of Commerce rose 1 percent to a record high. The stock was upgraded two notches at Barclays
* National Bank of Canada and Canadian Western Bank both fell 0.8 percent after downgrades at Barclays
                         Commodities
* Western Canada Select crude oil traded at a $26 discount to WTI
* Aeco natural gas traded at a $1.26 discount to Henry Hub
* Gold fell 0.1 percent to $1,260.70 an ounce
                         FX/Bonds
* The Canadian dollar weakened 0.1 percent to $1.2870 per U.S. dollar
* The Canada 10-year government bond yield jumped eight basis points to 1.93 percent, the biggest gain since early September
US
By Cormac Mullen and Kailey Leinz

     (Bloomberg) — Treasuries slumped and U.S. stocks slid in pre-holiday period trading as Republicans in Washington made progress in implementing a sweeping tax overhaul.
     The S&P 500 Index retreated for the first time in three days as the U.S. House of Representatives approved the tax bill and sent it to the Senate, where passage is all but assured. The index had surged 1.5 percent in the prior two sessions as approval for the first major tax overhaul in 31 years grew more certain.
     With the Republicans closing in on a major legislative victory that gives corporations lasting tax cuts, investors are assessing how the bill will impact the world’s largest economy. It’s largely anticipated to add to growth in the next year, but the longer-term impact is less certain.
     Longer-dated U.S. bonds endured their steepest two-day selloff in a year. The dollar was mixed against its major developed-market peers, gaining versus the yen and sliding against the euro. 
     Equity markets were mixed in Europe. The region’s core bonds declined, with German yields seeing their biggest gains in more than five months after a European Central Bank Governing Council member said discussions were moving to the future use of interest rates rather than asset purchases to regulate the economy.
     The Mexican peso dropped to its weakest in more than a month after a news report alleged that the nation’s Finance Ministry has funneled money to political campaigns. Oil traded above $57 a barrel before U.S. data forecast to show crude stockpiles in the world’s biggest consumer fell for a fifth week. Gold fell and copper rose.
     It was a mixed picture for equities in Asia, with benchmarks in Japan and South Korea falling earlier as stocks in Sydney, Hong Kong and China climbed. 

     Among the key events investors will be watching this week:
* The U.S. and U.K. publish updated estimates of third-quarter GDP.
* The Bank of Japan meets on Thursday to set monetary policy.
* Catalonia’s secessionists are at risk of becoming a minority in the Spanish region’s parliament as the main pro-unity party is set to add seats in Thursday’s election.

     And these are the main moves in markets:
                          Stocks
* The S&P 500 Index declined 0.2 percent as of 4:02 p.m. New York time
* The Stoxx Europe 600 Index dipped 0.4 percent.
* The U.K.’s FTSE 100 Index gained 0.1 percent.
* Germany’s DAX Index sank 0.7 percent.
* The MSCI Emerging Market Index increased 0.2 percent.
                         Currencies
* The Bloomberg Dollar Spot Index fell 0.1 percent.
* The euro climbed 0.5 percent to $1.1842.
* The British pound rose less than 0.05 percent to $1.3387.
* The Japanese yen declined 0.3 percent to 112.85 per dollar.
* The Mexican peso fell 0.7 percent to 19.2108 per dollar.
                          Bonds
* The yield on 10-year Treasuries advanced six basis points to 2.45 percent, the highest in more than seven weeks.
* Germany’s 10-year yield climbed seven basis points to 0.38 percent, the highest in more than two weeks.
* Britain’s 10-year yield advanced six basis points to 1.205 percent.
                          Commodities
* West Texas Intermediate crude advanced 0.5 percent to $57.46 a barrel.
* Gold fell less than 0.05 percent to $1,262.25 an ounce.
* Copper rose 0.5 percent to $6,942 a metric ton, the highest in more than three weeks.

 

Have a wonderful evening everyone.

 

Be magnificent!

Truth is that which one wishes in its totality.  Have you reached it?
Krishnamurti

 

As ever,

Carolann

 

When the character of a man is not clear to you, look at his friends. -Japanese Proverb

 

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,

Victoria, B.C. V8W 3Y7

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