Category: Newsletters

Dear Friends,

Tangents:
Director Christopher Nolan’s latest movie, Dunkirk, has received rave reviews for its depiction of the evacuation of hundreds of thousands of Allied troops during World War ll.  If you enjoyed the movie, you may want to check out Winston Churchill’s remarks on the triumph, commonly known as his “We shall fight on the beaches” speech.  Churchill’s legendary moment  can be found on the YouTube channel Audio Productions at http://bit.ly/churchillbeaches.

On Aug. 23, 1927, Italian-born anarchists Nicola Sacco and Bartolomeo Vanzetti were executed in Boston for the murders of two men during a 1920 robbery.
Go to article » 

PHOTOS OF THE DAY

Tourists enjoy in the garden of Pari Mahal in Srinagar, the summer capital of Indian administered Kashmir, India. Kashmir the Muslim majority state, known as the ‘Paradise on Earth’ and has for centuries captured the imagination of many writers, poets and film makers and it integral to the tourist trade. Kashmir has been a contested land between nuclear neighbors India and Pakistan since 1947, the year both the countries attained freedom from the British rule. CREDIT: YAWAR NAZIR/GETTY IMAGES

Robots perform dancing during a robot contest in Dezhour, Shandong province, China. CREDIT: REUTERS

An explosion of gunpowder fills the night sky above Whitby Abbey, silhouetting the ruined Benedictine monastery – as part of the grand finale to the Whitby Regatta on the North Yorkshire coast. CREDIT: PAUL KINGSTON/NNP

The wings of a cuckoo are spectacularly silhouetted as the sun sets on a calm English summer evening. Photographer Jules Cox captured the bird with wings at full stretch at Thursley Common, Surrey as it prepares for it’s flight Africa. The adults arrive in Britain in late March or April after 4000 journey from their wintering quarters in Africa. They stay only a few short months to breed, departing in July to August, with young birds leaving a month or so later. CREDIT: JULES COX/SOLENT NEWS & PHOTO AGENCY
Market Closes for August 23rd, 2017

MarketIndex	Close	Change
DowJones	21812.09	-87.80   -0.40%
S&P 500	2444.04	-8.47  -0.35%
NASDAQ	6278.406	-19.071  -0.30%
TSX	15063.16	+78.20
		+0.52%

International Markets

MarketIndex	Close	Change
NIKKEI	19434.64	+50.80
		+0.26%
HANGSENG	27401.67	+246.99
		+0.91%
SENSEX	31568.01	+276.16
		+0.88%
FTSE 100*	7382.65	+0.91
		+0.01%

Bonds

Bonds		% Yield		Previous  % Yield
CND.10 Year Bond		1.882		1.919
CND.30 Year Bond		2.295		2.319
U.S.   10 Year Bond		2.1660		2.2131
U.S.30 Year Bond		2.7446		2.7847

Currencies

BOC Close	Today	Previous
Canadian $	0.79678	0.79592
US$	1.25505	1.25641
Euro Rate1 Euro=		Inverse
Canadian $	1.48214	0.67470
US$	1.18099	0.84675

Commodities

Gold	Close	Previous
London GoldFix	1286.65	1284.20
Oil
WTI Crude Future	48.26	47.64

Market Commentary:
On this day in in 1976, Vanguard launches First Index Investment Trust, the first retail index fund. It’s now known as the Vanguard 500 Index Fund and is one of the largest mutual funds in the world.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks rose as U.S. stocks fell, a divergence that hasn’t happened since July, as strong earnings from Royal Bank of Canada boosted financials.
     The S&P/TSX Composite Index rose 78 points or 0.5 percent to 15,063.16. By contrast, the S&P 500 Index fell 0.4 percent, the first time Canadian stocks have gained in the face of U.S. losses since July 31.
     Financial shares rose 0.5 percent after RBC reported strong performance in its domestic banking and wealth management operations, helping it beat third-quarter profit estimates. RBC shares rose 1.1 percent and an index of the big Canadian banks gained 0.7 percent.
     Energy stocks added 1.2 percent as the price of crude jumped 1.6 percent. The U.S. government reported another decline in crude and gasoline stockpiles Wednesday.
     In other moves:
* Cominar REIT rose 5.2 percent, the most since 2009, after announcing plans to sell C$1.2 billion of non-core properties and pay down debt. The stock was also upgraded to outperform at BMO
* Element Fleet Management Corp. gained 4.5 percent, breaking its 50-day moving average for the first time in two weeks
* Air Canada rose 3.8 percent to a record high. The airline has gained 75 percent year-to-date.
US
By Randall Jensen
    (Bloomberg) — U.S. stocks fell for the first time in three days, the dollar slumped and Treasuries gained as Donald Trump’s threat to shut down the government sparked concern Congress won’t easily raise the debt ceiling and deliver on tax reform.
Oil rose after a report on stockpiles.
     All major American equity benchmarks retreated and the 10- year Treasury yield hit the lowest since June as Trump’s gambit prompted Fitch Ratings to warn the country risks a review of its sovereign rating if it fails to raise the limit next month. The dollar slipped amid fresh data showing uneven U.S. growth that contrasted with renewed evidence of strength in Europe ahead of a central-bank symposium in Jackson Hole, Wyoming.
     Trump’s latest comments, which included talk of ending the North American Free Trade Agreement, rekindled concerns about the administration’s ability to deliver on its fiscal plans and heightened unease about the future of global trade. A day earlier, his treasury secretary said getting Congress to raise the debt ceiling and reforming the tax code were priorities, sparking a rally of 1 percent in the S&P.
     “The increased prospects of a tax reform bill seemed to get most of the credit for the rally” Tuesday, Matt Maley, an equity strategist at Miller Tabak & Co., wrote in a note to clients.
“At least some of that has gone out the window.” Contributing to the slump are reports that “the relationship between the President and Senate Majority Leader McConnell has broken down badly,” he said.
          Among other key events looming this week:
* Combined sales of previously owned U.S. homes (Thursday) has probably edged up in July from the prior month, indicating a still robust real estate market held in check by rising property prices, economists forecast.
* Federal Reserve Chair Yellen is scheduled to speak about financial stability at 10 a.m. New York time on Friday at the Kansas City Fed’s symposium. ECB President Mario Draghi is set to give a speech at 3 p.m.
     Here are the main moves in markets:
                             Stocks
* The S&P 500 Index fell 0.3 percent to 2,444.01 as of 4 p.m. in New York, with consumer discretionary and industrial shares leading declines. The index is down 1.1 percent in August after four straight monthly gains.
* The Dow Jones Industrial Average slid 87.86 points to 21,812.03.
* The Russell 2000 Index fell 0.1 percent, outperforming other U.S. gauges.
* The MSCI’s emerging-market index rose for a third straight day.
* The Stoxx Europe 600 Index sank 0.5 percent.
                           Currencies
* The Bloomberg Dollar Spot Index declined 0.3 percent, paring its first monthly gain since February to 0.2 percent.
* The Japanese yen climbed 0.6 percent to 108.968 per dollar.
* The Mexican peso fell 0.1 percent to 17.7164 per dollar, rebounding from a slide that reached 1 percent following Trump’s remarks.
* The euro advanced 0.5 percent to $1.1819.
* The British pound weakened to the lowest in more than seven weeks. 
                             Bonds
* The yield on 10-year Treasuries fell five basis points to 2.17 percent, the lowest since June 26.
* Germany’s 10-year yield dipped two basis points to 0.38 percent, as the note rose for the fifth consecutive time on a closing basis. 
* Britain’s 10-year yield declined three basis points to 1.05 percent.
                          Commodities
* West Texas Intermediate crude rose more than 1 percent to settle at $48.41 a barrel. Oil stockpiles have dropped every week since late June and gasoline inventories also fell, while crude production climbed for a second week, according to an EIA report Wednesday.
* Gold futures gained 0.3 percent to end at $1,294.70 an ounce, rebounding from a 0.4 percent drop Tuesday.

Have a wonderful evening everyone.

Be magnificent!

He whom I have searched for has come to meet me,
and he who calls me Other has become me!
Kabir

As ever,

Carolann 

One finds limits by pushing them.
      -Herbert Simon, 1916-2001

 

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 this day, August 22ND,1776, the British army lands on Long Island, the first step toward capturing New York City. They would do so a month later, and hold it until the end of the Revolutionary War.
Also on August 22, 1902, President Theodore Roosevelt became the first United States chief executive to ride in an automobile in public.
Go to article »

PHOTOS OF THE DAY

The Northern Lights and the Milky Way over Loch Killimister, Caithness, Scotland. These rare photographs show the Northern Lights and the Milky Way in one awe-inspiring frame. In one star-filled image, you can see the billions of stars that make up the galaxy, along side the purple and green hues known around the world as the Aurora. Photographer Maciej Winiarczyk, 44, watched the fascinating display from his window. CREDIT: MACEIJ WINIARCZYK/SWNS.COM

An elderly couple walks along a field of sun flowers as the sun sets in Frankfurt, Germany. CREDIT: MICHAEL PROBST/AP

Luiz Fernando Candeia dangles precariously over the edge of a rock. The stunning backdrop of a blue sea and sandy beach also looks extremely sinister with the apparent drop below him. Luiz, a 28-year-old ecotourism company administrator, sad: The Pedra del Telegrafo stands out for the incredible photos that show people on the edge of the abyss. CREDIT: LUIZ FERNANDO CANDEIA/CATERS NEWS AGENCY

The clock face at midday, on the Queen Elizabeth tower at the Palace of Westminster as Big Ben rings for the last time in London, Britain. Big Ben’s bongs fall silent due to major renovation plans that will stop it ringing for up to four years. CREDIT: ANDY RAIN/EPA
Market Closes for August 22nd, 2017

Market Index	Close	Change
Dow Jones	21899.89	+196.14    +0.90%
S&P 500	2452.51	+24.14   +0.99%
NASDAQ	6297.477	+84.349   +1.36%
TSX	14984.96	+33.08
		+0.22%

International Markets

Market Index	Close	Change
NIKKEI	19383.84	-9.29
		-0.05%
HANG SENG	27401.67	+246.99
		+0.91%
SENSEX	31291.85	+33.00
		+0.11%
FTSE 100*	7381.74	+62.86
		+0.86%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.919		1.883
CND. 30 Year Bond		2.319		2.297
U.S.    10 Year Bond		2.2131		2.1817
U.S. 30 Year Bond		2.7847		2.7631

Currencies

BOC Close	Today	Previous
Canadian $	0.79592	0.79636
US $	1.25641	1.25571
Euro Rate 1 Euro=		Inverse
Canadian $	1.47782	0.67667
US $	1.17619	0.85020

Commodities

Gold	Close	Previous
London Gold Fix	1284.20	1292.90
Oil
WTI Crude Future	47.64	47.37

Market Commentary:
Number of the Day
2%
Tesla’s first bonds have fallen more than 2% in price since their issuance 10 days ago.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks posted their first gain in six days, bolstered by strong retail sales data and higher oil prices.
     The S&P/TSX Composite Index rose 33 points or 0.2 percent to 14,984.96, bouncing off the nine-month low hit Monday. Energy shares were responsible for much of the gain, adding 0.9 percent as West Texas Intermediate crude prices rose 0.6 percent.
     Consumer discretionary stocks gained 0.8 percent after Canadian retail sales excluding autos rose 0.7 percent in June, well ahead of the 0.1 percent estimate. The half-year gain of 4.6 percent was the biggest on record.
     In other moves:
* Cineplex Inc. fell 4.8 percent for a total decline of 23 percent this month. Movie-theater stocks have slumped along with industry-wide box office revenue
* Restaurant Brands International Inc. gained 2.4 percent after the owner of Tim Hortons and Burger King was upgraded to top pick at UBS
* Inter Pipeline Ltd. rose 2.2 percent. The stock was upgraded to outperform at AltaCorp Capital.
US
By Randall Jensen
    (Bloomberg) — U.S. stocks rose the most in a week, while Treasuries declined and the dollar gained on growing speculation the Trump administration is gaining momentum in its efforts to reform the tax code. Industrial metals rallied.
     The S&P 500 Index jumped 1 percent and the Dow Jones Industrial Average added almost 200 points amid reports the Trump team and lawmakers may be making progress toward pro- business reforms. Emerging-market and European equities also advanced. The risk-on tone lifted the dollar and weighed on havens from Treasuries to gold. Crude gained ahead of a U.S. government report that’s forecast to show stockpiles fell.
     Investors seem to be getting over some of the sensitivity that characterized the past week following political turmoil in Washington, terrorist attacks in Europe and ongoing tension between the U.S. and North Korea. Nonetheless, Ray Dalio, the billionaire founder of Bridgewater Associates Inc., the world’s largest hedge fund, said he’s “tactically reducing” risk because he’s concerned about growing internal and external conflict “leading to impaired government efficiency” in the U.S., according to a LinkedIn post Monday.
     With little top-tier economic data out this week, markets are set to focus on the annual conference of global central bankers hosted by the Kansas City Federal Reserve Bank in Jackson Hole, Wyoming. It starts on Thursday.
     “No one has a lot of interest in being very negative in the market right here, knowing that there’s this whatever-it-takes backdrop where central bankers globally just have zero interest in seeing financial conditions tighten too much,” Dennis DeBusschere, head of portfolio strategy at Evercore ISI, said Tuesday in an interview on Bloomberg Television.
     Among other key events looming this week:
* Amazon.com Inc.’s bid for Whole Foods Market Inc. faces a shareholder vote on Wednesday.
* Combined sales of new (data Wednesday) and previously owned (Thursday) U.S. homes probably edged up in July from the prior month, indicating a still robust real estate market held in check by rising property prices, economists forecast.
* A verdict in the graft trial of Samsung Group heir Jay Y. Lee is due Friday.
* Kazakhstan and Tunisia set monetary policy.
     Here are the main moves in markets:
                             Stocks
* The S&P 500 rose 1 percent to 2,452.51 as of 4 p.m. in New York, the biggest advance since Aug. 14.
* The Nasdaq Composite Index added 1.4 percent to the highest since June.
* The Russell 2000 Index climbed 1.1 percent and the Dow rose 196 points, the most since April.
* Brazil’s Ibovespa surged to the highest since 2011 after an unexpected government proposal to privatize a utility lifted demand for state-run companies.
* The Stoxx Europe 600 Index gained 0.8 percent.
* Germany’s DAX Index rose 1.4 percent, the most since July.
                           Currencies
* The Bloomberg Dollar Spot Index rose 0.4 percent.
* The Japanese yen dipped 0.6 percent to 109.58 per dollar.
* The euro sank 0.5 percent to $1.1751.
                             Bonds
* The yield on 10-year Treasuries gained three basis points to 2.21 percent.
* Blue-chip companies have sold more than $1 trillion of bonds in 2017, passing that milestone for the sixth straight year.
* Britain’s 10-year yield gained two basis points to 1.087 percent.
                          Commodities
* West Texas Intermediate crude rose 0.6 percent to end at $47.64 a barrel.
* Gold futures fell 0.4 percent to settle at $1,291 an ounce.

Have a wonderful evening everyone. 

 

Be magnificent!

Meditation can take place when you are sitting in a bus,
or walking in the woods full of light and shadows,
or listening to the singing of the birds,
or looking at the face of your wife or child.
Krishnamurti
 

As ever, 

Carolann

 

The successful man is the one who had the chance and took it.
                                                 – Roger Babson, 1875-1967

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:
From The Economist today:
If you are standing in the right place on Earth today, you will see a total eclipse. That this is possible is a happy accident: the moon has slowly been receding from Earth ever since its creation 4.5bn years ago. Millions of years from now, our satellite will not be close enough to Earth to entirely hide the sun. Eclipse-hunters today are lucky to live in an era where this cosmic spectacle is visible, writes our data team
TODAY IN HISTORY
On Aug. 21, 1959, President Eisenhower signed an executive order proclaiming Hawaii the 50th state of the union.
Go to article »
PHOTOS OF THE DAY

Riders are silhouetted against strong evening sunshine on Barassie beach in Scotland with the Island of Arran on the horizon. CREDIT: SKULLY/ALAMY LIVE NEWS

The Clipper Round the World Yacht Race sets out from Liverpool. CREDIT: PAUL COOPER FOR THE TELEGRAPH

A total solar eclipse is seen above Madras, Oregon. A total solar eclipse swept across a narrow portion of the contiguous United States from Lincoln Beach, Oregon to Charleston, South Carolina. CREDIT: ASSOCIATED PRESS
Market Closes for August 21st, 2017 

 

Market Index	Close	Change
Dow Jones	21703.75	+29.24    +0.13%
S&P 500	2428.37	+2.82   +0.12%
NASDAQ	6213.129	-3.398   -0.05%
TSX	14951.88	-0.45
		—

International Markets

Market Index	Close	Change
NIKKEI	19393.13	-77.28
		-0.40%
HANG SENG	27154.68	+107.11
		+0.40%
SENSEX	31258.85	+265.83
		-0.84%
FTSE 100*	7318.88	-5.10
		-0.07%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.883		1.872
CND. 30 Year Bond		2.297		2.287
U.S.    10 Year Bond		2.1817		2.1957
U.S. 30 Year Bond		2.7631		2.7785

Currencies

BOC Close	Today	Previous
Canadian $	0.79636	0.79475
US $	1.25571	1.25825
Euro Rate 1 Euro=		Inverse
Canadian $	1.48346	0.67410
US $	1.18137	0.84651

Commodities

Gold	Close	Previous
London Gold Fix	1292.90	1295.80
Oil
WTI Crude Future	47.37	48.51

Market Commentary:
Number of the Day
21.75 gigawatts
The capacity of the utility-scale solar generation plants in the U.S. Seventeen large solar plants are in the direct path of Monday’s solar eclipse and so, for approximately three minutes, won’t generate any solar power at all.
Canada
By Kristine Owram
     (Bloomberg) — The August doldrums hit Canadian stocks, leaving them little changed on low trading volume as a continued rally in mining shares was offset by falling oil prices.
     The S&P/TSX Composite Index fell half a point or less than 0.1 percent to 14,951.88, its lowest close in nine months.
Trading volume was 23 percent below the 10-day average.
     Individual sector moves were more dramatic, with materials stocks gaining 1 percent as industrial metals extended their longest weekly rally in three years. First Quantum Minerals Ltd. rose 5 percent after it resolved a tariff dispute with Zambia.
     Energy shares fell 1.1 percent as the price of oil tumbled 2.3 percent, the most in a week. Baytex Energy Corp. lost 4.7 percent and MEG Energy Corp. fell 4.6 percent.
     In other moves:
* Transat AT Inc. jumped 11 percent to the highest since 2014 after the travel company was upgraded by Laurentian Bank Securities and National Bank
* Cardiome Pharma Corp. tumbled 35 percent to the lowest since 2013. The U.S. Food and Drug Administration said Cardiome’s proposed data package would not be sufficient to support a resubmission of its Brinavess drug application
* AGF Management Ltd. rose 4.2 percent. The asset manager said its 32-percent-owned Smith & Williamson, is in talks with Rathbone Brothers about a possible merger
US
By Robert Brand and Jeremy Herron
     (Bloomberg) — Most U.S. stocks rose, while the dollar edged lower amid growing unease about persistent low inflation and as investors await central bank speeches at Jackson Hole.
     The S&P 500 Index eked out an advance in the final hour of trading to halt a two-day slide that had taken stocks to the lowest level since July. Trading 18 percent below the 30-day average. Emerging-market equities edged higher, while European shares slipped. The yen strengthened past 109 per dollar.
Treasuries climbed, gold resumed its trudge toward $1,300 per ounce and oil fell.
     Federal Reserve Chair Janet Yellen and European Central Bank President Mario Draghi will be among the officials addressing this year’s installment of the annual conference hosted by the Kansas City Fed. The summit, held at a Wyoming mountain retreat, comes as central banks in advanced economies grapple with ending years of unprecedented monetary easing, even as stubbornly tepid inflation clouds the outlook.
     “The key event this week is the Jackson Hole central bank policy forum which begins on Thursday,” Citigroup strategists including Peter Goves wrote in a note to clients. “The market spotlight will likely focus on Yellen, given the generally low U.S. inflation environment and the likelihood of Fed balance sheet reduction occurring relatively soon.”
          Among the key events this week:
* Amazon.com Inc.’s bid for Whole Foods Market Inc. faces a shareholder vote on Wednesday.
* Combined sales of new (data Wednesday) and previously owned
(Thursday) U.S. homes probably edged up in July from the prior month, indicating a still robust real estate market held in check by rising property prices, economists forecast.
* A verdict in the graft trial of Samsung Group heir Jay Y. Lee is due Friday.
* Botswana, Hungary, Indonesia, Kazakhstan and Tunisia set monetary policy.
* A raft of survey data will probably show euro-area growth slowed in the third quarter.
* The annual Jackson Hole economic symposium begins on Thursday.
     Here are the main moves in markets:
                             Stocks
* The S&P 500 rose 0.1 percent to 2,428.29 at 4 p.m. in New York. Almost 280 stocks rose, while 220 retreated.
* The Stoxx Europe 600 Index dipped 0.4 percent.
* The MSCI All-Country World Index advanced 0.1 percent.
* Germany’s DAX Index lost 0.8 percent.
* The MSCI Emerging Market Index added 0.3 percent.
                           Currencies
* The euro advanced 0.4 percent to $1.1810.
* The Bloomberg Dollar Spot Index declined 0.3 percent to the lowest since Aug. 3.
* The British pound climbed 0.2 percent to $1.29.
* The Japanese yen increased 0.4 percent to 108.82 per dollar, the strongest in almost four months on a closing basis.
                             Bonds
* The yield on 10-year Treasuries fell one basis point to 2.18 percent, the lowest in almost two months.
* Germany’s 10-year yield fell one basis point to 0.40 percent.
                          Commodities
* Gold advanced 0.4 percent to $1,287.75 an ounce.
* West Texas Intermediate crude lost 1.3 percent to $47.88 a barrel.
                              Asia
* Japan’s Topix index fell 0.1 percent at the close with volume was about 16 percent below the 30-day intraday average. South
Korea’s Kospi index lost 0.1 percent. Australia’s S&P/ASX 200 Index dropped 0.4 percent, with BlueScope Steel Ltd. tumbling as
much as 23 percent after the company reported disappointing earnings.
* Hong Kong’s Hang Seng Index added 0.4 percent and the Shanghai Composite Index was up 0.6 percent.
* The MSCI Asia Pacific Index slid 0.1 percent.                 

Have a wonderful evening everyone. 

Be magnificent!

In your veins, and in mine, there is only one blood,
The same life that animates us all!
Since one unique mother begat us all,
Where did we learn to divide ourselves?
Kabir

As ever, 

Carolann

A nomad I will remain for life, in love with distant and uncharted places.
-Isabelle Eberhardt, 1877-1904

 

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!
August 18, 1948 – Manufacturing – Studebaker assembly line rolls off its first vehicle, a blue Champion four-door sedan; the plant, a former anti-aircraft gun factory purchased from the Canadian government, has 400 employees; produces cars until March 16, 1966. Hamilton, Ontario

On this day in 1920, the 19th Amendment to the Constitution is ratified by Tennessee, meaning enough states approved of it to make it the law of the land. The amendment guarantees women the right to vote.

Check this out from National Geographic: http://bit.ly/featherstar.

Fans of Mozart can add a visual component to their enjoyment with a video by filmmaker Matthew Rycroft titled Siege of Salzburg.  The composer’s “Lacrimosa,” from his Requiem mass in D Minor, accompanies shots of Salzburg, Austria, Mozart’s birthday, so that beautiful footage complements the legendary music.  See Rycroft’s work at http://bit.ly/siegesalzburg.

Points of Progress:
INDIA: Once-illiterate grandmothers are going to school.  In a town outside Mumbai, a one-year program is teaching women who never received adequate schooling because of lack of access or because it was once culturally unacceptable for them to read and write.  These women cook and clean before heading to school between 2 and 4 pm.  Some have grandchildren that help them with their homework..  “When a girl is educated, we all benefit,” said participant Sunanda Datari. GREAT BIG STORY

BRITAIN: London is expanding its use of coffee grounds to power homes and buses.  Clean-technology company Bio-bean has partnered with multiple coffee companies to turn coffee waste into biofuel, which has heated 15,000 London homes.  It recently expanded its collection route to the University of Birmingham, which produces 24 tons of coffee grounds each year.  Bio-bean will unveil a bus that runs on coffee in the coming weeks. EDIE.NET, BBC.
PHOTOS OF THE DAY

The Red Arrows take to the skies and perform a magnificent display over Weymouth, Dorset. CREDIT: JASON BRYANT/APEX

A boy runs past a dinosaur shaped structure made with old tires at Nishi Rokugo Park, also known as the Tire Park, at Ota-Ku, in Tokyo, Japan. CREDIT: KIM KYUNG-HOON/REUTERS

Participants seen climbing greased poles to collect prizes during a ‘Panjat Pinang’ event organized to mark the celebration of Indonesia’s 72nd Independence day in Jakarta, Indonesia. Dating back to the Dutch colonial days, Panjat Pinang is one of the oldest, most popular traditions in Indonesia. Every year, in towns and villages around the country, tall nut-trees are chopped down and their trunks placed vertically, in the center of each settlement. A wheel full of prizes is placed on top, before the trunk is covered with oil or other lubricants, and young men are invited to try and reach the prizes. CREDIT: SOLO IMAJI/BARCROFT IMAGES
Market Closes for August 18th, 2017 

Market Index	Close	Change
Dow Jones	21674.51	-76.22    -0.35%
S&P 500	2425.55	-4.46   -0.18%
NASDAQ	6216.527	-5.387   -0.09%
TSX	14952.33	-81.31
		-0.54%

International Markets

Market Index	Close	Change
NIKKEI	19470.41	-232.22
		-1.18%
HANG SENG	27047.57	-296.65
		-1.08%
SENSEX	31524.68	+270.78
		+0.85%
FTSE 100*	7323.98	-63.89
		-0.86%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.872		1.848
CND. 30 Year Bond		2.287		2.291
U.S.    10 Year Bond		2.1957		2.1835
U.S. 30 Year Bond		2.7785		2.7739

Currencies

BOC Close	Today	Previous
Canadian $	0.79475	0.78878
US $	1.25825	1.26778
Euro Rate 1 Euro=		Inverse
Canadian $	1.48010	0.67563
US $	1.17615	0.85023

Commodities

Gold	Close	Previous
London Gold Fix	1295.80	1285.15
Oil
WTI Crude Future	48.51	47.09

Market Commentary:
Canada
By Natalie Wong
(Bloomberg) — Canadian stocks closed at a year-low price, taking a hit from this week’s political turmoil down south, terrorist attacks in Europe and contentious Nafta renegotiation talks.
The S&P/TSX Composite Index dropped 0.5 percent to 14,952.33. Materials led the decline with a 1.1 percent drop as Endeavour Mining Corp. lost 4.2 percent and Centerra Gold Inc. slipped 3.7 percent. Kinross Gold Corp. decreased 3.6 percent after being cut to hold at Accountability Research Corp.
Industrials fell 1 percent, the most in three weeks, as Transcontinental Inc. dropped 2.3 percent and Cae Inc. lost 2.1 percent.
In other moves:
* Prometic Life Sciences Inc. rose 7.7 percent, snapping a two- day slump where it dropped more than 15 percent
* Cineplex Inc. dropped 4 percent as movie theater stocks declined amid news that could threaten ticket sales, including reported developments in talks of a rental plan with studios and distributors. A movie subscription service also cut its membership price.
US
By Eric J. Weiner
(Bloomberg) — Stocks rallied from early session lows after the White House announced that Steve Bannon would be leaving his job as chief strategist on Friday. Oil surged, while havens such as gold and the yen gave back some gains.
U.S. equity gauges briefly bounced into positive territory on the news, but ended down for the day. In Europe, stocks extended their declines after a terrorist attack in Barcelona added to unease about U.S. policy paralysis and lingering tensions over North Korea. Treasuries fell and the dollar weakened.
The removal of Bannon, the former chairman of Breitbart News and a controversial key adviser to President Donald Trump, may quell some of the fallout from Trump’s remarks on violence in Charlottesville, Virginia, which continue to raise questions about his ability to retain his team and focus on his economic plans.
Earlier Friday, former Republican presidential candidate Mitt Romney called on Trump to “acknowledge he was wrong” and apologize to the American people. Speculation that former Goldman Sachs Group Inc. President Gary Cohn, was poised to resign as head of the National Economic Council roiled markets on Thursday, until the White House issued a statement that he was staying.
“Picking fights and getting criticized by members of one’s own party don’t help in pursuing one’s agenda,” Peter Boockvar, chief market analyst at The Lindsey Group, wrote in a note to clients Friday.
Investors pulled $1.3 billion from equity funds in the week ending Aug. 16 as tensions over the Korean peninsula escalated, according to EPFR Global data. Outflows from U.S. stock funds were triple that, suggesting doubts about Trump’s stimulus plans are an additional worry. Heightened terror fears added to the malaise after at least 13 people died when a van plowed into pedestrians in Barcelona Thursday.
“The terror attacks in the U.S. and Spain just add to all the other geopolitical mess,” Simon Quijano-Evans, a strategist at London-based Legal & General Investment Management Ltd., said in a note to clients. “At some stage that is likely to culminate into a more extreme market reaction.”
Still, Naoki Fujiwara, chief fund manager of Shinkin Asset Management Co. in Tokyo, cautioned investors against drawing any long-term conclusions because the terrorist attack in Spain and political turmoil in the U.S. don’t amount a trend.
“Both the U.S. and Japanese economies are doing well, and what’s most important is the direction of U.S. monetary policy,”
Fujiwara said. “As long as the fundamentals are steady, the market will recover.”
Here are the main moves in markets:
Stocks
* The S&P 500 Index ended down 0.2 percent at 2,425.55.
* The Dow Jones Industrial Average dropped 76 points to 21,674.51, while the Nasdaq Composite Index declined 0.1 percent.
* The Stoxx Europe 600 Index sank 0.7 percent.
* The MSCI All-Country World Index slid 0.3 percent.
* Germany’s DAX Index decreased 0.3 percent.
* The U.K.’s FTSE 100 Index tumbled 0.9 percent.
* The MSCI Emerging Market Index dipped 0.2 percent.
Currencies
* The Bloomberg Dollar Spot Index decreased 0.3 percent.
* The euro advanced 0.4 percent to $1.1764.
* The British pound climbed less than 0.1 percent to $1.2876.
* The Japanese yen increased 0.4 percent to 109.17 per dollar.
Bonds
* The yield on 10-year Treasuries gained less than one basis point to 2.191 percent.
* Germany’s 10-year yield decreased one basis point to 0.41 percent.
* Britain’s 10-year yield rose less than a basis point to 1.089 percent.
Commodities
* Gold fell 0.1 percent to 1286.49.
* West Texas Intermediate crude rose 3.3 percent to $48.62 a barrel.
Asia
* Japan’s Topix index fell 1.1 percent at the close, down 1.2 percent lower. The Kospi index ended 0.1 percent lower. Hong Kong’s Hang Seng Index fell 0.6 percent.
* The MSCI Asia Pacific Index lost 0.4 percent.

Have a wonderful weekend everyone.

Be magnificent!

Variety is the first principle of life.
What makes us formed beings?
Differentiation.
Perfect balance will be destruction.
Swami Vivekananda

As ever,

Carolann

If more politicians knew poetry, and more poets knew politics, I am convinced the world
would be a little better place in which to live.
                                                                       -John F. Kennedy, 1917-1963

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. 17, 1969, the Woodstock Music and Art Fair concluded near Bethel, N.Y.
Go to article »

On this day in 1998, Russia devalues the ruble and declares a moratorium on paying its foreign debt, sending the global bond markets crashing. The move would trigger the collapse of the giant U.S. hedge fund Long-Term Capital Management and sends shockwaves through the world’s financial system.

NEW GAUDI
Spanish architect Gaudi is well known for the colorful visuals found at the structures he worked on such as Barcelona’s Sagrada Familia and the Park Guëll.  Now, Casa Vicens, the first house to be created by the artist, will be opening for the first time in the fall; you can get a preview from the Casa Vincens YouTube channel, found at http://bit.ly/casavinceschannel.  The video on restoring the ceramic parts of the building is particularly intriguing.
PHOTOS OF THE DAY

Royal Photographic Society of Aurora over a glacier lagoon by James Woodend, one of the 100 images shortlisted for the Royal Photographic Society’s International Images for Science competition. The competition is supported by Siemens as part of the Curiosity Project, a three-year programme which aims to engage young people with science and engineering. The five winners will be announced in an award ceremony in London on 12 September. CREDIT: JAMES WOODEND/PA

HMS Queen Elizebeth, the UK’s newest aircraft carrier arrives in Portsmouth. The 65,000-tonne carrier, the largest warship ever to be built in Britain, is expected to be the Navy’s flagship for at least 50 years. CREDIT: GARETH FULLER/PA

Royal Photographic Society “Angel In Love”, a pair of sea slugs by Andrey Nachuk, one of the 100 images shortlisted for the Society’s International Images for Science competition. CREDIT: ANDREY NARCHUK/PA
Market Closes for August 17th, 2017

Market Index	Close	Change
Dow Jones	21750.73	-274.14    -1.24%
S&P 500	2430.01	-38.10   -1.54%
NASDAQ	6221.914	-123.195   -1.94%
TSX	15033.64	-48.57
		-0.32%

International Markets

Market Index	Close	Change
NIKKEI	19702.63	-26.65
		-0.14%
HANG SENG	27344.22	-64.85
		-0.24%
SENSEX	31795.46	+24.57
		+0.08%
FTSE 100*	7387.87	-45.16
		-0.61%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.848		1.870
CND. 30 Year Bond		2.291		2.311
U.S.    10 Year Bond		2.1835		2.2220
U.S. 30 Year Bond		2.7739		2.8073

Currencies

BOC Close	Today	Previous
Canadian $	0.78878	0.79215
US $	1.26778	1.26239
Euro Rate 1 Euro=		Inverse
Canadian $	1.48610	0.67290
US $	1.17220	0.85310

Commodities

Gold	Close	Previous
London Gold Fix	1285.15	1272.75
Oil
WTI Crude Future	47.09	46.78

Market Commentary:
Number of the Day
13.4%
Japanese exports rose 13.4% in July from a year ago, helped by exports of cars and automotive components. It was the eighth straight monthly gain in exports, data from Japan’s Ministry of Finance showed Thursday.
Canada
By Natalie Wong
     (Bloomberg) — Canadian stocks slumped for the seventh day in eight, following the retreat of global markets amid tension over the future of President Donald Trump’s policy proposals and a terrorist attack in Barcelona.
     The S&P/TSX Composite Index dropped 0.3 percent to 15,033.64. Materials led the decline and fell 0.5 percent as Eight Capital initiated research coverage on four mining stocks.
Hudbay Minerals Inc. dropped 4.2 percent and First Quantum Minerals Ltd. lost 1.8 percent despite both being rated new buys. Nevsun Resources Ltd. and Tahoe Resources Inc. also dropped more than 2 percent after being rated new neutrals.
     Health care was the only group that advanced and rose 0.5 percent. Extendicare Inc. jumped 2.7 percent, Knight Therapeutics Inc. gained 1.8 percent and Valeant Pharmaceuticals International Inc. rose 1.6 percent, after Cantor analyst said it was ’hard to ignore’ recent positives.     In other moves:
* Financials fell 0.4 percent. Bank of Montreal dropped 0.5 percent to the lowest in 10 weeks.
US
By Eric J. Weiner and Oliver Renick
     (Bloomberg) — A sense of growing unease gripped financial markets as President Donald Trump exacerbated the controversy sparked by a racist rally in Virginia and terrorists struck a crowded street in Barcelona.
     U.S. stocks retreated, with the S&P 500 Index posting its second biggest one-day decline of the year, and a measure of market volatility spiked higher. Treasuries rose with the yen as investors sought havens. Gold jumped.
     Stocks began the day lower on speculation that Trump’s policy agenda was increasingly imperiled after he disbanded two advisory councils staffed by CEOs and slammed Republican members of Congress who were critical of his remarks on race. Rumors that former Goldman Sachs President Gary Cohn would resign as head of the national economic council added to the selling until reports that he’d opted to stay momentarily buoyed the market.
Cohn has been leading the president’s efforts on tax reform.
     “Certainly the Cohn stuff started it and while there isn’t much out there yet about what’s happening now in Barcelona, it’s also adding to it,” Robert Parks, managing director in equity derivatives at RJ O’Brien and Associates LLC, said by phone.
“And in the background is Donald Trump and everything negative that’s swirling around him. Is he going to be able to get anything done that was expected?”
     While Cohn’s continued presence in the White House brought a measure of calm to markets, it failed to end the controversy sparked by Trump’s polarizing remarks, leaving his agenda with an uncertain future. The terror news was a reminder that geopolitical unrest remains a threat to global growth, with nerves still raw after last week’s escalation of tensions on the Korean peninsula.
     Still, some strategists cautioned that equity markets don’t appear poised to crack — at least not right now. The S&P 500 Index sits 2 percent below its all-time high reached 10 days ago.
     “A correction is coming at some point, catalysts are not always obvious,” Andrew Brenner, head of international fixed income for National Alliance Capital Markets, wrote in an email.
“But with central banks pulling back from the tapering mode, we doubt this is it.”
     Earlier, European stocks dropped as minutes from the region’s last central bank meeting revealed concern among officials that the currency could overheat. Gold and tin were among the best performing metals, and zinc traded near a 10-year high. Most European bonds edged higher as they tried to catch up to U.S. yields. Sterling slipped after growth in U.K. retail sales dropped.
          Here are the main moves in markets:
                            Stocks
* The S&P 500 plunged 1.5 percent to 2,430.04, the biggest decline since May. The Dow Jones Industrial Average fell 274 points, and the Nasdaq Composite Index lost 1.9 percent.
* The Stoxx Europe 600 Index dipped 0.6 percent.
* The U.K.’s FTSE 100 Index sank 0.6 percent.
* Germany’s DAX Index slid 0.5 percent, the biggest slide in a week.
* The MSCI Emerging Market Index dropped 0.8 percent.
                           Currencies
* The Bloomberg Dollar Spot Index increased 0.2 percent after Wednesday’s decline.
* The euro dipped 0.3 percent to $1.1729.
* The British pound fell 0.2 percent to $1.2871.
                             Bonds
* The yield on 10-year Treasuries fell three basis points to 2.1888 percent.
* Germany’s 10-year yield decreased two basis points to 0.43 percent.
* Britain’s 10-year yield slid two basis points to 1.087 percent.
                          Commodities
* West Texas Intermediate crude rose 0.5 percent to $47.03 a barrel.
* Gold climbed 0.4 percent to $1,288.68 an ounce.

Have a wonderful evening everyone.

Be magnificent!

When the poor come to you in great need, begging for food,
do not harden your hearts against them.
Remember that the poor may once have been rich,
and you may one day be poor.
…remember that you may need their friendship in times to come.
Rig Veda

As ever, 

Carolann

Only those who dare to fail greatly can ever achieve greatly.
–Robert F. Kennedy, 1925-1968

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:
On Aug. 16, 1977, singer Elvis Presley died at Graceland Mansion in Memphis, Tenn., at age 42.
Go to article »

On this day in 1974, the Ramones play their first public gig at CBGB’s in downtown Manhattan.

HIKE INSPIRATION:
If the beautiful weather inspires you to set out on a jaunt, the app MAP MY HIKE can enhance the experience for you.  In addition to recording your journey, the app also lets you store the best hikes you’ve taken, tell others about them and get ideas for other hikes.  Map My Hike is free for iOS and Android.

SURF HELP
If you’re planning to surf this summer, get information about conditions before you go with the Surfline app, which is free for iOS and Android.  It lets you know about what’s happening with the waves and when the weather will turn grim, requiring you to call it a day.  The app also provides real-time footage of beaches.

You will get all you want in life if you help enough other people get what they want. –Zig Ziglar.
PHOTOS OF THE DAY

As part of the UK-India Year of Culture 2017 and Indian Independence Day Celebrations the Indian Naval Band and a group of Bollywood style dancers visit Calton Hill. CREDIT: STEVEN SCOTT TAYLOR/ALAMY LIVE NEWS

A mantis rests on a lotus seedpod in Xuyi County of Huai’an City, east China’s Jiangsu Province. CREDIT: XINHUA/ZHOU HAIJUN

Nine year old Rory Scott from Bonar Bridge herds sheep as farmers gather at Lairg auction for the great sale of lambs in Lairg, Scotland. Lairg market hosts the annual lamb sale, which is the biggest one day livestock market in Europe, when some twenty thousand sheep from all over the north of Scotland are bought and sold. CREDIT: JEFF J MITCHELL/GETTY IMAGES
Market Closes for August 16th, 2017

 

Market Index	Close	Change
Dow Jones	22024.87	+25.88    +0.12%
S&P 500	2468.11	+3.50   +0.14%
NASDAQ	6345.109	+12.096   +0.19%
TSX	15082.21	-15.63
		-0.10%

 

International Markets

 

Market Index	Close	Change
NIKKEI	19729.28	-24.03
		-0.12%
HANG SENG	27409.07	+234.11
		+0.86%
SENSEX	31770.89	+321.86
		+1.02%
FTSE 100*	7433.03	+49.18
		+0.67%

 

Bonds

 

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.870		1.906
CND. 30 Year Bond		2.311		2.349
U.S.    10 Year Bond		2.2220		2.2728
U.S. 30 Year Bond		2.8073		2.8488

 

Currencies

 

BOC Close	Today	Previous
Canadian $	0.79215	0.78407
US $	1.26239	1.27540
Euro Rate 1 Euro=		Inverse
Canadian $	1.48614	0.67288
US $	1.17721	0.84946

 

Commodities

 

Gold	Close	Previous
London Gold Fix	1272.75	1270.30
Oil
WTI Crude Future	46.78	47.55

Market Commentary:
Number of the Day
$1.5 billion
The approximate profit that Warren Buffett’s Berkshire Hathaway made on its $3 billion investment in General Electric in the depths of the financial crisis. Berkshire sold the last of the GE stock it got as part of the deal in the second quarter, a new filing revealed this week.
Canada
By Natalie Wong
     (Bloomberg) — Canadian stocks flashed green as Nafta renegotiation talks began Wednesday in Washington D.C.
     The S&P/TSX Composite Index added 0.3 percent to 15,143.02 at around 9:50 am.  Health care gained 0.8 percent as Valeant
Pharmaceuticals International Inc. jumped 1.5 percent.
     Materials rose 0.7 percent, snapping a three-day slump, as Hudbay Minerals Inc. rose 7.2 percent, becoming the top- performing stock on the index, and First Quantum Minerals Ltd.
increased 2.9 percent despite reduced supply to Zambia mine and complex.
     In other moves:
* Prometic Life Sciences Inc. dropped 3.7 percent becoming the worst-performing stock on the index, after being cut to sector perform at the National Bank of Canada yesterday and amid the CFO Greg Weaver’s departure
* Energy rose 0.5 percent after falling for six-days straight as Pason Systems Inc. added 1.5 percent and Baytex Energy Corp.
increased 1.3 percent. Oil halted its slide amid industry data that showed U.S. crude stockpiles declined again, further trimming an inventory surplus.
US
By MARLEY JAY
     New York (AP) — U.S. stocks rose slightly Wednesday as Urban Outfitters and Target helped retailers rally. That was enough to cancel out more losses for energy companies.
     Urban Outfitters and Target did better in the second quarter than analysts expected, and Target raised its forecasts for the year. That helped companies that sell clothing and other retailers. Technology companies and firms that make and sell household goods also traded higher.
     A wide variety of retailers saw their shares sink the day before based on weak earnings reports. With Wal-Mart and Ross Stores in line to report their own results Thursday, investors could change their minds again.
     “This sector is not for the faint of heart,” said JJ Kinahan, chief strategist for TD Ameritrade. “The market is trying to figure out who the winners and losers are going to be.”
     He said turbulence for retailers will be a constant as online competition keeps growing and customers want more features like same-day delivery.
     The Standard & Poor’s 500 index picked up 3.50 points, or 0.1 percent, to 2,468.11. The Dow Jones industrial average added 25.88 points, or 0.1 percent, to 22,024.87. The Nasdaq composite gained 12.10 points, or 0.2 percent, to 6,345.11. The Russell 2000 index of smaller companies inched up 0.30 points to 1,383.53.
     Clothing and accessories retailer Urban Outfitters had a better second quarter than Wall Street expected, and analysts said there are some signs the company’s business is recovering after years of struggles. The stock rose $2.94, or 17.5 percent, to $19.76. Even with those gains, it’s down 31 percent this year and recently traded at eight-year lows, far below its price of $45 a share in early 2015.
     Target gained $1.96, or 3.6 percent, to $56.31. The company raised its annual estimates after it did better than analysts expected in the second quarter.
     Gap climbed 50 cents, or 2.3 percent, to $22.57. Express added 27 cents, or 4.8 percent, to $5.84. Retailers had struggled a day earlier after poor results and lower forecasts from Dick’s Sporting Goods and Advance Auto Parts. The S&P 500 index of retailers climbed 1.7 percent Wednesday after a 2.3 percent plunge the day before.
     Benchmark U.S. crude lost 77 cents, or 1.6 percent, to $46.78 a barrel in New York. Brent crude, used to price international oils, dipped 53 cents, or 1 percent, to $50.27 a barrel in London. That pulled energy companies down further. EOG Resources fell $2.04, or 2.3 percent, to $84.98 and Marathon Oil fell 34 cents, or 2.9 percent, to $11.19.
     Energy companies have slumped this month, but their second- quarter profits have improved dramatically compared to a year ago. A year ago the companies were struggling to make money thanks to a prolonged slump in oil prices. But for more than a year, U.S. crude has mostly stayed between $40 and $55 a barrel.
     Stocks made bigger gains earlier in the day, but they slipped after a group of CEOs, including the heads of 3M and Campbell Soup, said they were leaving a manufacturing jobs group over comments about made by President Donald Trump about the racially charged violence in Charlottesville, Virginia this past weekend.
     Trump then tweeted that he is ending that council as well as a strategy and policy group. The furor could create more obstacles for Trump’s pro-business agenda of tax cuts and infrastructure spending.
     The Dow rose as much as 86 points earlier on.     
After an early gain, the dollar dipped to 110.16 yen from 110.58 yen. The euro rebounded to $1.1769 from $1.1734.
     Bond prices turned higher. The yield on the 10-year Treasury note fell to 2.23 percent from 2.27 percent.
     With bond yields falling, banks and financial companies turned lower as well. Lower bond yields mean lower interest rates on loans and fewer profits for banks.
     Lincoln National fell $1.03, or 1.4 percent, to $71.14 and Bank of America gave up 28 cents, or 1.1 percent, to $24.19.
Regions Financial sank 14 cents, or 1 percent, to $14.34.
     The minutes from the Federal Reserve’s meeting last month did not include many details about the central bank’s plans for letting its balance sheet shrink. The notes showed a divided Fed, as some members of its policy committee think that interest rates should stay about where they are because inflation is still low. But others felt that interest rates should be raised because delays might lead to dangerously high inflation later.
     Fed officials unanimously agreed to leave the interest rates unchanged.
     Gold rose $3.20 to $1,282.90 an ounce. Silver climbed 23 cents, or 1.4 percent, to $16.94. Copper jumped 6 cents, or 2.4 percent, to $2.95 a pound.
     In other energy trading, wholesale gasoline lost 2 cents to $1.56 a gallon. Heating oil fell 3 cents to $1.57 a gallon. Natural gas shed 5 cents to $2.89 per 1,000 cubic feet.
     France’s CAC 40 rose 0.7 percent, and Germany’s DAX and the FTSE i100 in Britain rose by the same amount. Tokyo’s Nikkei 225 retreated 0.1 percent while the Hang Seng in Hong Kong rose 0.9 percent. The South Korean Kospi advanced 0.6 percent.
 

Have a wonderful evening everyone.

 

Be magnificent!

We must learn to love those who think exactly opposite to us.
We have humanity for the background, but each must have his own individuality and his own thought.
Push the sects forward and forward till each man and woman are sects unto themselves.
We must learn to love the man who differs from us in opinion.
We must learn that differentiation is the life of thought.
We have one common goal, and that is the perfection of the human soul, the god within us.
Swami Vivekananda

As ever, 

Carolann

 

Do not seek to follow in the footsteps of the men of old; seek what they sought.
                                                                       -Matsuo Basho, 1644-1694

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:
Napoleon Bonaparte, French emperor, b. August 15^th, 1769.

On Aug. 15, 1947, India and Pakistan became independent after some 200 years of British rule.
Go to article »

PHOTOS OF THE DAY

Jockey Luigi Bruschelli of the “Bruco” (Caterpillar) parish struggles with his horse on the starting ropes of the third practices for the Palio of Seina. CREDIT: STEFANO RELLANDINI/REUTERS.

Hundreds of revelers try to navigate their hand-made rafts in the port of the northern Spanish Basque city of San Sebastian during the “Abordaje” (boarding) festival event. CREDIT: GARI GARAIALDE/AFP.

French bullfighter Sebastian Castella fights a bull during the third bullfighting as part of Malaga’s Fair, southern Spain. CREDIT: JORGE ZAPATA/EFE.
Market Closes for August 15th, 2017 

Market Index	Close	Change
Dow Jones	21998.99	+5.28    +0.02%
S&P 500	2464.61	-1.23   -0.05%
NASDAQ	6333.012	-7.221   -0.11%
TSX	15097.84	-22.07
		-0.15%

International Markets

Market Index	Close	Change
NIKKEI	19753.31	+216.21
		+1.11%
HANG SENG	27174.96	-75.27
		-0.28%
SENSEX	31449.03	+235.44
		+0.75%
FTSE 100*	7383.85	+29.96
		+0.41%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.906		1.877
CND. 30 Year Bond		2.349		2.318
U.S.    10 Year Bond		2.2728		2.2220
U.S. 30 Year Bond		2.8488		2.8120

Currencies

BOC Close	Today	Previous
Canadian $	0.78407	0.78591
US $	1.27540	1.27241
Euro Rate 1 Euro=		Inverse
Canadian $	1.49689	0.66805
US $	1.17353	0.85213

Commodities

Gold	Close	Previous
London Gold Fix	1270.30	1282.30
Oil
WTI Crude Future	47.55	47.59

Market Commentary:
On this day in 1971, President Richard Nixon ends direct international convertibility of the U.S. dollar to gold.
Canada
By Natalie Wong
(Bloomberg) — Canadian stocks weakened for the fifth day in six as losses in energy and materials stocks overcame gains in health care, amid diminishing rhetoric between North Korea and the U.S.
The S&P/TSX Composite Index fell 0.2 percent to 15,097.84.
Energy stocks dropped 0.6 percent, cementing a six-day slump, as Precision Drilling Corp. lost 5.6 percent and CES Energy Solutions Corp. slipped 3 percent.
Materials lost 0.4 percent, dropping to the lowest price in over two weeks, as Intertape Polymer Group Inc. lost 3.5 percent after Scotiabank cut the stock to sector outperform, B2Gold Corp. decreased 3.4 percent and First Quantum Minerals Ltd. fell 3.4 percent as Zambia’s power restrictions hit the Kansanshi pit.
Health care gained 1 percent, snapping a four-day loss, as Prometic Life Sciences Inc. jumped 3.8 percent after falling for four days straight after the sudden departure of CFO Greg Weaver, which the Canadian Imperial Bank of Commerce said was a negative sign for the company.
In other moves:
* Nevsun Resources Ltd. jumped 5 percent, snapping a five-day loss, after being resumed at market perform at Raymond James; it was the top-performing stock in the index
* Badger Daylighting Ltd. fell 6 percent, the worst-performing stock in the index. Shares jumped 14.8 percent yesterday after second quarter earnings beat the highest analyst’s estimate.
US
By Eric J. Weiner
(Bloomberg) — The dollar rallied and U.S. stocks fell, halting a two-day advance, as the threat of war with North Korea diminished. Treasuries extended losses after U.S. retail sales exceeded forecasts last month, boosting speculation that the Federal Reserve might raise interest rates again this year.
The S&P 500 Index and Nasdaq Composite Index drifted lower, while the Dow Jones Industrial Average rose slightly for a third straight day. Meanwhile, traditional havens such as gold and the yen slumped. Oil shrugged off early losses to post a gain. The CBOE Volatility Index, also known as the VIX, continued to tumble amid a return to calm in the stock market.
The Stoxx Europe 600 Index edged up after the German economy extended its growth spurt in the second quarter, albeit at a slower pace than expected. The British pound dropped to a five-week low after U.K. inflation unexpectedly held steady in July, clouding the outlook for rate increases.
July retail sales in the world’s biggest economy advanced by the most in any month this year, bolstering the case for more policy tightening. Federal Reserve Bank of New York President William Dudley earlier said he favored another rate hike in 2017.
Meanwhile, Japan’s currency — a haven in times of global tension — slumped after a North Korean media report indicated that dictator Kim Jong Un had decided not to launch a threatened missile attack on Guam. In addition, South Korean President Moon Jae-in vowed to avoid a conflict at any cost.
In Germany, data showed the economy expanded 0.6 percent in the second quarter, driven by domestic demand. That missed estimates slightly, but was accompanied by a revision in the first-quarter number. The euro retreated.
Here are some key events to watch this week:
* On Wednesday, the Federal Open Market Committee will issue minutes from its July policy meeting that may hold clues to the Federal Reserve’s next rate hike. The same day, euro-area second-quarter GDP data is due.
* Chinese tech titans Tencent Holdings Ltd. and Alibaba Group Holding Ltd. are among the companies reporting results this week.
And here are the main moves in markets:
Stocks
* The S&P 500 and Nasdaq Composite closed down 0.1 percent. The Dow gained five points, or less than 0.1 percent, and the Russell 2000 Index dropped 0.8 percent.
* The Stoxx Europe 600 Index increased 0.1 percent.
* The MSCI All-Country World Index declined 0.1 percent.
* Germany’s DAX Index jumped 0.1 percent.
* The U.K.’s FTSE 100 Index surged 0.4 percent.
Currencies
* The Bloomberg Dollar Spot Index jumped 0.4 percent.
* The euro fell 0.4 percent to $1.1739, the lowest in three weeks.
* The British pound dipped 0.8 percent to $1.2865.
* The Japanese yen decreased 0.8 percent to 110.54 per dollar, the biggest decline since July 3.
Bonds
* The yield on 10-year Treasuries climbed four basis points to 2.26 percent, the highest in a week.
* Germany’s 10-year yield advanced three basis points to 0.43 percent, the highest in a week.
* Britain’s 10-year yield gained one basis point to 1.08 percent.
Commodities
* Gold declined 0.7 percent to $1,273.09 an ounce.
* West Texas Intermediate crude rose less than 0.1 percent to $47.61 a barrel after falling 2.5 percent on Monday.
Asia
* Japan’s Topix index finished the day 1.1 percent higher and Australia’s S&P/ASX 200 Index gained 0.5 percent at the close. Hong Kong’s Hang Seng index dropped 0.3 percent as the Shanghai Composite Index rose 0.4 percent.
* Markets in South Korea and India are closed Tuesday for holidays.

Have a wonderful evening everyone.

 

Be magnificent!

The golden rule of conduct therefore, is mutual toleration,
seeing that we will never think alike and we shall see the Truth
in fragments and from different angles of vision.
Conscience is not the same thing for all.
While, therefore, it is a good guide for individual conduct,
imposition of that conduct upon all will be an insufferable interference
with everybody’s freedom of conscience.
Mahatma Gandhi

As ever, 

Carolann

 

Never interrupt your enemy when he is making a mistake.
                                   -Napoleon Bonaparte, 1769-1821

 

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. 14, 1945, President Truman announced that Japan had surrendered unconditionally, ending World War II.
Go to article »
Be yourself; everyone else is already taken.

PHOTOS OF THE DAY

Sir Mo Farah stands at the tip of the Coca-Cola London Eye as he bids a final farewell to British track athletics after winning gold in the 10,000m and silver in the 5000m at the IAAF World Championships in his home city. CREDIT: Martin Rickell/PA

A  cardboard tower with a height of 20 meters and a weight over a ton is brought down during the street festival “Les Jeux du Castrum” in Yverdon-les-Bains, Switzerland.  The piece and performance designed by French artist Olivier Grossetete has brought back to life a replica of the former 19^th century “Tour de la Plaine” tower from Yverdon-les-Bains. CREDIT: Valentin Flauand/Keystone VIA AP.
Market Closes for August 14th, 2017 

MarketIndex	Close	Change
DowJones	21993.71	+135.39   +0.62%
S&P 500	2465.84	+24.52  +1.00%
NASDAQ	6340.234	+83.679  +1.34%
TSX	15119.91	+86.53
		+0.58%

International Markets

MarketIndex	Close	Change
NIKKEI	19537.10	-192.64
		-0.98%
HANGSENG	27250.23	+366.72
		+1.36%
SENSEX	31449.03	+235.44
		+0.75%
FTSE 100*	7353.89	+43.93
		+0.60%

Bonds

Bonds		% Yield		Previous  % Yield
CND.10 Year Bond		1.877		1.853
CND.30 Year Bond		2.318		2.294
U.S.   10 Year Bond		2.2220		2.1888
U.S.30 Year Bond		2.8120		2.7855

Currencies

BOC Close	Today	Previous
Canadian $	0.78591	0.78872
US$	1.27241	1.26788
Euro Rate1 Euro=		Inverse
Canadian $	1.49889	0.66716
US$	1.17796	0.84893

Commodities

Gold	Close	Previous
London GoldFix	1282.30	1286.10
Oil
WTI Crude Future	47.59	48.82

Market Commentary:
Number of the Day
60
The number of consecutive trading sessions in which the Dow industrials has not moved 1% or more in either direction, the longest streak in more than a decade.
Canada
By Natalie Wong
     (Bloomberg) — Canadian stocks, which had fallen every day last week, rebounded amid a broader tech rally as concern eased about escalating rhetoric over North Korea, leading to gains across global share markets.
     The S&P/TSX Composite Index jumped 0.6 percent to 15,119.91. Technology gained 1.3 percent as Kinaxis Inc. rose 3.4 percent, Shopify Inc. increased 2.8 percent and BlackBerry Ltd. added 2.3 percent.
     Industrials rose as much as 1.6 percent, the most since March, as Badger Daylighting Ltd. soared 14.8 percent after earnings per share for the second quarter beat the highest analyst estimate.
     Health care dropped 0.8 percent, continuing a four-day slump, as Prometic Life Sciences Inc. lost 5 percent ahead of second quarter results, becoming the worst performing stock in the index. Knight Therapeutics Inc. fell 3.5 percent despite announcing today that it has amended its loan agreement with Crescita Therapeutics Inc. to receive early repayment of $2.5 million of the loan.
     In other moves:
* Consumer staples increased as much as 1.5 percent, the most since April, as Premium Brands Holding Corp. jumped 7.3 percent after second quarter revenue and earnings per share beat analyst estimates
* Telecom stocks gained 1 percent as Telus Corp. added 1.2 percent.
US
By Eric J. Weiner
     (Bloomberg) — Stocks gained and volatility receded as the prospect of war between the U.S. and North Korea cooled. Havens such as gold, Treasuries and the yen fell. Oil retreated.
     U.S. shares were broadly higher, with the S&P 500 Index gaining the most since April and the Dow Jones Industrial Average and Nasdaq Composite Index also rising. Volatility retreated, as the CBOE Volatility Index, or VIX, fell below 12.5 after topping 16 on Aug. 10.
     The Stoxx Europe 600 Index posted its first gain in four days, tracking increases across markets including South Korea, Australia and Hong Kong. Most European government bonds followed Treasuries lower. Bitcoin posted yet another surge.
     Volatility gauges jumped last week and risk assets tumbled as the sudden increase in tension around the Korean peninsula jolted markets globally. The reaction was exacerbated by rich valuations in numerous asset classes, many of which had barely corrected this year. White House officials sought to calm the crisis on Sunday by assuring that war was not about to break out, and media attention shifted to strife within the U.S.
following the violent white-supremacist rally in Charlottesville, Virginia, over the weekend.
     Meanwhile, there was a mixed bag of data out of Asia on Monday. Japan’s second-quarter growth topped estimates, reflecting better domestic demand. China’s economy posted its worst showing this year as curbs on property, excess borrowing and industrial overcapacity began to have an impact.
          Here are the big events to watch this week:
* A crowded U.S. data docket will give some indication of whether second-half GDP will outperform the first half. July retail sales are expected to rise from June, while housing starts and industrial production may be muted.
* On Wednesday, the Federal Open Market Committee will issue minutes from a July policy meeting that may hold clues to the Federal Reserve’s next rate hike. The same day, Euro-area second-quarter GDP data is due.
* Chinese tech titans Tencent Holdings Ltd. and Alibaba Group Holding Ltd. are among the companies reporting results this week. After rising 76 percent in 2017, Alibaba shares trade at a multiple of 65 times earnings. Tencent is trading at 56 times profits after a 71 percent jump.
* Russia’s factory output growth probably dipped to 3.3% in July year-on-year from 3.5% in June. The data is due in the early part of the week.
     And here are the main moves in markets:
                            Stocks
* The S&P 500 finished up 1 percent. The Dow added 0.6 percent, while the Nasdaq Composite rose 1.3 percent.
* The Stoxx Europe 600 climbed 1.1 percent.
* The U.K.’s FTSE 100 Index gained 0.6 percent.
* Germany’s DAX Index advanced 1.3 percent, its biggest rally in a month.
* The MSCI All-Country World Index increased 0.7 percent. 
                           Currencies
* The Bloomberg Dollar Spot Index gained 0.3 percent.
* The euro dipped 0.3 percent to $1.1786.
* The British pound fell 0.4 percent to $1.2967.
* The Japanese yen slid 0.4 percent to 109.66 per dollar, the first retreat in a week.
                             Bonds
* The yield on 10-year Treasuries increased three basis points to 2.22 percent.
* Britain’s 10-year yield gained one basis point to 1.07 percent.
* Germany’s 10-year yield rose two basis points to 0.41 percent.
                          Commodities
* West Texas Intermediate crude plunged 2.8 percent to $47.47 a barrel.
* Gold dipped 0.6 percent to $1,282.14 an ounce, its first retreat in a week.* Japan’s Topix index finished 1.1 percent lower.
* South Korea’s Kospi index advanced 0.6 percent.
* Australia’s S&P/ASX 200 index rose 0.7 percent.
* The Shanghai Composite Index added 0.9 percent, while in Hong Kong the Hang Seng Index gained 1.4 percent. 

Have a wonderful evening everyone.

Be magnificent!

 

Differentiation, infinitely contradictory, must remain,
but it is not necessary that we should hate each other;
it is not necessary therefore that we should fight each other.
Swami Vivekananda

As ever,

Carolann 

He who wonders discovers that this in itself is wonder.

                                      -M.C. Escher, 1898-1972

 

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:
August 11, 1928, Virginia Woolf Diary: 

At Charleston we had tea from bright blue cups under the pink light of the giant hollyhock.  We are all a little drugged with the country; a little bucolic I thought. It was lovely enough – made me envious of its country peace; the trees all standing securely – why did my eye catch the trees? The look of things has a great power over me.  Even now, I have to watch the rooks beating up against the wind, which is high, and still I say to myself instinctively “What’s the phrase for that?”  and try to make more and more vivid the roughness of the air current and the tremor of the rook’s wings slicing as if the air were full of ridges and ripples and roughnesses.  They rise and sink, up and down, as if the exercise rubbed and braced them like swimmers in rough water.  But what a little I can get down into my pen of what is so vivid to my eyes, and not only to my eyes; also to some nervous fibre, or fanlike membrane in my species. 

Only Robinson Crusoe had everything done by Friday.

On Aug. 11, 1965, deadly rioting and looting broke out in the predominantly black Watts section of Los Angeles. 
Go to article »
On this day in 1992, the world’s largest shopping center, the $650-million, 4.2-million-square-foot Mall of America, opens in Bloomington, Minn.
PHOTOS OF THE DAY

The Red Arrows perform a colourful display above yachts at Falmouth in Cornwall. CREDIT: APEX

The Clipper 2017-18 Round the World Yacht Race fleet has departed Portsmouth Harbour, headed to Albert Dock, Liverpool, for the eleventh edition of the biennial challenge, the only race of its kind which trains non-professional sailors to complete a circumnavigation. The Race Start is 20 August. CREDIT: ONEDITION

Dancers from ‘Tutu’, perform at St Margaret’s Lock in their spoof Swan Lake costumes in Edinburgh, Scotland. Their Edinburgh Festival Fringe show is an invitation to those who love dance to experience familiar favourites, in an opportunity to explore some of the most famous and significant works in the repertoire from Swan Lake to Pina Bausch in a fun way with a twist. CREDIT: ROBERTO RICCIUTI/GETTY IMAGES
Market Closes for August 11th, 2017 

Market Index	Close	Change
Dow Jones	21858.32	+14.31    +0.07%
S&P 500	2441.42	+3.21   +0.13%
NASDAQ	6256.555	+39.683   +0.64%
TSX	15038.45	-35.80
		-0.24%

International Markets

Market Index	Close	Change
NIKKEI	19729.74	-8.97
		-0.05%
HANG SENG	26883.51	-560.49
		-2.04%
SENSEX	31213.59	-317.74
		-1.01%
FTSE 100*	7309.96	-79.98
		-1.08%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.853		1.855
CND. 30 Year Bond		2.294		2.296
U.S.    10 Year Bond		2.1888		2.2010
U.S. 30 Year Bond		2.7855		2.7782

Currencies

BOC Close	Today	Previous
Canadian $	0.78872	0.78468
US $	1.26788	1.27440
Euro Rate 1 Euro=		Inverse
Canadian $	1.49924	0.66701
US $	1.18247	0.84568

Commodities

Gold	Close	Previous
London Gold Fix	1286.10	1284.40
Oil
WTI Crude Future	48.82	48.59

Market Commentary:
Number of the Day
58
The number of consecutive sessions the S&P 500 had gone without a move of 1% or more in either direction, the second longest such streak of the current bull market.
Canada
By Natalie Wong
     (Bloomberg) — Canadian stocks fell, continuing a week-long slump, as escalating military tensions between the U.S. and North Korea continue to spook markets around the world.
     The S&P/TSX Composite Index dropped 0.3 percent to 15,028.19 at around 9:46 a.m. Telecom stocks fell 0.7 percent, slumping for the third-day, as Telus Corp. lost 2.2 percent after its second quarter adjusted basic earnings per share missed the lowest analyst estimate. 
     Materials slipped 0.7 percent, breaking a two-day rally.
Intertape Polymer Group Inc. fell 6.7 percent after full-year adjusted Ebitda forecast trailed estimates, Pretium Resources Inc. lost 2.4 percent and B2Gold Corp. decreased 1.5 percent.
     In other moves:
* CES Energy Solutions Corp. jumped as much as 7.4 percent, the most intraday since January, after falling for five-days straight. It reported revenue for the second quarter that beat the highest analyst estimate yesterday after market close
* Boardwalk Real Estate Investment Trust dropped 8 percent, the most since February, after it was downgraded to underperform at the Bank of Montreal. It became the worst performing stock on the index
* Enerplus Corp. rose 5.7 percent becoming the top-performing stock in the index after it forecast production for the full year of 84,000 to 86,000 boe/d
US
By Jeremy Herron
     (Bloomberg) — U.S. stocks rose and volatility eased as markets showed signs of stabilizing after days of verbal sparring between the U.S. and North Korea. The dollar fell after American inflation remained subdued.
     The S&P 500 Index rebounded from its worst day since May as a measure of calm returned to global equity markets roiled by tensions on the Korean peninsula. The latest reading on core prices showed a below-forecast rise, making it tougher for the central bank to stay on its tightening course. That pushed the greenback lower and boosted gold.
     The calm on Friday wasn’t enough to undo the damage done by the geopolitical confrontation that rattled markets all week.
The S&P 500 had its worst period since March, European shares fell the most since Trump’s election and the credit had its deepest slump in a year. While the CBOE Volatility Index slipped Friday, it’s still higher by almost 50 percent in the week, the most since January 2016. Gold stood at a two-month high and the yen briefly pushed through 109 per dollar.
     The week of angst continued a sobering pattern for financial markets in August, when volatility tends to rise even as many investors head for vacation. The latest saber rattling has some firms preparing contingencies for the weekend — just in case, especially with little in the way of economic data or central bank action to focus on in the coming week.
     Some big investors have been warning now would be a good time to reduce levels of risk in portfolios. Ray Dalio, who leads the world’s largest hedge fund at Bridgewater Associates, recommends investors consider placing 5 percent to 10 percent of their assets in gold as a hedge against current political and economic risks.
          Here are the main moves in markets:
                             Stocks
* The S&P 500 added 0.1 percent to 2,441.42 as of 4 p.m. in New York, paring its weekly slide to 1.4 percent, the most since March.
* The Stoxx Europe 600 Index declined 1 percent, for five-day retreat of 2.7 percent, the most since Nov. 4.
* The MSCI All-Country World Index was down 0.1 percent Friday and 1.5 percent in the week.
* The CBOE Volatility Index lost 2.7 percent, after yesterday’s 44 percent rise.
                           Currencies
* The Bloomberg Dollar Spot Index fell 0.4 percent, sparked by the latest CPI report.
* The euro jumped 0.5 percent to $1.1833.
* The British pound rose 0.3 percent to $1.3015.
* The Japanese yen increased 0.2 percent to 109.016 per dollar, the strongest in more than 15 weeks.
                             Bonds
* The yield on 10-year Treasuries fell one basis point to 2.19 percent.
* Germany’s 10-year yield dipped three basis points to 0.382 percent, the lowest in almost six weeks.
                          Commodities
* West Texas Intermediate crude rose 0.5 percent to settle Friday at $48.82 a barrel. The contract fell 1.5 percent in the week.
* Gold futures rose 0.5 percent to $1,296.80 an ounce, the strongest in two months. 
                              Asia
* The MSCI Asia Pacific Index fell 0.8 percent and was headed for a 1.2 percent slide this week.
* Australia’s S&P/ASX 200 Index fell 1.2 percent at the close in Sydney. The Hang Seng Index in Hong Kong tumbled 2 percent and China’s Shanghai Composite Index was down 1.6 percent.
* South Korea’s Kospi index lost 1.7 percent and volatility on the Kospi 200 surged as much as 27 percent. Japanese markets are
closed for the Mountain Day public holiday.

Have a wonderful weekend everyone.

Be magnificent!

To love is to understand and feel that the other person is different.

Swami Prajnanpad

As ever,

Carolann 

Procrastination is the thief of time.

       -Edward Young, 1683-1765 

 

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:

With Earth’s first Clay They did the Last
Man knead.
And there of the Last harvest sow’d the Seed:
And the first Morning of Creation wrote
What the Last Dawn of Reckoning shall read.
Yesterday this Day’s Madness did prepare;
To-morrow’s Silence, Triumph or Despair:
Drink; for you know not whence you came,
nor why:
Drink; for you know not why you go, nor
where.
–from The Rubaiyat of Omar Khayyam

1846 – Smithsonian Institution established.
On this day in 1944, U.S. forces overcome Japanese resistance on Guam during World War II.
1945 – Japan surrenders.
1965- Watts Riot, Los Angeles
August 10, 1876 – Alexander Graham Bell makes the world’s First long-distance telephone call from the Bell homestead to a shoe and boot store in Paris, Ontario; using a 13 km long telegraph line strung from Brantford. Brantford, Ontario.
PHOTOS OF THE DAY

These hummingbirds perfectly symmetrical, making them incredibly pleasing on the eye. As they can be seen eating from flowers, with their wings spread, the birds appear almost perfectly symmetrical. The different breeds, including Buff Tailed Coronet and Fawn Breasted Brilliant, can be seen with matching details on either side of their body. CREDIT: HYMAKAR VALLURI/CATERS NEWS.

A man walks through the rain in Regents Park, London, as wet weather continues to hit the UK. CREDIT: VICTORIA JONES/PA

(L-R) Annie Hagg, Nikita Lebedev and Roxanna Kadyrova perform in ‘Staging Wittgenstein’ at the Edinborough International Festival at Greyfriars Kirk in Edinburgh, Scotland. Staging Wittgenstein is a combination of physical art, comedy and suspense, based on a nearly 100-year-old piece of philosophy, performers wear human-size latex balloons to explore and celebrate language. CREDIT: MARK RUNNACLES/GETTY IMAGES
Market Closes for August 10th, 2017 

Market Index	Close	Change
Dow Jones	21844.01	-204.69    -0.93%
S&P 500	2438.21	-35.81   -1.45%
NASDAQ	6216.871	-135.460   -2.13%
TSX	15074.25	-143.08
		-0.94%

International Markets

Market Index	Close	Change
NIKKEI	19729.74	-8.97
		-0.05%
HANG SENG	27444.00	-313.09
		-1.13%
SENSEX	31531.33	-266.51
		-0.84%
FTSE 100*	7389.94	-108.12
		-1.44%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.855		1.910
CND. 30 Year Bond		2.296		2.343
U.S.    10 Year Bond		2.2010		2.2476
U.S. 30 Year Bond		2.7782		2.8237

Currencies

BOC Close	Today	Previous
Canadian $	0.78468	0.78747
US $	1.27440	1.26988
Euro Rate 1 Euro=		Inverse
Canadian $	1.50034	0.66653
US $	1.17727	0.84943

Commodities

Gold	Close	Previous
London Gold Fix	1284.40	1261.80
Oil
WTI Crude Future	48.59	49.17

Market Commentary:
Number of the Day
$2.6 trillion
The amount U.S. companies now hold in funds outside the country
Canada
By Natalie Wong
(Bloomberg) — Canadian stocks extended a decline to a third day, falling the most since mid-June, as losses in info tech and health care offset gains in materials.
The S&P/TSX Composite Index fell 0.9 percent to 15,074.25.
Tech dropped a third day, falling 2.2 percent, as Shopify Inc. slumped 6.9 percent, the most in a month, and Sierra Wireless Inc. lost 3.7 percent.
Health care fell 1.5 percent as Knight Therapeutics Inc. dropped 7 percent and Prometic Life Sciences Inc. slipped 3.9 percent, after dropping as much as 22 percent intraday, the lowest in almost three years, amid the Galapagos lung drug data.
Materials gained 0.7 percent as SSR Mining Inc. rose 12.5 percent and Credit Suisse wrote that the company is likely to reach the higher end of year production and Pan American Silver Corp. jumped 10.7 percent.
In other moves:
* Nevsun Resources Ltd. dropped 16.4 percent after cutting Bisha mine life and disappointing analysts, and was the worst- performing stock on the index
* Energy dropped 1.5 percent as Parex Resources Inc. fell 5.9 percent on a legal charge related to settlement of litigation involving the 2012 acquisition of Ramshorn International Ltd. and Nexgen Energy Ltd. lost 5.5 percent
* Financials dropped 1.5 percent as Element Fleet Management Corp. lost 8.9 percent on 2Q results that included shrinking net interest margins and Manulife Financial Corp. fell 4.7 percent, after it acknowledged that it has challenging businesses amid spinoff speculation
* Aimia Inc. rose 20.1 percent, the most since 2009, as redemptions held steady
US
By Jeremy Herron
(Bloomberg) — Rising geopolitical tension rattled financial markets around the world Thursday, sending U.S. stocks to the biggest loss since May and stoking demand for haven assets.
The S&P 500 Index halted an unprecedented stretch of calm on American equity markets and the CBOE Volatility Index spiked to its highest since April after President Donald Trump dialed up his warning to North Korea on threats to American allies.
Gold surged to a nine-week high, the yen advanced below 110 per dollar and Treasuries strengthened.
Risk assets succumbed Thursday to a third day of saber rattling by Trump and Kim Jong Un, as the spat threatened to boil over into military confrontation. The selloff in U.S.
stocks halted a streak of 15 days without a swing of 0.3 percent in either direction for the S&P 500 and jolted the VIX above 16 for only the fourth time this year. Gold futures neared $1,300 and crude slumped toward $48 a barrel.
“The markets in general are very on edge and they’re very leery about risk,” said Mariann Montagne, a portfolio manager at Gradient Investments LLC, which oversees about $1.4 billion.
“When earnings are not beating expectations there’s a sell off in the companies, and we’re just not seeing that money reinvested because of the geopolitical risks.”
Geopolitical tensions may be the trigger for the latest bout of risk aversion, but with global equities trading near record highs and yield premiums on high-yield debt creeping up, some of the biggest names in the asset management industry have already been warning that it’s time to take risk off the table.
Pimco told investors to pare U.S. equities and junk bonds, but keep exposure to real assets, such as inflation-linked debt, commodities and gold. T. Rowe Price cut its stock allocation to the lowest level since 2000. Morgan Stanley strategists said investors should consider betting against U.S. junk-bonds as recent price weakness may be the beginning of a correction.
Here are some important upcoming events:
* The central bank’s inflation puzzle means Friday’s CPI data in the U.S. will get close attention.
Here are the main moves in markets:
Stocks
* The S&P 500 Index lost 1.5 percent to 2,438.25 at 4 p.m. in New York. That’s the steepest slide since May 17 and the lowest close since July 11.
* The VIX rose 45 percent to 16.12, it’s highest closing price of Donald Trump’s presidency.
* The Nasdaq Composite Index sank 2.1 percent and the Dow Jones Industrial Average lost 200 points.
* The Stoxx Europe 600 Index declined 1 percent to the lowest since March 27.
* The MSCI Emerging Market Index fell 1.4 percent.
Currencies
* The Bloomberg Dollar Spot Index fell 0.1 percent.
* The euro rose 0.1 percent to $1.1772.
* The British pound fell 0.2 percent to $1.2978.
Bonds
* The yield on 10-year Treasuries declined five basis points to 2.20 percent, the lowest since June 26.
* Germany’s 10-year yield decreased two basis points to 0.41 percent, the lowest in six weeks.
* Britain’s 10-year yield dipped three basis points to 1.081 percent, the lowest in more than six weeks.
Commodities
* West Texas Intermediate crude rose fell 2 percent to settle at $48.59 a barrel.
* Gold climbed 0.5 percent to $1,283.28 an ounce, the strongest in two months.

Have a wonderful evening everyone.

 

Be magnificent!

One person is not another person.

What is hem the?  He is unique.

Swami Prajnanpad

As ever,

Carolann 

 

Much learning does not teach understanding.

                -Heraclitus,  c. 535BC-c.475 BC

 

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

Queensbury Securities Inc.,
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Victoria, B.C. V8W 3Y7

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