Category: Newsletters

Dear Friends,

Tangents:
On July 10, 1940, during World War II, the 114-day Battle of Britain began as Nazi forces began attacking southern England by air. By late October, Britain managed to repel the Luftwaffe, which suffered heavy losses.
Go to article »

This poem was in the New York Times yesterday.  It was selected by Terrance Hayes because he states, “I let out a breath I didn’t know I was holding after I read this poem.  It engenders than bungee-recoil reading wherein your eyes shoot right back up to the title after the last line.  ‘Too Far North.’   How far is too far?  And what does this suggest about the South?  The poem lands somewhere between elegy and battle song.  ‘I build hundreds of my own angels…’  Come on.  That should be every warrior’s motto.”

Too Far North
By Aaron Coleman

in the copse: the sanctuary’s fretwork breaks, burns,
abandoned, up through the ends of stars.  I name each
forest Today and Why and Year and Gone. Blamed
because I trust the wolf, the owl, the cliff, the lip of rock
above the vulture that murmurs look.  I counted.  I took.
I wove myself in with the leaves. My fortune did not
surprise me.  Thought, then forgetfulness – what if

I believe fear is its own low country? I follow
an hour behind an hour and the tower inside
an elegy.  I am anybody helpless, listless, near
as whisper, as prayer.  There is stillness inside every
valley and door. I build hundreds of my own angels
and dare the cold to mold me daily into a bridge
between what I have forgotten and what I owe.
PHOTOS OF THE DAY

A common kingfisher sits on a branch of a tree after catching an insect in Allahabad, India. The common kingfisher is a highly territorial bird that has to eat nearly sixty percent of its bodyweight every day.
CREDIT: RAJESH KUMAR SINGH/AP

An almost full moon rises over the Temple of Poseidon, the ancient Greek god of the seas, in Cape Sounion, east of Athens, Greece.
CREDIT: COSTAS BALTAS/REUTERS
Market Closes for July 10^th, 2017

Market Index	Close	Change
Dow Jones	21408.52	-5.82   -0.03%
S&P 500	2427.43	+2.25   +0.09%
NASDAQ	6176.395	+23.316   +0.38%
TSX	15105.28	+78.12
		+0.52%

International Markets

Market Index	Close	Change
NIKKEI	20080.98	+151.89
		+0.76%
HANG SENG	25500.06	+159.21
		+0.63%
SENSEX	31715.64	+355.01
		+1.13%
FTSE 100*	7370.03	+19.11
		+0.26%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.885		1.883
CND. 30 Year Bond		2.259		2.260
U.S.    10 Year Bond		2.3730		2.3838
U.S. 30 Year Bond		2.9281		2.9273

Currencies

BOC Close	Today	Previous
Canadian $	0.77564	0.77638
US $	1.28926	1.28796
Euro Rate 1 Euro=		Inverse
Canadian $	1.46969	0.68041
US $	1.13995	0.87723

Commodities

Gold	Close	Previous
London Gold Fix	1211.90	1215.65
Oil	Close	Previous
WTI Crude Future	44.40	44.23

Market Commentary:
Number of the Day
0
The number of newly purchased Tesla models that were registered in Hong Kong in April after authorities slashed a tax break for electric vehicles.
Canada
By Natalie Wong
     (Bloomberg) — Canadian stocks rose the most this month as materials and healthcare gains offset a decline in real estate.
     The S&P/TSX composite index gained 0.5 percent to 15,105.28. Material stocks rose 2.8 percent, the most in a month, amid an imminent Bank of Canada rate increase. Potash, copper and gold stocks have recently tended to outperform other sectors of the Canadian market in a rising rate environment. Potash Corp. of Saskatchewan Inc. rose as much as 6.9 percent, the most in 11 months, and Agrium Inc. rose 5.4 percent after both were upgraded to sector outperform at Scotiabank.
     Energy gained 0.4 percent after a five-day slump as Canadian Natural Resources Ltd. rose 1.7 percent and Encana Corp went up 4.4 percent, the most in a month. Oil increased 0.4 percent and closed above $44 a barrel as investors weighed the likelihood and potential effectiveness of Libya and Nigeria capping production.
     Real Estate trusts fell 0.2 percent, as 15 of 21 companies suffered losses, with Brookfield Property Partners slipping 0.8 percent and RioCan Real Estate Investment Trust falling 0.6 percent.
     In other moves:
* Health care rose 1.4 percent as Valeant Pharmaceuticals International Inc. added 3 percent
* Klondex Mines Ltd. rose 8 percent and Ivanhoe Mines Ltd. jumped 6.5 percent, the top two performing stocks in Canada
* Ritchie Bros. Auctioneers Inc. fell 7.2 percent, the most since April, after being downgraded to neutral at CIBC
* Home Capital Group Inc. dropped 5.1 percent, extending a four- day loss, after being cut to hold at Laurentian Bank Securities.
US
By Natasha Doff
     (Bloomberg) — Technology shares drove gains in U.S. equities, while natural gas and crude lifted commodities. The dollar strengthened with Treasuries as investors prepare to parse second-quarter earnings for more evidence global economic growth is back on track.
     The S&P 500 Index rose for a second day as tech shares rebounded from last week’s selloff. Trading was light, with the volume 15 percent below the 30-day average at this time of day. European equities advanced following a similar climb across much of Asia. The dollar edged higher against most major currencies and bonds recovered after a drop last week. Natural gas futures jumped and crude rose above $44.50 a barrel.
     With global stocks close to all-time highs, investors are shrugging off political uncertainty and placing their faith in a continued earnings expansion on broadening global growth. Germany’s trade surplus was higher than estimated as May exports beat forecasts, while U.S. employers added the most jobs in four months in June. PepsiCo Inc., JPMorgan Chase & Co., Citigroup Inc. and Wells Fargo & Co. are set to report results this week.
     “Solid employment growth without inflation is the ‘not too hot, not too warm’ mix that keeps the Fed normalizing policy ever so slowly, equity indices marching ever higher and the economic cycle able to trundle on with no recession in sight,” Kit Juckes, a strategist at Societe Generale SA, wrote in a note to clients.
     The G-20 summit made little headway on dominant foreign policy issues such as North Korea’s escalation of tensions. Meetings between U.S. President Donald Trump and the leaders of South Korea, Japan and China ended without a clear consensus about how to curb North Korea’s nuclear ambitions.
     Here’s what investors will be watching:
* Federal Reserve Chair Janet 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.
* European Central Bank President Mario Draghi, Executive Board member Benoit Coeure and Single Supervisory Mechanism Chair Daniele Nouy will participate in a Eurogroup meeting in Brussels.
    
     These are the main moves in markets:
     Stocks
* The S&P 500 rose 0.1 percent to 2,427.54 at 4 p.m. in New York, while the Nasdaq 100 Index added 0.7 percent.
* Materials producers in the S&P 500 rose 0.6 percent as metals advanced.
* Small caps in the Russell 2000 Index dropped 0.5 percent.
* The Stoxx Europe 600 Index advanced 0.4 percent.
* The MSCI Emerging Market Index added 0.7 percent.
     
     Currencies
* The Bloomberg Dollar Spot Index was flat.
* The pound retreated 0.1 percent to $1.2880 and the euro dropped by a similar amount to $1.1385.
     Bonds
* The yield on 10-year Treasuries dropped one basis point to 2.37 percent after rising 23 basis points in the past two weeks. 
* In Europe, peripheral nations led a rally with benchmark bonds yields in Italy and Spain shedding six basis points. The yield on 10-year bunds fell three basis points to 0.54 percent.
     Commodities
* WTI crude added 0.4 percent to settle at $44.40 a barrel following its 2.8 percent slide Friday.
* Gold futures climbed 0.3 percent to $1,213.90 an ounce after touching its lowest level since March. Silver futures jumped 1.4 percent.
Have a wonderful evening everyone.

 

Be magnificent!

The true source of rights is duty.
If we discharge our duties, rights will not be far to seek.
Mahatma Gandhi

As ever,

 

Carolann

 

If you could get up the courage to begin, you have the courage to succeed.
                                                             -David Viscott, 1938-1996

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 7, 1981, President Reagan announced he was nominating Arizona Judge Sandra Day O’Connor to become the first female justice on the United States Supreme Court.

Go to article » 

Fiesta de San Fermin: Running of the bulls, Pamplona, Spain.
Ringo Starr, birthday; born 1940.
Marc Chagall, born 1887.
Robert A. Heinlein, born 1907.
PHOTOS OF THE DAY

A boy collects flowers in a lake at the boundary of a wildlife sanctuary in Udawalawe National Park in Sri Lanka. LAKRUWAN WANNIARACHCHI/AGENCE FRANCE-PRESSE/GETTY IMAGES

Demonstrators are hit by water cannons as they protest Friday in Hamburg, where leaders of the world’s top economies are gathered for the G-20 summit. DAVID YOUNG/DPA/AGENCE FRANCE-PRESSE/GETTY IMAGES
Market Closes for July 7^th, 2017 

Market Index	Close	Change
Dow Jones	21414.34	+94.30     +0.44%
S&P 500	2425.18	+15.43   +0.64%
NASDAQ	6153.078	+63.614   +1.04%
TSX	15027.16	-50.84
		-0.34%

International Markets

Market Index	Close	Change
NIKKEI	19929.09	-64.97
		-0.32%
HANG SENG	25340.85	-124.37
		-0.49%
SENSEX	31360.63	-8.71
		-0.03%
FTSE 100*	7350.92	+13.64
		+0.19%

Bonds

Currencies

BOC Close	Today	Previous
Canadian $	0.77638	0.77054
US $	1.28796	1.29779
Euro Rate 1 Euro=		Inverse
Canadian $	1.46881	0.68082
US $	1.14042	0.87687

Commodities

Gold	Close	Previous
London Gold Fix	1215.65	1224.90
Oil	Close	Previous
WTI Crude Future	44.23	45.52

Market Commentary:
Number of the Day
$57 Billion
The amount Wall Street has injected into U.S. shale companies over the last 18 months in the form of high-yield debt and stock sales.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks slid to the lowest level since November, despite stronger than expected jobs numbers in both Canada and the United States, as a slump in gold miners and energy producers outweighed gains in technology companies.
     The S&P/TSX Composite Index fell 51 points or 0.3 percent to 15,027.16 Friday and lost 1 percent for the week. Materials stocks tumbled 1.7 percent as gold prices lost 0.9 percent.
Tahoe Resources Inc. fell 7.9 percent and New Gold Inc. lost 5.9 percent.
     The energy index fell 0.9 percent. Crude prices tumbled 2.8 percent and declined for the week as expanded U.S. drilling activity and added production offset a bigger-than-expected drop in inventories. Technology stocks added 1 percent.
     In other moves:
* Jamieson Wellness Inc. gained 9.8 percent in its trading debut. The vitamin company plans to use its IPO proceeds for acquisitions
* Paramount Resources Ltd. fell 6.9 percent after Apache Corp.
said it will sell $354 million of shale assets to the Calgary- based firm
* GreenSpace Brands Inc. gained 8.4 percent. The company’s recent success could make it a takeover target.
US
By Jeremy Herron and Lu Wang
     (Bloomberg) — U.S. stocks rebounded from the biggest selloff since May, while Treasuries fell after unexpectedly strong hiring data bolstered confidence in the American economy, underscoring the Federal Reserve’s case for raising interest rates. Crude fell below $45 a barrel.
     Broad-based payroll gains that topped estimates boosted sentiment among equity investors a day after stocks suffered the biggest drop in six weeks. Gains were strongest among tech shares that have been whipsawed between gains and losses in recent days. The Bloomberg Dollar Spot Index was flat as tepid wage growth stoked concern that inflationary pressure remains weak. The 10-year Treasury yield climbed to 2.39 percent. Gold futures fell.
     The hiring report supported the Federal Reserve’s stance that recent signs of labor market sluggishness are transitory, though the tepid wage gains gave fuel to arguments that weakness remains. While stocks advanced on the perceived economic strength, the dollar and Treasury markets focused on the implications for the Fed’s next rate hike. Janus Henderson’s Bill Gross told Bloomberg Radio that he expects the central bank to go through with a third increase this year, likely in December.
     “What this should do is to keep the Fed for another rate hike,” Quincy Krosby, a market strategist at Prudential Financial Inc., said by phone. “The market has absorbed the fact finally that Janet Yellen is seemingly intent on moving toward a neutral rate. If this were a weak number, the market could be down because again the notion would be that she’s raising rates in an environment in which the economy is pulling back.”
     Bond yields have climbed around the world after a sell-off in debt this week stoked by a number of central banks stepping up talk of tighter policy conditions. The yen slumped to an eight-week low after the Bank of Japan stepped in to curb the rise in rates. Bearish comments from investors Jeffrey Gundlach and Ray Dalio added to the impression of a sea change for bonds, with German 10-year yields climbing to an 18-month high as Treasuries also slipped.
     Here are the main moves in markets:
     Stocks
* The S&P 500 rose 0.6 percent to 2,425.05 at 4 p.m. in New York, bouncing back from a 0.9 percent slide. The index advanced
0.1 percent in the holiday-shortened week.
* The Nasdaq 100 Index jumped 1.1 percent. It’s swung between gains and losses off at least 0.8 percent in each of the four days in the period, ending higher by 0.2 percent.
* The Stoxx Europe 600 index dropped 0.1 percent, paring a loss after the U.S. hiring data. The gauge rose 0.2 percent in the five days to halt a four-week slide.
* Emerging-market shares fell 0.3 percent.
     Bonds
* The yield on 10-year Treasuries added two basis points to 2.398 percent. It’s advanced eight basis points in the week.
* German 10-year yields rose one basis point to 0.57 percent after rising 9 basis points on Thursday. French benchmark yields were one basis point higher.
* Yields in the Bloomberg USD Emerging Market Sovereign Bond Index advanced 18 basis points to 4.81 percent this week, the most since the week ending Nov. 18.
     Currencies
* The Bloomberg Dollar Spot Index rose less than 0.1 percent, capping a weekly advance of 0.4 percent.
* The yen dropped 0.6 percent to 113.934 per dollar, reversing an earlier gain of 0.1 percent. The currency is down more than 1 percent for the week, heading for the biggest drop since the end of April.
* The euro fell 0.2 percent to $1.1404 after jumping 0.6 percent in the previous session, while the pound weakened 0.6 percent to $1.2889.
     Commodities
* West Texas Intermediate fell 2.8 percent to settle at $44.23 a barrel, more than erasing Thursday’s 0.9 percent gain. Oil lost
4 percent for the week as a decline in U.S. stockpiles failed to convince investors that global markets are rebalancing.
* Gold futures lost 1.1 percent to settle at $1,209.70 an ounce.
The precious metal fell 2.6 percent in the week for a fifth straight slide, the longest since December.
     Asia
* The MSCI Asia Pacific Index declined 0.6 percent, for its biggest weekly loss since early March. Japan’s Topix index slipped 0.5 percent, its first weekly loss in a month.
Australia’s S&P/ASX 200 Index lost 1 percent. South Korea’s Kospi dropped 0.3 percent.
* Hong Kong’s Hang Seng fell 0.3 percent and the Hang Seng China Enterprises Index lost 0.5 percent.
* Australian 10-year yields rose 9 basis points to 2.73 percent, advancing for the eighth time in 10 sessions.
* Japan 10-year yields fell less than one basis point, to 0.088 percent The central bank offered to buy debt with maturities of more than five years to 10 years, after yields on its benchmark 10-year securities more than doubled in the past week. 

Have a wonderful weekend everyone.

 

Be magnificent!

The word duty indicates compulsion.
The word responsibility indicates freedom.
Duties lead one to demand rightfully.
Responsibilities lead one to command respectfully.
Sense of duty is out of attachment.
Sense of responsibility is out of love.
Duties can be thrust upon others.
Responsibilities are taken up by oneself.
There can be unwillingness in performing one’s duty.
Responsibility is always taken up willingly.
Maa Purnananda

As ever,

Carolann

 

To be nameless in worthy deeds exceeds an infamous history.
                                        -Sir Thomas Browne, 1605-1682

 

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 1933, Major League Baseball holds its first All-Star Game. The American League defeats the National League 4-2.

July 6, 1819, John Keats wrote to Fanny  Keats, from Shanklin on the Isle of Wight:

Our window looks over house tops and cliffs onto the sea, so that when the ships sail past the cottage chimneys you may take them for weather-cocks.  We have hill and dale, forest and mead, and plenty of lobsters.  I was on the Portsmouth coach the Sunday before last in that heavy shower – and I may say I went to Portsmouth by water.  I got a little cold and as it always flies to my throat I am a little out of sorts that way.  There were on the coach with me some common French people, but very well-behaved.  There was a woman amongst them to whom the poor men in ragged coats were more gallant than ever I saw gentleman to lady at a ball.  When we got down to walk uphill, one of them picked a rose, and on remounting gave it to the woman with, “Ma’mselle – voilá une belle rose!” –from The Book of Days.
PHOTOS OF THE DAY
Sailboats race on Lake Balaton in Hungary as part of a Grand Prix around the lake. ARON SZANTO/EUROPEAN PRESSPHOTO AGENCY

Clad in the ‘maillot jaune,’ the yellow jersey signifying the overall leader of the Tour de France cycling race, Great Britain’s Geraint Thomas, second from front right, rode in a pack along a lake between Vittel and La Planche des Belles Filles in France during the race’s fifth stage Wednesday. Mr. Thomas’s teammate, Christopher Froome, is in the top position after Thursday’s sixth stage. PHILIPPE LOPEZ/AGENCE FRANCE-PRESSE/GETTY IMAGES

A reveler leaps from a fountain in Pamplona, Spain, during the opening of the annual San Fermin Running of the Bulls festival. PABLO BLAZQUEZ DOMINGUEZ/GETTY IMAGES
Market Closes for July 6^th, 2017

Market Index	Close	Change
Dow Jones	21320.04	-158.13   -0.74%
S&P 500	2410.34	-22.20   -0.91%
NASDAQ	6089.465	-61.391   -1.00%
TSX	15065.42	-87.70
		-0.58%

International Markets

Market Index	Close	Change
NIKKEI	19994.06	-87.57
		-0.44%
HANG SENG	25465.22	-56.75
		-0.22%
SENSEX	31369.34	+123.78
		+0.40%
FTSE 100*	7337.28	-30.32
		-0.41%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.832		1.792
CND. 30 Year Bond		2.211		2.154
U.S.    10 Year Bond		2.3659		2.3232
U.S. 30 Year Bond		2.9016		2.8469

Currencies

BOC Close	Today	Previous
Canadian $	0.77054	0.77172
US $	1.29779	1.29581
Euro Rate 1 Euro=		Inverse
Canadian $	1.48263	0.67448
US $	1.14243	0.87533

Commodities

Gold	Close	Previous
London Gold Fix	1224.90	1220.30
Oil	Close	Previous
WTI Crude Future	45.52	45.13

Market Commentary:
Number of the Day
160
More than 160 private companies are valued at $1 billion or more, including ride-hailing company Uber Technologies Inc. and Airbnb Inc.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks closed at their lowest since December amid a global selloff prompted by increasing hawkishness from central banks and weaker-than-expected U.S. employment data.
     The S&P/TSX Composite Index lost 75 points or 0.5 percent to 15,077.88 as every sector fell. Consumer staples stocks tumbled 1.6 percent, led by a 3.6 percent decline in Alimentation Couche-Tard Inc., while materials shares lost 1.4 percent. Tahoe Resources Inc. plunged 33 percent after Guatemala suspended the operating license for its Escobal mine.
     Industrial stocks fell 0.3 percent despite an 11 percent jump in shares of Air Canada to their highest in a decade. The airline said second-quarter earnings will “significantly exceed” the consensus analyst estimate.
     In other moves:
* CCL Industries Inc. fell 6.3 percent after Keybanc downgraded it to sector weight from overweight
* Gluskin Sheff + Associates Inc. jumped 13 percent after receiving an arbitration ruling in a dispute with its co- founders
* WestJet Airlines Ltd. rose 3.1 percent to the highest in 10 months, buoyed by Air Canada’s improved forecast.
US
By Jeremy Herron
     (Bloomberg) — The hawkish tone from developed-nation central banks continued to roil financial markets, with U.S. stocks falling the most in seven weeks, Treasury yields rising to levels last seen in May and crude settling below $46 a barrel.
     The 10-year yield climbed to 2.37 percent, with DoubleLine Capital’s Chief Executive Officer Jeffrey Gundlach saying the selling has only just begun. The S&P 500 Index closed below its 50-day moving average for the first time in seven weeks, with yield-sensitive shares leading losses. The dollar weakened following a private report that showed the pace of U.S. hiring moderated before Friday’s government payrolls data. The yield on benchmark German bunds hit the highest since January 2016.
     Central banks from Asia to Europe and the U.S. have struck a more hawkish tone in the past few weeks as they seek to remove nearly a decade of accommodation. The rise in yields has started to weigh on equity markets just as data show growth in the American economy may be moderating. European Central Bank officials considered when they met last month removing a pledge to increase bond-buying, while ADP Research Institute data showed companies adding fewer workers to U.S. payrolls in June than the prior month.    
     Here’s what’s coming up:
* The G-20 summit in Hamburg starts Friday. U.S. President Donald Trump is expected to hold his first meeting with Russia’s Vladimir Putin as well as meet his Chinese counterpart Xi Jinping.
* And Friday will also see the U.S. Labor Department report official jobs figures. American employers probably added around 175,000 workers in June and wage growth probably strengthened, consistent with a solid labor market, economists project.
     These are the main moves in markets:
     Stocks
* The S&P 500 declined 0. percent to 2,409.75 as of 4 p.m. in New York, slumping below the average price for the past 50 days of 2,413.54.
* Phone stocks sank 2.3 percent in the steepest drop since January, while real estate shares lost 1.9 percent. Both have high dividend yields and lose favor when Treasury rates rise.
* The Nasdaq 100 Index lost 0.9 percent, pushing its loss since June 8 to 4.9 percent.
* The Stoxx Europe 600 Index fell 0.7 percent.
* Emerging-market shares slipped 0.4 percent. 
     Currencies
* The Bloomberg Dollar Spot Index weakened 0.3 percent.
* The euro advanced 0.6 percent to $1.1424 and the British pound strengthened 0.3 percent to $1.2967.
     Bonds
* The yield on 10-year Treasuries rose four basis points to 2.37 percent, after falling three basis points Wednesday. The rate is higher by 23 basis points since June 26.
* Thirty-year yields surged as much as seven basis points Thursday to 2.92 percent, breaching both 50- and 200-day moving averages.
* German 10-year yields climbed to their highest level in 18 months in a sign that a hawkish shift by central bankers is penetrating the market
* The bund rate gained nine basis point to 0.56 percent. French 10-year yields climbed 10 basis points and those on gilts added six.
     Commodities
* West Texas Intermediate crude futures added 39 cents to settle at $45.52 a barrel. Rising U.S. production dampened the enthusiasm over declining crude and gasoline stockpiles.
* Crude has held below $50 a barrel for six weeks.
* Gold lost 0.2 percent to $1,224.99 an ounce, snapping two days of gains.
* Spring-wheat prices plunged the most in six years and winter grades fell in active trading as investors weighed ample U.S. inventories against declining crop conditions.

 

Have a wonderful evening everyone.

 

Be magnificent!

No matter how insignificant the thing you have to do,
do it as well as you can,
give it as much  of your care and attention as you would give to the thing
you regard as most important.
Mahatma Gandhi

 

As ever,

 

Carolann

 

Memories are the key not to the past, but to the future.
                               -Corrie Ten Boome, 1892-1983

 

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

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

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

Dear Friends,

Tangents:

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

PHOTOS OF THE DAY

Imogen Davis and “Rufus” the Harris Hawk on Centre Court, Wimbledon, UK. Credit: EDDIE MULHOLLAND FOR THE TELEGRAPH

A wide shot of models walking the runway during the Chanel Haute Couture Fall/Winter 2017-2018 show as part of Haute Couture Paris Fashion Week in Paris, France. CREDIT: VICTOR BOYKO/GETTY IMAGES
Market Closes for July 5^th, 2017

Market Index	Close	Change
Dow Jones	21478.17	-1.10     -0.01%
S&P 500	2432.54	+3.53   +0.15%
NASDAQ	6150.855	+40.795   +0.67%
TSX	15153.12	+22.51
		+0.15%

International Markets

Market Index	Close	Change
NIKKEI	20081.63	+49.28
		+0.25%
HANG SENG	25521.97	+132.96
		+0.52%
SENSEX	31245.56	+35.77
		+0.11%
FTSE 100*	7367.60	+10.37
		+0.14%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.792		1.838
CND. 30 Year Bond		2.154		2.193
U.S.    10 Year Bond		2.3232		2.3499
U.S. 30 Year Bond		2.8469		2.8669

Currencies

BOC Close	Today	Previous
Canadian $	0.77172	0.77305
US $	1.29581	1.29358
Euro Rate 1 Euro=		Inverse
Canadian $	1.47091	0.67985
US $	1.13525	0.88086

Commodities

Gold	Close	Previous
London Gold Fix	1220.30	1223.75
Oil	Close	Previous
WTI Crude Future	45.13	47.07

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks fell for a fourth day as oil prices slumped, snapping their longest winning streak of the year.     The S&P/TSX Composite Index fell 0.4 percent or 66 points to 15,064.50 at 10:10 a.m. Energy stocks led the decline, losing
1.7 percent as crude prices tumbled 3.3 percent. Russia said it will oppose deeper production cuts, arguing that they would send the wrong message to the oil market. MEG Energy Corp. lost 7.4 percent and Cenovus Energy Inc. fell 4.3 percent.
     Financial shares slipped 0.3 percent ahead of the release of the minutes from the U.S. Federal Reserve’s June meeting.
     In other moves:
* Exchange Income Corp. fell 4.6 percent after short-seller Marc Cohodes said he’s shorting the stock on concerns that it doesn’t have enough cash to pay its dividend
* Canaccord Genuity Group Inc. gained 2.6 percent. The asset manager is buying U.K.-based Hargreave Hale Ltd. for $67 million
* Enercare Inc. gained 2.5 percent. The stock was upgraded to outperform at Scotiabank
* Shopify Inc. added 2 percent as technology shares rebounded from several days in the red
* Northland Power Inc. fell 1 percent. The company was said to end its sale plans after failing to find a buyer
US
By Samuel Potter and Jeremy Herron
     (Bloomberg) — U.S. equities rose with the dollar while Treasuries pared gains as investors saw a hawkish bent to the latest Federal Reserve meeting minutes, with officials debating the timing of balance-sheet reductions.
     The S&P 500 Index rose a third day to close 0.9 percent from its June 19 all-time high, even as the minutes showed some officials concerned “increased risk tolerance” among investors could be lifting asset prices and building risks to financial stability. Chipmakers beaten down in the past three weeks led a rebound in technology shares. Treasury 10-year note yields held near 2.33 percent and the dollar advanced versus most peers. Oil tumbled toward $45 after an eight-day rally.
     The Fed minutes did little to alter market expectations for a third rate hike this year, most likely December as officials view tepid inflation rates as transitory. The central bank also signaled that September could mark the start of unwinding its $4.5 trillion balance sheet, though that is hardly a sure bet.
The comments on asset prices underscore why three officials, including Chair Janet Yellen, last week mentioned rising valuation metrics in separate speeches.
     Markets had largely ignored the rising tensions on the Korean peninsula, with an emergency United Nations Security Council meeting on Wednesday looking to formulate a response to North Korea’s latest provocation.
     Here’s what’s coming up:
* The European Central Bank on Thursday releases minutes from its last meeting. Investors will look for clues on whether the bank is closer to tightening, after officials last week walked back comments from President Mario Draghi that the market interpreted as hawkish.
* A G-20 summit kicks off in Hamburg this week. U.S. President Donald Trump is expected to hold his first meeting with Russia’s Vladimir Putin as well as meet his Chinese counterpart Xi Jinping.
* American employers probably added around 175,000 workers in June and wage growth probably strengthened, consistent with a solid labor market, economists project the U.S. Labor Department to report on Friday.
     These are the main moves in markets:
     Stocks
* The S&P 500 Index added 0.2 percent to 2,433.64 at 4 p.m. in New York.
* The Nasdaq 100 jumped 1 percent. Advanced Micro Devices climbed 8.6 percent and Micron Technology rose 4.8 percent.
* The Stoxx Europe 600 Index advanced 0.2 percent.
* Emerging-market stocks rose 0.4 percent, adding to gains after the Fed minutes.
     Currencies
* The Bloomberg Dollar Spot Index strengthened 0.1 percent.
* The British pound edged higher to $1.2928.
* The euro was little changed at $1.1341.
     Commodities
* West Texas Intermediate crude futures dropped 4.1 percent to settle at $45.13 a barrel. The loss ended the longest winning streak this year, as Russia was said to oppose any proposal to deepen OPEC-led production cuts.
* Gold futures rose 0.5 percent to $1,225 an ounce.
* Copper futures posted the biggest loss in two weeks as inventories tracked by the London Metal Exchange climbed the most since early March.
     Bonds
* The yield on 10-year Treasuries fell two basis points to 2.33 percent. The market was closed Tuesday.
* U.K. benchmark yields advanced one basis point to 1.26 percent.
* French yields were little changed, while those of Germany slipped one basis point to 0.47 percent.

Have a wonderful evening everyone. 

Be magnificent!

“It is better to know some of the questions, than all of the answers” – James Thurber

As ever, 

Karen

“Put your heart, mind, and soul into even your smallest acts. This is the secret of success” – Swami Sivananda

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 Red Arrows perform for the Wales Air show in Swansea Bay. A record-breaking crowd of 250,000 was thought to have attended the two-day event. Before the show opened, organizers warned the use of drones was “strictly prohibited”.
CREDIT: DIMITRIS LEGAKIS/ATHENA PICTURES

Male giant panda twin cubs, born to mother Zhizhi at the Chengdu Research Base of Giant Panda Breeding in China, on April 24, are doing well.
CREDIT: LOLA LEVAN/EPA
Market Closes for July 4^th, 2017

Market Index	Close	Change
Dow Jones	21479.27	Closed
S&P 500	2429.01	Closed
NASDAQ	6140.422	Closed
TSX	15130.61	-51.58
		-0.34%

International Markets

Market Index	Close	Change
NIKKEI	20032.35	-23.45
		-0.12%
HANG SENG	25389.01	-395.16
		-1.53%
SENSEX	31209.79	-11.83
		-0.04%
FTSE 100*	7357.23	-19.86
		-0.27%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.838		1.772
CND. 30 Year Bond		2.193		2.149
U.S.    10 Year Bond		2.3499		2.2984
U.S. 30 Year Bond		2.8669		2.8309

Currencies

BOC Close	Today	Previous
Canadian $	0.77305	0.76877
US $	1.29358	1.30077
Euro Rate 1 Euro=		Inverse
Canadian $	1.46790	0.68124
US $	1.13476	0.88125

Commodities

Gold	Close	Previous
London Gold Fix	1223.75	1242.25
Oil	Close	Previous
WTI Crude Future	47.07	46.04

Market Commentary:
Canada
By Natalie Wong
     (Bloomberg) — Canadian stocks fell, with losses in materials and technology shares offsetting a slight gain in financials amid low trading volume.
     The S&P/TSX Composite Index dropped 0.3 percent to 15,130.61 Tuesday, when U.S. markets were closed for Independence Day. Materials fell 1.6 percent as rising U.S. interest rates and equities tarnish silver, pushing down prices of the precious metal. Pan American Silver Corp. fell 4.2 percent and First Majestic Silver Corp. dropped 6.1 percent.
     Gold stocks declined as Tanzania approved two laws that enable the government to renegotiate contracts with mining and energy companies to boost revenue. Barrick Gold Corp. fell 3 percent and Goldcorp Inc. lost 3.1 percent.
     Tech stocks fell 1.7 percent as all companies on the index declined. Kinaxis Inc. lost 2.6 percent and Shopify Inc. dropped 2.3 percent.
     In other moves:
* Financials were little changed as the Bank of Montreal rose 0.6 percent and Canadian Imperial Bank of Commerce gained 0.7 percent, offsetting declines in Brookfield Asset Management Inc. and Manulife Financial Corp.
* NexGen Energy Ltd. rose 5.2 percent, extending Friday’s gain after Hong Kong billionaire Li Ka-shing doubled down on his investment in the Canadian uranium explorer
* Health care stocks dropped 1.3 percent as Valeant Pharmaceuticals International Inc. fell 2.7 percent and Knight Therapeutics Inc. declined 1.1 percent
US
US markets are closed today.

Have a wonderful evening everyone.

 

Be magnificent!

“It is our attitude at the beginning of a difficult task which, more than anything else, will affect It’s successful outcome.”
-William James 

As ever,

 

Karen

 

“I feel that there is nothing more truly artistic than to love people.” Vincent Van Gogh 

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 June 30, 1971, the Supreme Court, in a 6-3 decision, freed The New York Times and The Washington Post to resume immediate publication of articles based on the secret Pentagon Papers on the origins of the Vietnam War.
Go to article »

My philosophy is it’s none of my business what people say of me and think of me.  I am what I am, and I do what I do.  I expect nothing and accept everything.  And it makes life so much easier. –Anthony Hopkins.
PHOTOS OF THE DAY

Young children catch paper helicopters falling from the sky as the world’s most popular colour of Marrs Green is revealed during the exhibition “Paper City” in Hull, England.  After a major global survey by Hull based paper company, G.F. Smith, the world’s favourite colour was revealed.
CREDIT: PHOTO BY CHRISTOPHER FURLONG/GETTY

Undated handout photo issued by the National Trust of a rare male Purple Emperor butterfly, which has put in its earliest appearance in more than 120 years after warm spring temperatures, experts said.
CREDIT: MATTHEW OATES/NATIONAL TRUST IMAGES.
Market Closes for June 30^th, 2017 

Market Index	Close	Change
Dow Jones	21350.69	+63.66   +0.30%
S&P 500	2431.58	+11.88 +0.49%
NASDAQ	6140.422	-3.929   -0.06%
TSX	15183.01	-30.41
		-0.20%

International Markets

Market Index	Close	Change
NIKKEI	20033.43	-186.87
		-0.92%
HANG SENG	25764.58	-200.84
		-0.77%
SENSEX	30921.61	+64.09
		+0.21%
FTSE 100*	7312.72	-37.60
		-0.51%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.772		1.705
CND. 30 Year Bond		2.149		2.116
U.S.    10 Year Bond		2.2984		2.2648
U.S. 30 Year Bond		2.8309		2.8142

Currencies

BOC Close	Today	Previous
Canadian $	0.77114	0.76877
US $	1.29679	1.30077
Euro Rate 1 Euro=		Inverse
Canadian $	1.48119	0.67517
US $	1.14216	0.87554

Commodities

Gold	Close	Previous
London Gold Fix	1242.25	1243.50
Oil	Close	Previous
WTI Crude Future	46.04	44.93

Market Commentary:
On this day in 1952, the New York Stock Exchange’s first nationwide survey of stock ownership finds 6.5 million Americans, or 4% of the total population, own common stock.
Number of the Day

1.3%
The percentage that the KBW Nasdaq Bank Index of U.S. commercial lenders rose Thursday.
Canada
By Kristine Owra
     (Bloomberg) — In a microcosm of year-to-date trading patterns, Canadian stocks closed lower while their U.S. counterparts rose on the last trading day of the second quarter.
     The S&P/TSX Composite Index fell 31 points or 0.2 percent to 15,182.19 amid lower-than-usual volume ahead of holidays in Canada and the U.S. The benchmark lost 2.4 percent in the second quarter, making it the worst performer among developed world indexes. It is down 0.7 percent year-to-date, significantly underperforming the 8.2 percent gain on the S&P 500.
     The energy index led the decline with a 0.4 percent drop even as the price of crude jumped 2.5 percent. Financials were down 0.4 percent as bond yields steadied.
     In other moves:
* NexGen Energy Ltd. jumped 8.7 percent, its biggest gain since November, after entering into an agreement with CEF Holdings Ltd. for a financing package worth $110 million
* Cameco Corp. fell 3.8 percent. The company was cut to underperform at BofAML on a continued uranium supply glut
* Aeterna Zentaris Inc. gained 2.3 percent after resubmitting its FDA application seeking approval of its Macrilen drug.
US
By Oliver Renick
     (Bloomberg) — U.S. stocks climbed for the 3rd time this week as industrials led advances in every industry group in the S&P 500. European markets were little changed after their worst 3-day selloff in almost eight months, as a rebound in the recently hammered technology stocks countered bank losses.
     U.S. Market
* S&P 500 up 0.2% to 2,423
* Dow Industrials up 0.3% to 21,350
* Nasdaq Composite down 0.1%
* Consumer discretionary shares jump 0.6%
* Industrial, materials shares up at least 0.5%
* Financial stocks reverse earlier gains, down less than 0.1%
* Real estate and health-care stocks little changed
* Energy up 0.4% as oil jumped 2.9%
** Oil rose for a 7th day, its longest advance this year, as signs of slipping U.S. supply eased pressure on OPEC-led curbs
* The S&P 500 surged 8.2% in the 1H of the year; technology stocks, the best performers in the period, have recently been giving up gains
* Banks rallied this week as they boosted shareholder payouts after clearing annual stress tests, and benefited from speculation of higher interest rates following central banker comments
* POLITICS:
** The Trump administration is preparing to make a decision on steel tariffs, though it’s likely to miss a self-imposed deadline to conclude its investigation today, according to a White House official
** Trump on Friday said that if Republican senators can’t strike a deal on their health bill, they should immediately repeal Obamacare and then replace it later
* ECONOMY:
** U.S. June MNI Chicago Report rises to 65.7 vs est. 58; forecast range 55-60.9 from 38 economists surveyed
** After-tax disposable income adjusted for inflation climbed 0.6 percent in May, the most since April 2015, Commerce Department data showed Friday
* EARNINGS: none 

 

Have a wonderful weekend everyone.

 

Be magnificent!

In the search for the Truth, for dharma, the real effort does not preclude action
(does not consist in neglecting action), but by trying to accord oneself more and more exactly
with the exterior harmony.  The currency of this effort is in becoming:
whatever work you take on, dedicate it to Brahman.

 Rabindranath Tagore.

As ever,

 

 

Carolann

 

 

Every noble work is at first impossible.
          -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:
On June 29, 1995, the shuttle Atlantis and the Russian space station Mir docked, forming the largest man-made satellite ever to orbit the Earth.
Go to article »
700 MILLION: Time (in years) that the Gale Crater on Mars had the right conditions to support life, according to new findings from NASA’s Curiosity rover. 

Robert Burke and William John Wills accomplished the first crossing of Australia from south to north, reaching the Gulf of Carpentaria in February, 1861.  Both died of starvation at Cooper’s Creek on the return journey; John King, another member of the expedition, survived.  Will’s last entry in his Journal, dated June 29^th, 1861: 

Clear, cold night, slight breeze from the east, day beautifully warm and pleasant.  Mr. Burke suffers greatly from the cold and is getting extremely weak; he and King start tomorrow up the creek to look for the blacks [aborigines]; it is the only chance we have of being saved from starvation.  I am weaker than ever, although I have a good appetite and relish the nardoo [a seed cake] much; but it seems to give us no nutriment, and the birds here are so shy as to not to be got at.  Even if we got a good supply of fish, I doubt whether we could do much work on them and the nardoo alone.  Nothing now but the greatest good luck can save any of us; and as for myself I may live four or five days if the weather continues warm.  My pulse is at forty-eight, and very weak, and my legs and arms are nearly skin and bone.  I can only look out, like Mr. Micawber, “for something to turn up”;  starvation on nardoo is by no means very unpleasant, but for the weakness one feels, and the utter inability to move one’s self; for as far as appetite is concerned, it gives the greatest satisfaction.

Birthday: June 29, 1861, William James Mayo, cofounder of the Mayo Clinic.
Whenever you find yourself on the side of the majority, it is time to pause and reflect. –Mark Twain.
PHOTOS OF THE DAY

Indian Prime Minister Narendra Modi spins cotton during a visit to the Gandhi Ashram in Ahmedabad, India. AMIT DAVE/REUTERS

A police officer looks at a hole in the road that swallowed a car in St. Louis. CHRISTIAN GOODEN/ST. LOUIS POST-DISPATCH/ASSOCIATED PRESS
Market Closes for June 29^th, 2017 

Market Index	Close	Change
Dow Jones	21287.03	-167.58    -0.78%
S&P 500	2419.70	-20.99   -0.86%
NASDAQ	6144.352	-90.063   -1.44%
TSX	15213.42	-142.16
		-0.93%

International Markets

Market Index	Close	Change
NIKKEI	20220.30	+89.89
		+0.45%
HANG SENG	25965.42	+281.92
		+1.10%
SENSEX	30857.52	+23.20
		-0.08%
FTSE 100*	7350.32	-37.48
		-0.51%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.705		1.613
CND. 30 Year Bond		2.116		2.058
U.S.    10 Year Bond		2.2648		2.2191
U.S. 30 Year Bond		2.8142		2.7728

Currencies

BOC Close	Today	Previous
Canadian $	0.76877	0.76705
US $	1.30077	1.30369
Euro Rate 1 Euro=		Inverse
Canadian $	1.48751	0.67227
US $	1.14406	0.87408

Commodities

Gold	Close	Previous
London Gold Fix	1243.50	1248.00
Oil	Close	Previous
WTI Crude Future	44.93	44.74

Market Commentary:
On this day in 2007, the Apple iPhone goes on sale.

Number of the Day 

$10
The price at which Blue Apron sold shares in its IPO, well below its initial range of between $15 and $17 apiece. 

Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks tumbled in a broad-based decline as investors weighed the implications of hawkish comments from central banks around the world.
     The S&P/TSX Composite Index lost 142 points , or 0.9 percent, to 15,213.42, its lowest close in six trading days. The benchmark fell below its 200-day moving average (15,271) on slower than usual volume ahead of holidays in Canada and the U.S.
     Materials shares slumped 1.8 percent, pressured by gold stocks, which tend to underperform when interest rates are rising. The energy index lost 0.8 percent even as crude prices gained 0.4 percent. Financial stocks slipped 0.3 percent.

     In other moves:
* Shaw Communications Inc. lost 5.1 percent, leading the telecom index lower, as investors fled dividend stocks ahead of a potential Bank of Canada rate hike on July 12
* Jean Coutu Group Inc. fell 4.2 percent. Quebec said it will seek lower generic drug prices after negotiations over a compromise plan with pharmaceutical companies fell through
* Shopify Inc. lost 3.5 percent as the tech index tumbled 1.7 percent. Renewed selling in the sector sent U.S. software and chipmaker shares to the lowest in seven weeks.
US
By Samuel Potter and Jeremy Herron
     (Bloomberg) — The shift in tone from central banks in Europe and the U.S. continued to drive financial markets, with stocks and bonds selling off and currencies from the euro to the loonie padding gains versus the dollar.
     The U.S. technology sector’s woes deepened as renewed selling in the year’s biggest winners sent software and chipmaker shares to the lowest in seven weeks. Investors rotated into banks after the Federal Reserve cleared them to repurchase stocks. The 10-year Treasury note rate topped 2.26 percent, while government debt in Europe sold off faster on hawkish sings from the European Central Bank. The euro hit the highest level in more than a year and sterling rose a seventh day.
     Volatility returned the financial markets as investors grapple with the fallout from central banks that seem intent on raising interest rates amid signs that the global economy is picking up steam, signaling the start of the end to nine years of stimulus. Tech remained a victim of investor rotation from growth to value stocks, suggesting that investors may be questioning the growth prospects in the world’s largest economy.
          Here are some key upcoming events and data releases:
* The Trump travel restrictions start from 8 p.m. New York time today, a person familiar said.
* China’s PMI might have declined in June after unexpectedly remaining unchanged in May, reflecting government offers to cut overcapacity and leverage. That reading is due Friday.
* Japan’s calendar is even heavier with economic data on Friday, with reports due on inflation, factory output, unemployment, household consumption and housing starts.
     These are the main moves in markets:
     Stocks
* The S&P 500 Index fell 0.9 percent as of 4 p.m. in New York, paring a drop that at its worst reached 1.4 percent. It’s still up 2.4 percent in the quarter.
* Goldman Sachs Group Inc. and JPMorgan Chase & Co. rose more than 0.5 percent, the only two members of the Dow Jones Industrial Average to advance.
* The Nasdaq 100 Index lost 1.7 percent, pushing its loss in June past 2 percent. The measure rose as much as 21 percent this year, before a selloff that started three weeks ago took 3 percent back.
* The Stoxx Europe 600 Index fell 1.3. Emerging-market equities were little changed.
     Currencies
* The Bloomberg Dollar Spot Index fell 0.2 percent.
* The euro increased 0.6 percent to $1.1444, for the highest level since last year’s Brexit vote.
* The pound climbed 0.6 percent to $1.3000, heading for a seventh straight day of gains, the longest winning streak since April 2015.
* The Canadian dollar rose 0.3 percent after jumping 1.2 percent on Wednesday as Bank of Canada Governor Stephen Poloz reiterated he’s considering tighter policy.
     Commodities
* WTI futures advanced 19 cents to $44.93 a barrel, capping a sixth day of advances and the longest rally since April. Prices gained as government data showed a drop in U.S. gasoline supplies that have remained stubbornly high at the start of the summer driving season.
* Gold futures fell 0.4 percent to $1,244.30 an ounce.
* Copper futures jumped 1 percent, advancing for a seventh day.
     Bonds
* The yield on 10-year Treasuries rose four basis points to 2.27 percent, after gaining two basis points on Wednesday and jumping seven basis points in the previous session.
* The yield on U.K. gilts increased 10 basis points to 1.25 percent. French 10-year yields added seven basis points, as did those of 10-year German bunds.
 

Have a wonderful evening everyone.

Be magnificent!

Civilization, in the real sense of the term, consists not in the multiplication
but in the deliberate and voluntary restriction of the wants.
This alone promotes real happiness and contentment, and increases the capacity for service.
A certain degree of physical harmony and comfort is necessary, but above that level,
it becomes a hindrance instead of a help.
Therefore the ideal of creating an unlimited number of wants and satisfying them
seems to be a delusion and a snare.  The satisfaction of one’s physical needs, even the intellectual needs
of one’s narrow self, must meet at a point a dead stop before it degenerates into physical
and intellectual voluptuousness.  A man must arrange his physical and cultural circumstances
so that they may not hinder him in his service of humanity,
on which all his energies should be concentrated.
Mahatma Gandhi

As ever,
Carolann

 

Attitude determines the altitude of life.
         -Edwin Louis Cole, 1922-2002
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 June 28, 1919, the Treaty of Versailles was signed in France, ending World War I.

Go to article »

SEEING STARS
When you’re stargazing this summer with your family, learn even more about what you’re seeing with the Skyview app, which can identify satellites, constellations, and stars.  If you’re out on a hike, don’t worry –Wifi isn’t needed.  The app is free for iOS and Android.
PHOTOS OF THE DAY

Lightening flashes over Munich, southern Germany.
CREDIT: MARCEL KUSCH/GETTY IMAGES

A worker carries a bunch of delphiniums at the Real Flower Petal Confetti Company in Wick near Pershore, Worcestershire. The delphiniums are turned into confetti and have been planted in a Union Jack pattern to celebrate the company’s 20^th year of growing.
CREDIT: JOE GIDDENS/PA
Market Closes for June 28^th, 2017

Market Index	Close	Change
Dow Jones	21454.61	+143.95    +68%
S&P 500	2440.56	+21.18   +0.88%
NASDAQ	6234.414	+87.792   +1.43%
TSX	15352.69	+71.47
		+0.47%

International Markets

Market Index	Close	Change
NIKKEI	20130.41	-94.68
		-0.47%
HANG SENG	25683.50	-156.49
		-0.61%
SENSEX	30834.32	-123.93
		-0.40%
FTSE 100*	7387.80	-46.56
		-0.63%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.613		1.566
CND. 30 Year Bond		2.058		2.029
U.S.    10 Year Bond		2.2191		2.2051
U.S. 30 Year Bond		2.7728		2.7533

Currencies

BOC Close	Today	Previous
Canadian $	0.76705	0.75839
US $	1.30369	1.31858
Euro Rate 1 Euro=		Inverse
Canadian $	1.48325	0.67419
US $	1.13773	0.87894

Commodities

Gold	Close	Previous
London Gold Fix	1248.00	1249.55
Oil	Close	Previous
WTI Crude Future	44.74	44.24

Market Commentary:
On this day in 1995, Spyglass Inc., which had licensed the Mosaic web browser from the University of Illinois, sold 2 million shares on the Nasdaq for $8.50 apiece. It was the first internet company to go public. Shares more than tripled in their debut, paving the way for the dot-com boom.

Number of the Day
0.398%
The yield on the German 10-year bund rose to 0.398% on Wednesday, up from 0.342% on Tuesday. That was its largest one-day move since 2015, and up sharply from 0.247% at Monday’s close, after investors were rattled Tuesday when ECB President Mario Draghi hinted the bank may start unwinding its crisis-era stimulus programs.

Canada
By Kristine Owram
    (Bloomberg) — Canadian stocks gained as rising bond yields and oil prices injected some life into the lackluster benchmark.
    The S&P/TSX Composite Index rose 74 points or 0.5 percent to 15,355.58, its first gain of the week. Financial shares added
0.9 percent to their highest level since April 26 as bond yields spiked.
    Energy shares added 0.4 percent as the price of oil gained
1.1 percent. U.S. government data showed a drop in gasoline supplies that have remained stubbornly high.
In other moves:
* Empire Co. Ltd. jumped 10 percent after reporting fourth- quarter earnings and sales that beat estimates and boosting its quarterly dividend
* Alaris Royalty Corp. added 9.7 percent after hitting a record intraday high. The company was upgraded to buy at GMP and announced a $20-million contribution to Accscient LLC
* Home Capital Group Inc. rose 6 percent ahead of its annual shareholder meeting, scheduled for Thursday. The company is wrapping itself in the Canadian flag in a bid to win back depositors.
US
By Jeremy Herron
    (Bloomberg) — Central banks set the tone on global financial markets Wednesday, with the latest comments from policy officials sparking a risk-on mood that sent U.S. stocks to the biggest gain in two months and roiled currencies from the pound to the loonie.
    The S&P 500 Index rebounded from the biggest selloff in six weeks, with bank shares rising to March highs Treasury 10-year note yields climbed above 2.21 percent. Technology firms snapped back to halt a selloff that dented confidence in the year’s biggest gainers. Small caps led the way with a rally that topped
1.5 percent and took the Russell 2000 Index within a point of an all-time high.
    The mood in U.S. equities reversed shortly before the open, when European Central Bank officials said markets had misinterpreted as hawkish comments Tuesday from Mario Draghi.
That sent the euro tumbling from the highest in a year versus the dollar on bets stimulus would remain robust in the region.
The shared currency reversed again and the pound soared when Bank of England’s Mark Carney, in a sign of confidence in the U.K. economy, said rates may need to rise soon. Canada’s Stephen Poloz then reiterated he’s considering tightening, sending the loonie tearing higher.
    The optimistic reading of the latest central bank proclamations — economies around the globe can withstand tighter financial conditions as growth picks up — changed the tone in financial markets less than a day after a host of events from an IMF cut to its U.S. growth forecast, a fresh blow to the Republican agenda in Washington and a global cyberattack had ushered in note of caution. A trio of Federal Reserve speakers had also suggested that some assets had gotten rich by conventional measures. Markets also got a boost Wednesday as oil’s rebound continued.          Here’s what lies ahead for investors:
* China’s PMI might have declined in June after unexpectedly remaining unchanged in May, reflecting government offers to cut overcapacity and leverage. That reading is due Friday.
* Also slated this week: Japanese inflation, factory output, unemployment, household consumption and housing starts.
    Here are the main moves in markets:
    Stocks
* The S&P 500 Index added 0.9 percent to 2,440.51 as of 4 p.m.
in New York, bouncing back from a loss of 0.8 percent. It’s on pace for a quarterly gain of 3.3 percent, the seventh straight advance.
* Financial shares surged 1.6 percent, touching the highest since March.
* The Nasdaq Composite Index jumped 1.4 percent, while small caps in the Russell 2000 Index rallied 1.5 percent, the most since June 1.
* The Stoxx Europe 600 Index closed little changed as it heads for a monthly slide of about 1 percent.
* MSCI’s emerging markets index fell 0.3 percent, paring a quarterly gain of 5.8 percent.
    Currencies
* The Bloomberg Dollar Spot Index dropped 0.4 percent to the lowest since October.
* The euro rose 0.4 percent to $1.1385, the highest level since June 2016. The shared currency surged 1.4 percent on Tuesday.
* The pound jumped 0.9 percent to $1.2933 and the loonie surged
1.3 percent to 1.30293.
    Bonds
* The yield on 10-year Treasuries added one basis point to 2.21 percent after jumping seven basis points Tuesday.
* The yield on German bunds was little changed at 0.37 percent.
    Commodities
* WTI futures advanced 1.1 percent to settle at $44.74 after climbing 4 percent in the previous four sessions. Prices gained as government data showed a drop in U.S. gasoline supplies that have remained stubbornly high at the start of the summer driving season.
* Gold rose 0.3 percent to $1,251.35 an ounce, climbing for a second day.
    Asia
* The MSCI Asia Pacific Index fell 0.3 percent as declines in technology shares overshadowed gains in banks and raw-materials companies. Samsung Electronics Co., Taiwan Semiconductor Manufacturing Co. and Tencent Holdings Ltd. led the selloff with losses of at least 1.2 percent.
* The yuan continued to rise on speculation of central bank intervention, with the offshore currency up 0.2 percent after surging 0.6 percent Tuesday.

Have a wonderful evening everyone.

Be magnificent!

Is there any motion in a straight line?  A straight line infinitely projected becomes a circle,
it returns to the starting point.  You must end where you begin, and as you begin in God,
you must go back to God.  What remains?  Detail work.  Through eternity you have to do the detail work.
Swami Vivekananda

As ever, 

Carolann

 

Unless we remember we cannot understand.
                         -E.M. Forster, 1879-1970 

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:
June 27, 1980 – ‘O Canada’ is officially proclaimed Canada’s National Anthem.

On June 27^th, 1787, Edward Gibbon wrote in his Autobiography:
Between the hours of eleven and twelve I wrote the last lines of the last page [of The Decline and Fall of the Roman Empire], in a summer-house in my garden  [in Lausanne, Switzerland].  After laying down my pen I took several turns in a berceau, or covered walk of acacias, which commands a prospect of the country, the lake, and the mountains.  The air was temperate, the sky was serene, the silver orb of the moon was reflected from the waters, and all nature was silent.  I will not dissemble the first emotions of joy on recovery of my freedom, and, perhaps, the establishment of my fame.  But my pride was soon humbled, and a sober melancholy was spread over my mind, by the idea that I had taken an everlasting leave of an old and agreeable companion, and that, whatsoever might be the future fate of my History, the life of the historian must be short and precarious. –from The Book of Days.
PHOTOS OF THE DAY

Aerial photo shows flocks of flamingos in Lake Bogoria, Kenya.
CREDIT; IMAGO/BARCROFT IMAGES LONDON.

The Milky Way over the Radar Memorial of St. Aldhelm’s Head, Dorset, UK.
CREDIT: STEVE REGAN/BPNS
Market Closes for June 27^th, 2017

Market Index	Close	Change
Dow Jones	21310.66	-98.89   -0.46%
S&P 500	2419.38	-19.69   -0.81%
NASDAQ	6146.621	-100.528   -1.61%
TSX	15281.22	-34.81
		-0.23%

International Markets

Market Index	Close	Change
NIKKEI	20225.09	+71.74
		+0.36%
HANG SENG	25839.99	-31.90
		-0.12%
SENSEX	30958.25	-179.96
		-0.58%
FTSE 100*	7434.36	-12.44
		-0.17%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.566		1.463
CND. 30 Year Bond		2.029		1.957
U.S.    10 Year Bond		2.2051		2.1370
U.S. 30 Year Bond		2.7533		2.6970

Currencies

BOC Close	Today	Previous
Canadian $	0.75839	0.75491
US $	1.31858	1.32466
Euro Rate 1 Euro=		Inverse
Canadian $	1.49607	0.66842
US $	1.13422	0.88167

Commodities

Gold	Close	Previous
London Gold Fix	1249.55	1245.25
Oil	Close	Previous
WTI Crude Future	44.24	43.38

Market Commentary:
Canada
By Natalie Wong
     (Bloomberg) — Canadian stocks fell amid declining gold prices and global cyber attacks that weighed on technology shares.
     The S&P/TSX composite index fell 0.2 percent to 15,281.22. Tech stocks tumbled 2.5 percent, the most in over five weeks, as Shopify Inc. dropped 6.2 percent after today’s cyber attacks, following a 2.8 percent decline yesterday following a SunTrust Robinson Humphrey hold recommendation.
     Material stocks sank 1.3 percent as Barrick Gold Corp. fell 1.6 percent and Goldcorp Inc. declined 2.2 percent.
     In other moves:
* Health care fell 2.6 percent as Valeant Pharmaceuticals International Inc. dropped 2.5 percent and Canopy Growth Corp. declined 5.6 percent
* Oil stocks continued a four-day rally, gaining as much as 2.4 percent, the most in five weeks, as Suncor Energy Inc. rose 1.1 percent and Enbridge Inc. moved up 0.6 percent
* Consumer staples advanced 0.7 percent as Alimentation Couche- Tard Inc. gained 5.6 percent, the most in 10 months, after its $4.4b acquisiton of CST Brands won approval from FTC antitrust officials Monday.
US
By Jeremy Herron and Dani Burger
     (Bloomberg) — U.S. equities fell the most in six weeks and a measure of market volatility spiked higher as investors grew uneasy amid a global cyberattack and a fresh setback to the Republican agenda in Washington. Treasuries plunged as Janet Yellen signaled the economy is robust enough to withstand higher interest rates.
     The Nasdaq 100 Index fell more than 1.7 percent to its lowest level since May 19, as investors continue to punish some of the year’s highest flyers. Selling accelerated as the Federal Reserve chair said financial assets had become “somewhat rich.” Financial shares advanced, but not enough to save the S&P 500 Index from its worst drop in six weeks. Treasury 10-year yields rose to the highest in two weeks as Yellen indicated the Fed remains on track to tighten even as data comes in spoke on the economy. Oil climbed above $44 a barrel.
     Senate Republicans delayed a vote on health-care reform in a fresh hit to the Trump administration’s policy agenda, fueling speculation tax cuts and regulatory rollbacks may also be delayed. The International Monetary Fund earlier cut its growth forecast for the U.S. in part because of policy uncertainty, while the latest cyberattack to disrupt global business added to the cautious mood.
     “Market participants may view health care legislation as stalling a move on taxes that could include a repatriation tax holiday,” said Jeffrey Kleintop, Charles Schwab Corp.’s chief global strategist.
     Yellen gave no indication her plans for continued monetary policy tightening had shifted while acknowledging asset prices continued to appreciate. Some investors worry the Fed is taking too rosy a view as it sets the path for increasing borrowing costs, especially after weakness in data Monday added to concerns about the strength of growth. 
     “Yellen is expressing confidence that banking is stronger, economic growth is relatively firm and there’s not going to be a crisis in our lifetime,” said Dennis Debusschere, Evercore ISI’s head of portfolio strategy and quant. “It’s sending a signal that they can continue on rising rates, despite the weaker inflation we’ve seen. That’s where the concern is in the market.”
     Here are some important upcoming events:
* The inaugural session of the new French parliament will start today.
* The Federal Reserve is set to announce the results of the second part of its annual U.S. bank stress test on Wednesday.
* China’s PMI might have declined in June after unexpectedly remaining unchanged in May, reflecting government offers to cut overcapacity and leverage. That reading is due Friday.
* Also due this week: Japanese inflation, factory output, unemployment, household consumption and housing starts; rate decisions in Colombia, the Czech Republic and Armenia.
     These are the main moves in markets:
     Stocks
* The S&P 500 lost 0.8 percent to 2,419.38 at 4 p.m. in New York. That’s the lowest since May 31.
* The Nasdaq 100 lost 1.8 percent, the most since a 2.4 percent rout on June 9. The index is at its lowest level since May 19. Alphabet Inc. dropped 1.9 percent after being hit with a record EU fine.
* The Stoxx Europe 600 Index dropped 0.8 percent, as declines in travel and leisure shares overshadowed the rally in miners.
     Currencies
* The euro surged 1.4 percent to $1.1336.
* The Bloomberg Dollar Spot Index fell 0.5 percent after gaining 0.1 percent in the previous session.
* The British pound added 0.6 percent to $1.2799. 
     Commodities
* West Texas Intermediate crude rose 2 percent to $44.25 a barrel, adding to a three-day rally following oil’s drop into a bear market.
* Gold futures increased 0.3 percent to $1,250.40 an ounce. The precious metal sank almost 1 percent on Monday.
     Bonds
* The yield on 10-year Treasuries rose six basis points to 2.20 percent, after dropping less than one basis point on Monday.
* European government bonds dropped across the board, with the yield on benchmark French bonds climbing 14 basis points and that of Germany gaining 13 basis points.
     Asia
* The Chinese yuan jumped both onshore and overseas amid speculation of central bank intervention.
* Hong Kong’s Hang Seng index fell 0.1 percent and the Shanghai Composite Index advanced 0.2 percent. A string of small-cap Hong Kong stocks suddenly plunged during the day, with traders pointing to links between some of the companies and a brokerage that’s under regulatory investigation.
* Japan’s Topix climbed 0.4 percent to the highest closing level since August 2015.

 

Have a wonderful evening everyone.

 

Be magnificent!

Sensibility is the capacity to feel,
recognize, and distinguish the most tiny and subtle changes.
Swami Prajnanpad

As ever,

 

Carolann

 

The best time to make friends is before you need them.
                                -Ethel Barrymonre, 1879-1959

 

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:

June 26, 1925 – Edward S. Rogers Sr. invents AC tube which allows world’s first plug-in batteryless radios.

James Agate wrote on June, 26^th, 1932, Ego:

Dined at Pec’s [in Brighton], on balcony about nine o’clock.  Anchovies. Cold lamb, an excellent Beaune and a good cigar.  L’heure bleue, and all that sort of thing.  Felt at once cheerful and sentimental – a rare combination…About ten o’clock the electric sign over our heads began to function, turning our lamb into pink, newly butchered slabs.  Is there anything more romantic than a pier lit up, or more desolating than one whose lights suddenly go out? –from The Book of Days.

PHOTOS OF THE DAY

Smoke billows from a charred forest after a wildfire in Mazagon, near the Donana National Park in Spain. CRISTINA QUICLER/AGENCE FRANCE-PRESSE/GETTY IMAGES


The City of São Paulo, Brazil, announced a partnership with the Italian embassy and Italian firms to revitalize three plazas in the city. CRIS FAGA/ZUMA PRESS
Market Closes for June 26^th, 2017

Market Index	Close	Change
Dow Jones	21409.55	+14.79   +0.07%
S&P 500	2439.07	+0.77   +0.03%
NASDAQ	6247.148	-18.101   -0.29%
TSX	15316.02	-3.54
		-0.02%

International Markets

Market Index	Close	Change
NIKKEI	20153.35	+20.68
		+0.10%
HANG SENG	25871.89	+201.84
		+0.79%
SENSEX	31138.21	-152.53
		-0.49%
FTSE 100*	7446.80	+22.67
		+0.31%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.463		1.479
CND. 30 Year Bond		1.957		1.977
U.S.    10 Year Bond		2.1370		2.1423
U.S. 30 Year Bond		2.6970		2.7147

Currencies

BOC Close	Today	Previous
Canadian $	0.75491	0.75378
US $	1.32466	1.32665
Euro Rate 1 Euro=		Inverse
Canadian $	1.48145	0.67501
US $	1.11836	0.89417

Commodities

Gold	Close	Previous
London Gold Fix	1245.25	1255.70
Oil	Close	Previous
WTI Crude Future	43.38	42.81

Market Commentary:
On this day in 1950, the Dow Jones Industrial Average falls 4.7% to 213.91, a day after North Korea invades the South.

Number of the Day :
$3.5 billion
The amount billionaire activist investor Daniel Loeb’s Third Point has taken in Nestlé, its largest-ever initial bet on a public company.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks were little changed as falling gold prices weighed on miners, offsetting gains in the health-care and consumer sectors.
     The S&P/TSX Composite Index fell 4 points or less than 0.1 percent to 15,316.02. Materials stocks lost 0.6 percent as gold prices fell following what appeared to be a fat-finger trade. Oceanagold Corp. lost 3.3 percent and Guyana Goldfields Inc. fell 2.8 percent.
     The health-care index jumped 3.9 percent, bringing its total gain since June 15 to 19 percent as the U.S. Senate works to get enough votes to replace Obamacare. Valeant Pharmaceuticals International Inc. gained 8 percent.
     In other moves:
* ShawCor Ltd. fell 5.8 percent following a downgrade to sector perform at National Bank Financial
* BlackBerry Ltd. added 5.7 percent, rebounding from Friday’s 13 percent drop. Analysts at TD see opportunities that could contribute to a strong second half
* Alimentation Couche-Tard Inc. added 3.6 percent after it won approval from the U.S. Federal Trade Commission for its acquisition of CST Brands Inc.
US
By Samuel Potter and Jeremy Herron
     (Bloomberg) — Selling in technology shares that have led markets higher in 2017 resumed Monday, as U.S. stocks failed to sustain a rally in global equities that started in Asia. Treasuries advanced after data showing a steeper drop in durable goods than forecast raised concern about the pace of U.S. economic growth.
     The Nasdaq 100 Index retreated, leaving it 1.8 percent below its June 8 high. Most stocks in the S&P 500 Index advanced, with rate-sensitive shares pushing the gauge to a slight gain even as its largest cohort declined. European shares rose on news of an Italian bank clean-up and Dan Loeb’s investment in Nestle SA. Treasuries turned higher as an unexpected drop in orders for business equipment last month signaled slowing momentum in the world’s largest economy. The dollar advanced.
     Gains in global stocks to start the week faded in the U.S., where major benchmark indexes were mixed before a jam-packed agenda for central-bank speakers in the next days. Comments are due from Janet Yellen, Mario Draghi, Mark Carney, Haruhiko Kuroda and more. The report on U.S. durables goods kicks off a string of economic data that may also drive momentum in financial markets, with key reports due on inflation, employment, manufacturing and housing from China to the U.S.
     There is “very little risk we see any central bank surprises,” Robert Rennie, Sydney-based head of global market strategy at Westpac Banking Corp., told Bloomberg TV. “It looks like it’s a positive summer for risk sentiment. That certainly favors higher equity and higher yielding currencies at least in the very short term.”
     Meanwhile, multiple markets will be disrupted this week because of public holidays, including in India, Malaysia, Indonesia, the Philippines, Singapore, Bangladesh, Saudi Arabia, Bahrain, Egypt, Kuwait, Oman, Qatar, Turkey and the United Arab Emirates.
     Central bankers aren’t the only things to watch this week:
* U.S. spending data may reveal consumers are only moderately rebounding and the inflation backslide is continuing.
* The U.S. Energy Information Administration holds its 2017 energy conference this week.
* President Donald Trump will host India’s Prime Minister Narendra Modi and South Korean President Moon Jae-in.
* The Bank of England’s Financial Policy Committee releases its stability report on Tuesday and Governor Mark Carney holds a press conference.
* The Federal Reserve is set to announce the results of the second part of its annual U.S. bank stress test on Wednesday.
* China’s PMI might have declined in June after unexpectedly remaining unchanged in May, reflecting government offers to cut overcapacity and leverage.
* Also due this week: Japanese inflation, factory output, unemployment, household consumption and housing starts; rate decisions in Colombia, the Czech Republic and Armenia.
     Here are the main moves in markets:
     Stocks
* The S&P 500 Index rose less than one point to 2,439.01 at 4 p.m. in New York. The index erased early gains before rebounding in the afternoon to post a modest advance.
* The Nasdaq 100 fell 0.4 percent after surging more than 0.7 percent in the first hour of trading.
* The Stoxx Europe 600 Index rose 0.4 percent to the highest in a week. Nestle surged 4.3 percent.
* The MSCI Emerging Market Index rose 0.8 percent to the highest since May 26.
* Italy’s FTSE MIB Index surged 0.8 percent, falling back after touching its highest level in a month.  
     Commodities
* West Texas Intermediate crude rose 0.9 percent to settle at $43.38 a barrel after five weeks of losses.
* Gold futures sank 0.9 percent to $1,246.60 an ounce.
     Currencies
* The Bloomberg Dollar Spot Index was little changed after three days of declines.
* The British pound was virtually unchanged at $1.2722.
* The euro was flat at $1.1193.
     Bonds
* The yield on 10-year Treasuries fell one basis point to 2.13 percent.
* U.K. benchmark yields fell two basis point to 1.01 percent.
* Italian yields fell two basis points to 1.89 percent.

Have a wonderful evening everyone.

 

Be magnificent!

We cross the infinite with every step, and encounter the eternal with every second.
Rabindranath Tagore

As ever,

Carolann

 

You’ve got to take the bitter with the sour.
                 -Samuel Goldwyn, 1879-1974

 

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