Category: Newsletters

Dear Friends,

Tangents:
On Sept. 7, 1940, the German air force began its blitz on London during World War II.
Go to article » 

September 7, 1914: Opening of the New York post office.
September 7, 1533: Queen Elizabeth l is born. 

PHOTOS OF THE DAY

Prince George arriving with the Duke of Cambridge at Thomas’s Battersea in London, as he starts his first day of school.
CREDIT: RICHARD POHLE/PA

Japanese-Australian artist Hiromi Tango performs in her installation titled Red Room at a preview of the Sydney Contemporary Art Fair. The fair is Australiasias premier international art fair, with more than 80 leading Australian and international exhibitors from around the pacific rim and further afield including China, Hong Kong, The Philippines, Singapore, Chile and New Zealand.
CREDIT: WILLIAM WEST/AFP

The moon rises over St Mary’s Lighthouse in Whitley Bay. 
CREDIT: OWEN HUMPHREYS/PA
Market Closes for September 7^th, 2017

Market Index	Close	Change
Dow Jones	21784.78	-22.86    -0.10%
S&P 500	2465.10	-0.44   -0.02%
NASDAQ	6397.867	+4.553   +0.07%
TSX	15024.53	-35.30
		-0.23%

International Markets

Market Index	Close	Change
NIKKEI	19396.52	+38.55
		+0.20%
HANG SENG	27522.92	-90.84
		-0.33%
SENSEX	31662.74	+0.77
		—
FTSE 100*	7396.98	+42.85
		+0.58%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.940		1.941
CND. 30 Year Bond		2.330		2.334
U.S.    10 Year Bond		2.0439		2.1011
U.S. 30 Year Bond		2.6640		2.7193

Currencies

BOC Close	Today	Previous
Canadian $	0.82546	0.81819
US $	1.21144	1.22220
Euro Rate 1 Euro=		Inverse
Canadian $	1.45724	0.68623
US $	1.20290	0.83133

Commodities

Gold	Close	Previous
London Gold Fix	1343.50	1337.85
Oil
WTI Crude Future	49.09	49.16

Market Commentary:
On this day in 2008, the U.S. government seizes control of troubled mortgage giants Fannie Mae and Freddie Mac and replaces the companies’ chief executives.
Number of the Day
10%
The price of diesel futures has risen roughly 10% since Hurricane Harvey tore into the U.S. Gulf Coast, contributing to a shortfall of the fuel in Europe, a region with massive diesel appetites for passenger cars.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks fell as Hurricane Irma weighed on insurance shares, while the loonie continued its upward march to the highest level since May 2015.
     The S&P/TSX Composite Index lost 35 points or 0.2 percent to 15,024.53, the benchmark’s fourth consecutive decline and its lowest close in more than two weeks.
     Financial shares lost 0.6 percent as Power Corp. of Canada fell 2.4 percent, Manulife Financial Corp. slipped 1.6 percent and Sun Life Financial Inc. lost 1 percent.
     The biggest gainers, meanwhile, were consumer discretionary stocks, up 1.6 percent. The sector was led by an 11 percent rise in shares of Dollarama Inc., which posted earnings that topped estimates and raised its gross-margin forecast.
     In other moves:
                             Stocks
* Hudson’s Bay Co. rose 6.7 percent. Austrian real estate company Signa Holding is examining a bid for the retailer’s German operations, Reuters reported
* Transcontinental Inc. added 6.1 percent after reporting adjusted earnings per share that beat the highest analyst estimate
* Restaurant Brands gained 3.3 percent. The stock was upgraded to outperform by Credit Suisse on expectations it will sustain earnings growth
                          Commodities
* Western Canada Select crude oil traded at a $11.20 discount to West Texas Intermediate, the narrowest in more than a week
* Aeco natural gas traded at a $1.56 discount to Henry Hub
* Gold rose 0.9 percent to $1,346.50 an ounce
                            FX/Bonds
* The Canadian dollar rose 1 percent to C$1.2111 per U.S. dollar, adding to Wednesday’s 1.2 percent gain. It has risen 14 percent since its May low
* The Canada 10-year government bond yield fell 1 basis point to 1.94 percent
US
By Andrew Dunn
     (Bloomberg) — U.S. stocks were little changed, while the dollar tumbled and Treasuries rallied as investors sounded a note of caution with Hurricane Irma barreling toward Florida and North Korea issuing threats. 
     The S&P 500 Index, Nasdaq Composite Index and Dow Jones Industrial Average barely budged, while the euro strengthened after the European Central Bank signaled prolonged stimulus. The ECB’s dovish tone boosted the region’s currency to the highest in almost three years, fueling demand for dollar-denominated debt. That sent 10-year Treasury yields down to 2.05 percent.
Gold advanced on signs that inflation in the U.S. and Europe remains subdued.
     ECB President Mario Draghi said he’s watching the euro’s gains as policy makers edge toward settling the future of their bond-buying program. The euro’s surge — more than 14 percent against the dollar this year — was reflected in a downgrade to the ECB’s inflation outlook even as Draghi said economic growth remains solid.
     Meanwhile, U.S. President Donald Trump’s surprise debt- ceiling deal with Democrats temporarily bolstered markets, but traders are alert to a potential escalation of North Korea risks amid concerns Pyongyang may fire a ballistic missile. Trump said that military action against the country wasn’t his first choice as South Korea moved to bolster its missile shield.
    Fed Deputy Chairman Stanley Fischer’s impending departure added to uncertainty about leadership at the central bank as the end of Janet Yellen’s term approaches.
          The key events this week:
* China trade figures are anticipated to show another month of solid export growth, according to Bloomberg Intelligence.
* Irma is expected to maintain strength and make landfall on the U.S. coast on Sunday.
     And here are the main moves in markets:
                             Stocks
* The S&P 500 Index fell less than 0.05 percent as of 4 p.m. in New York.
* The Nasdaq Composite Index rose 0.07 percent while the Dow Jones Industrial Average fell 0.1 percent.
* The Stoxx Europe 600 Index gained 0.3 percent and the U.K.’s FTSE 100 Index rose 0.6 percent.
                           Currencies
* The Bloomberg Dollar Spot Index dipped 0.7 percent, hitting the lowest in more than two years with its sixth straight decline.
* The euro increased 0.9 percent to $1.2019, the strongest in almost three years.
* The British pound gained 0.4 percent to $1.3097, the strongest in almost five weeks.
* The Japanese yen increased 0.7 percent to 108.49 per dollar.
                             Bonds
* The yield on 10-year Treasuries fell six basis points to 2.05 percent.
* Germany’s 10-year yield declined four basis points to 0.31 percent, the lowest in more than 10 weeks.
* Britain’s 10-year yield fell three basis points to 0.972 percent.
                          Commodities
* Gold gained 1.1 percent to $1,349.04 an ounce, the highest in a year.
* West Texas Intermediate crude fell 0.1 percent to $49.11 a barrel.
* Copper sank 0.1 percent to $3.15 a pound, the first retreat in more than a week.
                              Asia
* The Topix index rose 0.4 percent at the close in Tokyo, while the Kospi index in South Korea was up 1.1 percent and Australia’s S&P/ASX 200 Index was flat.
* Hong Kong’s Hang Seng Index fell 0.3 percent as Chinese indexes fluctuated.
* The MSCI Asia Pacific Index climbed 0.4 percent.

Have a wonderful evening everyone.

Be magnificent!

We are fragmented.  We are one person at the office and another at home,
we speak of democracy and are autocrats in our hearts;
we speak of love for our neighbors even as we kill that love with our competitive spirit;
one part of us works, watches, and acts independently of the other.
Are you conscious of the fragmentation of your existence?  Is it possible for a mind
that has splintered the structure of its thought to perceive the broad field of consciousness?
Krishnamurti

As ever, 

Carolann 

Imparting knowledge is only lighting other men’s candles at our lamp,
without depriving ourselves of any flame.
-Jane Porter, 1776-1850

 

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

Dear Friends,

Tangents:  FULL MOON TONIGHT.

When the Moon’s in the full, then the wit’s in the wane.

On this day in 1997, 2,000 people attend the public funeral of Princess Diana at Westminster Abbey and an estimated 2.5 billion tune in world-wide.

Also, on Sept. 6, 1901, President William B. McKinley was shot and mortally wounded by anarchist Leon Czolgosz at the Pan-American Exposition in Buffalo, N.Y.
Go to article »

PHOTOS OF THE DAY

A visior looks over the entrants at the National Dahlia Society Show at the opening of the 25^th anniversary Flower Show at RHS Wisley.
CREDIT: JOHN NGUYEN/JNVISUALS

The Milky Way photographed from the Brecon Beacons.
CREDIT: ALYN WALLACE
Market Closes for September 6^th, 2017

Market Index	Close	Change
Dow Jones	21807.64	+54.33   +0.25%
S&P 500	2465.54	+7.69   +0.31%
NASDAQ	6393.313	+17.739   +0.28%
TSX	15059.83	-30.32
		-0.20%

International Markets

Market Index	Close	Change
NIKKEI	19357.97	-27.84
		-0.14%
HANG SENG	27613.76	-127.59
		-0.46%
SENSEX	31661.97	-147.58
		-0.46%
FTSE 100*	7354.13	-18.79
		-0.25%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.941		1.862
CND. 30 Year Bond		2.334		2.279
U.S.    10 Year Bond		2.1011		2.0682
U.S. 30 Year Bond		2.7193		2.6859

Currencies

BOC Close	Today	Previous
Canadian $	0.81819	0.80774
US $	1.22220	1.23802
Euro Rate 1 Euro=		Inverse
Canadian $	1.45679	0.68644
US $	1.19193	0.83897

Commodities

Gold	Close	Previous
London Gold Fix	1337.85	1335.55
Oil
WTI Crude Future	49.16	48.66

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks fell, the currency rose and bond yields spiked after the Bank of Canada raised interest rates for the second time in two months, against the expectations of several economists who expected the central bank to wait until October.
     The S&P/TSX Composite Index fell 30 points or 0.2 percent to 15,059.83, retreating a third day. Before the rate decision, the benchmark rose as much as 0.6 percent.
     The materials sector led the declines, falling 1.4 percent as the price of gold lost 0.4 percent. Gold reversed earlier gains after U.S. President Donald Trump sided with Democrats on raising the U.S. debt limit for three months after tying the move to a hurricane-relief bill.
     Bond-proxies also fell following the rate hike, with telecom shares down 0.5 percent and utilities retreating 0.3 percent. The energy index rose 0.6 percent as West Texas Intermediate crude gained 1 percent.
     In other moves:
                            Stocks
* Hudson’s Bay Co. jumped 8.2 percent to the highest since May. Activist investor Jonathan Litt said there’s a “highly-qualified third-party buyer with serious interest” in HBC’s European banner at a price approaching C$10 a share
* Centerra Gold Inc. rose 6.6 percent after the miner said it’s in “advanced” settlement talks with the Kyrgyzstan
* Alimentation Couche-Tard Inc. added 2.6 percent after its $4- billion acquisition of CST Brands Inc. boosted quarterly profit
                            Commodities
* Western Canada Select crude oil traded at an $11.25 discount to WTI, $1.70 narrower than on Tuesday
* Aeco natural gas traded at a $1.61 discount to Henry Hub, the widest in a week and a half
* Gold fell 0.4 percent to $1,335.20 an ounce
                             FX/Bonds
* The Canadian dollar jumped 1.2 percent to C$1.2225 per U.S. dollar, the highest in more than two years, after the Bank of Canada raised rates for the second time since July
* The Canada 10-year government bond yield rose eight basis points to 1.94 percent, the highest in more than a month
US
By Andrew Dunn
     (Bloomberg) — U.S. stocks pushed higher while longer-term government debt fell after lawmakers reached a deal with President Donald Trump to extend the U.S. debt limit and fund the government through mid-December.
     The S&P 500 Index added to its gains after Democratic congressional leaders announced the agreement, which also includes aid to victims of Hurricane Harvey. Ten-year Treasury yields jumped, while shorter-term bills showed a mixed reaction. Yields on bills maturing on Oct. 5 and Oct. 12 fell as much as 12 basis points but December yields climbed, as investors anticipated a rerun of the debt drama that roiled markets in recent weeks.
     While the agreement mitigates one threat facing financial markets, plenty of other unresolved matters loom on the horizon. Federal Reserve Vice Chairman Stanley Fischer resigned effective next month after three years at the U.S. central bank. His departure “adds further uncertainty to the already murky outlook for the future of the central bank’s leadership,” according to Royce Mendes, an economist at CIBC. 
     This week will see a raft of central bank speakers and economic decisions and data. Chief among them is Mario Draghi, who may give more clarity on winding down the European Central Bank’s bond-buying program when he speaks after a policy decision on Thursday. U.S. unemployment claims and the release of the Fed’s Beige Book are also on the way. Federal Reserve speakers so far have continued to urge caution on tightening policy.
     The loonie jumped to a two-year high against the U.S. dollar after Canada’s central bank raised its benchmark interest rate to 1 percent. The euro was little changed despite an unexpected decline in German factory orders. Then yen saw its biggest drop in over two weeks; the pound advanced.
     While Hurricane Irma threatens Florida and the cleanup from Harvey continues, Trump is scheduled to appear at a tax event in North Dakota. The president is expected to focus on the state’s history of cross-party support for reductions to the tax rate, according to speech excerpts provided by the White House.
     The hurricanes could “help the children get along in the sandbox because the country is going to have to work together on relief and other things could get done that could stimulate the economy,” said Brian Belski, chief investment strategist at BMO Capital Markets. North Korea remains the biggest threat because it’s a “very binary” situation that markets are “unable to discount,” he said.
     Automakers helped spur a recovery for the Stoxx Europe 600 Index after equities slid from Hong Kong to Sydney as traders girded for a potential intercontinental ballistic missile launch by Pyongyang.  Data showed Australia’s economy grew less than forecast in the second quarter, and the Reserve Bank of Australia left its benchmark rate unchanged.
     The key events coming this week:
* China trade figures this week are anticipated to show another month of solid export growth, while FX reserves probably continued to rise on stricter capital controls, robust growth and a stronger yuan, according to Bloomberg Intelligence.
* The European Central Bank meets on Thursday. Mario Draghi will express concern over the euro’s strength, but won’t say much about his asset-purchase program’s future, according to a survey.
     And here are the main moves in markets:
                            Stocks
* The S&P 500 Index rose 0.31 percent to 2,465.57 as of 4 p.m. New York time.
* The Stoxx Europe 600 Index increased 0.1 percent.
* Germany’s DAX Index increased 0.7 percent
* The U.K.’s FTSE 100 Index fell 0.3 percent. 
                           Currencies
* The Bloomberg Dollar Spot Index decreased 0.1 percent.
* The euro was unchanged at $1.1914.
* The British pound advanced 0.1 percent to $1.304.
* The Japanese yen fell 0.5 percent to 109.32 per dollar.
* The Canadian dollar surged 1.2 percent to C$1.225 per U.S. dollar, the strongest in more than two years.
                            Bonds
* The yield on 10-year Treasuries advanced four basis points to 2.10 percent.
* Germany’s 10-year yield increased one basis point to 0.35 percent.
* Britain’s 10-year yield fell two basis points to 1.005 percent.
                            Commodities
* Gold fell 0.4 percent to $1,334.12 an ounce.
* West Texas Intermediate crude advanced 1 percent to $49.13 a barrel.
* The Bloomberg Commodity Index gained 0.4 percent to 85.72, the highest in more than 20 weeks.
                             Asia
* Japan’s Topix index reversed earlier losses to end up 0.1 percent. The Kospi index in South Korea slid 0.3 percent as did Australia’s main gauge. The Hang Seng Index declined 0.5 percent in Hong Kong on low volumes and China’s equity benchmarks were also lower.

 

Have a wonderful evening everyone.

 

Be magnificent!

Why is there this division between man and man, between race and race, culture against culture,
one series of ideologies set one against another?  Why?
Why is there this separation?
Krishnamurti

As ever,

 

Carolann

 

What you have become, is the price you paid to be what you used to want.
                                                     -Mignon McLaughlin, 1913-1983

 

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

Dear Friends,

Tangents: 

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

PHOTOS OF THE DAY

A lizard climbing a flower stock proves she is the real lord of the rings. Nature photographer and vacation rental manager Danny Young, 69 from Hollywood, GA, USA, snapped a lizard using its tail to create a full circle in his own front garden. Danny snapped the cute anole lizard after it unexpectedly climbed into shot of feeding hummingbirds and made a complete circle as it changed direction.
CREDIT: DANNY YOUNG/CATERS

Queen Elizabeth II officially opens the Queensferry Crossing as the Duke of Edinburgh and First Minister Nicola Sturgeon look on, across the Firth of Forth.
CREDIT: ANDREW MILLIGAN/PA WIRE
Market Closes for September 5^th, 2017

Market Index	Close	Change
Dow Jones	21753.31	-234.25   -1.07%
S&P 500	2457.85	-18.70   -0.76%
NASDAQ	6375.574	-59.756   -0.93%
TSX	15090.15	-101.44
		-0.67%

International Markets

Market Index	Close	Change
NIKKEI	19385.81	-122.44
		-0.63%
HANG SENG	27741.35	+1.09
		—
SENSEX	31809.55	+107.30
		+0.34%
FTSE 100*	7372.92	-38.55
		-0.52%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.862		1.914
CND. 30 Year Bond		2.279		2.304
U.S.    10 Year Bond		2.0682		2.1604
U.S. 30 Year Bond		2.6859		2.7708

Currencies

BOC Close	Today	Previous
Canadian $	0.80774	0.80698
US $	1.23802	1.23918
Euro Rate 1 Euro=		Inverse
Canadian $	1.47497	0.67798
US $	1.19140	0.83935

Commodities

Gold	Close	Previous
London Gold Fix	1335.55	1320.45
Oil
WTI Crude Future	48.66	47.29

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks fell as gains in commodity producers were offset by a broad-based decline elsewhere on the benchmark.
     The S&P/TSX Composite Index lost 54 points or 0.4 percent to 15,137.37 at 9:50 a.m. in Toronto. Energy shares were the biggest gainers, adding 0.2 percent as the price of West Texas Intermediate crude jumped 2.7 percent. Prices are normalizing as refineries restart operations following Hurricane Harvey.
     Materials shares also gained, adding 0.2 percent as gold and copper prices rose. This was offset by declines of 0.7 percent in the financial and industrials indexes.
     In other moves:
* Canadian Natural Resources Ltd. rose 1.5 percent and Cenovus Energy Inc. gained 3.3 percent. Canadian Natural is buying Cenovus’s Pelican Lake operations and other assets in northern Alberta for C$975 million
* Metro fell 1.6 percent after the stock was cut to hold at TD
* Cineplex Inc. rose 0.6 percent after announcing a normal course issuer bid to buy back up to 10% of its common shares
* Colliers International Group Inc. fell 0.8 percent. The real estate company is buying Australian firm NixAnderson for an undisclosed amount
* Cott Corp. rose 1.3 percent after Refresco Group NV shareholders approved a $1.25-billion takeover of Cott’s soda business
* WCS traded at a $13 discount to WTI, the widest gap since March
* Aeco natural gas traded at a $1.58 discount to Henry Hub
* Gold rose 0.6 percent to $1,338.50 an ounce
* The Canadian dollar rose 0.3 percent to 80.81 U.S. cents ahead of the Bank of Canada’s rate decision Wednesday
* The Canada 10-year government bond yield fell 1.8 percent to 1.88%
US
By Andrew Dunn
     (Bloomberg) — U.S. stocks slipped while Treasuries rallied the most in 10 months as tensions with North Korea mounted and another Atlantic hurricane threatened to make landfall.
     The Dow Jones Industrial Average fell 234 points at the start of a week packed with central-bank decisions, Federal Reserve speakers and economic data that will help illuminate the path of the global economy. The S&P 500 Index dropped the most since Aug. 17, ending a six-day rally. Ten-year Treasuries climbed amid lingering unease over North Korean plans for a ballistic missile launch, while Hurricane Irma threatened a region already dealing with the devastation from Harvey. 
     West Texas intermediate crude climbed for a third day and copper extended its rally. Gold also rose. The Stoxx Europe 600 Index dropped slightly as the euro and yen gained against the dollar. The greenback declined amid dovish comments from Fed Governor Lael Brainard. Buyers of four-week Treasury bills demanded the highest yields since 2008 in Tuesday’s auction as the deadline to raise the U.S. debt ceiling neared.
     Big economic news still awaits. Mario Draghi may give more clarity on paring the European Central Bank’s bond-buying program when he speaks after a rates decision on Thursday. U.S. durable-goods figures, the trade balance, unemployment claims, and the release of the Fed’s Beige Book will add to the global data mix after a purchasing managers’ index Tuesday indicated the euro area is poised for the fastest economic expansion in a decade.
     Meanwhile, U.S. President Donald Trump agreed to support billions of dollars in new weapons sales to South Korea after North Korea’s largest nuclear test, while his ambassador to the United Nations said America would seek the strongest possible sanctions against Kim Jong Un’s regime. Tensions escalated after Asia Business Daily reported North Korea was preparing to fire an ICBM.
     The key events coming this week:
* Among other economic numbers out of China, trade figures are anticipated to show another month of solid export growth, while FX reserves probably continued to rise on stricter capital controls, robust growth and a stronger yuan, according to Bloomberg Intelligence.
* Other Fed speakers this week include New York Fed President Bill Dudley and Dallas Fed President Robert Kaplan.
* The European Central Bank meets on Thursday. Draghi will express concern over the euro’s strength, but won’t say much about his asset-purchase program’s future, according to a survey.
     And here are the main moves in markets:
                              Stocks
* The S&P 500 Index sank 0.76 percent to 2,457.85 as of 4:12 p.m. in New York. The Dow lost 1.1 percent.
* The Stoxx Europe 600 Index dipped 0.1 percent.
* The U.K.’s FTSE 100 Index declined 0.5 percent.
* Germany’s DAX Index climbed 0.2 percent.
                              Currencies
* The Bloomberg Dollar Spot Index declined 0.3 percent to 1,147.87, the lowest in more than two years. 
* The euro increased 0.2 percent to $1.1914. 
* The British pound gained 0.8 percent to $1.303, the biggest jump in over seven weeks. 
* The Japanese yen climbed 0.8 percent to 108.87 per dollar, the strongest in almost 20 weeks.
                              Bonds
* The yield on 10-year Treasuries fell 10 basis points to 2.07 percent. 
* Germany’s 10-year yield declined three basis points to 0.34 percent. 
* Britain’s 10-year yield fell three basis points to 1.026 percent.
                              Commodities
* Gold increased 0.4 percent to $1,338.97 an ounce, the highest in a year. 
* West Texas Intermediate crude rose 2.7 percent to $48.57 a barrel. 
* Copper increased 0.3 percent to $3.13 a pound.
                               Asia
* Japan’s Topix index fell 0.8 percent at the close, while South Korea’s Kospi index lost 0.1 percent. Australia’s S&P/ASX 200 Index rose 0.1 percent. 
* Hong Kong’s Hang Seng Index fluctuated with indexes higher in China and Singapore.
* The MSCI Asia Pacific Index edged higher. It slid 0.6 percent on Monday, the steepest drop since Aug. 11.  

 

Have a wonderful evening everyone.

 

Be magnificent!

 “If life were predictable it would cease to be life, and be without flavor.” —Eleanor Roosevelt

As ever,

 

Karen

 

“You get in life what you have the courage to ask for”. Oprah Winfrey

 

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

Dear Friends,

Tangents:  Happy Friday!

September 1^st, 1939: WORLD WAR II BEGINS
Nazi Germany invaded Poland.
Go to article »

I know not with what weapons World War III will be fought, but World War IV will be fought with sticks and stones. –Albert Einstein

Also on this day in 1939, Comic actor, Lily Tomlin  born, who famously said “Why is it when we talk to god we’re praying – but when God talks to us, we’re schizophrenic?”

Labor Day on Monday:
Holding hands at midnight
‘Neath a starry sky…
Nice work if you can get it,
And you can get it, if you try.
–Ira Gershwin, American songwriter/lyricist, 1896-1983

Don’t be busy, be productive.
PHOTOS OF THE DAY

A trio of damselfies captured on a leaf by photographer Alberto Panizaa with their limbs locked around each other. The insects were waiting for the day to warm up sufficiently for their hunting trip to begin.’
CREDIT: ALBERTO GHIZZI PANIZZA/SOLENT NEWS & PHOTO AGENCY

Visitors interact with a piece by artists Marc Schmitz and Dolgor Ser-Od called Siren, during a preview for the Folkestone Triennial arts exhibition.
CREDIT: GARETH FULLER/PA

A sculpture by artist Antony Gormley titled Another Time XV111 2013 (middle), during a preview for the Folkestone Triennial arts exhibition.
CREDIT: GARETH FULLER/PA

Artists work on a sandcastle at the Landschaftspark (lit.’Landscape Park’) in Duisburg, Germany. Artists from Duisburg want to break the Guinness World Record for the tallest sandcastle in the world.
CREDIT: INA FASSBENDER/DPA/ALAMY LIVE NEWS
Market Closes for September 1^st, 2017

Market Index	Close	Change
Dow Jones	21987.56	+39.46     +0.18%
S&P 500	2476.36	+4.71   +0.19%
NASDAQ	6435.332	+6.670   +0.10%
TSX	15195.52	-16.35
		-0.11%

International Markets

Market Index	Close	Change
NIKKEI	19691.47	+45.23
		+0.23%
HANG SENG	27953.16	-17.14
		-0.06%
SENSEX	31892.23	+161.74
		+0.51%
FTSE 100*	7438.50	+7.88
		+0.11%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.914		1.851
CND. 30 Year Bond		2.304		2.264
U.S.    10 Year Bond		2.1604		2.1205
U.S. 30 Year Bond		2.7708		2.7247

Currencies

BOC Close	Today	Previous
Canadian $	0.80698	0.80127
US $	1.23918	1.24802
Euro Rate 1 Euro=		Inverse
Canadian $	1.47004	0.68025
US $	1.18630	0.84296

Commodities

Gold	Close	Previous
London Gold Fix	1320.45	1311.75
Oil
WTI Crude Future	47.29	47.23

Market Commentary:
Number of the Day
67%
Wells Fargo said 3.5 million “potentially unauthorized” customer accounts were opened as a result of improper sales tactics, a 67% increase over the 2.1 million figure it made public last fall, as the bank said its sales-practices scandal was far broader than it had previously acknowledged.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks fell, ending a three-day streak of gains, as a report that Amazon.com Inc. is bringing same-day grocery delivery to Canada weighed on consumer staples.
     The S&P/TSX Composite Index lost 20 points or 0.1 percent to 15,191.60. The benchmark gained 0.9 percent on the week, its best weekly performance since mid-July.
     Consumer staples stocks fell 0.9 percent to the lowest since March as grocery retailers tumbled. Empire Co. Ltd., which owns the Sobeys chain, lost 4.7 percent, Loblaw Cos. Ltd. fell 3.5 percent and George Weston Ltd. lost 2.3 percent.
     The energy index was the only significant gainer, rising 0.4 percent as the price of West Texas Intermediate crude added 0.1 percent.
     In other moves:
* Alaris Royalty Corp. rose 5.6 percent. The company has contributed $85 million to a new partner in exchange for $11.1 million of distributions
* Canadian Western Bank gained 3.4 percent following upgrades at Scotia Capital and RBC Capital Markets
* BRP Inc. fell 1.7 percent. The Ski-Doo maker’s full-year forecast missed the average analyst estimate.
US
By Dave Liedtka and Julie Verhage
     (Bloomberg) — U.S. stocks rose and Treasuries declined as reports showing a gain in consumer sentiment and an increase in manufacturing offset a mediocre August employment report.
     “The report was marginally disappointing for those looking for higher inflation, but not too far from our expectations,” Andrew Hollenhorst, chief U.S. economist at Citigroup Global Markets, wrote in a report. “Markets, and the Fed, will remain in “wait and see” mode -– primarily focused on prospects for inflation and potentially stimulative government policy.”
     The Stocks Europe 600 Index gained a third day, with media companies among the winners after Vivendi SA sales beat estimates. The LME Index of six industrial metals soared to the highest in almost three years, with copper leading the charge. Gasoline prices fell for the first time in almost two weeks, after rising 25 percent last month, as traders assessed the impact of Tropical Storm Harvey. Japan’s benchmark bond yield fell below zero percent for the first time since November.
     Nonfarm payrolls rose by 156,000, below the median estimate of 180,000 in a Bloomberg survey of economists, and revisions for the prior two months subtracted 41,000 jobs, according to Labor Department data on Friday. The unemployment rate rose to 4.4 percent from 4.3 percent.
     U.S. factories ramped up in August to the fastest pace of expansion in six years, driven by employment gains, figures from the Institute for Supply Management showed. And consumer sentiment climbed to a three-month high amid an improving outlook for household finances and the economy, according to a University of Michigan report.
     Among other key events this week:
* Most markets in the Middle east were closed today.
* U.S. markets are closed Monday.

     And here are the main moves in markets:
                          Stocks
* The S&P 500 Index rose 0.2 percent to 2,476.55 as of 4:02 p.m. in New York.
* The Nasdaq 100 Index edged 0.1 percent higher, while the Dow Jones Industrial Average climbed 0.2 percent higher.
* The U.K.’s FTSE 100 Index rose 0.1 percent
* Germany’s DAX Index gained 0.7 percent
                          Currencies
* The Bloomberg Dollar Spot Index was little changed after trading near its lowest level in more than two years.
* The euro fell 0.4 percent to $1.1863 after Bloomberg News reported that the European Central Bank may not be ready to finalize its decision on next year’s bond-purchase plan until before the current program expires.
                          Bonds
* The yield on 10-year Treasuries rose four basis points to 2.16 percent, while the two-year note yield rose two basis point to 1.34 percent.
* Germany’s 10-year yield rose two basis points to 0.38 percent.
                          Commodities
* West Texas Intermediate crude rose 0.1 percent to $47.34 a barrel.
* Gold rose 0.3 percent to $1,325.95 an ounce.
* Gasoline for October delivery fell 2 percent to $1.743 a gallon.

 

Have a wonderful weekend everyone.

 

Be magnificent!

An individual is a separate entity without connection.
A person is an individual connected.
Swami Prajnanpad

As ever,

 

Carolann

 

Bravery never goes out of fashion.
-William Makepeace Thackeray, 1811-1863

 

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

Dear Friends,

Tangents:

Today I read with great sadness that Sir David Tang has died at the age of 63.  One of the great pleasures for me from weekends past was reading his FT House & Home column wherein he offered erudite musings on all aspects of life and art and witty answers to his followers’ questions.  Indeed, I have a file folder stuffed with past columns that I cut out and I re-read from time to time.  He hailed from Hong Kong, but was sent to school in Britain at thirteen years of age.  Knighted by the Queen for his far-reaching accomplishments, he was  a huge anglophile, joking that he was like a banana: “yellow on the outside but white underneath”.

I found this rather prescient column in that file today.  It appeared in the Financial Times on  February 11^th of this year:

Letter writer: You well describe a feeling that I have sometimes experienced, and I hope someone at my funeral will see to it the Adagio from Weber’s Clarinet Quintet is played or, if the organist is up to it,  Reger’s Benedictus.

Sir David Tang replies:  Then make sure you book Cameron Carpenter whose dexterity on the organ is second to none.  His performances on the organ, which travels with him, and the extraordinary arrangements he makes could almost resurrect your cadaver and leave your hairs standing on their ends.  But why not ask for a couple of organ pieces that are played with a full orchestra?  This combination is seldom seen outside concert halls or churches which have perfectly wonderful organs.  At my wedding, held in a beautiful church, I arranged for the English Chamber Orchestra to play the slow movement from Saint-Saëns’ organ symphony No 3.  I also arranged for the allegro part of Poulenc’s organ concerto to play as my new wife and I sauntered down the aisle.  It is marvelous when there is a full orchestra accompanying a blasting organ in a church.  I have always wondered why, even at the grandest funerals or memorials for heroes and heroines, this regal combination of orchestra and organ is seldom found.
   If my executors can afford Cameron Carpenter, I would definitely engage him to play his version of Die Meistersinger von Nürnberg at my funeral.  Wagner’s triumphant masterpiece strikes just the right chords with which to enter the kingdom of heaven.

On Aug. 31, 1997, Britain’s Princess Diana died in a car crash in Paris at age 36.
Go to article »

Also on this day, in 1896, gold was discovered in the Klondike
PHOTOS OF THE DAY

The pair of kingfishers perched on a ‘Private fishing’ sign. – This pair of cheeky kingfishers flouted the rules as they showed off their freshly-caught dinner on top of a ‘Private fishing’ sign.  The brightly-coloured birds passed a tiny fish between their beaks in photographs taken by Alit Abdulraheem. The 20-year-old photographer from Kuwait captured the amusing shots in the River Dee in Kirkcudbright, Scotland. Ali, a civil engineering student at the University of Salford, says: Patience and quietness was the key to capturing these pictures.
CREDIT: ALI ABDULRAHEEM/HOTSPOT MEDIA

Eerie ghost children float out of sewers to haunt thousands on morning commute for upcoming theatrical release of “IT” in Toronto, Canada.
CREDIT: GP IMAGES/WIREIMAGE

Izabel Goulart is seen during the 74^th Venice Film Festival in Venice, Italy.
CREDIT: MARK MILAN/GC IMAGES
Market Closes for August 31^st, 2017

Market Index	Close	Change
Dow Jones	21948.10	+55.67   +0.25%
S&P 500	2471.46	+13.87   +0.56%
NASDAQ	6428.664	+60.355   +0.95%
TSX	15213.76	+80.63
		+0.53%

International Markets

Market Index	Close	Change
NIKKEI	19646.24	+139.70
		+0.72%
HANG SENG	27970.30	-124.31
		-0.44%
SENSEX	31730.49	+84.03
		+0.27%
FTSE 100*	7430.62	+65.36
		+0.89%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.851		1.835
CND. 30 Year Bond		2.264		2.269
U.S.    10 Year Bond		2.1205		2.1362
U.S. 30 Year Bond		2.7247		2.7407

Currencies

BOC Close	Today	Previous
Canadian $	0.80127	0.79216
US $	1.24802	1.26237
Euro Rate 1 Euro=		Inverse
Canadian $	1.48594	0.67298
US $	1.19063	0.83989

Commodities

Gold	Close	Previous
London Gold Fix	1311.75	1308.50
Oil
WTI Crude Future	47.23	45.96

Market Commentary:
On this day on 2009, Walt Disney announced it was acquiring comic book giant Marvel Entertainment for $4 billion.

Number of the Day
69%
Cadillac through July sold 69% more vehicles in China than a year earlier, a sales surge that has meant the car company is now selling more vehicles abroad than in the U.S.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks rose, posting their first monthly gain since April, as the economy unexpectedly accelerated in the second quarter and energy prices rallied.
     The S&P/TSX Composite Index added 79 points or 0.5 percent to 15,211.87, its highest close in three weeks. The benchmark gained 0.6 percent for the month.
     Energy stocks rose 0.8 percent as the price of West Texas Intermediate crude gained 2.8 percent, rebounding from three days of Harvey-related losses. Bonavista Energy Corp., Peyto Exploration & Development Corp. and Birchcliff Energy Ltd. all added more than 5 percent.
     Financials gained 0.5 percent as Toronto-Dominion Bank rose 3.3 percent, the most in 18 months. The bank reported its best profit growth in domestic banking since the second quarter of 2015.
     In other moves:
* Canadian Western Bank rose 1.1 percent after reporting third- quarter profit that beat the highest analyst estimate
* AGF Management Ltd. fell 4.3 percent. Smith & Williamson, which it owns 32 percent of, said it ended merger talks with Rathbone Brothers
* Painted Pony Energy Ltd. lost 7.2 percent after it cut its 2017 capital budget and was downgraded to market perform at Raymond James.
US
By Robert Brand and Jeremy Herron
     (Bloomberg) — U.S. stocks rose after data underscored the resilience of the American and Chinese economies and concern over North Korea shifted to the background. The dollar slumped after Steven Mnuchin said a weaker currency is “somewhat better” for trade.
     The S&P 500 Index erased a monthly loss with its fifth straight advance. Miners led gains in the Stoxx Europe 600 Index after a rise in Chinese manufacturing buoyed industrial metals. Emerging-market stocks a eighth monthly gain to end at the highest since 2014. The dollar also turned lower on weak inflation data, while 10-year Treasury yields slipped to 2.12 percent. Oil rose and gasoline climbed for an eighth day amid the impact of Harvey.
     Data Thursday showed China’s official factory gauge strengthened further in August, defying economists’ expectations, after reports Wednesday revealed U.S. second- quarter growth reached the fastest pace in two years and hiring was robust in August. Consumer spending increased by less than estimated in July, though rising incomes and an upward revision to June purchases put the economy on a stable footing for the second half. The focus now moves to jobs data tomorrow as diplomatic efforts to contain North Korea’s nuclear program continue.
     “Even though the North Korean tensions are still bubbling away in the background, traders are keen to move back into equities while the sense of panic has evaporated,” said David Madden, market analyst at CMC Markets UK.
     President Donald Trump signaled he’s running out of patience with Kim Jong Un’s regime after the latest provocation in which Pyongyang sent a missile over Japan earlier this week. Trump dismissed the idea of negotiating, while his defense chief said the U.S. hasn’t given up on diplomatic options. Meanwhile, Japanese Foreign Minister Taro Kano and U.S. Secretary of State Rex Tillerson agreed in a phone call to send a clear message to prevent North Korea from taking further actions and to prepare additional sanctions.
     Among other key events this week:
* U.S. non-farm payrolls data for August will be scrutinized for clues on the Fed’s policy-tightening path. The data is due Friday, along with unemployment and earnings numbers and the Markit U.S. PMI
* The eurozone PMI is due Friday, ahead of next week’s ECB rates decision.

      And here are the main moves in markets:

                               Stocks
* The S&P 500 added 0.6 percent to 2,471.41 at 4 p.m. in New York. The index edged higher by 1.17 points in August. Its five- day winning streak is the longest since May.
* The Dow Jones Industrial Average rose 0.3 percent to cap a fifth straight monthly advance. The Nasdaq 100 Index ended the month at an all-time high.
* The Stoxx Europe 600 Index advanced 0.8 percent, the biggest gain in a week. It fell 1.1 percent in the month.
                           Currencies
* The Bloomberg Dollar Spot Index fell 0.2 percent.
* The euro added 0.2 percent to $1.1903, near the strongest since 2015.
* The British pound added 0.1 percent to $1.2931.
* The Japanese yen rose 0.1 percent to 110.09 per dollar.
                           Bonds
* The yield on 10-year Treasuries slipped to 2.12 percent. It fell 17 basis points in the month.
* Germany’s 10-year yield also was essentially flat at 0.36 percent.
                           Commodities 
* Gold rose 0.7 percent to $1,317.85 an ounce to cap its best month since January.
* West Texas Intermediate crude gained 2.8 percent to $47.25 a barrel.
* Copper advanced 0.4 percent to $3.08 a pound.
* Gasoline for September advanced for an eighth day, up 14 percent to $2.1476 a gallon. Earlier the front-month contract touched the highest since July 2015.
                           Asia
* The Topix index rose 0.6 percent at the close in Tokyo, paring its first monthly drop since March. Australia’s S&P/ASX 500 Index added 0.8 percent. The Kospi retreated 0.4 percent.
* Benchmark indexes dropped 0.6 percent in Hong Kong and fell in Shanghai, led by declines in banking stocks that had recently been surging.

 

Have a wonderful evening everyone.

 

Be magnificent!

The infinite oneness of the Soul is the eternal sanction of all morality.
You and I are not only brothers – every literature voicing man’s struggle towards freedom
has preached that – but you and I are really one.
This is the dictate of Indian philosophy.
The ones is the rationale of all ethics and all spirituality.
Swami Vivekananda

 

As ever,

 

Carolann

 

It may be those who do most, dream most.
                -Stephen Leacock, 1869-1944

 

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

Dear Friends,

Tangents:

On August 30^th, 1856, Lord  Clarendon wrote to his wife, from Balmoral:
Here everything is Scotch – the curtains, the carpets, the furniture are all of different plaids, and the thistles are in such abundance that they would rejoice the heart of a donkey if they happened to look like his favourite repast, which they don’t.  I am told that it is de rigueur to clothe myself in tweed directly….It is very cold here, and I believe my feet were frost-bitten at dinner, for there was no fire at all there, and in the drawing room there were two little sticks which hissed at the man who attempted to light them; and the Queen, thinking, I suppose, that they meant to burn, had a large screen placed between the royal nose and the unignited wood.  She seemed, I thought, particularly grateful for such small jokes as my freezing state enabled me to crack.  I have a very comfortable room, however, and am now sitting on the hob writing to you.  I must, however, be ready for kirk, where the meenister preaches for two hours and takes his large, rough greyhound into the pulpit with him, so no more at present. –from The Book of Days.

On Aug. 30, 2005, Hurricane Katrina struck the Gulf Coast with devastating force, killing more than 1,700 people and flooding New Orleans after the city’s levees failed.
Go to article »

PHOTOS OF THE DAY

Two dragonflies share a romantic moment as they stare into each others eyes whilst sat on a flower bud.  The colourful insects were waiting for the sun to rise which would dry their wings that were soaked by the early morning dew.  The spectacular scene was captured in a vineyard near Reggio Emilia in Northern Italy by 47 year old photographer Roberto Aldrovandi.
CREDIT: ROBERTO ALDROVANDI/SOLENT NEWS & PHOTO AGENCY

Four actors on horseback dressed in Game of Thrones related costumes carry the Queen’s Baton as they make their way along the Dark Hedges in Antrim, Northern Ireland.  The Dark Hedges near Stranocum in County Antrim featured as the King’s Road in season two of Game of Thrones and has become a tourist mecca for fans of the television series along with other filming locations in the province. The Queen’s Baton Relay is currently on a tour of the United Kingdom as it makes its way around Europe in preparation for the 2018 Commonwealth Games in Australia.
CREDIT:  CHARLES MCQUILLAN/GETTY IMAGES

Aerial view of about 180 people rowing the Miao Dragon Boat on a river during a parade in Shibing, Guizhou Province of China. The Miao Dragon Boat is said to be the longest dragon boat in the world according to Guiness World Record. The Miao Dragon Boat together with other 100 boats in and out of Guizhou Province were on parade during a tourism development conference held in Shibing County.
CREDIT:  VCG VIA GETTY IMAGES
Market Closes for August 30th, 2017

Market Index	Close	Change
Dow Jones	21892.43	+27.06   +0.12%
S&P 500	2457.59	+11.29   +0.46%
NASDAQ	6368.309	+66.423   +1.05%
TSX	15133.13	+50.43
		+0.33%

International Markets

Market Index	Close	Change
NIKKEI	19506.54	+143.99
		+0.74%
HANG SENG	28094.61	+329.60
		+1.19%
SENSEX	31646.46	+258.07
		+0.82%
FTSE 100*	7365.26	+27.83
		+0.38%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.835		1.834
CND. 30 Year Bond		2.269		2.271
U.S.    10 Year Bond		2.1362		2.1275
U.S. 30 Year Bond		2.7407		2.7384

Currencies

BOC Close	Today	Previous
Canadian $	0.79216	0.79846
US $	1.26237	1.25241
Euro Rate 1 Euro=		Inverse
Canadian $	1.50010	0.66662
US $	1.18832	0.84153

Commodities

Gold	Close	Previous
London Gold Fix	1308.50	1318.65
Oil
WTI Crude Future	45.96	46.44

Market Commentary:
On this day in 1930, Warren Buffett was born in Omaha, Neb.
Number of the Day
$503 billion
The gross domestic product of Houston in 2015, according to the most recent data from the Department of Commerce. That makes the city’s economy roughly the size of Sweden’s.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks rose for a second day, led by industrial, consumer and financial shares ,as the economy of Canada’s largest trading partner grew at the fastest pace in two years.
     The S&P/TSX Composite Index added 50 points or 0.3 percent to 15,133.13, its highest close in three weeks. Industrials rose 1.1 percent, led by a 3.3 percent gain at CAE Inc., which was upgraded to outperform at BMO.
     The financials index rose 0.3 percent as National Bank of Canada jumped 3.4 percent, the most since early 2016. The bank’s third-quarter profit beat analyst estimates on gains in domestic banking and wealth management. Consumer discretionary stocks advanced 0.7 percent.
     In other moves:
* ProMetic Life Sciences Inc. rose 9.3 percent, adding to Tuesday’s 25 percent gain, after receiving a key drug designation from the U.S. Food and Drug Administration
* Cineplex Inc. gained 4.9 percent but is still down 25 percent since the beginning of the month. Movie-theater stocks have been hammered by weak box-office revenue
* Alaris Royalty Corp. fell 8.4 percent, the most in more than a year.
US
By Dave Liedtka
     (Bloomberg) — U.S. stocks rose for a fourth day and the dollar strengthened after data bolstered optimism that the American economy is on firm footing. Gasoline spiked to the highest in two years as Harvey relentlessly pounded the energy- rich Gulf coast.
     The S&P 500 Index pushed above its average price for the past 50 days, overcoming early weakness sparked by a Twitter post from President Donald Trump on North Korea. European stocks gained with Asian shares on optimism that the anxiety after a missile launch this week was receding. Treasuries rose, while the greenback advanced versus most major peers.
     “It doesn’t strike me that the market is extremely nervous here,” said Michael Antonelli, an institutional equity sales trader and managing director at Robert W. Baird & Co. “I think as time goes on these kind of tweets have less and less impact on the market.”
     Investors focused on data showing U.S. second-quarter growth reached the fastest pace in two years on stronger household spending and a bigger gain in business investment. A private report on payrolls indicated robust hiring this month two days before government jobs data will be scoured for clues on the timing of the Federal Reserve’s next rate move.
     “We know what the Federal Reserve will be doing in September,” said Vincent Reinhart, chief economist and investment strategist at Standish Mellon Asset Management in Boston. “The only game is town is what you think the Federal Reserve will do in December.”
     After drenching Texas, Tropical Storm Harvey regained strength over the waters of the Gulf of Mexico and crashed ashore again Wednesday in southwest Louisiana, according to the National Hurricane Center. The storm has already knocked out a fifth of the nation’s refining capacity.
     Among other key events looming this week:
* Currency traders will be looking for a statement of independence from South African Reserve Bank Governor Lesetja Kganyago today when he speaks on the central bank’s role.

     And here are the main moves in markets:

                            Stocks
* The S&P 500 Index rose 0.5 percent as of 4:03 p.m. in New York.
* The Nasdaq 100 Index jumped 1.1 percent, while the Dow Jones Industrial Average edged 0.1 percent higher.
* The U.K.’s FTSE 100 Index rose 0.4 percent, recovering from the biggest drop in almost three weeks on a closing basis.
* Germany’s DAX Index gained 0.5 percent.
                           Currencies
* The Bloomberg Dollar Spot Index rose 0.4 percent, recovering from the lowest in more than two years.
* The euro dropped 0.7 percent to $1.1886, after touching the strongest in almost three years on Tuesday.
                           Bonds
* The yield on 10-year Treasuries rose one basis point to 2.14 percent, while the two-year note yield increased one basis point to 1.33 percent.
* Germany’s 10-year yield rose two basis points to 0.36 percent.
                           Commodities
* West Texas Intermediate crude fell 1 percent to $45.96 a barrel.
* Gold was little changed at $1,308.10 an ounce.
* Gasoline for September delivery rose 6.3 percent to $1.8964 a gallon.

 

Have a wonderful evening everyone.

 

Be magnificent!

Love can come into being only when there is total self-abandonment.
Krishnamurti

As ever,

 

Carolann

 

Man is not what he thinks he is, he is what he hides.
                                 -Andre Malraux, 1901-1976

 

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

Dear Friends,

Tangents:

POINTS OF PROGRESS:
THAILAND: Bangkok’s skies are blue again.  Thanks to a government initiative in effect over the past couple of decades, Thailand’s capital – which once was an infamously smog-choked city – now boasts better air quality than cities such as San Francisco, Melbourne, and Paris.  Bangkok achieved its goals through a series of reforms: cracking down on polluting vehicles, converting motorbikes to cleaner engines, shifting to the use of lead-free gas, and converting taxis to liquefied petroleum gas.  The city also took the simple but effective step of regularly washing its streets. –Al Jazeera.

UNITED STATES: Bees in the US appear to be rebounding from colony collapse disorder.  A new honeybee health survey released by the US Department of Agriculture states that the number of commercial US honeybee colonies rose 3% to 2.89 million as of April 1 compared with a year earlier.  Also, the report says, the number of disappearing bees was down to 84,430 in this year’s first quarter, a 27% drop from a year earlier.  Colony collapse disorder occurs when a majority of working bees desert a colony, causing it to collapse.  US bees have been troubled by the condition for the past decade. –US Department of Agriculture.

TODAY IN HISTORY
1632 – John Locke, philosopher, was born.
1915 – Ingrid Bergman, actress, was born.
1920 – Charlie “Bird” Parker, musician, was born.
1958 – Michael Jackson…

Also on this day, in 2005, Hurricane Katrina makes landfall near New Orleans.
On Aug. 29, 1991, the Supreme Soviet, the parliament of the U.S.S.R., suspended all activities of the Communist Party, bringing an end to the institution.
Go to article »

PHOTOS OF THE DAY

Coracler Conwy Richards from Norfolk takes part in the Ironbridge Coracle Regatta on the River Severn in his Irish River Boyne Coracle in Ironbridge. A coracle is a small boat made from an interwoven wooden frame and is used traditionally for fishing or transportation. The 30th annual Ironbridge Coracle Regatta is held today at the Ironbridge Rowing Club and sees dozens of coraclers take part in a series of races and events on the Severn. CREDIT: JACK TAYLOR/GETTY IMAGES

Alexendre Jorge evacuates Ethan Colman, 4, from a neighbourhood inundated by floodwaters from Tropical Storm Harvey in Houston, Texas, USA. CREDIT: CHARLIE RIEDEL/AP

A dramatic sunset behind the Longon Eye Ferris Wheel. Monday was one of the warmest Bank Holidays on record. CREDIT: GUY CORBISHLEY/ALAMY LIVE NEWS
Market Closes for August 29th, 2017

Market Index	Close	Change
Dow Jones	21865.37	+56.97    +0.26%
S&P 500	2446.41	+2.17   +0.09%
NASDAQ	6301.887	+18.872   +0.30%
TSX	15081.11	+29.08
		+0.19%

International Markets

Market Index	Close	Change
NIKKEI	19362.55	-87.35
		-0.45%
HANG SENG	27765.01	-98.28
		-0.35%
SENSEX	31388.39	-362.43
		-1.14%
FTSE 100*	7337.43	-64.03
		-0.87%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.834		1.869
CND. 30 Year Bond		2.271		2.303
U.S.    10 Year Bond		2.1275		2.1571
U.S. 30 Year Bond		2.7384		2.7554

Currencies

BOC Close	Today	Previous
Canadian $	0.79846	0.79949
US $	1.25241	1.25080
Euro Rate 1 Euro=		Inverse
Canadian $	1.49927	0.66699
US $	1.19710	0.83535

Commodities

Gold	Close	Previous
London Gold Fix	1318.65	1285.30
Oil
WTI Crude Future	46.44	46.57

Market Commentary:
Number of the Day
$4.50 per day
The minimum wage in Mexico. U.S. and Canadian trade officials and labor advocates want to use the renegotiation of the North American Free Trade Agreement to prod Mexico into raising its wages.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks closed higher, reversing a triple-digit decline as initial fears over North Korea’s saber- rattling eased and materials and industrials shares rose.
     The S&P/TSX Composite Index added 31 points or 0.2 percent to 15,082.70 after earlier falling as low as 14,934. Materials shares were the biggest gainers, rising 1 percent as gold prices touched a nine-month high.
     Financial stocks, which earlier fell as much as 1.1 percent, closed down 0.2 percent. Bank of Montreal lost 2.6 percent after reporting weaker-than-expected loan growth and revenue that missed estimates.
     In other moves:
* ProMetic Life Sciences Inc. jumped 25 percent after its Ryplazimä drug was granted rare pediatric disease designation by the U.S. Food and Drug Administration
* Toromont Industries Ltd. rose 9.8 percent to a record high, adding to Monday’s 11 percent gain. Canaccord Genuity upgraded the stock to buy following its C$1.02-billion acquisition of Hewitt Group
* Valeant Pharmaceuticals International Inc. lost 6.6 percent.
Mizuho analysts said they expect the company to miss its 2017 revenue and Ebitda guidance
* Laurentian Bank of Canada gained 2.1 percent. The bank reported adjusted earnings per share that beat the highest estimate.
US
By Dani Burger and Lu Wang
     (Bloomberg) — U.S. stocks rebounded from losses sparked by North Korea’s firing of a missile over Japan as investors speculated the event wouldn’t lead to a wider conflagration. The S&P 500 Index’s reversal was the biggest turnaround since the day after the November election.
     “North Korea uncertainty is translating into a weaker dollar and lower rate hike expectations, but not necessarily a change in economic backdrop,” said Dennis Debusschere, head of portfolio strategy at Evercore ISI. “So the S&P benefits from the combination of a weak dollar, lower rate hike expectations and steady economic growth.”
     Yields on benchmark 10-year Treasuries fell to the lowest this year and the dollar touched the weakened level since January 2015 before recovering. Gold reached a 2017 high, while the Swiss franc was one of the best-performing major currencies.
Gasoline advanced for a sixth day as Tropical Storm Harvey picked up strength again after inundating refineries along the Texas coast.
     Japan called Kim Jong Un’s latest provocation an “unprecedented, grave and serious threat,” and asked the United Nations Security Council to hold an emergency meeting, while President Donald Trump said the U.S. will consider “all options” in the its response. The missile seems likely to reignite the simmering tension between North Korea and the U.S. just days after Secretary of State Rex Tillerson praised the nation for its “restraint.”
     “The market is in a range here and people are willing to buy on the dip,” Donald Selkin, chief market strategist at Newbridge Securities Corp. said. “The fact that Trump’s comment is a little bit moderating was helpful.”
          Among other key events looming this week:
* Inflation data from the euro zone’s largest economies this week may show prices nudged up in August.
* Japan releases figures for the industry on Wednesday.
* Australia is due to publish data on Wednesday detailing construction work done.
* The U.S. updates second-quarter GDP and core price data on Wednesday, and reports on August payrolls on Friday.
     And here are the main moves in markets:
                            Stocks
* The S&P 500 Index rose 0.1 percent to 2,446.30 as of 4:06 p.m. in New York
* The Dow Jones Industrial Average gained 0.3 percent to 21,865.24, while the Nasdaq Composite Index rose 0.3 percent to 6,301.89. The U.K.’s FTSE 100 Index declined 0.9 percent on the biggest drop in almost three weeks on a closing basis.
* Germany’s DAX Index decreased 1.5 percent, after touching the lowest in six months
                           Currencies
* The Bloomberg Dollar Spot Index rose 0.2 percent after dropping to the lowest in more than two years.
* The euro was little changed at $1.1968, after touching the strongest in almost three years.
* The Swiss franc was little changed at $0.9556, after climbing to the strongest in about two years.
                             Bonds
* The yield on 10-year Treasuries declined three basis points to 2.13 percent, after dropping as low as 2.08 percent, the least in 10 months.
* Germany’s 10-year yield decreased three basis points to 0.34 percent, after touching the lowest in two months.
                          Commodities
* West Texas Intermediate crude fell 0.5 percent to $46.36 a barrel.
* Gold increased 0.1 percent to $1,309.03 an ounce, after reaching the strongest level in 11 months.
* Gasoline for September delivery rose 5.4 percent to $1.8051 a gallon after climbing 2.7 percent on Monday.
                              Asia
* Japan’s Topix index closed 0.2 percent lower after falling as much as 0.7 percent, while South Korea’s Kospi index lost 0.2 percent, paring a drop of as much as 1.6 percent. The S&P/ASX 200 Index in Sydney declined 0.7 percent. Hong Kong’s Hang Seng Index fell 0.4 percent, while the Shanghai Composite Index fluctuated before edging higher.
* Thailand’s SET Index bucked the main trend, rising 1.8 percent. Concern about political violence has eased, according to CLSA.
* The yuan weakened the most in two weeks.

Have a wonderful evening everyone. 

Be magnificent!

How does seeing the difference permit unity?
Quite simply, because physically speaking there cannot be unity, since the physical plane consists of shapes,
and all shapes are different.
Unity only exists in the heart.  It is a feeling: love.
And in love the notion of self disappears; only the other remains.
Swami Prajnanpad

As ever, 

Carolann

Failure is the key to success; each mistake teaches us something.
                                                -Morihei Ueshiba, 1883-1969
 

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

Dear Friends,

Tangents:
Birthday: Johann Wolfgang von Goethe, August 28, 1749. 
Copied into journals, folded carefully and tucked in a wallet, stuck up on refrigerators, and emailed across the world, is a passage that has given inspiration and courage to thousands of people.  The words are most always attributed to Johann Wolfgang von Goethe, that giant of German culture and his country’s Shakespeare.  They sound like him, urging us forward and into life, but only the last 18 words, from Faust, are really his.  It is the Scottish adventurer, W.H. Murray, who wrote the passage in his book, The Scottish Himalayan Expedition, published in 1951, about what it takes to begin a real journey.  In the spirit of giving credit  where credit is due, here is Murray’s famous paragraph – in context and not paraphrased – with its homage to Goethe:
 “But when I said that nothing had been done I erred in one important matter.  We had definitely committed ourselves and we were halfway out of our ruts.  We had put down our passage money – booked a sailing to Bombay.  This may sound too simple, but it is great in consequence.  Until one is committed, there is hesitancy, the chance to draw back, always ineffectiveness.  Concerning all acts of initiative (and creation), there is one elementary truth the ignorance of which kills countless ideas and splendid plans: that the moment one definitely commits oneself, then providence moves too.  A whole stream of events issues from the decision, raising in one’s favor all manner of unforeseen incidents, meetings and material assistance, which no man could have dreamt would have come his way.  I learned a deep respect for one of Goethe’s couplets:
WHATEVER YOU CAN DO OR DREAM YOU CAN, BEGIN IT.  BOLDNESS HAS GENIUS, POWERE AND MAGIC IN IT.” 

On Aug. 28, 1963, 200,000 people participated in a peaceful civil rights rally in Washington, D.C., where Dr. Martin Luther King Jr. delivered his “I Have a Dream” speech in front of the Lincoln Memorial.
Go to article »

PHOTOS OF THE DAY

A prospective bride with a traditional face painting, is seen in Prizren, Kosovo. Pre-wedding face painting tradition is carried on by 65-year-old Bosniak woman Aziza Setifagic. Prospective brides let their faces made-up with traditional symbols and shapes over a white paint in several Bosniak villages on the foothills of the Sar (Sharr) Mountains of south of Kosovo. CREDIT: HARIS ALIJA/ANADOLU AGENCY/GETTY IMAGES

A contestant of the ‘fantasy’ category prepares to be judged during the Daegu International Bodypainting Festival in Daegu, South Korea. CREDIT: ED JONES/AFP/GETTY IMAGES

Painted houses in Beirut’s southern Ouzai neighbourhood. CREDIT: ANWAR AMRO/AFP/GETTY IMAGES

Alphorn musicians play their instruments during a meeting in Engetried near Markt Rettenbach, southern Germany. CREDIT: STEFAN PUCHNER/DPA VIA AP
Market Closes for August 28th, 2017 

MarketIndex	Close	Change
DowJones	21808.40	-5.27   -0.02%
S&P 500	2444.24	+1.19  +0.05%
NASDAQ	6283.016	+17.372  +0.28%
TSX	15052.03	-3.96
		-0.03%

International Markets

MarketIndex	Close	Change
NIKKEI	19449.90	-2.71
		-0.01%
HANGSENG	27863.29	+15.13
		+0.05%
SENSEX	31750.82	+154.76
		+0.49%
FTSE 100*	7401.46	-5.60
		-0.08%

Bonds

Bonds		% Yield		Previous  % Yield
CND.10 Year Bond		1.869		1.871
CND.30 Year Bond		2.303		2.297
U.S.   10 Year Bond		2.1571		2.1694
U.S.30 Year Bond		2.7554		2.7492

Currencies

BOC Close	Today	Previous
Canadian $	0.79949	0.80081
US$	1.25080	1.24874
Euro Rate1 Euro=		Inverse
Canadian $	1.49827	0.66744
US$	1.19790	0.83480

Commodities

Gold	Close	Previous
London GoldFix	1285.30	1285.30
Oil
WTI Crude Future	46.57	47.62

Market Commentary:
Number of the Day
28%
In 1963, about half the papers published in the top American economics journals were theoretical. By 2011, that figure had shrunk to 28%, while the percentage of empirical papers rose.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks were little changed Monday as the fallout from Hurricane Harvey weighed on oil prices, offsetting the best day for materials shares in seven weeks.
     The S&P/TSX Composite Index slipped 4 points or less than 0.1 percent to 15,052.03. Materials stocks jumped 2.5 percent, the most since July 10, as gold futures closed above $1,300 an ounce for the first time this year. Copper also continued its rally, closing at its highest price since 2014.
     On the other side of the ledger, energy shares fell 0.8 percent as the price of West Texas Intermediate crude fell 2.7 percent. Refinery closures across the Texas Gulf Coast are expected to hurt demand for weeks to come.
     In other moves:
* Toromont Industries Ltd. jumped 11 percent, the most since 1990, after announcing a C$1.02-billion deal to buy Caterpillar Inc. dealer Hewitt Group. Competitor Finning International Inc. gained 5.5 percent
* Aimia Inc. gained 8.2 percent. The loyalty program operator sold the Air Miles trademarks for Canada to Diversified Royalty Corp., which rose 13 percent
* Hudson’s Bay Co. rose 4.7 percent, adding to Friday’s 14 percent gain. Reuters reported the company is reviewing its strategic options in the face of pressure from an activist shareholder.
US
By Oliver Renick
     (Bloomberg) — The U.S. equity market was little changed Monday as investors assessed fallout from Hurricane Harvey.
Health-care stocks advanced as financial shares declined.
* S&P 500 index little changed at 2,444
* Dow Jones 5 points lower to 21,808
* VIX up to 11.3
* 10-year Treasury yield down less than 1bp
* Energy stocks down 0.5% as oil drops 2.4%
** Oil and gas refiners in S&P 500 index up 1.2% for fifth straight day of gains
* Health-care stocks up 0.6% for biggest gain among sectors
* S&P 500 volume 22% below 30-day average
* POLITICS:
** U.S. President Donald Trump will undo another Obama-era initiative, lifting his predecessor’s ban on giving local police departments military-grade equipment like armored vehicles, search-and-rescue vehicles and grenade launchers, according to details provided by the Justice Department
* ECONOMY:
** Harvey’s second act across southern Texas is turning into an economic catastrophe — with damages likely to stretch into tens of billions of dollars and an unusually large share of victims lacking adequate insurance, according to early estimates
* EARNINGS:
** Pre-market Tuesday: Best Buy (BBY) 

Have a wonderful evening everyone.

Be magnificent!

Knowledge is the annihilation of the separation between me and the other.
Swami Prajnanpad

As ever, 

Carolann

In the end, we will remember not the words of our enemies,
but the silence of our friends. –Martin Luther King, Jr., 1929-1968 

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

Dear Friends,

Tangents: Happy Friday! 

UNTITLED
-by Emily Dickinson
To make a prairie it takes
A clover and one bee,
One clover, and a bee,
And revery.
The revery alone will do,
If bees are few. 

Birthdays:
1939 – The Wizard of Oz was released.
1918 – Leonard Berstein, b.
1930 – Sean Connery, b.
1954 – Elvis Costello, b.
1970- Claudia Schiffer, b.

On Aug. 25, 1944, Paris was liberated by Allied forces after four years of Nazi occupation.
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PHOTOS OF THE DAY

British landscape photographer John Finney captured this dramatic shot of sun rays cutting through approaching storm clouds and bathing the landscape below in golden sunlight, highlighting the orange, red and blue colours of rock in the Grand Canyon National Park, Arizona. CREDIT: JOHN FINNEY/COVER IMAGES

Two beautiful male birds fight each other in a territorial battle over an area of stunning wetland. Pictured in a moment of engagement, the two aim to dive above the other and attach with their long pointed beak. The birds are Black Tailed Godwits and are known for their tendency to fight over land to impress a female. The photos were taken on the wetlands of Mangalajodi, a small village located on the northern banks of Chilika Lake in Odisha State, India. CREDIT: SUJAY SANKAR ROY/SOLENT NEWS & PHOTO AGENCY

A woman buys flowers at a flower market on the eve of the Hindu Elephant headed God Lord Ganesha or Ganesha Chaturthi festival, in Bangalore, India. Ganesha Chaturthi is one of the biggest Hindu festivals which is celebrated in honor of the God Ganesha for ten days throughout India. During the festival, idols of Ganesha are installed and worshipped in temporary public shrines as well as at home before they are immersed in water bodies after a gala street procession. CREDIT: JAGADEESH NV/EPA
Market Closes for August 25th, 2017 

Market Index	Close	Change
Dow Jones	21813.67	+30.27    +0.14%
S&P 500	2443.45	+4.48   +0.18%
NASDAQ	6265.645	-5.682   -0.09%
TSX	15058.18	-17.98
		-0.12%

International Markets

Market Index	Close	Change
NIKKEI	19452.61	+98.84
		+0.51%
HANG SENG	27848.16	+329.56
		+1.20%
SENSEX	31596.06	+28.05
		+0.09%
FTSE 100*	7401.46	-5.60
		-0.08%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.871		1.887
CND. 30 Year Bond		2.297		2.307
U.S.    10 Year Bond		2.1694		2.1939
U.S. 30 Year Bond		2.7492		2.7685

Currencies

BOC Close	Today	Previous
Canadian $	0.80081	0.79878
US $	1.24874	1.25191
Euro Rate 1 Euro=		Inverse
Canadian $	1.48906	0.67156
US $	1.19245	0.83861

Commodities

Gold	Close	Previous
London Gold Fix	1285.30	1289.00
Oil
WTI Crude Future	47.62	47.23

Market Commentary:
On this day in 1995, Warren Buffett’s Berkshire Hathaway Inc.  announced a $2.3 billion cash deal to buy the 49% of car insurer Geico Corp. it didn’t already own.
Number of the Day
-8.1%
Grocery chain Kroger Co. dropped 8.1% on heavy volume Thursday, after Amazon.com Inc. announced that it would cut prices at Whole Foods Market Inc. when it closes on its acquisition of the company on Monday.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks fell, ending a three-day advance, pressured by energy shares as Hurricane Harvey approached the Texas coast.
     The S&P/TSX Composite Index lost 20 points or 0.1 percent to close at 15,055.99. The benchmark was up 0.7 percent on the week.
     Energy shares fell 0.5 percent even as West Texas Intermediate crude prices gained 0.9 percent. Pipeline stocks including Enbridge Inc. and TransCanada Corp. led the index to the downside amid investor fears of the damage Harvey could wreak on their networks.
     Healthcare stocks fell 1.8 percent as Valeant Pharmaceuticals International Inc. lost 5.4 percent. The drug company is facing a new, potentially costly lawsuit.
     In other moves:
* Aecon Group Inc. jumped 20 percent, the most since 2004; the construction company confirmed Friday that it has hired advisers to explore a potential sale
* Tahoe Resources Inc. tumbled 19 percent to a record low after a constitutional court in Guatemala upheld an earlier ruling to suspend a license for its Escobal mine
* Hudson’s Bay Co. gained 14 percent; Reuters reported the retailer is reviewing its strategic options.
US
By Randall Jensen
     (Bloomberg) — U.S. stocks and Treasuries rose while the dollar sank after Janet Yellen’s speech didn’t take the hawkish tone some expected. Oil gained as Hurricane Harvey churned toward the energy-rich Texas coast.
     The S&P 500 Index had its best week in over a month as the measure held earlier gains sparked by comments from the president’s top economic adviser. The euro touched the highest in two and half years versus the greenback as traders showed signs of relief after Mario Draghi didn’t talk down the value of the currency in his Jackson Hole speech. Bloomberg’s dollar gauge fell to its lowest level since January 2015.
     Earlier, stocks jumped on remarks by Gary Cohn, director of the National Economic Council, who said in an interview that he expects tax reform to pass this year and that he didn’t intend to resign in protest over the president’s reaction to riots in Charlottesville, Virginia.
     Investors are keeping their eyes on strengthening Hurricane Harvey, which was upgraded to Category 3 and is set for landfall in Texas overnight Friday. Oil refiners in the Gulf Coast, home to as much as half of the nation’s refining capacity, began halting operations amid warnings of deadly floods and storm surges. It will be the strongest storm to hit the U.S. since Wilma in 2005.
     “We think that the flooding impact of Hurricane Harvey could make it more destructive to U.S. crude and product supplies as well as port facilities than the market is currently assuming,” Barclays energy analyst Michael Cohen wrote in a note Friday.
          Here are the main moves in markets:
                             Stocks
* The S&P 500 Index rose 0.2 percent to 2,443.09 as of 4 p.m. in New York, for a weekly gain of 0.7 percent.
* The Stoxx Europe 600 Index fell 0.1 percent, set for a third monthly loss.
* The MSCI World Index of developed countries advanced 0.4 percent.
                           Currencies
* Bloomberg Dollar Spot Index decreased 0.7 percent, touching the lowest since January 2015.
* The euro advanced 1.1 percent to $1.1923, biggest gain since July and touched the highest level since January 2015 at $1.1941.
* The British pound increased 0.7 percent to $1.2884, set for its first weekly gain this month.
* The Japanese yen fell 0.3 percent to 109.25 per dollar.
                             Bonds
* The yield on 10-year Treasuries fell two basis points to 2.17 percent, touching its lowest level since June during the day.
* Britain’s 10-year yield is steady at 1.053 percent.
* Germany’s 10-year yield gained less than one basis point to 0.38 percent.
                          Commodities
* West Texas Intermediate crude climbed about 1 percent to settle at $47.87 a barrel, its fourth weekly slide in a row.
* Gold futures rose 0.5 percent to settle at $1,297.90 an ounce.

Have a wonderful weekend everyone. 

Be magnificent!

At one pole of my existence,
I am one with the stones and the tree branches.
Thus, I must submit to the yoke of the universal law.
It is this, in the end, that is the very basis of my life.
And that force comes from that which is closely bound up in the unity of the world,
which is in full communication with all things.
But at the other pole, I am distinct from all of the rest.
Here, I have broken the barriers of equality and I find myself alone, as an individual.
I am absolutely unique, I am me, I am incomparable.
The whole of the mass of the universe can not crush this individuality that is mine.
I maintain it, despite the formidable gravitation of all that exists.
It is small in appearance, but great in reality.
Rabindranath Tagore

As ever,

Carolann

The most dangerous untruths are truths moderately distorted.
                                       -Georg Lichtenberg, 1742-1799 

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

Dear Friends,

Tangents:
On Aug. 24, 1992, Hurricane Andrew smashed into Florida, causing record damage; 55 deaths in Florida, Louisiana and the Bahamas were blamed on the storm.
Go to article »

PHOTOS OF THE DAY

A bolt from a lightning storm hits the spire on top of the One World Trade Center tower in New York City. CREDIT: JULIO CORTEX/AP

Visitors interact with an art installation of human sized figurines, ‘The Standing Men’ by AADN of France during the Singapore Night Festival media preview. CREDIT: SUHAIMI ABDULLAH/GETTY IMAGES

DJ Koh speaks at the Samsung Galaxy Unpacked 2017 event in New York, as Samsung unveiled the new generation of its flagship Galaxy Note smartphone. CREDIT: DON EMMERT/GETTY IMAGES

Landscape photographer Emily Endean captures a beautiful morning sunrise over Brighton Beach. CREDIT: EMILY ENDEAN/GETTY IMAGES
Market Closes for August 24th, 2017

Market Index	Close	Change
Dow Jones	21783.40	-28.69    -0.13%
S&P 500	2438.97	-5.07   -0.21%
NASDAQ	6271.328	-7.078   -0.11%
TSX	15076.16	+13.00
		+0.09%

International Markets

Market Index	Close	Change
NIKKEI	19353.77	-80.87
		-0.42%
HANG SENG	27518.60	+116.93
		+0.43%
SENSEX	31596.06	+28.05
		+0.09%
FTSE 100*	7407.06	+24.41
		+0.33%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.887		1.882
CND. 30 Year Bond		2.307		2.295
U.S.    10 Year Bond		2.1939		2.1660
U.S. 30 Year Bond		2.7685		2.7446

Currencies

BOC Close	Today	Previous
Canadian $	0.79878	0.79678
US $	1.25191	1.25505
Euro Rate 1 Euro=		Inverse
Canadian $	1.47717	0.67697
US $	1.17993	0.84751

Commodities

Gold	Close	Previous
London Gold Fix	1289.00	1286.65
Oil
WTI Crude Future	47.23	48.26

Market Commentary:
On this day in 1909, Edward H. Harriman, the railroad titan who had run the Union Pacific and Northern Pacific, dies. The Dow Jones Railroad index loses 3% of its value over the subsequent two days.
Number of the Day
-$143 million
Retail-store sales of craft-style beers—from brewers big and small—fell $143 million to $2.3 billion in the first half of 2017, according to data from Nielsen.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks rose for a third day on low trading volume as copper prices hit a three-year high, boosting materials shares.
     The S&P/TSX Composite Index gained 13 points or 0.1 percent to 15,076.16 on volume that was 20 percent below the 30-day average. Materials stocks added 0.5 percent as copper prices reached their highest level since 2014. Nevsun Resources Ltd. led the way with a gain of 7.9 percent, rebounding from a 16 percent decline following its second-quarter results.
     The financials index added 0.3 percent even as Canadian Imperial Bank of Commerce fell 1.9 percent following third- quarter results that showed the bank’s mortgage balances continue to rise in the face of slowing home prices.
     In other moves:
* Cineplex Inc. fell 5.5 percent, continuing a decline that has seen it lose 31 percent year-to-date. Movie-theater stocks have been hammered by weak box-office revenues
* Hudson’s Bay Co. lost 5.4 percent. The retailer said the president of HBC International, Don Watros, will leave the company next month
* Fairfax Financial Holdings Ltd. gained 5 percent after striking a deal to sell First Capital to Mitsui Sumitomo Insurance Co. for $1.6 billion.
US
By Randall Jensen
     (Bloomberg) — U.S. stocks and Treasuries edged lower as markets struck a cautious tone amid political wrangling over the debt ceiling and ahead of central bank speeches in Jackson Hole.
Oil fell as a storm strengthened into a hurricane aimed at Texas.
     The S&P 500 Index ended the day lower after whipsawing from gains to losses. Food retailers led declines after Hormel Foods Corp. and JM Smucker Co. reported earnings that missed estimates and Amazon.com Inc. said it’d start cutting prices at Whole Foods locations next week. The dollar gained against most peers, while U.S. benchmark yields rose to 2.19 percent. Crude slid below $48 a barrel and natural gas futures climbed.
     With little to trade on, investors focused on events that have the potential to roil markets in the next few days.
Speeches Friday by Federal Reserve Chair Janet Yellen and European Central Bank President Mario Draghi may offer clues on the timing of stimulus reduction. President Donald Trump again used Twitter to fuel the debate on legislation to keep the U.S. government open next month. Countering, House Speaker Paul Ryan said Thursday the borrowing limit will be raised.
     Hurricane Harvey is forecast to turn into a Category 3 storm when it makes landfall late Friday in an area of Texas thick with oil refineries and natural gas plants. It’s unlikely to have a major impact on Gulf oil production, but any damage to refineries could sap demand for crude.
     “We’re going to continue to trade in ranges — there’s not enough going on and you still have the central bank puts. Enough is on the sidelines and volumes are very small,” said Andrew Brenner, head of international fixed income at Natalliance Securities LLC. “People are maybe anticipating something out of tomorrow’s Jackson Hole speeches, but I’d be very surprised if anything happens.”

     Among other key events looming this week:
* Yellen is scheduled to discuss financial stability at 10 a.m. New York time on Friday at the Kansas City Fed’s symposium in Jackson Hole. Draghi is set to speak at 3 p.m.
     Here are the main moves in markets:
                             Stocks
* The S&P 500 Index fell 0.2 percent to 2,438.98 as of 4 p.m. in New York. The gauge is down over 1 percent for the month.
* The Stoxx Europe 600 Index gained 0.2 percent, and is set for third monthly slide.
* The U.K.’s FTSE 100 Index rose 0.3 percent, touching the highest in over a week.
* Germany’s DAX Index rose 0.1 percent, on track for first monthly gain since June.
                           Currencies
* The Bloomberg Dollar Spot Index gained 0.2 percent, targeting its first monthly rise in six months.
* The Japanese yen fell 0.5 percent to 109.57 per dollar.
* The euro dropped 0.1 percent at $1.801.
* The British pound was little changed at $1.2803.
                             Bonds
* The yield on 10-year Treasuries gained two basis points to 2.19 percent. The rate on Treasury bills maturing Oct. 12 jumped by as much as five basis points Thursday, the largest intraday move since March.
* Germany’s 10-year yield steady at 0.38 percent, the sixth day without a gain.
* Britain’s 10-year yield fell one basis point to 1.05 percent, lowest since June.
                          Commodities
* West Texas Intermediate crude declined about 2 percent to settle at $47.43 a barrel, on track for its fourth weekly decline.
* Gold futures fell 0.2 percent to settle at $1,292 an ounce, set to rise for the second month in a row. 

Have a wonderful evening everyone.

Be magnificent!

The key to an easy relationship with other people is not to impose your ego,
nor to crush the ego of others.
Swami Prajnanpad

As ever,

Carolann

Doubt whom you will, but never yourself.
-Christian Nestell Bovee, 1820-1904

 

 

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

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

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