Category: Newsletters

Dear Friends,

Tangents:

Know your greens:  an edited extract from “A Rhyming Alphabet of Medicinal Plants” (2016) by Dr. Henry Oakley:

A is for Aconitum

of which Pliny said:  If swallowed in error
                              One ended up dead.

Aconitum napellus, wolf’s bane, is so poisonous that Theophrastus (circa 340 BC) reported that death was the punishment for possessing it.
  Dioscorides (70 AD) wrote that the seed heads and roots were placed on raw meat for killing wolves.
  His contemporary Pliny Secundus added;  “There is no poison in the world so quick in operation.”

B is for Borage
Which we put in our Pimm’s
But it contains more odd toxins
Than one can find I your MIMS

Borago officinalis, borage, was held in high esteem by Nicholas Culpeper in the 17^th century for its exhilarating qualities and for driving away sadness and melancholy, until it came under suspicion for causing damage to the liver, genetic abnormalities and cancer.
  Borage used to be added to flavor summer alcoholic drinks, but the UK medicines regulatory agency now advises against this. MIMS is the monthly pharmacopoeia received by UK physicians.

C is for Cynara
The super cardoon,
It’s in flower at the moment
But will be eaten quite soonCynara cardunculus, the cardoon or artichoke thistle.  The flower heads are eaten.  Dodoens (1552) thought them a cure for stinking armpits and that they engendered lust.  Presumably in that order.
  Galen (c 200AD) said they were indigestible unless cooked.  However, he related that other authors recommended the flower heads soaked in stron wine, to “stir up lust in the body.”

On Aug. 9, 1945, the United States exploded a nuclear device over Nagasaki, Japan, instantly killing an estimated 39,000 people. The explosion came three days after the atomic bombing of Hiroshima.
Go to article »
PHOTOS OF THE DAY

The hats of officials sit on a coat rack outside a meeting between Defence Secretary Jim Mattis and Vietnam Defence Minister Gen. Ngo Xuan Lich at the Pentagon, Washington D.C.
CREDIT: ANDREW HARNIK/AP PHOTO

NASA astronaut Randy Bresnik took this image of the moon rising from the International Space Station.  He wrote on Twitter: “Gorgeous moon rise! Such great detail when seen from Space. Next full moon marks #Eclipse2017. Well be watching from @Space_Station.”
CREDIT: NASA/AFP/GETTY IMAGES

Men and women from the local area work 10 hours a day, to farm red chilli peppers, in Sariakandi, Bangledesh.
CREDIT: SOLENT NEWS/REX/SHUTTERSTOCK
Market Closes for August 9^th, 2017

Market Index	Close	Change
Dow Jones	22048.70	-36.64   -0.17%
S&P 500	2473.57	-1.35   -0.05%
NASDAQ	6352.332	-18.128   -0.28%
TSX	15206.52	-49.83
		-0.33%

International Markets

Market Index	Close	Change
NIKKEI	19738.71	-257.30
		-1.29%
HANG SENG	27757.09	-97.82
		-0.35%
SENSEX	31797.84	-216.35
		-0.68%
FTSE 100*	7498.06	-44.67
		-0.59%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.910		1.940
CND. 30 Year Bond		2.343		2.370
U.S.    10 Year Bond		2.2476		2.2690
U.S. 30 Year Bond		2.8237		2.8512

Currencies

BOC Close	Today	Previous
Canadian $	0.78747	0.78945
US $	1.26988	1.26671
Euro Rate 1 Euro=		Inverse
Canadian $	1.49304	0.66977
US $	1.17559	0.85064

Commodities

Gold	Close	Previous
London Gold Fix	1271.05	1261.80
Oil
WTI Crude Future	49.56	49.17

Market Commentary:
On this day in 2007, fallout from defaulting subprime mortgages forced BNP Paribas SA to freeze three of its funds that were at one point worth more than $2 billion. The move is now considered one of the key early events of the financial crisis.
Number of the Day
0.24%
The percent the S&P 500 fell on Tuesday, its largest decline since July 6.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks fell as investors continued to reel from growing tension between the U.S. and North Korea and energy stocks took a hit from an unexpected increase in gasoline supplies.
     The S&P/TSX Composite Index fell 39 points or 0.3 percent to 15,217.33. Health-care stocks tumbled 5.1 percent. Valeant Pharmaceuticals International Inc. lost 9.6 percent as investors continued to digest earnings that included lower revenue guidance for the year.
     The energy index fell 0.4 percent even as the price of oil gained 0.8 percent. U.S. government data showed a decline in crude stockpiles but a jump in gasoline inventories.
     In other moves:
* Callidus Capital Corp. lost 21 percent after the Wall Street Journal reported that its top shareholder Catalyst Capital Group Inc., which also shares a founder with Callidus, is the subject of whistleblower complaints
* Semafo Inc. jumped 18 percent following an upgrade to outperform at Credit Suisse
* Kinaxis Inc. fell 17 percent. Several analysts issued downgrades after the company slashed its full-year sales forecast
* Stantec Inc. rose 9.4 percent after second-quarter earnings beat the highest analyst estimate
* Finning International Inc. gained 8.9 percent on better-than- expected results.
US
By Jeremy Herron
     (Bloomberg) — U.S. stocks ended little changed, while Treasuries pared gains as American government officials tried to ease concerns the country was headed for armed conflict with North Korea. Crude fell on a jump in gasoline stockpiles.
     The S&P 500 Index almost erased losses in the final hour of trading and the CBOE Volatility Index pared an advance as Secretary of State Rex Tillerson signaled military confrontation was not imminent. He was one of several officials in the Trump administration who sought to fine-tune the message on how it will address North Korean threats. 
     Trump’s statement Tuesday that could unleash “fire and fury” against Kim Jong Un’s regime sparked demand for haven assets from the yen to Treasuries. Those trades began reversing late Wednesday as investors grew more confident the situation wouldn’t escalate. Still, emerging-market shares fell the most since June and gold jumped to an eight-week high Wednesday. The 10-year Treasury yield fell as much as five basis points before trimming that to a single point.
     “Trump in his reactions is something new for all of us,” Geraldine Sundstrom, portfolio manager at Pimco Europe, said in an interview on Bloomberg TV. “Given the nature of the threats, given the players are new, it makes the situation a little bit unusual,” said Sundstrom, who recommended safe haven trades and minimizing risks through duration. 
     Among the key events looming this week:
* U.K. factory output for June is due Thursday, with industrial production for France on Friday.
* This week’s Federal Reserve speakers aren’t done: keep a keen ear out for comments by New York Fed boss Bill Dudley on Thursday.
* Argentina, Mexico, New Zealand, Peru, the Philippines, Serbia and Zambia set monetary policy.
     Here are the main moves in markets:
                             Stocks
* The S&P 500 Index lost less than 0.1 percent to 2,474.01 at 4 p.m. in New York, all but erasing losses that reached 0.5 percent.
* The CBOE Volatility Index 3 percent, well off its session high of a 15 percent spike.
* The Stoxx Europe 600 Index declined 0.7 percent.
* The MSCI All-Country World Index sank 0.4 percent.
* The MSCI Emerging Market Index sank 1 percent, the biggest dip in almost eight weeks.
                             Currencies
* The euro added less than 0.1 percent to $1.1757, the weakest in almost two weeks.
* The Bloomberg Dollar Spot Index was little changed.
* The British pound increased 0.1 percent to $1.3001, the first advance in a week.
* South Africa’s rand sank 0.6 percent to 13.455 per dollar, the weakest in more than four weeks.
                             Bonds
* The yield on 10-year Treasuries dipped two basis points to 2.24 percent.
* Germany’s 10-year yield declined five basis points to 0.428 percent, the lowest in six weeks.
* Britain’s 10-year yield fell five basis points to 1.109 percent, the lowest in six weeks.
* France’s 10-year yield decreased four basis points to 0.714 percent, the lowest in six weeks.
                             Commodities
* Gold surged 1.3 percent to $1,279.64 an ounce, the biggest jump in two months.
* West Texas Intermediate crude climbed 0.2 percent to $49.26 a barrel.
                             Asia
* Japan’s Topix index fell 1.1 percent, the most since May 18. Australia’s S&P/ASX 200 Index bucked the region-wide downward trend to add 0.4 percent. The Hang Seng Index in Hong Kong lost 0.4 percent and China’s Shanghai Composite Index was down 0.2 percent.
* The Japanese yen advanced 0.6 percent to 109.70 per dollar, the strongest in eight weeks.

 

Have a wonderful evening everyone.

 

Be magnificent!

When you see that everything is different, that everything is unique,
you become one with the whole.
This is because you no longer judge, compare, or attribute particular characteristics.
Remove the characteristics,
and you no longer have an entity.
Swami Prajnanpad

As ever,

 

Carolann

 

Everyone is the son of his own works.
    -Miguel de Cervantes, 1547-1616

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:

‘N’em

-Jericho Brown

They said to say goodnight
And not goodbye, unplugged
The TV when it rained.  They hid
Money in mattresses
So to sleep on decision
Some of their children
Were not their children.  Some
Of their parents had no birthdates.
They could sweat a cold out
Of you.  They’d wake without
An alarm telling them to.
Even the short ones reached
Certain shelves.  Even the skinny
Cooked animals too quick
To catch.  And I don’t care
How ugly one of them arrived,
That one got married
To somebody fine.  They fed
Families with change and wiped
Their kitchens clean.
Then another century came.
People like me forgot their names.

Birthdays:
Roger Federer, b. 1981.
Dustin Hoffman, b. 1937

On Aug. 8, 1974, President Richard Nixon announced he would resign following damaging revelations in the Watergate scandal.
Go to article »

PHOTOS OF THE DAY

Buddhist monks clean the dust off of the 15-meter-high Great Buddha at Todaiji Temple in Nara, Japan.
CREDIT: BUDDHIKA WEERASINGHE/GETTY IMAGES

The Plymouth Lido in Devon, is empty as the UK continues to have unsettled weather for the summer holidays.
CREDIT: SWNS

People out punting in the rain on the river Cam in Cambridge.
CREDIT:  SWNS
Market Closes for August 8^th, 2017

Market Index	Close	Change
Dow Jones	22085.34	-33.08   -0.15%
S&P 500	2474.92	-5.99   -0.24%
NASDAQ	6370.461	-13.311   -0.21%
TSX	15256.35	-1.62
		-0.01%

International Markets

Market Index	Close	Change
NIKKEI	19996.01	-59.88
		-0.30%
HANG SENG	27854.91	+164.55
		+0.59%
SENSEX	32014.19	-259.48
		-0.80%
FTSE 100*	7542.73	+10.79
		+0.14%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.940		1.922
CND. 30 Year Bond		2.370		2.352
U.S.    10 Year Bond		2.2690		2.2620
U.S. 30 Year Bond		2.8512		2.8420

Currencies

BOC Close	Today	Previous
Canadian $	0.78945	0.79049
US $	1.26671	1.26504
Euro Rate 1 Euro=		Inverse
Canadian $	1.48819	0.67196
US $	1.17482	0.85119

Commodities

Gold	Close	Previous
London Gold Fix	1261.80	1257.70
Oil
WTI Crude Future	49.17	49.58

Market Commentary:
On this day in 1896, the Dow Jones Industrial Average hits its lowest level ever: 28.48. That marks a 30.5% decline for the blue-chip index over its first 10 weeks. It’s up 77,563% since.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks were little changed as lower energy prices offset gains from strong earnings.
     The S&P/TSX Composite Index slipped 1.6 points or less than 0.1 percent to 15,256.35. Stocks briefly plunged around 3:30 p.m. in Toronto after U.S. President Donald Trump said North Korean threats would be met with “fire and fury.”
     Energy shares lost 0.8 percent as oil prices fell 0.5 percent. CES Energy Solutions Corp. sank 4.6 percent and Pason Systems Inc. lost 3.7 percent.
     The consumer discretionary index gained 0.9 percent as Great Canadian Gaming Corp. jumped 18 percent to a record . The casino operator, together with Brookfield Business Partners LP, won a bid to operate gaming facilities in the Toronto area that generate revenue of more than C$1 billion. Brookfield Business Partners rose 7.8 percent.
     In other moves:
* Pretium Resources Inc. tumbled 8.7 percent ahead of second- quarter results, when investors will be looking for an operational update
* Ritchie Bros. Auctioneers Inc. gained 8 percent. Second- quarter results beat analyst estimates
* Martinrea International Inc. rose 6.8 percent on positive second-quarter earnings
US
By Jeremy Herron
     (Bloomberg) — U.S. stocks fell and a measure of equity volatility spiked higher after President Donald Trump delivered a warning to North Korea amid rising tensions between the nations. Treasuries slipped, while the yen strengthened.
     The S&P 500 Index fell to session lows and the CBOE Volatility Index jumped 11 percent shortly before 3:30 p.m. in New York when Trump said further threats from the country would be met with “fire and fury.” The comments jolted markets from a summer slumber, with U.S. assets largely little changed for most of the session. The 10-year Treasury yield rose. Crude retreated toward $49 a barrel.
     Trump’s comments followed a report in the Washington Post, citing a Defense Intelligence Agency analysis, that Pyongyang successfully developed a miniaturized nuclear warhead that could fit onto its missiles. He said North Korea will be “met with fire and fury and, frankly, power the likes of which the world has never seen before” if Kim Jong Un’s regime continues to threaten the U.S.
     Markets had been listless with few catalysts to give investors reason for conviction. South Africa’s rand fell after President Jacob Zuma survived a no-confidence motion in parliament. The focal point of this week looks set to be Friday’s U.S. inflation data, which may be key to the interest- rate outlook of the world’s biggest economy.
     Also among the key events looming this week:
* U.K. factory output for June is due Thursday, with industrial production for Italy on Wednesday and for France on Friday.
* This week’s Fed speakers aren’t done: keep a keen ear out for comments by New York Fed boss Bill Dudley on Thursday.
* Dutch Prime Minister Mark Rutte resumes talks to form a coalition government on Wednesday.
* Argentina, Mexico, New Zealand, Peru, the Philippines, Serbia and Zambia set monetary policy.
     And here are the main moves in markets:
                           Stocks
* The S&P 500 Index fell 0.2 percent to 2,474.97 at 4 p.m. in New York.
* The Dow Jones Industrial Average fell 32.48 points, while the Nasdaq Composite Index lost 0.2 percent.
* The Stoxx Europe 600 Index erased losses to end higher by 0.2 percent.
* The MSCI All-Country World Index fell 0.1 percent.
                           Currencies
* The euro fell 0.4 percent to $1.1749.
* The Bloomberg Dollar Spot Index rose less than 0.1 percent.
* The British pound decreased 0.4 percent to $1.299, the weakest in more than two weeks on a closing basis.
* South Africa’s rand tumbled 1.2 percent to 13.395 per dollar.
                            Bonds
* The yield on 10-year Treasuries rose two basis points to 2.27 percent.
* Germany’s 10-year yield gained two basis points to 0.47 percent.
* Britain’s 10-year yield increased two basis points to 1.157 percent.
                            Commodities
* Gold futures climbed 0.1 percent to $1,266.20 an ounce.
* West Texas Intermediate crude futures fell 0.5 percent to settle at $49.17 a barrel amid speculation that stockpiles may rise once the summer period of higher demand ends.

 

Have a wonderful evening everyone.

 

Be magnificent!

If you do not think he is different, he is unique;  he exists in his own right,
there cannot be any relationship.
Swami Prajnanpad

As ever,

 

Carolann

 

The beginning is always today.
-Mary Shelley, 1797-1851

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 handout photo that Flightradar24.com released Friday shows the route a Boeing 787 Dreamliner aircraft took during a test flight the day before. The route resulted in the outline of an airplane on a map. FLIGHTRADAR24/EUROPEAN PRESSPHOTO AGENCY

This is not a mirage… People crossing these enormous sand dunes might be forgiven for thinking they are seeing things as they stumble across a clutter of stunning blue lagoons. But in this desert-like scene just outside the Amazon Basin in northern Brazil, the water remains due to frequent rainfall and a dense layer of rock beneath the sand. The Lencóis Maranhenses National Park – meaning the “Bedsheets of Maranhão” – is given it’s name due to the blanket effect of the white sand. CREDIT: MARCELO ALMEIDA/SOLENT NEWS
Market Closes for August 4^th, 2017

Market Index	Close	Change
Dow Jones	22092.81	+66.71    +0.30%
S&P 500	2476.83	+4.67   +0.19%
NASDAQ	6351.563	+11.211   +0.18%
TSX	15259.97	+66.01
		+0.43%

International Markets

Market Index	Close	Change
NIKKEI	19952.33	-76.93
		-0.38%
HANG SENG	27562.68	+31.67
		+0.12%
SENSEX	32325.41	+87.53
		+0.27%
FTSE 100*	7511.71	+36.94
		+0.49%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.922		1.895
CND. 30 Year Bond		2.352		2.324
U.S.    10 Year Bond		2.2620		2.2194
U.S. 30 Year Bond		2.8420		2.7949

Currencies

BOC Close	Today	Previous
Canadian $	0.79049	0.79474
US $	1.26504	1.25827
Euro Rate 1 Euro=		Inverse
Canadian $	1.48944	0.67139
US $	1.17739	0.84934

Commodities

Gold	Close	Previous
London Gold Fix	1257.70	1268.10
Oil
WTI Crude Future	49.58	49.03

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks rose amid strong monthly jobs reports on both sides of the border, with technology, industrials and financials leading the gains.
     The S&P/TSX Composite Index added 34 points or 0.2 percent to 15,225.90 at 9:52 a.m. in Toronto. Canada’s unemployment rate fell to 6.3 percent in July, the lowest since 2008, as the labor market added 10,900 jobs during the month. South of the border, employers added 209,000 jobs, ahead of estimates, and the jobless rate fell to 4.3 percent.
     Technology stocks were the biggest gainer in Canada, adding 0.8 percent. Sierra Wireless Inc. rose 4.9 percent, rebounding from Thursday’s 20 percent drop, while Open Text Corp. gained 3.7 percent following results that beat estimates.
     The financials index gained 0.3 percent and industrial shares rose 0.2 percent.
     In other moves:
* First Majestic Silver Corp. fell 7.5 percent after an unexpected second-quarter loss
* Dorel Industries Inc. lost 4.5 percent. Second-quarter revenue and adjusted earnings missed analyst estimates
* Dream Office REIT gained 2.8 percent. The company is buying back 21 million units
US
New York (AP) — U.S. stocks are slipping Thursday as technology and energy companies and banks fall. Big drug companies and industrial firms are rising, and a solid quarter from cereal maker Kellogg helped makers of food and household goods move higher. Smaller companies continue to decline.
     KEEPING SCORE: The Standard & Poor’s 500 index dropped 3 points, or 0.1 percent, to 2,474 as of 3:25 p.m. Eastern time. The Dow Jones industrial average headed for its eighth gain in a row and added 20 points, or 0.1 percent, to 22,036. The Nasdaq composite lost 13 points, or 0.2 percent, to 6,349.  Dozens of companies have reported strong second-quarter results this week as corporate earnings continue to grow. But the market has hardly reacted.
     THE QUOTE: Small companies, which surged in November and December, have struggled lately. The Russell 2000 sank 7 points, or 0.5 percent, to 1,405 after a sharp loss a day ago. Julian Emanuel, an equity strategist for UBS, said that as the dollar continues to lose strength, investors are selling smaller and more domestically-focused companies and buying more international businesses, as the weaker dollar will help their sales outside the U.S.
     “Most people didn’t expect the degree of dollar weakness that we’re seeing,” he said. The ICE U.S. Dollar Index is down 9 percent this year and hasn’t been this low in about 15 months.
     TECH TAKES A TURN: Security software maker Symantec announced disappointing first-quarter sales and its forecasts for the rest of the year weren’t as good as analysts had hoped.
Symantec also said it will sell its website security business to DigiCert for $950 million in cash and a 30 percent stake in DigiCert. Symantec slid 51 cents, or 1.6 percent, to $30.40.
     3D printer maker 3D Systems plunged $3.70, or 21.8 percent, to $13.31 after it fell short of Wall Street estimates in the second quarter and cut its projections for the full year.
Elsewhere, Apple lost $1.35 to $155.79 after a big jump the day before.
     THEY’RE GREAT: Kellogg, the maker of Frosted Flakes, Pop Tarts and Eggo waffles, reported another quarterly decline in sales as revenue from breakfast items slipped and snack food sales were flat. But the results weren’t as bad as experts had expected. Its stock jumped $3.27, or 4.8 percent, to $70.71.
     Consumer products maker Clorox also rose after it disclosed a larger-than-expected profit. It gained $3.19, or 2.4 percent, to $135.16.
     ECONOMIC NEWS: The Institute for Supply Management gave a disappointing report on how U.S. services companies did in July.
The group’s services index slipped to its lowest reading in 11 months as production, orders and hiring all slowed down. It’s a result that suggests the economy is still growing at a steady but modest pace.
     Meanwhile the Bank of England left its key interest rate at a record low and reduced its economic growth forecasts. That sent the British FTSE 100 index 0.9 points higher for the day, as investors were glad the bank probably won’t raise interest rates any time soon. The pound also moved lower.
     The yield on the 10-year Treasury note fell to 2.23 percent from 2.27 percent. That sent interest rates lower, and banks also fell.
     ENERGY: Oil prices turned lower. Benchmark U.S. crude dipped 56 cents, or 1.1 percent, to $49.03 a barrel in New York.
Brent crude, the international standard, fell 35 cents to $52.01 a barrel in London.
     Wholesale gasoline lost 1 cent to $1.63 a gallon. Heating oil fell 2 cents to $1.64 a gallon. Natural gas slipped 1 cent to $2.80 per 1,000 cubic feet.
     ELECTRIFYING: Electric car maker Tesla said it’s confident it can meet its production goals for its new Model 3 sedan, which will cost less than its previous cars. The company also took a smaller net loss than investors expected. Its shares gained $21.27, or 6.5 percent, to $347.16.
     AVON CALLING… FOR HELP: Avon Products took a loss in its latest quarter and said sales weren’t as good as expected. The cosmetics retailer has been struggling for years to revive its business, and it said Thursday that CEO Sheri McCoy will leave the company. Activist investors have put pressure on Avon to find new leadership. The stock lost 37 cents, or 11 percent, to $2.99.
     METALS: Gold dipped $4 to $1,274.40 an ounce. Silver fell 10 cents to $16.63 an ounce. Copper lost less than 1 cent to $2.88 a pound.     CURRENCIES: The dollar fell to 110.06 yen from 110.61 yen.
The euro rose to $1.1866 from $1.1860.
     STOCKS OVERSEAS: In France, the CAC 40 rose 0.5 percent and the DAX in Germany lost 0.2 percent. Japan’s benchmark Nikkei
225 lost 0.3 percent and the Kospi of South Korea dropped 1.7 percent. Hong Kong’s Hang Seng sank 0.3 percent.

 

Have a wonderful weekend everyone.

Be magnificent!

Simply enjoy life and the great pleasures that come with it.-Karolina Kurkova

As ever, 

Megan 

Integrity is the essence of everything successful.-R. Buckminster Fuller

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

People enjoy the ‘peach banquet’ at the Laojun Mountain Scenic Area in central China’s Henan Province. WANG ZHONGJI/ZUMA PRESS.

The twin towers of the ‘Bosco Verticale,’ or Vertical Forest, residential buildings frame a view of Milan. LUCA BRUNO/ASSOCIATED PRESS.
Market Closes for August 3rd, 2017 

Market Index	Close	Change
Dow Jones	22026.17	+9.93    +0.05%
S&P 500	2471.56	-6.01   -0.24%
NASDAQ	6340.340	-22.305   -0.35%
TSX	15185.91	-79.72
		-0.52%

International Markets

Market Index	Close	Change
NIKKEI	20029.26	-50.78
		-0.25%
HANG SENG	27531.01	-76.37
		-0.28%
SENSEX	32237.88	-238.86
		-0.74%
FTSE 100*	7474.77	+63.34
		+0.85%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.895		1.938
CND. 30 Year Bond		2.324		2.362
U.S.    10 Year Bond		2.2194		2.2639
U.S. 30 Year Bond		2.7949		2.8482

Currencies

BOC Close	Today	Previous
Canadian $	0.79474	0.79552
US $	1.25827	1.25703
Euro Rate 1 Euro=		Inverse
Canadian $	1.49379	0.66944
US $	1.18698	0.84248

Commodities

Gold	Close	Previous
London Gold Fix	1268.10	1269.60
Oil
WTI Crude Future	49.03	49.59

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks moved turned positive again for the year to date as energy stocks boosted the S&P/TSX Composite to a small gain.
     The index gained 21 points or 0.1 percent to 15,286.26 after earlier gaining as much as 0.4 percent. It was the first time the benchmark has traded above its 2017 opening price in five weeks.
     Energy stocks gained 0.3 percent as the price of crude rose 0.2 percent. Canadian Natural Resources Ltd. gained 3.6 percent after second-quarter results beat expectations and it raised its full-year production outlook.
     The consumer discretionary index gained 0.4 percent. Cott Corp. led the sector with a gain of 1.6 percent following second-quarter revenue that beat estimates.
     In other moves:
* Sierra Wireless Inc. tumbled 15 percent. The third-quarter forecast was below analyst estimates and it announced plans to buy Numerex Corp. for $107 million
* Altus Group Ltd. jumped 15 percent following second-quarter results that topped estimates and an upgrade at RBC
* Alamos Gold Inc. rose 9.7 percent. The company beat estimates after eight consecutive quarters of misses
* Seven Generations Energy Ltd. lost 9.4 percent after it cut its 2017 production guidance following an unplanned plant outage
* Home Capital Group Inc. lost 5.7 percent. The troubled lender’s second-quarter results late Wednesday included a wider- than-expected loss
US
By Jeremy Herron
     (Bloomberg) — U.S. stocks fell, the dollar weakened versus the yen and Treasuries rose after the Wall Street Journal reported Special Counsel Robert Mueller was said to have impaneled a grand jury in the ongoing Russia probe.
     The WSJ report a half hour before the close in New York sent the S&P 500 Index to its lows for the session before the measure reclaimed some ground to finish down 0.3 percent. The Dow Jones Industrial Average eked out a fresh record. Ten-year Treasury yields slumped and the yen strengthened. Crude fell below $49 a barrel, while gold slipped.
     News that Mueller, who is probing Russia’s interference in 2016 U.S. elections as well as possible collusion with Trump campaign, has impaneled a grand jury, briefly rattled markets that have recently shown little reaction to persistent signs of turmoil in Washington. Stocks had traded little changed for most of the session with corporate earnings in focus before Friday’s jobs report.
     Here are some key upcoming events:
* U.S. jobs data on Friday will probably show employers added about 180,000 workers in July.
     Here are the main moves in markets:
                             Stocks
* The S&P 500 Index lost 0.3 percent as of 4 p.m. in New York.
* The Dow climbed less than 10 points to notch a fresh record.
* The Stoxx Europe 600 Index added 0.1 percent.
* The MSCI All-Country World Index declined 0.2 percent.
* The U.K.’s FTSE 100 Index advanced 0.9 percent to the highest in two weeks.
                           Currencies
* The yen gained 0.7 percent to $109.951.
* The Bloomberg Dollar Spot Index lost 0.1 percent and is down 8.9 percent in the year.
* The British pound declined 0.6 percent to $1.3138, the biggest drop in a month.
                             Bonds
* The yield on 10-year Treasuries declined five basis points to 2.22 percent.
* U.K. 10-year yields slipped nine basis points to 1.15 percent.
* Germany’s 10-year yield fell three basis points to 0.45 percent.
                          Commodities
* West Texas Intermediate crude slid 0.5 percent to $49.35 a barrel.
* Gold futures retreated 0.3 percent to $1,274.50 an ounce.
             
 

Have a wonderful evening everyone.

Be magnificent!

“Slow down and enjoy life. It’s not only the scenery you miss by going to fast – you also miss the sense of where you are going and why.” – Eddie Cantor

 

As ever, 

Megan

 

“If you want to be successful, it’s just this simple. Know what you are doing. Love what you are doing. And believe in what you are doing.” -Will Rogers

 

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 IN HISTORY
1943 – PT-109, a Navy patrol torpedo boat commanded by Lt. John F. Kennedy, sank after being sheared in two by a Japanese destroyer off the Solomon Islands. Kennedy was credited with saving members of the crew.
Go to article »

My doctor gave me two weeks to live.  I hope they’re in August. – Ronnie Shakes.
PHOTOS OF THE DAY

Queensferry Crossing, the new road bridge over the Forth Estuary, viewed from South Queensferry as final works progress ahead of its opening in South Queensferry, Scotland. The bridge is due to open on August 40, 2017, and will be the highest bridge in the UK and the longest three-tower cable-stay bridge in the world.
CREDIT: KEN JACK – CORBIS/GETTY IMAGES VIA GETTY IMAGES

A member of Head First Acrobats performs inside the giant kaleidoscope at Camera Obscura and World of Illusions, Edinburgh, ahead of their Fringe Festival show Elixir.
CREDIT: JANE BARLOW/PA

Jamie Russell captured a stunning colourful sky over St Catherine’s Obratory on St Catherine’s Down, Isle of Wright. He believes that the colours came from the chine below and caused the sky to be filled with colour resembling the Northern Lights.
CREDIT: ISLANDVISIONS/BNPS
Market Closes for August 2nd, 2017

Market Index	Close	Change
Dow Jones	22016.24	+52.32   +0.24%
S&P 500	2476.81	+0.46   +0.02%
NASDAQ	6362.645	-0.293   —
TSX	15269.18	+67.08
		+0.44%

International Markets

Market Index	Close	Change
NIKKEI	20080.04	+94.25
		+0.47%
HANG SENG	27607.38	+67.15
		+0.24%
SENSEX	32476.74	-98.43
		-0.30%
FTSE 100*	7411.43	-12.23
		-0.16%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.938		1.959
CND. 30 Year Bond		2.362		2.383
U.S.    10 Year Bond		2.2639		2.2532
U.S. 30 Year Bond		2.8482		2.8544

Currencies

BOC Close	Today	Previous
Canadian $	0.79552	0.79734
US $	1.25703	1.25417
Euro Rate 1 Euro=		Inverse
Canadian $	1.48960	0.67132
US $	1.18501	0.84387

Commodities

Gold	Close	Previous
London Gold Fix	1269.60	1270.95
Oil
WTI Crude Future	49.59	49.16

Market Commentary:
On this day in 1990, Iraq invades Kuwait. The U.S. stock market falls 19% over the next two-and-a-half months. A year later, the U.S. stock market has rebounded and is up 27%.

Number of the Day
380 points
A massive run-up in Boeing Co. shares in recent days means that the company has been responsible for 380 points on the Dow Jones Industrial Average since it first closed above 21000 five months ago. That’s more than twice as much as the next biggest contributor in the Dow, McDonald’s Corp., which has added 171 points. The Dow closed at 21964 Tuesday.
Canada
By Kristine Owram
     (Bloomberg) — Canada’s equity benchmark closed higher, boosted by strength in energy, financial and consumer staples stocks.
     The S&P/TSX Composite Index gained 64 points or 0.4 percent to 15,265.63, its highest close since June. Energy shares gained 0.6 percent despite a brief plunge in the price of crude following U.S. government data that showed oil inventories rose by 1.1 million barrels last week.
     The financials index added 0.5 percent as Genworth MI Canada Inc. gained 3.5 percent and Intact Financial Corp. rose 2.3 percent. Both reported second-quarter results that beat analyst estimates.
     Consumer staples stocks jumped 0.8 percent as Saputo Inc. gained 2.1 percent, the cheese maker’s second day of gains following results that beat the highest estimate.
     In other moves:
* Cineplex Inc. tumbled 8.2 percent, the most since 2009, on disappointing earnings across the theater sector
* Guyana Goldfields Inc. jumped 9.8 percent following Tuesday’s 15 percent decline. The company was upgraded at BMO on operational issues that are expected to be transient
* Bombardier Inc. jumped 5.5 percent. The company has reportedly reached a rail joint-venture deal with Siemens AG.
US
By Robert Brand and Jeremy Herron
     (Bloomberg) — Most U.S. stocks fell, though Apple Inc. dragged major indexes higher, propelling the Dow Jones Industrial Average past 22,000 for the first time. Renewed weakness in the dollar weighed on small caps, while crude failed to hold above $50 a barrel.
     Apple’s 5 percent gain, sparked by an optimistic sales forecast, took the Dow to a record, boosted the Nasdaq 100 Index and left the S&P 500 Index little changed even as most groups fell. European equities slid as a drop in industrial metals weighed on miners. The euro, coming off its best month since March 2016, continued its surge versus the ailing dollar. Oil rose as record gasoline demand allayed shale boom worries, though it settled off highs for the day.
     Weakness in the dollar and the corresponding euro rally have started to dominate market moves, with the common currency’s longest rally since 2013 sustained by interest-rate differentials as investors lose faith in Donald Trump’s spending plans. U.S. stocks have benefited, with multinationals delivering outsize earnings at the same time European exporters have taken a hit.
     Read more about the euro’s remarkable run.
     Friday’s report on the American labor market may provide the next inflection point, as investors look for clues on the strength of the world’s largest economy and the Federal Reserve’s next policy move.
     Here are some key upcoming events:
* Bank of England Governor Mark Carney may signal a more hawkish tone at its quarterly Inflation Report on Thursday.
The central bank will likely keep rates on hold.
* U.S. jobs data on Friday will probably show employers added about 180,000 workers in July.
     Here are the main moves in markets:
                             Stocks
* The S&P 500 Index rose less than 0.1 percent to 2,477.17 at 4 p.m. in New York. The Dow was higher by 0.2 percent to 22,010.30 as Apple jumped 5.5 percent.
* The Russell 2000 Index lost 1.1 percent.
* The Stoxx Europe 600 Index fell 0.4 percent.
* The MSCI All-Country World Index was flat.
                             Currencies
* The Bloomberg Dollar Spot Index slipped 0.1 percent.
* The euro climbed 0.4 percent to $1.1852, the highest level since January 2015.
* The British pound advanced 0.2 percent to $1.3224, the strongest in more than 10 months.
                              Bonds
* The yield on 10-year Treasuries advanced one basis point to 2.27 percent.
* Britain’s 10-year yield climbed two basis points to 1.24 percent, the highest in a week.
* Germany’s 10-year yield gained less than one basis point to 0.49 percent.
                              Commodities
* West Texas Intermediate crude rose 0.9 percent to settle at $49.59 a barrel. Record demand for gasoline helped ease concerns that increasing crude production from America’s shale fields will worsen a global glut.
* Gold futures retreated 0.5 percent to $1,272.20 an ounce.
* Copper was essentially unchanged at $2.88 a pound.                            

 

Have a wonderful evening everyone.

 

Be magnificent!

Expansion is life; contraction is death.
Love is life, hatred is death.
We began to die the day we began to contract, to hate others
and nothing can prevent our death,
until we come back to life, to expansion.
Swami Vivekananda

As ever,

 

Carolann

 

Endurance is patience concentrated.
            -Thomas Carlyle, 1795-1881

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:

Lammas: 1^st harvest, Wicca

Homou’o: hooting at hunger, Ghana

1990:World Wide Web established.
1789: U.S. Customs established.

On August 1, 1936, 100,000 saluted Adolf Hitler on his entrance at the opening of the Berlin Olympics.
Go to article »

AUGUST ~ LEO, PERIDOT
                 VIRGO

The days seem to shorten.  The nights, deep and warm, grow longer.  Apples are on the trees.  The first fruits are gathered.  It’s the Celtic feast of Lugh, Christina Lammastide, when the first grains are ground and baked and placed upon the alter.  For the Celts, Lugh ordained the feast be  held in honor of his mother Tailltiu, the Earth Mother.

PHOTOS OF THE DAY

August Sunflowers, perfect for all the family on a sunny day. Cadwell Farm in Ickleford, Hertfordshire, has an unusal seasonal opportunity for the whole family to pick their own sunflowers now that the lavender is past its best, which is what the farm is more famous for. Keiko and Yuko, sisters on a day trip from Finchley in London with baby Aoi, 1
CREDIT: DAVID ROSE FOR THE TELEGRAPH

This tranquil scene shows a fisherman patiently waiting to catch trout on a perfectly still lake. The spectacular Domomiti Brenta mountain range is perfectly reflected on the body of water as the sun sets behind. The beautiful image was captured at the Adamello Brenta National Park in Italy by amateur photographer Simone Aglioni.
CREDIT: SIMONE AGLIONI/SOLENT

Two mantises face off before a dual which left only one insect standing. Perfectly balanced on the stem of a flower the two mantises prepare for battle, showing colours to warn the other of their strength. The exquisite pair were photographed in Konarak, a small city located in the south-east of Iran, by Ali Akbar Khandan, 35, who by chance came across the deadly but natural display.
CREDIT: ALI AKBAR KHANDAN/SOLENT NEWS & PHOTO AGENCY
Market Closes for August 1st, 2017

Market Index	Close	Change
Dow Jones	21962.62	+71.50   +0.33%
S&P 500	2475.82	+5.52   +0.22%
NASDAQ	6362.938	+14.814   +0.23%
TSX	15213.43	+69.56
		+0.46%

International Markets

Market Index	Close	Change
NIKKEI	19985.79	+60.61
		+0.30%
HANG SENG	27540.23	+216.24
		+0.79%
SENSEX	32575.17	+60.23
		+0.19%
FTSE 100*	7423.66	+51.66
		+0.70%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.959		1.996
CND. 30 Year Bond		2.383		2.420
U.S.    10 Year Bond		2.2532		2.3103
U.S. 30 Year Bond		2.8544		2.9194

Currencies

BOC Close	Today	Previous
Canadian $	0.79734	0.79636
US $	1.25417	1.25571
Euro Rate 1 Euro=		Inverse
Canadian $	1.47992	0.67571
US $	1.18002	0.84744

Commodities

Gold	Close	Previous
London Gold Fix	1270.95	1261.10
Oil		Previous
WTI Crude Future	49.16	49.04

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks rose for a second day, boosted by strong earnings in the technology and industrials sectors.
     The S&P/TSX Composite Index added 58 points or 0.4 percent to close at 15,202.10. Technology shares led the way with a 3 percent gain, bolstered by a 14 percent jump at Shopify Inc. That increase was the largest since September and came as Shopify beat analysts’ revenue estimates for the ninth quarter in a row.
     Industrials added 1 percent as Air Canada jumped 9.6 percent to a record high. The airline, already Canada’s top- performing industrial stock this year, boosted its profit outlook for this year and next. WestJet Airlines Ltd. rose 3 percent following its own better-than-expected quarterly results.
     In other moves:
* Guyana Goldfields Inc. tumbled 15 percent after reporting lower grades and higher costs
* Thomson Reuters Corp. added 5.4 percent, its biggest gain since 2009, after it reported second-quarter earnings that beat analyst estimates and boosted its full-year forecast
* Hudson’s Bay Co. gained 5.1 percent. An activist investor said Monday it may call for new directors if the company ignores its suggestions for unlocking value.
US
By Samuel Potter and Jeremy Herron
     (Bloomberg) — U.S. stocks flirted with all-time highs amid the latest batch of corporate results. Treasuries climbed with the dollar as data gave mixed signals on the strength of American economic growth.
     The Dow Jones Industrial Average closed at a record and moved within reach of 22,000, while the S&P 500 Index retreated from a historic high. The Bloomberg dollar index edged up after posting a fifth straight monthly loss in July, as a reading on manufacturing last month fell short of expectations and data showed spending by U.S. consumers barely grew in June. The yield on 10-year Treasury notes slipped to 2.25 percent. Crude fell back after topping $50 a barrel.
     As economic data largely supports the global growth story and company earnings in many cases beat estimates, investors will be forgiven for diving further into a bull market that’s propelled equity markets the world over to unprecedented levels. But with valuations well above average, monetary policy poised to turn hawkish and a U.S. administration mired in controversy there remains a degree of caution in markets.
     Figures from gross domestic product and economic confidence to joblessness and manufacturing output signaled the euro-area economy was gaining steam, but it wasn’t enough to reverse a drop in the euro and most benchmark government bonds rose.
     Meanwhile, the Reserve Bank of Australia held the benchmark at 1.5 percent while warning that a rising currency is expected to subdue inflation and weigh on the outlook for growth and employment. The Aussie fluctuated, dipping below 80 U.S. cents and jumping as high as 80.43 cents.
     Here are some key upcoming events:
* Apple earnings hit after the U.S. close. Analysts expect a somewhat cautious outlook due to potential delays in the new iPhone introduction.
* Brazil’s Congress votes on Wednesday on whether to put President Michel Temer on trial.
* Bank of England Governor Mark Carney may signal a more hawkish tone at its quarterly Inflation Report on Thursday. The central bank will likely keep rates on hold.
* U.S. jobs data will probably show employers added about 180,000 workers in July. That’s Friday.
* Rate decisions are due in India (Wednesday), Czech Republic and Ukraine (Thursday), and Romania (Friday).
      And here are some of the key moves in markets:
                          Stocks
* The S&P 500 Index rose 0.2 percent, falling just short of the all-time high it reached last week.
* The Dow added 73 points to 21,963.92, a new record, and closed in on its round-number milestone.
* The MSCI All-Country World Index climbed 0.4 percent to the highest on record. * The Stoxx Europe 600 Index increased 0.6 percent.
* The MSCI Emerging Market Index gained 0.2 percent.
                          Currencies
* The Bloomberg Dollar Spot Index rose 0.2 percent.
* The euro decreased 0.3 percent to $1.1802.
* The British pound declined 0.1 percent to $1.3203.
                          Bonds
* The yield on 10-year Treasuries fell four basis points to 2.25 percent.
* Germany’s 10-year yield dropped five basis points to 0.49 percent, the lowest in a month.
* Britain’s 10-year yield slipped two basis points to 1.21 percent.
                          Commodities
* West Texas Intermediate crude fell 1.9 percent to $49.21 a barrel, the first retreat in more than a week.
* Gold was essentially unchanged at $1,269.53 an ounce.
                          Asia
* The MSCI Asia-Pacific Index rose to the highest since 2007 as equity indexes from Tokyo to Sydney advanced. Japan’s Topix index added 0.6 percent. Banks rallied after Sumitomo Mitsui Financial Group Inc. reported a 31 percent increase in net income for the June quarter.
* Australia’s S&P/ASX 200 Index closed 0.9 percent higher, while South Korea’s Kospi index ended up 0.8 percent.
* The Hang Seng Index in Hong Kong rose 0.8 percent, while the Shanghai Composite Index climbed 0.6 percent.
* The yen fell 0.2 percent to 110.49 per dollar, having climbed 1.9 percent in July.
* The Aussie dollar slipped 0.3 percent to 79.77 cents.

Have a wonderful evening everyone.

 

Be magnificent!

Each one has a special nature peculiar to himself which he must follow
and through which he will find his way to freedom.
Swami Vivekananda

As ever,

 

Carolann

 

The mill cannot grind with water that’s past.
–George Herbert, 1593-1633

 

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: J.K. Rowling, b. 1965.

We had the singular summer pleasure yesterday of watching an outdoor baseball game on a brilliantly warm and sunny  July day with the requisite hot-dogs and beer….the stands at Safeco Field in Seattle were packed with animated fans who wildly cheered when the Mets were defeated by the Mainers at the top of the ninth inning.  A contingent of Canadian fans could be seen and heard in the stands, cheering Canadian pitcher James Paxton from Ladner, B.C. who gave a stellar performance;  the Canadians held signs that were painted in red with the chant (which could also be loudly heard) eh eh eh eh…. Summer is truly a magical time! 🙂 

On July 31, 1964, the American space probe Ranger 7 transmitted pictures of the moon’s surface.
Go to article »

PHOTOS OF THE DAY

Prime Minister Theresa May, the Duke and Duchess of Cambridge, King Philippe and Queen Mathilde watch the poppies fall from the roof of the Menin Gate in Ypres, Belgium for the official commemorations marking the 100^th anniversary of the Battle of Passchendale. CREDIT: ANDREW MATTHEWS/PA
Rare special Citroen model cars are displayed inside the Royal Palace of Mafra, Portugal during the World 2017 2CV Meeting. CREDIT: JOSE MANUAL RIBEIRO/AFP
Market Closes for July 31^st, 2017

Market Index	Close	Change
Dow Jones	21891.12	+60.81   +0.28%
S&P 500	2470.30	-1.80   -0.07%
NASDAQ	6348.125	-26.552   -0.42%
TSX	15143.87	+15.22
		+0.10%

International Markets

Market Index	Close	Change
NIKKEI	19925.18	-34.66
		-0.17%
HANG SENG	27323.99	+344.60
		+1.28%
SENSEX	32514.94	+205.06
		+0.63%
FTSE 100*	7372.00	+3.63
		+0.05%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		2.061		2.028
CND. 30 Year Bond		2.468		2.451
U.S.    10 Year Bond		2.2888		2.2871
U.S. 30 Year Bond		2.8961		2.8922

Currencies

BOC Close	Today	Previous
Canadian $	0.80145	0.80436
US $	1.24773	1.24322
Euro Rate 1 Euro=		Inverse
Canadian $	1.47745	0.67684
US $	1.18410	0.84452

Commodities

Gold	Close	Previous
London Gold Fix	1267.55	1264.90
Oil		Previous
WTI Crude Future	50.17	49.71

Market Commentary:
*On this day in 1914, the New York Stock Exchange closes its doors. The exchange stays shut for four-and-a-half months amid the outbreak of World War I.*
Canada
By Natalie Wong
     (Bloomberg) — Canadian stocks rallied as financials broke a three-day slump, offsetting losses in health care and tech companies.
     The S&P/TSX Composite Index rose 0.1 percent to 15,143.87. Financial stocks added 0.4 percent as Manulife Financial Corp. increased 0.9 percent and the Canadian Imperial Bank of Commerce gained 0.6 percent. 
     Materials extended a two-day gain, adding 0.3 percent as Ivanhoe Mines Ltd. jumped 2.7 percent and Norbord Inc. increased 5.6 percent after being raised to outperform at Credit Suisse.
     Health care fell 1.4 percent, continuing a three-day slump, as Valeant Pharmaceuticals International Inc. dropped 2 percent, Prometic Life Sciences Inc. lost 1.9 percent and Canopy Growth Corp. slipped 1.3 percent. 
     In other moves:
* Tech decreased 0.5 percent, falling for the third-day straight as Blackberry Ltd. slipped 3.5 percent and Sierra Wireless Inc. lost 1.3 percent
* Exchange Income Corp. rose as much as 7.8 percent, the most in three weeks, the best-performing stock in the index
* B2gold Corp. fell 6.9 percent, the most since May, the worst- performing stock in the index after gold production reached 121,448 oz.
US
By Robert Brand and Jeremy Herron
     (Bloomberg) — U.S. stocks slumped Monday despite a strong performance for the month, spurred by healthy corporate results and growing optimism in the strength of the global economy. Treasuries slid and the dollar added to its biggest monthly retreat since January.
     The S&P 500 Index swung between gains and losses on light volume, but the gauge still posted its fourth straight monthly gain. European shares retreated for July. Copper rose to a two- year high and iron ore surged. The dollar pushed its decline this month to 2.6 percent, while the 10-year Treasury yield held near 2.30 percent. West Texas Intermediate crude traded above $50 a barrel for the first time since May.
     U.S. stocks stumbled to the end of July after powering to fresh records amid evidence of resilient growth around the world. China’s official factory gauge showed continued expansion in June, even as it slipped amid government efforts to curb financial risks. Japan’s industrial output expanded in June, while numbers on Friday showed the U.S. economy accelerating in the second quarter.
     “Global expansion dynamics are well underway,” analysts at Candriam Investors Group wrote in a report. “The European recovery is well on track and is leading to above-trend growth in 2017-18. This has led us to increase our profit earnings expectations for euro-zone equities. The economic news flow is starting to become more supportive in the U.S., while emerging markets are benefiting from a good economic momentum.”
     Meanwhile, the slew of corporate earnings continues. Apple Inc., Tesla Inc., Berkshire Hathaway Inc. and Toyota Motor Corp. are all set to unveil results this week. HSBC’s second-quarter profit beat analysts’ estimates as outgoing Chief Executive Officer Stuart Gulliver boosted revenue while also trimming costs, and the lender said it will spend up to $2 billion buying back stock.
     Terminal users can read more in our Markets Live blog.
     In a packed week, here are some of the key events:
* There’s a stack of data on the U.S. economy due this week; highlights include jobs data that probably shows employers added about 180,000 workers in July. That’s Friday. Also watch out for manufacturing and automaker data on Tuesday.
* Brazil’s Congress votes on whether to put President Michel Temer on trial on Wednesday.
* The Bank of England announces a monetary-policy decision on Thursday, with investors expecting the key rate to remain at a record low 0.25 percent.
* Australia (Tuesday), India (Wednesday), Czech Republic and Ukraine (Thursday), and Romania (Friday) also announce rate decisions.
* The U.S. Energy Information Administration releases monthly reports Monday.
     Here are some of the key moves in markets:
     Stocks
* The S&P 500 closed down less than 0.1. at 2,470.3, but posted a gain of 1.9 percent in July.
* The Nasdaq 100 Index dropped 0.5 percent, paring its monthly advance to 4.1 percent.
* The Stoxx Europe 600 Index slipped 0.1 percent, for it second straight monthly loss.
* The MSCI All-Country World Index advanced 0.2 percent.
* The U.K.’s FTSE 100 Index increased less than 0.1 percent.
* The MSCI Emerging Market Index climbed 0.4 percent.
     Currencies
* The Bloomberg Dollar Spot Index fell 0.3 percent and posted its fifth straight monthly drop.
* The euro rose 0.8 percent to $1.184.
* The British pound added 0.5 percent to $1.3196.
     Bonds
* The yield on 10-year Treasuries declined less than one basis point to 2.29 percent.
* Germany’s 10-year yield was little changed at 0.54 percent.
* Britain’s 10-year yield rose one basis point to 1.23 percent.
     Commodities
* West Texas Intermediate crude gained 1.1 percent to $50.25 a barrel, reversing earlier losses.
* Copper climbed 0.6 percent to $2.89 a pound, the highest in more than two years.
* Gold rose less than 0.1 percent to $1,270.25 an ounce.
     Asia* The Japanese yen increased 0.1 percent to 110.58 per dollar, the strongest in six weeks.
* Japan’s Topix index closed 0.2 percent lower after swinging between gains and losses. Australia’s S&P/ASX 200 Index rose 0.3 percent and South Korea’s Kospi index added 0.1 percent. Hong Kong’s Hang Seng Index added 1.1 percent. HSBC was among the biggest contributors to the advance.

 

Have a wonderful evening everyone.

 

Be magnificent!

You are unique as you are here and now.
You are never the same.  You will never be the same again.  You have never before been what you are now. You will never be it again.
Swami Prajnanpad.

As ever,

 

Carolann

 

Success breeds confidence.
-Beryl Markhan, 1902-1986

 

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:

I read in the Globe & Mail today about the recent demise of Dr. Shigeaki Hinorhara, at the age of 105 years.  I found his remarkable story to be inspiring.
   He is known as the father of longevity in Japan and cautioned against gluttony, early retirement and vigorously championed annual medical checkups, climbing stairs regularly and just having fun.  He died in Tokyo of respiratory failure.  His obituary states that he wrote a musical for children at 88 and a best selling book when he was 101.  It goes on to state that, “In the early 1950s, Dr. Hinohara pioneered a system of complete annual physicals – called ‘human dry dock’ that has been credited with helping to lengthen the average lifespan of Japanese people….He imposed few inviolable health rules, although he did recommend some basic guidelines: Avoid obesity, take the stairs (he did, two steps at a time) and carry your own packages and luggage.…Don’t underestimate the beneficial effects of music and the company of animals; both can be therapeutic.  Don’t retire, but if you must, do so a lot later than the age of 65.  And prevail over pain simply by enjoying yourself.  ‘We all remember how as children, when we were having fun, we often forgot to eat or sleep,’ he often said.  ‘I believe we can keep that attitude as adults – it is best not to tire the body with too many rules such as lunchtime and bedtime.’  Dr. Hinohara maintained his weight at about 130 pounds.  His diet was Spartan: coffee, milk and orange juice with a tablespoon of olive oil for breakfast; milk and a few biscuits for lunch; vegetables with a small portion of fish and rice for dinner.  (He would consume 3 ½ ounces of lean meat twice a week). 
   After spending his first six decades supporting his family, Dr. Hinohara devoted the remainder of his life largely to volunteer work.
   In 2000, he conceived a musical version of Leo Buscaglia’s book The Fall of Freddie the Leaf, which was performed in Japan and played off-off-Broadway in New York.  He wrote scores of books in Japanese, including Living Long, Living Good (2001) which sold more than one million copies.
   Until the last few months, he would work up to 18 hours a day.  Using a cane, he would exercise by taking 2,000 or more steps a day…”

And on this day in…
1866: Beatrix Potter, writer was born.
1929: Jacqueline oO  Kennedy first lady was born.

And on, On July 28, 1914, Austria-Hungary declared war on Serbia. World War I began as declarations of war by other European nations quickly followed.
Go to article »
PHOTOS OF THE DAY

This is the moment a trout taunted a drenched osprey who dived into water after him and missed – by flipping with joy behind its back. The osprey was clearly having a bad morning as its breakfast managed to slip through its talons twice – once dropping back into the lake and the second time luring the bird of prey in after it. But it was third time lucky for the stunning bird, known for their fish hunting prowess, who eventually managed to soar off with its hefty catch. CREDIT: ROGER JEPSON/MERCURY PRESS

I’ve got a frog in my throat. A long legged heron tirelessly attempts to prepare its slippery lunch for the plunge. In a battle that lasted 20 minutes, the grey heron persevered to victory when it perfectly positioned the frog head first down its beak. Photographer Akihiro Asami, 70, captured the dual at a secluded park in Yokohama City, Japan, hidden behind a fence 20 metres away. CREDIT: AKIHIRO ASAMI/SOLENT NEWS & PHOTO AGENCY

Seven-year-old George Stowell and his four-year-old sister Tilly bury themselves in a ‘Brick Pit’ filled with thousands of lego bricks at BrickLive a Lego fan event where Lego builders and fans demonstrate their building skills at the Excel centre from July 27 to July 30 in East London. CREDIT: CHRISTOPHER PLEDGER
Market Closes for July 28th, 2017

Market Index	Close	Change
Dow Jones	21830.31	+33.76   +0.15%
S&P 500	2472.10	-3.32   -0.13%
NASDAQ	6374.676	-7.510   -0.12%
TSX	15128.65	-62.71
		-0.41%

International Markets

Market Index	Close	Change
NIKKEI	19959.84	-119.80
		-0.60%
HANG SENG	26979.39	-151.78
		-0.56%
SENSEX	32309.88	-73.42
		-0.23%
FTSE 100*	7368.37	-74.64
		-1.00%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		2.028		1.996
CND. 30 Year Bond		2.451		2.420
U.S.    10 Year Bond		2.2871		2.3103
U.S. 30 Year Bond		2.8922		2.9194

Currencies

BOC Close	Today	Previous
Canadian $	0.80436	0.79636
US $	1.24322	1.25571
Euro Rate 1 Euro=		Inverse
Canadian $	1.46078	0.68457
US $	1.17499	0.85107

Commodities

Gold	Close	Previous
London Gold Fix	1264.90	1261.10
Oil		Previous
WTI Crude Future	49.71	49.04

Market Commentary:
Number of the Day
51
Sen. John McCain (R., Ariz.) cast one of three GOP no votes that sank Senate Republicans’ latest effort to roll back the Affordable Care Act. GOP Sens. Susan Collins of Maine and Lisa Murkowski of Alaska also joined with Democrats to block the measure in a 49-51 vote.
Canada
By Natalie Wong
     (Bloomberg) — Canadian stocks declined as losses in consumer discretionary and consumer staples shares offset a gain in materials companies.
     The S&P/TSX Composite Index fell 0.4 percent to 15,128.65. Consumer discretionary stocks lost 1.2 percent, falling to the lowest since April, as Restaurant Brands International Inc. dropped 2.3 percent and Magna International Inc. slipped 2 percent.
     Consumer staples retreated 1.1 percent, continuing a three- day slump, as Loblaw Cos Ltd. fell 1 percent after being downgraded to equal-weight at Barclays, George Weston Ltd. slipped 2.6 percent after second quarter adjusted earnings per share missed estimates and Alimentation Couche-Tard Inc. lost 2 percent.
     Materials gained 0.3 percent as Kirkland Lake Gold Ltd. rose 5.8 percent, continuing a three-day rally, and Iamgold Corp. increased 4.8 percent after 2017 operating profit improved by double digits. Eldorado Gold Corp. fell 7.6 percent, the intraday lowest in over a year, after being downgraded to hold at Canaccord.
     In other moves:
* MacDonald Dettwiler & Associates Ltd. jumped 8.4 percent, the most intraday since 2012, after second quarter operating EPS beat estimates; it was the best-performing stock in the index
* Mitel Networks Corp. gained 5.8 percent, after jumping 6.9 percent yesterday, after its agreement to buy competitor ShoreTel Inc. for $530 million spurred an upgrade to outperform at National Bank yesterday.
US
By Jeremy Herron
     (Bloomberg) — Most U.S. stocks fell amid disappointing earnings that have rattled technology shares, while the dollar weakened and gold climbed after data showed the American economy expanding at a slower-than-expected pace.
     The S&P 500 Index ended the busiest week of earnings virtually unchanged from where it began, while the Nasdaq 100 Index fell in the five days as tech results failed to lift the high-flying sector. Chevron Corp. was the latest blue chip to rally on earnings, pushing the Dow Jones Industrial Average to a 1.2 percent gain in the week. The dollar fell against all most G-10 peers, while Treasury yields retreated as the rate of inflation slowed last quarter. Oil capped the best week of the year.
     While the U.S. economy rebounded in the second quarter, results for the first three months of the year showed the economy had slightly more tepid growth than previously reported. Before Friday’s selloff, signs of economic recovery had boosted stocks in the U.S. and globally to records. Technology shares have led the charge, with companies in the sector soaring 22 percent this year for the best performance among 11 groups in the S&P 500.
     “With Amazon’s earnings falling short of estimates, the U.S. market may readjust its expectations,” said Hideyuki Ishiguro, a senior strategist at Daiwa Securities Co. in Tokyo. “Investors are becoming increasingly wary over the historically low volatility levels, with a host of key economic data coming out in the U.S.”
     Here are the main moves in markets:
     Stocks
* The S&P 500 Index fell 0.1 percent to 2,472.08 as of 4 p.m. in New York, 0.46 point lower for the week.
* Amazon.com Inc. lost 2.3 percent, while Starbucks Corp. fell 9.3 percent.
* Tobacco shares retreated after U.S. regulators proposed cutting nicotine levels in cigarettes. Altria Group Inc. tumbled 9.4 percent to lead declines in tobacco shares.
* The Stoxx Europe 600 Index declined 1.1 percent, the lowest in almost 14 weeks.
* Germany’s DAX Index fell 0.5 percent.
     Currencies
* The Bloomberg Dollar Spot Index declined 0.4 percent.
* The euro increased 0.6 percent to $1.1748.
* The British pound advanced 0.5 percent to $1.3135, the strongest since September.
* The Japanese yen gained 0.4 percent to 111.79 per dollar, the strongest in almost six weeks.
     Bonds
* The yield on 10-year Treasuries fell two basis points to 2.29 percent.
* Germany’s 10-year yield climbed one basis point to 0.54 percent.
* Britain’s 10-year yield advanced two basis points to 1.218 percent.
     Commodities
* West Texas Intermediate crude climbed 1.3 percent to settle at $49.71, the highest in eight weeks with its fifth straight advance. The contract surged 8.6 percent in the week.
* Copper rallied 5.3 percent the five days, the most since February.
* Gold futures climbed 0.7 percent to $1,274.80 an ounce, the strongest in six weeks.
     Asia
* The MSCI Asia Pacific Index dropped 0.6 percent, erasing its gain for the week. Tech shares in the gauge fell 1.5 percent.
* South Korea’s Kospi index slumped 1.7 percent, the most since November, with Samsung tumbling 4.1 percent. Hong Kong’s Hang Seng Index lost 0.5 percent, with Tencent dropping 0.9 percent.
* Benchmark indexes in Australia, Taiwan and Singapore were down more than 0.7 percent. The Shanghai Composite Index rose 0.1 percent.
* Japan’s Topix index fell 0.4 percent. Data on Friday showed that while household spending in Japan rose 2.3 percent, its first gain in more than a year, Japan’s key price gauge was unchanged in June.

 

Have a wonderful weekend everyone.

 

Be magnificent!

For you, now, meditation involves establishing within yourself,
the reality of these two unavoidable rules – difference and change.
Try as hard as possible to convince yourself
that these two rules can neither be changed nor avoided.
Swami Prajnanpad

As ever,

 

Carolann

 

Be nice to people on your way up because you’ll meet
them on your way down.
                        -Wilson Mizner, 1876-1933

 

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:
Birthdays:
1943, Mick Jagger
1894, Aldous Huxley
1856, George Bernard Shaw
1875, Carl Jung

And….
On July 26, 1947, President Truman signed the National Security Act, creating the Department of Defense, the National Security Council, the Central Intelligence Agency and the Joint Chiefs of Staff.
Go to article »

PHOTOS OF THE DAY

Fireflies seeking mates light up in synchronized bursts inside a forest at Santa Clara sanctuary near the town of Nanacamilpa, Tlaxcala state, Mexico. CREDIT: EDGARD GARRIDO/REUTERS.

This stunning photograph shows lightning striking a tree. Weather photographer Christophe Suarez captures the jaw-dropping image near a village called Novalaise, close to Chambary in the French Alps. The picture shows lightning bolt flare yellow as it hits the tree. There are also mysterious points of lightning spreading left and right from the strike, which Christophe says are “most probably corona discharges on a fence”. CREDIT: CHRISTOPHE SUAREZ/COVER IMAGES.

An aerial view of the Datong Panda Power Plan where solar panels are placed to form the pattern of a panda in Datong, Shanxi Province of China. The worlds first panda power plant will officially start operations on 10 August 2017, where it will have a total installed capacity of 100MW upon completion, providing 3.2 billion kWh of green energy in 25 years. This is equivalent to saving 1.056 million tons of standard coal or reducing 2.74 million tons of CO2 emission according to the company. CREDIT: HOW HWEE YOUNG/EPA.

‘Every Which Way’ The British Evacuees Association Memorial after it was unveiled today by HRH The Duke of Gloucester at The National Memorial Arboretum in Alrewas, Staffordshire. The bronze sculpture by Maurice Blik PPRBS FRSA, is to remember and commemorate the evacuation in WWII which led to the displacement of 3.5 million people, most of whom were children leaving the cities to live in the countryside. Many former evacuees attended the service, including television presenter and Patron of the Association, Michael Aspel OBE, who spent five years living in Chard, Somerset after he was evacuated from London. CREDIT: CHRISTPHER FURLONG/GETTY IMAGES.
Market Closes for July 26th, 2017 

Market Index	Close	Change
Dow Jones	21711.01	+97.58    +0.45%
S&P 500	2477.83	+0.70   +0.03%
NASDAQ	6422.746	+10.573   +0.16%
TSX	15171.39	-30.98
		-0.20%

International Markets

Market Index	Close	Change
NIKKEI	20050.16	+94.96
		+0.48%
HANG SENG	26941.02	+88.97
		+0.33%
SENSEX	32382.46	+154.19
		+0.48%
FTSE 100*	7452.32	+17.50
		+0.24%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.971		1.885
CND. 30 Year Bond		2.353		2.250
U.S.    10 Year Bond		2.2872		2.2375
U.S. 30 Year Bond		2.8922		2.8087

Currencies

BOC Close	Today	Previous
Canadian $	0.80339	0.79746
US $	1.24473	1.25399
Euro Rate 1 Euro=		Inverse
Canadian $	1.46106	0.68444
US $	1.17379	0.85194

Commodities

Gold	Close	Previous
London Gold Fix	1248.10	1248.55
Oil	Close	Previous
WTI Crude Future	48.75	45.62

Market Commentary:
On this day in 1786, the earliest known U.S. stock and bond tables are published in the Massachusetts Centinel.
Canada
By Natalie Wong
     (Bloomberg) — Canadian equities fell as industrial stocks slid to the lowest level in more than two months, outweighing gains in raw-material producers.
     The S&P/TSX composite index fell 0.2 percent to 15,171.39 at the close of trading. Industrials dropped 1.1 percent, the most among 11 industry groups, to the lowest since May 18.
Canadian National Railway Co. lost 2.4 percent, Westjet Airlines Ltd. slipped 2.8 percent and Air Canada decreased 1.6 percent.
     Consumer-staples shares slipped 0.8 percent. Loblaw Cos Ltd. lost 3.8 percent and Metro Inc. fell 1.8 percent as Canadian grocers face a 2018 wage spike on top of a food price war. Weston (George) Ltd. declined to the lowest in four months.
     Materials stocks gained 1.2 percent. Hudbay Minerals Inc.
was the best performer, rising 6.3 percent as copper prices rallied two-year high on the outlook for demand in China. B2Gold Corp rose 3.7 percent, ending a six-day streak of declines.
Yamana Gold Inc. increased 5.2 percent.
     In other moves:
* Celestica Inc. dropped 5.7 percent, the most since Jan. 2016, and was the worst-performing stock on the index after its third quarter revenue guidance midpoint missed the lowest analyst estimate
* Exchange Income Corp. rose 5 percent, cutting a four-day decline of 13 percent, becoming the best-performing industrials stock
* Health care rose 0.3 percent as Canopy Growth Corp. jumped 5.1 percent, the intraday highest since May.
US
By Jeremy Herron
     (Bloomberg) — Treasuries rose, the dollar fell and U.S.
stocks ended little changed after the Federal Reserve signaled that inflation remains persistently below its target even as the economy picks up steam. Oil surged to an eight-week high.
     The Bloomberg Dollar Spot Index fell to the lowest in more than a year, while the 10-year Treasury yield slipped back below 2.3 percent after the Fed held rates steady and indicated it would start unwinding its balance sheet “relatively soon.” The S&P 500 Index erased gains in the final 15 minutes of trading.
Results from AT&T Inc. to Boeing Co. bolstered other major indexes. Facebook Inc. rose 2 percent in late trading after reporting its earnings. Crude climbed above $48 a barrel as stockpiles shrank.
     The Fed that inflation remains below the central bank’s 2 percent target even as near-term risks to the economic outlook appear “roughly balanced,” fueling speculation the central bank won’t rush to raise rates. Balancing that dovish bent, the start of balance-sheet reduction another milestone as the Fed looks to return policy to a more normalized level.
     The central bank decision overshadowed a raft of corporate earnings, during a season that’s seen more than 80 percent of S&P 500 companies that have delivered earnings beat forecasts. That’s boosted optimism in the global economy and pushing volatility toward record lows.

          Here are some key events coming up:
* Results from Facebook Inc., Deutsche Bank AG, Nomura Holdings Inc., BNP Paribas SA and UBS Group AG are among those expected this week.

    Here are the main moves in markets:
Stocks
* The S&P 500 gained less than 0.1 percent to end at 2,477.87 as of 4 p.m. in New York, extending its all-time high by less than one point. It rose as much as 0.2 percent earlier in the session, with earnings delivering outsize moves for some stocks.
* The Dow Jones Industrial Average rose above 21,700 for the first time. Small caps in the Russell 2000 Index slid 0.6 percent.
* Boeing Co. jumped 9.9 percent to a record, while AT&T added 5 percent, the most since 2009.
* The Stoxx Europe 600 Index advanced 0.5 percent, the biggest gain in a week.
* The U.K.’s FTSE 100 Index increased 0.2 percent.
* Germany’s DAX Index climbed 0.3 percent.

     Currencies
* The Bloomberg Dollar Spot Index fell 0.6 percent.
* The yen rose 0.6 percent to 111.247 per dollar after declining 0.7 percent on Tuesday. 

     Commodities
* Gold futures erased losses to trade 0.7 percent higher at $1,266 an ounce.
* West Texas Intermediate crude advanced 1.8 percent to settle at $48.75 a barrel, the highest since May 30. Government data showed U.S. crude and products stockpiles tumbled last week to their lowest levels since the start of the year.
* Copper gained 1.7 percent to settle at $6.329 a metric ton in London. Read more about copper’s rally here.
* The Bloomberg Commodity Index climbed 0.7 percent. 

     Bonds
* The yield on 10-year Treasuries fell five basis points to 2.29 percent, after surging eight basis points in the previous session.
* Germany’s 10-year yield decreased one basis point to 0.56 percent.
* Britain’s 10-year yield declined three basis points to 1.233 percent after data showed the U.K. economy expanded 0.3 percent in the second quarter, matching estimates.
 

Have a wonderful evening everyone.

Be magnificent!

Answer for yourselves what your great soldiers and generals would do,
if their wives and daughters and mothers refused to countenance their participation
in militarism in any shape or form.
Mahatma Gandhi

 

As ever, 

Carolann

 

Everything is theoretically impossible, until it is done.
                           -Robert A. Heinlein, 1907-1988 

 

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

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

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

Dear Friends,

Tangents:
St. James the Great Day (Christian calendar).
Pilgrimage of St. Anne d’Auray, France. 

On July 25, 1943, King Victor Emmanuel announced to Italy that he had accepted the “resignations” of Premier Benito Mussolini and his entire cabinet, leading to the end of Italy’s alliance with Nazi Germany in World War II.
Go to article » 

PHOTOS OF THE DAY

People enjoy the beach as they look at a forest fire in La Croix-Valmer, near Saint-Tropez in the French Riviera, on Tuesday. Firefighters battle blazes that have consumed swaths of land in southeastern France for a second day, with one inferno out of control near the chic resort of Saint-Tropez, emergency services say. VALERY HACHE/AGENCE FRANCE-PRESSE/GETTY IMAGES

Women wearing traditional tailored Chinese dresses walk among the lotus flowers in Zepan Village, Xingtai, in north China’s Hebei Province. MU YU/ZUMA PRESS
Market Closes for July 25^th, 2017 

Market Index	Close	Change
Dow Jones	21613.43	+100.26    +0.47%
S&P 500	2477.09	+7.18   +0.29%
NASDAQ	6412.172	+1.364   +0.02%
TSX	15203.37	+74.68
		+0.49%

International Markets

Market Index	Close	Change
NIKKEI	19955.20	-20.47
		-0.10%
HANG SENG	26852.05	+5.22
		+0.02%
SENSEX	32228.27	-17.60
		-0.05%
FTSE 100*	7434.82	+57.09
		+0.77%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		2.021		1.922
CND. 30 Year Bond		2.364		2.271
U.S.    10 Year Bond		2.3247		2.2552
U.S. 30 Year Bond		2.9070		2.8345

Currencies

BOC Close	Today	Previous
Canadian $	0.79961	0.79950
US $	1.25061	1.25078
Euro Rate 1 Euro=		Inverse
Canadian $	1.45663	0.68652
US $	1.16474	0.85856

Commodities

Gold	Close	Previous
London Gold Fix	1254.40	1255.55
Oil	Close	Previous
WTI Crude Future	47.77	46.19

Market Commentary:
Number of the Day
9.1
The intraday low for the VIX on Tuesday morning, putting the index on pace for a new record for lowest-ever close. The current closing record is 9.31, set in 1993.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks rose, propelled higher by energy shares as oil prices posted their biggest gain since November.
     The S&P/TSX Composite Index added 74 points or 0.5 percent to close at 15,202.37. Energy stocks rose 1.4 percent, led by an 8.6 percent gain at Baytex Energy Corp. and a 7.6 percent rise at MEG Energy Corp. The price of West Texas Intermediate jumped 3.3 percent as Saudi Arabia pledged deeper cuts to its crude exports. 
     The materials index gained 0.7 percent as copper prices rose to a two-year high. Hudbay Minerals Inc. added 7.8 percent and First Quantum Minerals Ltd. rose 6.5 percent.
     In other moves:
* Westshore Terminals Investment Corp. jumped 14 percent, the biggest increase since 2000, after British Columbia Premier John Horgan indicated he doesn’t plan to push for a ban of U.S. coal shipments
* Cott Corp. gained 6.4 percent. Refresco Group NV is buying Cott’s soda business for $1.25 billion
* AGT Food & Ingredients Inc. rose 5.3 percent after PointNorth Capital Inc. disclosed a 9.75 percent stake in the food producer.
US
By Jeremy Herron
     (Bloomberg) — A bevy of corporate earnings pulled U.S. stocks to fresh records, while Treasuries tumbled the most in a month as the Federal Reserve began its policy meeting. Oil surged.
     Earnings from Caterpillar Inc. and McDonald’s Corp. led to outsize gains in the Dow Jones Industrial Average, while Alphabet Inc.’s disappointing results weighed on technology indexes. Banks advanced as sovereign debt yields rose, while a rally in copper aided miners. The euro touched the highest in almost two years after German business confidence data beat expectations. Saudi Arabia’s promise to further cut crude exports spurred the biggest rally in oil since November.
     Markets took a risk-on tone Tuesday as generally positive earnings and economic data bolstered confidence in the strength of the global economy. The data come as the Fed will weigh robust global growth against feeble inflation and mixed U.S.
economic data. Expectations are for policy makers to keep rates on hold; clues to the fate of its balance sheet will be key.
          Here are some key events coming up this week:
* Fed policy makers will deliver their rate decision on Wednesday.
* Donald Trump’s son and former Trump campaign Chairman Paul Manafort will go before Senate committees on Wednesday.
* The U.S. economy probably gained traction in the second quarter as spending by American consumers picked up after a lull early this year. The gross domestic product report follows the two-day Fed policy meeting.
* Results from Facebook Inc., Deutsche Bank AG, Nomura Holdings Inc., BNP Paribas SA and UBS Group AG are among those expected this week.

     Here are the main moves in markets:
     Stocks
* The S&P 500 added 0.3 percent to close at a record 2,477.18 at 4 p.m. in New York.
* McDonald’s and Caterpillar added at least 5 percent to pace gains. Alphabet lost 3 percent.
* The Dow Jones Industrial Average rose 99.91 points to finish short of its record from July 19.
* The Stoxx Europe 600 Index rose 0.5 percent.
* The MSCI All-Country World Index rose 0.3 percent.
* Germany’s DAX Index increased 0.6 percent, the biggest jump in almost two weeks.
* The MSCI Emerging Market Index fell 0.3 percent, the largest dip in more than two weeks.

     Currencies
* The euro rose 0.1 percent to $1.1656, and earlier touched the strongest in more than two years on a closing basis.
* The Bloomberg Dollar Spot Index rose 0.2 percent.
* The Japanese yen fell 0.7 percent to 111.869 per dollar, the first retreat in more than a week.

     Commodities
* Gold fell 0.2 percent to $1,253.28 an ounce.
* West Texas Intermediate crude surged 3.3 percent to settle at $47.89 a barrel, the largest jump since November.
* Iron ore rose 2.2 percent to 521 yuan per metric ton.
* Copper posted its highest close in more than two years and shares in producers of the metal rallied. The metal for three- month delivery rose 3.3 percent to settle at $6,225 a metric ton in London.

     Bonds
* The yield on 10-year Treasuries rose seven basis points to 2.33 percent, the most in a month.
* Germany’s 10-year yield rose six basis points to 0.566 percent.
* Britain’s 10-year yield rose seven basis points to 1.258 percent, the highest in more than a week.
* France’s 10-year yield rose seven basis points to 0.812 percent, the first advance in more than a week.
 

Have a wonderful evening everyone.

 

Be magnificent!

The real ornament of a woman is her character, her purity.
Mahatma Gandhi

As ever,
 

Carolann

It takes a great man to be a good listener.
                  -Calvin Coolidge, 1872-1933

 

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

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