Category: Newsletters

Dear Friends,

Tangents:

Pioneer Day: Mormons enter Salt Lake City, Utah, July 24^th, 1847. 

Birthdays:
1783: Simon Bolivar, South America liberator.
1802: Alexandre Dumas, writer.
1898: Amelia Earhart, aviatrix.
1900: Zelda Fitzgerald, writer.
1970: Jennifer Lopez, actor. 

On July 24, 1959, during a visit to the Soviet Union, Vice President Richard M. Nixon got into a discussion at a U.S. exhibition with Soviet leader Nikita Khrushchev that was dubbed the ”kitchen debate.”
Go to article » 

PHOTOS OF THE DAY

Russian and Maltese ballet dancers from various Moscow and Malta theatres perform during the premiere of “Crystal Pallace” by Russian contemporary composer Alexey Shor, as part of the celebrations commemorating the 50^th anniversary of diplomatic relations between Malta and Russia, in Vallette, Malta. CREDIT: DARRIN ZAMMIT LUPI/REUTERS.

An alphorn player leaves after taking part in a group performance during the 16^th International Alphorn Festival in Nendaz, south-western Switzerland. Over 180 alphorn players performed in Nendaz during the three-day festival. CREDIT: VALENTIN FLAURAUD/EPA.
Market Closes for July 24^th, 2017 

Market Index	Close	Change
Dow Jones	21513.17	-66.90    -0.31%
S&P 500	2471.50	-1.04   -0.04%
NASDAQ	6410.809	+23.055   +0.36%
TSX	15124.46	-58.67
		-0.39%

International Markets

Market Index	Close	Change
NIKKEI	19975.67	-124.08
		-0.62%
HANG SENG	26846.83	+140.74
		+0.53%
SENSEX	32245.87	+216.98
		+0.68%
FTSE 100*	7377.73	-75.18
		-1.01%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.922		1.885
CND. 30 Year Bond		2.271		2.250
U.S.    10 Year Bond		2.2552		2.2375
U.S. 30 Year Bond		2.8345		2.8087

Currencies

BOC Close	Today	Previous
Canadian $	0.79950	0.79746
US $	1.25078	1.25399
Euro Rate 1 Euro=		Inverse
Canadian $	1.45623	0.68670
US $	1.16425	0.85892

Commodities

Gold	Close	Previous
London Gold Fix	1255.55	1248.55
Oil	Close	Previous
WTI Crude Future	46.19	45.62

Market Commentary:
On this day in 1987, the corporate assets of ZZZZ Best Co. are sold at bankruptcy auction in Los Angeles for $62,000. Less than four months earlier, the carpet-cleaning company run by 21-year-old whiz kid Barry Minkow had a stock-market value of roughly $300 million, having more than quadrupled since its IPO in 1986. But ZZZZ Best had virtually no customers, revenues or assets, and Minkow had set up an elaborate system of phantom offices and phony account records. Minkow served five years in federal prison.

Number of the Day
7
The number of consecutive sessions that the CBOE Volatility Index, or VIX, has closed under 10, the longest such streak in the index’s history.
Canada
By Natalie Wong
     (Bloomberg) — Canadian stocks fell as materials and industrials underperformed, offsetting a rise in technology.
     The S&P/TSX composite index fell 0.4 percent to 15,128.69.
Materials slipped 1.4 percent, the most intraday in two weeks, as Barrick Gold Corp. lost 4.9 percent and Yamana Gold Inc.
dropped 5.8 percent.
     Industrials retreated 0.8 percent, the lowest intraday in two months, as Canadian National Railway Co. fell 1.2 percent and Exchange Income Corp. dropped 7.9 percent, the worst- performing stock in the index, despite being defended by Canaccord Genuity today after short-seller Marc Cohodes sent the company’s stock tumbling last week.
     Information technology jumped 1.5 percent as Sierra Wireless Inc. rose 3.6 percent and Shopify Inc. gained 4.3 percent.
     In other moves:
* Energy fell 0.3 percent, continuing a three-day slump, as Nexgen Energy Ltd. lost 3 percent and Cenovus Energy Inc.
slipped 0.2 percent
* Turquoise Hill Resources Ltd. rose 4.8 percent, the highest intraday since May, and became the top-performing stock on the index
* Utilities lost 0.3 percent as Hydro One Ltd. dropped 0.3 percent and Algonquin Power & Utilities Corp. lost 1 percent.
US
By Jeremy Herron
     (Bloomberg) — U.S. stocks ended mixed while Alphabet Inc.
slipped in after-hours trading as its results disappointed. The dollar stabilized after falling to a 15-month low to start a week packed with corporate results and a Federal Reserve rate decision.
     The Nasdaq 100 Index closed at a record, while the S&P 500 Index was little changed as its two largest groups by weighting advanced to offset broader declines. Alphabet Inc.’s shares dropped 2.7 percent as of 4:30 p.m. in New York after the Google parent reported results. The 10-year Treasury yield rose, the dollar strengthened. The euro fell for the first time in three days as data showed the region’s economy cooling. Crude gained.
     Earnings from industry bellwethers including Amazon.com Inc. and GlaxoSmithKline Plc and central bank policy discussions are set to provide the latest tests for the equity bull market, which has propelled the value of shares globally to $78 trillion. The euro-area manufacturing figures indicate that gross domestic product is expanding at the weakest pace in six months, adding further doubts about the sustainability of the stock rally at a time when the strong euro is weighing on exporters.
     Investors are also bracing for further surprises from Washington after President Donald Trump sought to impose order in his White House in the face of a widening Russia probe.
Senior adviser Jared Kushner confirmed four contacts with Russians during his father-in-law’s presidential campaign and the transition, but he described the encounters as unmemorable.
Donald Trump Jr. and former Trump campaign Chairman Paul Manafort will go before Senate committees on Wednesday.
          Here are some key events coming up this week:
* The U.K. begins post-Brexit trade talks with the U.S. in Washington.
* China posts industrial profits for last month, with early indicators pointing upward.
* Japanese June data also due this week may show sluggish CPI, even amid a tightening labor market and increased household spending.
* The U.S. central bank is expected to make no change to policy on Wednesday with investors and economists parsing the statement for clues on how officials plan to proceed in reducing their massive portfolio.
* 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 Federal Reserve monetary policy meeting.
* Russia, Brazil, Colombia, Turkey and Nigeria announce rate decisions.
* Alphabet and Facebook Inc. results are on the calendar this week, as are those from Deutsche Bank AG, Nomura Holdings Inc., BNP Paribas SA and UBS Group AG.
     And these are the notable moves in markets: Stocks
* The S&P 500 fell 0.1 percent at 4 p.m. in New York. The measure is little changed since closing July 19 at a record.
Utility shares led declines, while banks and tech shares paced gains.
* The Nasdaq 100 Index rose 0.3 percent to close at a record.
* The Stoxx Europe 600 Index fell 0.2 percent to the lowest in more than three months on a closing basis.
* The U.K.’s FTSE 100 Index slumped 1 percent in the largest decrease since June 15.
* The DAX Index lost 0.3 percent to the lowest in more than three months as authorities said they are studying possible collusion among German automakers.
* The MSCI Emerging Market Index rose 0.4 percent to the highest in more than two years.
     Currencies
* The euro fell 0.2 percent to $1.1646.
* The British pound rose less than 0.1 percent to $1.30344, the biggest gain in more than a week.
* The Bloomberg Dollar Spot Index was little changed near the lowest in almost 15 months.
* The Japanese yen rose 0.1 percent to 111.074 per dollar on its fifth straight advance.
     Commodities
* West Texas Intermediate crude rose 1.3 percent to settle at $46.34 a barrel. Saudi Arabia pledged deep cuts to its crude exports, while Halliburton Co. said the shale boom is slowing down.
* Gold futures were little changed at $1,261.10 an ounce.
     Bonds
* The yield on 10-year Treasuries added one basis point to 2.25 percent.
* Germany’s 10-year yield were little changed at 0.508 percent on its seventh consecutive decline.
* Britain’s 10-year yield rose one basis point to 1.188 percent.

Have a wonderful evening everyone.

Be magnificent!

Love implies generosity, care, not to hurt another,
not to make them feel guilty, to be generous, courteous,
and behave in such a manner that your words and thoughts are born out of compassion.
Krishnamurti

As ever, 

Carolann

 

He who dares nothing, need hope for nothing.
–Johann Von Schiller, 1759-1805 

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

The peloton in action during the 104^th Tour de France cycling race – The 179.5-km Stage 18 Briancom to Izoard, France. CREDIT: REUTERS/CHRISTIAN HARTMANN.

View of Amir Chakmakh Complex in the historical city of Yazs in central Iran. UNESCO has added the historic city of Yazd to its list of world heritage sites on July 9, 2017. CREDIT: AHMAD HALABISAZ/XINHUA/AVALON.RED
Market Closes for July 21st, 2017 

Market Index	Close	Change
Dow Jones	21580.07	-31.71     -0.15%
S&P 500	2472.54	-0.91   -0.04%
NASDAQ	6387.754	-2.248   -0.04%
TSX	15183.13	-81.51
		-0.53%

International Markets

Market Index	Close	Change
NIKKEI	20099.75	-44.84
		-0.22%
HANG SENG	26706.09	-34.12
		-0.13%
SENSEX	32028.89	+124.49
		+0.39%
FTSE 100*	7452.91	-34.96
		-0.47%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.885		1.899
CND. 30 Year Bond		2.250		2.263
U.S.    10 Year Bond		2.2375		2.2696
U.S. 30 Year Bond		2.8087		2.8514

Currencies

BOC Close	Today	Previous
Canadian $	0.79746	0.79323
US $	1.25399	1.26067
Euro Rate 1 Euro=		Inverse
Canadian $	1.46262	0.68371
US $	1.16641	0.85733

Commodities

Gold	Close	Previous
London Gold Fix	1248.55	1242.15
Oil	Close	Previous
WTI Crude Future	45.62	47.12

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks posted their biggest decline this month as falling oil prices weighed on energy stocks.
     The S&P/TSX Composite Index lost 82 points or 0.5 percent to close at 15,183.13, its biggest drop since June 29. The benchmark was up 0.1 percent on the week.
     Energy shares fell 1 percent as the price of crude tumbled
2.2 percent, its biggest decline in two weeks. A report that OPEC’s July shipments will be the highest this year increased concerns about global oversupply. Spartan Energy Corp. was the biggest decliner on the S&P/TSX energy index, falling 5.2 percent.
     Consumer discretionary shares lost 1 percent as auto suppliers weighed on the index. Swedish parts maker Autoliv Inc.
said it continues to see high inventories of light vehicles, slow sales growth and market uncertainty in North America and China. Magna International Inc. fell 2.8 percent.
     In other moves:
* West Fraser Timber Co. Ltd. lost 1.2 percent. The company said it’s prepared for no Canada-U.S. softwood lumber deal
* Husky Energy Inc. fell 2.7 percent after its second-quarter results missed analyst estimates
* Encana Corp. added 1.4 percent, bucking the broader energy sector decline, after reporting better-than-expected results
US
By Oliver Renick
     (Bloomberg) — Even as the S&P 500 Index clawed its way to a fresh record and squeezed out a third consecutive weekly gain, signs of fading enthusiasm in U.S. stocks have become increasingly difficult to ignore.
     The latest can be seen in the SPDR S&P 500 Trust, the biggest exchange-traded fund tracking the U.S. equity benchmark.
As of Thursday, investors had pulled $3.8 billion out of it in July. That puts the fund on pace for a fourth consecutive monthly outflow, which would be the longest streak since the start of the bull rally in 2009.
     And it isn’t just the $237 billion SPDR fund that’s thinning. Traders took $2.1 billion out of U.S. mutual funds and ETFs in the week ended July 12, ICI data show. That compared with $5.1 billion that went into funds around the world. Bank of America Merrill Lynch’s most recent fund manager survey found allocation to U.S. stocks is the most underweight since 2008.
     “We’ve contributed to that because we’ve been moving money out of large-cap stocks in the U.S.,” Ed Keon, managing director and portfolio manager at Quantitative Management Associates LLC, said by phone. “We’re not bearish, it’s just a question of better growth with lower valuations elsewhere.”
     The S&P 500 touched new highs this week before retreating as an intensifying investigation into President Donald Trump stoked concern that his economic agenda may stall. The benchmark gauge added 0.5 percent in the five days to end at 2,472.54. The Nasdaq 100 Index jumped 1.4 percent, ending the week at a record 5,921.525. The Dow Jones Industrial Average slipped 0.3 percent to 21,580.07.
     Strong earnings growth this year has kept the S&P 500’s price-to-earnings multiple below its March peak, despite the index reaching all-time highs. Even so, most equity valuations outside the U.S. remain more compelling.
     In Europe, German and French shares trade at a trailing P/E of as low as 18.9, compared with the S&P 500’s 21.6. Japanese shares are at 19.2, and emerging-market stocks tracked by MSCI Inc. trade at 16.1. MSCI’s world index excluding the U.S. trades at 19.7.
     Utility shares led the S&P 500’s advance this week, climbing 2.6 percent in their best performance since February as the 10-year Treasury yield dropped nine basis points. Real estate shares added 0.8 percent.
     Technology stocks rallied for the fourth week in five as the Nasdaq 100 Index jumped 1.4 percent. Industrial and financial stocks weighed on the market.
 

Have a wonderful weekend everyone.

Be magnificent!

“The biggest adventure you can take is to live the life of your dreams.”
– Oprah Winfrey

As ever,

Megan

“ It’s all about quality of life and finding a happy balance between work and friends and family.”
– Philip Green

 

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 July 20^th, 1818, the poet John Keats wrote a letter to his beloved youngest brother, Tom.  Keats was on a walking tour of Scotland with Charles Brown.  Later that year, he was summoned home by friends because of Tom’s failing health.   When he returned home, Keats devoted himself to nursing his brother who was dying from tuberculosis – ensuring his own demise from the same disease less than three years later.  Here is part of that letter:

I cannot give you a better idea of Highland life than by describing the place we are in [south of Oban].  The inn or public is by far the best house in the immediate neighbourhood.  It has a white front with tolerable windows.  The table I am writing on surprises me as being a nice flapped mahogany one; at the same time the place has no water-closet nor anything like it.  You may, if you peep, see through the floor chinks into the ground rooms.  The old grandmother of the house seems intelligent though not over clean.  N.B. No snuff being to be had in the village, she made us some.  The guid man is a rough-looking hardy stout man who I think does not speak so much English as the guid wife, who is very obliging and sensible and moreover though stockingless, has a pair of old shoes.  Last night some whisky men sat up clattering Gaelic till I am sure one o’clock to our great annoyance.  There is a Gaelic Testament on the drawers in the next room.  White and blue chinaware has crept all about here.  Yesterday there passed a donkey laden with tin pots.  Opposite the window there are hills in a mist – a few ash trees and a mountain stream at a little distance.  They possess a few head of cattle.  If you had gone round to the back of the house just now, you would have seen more hills in a mist, some dozen wretched black cottages scented of peat smoke which finds its way by the door or a hole in the roof, a girl here and there barefoot.  There was one little thing driving cows down a slope like a mad thing – there was another standing at the cow-house door rather pretty faced all up to the ankles in dirt.

And…
On July 20, 1969, astronaut Neil Armstrong became the first man to walk on the moon.
Go to article »
PHOTOS OF THE DAY

Italy’s Eugenio Amos and co-driver Sebastien Delaunay of France traversing sand dunes Thursday during the 12th stage of the Silk Way Rally between Jiayuguan and Alxa Youqi, China. FRANCK FIFE/AGENCE FRANCE-PRESSE/GETTY IMAGES

A ballet dance class during the Joinville Dance Festival, which kicked off Wednesday in Joinville, Brazil. LI MING/XINHUA/ZUMA PRESS
Market Closes for July 20^th, 2017

Market Index	Close	Change
Dow Jones	21611.78	-28.97   -0.13%
S&P 500	2473.95	+0.12   —
NASDAQ	6390.004	+4.962   +0.08%
TSX	15263.53	+18.82
		+0.12%

International Markets

Market Index	Close	Change
NIKKEI	20144.59	+123.73
		+0.62%
HANG SENG	26740.21	+68.05
		+0.26%
SENSEX	31904.40	-50.95
		-0.16%
FTSE 100*	7487.87	+56.96
		+0.77%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.885		1.899
CND. 30 Year Bond		2.248		2.263
U.S.    10 Year Bond		2.2624		2.2696
U.S. 30 Year Bond		2.8323		2.8514

Currencies

BOC Close	Today	Previous
Canadian $	0.79418	0.79323
US $	1.25916	1.26067
Euro Rate 1 Euro=		Inverse
Canadian $	1.46441	0.68287
US $	1.16301	0.85984

Commodities

Gold	Close	Previous
London Gold Fix	1238.70	1242.15
Oil	Close	Previous
WTI Crude Future	46.79	47.12

Market Commentary:
On this day in 2000, Vietnam opens its stock exchange to trade shares in the nation’s two stocks, Refrigeration Electrical Engineering and Cables and Telecommunications Materials.

Number of the Day
$86.2 billion
Morgan Stanley’s market capitalization at Wednesday’s close, just below Goldman’s $87.7 billion. Morgan Stanley’s market value hasn’t finished a session above its rival’s in more than a decade
Canada
By Natalie Wong
     (Bloomberg) — Canadian stocks rose as gains in health care and telecoms offset declines in industrials and energy.
     The S&P/TSX composite index rose 0.1 percent to 15,264.64. Telecoms gained 0.9 percent as Rogers Communications Inc. jumped 1.4 percent after posting strong second-quarter earnings and setting a high bar high for its new CEO.
     Health care gained 1.2 percent, extending a two-day rally, as Valeant Pharmaceuticals International Inc. increased 1.9 percent and Knight Therapeutics Inc. jumped 2.9 percent.
     Industrials fell for a fourth day, dropping 0.4 percent, after Exchange Income Corp. slid 8.2 percent, the worst- performing stock in Canada, as short-seller Marc Cohodes sent the stock tumbling again even as the CEO fought back.
     In other moves:
* Energy shares fell slightly, paring a morning gain, as Encana Corp. dropped 2.9 percent and Crescent Point Energy Corp. lost 4.4 percent ahead of posting second-quarter results next Thursday
* Materials rose 0.2 percent as Yamana Gold Inc. gained 1.3 percent, Eldorado Gold Corp. increased 1.9 percent and Tahoe Resources Inc. jumped 3.3 percent after being raised to hold at Haywood
* Utilities increased 0.3 percent as Hydro One Ltd. posted a 0.8 percent gain, recovering from a morning’s decline when investors soured on Avista’s $3.4b acquisition price.
US
By Eric J. Weiner
     (Bloomberg) — U.S. stocks gyrated Thursday following reports that U.S. special counsel Robert Mueller is expanding his investigation of President Donald Trump to examine his financial dealings. The euro climbed after European Central Bank President Mario Draghi signaled the bank would discuss language on bond purchases in the autumn.
     The Nasdaq Composite Index closed at an all-time high for a third straight day, while the S&P 500 Index was little changed and Dow Jones Industrial Average declined. The dollar dropped, and bonds advanced. Gold gained after tumbling 0.5 percent earlier in the session.
     The euro whipsawed, retreating as the central bank deferred the delicate decision on policy normalization until later this year, and then advancing as Draghi pointed to a timeline for policy makers to consider any change in their language.
     “The ECB has maintained a very supportive approach, because inflation remains too low, despite better growth prospects,” said Gilles Pradere, portfolio manager at RAM Active Investments SA.
     Here’s our live blog on the ECB’s policy decision and Draghi’s briefing
     The euro’s jump hit stocks in the region, which erased a gain before fluctuating, and the greenback, which pared an advance as it continued to recover from Tuesday’s lowest close in 11 months. The yen dropped after Japanese policy makers delayed the time-frame for reaching their inflation target — a sign stimulus will be in place for a while to come. Oil climbed a third day.
     And here are the main moves in markets:
     Stocks
* The S&P 500 closed essentially unchanged after an up-and-down session. The Nasdaq 100 Index and Nasdaq Composite added 0.1 percent.
* EARNINGS:
** After-market Thursday: Intuitive Surgical (ISRG), Skyworks Solutions (SWKS), E*TRADE Financial (ETFC), Visa (V), People’s United Financial (PBCT), Cintas (CTAS), Capital One Financial (COF), Microsoft (MSFT), eBay (EBAY)
** Pre-market Friday: Honeywell International (HON), Regions Financial (RF), Synchrony Financial (SYF), Huntington Bancshares (HBAN), Moody’s (MCO), General Electric (GE), Kansas City Southern (KSU), SunTrust Banks (STI), Fifth Third Bancorp (FITB), Colgate-Palmolive (CL), Schlumberger (SLB), Citizens Financial Group (CFG)
* The Stoxx Europe 600 Index fell 0.4 percent.
* The MSCI All-Country World Index gained 0.2 percent, reaching the highest on record with its 10th consecutive advance.
* The U.K.’s FTSE 100 Index added 0.8 percent to the highest in a month.
* Germany’s DAX Index declined less than 0.1 percent.
* The MSCI Emerging Market Index advanced less than 0.1 percent.
     Currencies
* The Bloomberg Dollar Spot Index fell 0.3 percent to its lowest level in almost a year.
* The euro rose one basis point to $1.1625, the highest since January 2015.
* The British pound dipped one basis point to $1.2969.
* The Japanese yen slid less than one basis point to 111.94 per dollar.
     Bonds
* The yield on 10-year Treasuries declined one basis point to 2.2624 percent.
* Germany’s 10-year yield dropped one basis point to 0.53 percent for its fifth consecutive decline.
* Britain’s 10-year yield rose one basis point to 1.205 percent.
     Commodities
* Gold rose 0.2 percent to $1,243.61 an ounce.
* West Texas Intermediate crude fell 0.7 percent to $46.79 a barrel, reversing earlier gains.
* The Bloomberg Commodity Index rose 0.1 percent to the highest since May 26.
     Asia
* The Aussie traded lower as a characteristically volatile monthly jobs report for June showed a surge in full-time employment. It’s the best-performing G-10 currency this year, climbing 10 percent.
* Australia’s S&P/ASX 200 Index gained 0.5 percent and Japan’s Topix Index rose 0.7 percent to close at its highest in nearly two years.

Have a wonderful evening everyone.

 

Be magnificent!

What is it exactly that hurts you?
Open your heart and speak.  Open your eyes and see.
At the moment that you look with your eyes wide open,
everywhere you will find differences, an infinite variety.
Swami Prajnanpad

As ever,

Carolann

 

Expect nothing. Live frugally on surprise.
                         -Alice Walker, b. 1944

 

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

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

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

 

Dear Friends,

Tangents:
On July 19, 1979, Sandinista rebels took control of Managua following the flight of President Anastasio Somoza Debayle, completing the defeat of the National Guard and ending the civil war in Nicaragua.
Go to article »

PHOTOS OF THE DAY

Smoke and flames rise from a fire in the village of Podstrana, near the Adriatic coastal town of Split. Montenegro asked for international help to fight wildfires in the Lustica peninsula on the country’s Adriatic coast, while forest fires in neighbouring Croatia spread to suburbs of the coastal city of Split. CREDIT: AFP/GETTY IMAGES

A British photographer took these stunning photographs of the lavender fields of Provence this month (July). Guy Edwardes, from Dorchester, captured the vibrant hues of the rural region during the flowering plant’s harvesting season. The fragrant plant blooms from June to August, and is used in a range of items including soap, cosmetics and honey. CREDIT: GUY EDWARDES/COVER IMAGES
Market Closes for July 19^th, 2017

Market Index	Close	Change
Dow Jones	21640.75	+66.02   +0.31%
S&P 500	2473.83	+13.22   +0.54%
NASDAQ	6385.043	+40.738   +0.64%
TSX	15244.71	+95.14
		+0.63%

International Markets

Market Index	Close	Change
NIKKEI	20020.86	+20.95
		+0.10%
HANG SENG	26672.16	+147.22
		+0.56%
SENSEX	31955.35	+244.36
		+0.77%
FTSE 100*	7430.91	+40.69
		+0.55%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.899		1.895
CND. 30 Year Bond		2.263		2.262
U.S.    10 Year Bond		2.2696		2.3141
U.S. 30 Year Bond		2.8514		2.9039

Currencies

BOC Close	Today	Previous
Canadian $	0.79323	0.78756
US $	1.26067	1.26975
Euro Rate 1 Euro=		Inverse
Canadian $	1.45205	0.68868
US $	1.15171	0.86827

Commodities

Gold	Close	Previous
London Gold Fix	1242.15	1234.10
Oil	Close	Previous
WTI Crude Future	47.12	46.02

Market Commentary:
On this day in 1990, Wall Street sets a then-record when six IPOs take place in a single day. The companies–Command Security, In-Store Advertising, MECA Software, Modtech Holdings, OCharleys, and Wisconsin Pharmacal–raise a total of $100.4 million.

Number of the Day
10.2%
The decline in the S&P GSCI commodity index in the first half of 2017, the worst first-half performance since 2010.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks rose as energy shares posted their biggest gain in two months and Rogers Communications Inc. hit an all-time high.
     The S&P/TSX Composite Index added 95 points or 0.6 percent to 15,244.71, its highest since June 23. Energy shares jumped 2.1 percent after U.S. government data showed significant declines in crude and gasoline stockpiles. Precision Drilling Corp. gained 13 percent and Crew Energy Inc. added 8.7 percent.
     The telecom index gained 0.7 percent as Rogers rose 1.7 percent ahead of earnings Thursday. The industrials index was the only major decliner, falling 0.8 percent.
     In other moves:
* TransAlta Renewables Inc. fell 5.1 percent. Shareholder Alberta Investment Management Co. sold 16.5 million shares
* Saputo Inc. gained 5 percent, the most in nearly a year, after RBC upgraded it to outperform
* Canadian National Railway Co. fell 1.6 percent and Canadian Pacific Railway Ltd. lost 1.3 percent after competitor CSX Corp. didn’t boost its outlook for the year.
US
By Samuel Potter
     (Bloomberg) — Stocks surged Wednesday on earnings strength, with the S&P 500 Index and Nasdaq Composite Index hitting records for a second straight day. The euro retraced some recent gains as European policy makers gathered in Frankfurt before Thursday’s decision on interest rates. Oil advanced.
     Every S&P 500 sector was higher, with energy stocks and materials companies pacing the rise. Vertex Pharmaceuticals Inc. led gainers, adding more than 20 percent after reporting promising results for its cystic fibrosis treatment. Technology remained hot as well, with the Nasdaq 100 Index also reaching an all-time high. The Dow Jones Industrial Average was up as well, but IBM, which reported disappointing quarterly sales, weighed on the index.
     In Europe, it was a day of reversing trends, with the common currency coming off its highest close since August 2015 as investors weighed the European Central Bank’s plans for stimulus measures and the possibility of a change of tone when the decision is announced. The dollar steadied after the implosion of the U.S. health-care reform bill sent it to the lowest since September a day earlier. The Stoxx Europe 600 Index advanced following its largest drop this month. Electrolux AB and ASML Holding NV were among gainers after reporting earnings.
     Read more: Euro Rally at Risk Should Draghi Rein in Hawkish Tone
     Investors will be closely watching Europe’s central bank — as well as the Bank of Japan — this week for clues on the fate of easy monetary policies that have helped stoke growth and spur equity markets to record highs. Amid mixed economic data, anemic inflation numbers and a U.S. administration struggling to implement its agenda, traders may be forgiven for reassessing hawkish expectations.
     “President Draghi will certainly have his work cut out in keeping a lid on the euro at this rate,” Michael Hewson, chief market analyst at CMC Markets U.K., wrote in a note. A move to the 1.20 level is “a distinct possibility on a break of 1.1620 and last year’s high,” he said.
     Here are some other key events coming up:
* The industry-funded American Petroleum Institute was said to report an increase in U.S. crude stockpiles; official data is Wednesday.
* The Bank of Japan is forecast to stand pat at its meeting Thursday.
     And here are the main moves in markets:
     Stocks
* The S&P 500 closed up 0.5 percent, while the Nasdaq Composite and Nasdaq 100 increased 0.6 percent.
* The Stoxx Europe 600 climbed 0.8 percent, its biggest gain in a week. The U.K.’s FTSE 100 Index added 0.6 percent.
* The MSCI All-Country World Index rose 0.5 percent to 476.61, the highest on record and its ninth straight day of gains.
     Bonds and Currencies
* The yield on 10-year Treasuries added one basis point to 2.27 percent.
* Germany’s 10-year yield slid one basis point to 0.54 percent.
* Britain’s 10-year yield dropped one basis point to 1.191 percent.
* The Bloomberg Dollar Spot Index rose less than 0.1 percent.
* The euro declined 0.3 percent to $1.1518, the biggest fall in a week.
* The British pound retreated 0.2 percent to $1.302.
* The Japanese yen fell 0.2 percent to 111.82 per dollar.
     Commodities
* Gold dropped 0.1 percent to $1,241.88 an ounce.
* West Texas Intermediate crude rose 1.5 percent to $47.10 a barrel.
* Iron ore added 2.7 percent to reach its highest level since May 3.
     Asia
* Australia’s S&P/ASX 200 Index rose 0.8 percent as bank shares climbed. Analysts said new capital requirements looked fairly benign. More on that story here.
* Chinese shares led in Asia, with the Shanghai Composite Index jumping 1.4 percent. Hong Kong’s Hang Seng Index was up 0.6 percent. Japan’s Topix Index swung between gains and losses, while South Korea’s Kospi Index rose 0.2 percent.  

 

Have a wonderful evening everyone.

 

Be magnificent!

The intellectual aspect is, that love sees and understands.
The emotional aspect is to feel as one with the other person.
Love is unity.  There is no “me” in love, only “you.”
The behavioral aspect is, that love inspires us to give.
There is no expectation; we do not expect to receive.
Such love is wisdom and liberation in itself.
Swami Prajnanpad

As ever,

 

Carolann

 

Talent is only the starting point.
            -Irving Berlin, 1888-1989

 

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 in 1999, David Cone pitches the 16th perfect game in major league history and 14th in the modern era, leading the New York Yankees to a 6-0 victory over the Montreal Expos. A 33-minute rain delay interrupts the game in the third inning.
Also…
On July 18, 1936, the Spanish Civil War began as Gen. Francisco Franco led an uprising of army troops based in North Africa.
Go to article »
PHOTOS OF THE DAY

An Atlantic puffin holds a mouthful of sand eels on the island of Skomer, off the coast of Wales. REBECCA NADEN/REUTERS

People take part in the 101st International Four Days Marches in Nijmegen, Netherlands. ROMY ARROYO FERNANDEZ/NURPHOTO/ZUMA PRESS
Market Closes for July 18^th, 2017

Market Index	Close	Change
Dow Jones	21574.73	-54.99     -0.25%
S&P 500	2460.61	+1.47   +0.06%
NASDAQ	6344.305	+29.874   +0.47%
TSX	15149.57	-15.79
		-0.10%

International Markets

Market Index	Close	Change
NIKKEI	19999.91	-118.95
		-0.59%
HANG SENG	26524.94	+54.36
		+0.21%
SENSEX	31710.99	-363.79
		-1.13%
FTSE 100*	7390.22	-13.91
		-0.19%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.860		1.895
CND. 30 Year Bond		2.232		2.262
U.S.    10 Year Bond		2.2590		2.3141
U.S. 30 Year Bond		2.8476		2.9039

Currencies

BOC Close	Today	Previous
Canadian $	0.79193	0.78756
US $	1.26274	1.26975
Euro Rate 1 Euro=		Inverse
Canadian $	1.45906	0.68537
US $	1.15547	0.86545

Commodities

Gold	Close	Previous
London Gold Fix	1240.75	1234.10
Oil	Close	Previous
WTI Crude Future	46.40	46.02

Market Commentary:
Number of the Day
5.2 million
The number of new users added by Netflix Inc. in the second quarter, far more than the 3.2 million it had projected, and well above Wall Street’s consensus estimate of 3.5 million net additions.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks failed to find traction despite higher oil and gold prices, falling for a second day as the benchmark stock index was pressured by a mixed basket of financials, industrials and miners.
     The S&P/TSX Composite Index lost 16 points or 0.1 percent to 15,149.57. Energy stocks edged up 0.2 percent as the price of crude gained 0.8 percent, boosted by fears of a worse-than-usual hurricane season.
     The health-care index was the biggest decliner, losing 0.9 percent as U.S. Republicans were unable to make progress on repealing Obamacare, and still less in replacing it. Materials stocks slipped 0.2 percent even as gold prices rose to the highest this month. Turquoise Hill Resources Ltd. fell 2.4 percent after it announced flat grades and production.
     In other moves:
* Element Fleet Management Corp. jumped 7.6 percent following seven days of declines. Raymond James said current prices represent an attractive entry point
* Dream Global Real Estate Investment Trust fell 5.9 percent. The REIT is buying 135 office and light industrial properties in the Netherlands for C$903 million
* Cameco Corp. fell 3.8 percent after the uranium miner was cut to underperform by analysts at Credit Suisse.
US
By Adam Haigh
     (Bloomberg) — Asian stocks faced a mixed start to trading following a surge in global bonds as investors weigh the potential for tepid economic growth.
     Treasuries climbed with bunds and gilts as weak inflation data combined with concern around the U.S. administration’s ability to enact reforms, leaving investors questioning the strength of the global economy. The dollar held at the lowest level in almost a year, while an uninspiring session for U.S. equities left futures signaling a muted start for Asian stocks. The euro extended its advance ahead of Thursday’s European Central Bank meeting.
     With global equities at record highs, investors are assessing whether earnings results will be strong enough to warrant lofty prices and if economies are in a position to handle higher interest rates. The next clues come from meetings of central banks in Japan and Europe this week and profits due Wednesday at companies including Morgan Stanley and Qualcomm Inc.
     The market-implied probability of a hike from the Federal Reserve by year-end has declined in the past two weeks with Treasury yields. The odds are now about 40 percent, down from 60 percent on July 7, based on the current effective fed funds rate and the forward overnight index swap rate. Part of that is due to signs that Trump’s health-care reform bill is effectively dead in its current form, after two more Republican senators announced their opposition to the plan.
     Here are some key upcoming events:
* The ECB meets Thursday. Bloomberg Intelligence expects no change then, and no rate increase before 2019. Reuters cited unidentified officials as saying the bank is keen to keep asset purchases open-ended.
* The Bank of Japan is forecast to stand pat at its meeting Thursday.
     Here are the main moves in markets:
* The yield on 10-year U.S. Treasuries is down seven basis points this week to 2.26 percent after dropping five basis points last week. The Bloomberg Dollar Spot Index sank 0.5 percent on Tuesday to its weakest level since August.
* Gilts with a similar maturity saw yields fall six basis points to 1.21 percent on Tuesday as traders reduced bets on a U.K. rate increase this year following weak inflation data. The pound traded at $1.3043.
* The euro was at $1.1555 after rising 0.7 percent amid speculation the ECB could signal its intent to scale back monetary stimulus at its meeting on Thursday.
* The S&P 500 Index rose 0.1 percent to a record 2,460.61, reversing a loss of 0.4 percent earlier in the session. The Dow Jones Industrial Average declined 0.3 percent. The Nasdaq Composite Index gained for a eighth day to reach an all-time high.
* The Australian dollar traded at 79.16 U.S. cents after surging 1.5 percent.

Have a wonderful evening everyone.

 

Be magnificent!

Whenever there is a touch of color,
a note of a song, grace in a form,
this is a call to our love.
Rabindranath Tagore

As ever,

Carolann

 

The greatest glory in living lies not in never falling, but in rising every time we fall.
                                                                           -Nelson Mandela, 1918-2013

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:

THE POEM:
The Rye
By Fiona Sampson

Her we are walking
in the moonlight through fields
of rye we pass through
their pale sea in
the summer night three
of us walking between
the bent heads the feathered
napes of holy rye
where we pass the field
opens the moon silvers
the path ahead of us
three of walking one
will carry on and carry
on long after two
have called their dogs home
one will walk a strait
path through the silver
fields that do not end. 

From “Beyond the Hill”, a collaboration with photographer Jan-Peter Lahall.  Fiona Sampson was poet-in-residence at Ledbury Poetry Festival, June 30-July 9, poetry-festival.co.uk.

On July17, 1918, Czar Nicholas II and his family were executed.
On July 17, 1975, an Apollo spaceship docked with a Soyuz spacecraft in orbit in the first superpower linkup of its kind.
Go to article »
PHOTO OF THE DAY

A wildfire spreads down a hillside near Mariposa, Calif. NOAH BERGER/EUROPEAN PRESSPHOTO AGENCY
Market Closes for July 17^th, 2017 

Market Index	Close	Change
Dow Jones	21629.72	-8.02    -0.04%
S&P 500	2459.14	-0.13   -0.01%
NASDAQ	6314.430	+1.964   +0.03%
TSX	15165.36	-9.45
		-0.06%

International Markets

Market Index	Close	Change
NIKKEI	20118.86	+19.05
		+0.09%
HANG SENG	26470.58	+81.35
		+0.31%
SENSEX	32074.78	+54.03
		+0.17%
FTSE 100*	7404.13	+25.74
		+0.35%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.895		1.894
CND. 30 Year Bond		2.262		2.236
U.S.    10 Year Bond		2.3141		2.3301
U.S. 30 Year Bond		2.9039		2.9187

Currencies

BOC Close	Today	Previous
Canadian $	0.78756	0.79062
US $	1.26975	1.26482
Euro Rate 1 Euro=		Inverse
Canadian $	1.45739	0.68616
US $	1.14778	0.87125

Commodities

Gold	Close	Previous
London Gold Fix	1234.10	1230.30
Oil	Close	Previous
WTI Crude Future	46.02	46.54

Market Commentary:
On this day 1995, The Nasdaq Composite Index rises 6.56 points to close at 1005.89, its first finish above the 1000 barrier.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks slipped as a big gain in miners on better-than-expected Chinese growth wasn’t enough to offset declines elsewhere.
     The S&P/TSX Composite Index fell nine points or 0.1 percent to 15,165.36. Materials stocks jumped 1.5 percent as copper rose to the highest in four months and gold posted its biggest two- day gain in almost six weeks. First Quantum Minerals Ltd. added 8.8 percent and Hudbay Minerals Inc. rose 6.6 percent.
     Financials lost 0.3 percent as bond yields slipped, giving up some of their recent rally. Industrials fell 0.6 percent and consumer staples lost 0.7 percent, led by a 1.3 percent decline in Alimentation Couche-Tard Inc.
     In other moves:
* Colliers International Group Inc. tumbled 7.7 percent following a downgrade at Sidoti & Co.
* Dominion Diamond Corp. gained 5.6 percent. The company reached a sweetened $1.2-billion takeover agreement with Washington Cos.
* WestJet Airlines Ltd. lost 3.3 percent and Air Canada fell 2.6 percent. Both stocks were downgraded by analysts at Macquarie, who cited macro risks.
US
By Samuel Potter
     (Bloomberg) — Stocks were little changed Monday as metals climbed on better-than-expected Chinese growth. The pound fell as Brexit negotiations resumed.
     The S&P 500 Index stalled after reaching a record on Friday while the Nasdaq 100 was fractionally higher. The Stoxx Europe
600 Index swung between gains to losses after a report showed stagnating consumer prices in the euro area. Iron ore, zinc and copper benefited from figures showing China’s economy expanded faster than anticipated in the second quarter. The dollar steadied after a five-day losing streak. Treasury yields slipped.
     With U.S. equity markets continuing to flirt with new highs, investor appetite for risk remains robust. Citigroup Inc.’s Global Risk Aversion Macro Index, which measures tolerance across a series of asset classes, is at a three-year low and in line with levels seen before the 2008 financial crisis.
     The strong growth statistics for the world’s second biggest economy followed U.S. inflation data last week that undermined the case for tighter monetary policy and pushed stocks to record levels. European data was largely in line with expectations, leaving investors to weigh three days of gains against the uncertainty of a European Central Bank meeting this week and the ramping up of the earnings season.
          On the radar this week:
* The ECB meets Thursday. Bloomberg Intelligence expects no change then, and no rate hike before 2019. Reuters cited unidentified officials as saying the bank is keen to keep asset purchases open-ended.
* The Bank of Japan is forecast to stand pat at its meeting Thursday.
* Round two of Brexit talks get underway in Brussels.
* Australia’s central bank on Tuesday releases minutes of its July 4 gathering. Government data on the labor market is due Thursday.
     Here are the main moves in markets:
     Stocks
* The S&P 500 closed down a fraction at 2,459.16, after hitting an all-time high on Friday.
* The Dow Jones Industrial Average slipped a few points to 21,631.92 following Friday’s record close. The Nasdaq 100 Index gained less than 0.1 percent.
* Europe’s Stoxx 600 Index was essentially flat even as miners climbed 0.9 percent.
     Currencies
* The euro added 0.1 percent to $1.1482, and the pound lost 0.3 percent to $1.3056.
* Bloomberg’s Dollar Spot Index rose less than 0.1 percent.
     Bonds
* The 10-year yield on U.S. Treasuries declined two basis points to 2.31 percent after dropping five basis points last week.
* The yield on German 10-year bunds fell two basis points, while the yield on French benchmark bonds dropped one basis point.
     Commodities
* West Texas Intermediate crude fell 1.2 percent to $45.98 a barrel.
* Gold rose 0.4 percent to $1,234.13 an ounce.
* Iron ore added 4.8 percent, copper climbed 1.4 percent and zinc gained 1 percent.
     Asia
* Despite the GDP data the Shanghai Composite Index retreated
1.4 percent amid concerns over the implications of a weekend meeting where President Xi Jinping said the central bank would play a greater role in defending against risks.
* The kiwi fell after the deputy governor of New Zealand’s central bank said a lower currency would help rebalance growth.
* Japanese markets were closed for Marine Day. South Korea’s Kospi Index advanced to an all-time high.
By Adam Haigh
     (Bloomberg) — Asian stocks were poised for a mixed start to trading, while futures on the Nasdaq 100 Index were buoyed by strong subscriber growth figures at Netflix Inc.
     With little headway made in the European and U.S. sessions, equity-index futures across the Asia-Pacific region point to a stalling in the recent rally with Japanese markets reopening after a holiday. The pound held losses as U.K. Brexit Secretary David Davis resumed divorce talks with the European Union and investors awaited inflation data. The dollar steadied after a five-day losing streak. Netflix soared more than 10 percent in after-hours U.S. trading as its overseas business grew.
     Global equities remain at an all-time high after more than $10 trillion was added to their value this year and a gauge of investor appetite for risk remains robust. Citigroup Inc.’s Global Risk Aversion Macro Index, which measures tolerance across many asset classes, is at a three-year low and in line with levels seen before the 2008 financial crisis. Earnings season is gathering pace with heavyweights from Johnson & Johnson to Goldman Sachs Group Inc. on the calendar for Tuesday.
          Here are some key upcoming events:
* All eyes will be on the U.K. Tuesday when the government releases its inflation data for June. The readings will get extra attention following some recent flip-flopping by Bank of England Governor Mark Carney on the need to raise interest rates. Within a span of about a week late last month, he went from saying this is not the time to raise rates to saying policy makers may need to begin raising them.
* The European Central Bank meets Thursday. Bloomberg Intelligence expects no change then, and no rate hike before 2019. Reuters cited unidentified officials as saying the bank is keen to keep asset purchases open-ended.
* The Bank of Japan is forecast to stand pat at its meeting Thursday.
* Round two of Brexit talks gets underway in Brussels.
* Australia’s central bank on Tuesday releases minutes of its July 4 gathering. Government data on the labor market is due Thursday.
     Here are the main moves in markets:
* Nasdaq 100 Index futures rose in the final minutes of trading and held gains in early Tuesday trading following the Netflix results. S&P 500 Index futures were flat.
* The S&P slipped less than 0.1 percent to close Monday at 2,459.14. Europe’s Stoxx 600 Index was essentially flat even as a gauge of raw-materials firms climbed 0.9 percent.
* The Bloomberg Dollar Spot Index rose 0.1 percent.
* The 10-year yield on U.S. Treasuries declined two basis points to 2.31 percent on Monday after dropping five basis points last week.
* Iron ore on the Dalian exchange surged 4.1 percent.
* WTI crude was little changed at $46.01 per barrel.
 

Have a wonderful evening everyone.                      

Be magnificent!

I am proud to tell you that I belong to a religion in whose sacred language,
the Sanskrit, the word exclusion is untranslatable.
Swami Vivekananda

As ever, 

Carolann 

To be surprised, to wonder, is to begin to understand.
                         -Jose Ortega Y Gasset, 1883-1955
 

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:

Bastille Day in France.

On July 14, 1965, the American space probe Mariner 4 flew by Mars, sending back photographs of the planet.

Go to article »
PHOTOS OF THE DAY

Lava flows from the Piton de la Fournaise volcano on the French Indian Ocean island of Reunion. RICHARD BOUHET/AGENCE FRANCE-PRESSE/GETTY IMAGES

Anna Voloshyna and Valyzaveta Yakhno of Ukraine compete in the Women’s Duet Technical Routine at the Budapest 2017 FINA World Championships. ADAM PRETTY/GETTY IMAGES
Market Closes for July 14^th, 2017

Market Index	Close	Change
Dow Jones	21637.74	+84.65   +0.39%
S&P 500	2459.27	+11.44   +0.47%
NASDAQ	6312.465	+38.028   +0.61%
TSX	15174.81	+39.81
		+0.26%

International Markets

Market Index	Close	Change
NIKKEI	20118.86	+19.05
		+0.09%
HANG SENG	26389.23	+43.06
		+0.16%
SENSEX	32020.75	-16.63
		-0.05%
FTSE 100*	7378.39	-35.05
		-0.47%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.894		1.915
CND. 30 Year Bond		2.236		2.253
U.S.    10 Year Bond		2.3301		2.3409
U.S. 30 Year Bond		2.9187		2.9117

Currencies

BOC Close	Today	Previous
Canadian $	0.79062	0.78597
US $	1.26482	1.27231
Euro Rate 1 Euro=		Inverse
Canadian $	1.45082	0.68926
US $	1.14706	0.87179

Commodities

Gold	Close	Previous
London Gold Fix	1230.30	1218.90
Oil	Close	Previous
WTI Crude Future	46.54	46.08

Market Commentary:
Number of the Day
20.8% 
The odds that Janet Yellen will be nominated to a second term as Fed chair, according to a recent Wall Street Journal survey of economists.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks rose with oil, gold and copper to close at a two-week high as U.S. inflation data for June came in short of expectations, raising the likelihood that the Federal Reserve may take a more dovish stance on rate hikes.
     The S&P/TSX Composite Index gained 40 points or 0.3 percent to 15,174.81. The benchmark gained 1 percent on the week. Rate- sensitive telecom stocks led Friday’s gains, up 0.8 percent as Rogers Communications Inc. added 1.3 percent.
     The energy index added 0.7 percent, boosted by a 1 percent gain in the price of West Texas Intermediate crude. Materials stocks also gained 0.7 percent, led by gold and silver miners. Dominion Diamond Corp. jumped 4.3 percent on reports that it could see a revised takeover offer from Washington Companies.
     In other moves:
* Cineplex Inc. tumbled 4.2 percent, the most since 2009, following a downgrade at National Bank Financial
* Cogeco Communications Inc. rose 4.1 percent after quarterly results beat the highest analyst estimate
* Tembec Inc. gained 1.2 percent after its largest shareholder said it will vote against a proposed takeover by Rayonier Advanced Materials Inc. if the purchase price isn’t improved.
US
By Oliver Renick
     (Bloomberg) — U.S. stocks advanced to all-time highs for the first time in a month on optimism that interest rates will stay lower for longer after June inflation and retail sales missed expectations; second quarter bank earnings missed estimates and high-dividend shares advanced with technology companies.
* S&P 500 up 0.5% to 2,459.27
* Dow Industrials add 85 to 21,647.74
* Real estate, utilities and consumer staples advanced at least 0.5%
* 10-year Treasury yield down 2 bps
* Financial shares down 0.5% as Citi, JP Morgan drop after earnings
* VIX down to 9.5
* Volume in S&P 500 20% below 30-day average as financial stock volume jumps
* POLITICS:
** Deep within the Treasury Department sits a once-secret plan written by the Obama administration that could lead to the first-ever default on U.S. debt; bond traders are worried that Donald Trump’s Treasury secretary may have to use it
** Senate Majority Leader Mitch McConnell’s latest health care draft almost certainly is headed to a rewrite again to find a way to appease the handful of Republican moderates worried about Medicaid cuts in their states
* ECONOMY:
** The June consumer-price index was unchanged (forecast was for 0.1% rise) following a 0.1% decline in May
** From a year earlier, prices were up 1.6% (forecast was 1.7%), the smallest advance since October, after a 1.9% gain
** Weaker expectations about personal finances helped drive U.S. consumer optimism in July to the lowest since October, University of Michigan preliminary survey data showed Friday
* EARNINGS:
** Pre-market Monday: BlackRock Inc. (BLK)

 

Have a wonderful weekend everyone!

 

Be magnificent!

Though there is repulsion enough in Nature, she lives by attraction.
Mutual love enables Nature to persist.
Mahatma Gandhi

As ever,

 

Carolann

 

Our doubts are traitors, and make us lose the good we oft
might win by fearing to attempt.
                                 -William Shakespeare, 1564-1616

 

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:
On July 13, 1977, a 25-hour blackout hit the New York City area after lightning struck upstate power lines.
Go to article »

Points of Progress:
INDIA: The world’s largest beach cleanup project is complete.  Afroz Shah, who in 2015 began cleaning Versova beach with his 84-year old neighbor, eventually rallied hundreds and then thousands of local residents to help clear the 11,684,500 pounds of trash that once littered the shoreline.  Mr. Shah, a young lawyer, led the work over a period of 21 months and was recently awarded the United Nations’ Champion of the Earth award.  –ECO WATCH, CNN.

SOUTH AFRICA:  The future of South Africa’s airports is green.  In the past year, state-owned airport operator Airports Company South Africa has unveiled three solar-powered regional airports across the country and plans to have another three by the end of the year.  Solar farms currently supply 45 percent of the power needed; the rest comes from conventional sources.  The company, which also operates South Africa’s three international airports, says its long-term goal is to have airports generate their own energy.  It has plans to achieve carbon neutrality by 2025. –CNN.

UNITED STATES: Brienne Minor became the first black woman to win the NCAA  Tennis women’s  singles title.  A University of Michigan sophomore, Ms. Minor picked up her passion for the game from her grandfather, who started playing in Indianapolis parks back when blacks were banned from country clubs.  She was also the first African-American to win the Division 1 title since Arthur Ashe in 1965. –The Washington Post.

PHOTOS OF THE DAY

A military vessel sail at sunset off Trieste , northern Italy. Photo Credit: AFP

A vietnamese boat driver waits for customers at a riverside park on the river Song Hau river in the Southern vietnamese city of Can Tho. Photo Credit: AFP

The pack rides past a sunflowers field during the 214,5 km twelth stage of the 104th edition of the Tour de France cycing race on July 13th , 2017 between Pau and Peyragudes. Photo Credit: AFP
Market Closes for July 13^th, 2017

Market Index	Close	Change
Dow Jones	21553.09	+20.95   +0.10%
S&P 500	2448.82	+5.57   +0.23%
NASDAQ	6274.438	+13.267   +0.21%
TSX	15152.45	+8.46
		+0.06%

International Markets

Market Index	Close	Change
NIKKEI	20099.81	+1.43
		+0.01%
HANG SENG	26346.17	+302.53
		+1.16%
SENSEX	32037.38	+232.56
		+0.73%
FTSE 100*	7413.44	-3.49
		-0.05%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.915		1.875
CND. 30 Year Bond		2.253		2.228
U.S.    10 Year Bond		2.3409		2.3177
U.S. 30 Year Bond		2.9117		2.8838

Currencies

BOC Close	Today	Previous
Canadian $	0.78597	0.78443
US $	1.27231	1.27481
Euro Rate 1 Euro=		Inverse
Canadian $	1.45029	0.68944
US $	1.13982	0.87733

Commodities

Gold	Close	Previous
London Gold Fix	1218.90	1218.80
Oil	Close	Previous
WTI Crude Future	46.08	45.49

Market Commentary:
On this day in 1852, Henry Wells and William G. Fargo found Wells Fargo in San Francisco and Sacramento to convert gold dust into cash for miners, as well as to transport and safeguard letters, gold nuggets and other valuable byproducts of the California Gold Rush.
Canada
By Natalie Wong
     (Bloomberg) — Canadian stocks fell slightly as losses in materials and telecom offset gains in health care and financials.
The S&P/TSX composite index dropped 0.06 percent to 15,135. Telecom slipped 0.5 percent as BCE Inc. lost 0.5 percent and Telus Corp. fell 0.7 percent.
     Materials slipped 0.5 percent as Agnico Eagle Mines Ltd. dropped 2.3 percent and Barrick Gold Corp lost 0.4 percent.
     Health care rose 0.8 percent and was Canada’s top performing sector, as Valeant Pharmaceuticals International Inc. gained 2.2 percent after announcing plans in August to redeem the remaining $500 million of bonds scheduled to come due next year.
     In other moves:
* Financials rose 0.2 percent as Manulife Financial Corp. gained 1.9 percent, surging to a five-month high on a report it may take John Hancock public
* Shopify Inc. fell 1.7 percent paring a four-day rally, despite news that its merchants will soon be able to sell through EBay
* Hudson’s Bay Co. rose 3.7 percent and was the top performing stock in Canada.
US
By Jeremy Herron
     (Bloomberg) — U.S. stocks rose, sending benchmark indexes toward all-time highs, while Treasuries fell as Janet Yellen signaled continued stimulus as the American economy sustains a steady pace of growth.
     The S&P 500 Index closed within five points of its record, while the Dow Jones Industrial Average reached a fresh high as the central bank chair reiterated her intention to tighten only gradually. Financial shares led gains with three large banks slated to deliver earnings Friday. Treasuries gave up Wednesday’s gains as Yellen offered a note of caution on the economy’s growth rate, while the dollar was mixed against its major peers.  
     “It’s something that would be wonderful if you can accomplish it — I’d love to see it,” Yellen said of 3 percent growth rates in response to a question during her Senate hearing. “It would be quite challenging.”
     Yellen’s signal that the economy is not in danger of overheating, with inflation rates stubbornly below Fed targets, comes as the central bank seems likely to err on the side of not tightening too quickly. Investors will get clues on how choppy data during the second quarter translated into corporate earnings when JPMorgan Chase & Co., Well Fargo & Co. and Citigroup Inc. report Friday.
     Investors also digested fresh news out of Washington, where Senate Republicans unveiled a new health-care bill they hope to bring up for a vote next week. The move comes as the Trump administration attempts to move past the latest diversion from its policy agenda.
     Here’s what investors are watching:
* U.S. CPI reading is due Friday.
* The three American lenders report before the opening bell Friday.
     These are the main moves in markets: 
     Stocks
* The S&P 500 rose 0.2 percent to 2,447.93 at 4 p.m. in New York, 0.2 percent below its closing record of 2,453.46.
* The Dow Jones Industrial Average added to its all-time high, rising 0.1 percent to 21,553.50, while the Nasdaq 100 Index rose 0.2 percent for a fifth straight gain.
* Small caps lagged behind, with the Russell 2000 Index little changed.
* The Stoxx Europe 600 Index climbed 0.3 percent, building on Wednesday’s 1.5 percent gain.
* The MSCI ACWI Index, which includes emerging and developed world markets, rose 0.3 percent to a record high.
     Rates
* The 10-year U.S. Treasury yield gained three basis points to 2.34 percent.
* German benchmark bund yields rose a similar amount to 0.59 percent.
     Currencies
* The greenback fell against most of its major peers, with the dollar index touching the lowest since Sept. 22 before trading little changed.
* The Canadian dollar added 0.2 percent to $1.27243.
* The pound climbed 0.5 percent to $1.2946. The euro was little changed at $1.1406.
     Commodities
* West Texas Intermediate crude rose for a fourth day, adding 1.3 percent to settle at $46.08 a barrel. Brent added 68 cents to end at $48.42. The WTI settlement was the highest since July 3 and came on a forecast that global demand growth will accelerate this year, even as supplies drain more slowly than anticipated.
* Gold futures slipped 0.2 percent to $1,217.10 an ounce, after gaining three days on expectations rates will stay low.
* Spring wheat for September delivery fell as much as 1.6 percent to $7.7025 a bushel before recouping losses. The U.S. Department of Agriculture said domestic production will be greater than analysts expected.

 

Have a wonderful evening everyone.

 

Be magnificent!

In man, reason quickens and guides the feeling,
in brute, the soul lies forever dormant.
To awaken the heart is to awaken the dormant soul.
Mahatma Gandhi

As ever,

Carolann

 

It is easier to resist at the beginning than at the end.
                            -Leonardo da Vinci, 1452-1519

 

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:

July 12, 2007 – Mining – London-based Rio Tinto acquires Alcan Inc. of Montreal for US$38 billion; biggest foreign takeover in Canadian history. Montreal, Quebec.

Birthdays: July 12^th, 1817 Henry David Thoreau
In 1845, Henry David Thoreau wrote:  “I went to the woods because I wished to live deliberately, to front only the essential facts of life, and see if I could not learn what it had to teach, and not, when I came to die, discover that I had not lived.”
See www.mass.gov/dem/parks/wldn.htm

July 12, 1895, Buckminster Fuller:
Nature is trying very hard to make us succeed, but nature does not depend on us.  We are not the only experiment. –Buckminster Fuller.
PHOTOS OF THE DAY

A woman swims in Walden Pond in Concord, Mass., on what would have been the 200th birthday of Henry David Thoreau, author of the book ‘Walden.’ BRIAN SNYDER/REUTERS

Sam Querrey of the U.S. celebrates winning the quarterfinal match at Wimbledon against Great Britain’s Andy Murray in London. TOBY MELVILLE/REUTERS

 

Smoke from the Whittier fire is illuminated by the setting sun near Santa Barbara, Calif. SANTA BARBARA COUNTY FIRE/HANDOUT/REUTERS
Market Closes for July 12^th, 2017

Market Index	Close	Change
Dow Jones	21532.14	+123.07   +0.57%
S&P 500	2443.25	+17.72   +0.73%
NASDAQ	6261.172	+67.867   +1.10%
TSX	15143.99	-5.15
		-0.03%

International Markets

Market Index	Close	Change
NIKKEI	20098.38	-97.10
		-.48%
HANG SENG	26043.64	+166.00
		+0.64%
SENSEX	31804.82	+57.73
		+0.18%
FTSE 100*	7416.93	+87.17
		+1.19%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.875		1.857
CND. 30 Year Bond		2.228		2.242
U.S.    10 Year Bond		2.3177		2.3605
U.S. 30 Year Bond		2.8838		2.9234

Currencies

BOC Close	Today	Previous
Canadian $	0.78443	0.77388
US $	1.27481	1.29219
Euro Rate 1 Euro=		Inverse
Canadian $	1.45505	0.68726
US $	1.14139	0.87612

Commodities

Gold	Close	Previous
London Gold Fix	1218.80	1211.05
Oil	Close	Previous
WTI Crude Future	45.49	45.04

Market Commentary:
On this day in 1943, the New York Stock Exchange allows women onto its floor for the first time in its 151-year history to work as pages and reporters, filling jobs once held by men who went off to serve in the military.

Number of the Day
$16,000
The per-dose price of  ACZ885, sold by Novartis to treat certain rare inflammatory disorders. A recent clinical trial suggests it could also reduce the risk of serious complications like strokes in people who have suffered a heart attack, so the drug company may soon need to decide if it wants to cut the price to compete with rival cardiovascular treatments.
Canada
By Linda Nguyen
     (Canadian Press) — TORONTO — The Canadian dollar soared to a level not seen in nearly a year Wednesday after the Bank of Canada announced it was hiking its key lending rate for the first time since 2010.
     The loonie was trading at an average price of 78.16 cents US, up 0.76 of a U.S. cent. The last time the currency closed above 78 cents US was in August 2016.
     Eric Theoret, a currency strategist and director at Scotiabank (TSX:BNS), says although the markets had been anticipating a rate increase from the central bank, it was not expecting Bank of Canada governor Stephen Poloz to express so much confidence about the move.
     “The expectations were for a dovish hike, which would’ve been seen as the consensus heading into this,” he said. “And really what we had was a very confident, almost hawkish hike in that sense.”
     Theoret says the markets were largely forecasting that the bank would reverse rate cuts it put in place in 2015 to help the Canadian economy deal with a plunge in oil prices, and then enter a wait-and-see mode before making any more moves.
     But what it’s now reading from the central bank is that any future decisions will be data-dependent.
     The dollar has strengthened in recent weeks, buoyed by positive economic data, and growing anticipation of the interest rate decision. The Bank of Canada raised the rate by a quarter of a percentage point to 0.75 per cent, still low by historical standards.
     Kash Pashootan, a senior vice-president at First Avenue Advisory, a Raymond James company, says the loonie’s rapid appreciation is being led by fresh expectations that the bank will raise rates again at its next announcement in October.
     “On a day like today, it’s nice to see the Canadian dollar stronger and it’s easy to start to build the case for a couple more rate hikes. But it’s crucial that we do not underestimate how detrimental premature interest rate hikes can be to the Canadian economy and to the overall confidence of the equity markets,” he cautioned.
     “I don’t believe the Canadian economy can bear another interest rate hike in 2017.”
     In equities, the Toronto Stock Exchange’s S&P/TSX composite index was flat, dipping 5.15 points at 15,143.99 after climbing more than 100 points earlier in the session. The index was led by gains in Canada’s real estate and consumer staples sectors.
     In New York, the Dow Jones industrial average was up 123.07 points at 21,532.14, a record high. The S&P 500 index was ahead 17.72 points at 2,443.25, while the Nasdaq composite index climbed 67.87 points, or more than one per cent, to 6,261.17.
     Federal Reserve chairwoman Janet Yellen kicked of two days of testimony in front of Congress Wednesday, telling legislators that the U.S. central bank expects to keep raising its key interest rate at a gradual pace and also plans to start trimming its massive bond holdings this year.
     Many economists believe the Fed, which has raised rates three times since December, will hike rates one more time this year.
     In commodities, the August crude contract advanced 45 cents to US$45.49 and August gold gained $4.40 at US$1,219.10 an ounce.
      The September copper contract jumped a penny at US$2.68 a pound and August natural gas was down six cents to US$2.99 per mmBTU.
US
By Cecile Gutscher and Jeremy Herron
     (Bloomberg) — U.S. stocks rose toward records, Treasuries rallied and the dollar retreated after Janet Yellen signaled the Federal Reserve won’t rush to tighten monetary policy as inflation remains persistently below target.
     The Dow Jones Industrial Average closed at a fresh all-time high, technology shares added more than 1 percent and emerging- market equities surged to levels last seen in 2015 as Yellen expressed confidence in the American economy while suggesting inflation rates won’t force the Fed’s hand.
     The dollar fell versus most major peers, 10-year Treasury yields slid below 2.32 percent and gold futures rose. Oil bounced above $45 a barrel. The Brazilian real strengthened after former President Luiz Inacio Lula da Silva was convicted of graft and money-laundering, while Canada’s dollar rallied on central bank tightening.
     The statement from Yellen diverted attention from the release of emails by Donald Trump Jr. about his controversial meeting with a Russian lawyer, though concern remains that the latest saga in Washington may be an unwelcome distraction for the Fed seeking to dismantle a decade of monetary stimulus. The Fed chair made no mention of asset prices just a week after her comment that some looked “somewhat rich” added to selling in stocks and bonds.
     Yellen’s dovish tone came as the Bank of Canada raised interest rates for the first time in seven years even as inflation in the country remains stubbornly sluggish. Central banks around the world have been hinting that the accommodative policies in place for years may no longer be needed amid signs that the global economy is gaining traction.
     Here’s what investors are watching:
* Yellen will continue testifying Thursday.
* JPMorgan Chase & Co., Citigroup Inc. and Wells Fargo & Co. report results this week.
* The U.K. is due to publish its Repeal Bill on EU membership this week.
     These are the main moves in markets: 
     Stocks
* The S&P 500 Index advanced 0.7 percent as of 4 p.m. in New York, 0.4 percent short of its closing record. Real-estate and technology shares led gains.
* The Dow rose 123.58 points to a record 21,532.65, while the Russell 2000 Index added 0.9 percent, 0.2 percent from its high.
* The Stoxx Europe 600 Index added 1.5 percent, led by builders and energy companies. The FTSE 100 rose 1.2 percent.
     Currencies
* The Bloomberg Dollar Spot Index fell 0.4 percent.
* The pound strengthened 0.3 percent to $1.2884 after U.K. payrolls data beat estimates and unemployment fell to a 42-year low, erasing an earlier loss.
* The yen gained 0.7 percent to 113.14 per dollar.
* The euro fell 0.4 percent to $1.1422.
* The loonie rose 1.4 percent to $1.27356.
     Bonds
* The 10-year U.S. Treasury yield dropped four basis points to 2.32 percent.
* German benchmark bund yields rose three basis points to 0.58 percent.
    Commodities
* West Texas Intermediate crude climbed 1 percent to settle at $45.49 a barrel.
* Crude inventories fell 7.56 million barrels last week, the EIA said. U.S. production, though, continued to rise, gaining 0.6 percent to 9.397 million barrels a day. At the same time, the Organization of Petroleum Exporting Countries is said to have set a meeting for July 17.
* A billion-barrel crude discovery in Mexico could be just the lure the country badly needs to boost investment from oil majors.
* Gold futures added 0.6 percent to $1,220.60 an ounce.

 

Have  a wonderful evening everyone.

 

Be magnificent!

Only the intelligence of love and compassion can solve all problems of life.
Krishnamurti

As ever,

 

Carolann

 

However impenetrable it seems, if you don’t try it, then you can never do it.
–Andrew Wiles, b. 1953

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 July 11, 1979, the abandoned United States space station Skylab made a spectacular return to Earth, burning up in the atmosphere and showering debris over the Indian Ocean and Australia.
Go to article »

PHOTOS OF THE DAY

Smoke billows from fires around Mount Vesuvius in Naples, Italy. Fires continue to rage after they broke out on July 5 around the active volcano. CESARE ABBATE/EUROPEAN PRESSPHOTO AGENCY

Fan palm leaves are laid out to dry in Jinyin village in southwest China’s Sichuan province. LAN ZITAO/XINHUA/ZUMA PRESS
Market Closes for July 11^th, 2017

Market Index	Close	Change
Dow Jones	21409.07	+0.55   —
S&P 500	2425.53	-1.90   -0.08%
NASDAQ	6193.305	+16.912   +0.27%
TSX	15149.14	+43.86
		+0.29%

International Markets

Market Index	Close	Change
NIKKEI	20195.48	+114.50
		+0.57%
HANG SENG	25877.64	+377.58
		+1.48%
SENSEX	31747.09	+31.45
		+0.10%
FTSE 100*	7329.76	-40.27
		-0.55%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.857		1.885
CND. 30 Year Bond		2.242		2.259
U.S.    10 Year Bond		2.3605		2.3730
U.S. 30 Year Bond		2.9234		2.9281

Currencies

BOC Close	Today	Previous
Canadian $	0.77388	0.77564
US $	1.29219	1.28926
Euro Rate 1 Euro=		Inverse
Canadian $	1.48158	0.67496
US $	1.14659	0.87215

Commodities

Gold	Close	Previous
London Gold Fix	1211.05	1211.90
Oil	Close	Previous
WTI Crude Future	45.04	44.40

Market Commentary:
On this day in 1985, Coca-Cola announces the return of Coke Classic after the company had tried displacing the old formula with New Coke — such a stunning development that ABC’s Peter Jennings interrupts General Hospital with the news flash.
Number of the Day:
$108 billion
The amount China plans to spend over the next 10 years to build out its chip-making industry, according to Bain & Co.
Canada
By Natalie Wong
     (Bloomberg) — Canadian stocks rose as strong gains in energy and material stocks offset a decline in health care.
     The S&P/TSX composite index gained 0.3 percent to 15,149.14. Energy stocks rose 0.5 percent as oil gained 3 percent after the Energy Information Administration cut its U.S. crude output forecasts for next year.
     Materials rose 1.2 percent as Hudson Minerals Inc. jumped 8.1 percent and First Quantum Minerals Ltd. soared 7.3 percent, becoming the top two performing stocks in the index. Strong growth in material stocks comes amid the Bank of Canada’s expected interest rate hike on Wednesday, as the sector tends to outperform following rate increases.
     In other moves:
* Suncor Energy Inc. moved up 2 percent and Cenovus Energy Inc. increased 1.8 percent, after Barclays wrote that the two companies offered best value over the next 12 months
* Health care fell 0.7 percent as 5 out of 6 companies suffered losses. Prometic Life Sciences Inc. dropped 4.3 percent becoming the worst performing stock on the index, despite reports of positive long term clinical data on Ryplazym
* Financials gained 0.1 percent as Brookfield Asset Management Inc. rose 0.5 percent and the Bank of Montreal increased 0.4 percent
* Alimentation Couche-Tard Inc. rose 1.4 percent, the most this month, after it announced deal to acquire Holiday Stationstores
US
By Jeremy Herron
     (Bloomberg) — Fresh reports on the Trump campaign’s possible involvement with Russia during last year’s election shattered calm on financial markets Tuesday, sending U.S. stocks lower in a brief spurt of late morning selling.
     The move proved short-lived, as the S&P 500 Index rebounded from a quick 0.5 percent slide to end the day little changed. Technology shares advanced, while the Bloomberg Dollar Spot Index was down slightly, Treasury yields held near 2.36 percent, gold fluctuated and oil rose.
     Assets were jolted after the president’s son Donald Trump Jr. released emails he exchanged ahead of a meeting with a Russian lawyer last year that indicated the Russian government was backing his father’s presidential campaign and trying to damage his opponent. Prior to the revelation, trading this week had been listless as the market awaits testimony from Federal Reserve Chair Janet Yellen and the start of corporate earnings season.
     “Until now, the markets have been ignoring political news,” said John Conlon, chief equity strategist at People’s United Wealth Management in Bridgeport, Connecticut, which oversees more than $7 billion. “It surprises me because we’re just beginning earnings season, and in the past that has been a big driver. All this is going to do is push some of this stuff to the background while congress focuses on Russia.”
    Here’s what investors will be watching:
* Federal Reserve Chair Yellen’s testimony before Congress will be in focus later this week as investors look for guidance on when the U.S. central bank could start reducing its balance sheet.
* The U.K. government is due to publish it’s repeal bill on membership of the European Union this week.
* The Bank of Canada announces its interest-rate decision tomorrow, with a hike expected by most analysts.
     These are the main moves in markets:
     Stocks
* The S&P 500 fell 0.1 percent to 2,425.62 as of 4 p.m. in New York. It had been little changed before the report on Trump Jr. The Dow Jones Industrial Average rose 1.1 points, while the Nasdaq 100 Index climbed 0.3 percent.
* The Stoxx Europe 600 Index lost 0.7 percent following a 0.4 percent gain Monday.
* The MSCI Emerging Market Index jumped 0.9 percent.
     Commodities
* West Texas Intermediate crude rose 1.5 percent to settle at $45.04 a barrel before U.S. government data forecast to show oil stockpiles extended declines.
* Gold gained 0.1 percent to $1,215.25 an ounce, adding to its increase on Monday.
     Bonds
* The yield on 10-year Treasuries declined one basis point to 2.36 percent.
* The yield on 10-year bunds added one basis point to 0.55 percent. Benchmark gilt yields increased a similar amount, reversing direction after a two-day recovery.
     Currencies
* The Bloomberg Dollar Spot Index fell 0.2 percent, erasing earlier gains that had the greenback strengthening against most of its G-10 peers.
* The pound added 0.3 percent to $1.2848, while the euro rose 0.6 percent to 1.1463.
     Asia
* The yen gained 0.1 percent to 113.90 per dollar, following two days of declines.
* Japan’s Topix Index climbed 0.7 percent. Hong Kong’s Hang Seng Index strengthened 1.6 percent, heading for its first back-to- back gain in three weeks. The Hang Seng China Enterprises Index soared 2.1 percent, its biggest advance since March 16.
* The Shanghai Composite Index was down 0.3 percent after a short-lived advance mid-afternoon local time. Other indexes on the mainland were also lower.

 

Have a wonderful evening everyone.

 

Be magnificent!

It is in the very heart of our activity that we search for our goal.
Rabindranath Tagore

As ever,

 

Carolann

 

A man’s action is only a picture book of his creed.
–Arthur Helps, 1813-1875

 

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