Category: Newsletters

Dear Friends,

Tangents:
Bob Dylan’s birthday, born May 24^th, 1941
Also, On May 24, 1883, the Brooklyn Bridge, linking Brooklyn and Manhattan, was opened to traffic.
Go to article »

PHOTOS OF THE DAY

Riders climb the Stelvio during the 16^th stage of the 100^th Giro d”Italia, Tour of Italy.
CREDIT: LUK BENIES/AFP/GETTY IMAGES

Flowers on the WS Warmenhoven Stand @ the Chelsea Flower Show organized by the Royal Horticultural Society.
CREDIT: GUY BELL/ALAMY LIVE NEWS
Market Closes for May 24^th, 2017

Market Index	Close	Change
Dow Jones	21012.42	+74.51   +0.36%
S&P 500	2404.39	+5.97   +0.25%
NASDAQ	6163.023	+24.312   +0.40%
TSX	15419.49	-57.45
		-0.37%

International Markets

Market Index	Close	Change
NIKKEI	19742.98	+129.70
		+0.66%
HANG SENG	25428.50	+25.35
		+0.10%
SENSEX	30301.64	-63.61
		-0.21%
FTSE 100*	7514.90	+29.61
		+0.40%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.478		1.510
CND. 30 Year Bond		2.109		2.140
U.S.    10 Year Bond		2.502		2.2799
U.S. 30 Year Bond		2.9229		2.9432

Currencies

BOC Close	Today	Previous
Canadian $	0.74576	0.73981
US $	1.34092	1.35170
Euro Rate 1 Euro=		Inverse
Canadian $	1.50403	0.66488
US $	1.12164	0.89155

Commodities

Gold	Close	Previous
London Gold Fix	1252.55	1260.20
Oil	Close	Previous
WTI Crude Future	51.11	51.17

Market Commentary:
Number of the Day
270 million
The number of barrels of oil that the Trump administration this week proposed selling from the Strategic Petroleum Reserve over the next decade.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks closed lower after Bank of Montreal reported an increase in bad loans at its U.S. operations, dragging down the broader financial sector.
     The S&P/TSX Composite Index fell 57 points or 0.4 percent to 15,419.49. BMO was the biggest drag on the index, losing 3.3 percent after setting aside 29 percent more for soured loans in the second quarter. All the major banks followed suit, causing financial stocks to fall 0.8 percent.
     Energy shares fell 0.6 percent even as OPEC producers prepared to discuss a nine-month extension to production cuts Thursday. Crew Energy Inc., Baytex Energy Corp. and NexGen Energy Ltd. all fell more than 4 percent.
     In other moves:
* Aimia Inc. fell 12 percent. The company has lost 76 percent of its value since Air Canada withdrew from its loyalty program and start its own rewards plan
* Delphi Energy Corp. added 4.6 percent after a C$65-million financing transaction
* Bombardier Inc. gained 3.4 percent. It reached a confidential settlement with supplier Triumph Group Inc. over payments for the wings Triumph is developing for the Global 7000 business jet.
US
By Jeremy Herron
     (Bloomberg) — U.S. stocks climbed to fresh records, while the dollar slipped with Treasury yields as minutes from the Federal Reserve’s last meeting showed officials unperturbed by recent signs of economic weakness. Crude slipped.
     The S&P 500 Index completed its rebound from the biggest selloff the year a week ago, as Fed officials signaled the economy remains on track. The Nasdaq 100 Index also closed at a record. The dollar slumped toward a November low and Treasuries rose as a “few” said inflation remained muted. Metals retreated after Moody’s Investors Service reduced its rating on China. Crude fell slightly after five days of gains.
     The Fed statement points toward a hike as soon as the meeting in mid-June, though FOMC voters added the caveat that “it would be prudent” to wait for evidence that a recent slowdown in economic activity had been transitory. Earlier Wednesday, Fed Bank of Philadelphia President Patrick Harker said June “is a distinct possibility” for the U.S. central bank’s second interest-rate increase of 2017. 
     Prior to the release of the minutes, markets were largely in a holding pattern, with U.S. equities little changed near record levels and the dollar flat. Investors quickly moved on after Moody’s action on China briefly rattled Asian markets.
     Here are the main moves in markets:
     Stocks
* The S&P 500 rose 0.2 percent to 2,404.28 at 4 p.m. in New York. The Dow Jones Industrial Average rose above 21,000 to the highest since May 8.
* The Stoxx Europe 600 Index ended with a gain on 0.1 percent.
* The MSCI Emerging Market Index added nearly 0.3 percent.
     Currencies
* The Bloomberg Dollar Spot Index fell 0.3 percent to near the lowest since November.
* The pound was down slightly at $1.2931 for a third straight day of losses. The euro was essentially unchanged at $1.1176.
     Commodities
* Nickel slumped 2.6 percent and copper fell 0.9 percent. Iron ore futures declined 6.5 percent. China is the top user of materials.
* West Texas oil dropped 11 cents to settle at $51.36 a barrel, following a five-day advance. Investors shrugged off declining U.S. stockpiles as they held their breath ahead of OPEC’s meeting on Thursday.
* Gold fell 0.3 percent to $1,251 an ounce, after dropping 0.8 percent on Tuesday.
     Bonds
* The yield on 10-year Treasury notes fell three basis points to 2.25 percent. Bond prices fell during the previous four days.
* Yields on benchmark French and German benchmark bonds were little changed.

Have a wonderful evening everyone.

 

Be magnificent!

Meditation is movement without any motive, without words, and the activity of thought.
It must be something that is not deliberately set about.
Only then is it a movement within the infinite, measureless to man, without a goal, without an end,
without a beginning.  And that has a strange action in daily life, because all life is one,
and then becomes sacred.
Krishnamurti

As ever,

 

Carolann

 

When you feel in your gut what you are and then dynamically
pursue it – don’t back down and don’t give up – then you’re
going to mystify a lot of folks. –Bob Dylan

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 away today and I will be writing the Newsletter on her behalf.

 PHOTOS OF THE DAY

  A peacock displays its feathers inside its enclosure at Tbilisi zoo.  Photograph: Zurab Kurtsikidze/EPA

Jan Hunat, Czech glassmaker installs the ‘Farewell Memorial’ at the main railway station  Photograph: Martin Divisek/EPA
Market Closes for May 23, 2017

Market Index	Close	Change
Dow Jones	20937.91	+43.08   +.21%
S&P 500	2398.42	+4.40   +0.18%
NASDAQ	6138.711	+5.093   +0.08%
TSX	15476.94	+18.48
		+0.12%

International Markets

Market Index	Close	Change
NIKKEI	19613.28	-65.00
		-0.33%
HANG SENG	25403.15	+11.81
		+0.05%
SENSEX	30365.25	-205.72
		-0.67%
FTSE 100*	7485.29	-11.05
		-0.15%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.510		1.474
CND. 30 Year Bond		2.140		2.105
U.S.    10 Year Bond		2.2799		2.2293
U.S. 30 Year Bond		2.9432		2.8927

Currencies

BOC Close	Today	Previous
Canadian $	0.73981	0.74013
US $	1.35170	1.35112
Euro Rate 1 Euro=		Inverse
Canadian $	1.51187	0.66143
US $	1.11849	0.89406

Commodities

Gold	Close	Previous
London Gold Fix	1260.20	1252.00
Oil	Close	Previous
WTI Crude Future	51.17	50.33

Market Commentary:
Canada
By Theophilos Argitis
 (Bloomberg) — Canadian inflation pressures remained subdued in April, even with a sharp increase in gasoline prices. Measures of annual core inflation fell, underlining Bank of Canada Governor Stephen Poloz’s concern that excess slack remains in the economy.
The average of the central bank’s three core inflation measures declined to 1.4 percent, Statistics Canada said Friday from Ottawa, down from a March average of 1.5 percent.
*The consumer price index rose 1.6 percent in April from a year ago, unchanged from the previous month. Economists surveyed by Bloomberg had forecast the index would rise 1.7 percent on the back of higher gasoline prices.
*Prices rose 0.4 percent on a monthly basis, lagging the0.5 percent median economist forecast.
*The Bank of Canada’s ‘common’ core rate was 1.3 percent in April, the ‘median’ core rate was 1.6 percent and the ‘trim’measure was 1.3 percent.
 Central bank policy makers have been citing weakening core inflation figures, along with slow wage growth, as evidence that slack remains in the nation’s economy. Lack of inflation pressures is one of the main reasons why the Bank of Canada, which has a mandate to target a 2 percent inflation rate, isn’t expected to match interest rate increases this year by the Federal Reserve.
 *On a seasonally adjusted basis, consumer prices rose 0.5 percent in the month of April. Excluding food and energy, seasonally adjusted prices were up 0.1 percent.
*Gasoline prices rose 9.5 percent in April, with Statistics Canada citing supply disruptions at oil refineries. Year-over- year, gasoline prices posted a 15.9 percent increase.
US
By Robert Brand and Jeremy Herron
(Bloomberg) — U.S. stocks pushed toward all-time highs, while the dollar halted a slide as investors focused on fresh data that added to signs the global economy remains on firm footing. Brazilian assets stabilized and oil hit a one-month high.
The S&P 500 Index’s fourth straight gain took it back toward 2,400, as bank shares led advances amid gains in the 10- year Treasury note. Investors moved past the terrorist attack in Manchester, with U.K. equities rising a third day and gilts holding steady. The dollar rose after three days of losses. Brazil’s real was little changed as S&P Global Ratings considers a rating change. South Africa’s rand rallied, and oil topped $51 a barrel.
 Investors took solace from data on Tuesday that confirmed the German economy is firing on all cylinders and France’s is gathering momentum, adding to evidence that the European economy is on firm footing. That’s bolstering the case for investing in the region. With President Trump overseas, renewed political turmoil in Washington did little to capture investor attention Tuesday as the White House delivered a budget that seeks steep cuts to social programs.
 Here are some key upcoming events:
* Trump’s tour will headed to Group of Seven and NATO meetings in Europe.
* Minutes from the last Federal Reserve policy meeting will be released Wednesday, offering more clues to the path of interest rates.
* OPEC will meet in Vienna on Thursday, with major oil producers edging closer to extending an agreement to curb output.
* South Korea, Canada, South Africa and Thailand set interest rates this week.
 And here are the main moves in markets:
 Stocks
* The S&P 500 climbed 0.2 percent to 2,398.42 at 4 p.m. in New York. It rose as high as 2.400.85, two points from a closing record. The gauge has advanced 1.7 percent in four days.
* The Stoxx Europe 600 Index gained 0.2 percent. The U.K.’s FTSE 100 Index added 0.2 percent.
* Brazil’s Ibovespa Index rose 1.6 percent.
 Currencies
* The Bloomberg Dollar Spot Index turned higher in afternoon trading to add 0.4 percent after falling to near the lowest level since Nov. 4.
* The yen weakened 0.5 percent to 111.819 per dollar.
* The pound traded 0.3 percent down at $1.2967 after weakening as much as 0.4 percent. The euro dropped 0.5 percent to $1.1180.
* Brazil’s real strengthened 0.1 percent to 3.26477 per dollar after falling to a five-month low last week amid corruption allegations against President Michel Temer.
Bonds
* The yield on 10-year Treasury notes rose three basis points to 2.29 percent, as bonds fell for a fourth day.
* Tuesday’s $26 billion two-year note sale drew a yield of 1.316 percent, with a bid-to-cover ratio of 2.9, the highest in a year.
* German benchmark yields rose one basis point while those the U.K. dropped one basis point.
Commodities
* West Texas Intermediate crude futures rose for a fifth day, added 34 cents to settle at $51.74 a barrel in New York, the highest since April 18. Saudi Arabia is mustering support for prolonging production curbs ahead of OPEC’s meeting this week.
* Gold futures dropped 0.8 percent to $1,251.60 an ounce.
* China, the world’s top user of refined zinc, boosted imports to the highest level in 13 months as stockpiles in warehouses monitored by the Shanghai Futures Exchange fell and domestic production shrank.

Have a wonderful weekend everyone. 

Be magnificent!

Power is of two kinds. One is obtained by the fear of punishment and the other by acts of love.
Power based on love is a thousand times more effective and permanent then the one derived from fear of punishment.
Mahatma Gandhi

As ever,

Carolann

 

The only way to deal with an unfree world is to become so absolutely free that your very existence is an act of rebellion.   -Albert Camus, b.1913

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

Dear Friends,
Tangents:
On this day in 2001, Apple opens its first retail stores.
On May 19, 1935, T.E. Lawrence, also known as “Lawrence of Arabia,” died in England from injuries sustained in a motorcycle crash.
Go to article »
PHOTOS OF THE DAY

 NASA’s view of Jupiter taken by an imager from its Juno spacecraft shows a massive storm known as the Little Red Spot.NASA/AGENCE FRANCE-PRESSE/GETTY IMAGES

 A monkey leaps into a pond on a hot day in Allahabad, India, as temperatures soared. SANJAY KANOJIA/AGENCE FRANCE-PRESSE/GETTY IMAGES
Market Closes for May 19, 2017

Market Index	Close	Change
Dow Jones	20804.84	+141.82   +.69%
S&P 500	2381.20	+15.48   +0.65%
NASDAQ	6083.703	+28.573   +0.47%
TSX	15449.21	+172.01
		+1.13%

International Markets

Market Index	Close	Change
NIKKEI	19590.76	+36.90
		+0.19%
HANG SENG	25174.87	+38.35
		+0.15%
SENSEX	30464.92	+30.13
		+0.10%
FTSE 100*	7470.71	+34.29
		+0.46%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.474		1.447
CND. 30 Year Bond		2.105		2.079
U.S.    10 Year Bond		2.2293		2.2277
U.S. 30 Year Bond		2.8927		2.9005

Currencies

BOC Close	Today	Previous
Canadian $	0.74013	0.73500
US $	1.35112	1.36054
Euro Rate 1 Euro=		Inverse
Canadian $	1.51428	0.66038
US $	1.12076	0.89225

Commodities

Gold	Close	Previous
London Gold Fix	1252.00	1255.90
Oil	Close	Previous
WTI Crude Future	50.33	49.35

Market Commentary:
Canada
By Kristine Owram
 (Bloomberg) — Canadian stocks posted a triple-digit gain Friday, propelled by energy and raw-materials companies, but still ended the week in negative territory.
The S&P/TSX Composite Index added 181 points or 1.2 percent to 15,458.46. For the week, the benchmark fell 0.5 percent after failing to completely rebound from Wednesday’s plunge, when political turmoil in the U.S. pressured markets around the globe.
The energy index jumped 2.1 percent as the price of West Texas Intermediate crude gained 2 percent to $50.36 a barrel, its highest level in a month.
Materials stocks added 1.3 percent and financials gained 1 percent. Bank of Nova Scotia, Enbridge Inc. and Canadian National Railway Co. had the biggest upside influence on the benchmark.
In other moves:
* Crew Energy Inc. jumped 8.2 percent, Bonterra Energy Corp. gained 6.4 percent and MEG Energy Corp. added 5.6 percent amid a broader rally in energy shares
* Turquoise Hill Resources Ltd. gained 7.5 percent as the price of copper added 2.2 percent
* Computer Modelling Group Ltd. fell 4.4 percent after quarterly results missed estimates.
US
By Jeremy Herron and Dani Burger
(Bloomberg) — Financial markets ended a volatile week with a final bout of turbulence as Donald Trump’s troubles intensified Friday, raising fresh questions on his administration’s ability to enact its policy agenda.
The S&P 500 Index cut its gain by almost half after news emerged that investigators are focusing on a current White House official as a person of interest in their probe of Russian influence on the election, intensifying the political turmoil that’s gripped Washington for weeks. The 10-year Treasury note all but erased an advance, while the dollar held its worst slide since March. Gold capped its best week in a month.
The reports rekindled concern that Trump’s political woes will ensnare the administration’s plans for tax cuts and infrastructure spending, concern that on Wednesday sent the S&P 500 to its biggest loss of the year. Markets had been mostly sanguine about developments in Washington until then, with the equity benchmark reaching a record Tuesday.
Nerves had calmed in the ensuing days, with the S&P 500 Index almost erased a loss for the week earlier Friday amid strong corporate results and a rally that took crude above $50 a barrel. Risk sentiment was also helped by better-than-expected U.S. jobless claims and regional manufacturing data Thursday.
Read our Markets Live blog here.
What investors will be watching:
* Trump embarked on his first foreign trip as president, heading to Riyadh on overnight Friday, at the invitation of Saudi King Salman bin Abdulaziz. After Saudi Arabia, Trump visits Tel Aviv and Rome before heading to a NATO summit in Brussels and the G-7 meeting in Sicily.
Here are the major moves in the markets:
Stocks
* The S&P 500 rose 0.7 percent at 4 p.m. in New York, paring a gain that reached 1 percent. The index fell 1.8 percent Wednesday and lost 0.4 percent in the week, the worst performance since April.
* Deere & Co. surged 7.3 percent after the biggest maker of agricultural machinery’s profit forecast exceeded all expectations. Autodesk Inc. advanced 15 percent.
* The Stoxx Europe 600 Index rose 0.6 percent, paring its weekly loss to 1.1 percent.
Currencies
* The Bloomberg Dollar Spot Index fell 0.6 percent, erasing Thursday’s increase. The gauge lost 1.6 percent in the five days, the worst week since July 2016.
* The euro strengthened 0.7 percent to $1.1204, bringing its gain this week to 2.5 percent. The British pound stood 0.5 percent higher at $1.3002.
* The yen rose 0.3 percent to 111.173 per dollar after falling 0.6 percent on Thursday. The currency is up 2 percent for the week, its strongest performance in a month.
* The South African rand climbed 1.4 percent after tumbling 2.6 percent over the previous two sessions. Russia’s ruble strengthened 0.8 percent as oil prices rose.
Bonds
* The yield on 10-year Treasuries climbed less than one basis point to 2.23 percent, after rising as much as three basis points earlier in the session. It fell nine basis points this week.
Commodities
* West Texas crude rose 2.1 percent to settle at $50.37 a barrel in New York, for a weekly increase of 5.3 percent, the most since March.
* Optimism is growing that OPEC will reaffirm efforts to drain a global glut at their meeting in Vienna on May 25.
* Gold futures settled 0.1 percent higher at $1,253.60 an ounce, pushing the gain in the week to 2.1 percent, the most since April 14.
* Copper rose 1.8 percent to $5,682 a ton in London, leading most industrial metals higher as sentiment steadied after strong U.S. jobs data.

 

Have a wonderful weekend everyone.
Be magnificent!

Man cannot be broken down into emotions, intellect, or action
Man is a whole.
When these three elements of intellect, feelings, and action are in harmony, they make up man
Swami Prajnanpad

As ever,

Carolann

 

You need a little bit of insanity to do great things.
-Henry Rollins, b. 1961       

 

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

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

Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828

www.carolannsteinhoff.com

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Dear Friends,
Tangents:
1980: Mt. S. Helen eruption:
On May 18, 1980, the Mount St. Helens volcano in Washington state exploded, leaving 57 people dead or missing.
Go to article »
On this day in 1860, the Republican Party convention in Chicago nominated Abraham Lincoln for president.
PHOTOS OF THE DAY

Mike Smith, owner of Tom Smith Plants in St. Asaph has grown the world’s hottest chili named “Dragon’s Breath.”  It measures 2.48 million on the Scoville heat scale.  Mike will also be exhibiting plants in this year’s Chelsea Flower Show.
Credit – Ian Cooper/Daily Post, Wales.

Sunrise at Roseberry Topping in North Yorkshire.
ALAN COOK / SWNS.COM
Market Closes for May 18^th, 2017

Market Index	Close	Change
Dow Jones	20663.02	+56.09   +.27%
S&P 500	2365.72	+8.69   +0.37%
NASDAQ	6055.129	+43.893   +0.73%
TSX	15277.20	+3.52
		+0.02%

International Markets

Market Index	Close	Change
NIKKEI	19553.86	-261.02
		-1.32%
HANG SENG	25136.52	-157.11
		-0.62%
SENSEX	30434.79	-223.98
		-0.73%
FTSE 100*	7436.42	-67.05
		-0.89%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.447		1.453
CND. 30 Year Bond		2.079		2.104
U.S.    10 Year Bond		2.2277		2.2190
U.S. 30 Year Bond		2.9005		2.9043

Currencies

BOC Close	Today	Previous
Canadian $	0.73500	0.73505
US $	1.36054	1.36045
Euro Rate 1 Euro=		Inverse
Canadian $	1.51012	0.66220
US $	1.10996	0.90094

Commodities

Gold	Close	Previous
London Gold Fix	1255.90	1257.40
Oil	Close	Previous
WTI Crude Future	49.35	49.07

Market Commentary:
Today also marks the five-year anniversary of Facebook’s (FB) IPO. In case you don’t remember, it didn’t go smoothly. Shares began trading late and investors complained their orders weren’t confirmed, leading to lawsuits and big banks cutting estimates. While many analysts at the time thought shares were overvalued, Facebook has returned over 256% since its IPO and now has a market cap of nearly $420B.

Canada
By Kristine Owram
(Bloomberg) — Canadian stocks closed with a slight gain following the biggest selloff in eight months as gains in financial and energy companies offset a decline in raw materials shares.
The S&P/TSX Composite Index edged up 4 points or less than0.1 percent to 15,277.20. It remained in negative territory for the year following Wednesday’s 1.7 percent drop.
Financial shares gained 0.4 percent and energy stocks added0.2 percent. The materials index tumbled 1.7 percent on weakness in both precious and base metals. Pan American Silver Corp., New Gold Inc. and Turquoise Hill Resources Ltd. all lost more than 5 percent.
In other moves:
* Just Energy Group Inc. lost 13 percent after a fourth-quarter loss of C$0.30 missed an estimated profit of C$0.25
* Aimia Inc. fell a further 13 percent. The loyalty-program operator has now lost 70 percent of its value since Air Canada said Thursday it would cut ties and start its own rewards plan
* ATS Automation Tooling Systems Inc. jumped 7.8 percent after first-quarter results beat estimates
US
By Robert Brand
(Bloomberg) — U.S. stocks rebounded from the worst selloff of the year Thursday and the dollar strengthened as data reinforced optimism in the economy even as political events continued to roil Washington. Brazilian assets plunged amid a government crisis.
The S&P 500 Index edged higher as buyers emerged the day after the Trump administration’s travails sparked concern that his agenda is imperiled. Measures of jobless claims and regional manufacturing beat forecasts, adding to signs economic growth is on firm footing. The dollar benefited from weakness in emerging- market currencies as political turmoil engulfed Brazil. The Ibovespa lost more than 8 percent.
Financial markets stabilized as the Trump administration sought to move past the latest controversy to ensnare its policy agenda. U.S. stock volatility eased a day after spiking, while haven assets from gold to Treasuries held steady. Brazil’s latest crisis rattled emerging market equities and Washington remained abuzz with fresh developments as the Justice Department Wednesday appointed a special counsel to probe Russia’s role in the 2016 election. 
Here are the major moves in the markets:

Stocks
* The S&P 500 rose 0.4 percent to close at 2,365.73, after the benchmark gauge slumped 1.8 percent on Wednesday, its worst day since Sept. 9.
* Phone stocks added 1.2 percent, while shares of technology and consumer companies rallied.
* The Stoxx Europe 600 Index declined 0.5 percent, paring a drop that reached 1.2 percent.
* Brazil’s Ibovespa Index tumbled 8.8 percent, the most since October 2008, as political crisis returned to the country after last year’s impeachment process.
Currencies
* The Bloomberg Dollar Spot Index increased 0.3 percent, after dropping 0.5 percent on Wednesday to the lowest level since Nov 8.
* Brazil’s real led declines among emerging-market currencies, slumping 7.3 percent. South Africa’s rand weakened 1.7 percent.
* The euro fell 0.4 percent to $1.1112, after four straight days of gains. The British pound dropped 0.2 percent to $1.2943.
Bonds
* The yield on 10-year Treasuries was flat at 2.22 percent, following the biggest gain for the note since July.
* Benchmark yields in France and Germany fell three basis points.
* Bonds of state-controlled energy company Petroleo Brasileiro SA dropped by the most in six months amid a political crisis in Brazil.
* The company’s 800 million euros of notes due in January 2025 led the slump, falling 3.6 cents on the euro to 103 cents, the biggest decline since November.
Commodities
* Gold futures slumped 0.7 percent to $1,249.50, halting a six- day advance sparked by haven demand.
* Zinc led a retreat in industrial metals, dropping 3.4, as political turmoil in the U.S. threatened the outlook for the world’s biggest economy. Copper slumped 0.5 percent.
* West Texas crude rose 0.51 percent to $49.32 a barrel, after jumping 0.8 percent in the previous session.
Asia
* The MSCI Asia Pacific Index slid 0.8 percent, the most since April 6. Japan’s Topix slumped 1.3 percent while a volatility measure on the Nikkei 225 Stock Average jumped to the highest this month.
* The Hang Seng China Enterprises Index of mainland shares traded in Hong Kong retreated 1.1 percent.

Have a wonderful evening everyone.

 

Be magnificent!

Meditation is one of the greatest arts in life, perhaps the greatest,
and one cannot possibly learn it from anybody else,
that is the beauty of it.
It has no technique and therefore no authority,
When you learn about yourself, watch yourself, watch the way you walk,
how you eat, what you say, the gossip, the hate, the jealousy –
if you are aware of all that in yourself, without any choice,
that is part of meditation.
Krishnamurti

As ever,

Carolann

 

Love isn’t about what we did yesterday; it’s  about what we do

today and tomorrow and the day after.

                                           -Grace Lee Boggs, 1915-2015

 

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM

Portfolio Manager &

Senior Vice-President

 

Queensbury Securities Inc.,

St. Andrew’s Square,

Suite 340A, 730 View St.,

Victoria, B.C. V8W 3Y7

 

Tel: 778.430.5808

(C): 250.881.0801

Toll Free: 1.877.430.5895

Fax: 778.430.5828

www.carolannsteinhoff.com

Dear Friends,
Tangents:
Happy 375th Birthday Montréal
May 17, 1642 – Governor Montmagny escorts Paul de Chomedy de Maisonneuve and Jeanne Mance to Montréal Island with Mme de La Peltrie, Charlotte Barré and other colonists and officially hands over the island to La Société Notre-Dame; they land on the site the following day, May 18, to found a settlement they call Ville Marie de Montréal. Montréal, Québec.

May 17, 1844: Rubber band is patented.

Buttonwood Agreement:  225 years ago today, two dozen merchants and brokers established the New York Stock Exchange.

PHOTOS OF THE DAY

Local resident Bruce Gibbons is seen with grazing kangaroos at Gold Creek Golf Club in Canberra, Australia. LUKAS COCH/EUROPEAN PRESSPHOTO AGENCY

A cyclist drives past a flowering rapeseed field near the Bavarian village of Schoengeising, Germany. CHRISTOF STACHE/AGENCE FRANCE-PRESSE/GETTY IMAGES
Market Closes for May 17^th, 2017

Market Index	Close	Change
Dow Jones	20606.93	-372.82   -1.78%
S&P 500	2357.03	-43.64   -1.82%
NASDAQ	6011.234	-158.636   -2.57%
TSX	15273.68	-269.65
		-1.73%

International Markets

Market Index	Close	Change
NIKKEI	19814.88	-104.94
		-0.53%
HANG SENG	25293.63	-42.31
		-0.17%
SENSEX	30658.77	+76.17
		+0.25%
FTSE 100*	7503.47	-18.56
		-0.25%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.453		1.570
CND. 30 Year Bond		2.104		2.225
U.S.    10 Year Bond		2.2190		2.3239
U.S. 30 Year Bond		2.9043		2.9897

Currencies

BOC Close	Today	Previous
Canadian $	0.73505	0.73526
US $	1.36045	1.36007
Euro Rate 1 Euro=		Inverse
Canadian $	1.51794	0.65879
US $	1.11577	0.89624

Commodities

Gold	Close	Previous
London Gold Fix	1257.40	1234.20
Oil	Close	Previous
WTI Crude Future	49.07	48.66

Market Commentary:
On this day in 1961, the Dow Jones Industrial Average closes above 700 for the first time, finishing the day at 705.52. It hits the milestone just over two years after breaking through the 600 barrier.
Canada
By Kristine Owram
     (Bloomberg) — Canada’s benchmark stock index erased its gains for the year as political turmoil in the U.S. weighed on markets across the globe.
     The S&P/TSX Composite Index plunged 270 points or 1.7 percent to 15,273.68, its biggest loss since September 2016. Year-to-date, the index is down 0.1 percent, making it the worst-performing market in the developed world after Israel.
     Every sector was in the red, with financials down 1.9 percent, energy down 2 percent and industrials down 2.7 percent. The biggest drags on the index were Royal Bank of Canada, down 1.7 percent, Canadian National Railway Co., down 2.9 percent, and Manulife Financial Corp., down 4.3 percent.
     In other moves:
* Sierra Wireless Inc. lost 7 percent amid a rout in the information technology index, which lost 2.7 percent
* Hudbay Minerals Inc. fell 6.6 percent, making it the biggest decliner on the materials index as copper prices slipped 0.4 percent
* Valeant Pharmaceuticals International Inc. was down 5.5 percent, dragging the health-care index to a 3.4 percent loss.
US
By Jeremy Herron and Dani Burger
     (Bloomberg) — The Dow Jones Industrial Average tumbled more than 370 points, Treasuries rallied the most since July and volatility spiked higher as the turmoil surrounding the Trump administration roiled financial markets around the globe.
     Major U.S. stock indexes had the worst session in eight months, while the CBOE Volatility Index jumped the most since the U.K. voted to leave the European Union last June, shattering the calm that gripped markets in the past month as the crisis threatened to derail the policy agenda that helped push equities to records as recently as Monday.
     The 10-year Treasury yield sank to 2.22 percent in its steepest decline since July. The spread between 10-year and two- year yields narrowed to the flattest since before Trump’s election. The dollar weakened to a level last seen in November. Emerging-market equities halted a seven-day rally. Gold futures extended a rally to six days.
     “What has been setting in over the course of the day is that political uncertainty is something that’s likely going to be with us for a significant amount of time,” said Dennis Debusschere, Evercore ISI’s head of portfolio strategy and quant. “We may be looking at a higher volatility backdrop with a trending lower market for the next couple of months.” 
     Wall Street finally took notice of political wrangling in Washington as investors began to question the Trump administration’s ability to focus on policy as it careens from one crisis to another. Many of the trades sparked by the president’s shock election have reversed in recent days, with the dollar all but erasing its post-election rally. The S&P 500 Index remains 10 percent higher since then, but stocks most sensitive to Trump policy prescriptions have begun to wobble.
     “If he’s preoccupied defending himself and if it goes a lot further, then any hope of his legislative agenda coming to the fore is going to be reduced,” John Stopford, the London-based head of fixed-income at Investec Asset Management Ltd., said in an interview with Bloomberg TV. “Clearly at the margin it’s a negative. At the moment there’s a classic environment for yields to rally a bit further and for the dollar to sell off.”
     Read our Markets Live blog here.
     Here are some key events coming up:
* OPEC’s internal Economic Commission Board meets in Vienna to discuss the market in preparation for the group’s formal meeting on May 25.
* Data from Japan on Thursday will likely show the economy accelerated in the first three months of the year, posting a fifth straight quarter of expansion. That would be the longest consecutive period of growth since 2005-2006.
     Here are the main moves in markets:
     Stocks
* The S&P 500 Index fell 1.8 percent to 2,357.25 at 4 p.m. in New York, its worst day since Sept. 9. The measure touched an all-time high Tuesday.
* The Dow average lost 372.82 points, the most in eight months, while the Nasdaq Composite Index plunged 2.6 percent for its steepest drop since June 24.
* Bank shares led the retreat with a 3 percent slide, the most since June 24. Real-estate and utilities were the only of 11 groups in the S&P 500 to advance.
* The Stoxx Europe 600 Index fell 1.2 percent, after ending little changed in the previous session.
* The MSCI All-Country World Index lost 1.2 percent from a record, with banks having the biggest impact across all regions. It was the worst day in eight months.
* MSCI’s emerging-market index retreated for the first time in eight sessions, sliding 0.6 percent.

      Currencies
* The Bloomberg Dollar Spot Index dropped 0.5 percent, trading at the lowest level since Nov. 8. The yen rose 1.9 percent to 110.95 per dollar, after climbing 0.6 percent on Tuesday.
* The euro added 0.6 percent to $1.1152, extending Tuesday’s 1 percent surge and heading for the highest since Nov. 4.

      Bonds
* The yield on 10-year Treasuries dropped 11 basis points to 2.22 percent, the lowest since April 19.
* Odds of a June Fed rate hike settled around 60 percent, while full pricing of next hike shifted to November from
September, per Fed-dated OIS rates.
* Benchmark yields in France lost six basis points to 0.83 percent, while those in Germany declined six basis points to 0.378 percent.

      Commodities
* Gold for immediate deliver climbed a sixth straight day in the longest run in a month. Spot prices added as much as 1.9 percent to a two-week high of $1,260.38 an ounce. Futures advanced a sixth straight day.
* Crude futures added 0.8 percent to settle at $49.07 a barrel in New York. Markets are getting some encouragement from the U.S. as supplies fell for a sixth week — a sign that OPEC-led production curbs are starting to be felt in the world’s biggest oil-consuming nation.

 

Have a wonderful evening everyone.

 

Be magnificent!

The healing of the mind takes place gradually on contact with nature,
with the orange on the branch, the blade of grass eating its way into the cement,
and the hills hidden by the clouds.
Krishnamurti

As ever,

 

Carolann

 

Only the mediocre are always at their best.
                   -Jean Giradoux, 1882-1944

 

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 May 16, 1960, a harsh exchange between Soviet leader Nikita Khrushchev and President Dwight D. Eisenhower doomed a much heralded summit conference between the two nations, following the Soviet downing of an American U-2 reconnaissance plane.
Go to article »

PHOTOS OF THE DAY

A woman examines ‘Monogram,’ a sculpture by artist Robert Rauschenberg, during a preview of a retrospective exhibit of his work at the Museum of Modern Art in New York. The exhibit opens on May 21. JUSTIN LANE/EUROPEAN PRESSPHOTO AGENCY

Snowplows clear snow at the Great St. Bernard Pass in Switzerland. VALENTIN FLAURAUD/EUROPEAN PRESSPHOTO AGENCY
Market Closes for May 16^th, 2017

Market Index	Close	Change
Dow Jones	20979.75	-2.19   -0.01%
S&P 500	2400.67	-1.65   -0.07%
NASDAQ	6169.871	+20.197   +0.33%
TSX	15543.33	-86.14
		-0.55%

International Markets

Market Index	Close	Change
NIKKEI	19919.82	+49.97
		+0.25%
HANG SENG	25335.94	-35.65
		-0.14%
SENSEX	30582.60	+260.48
		+0.86%
FTSE 100*	7522.03	+67.66
		+0.91%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.570		1.593
CND. 30 Year Bond		2.225		2.249
U.S.    10 Year Bond		2.3239		2.3398
U.S. 30 Year Bond		2.9897		3.0032

Currencies

BOC Close	Today	Previous
Canadian $	0.73526	0.73340
US $	1.36007	1.36351
Euro Rate 1 Euro=		Inverse
Canadian $	1.50760	0.66331
US $	1.10847	0.90214

Commodities

Gold	Close	Previous
London Gold Fix	1234.20	1233.30
Oil	Close	Previous
WTI Crude Future	48.66	48.85

Market Commentary:
On this day in 1972, economist Milton Friedman rings the opening bell at the Chicago Mercantile Exchange to inaugurate the world’s first day of trading in foreign-currency futures.
Number of the Day
65
The number of days it took the S&P to go from 2300 to 2400.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks closed lower after a rally in oil prices stalled, offsetting a gain in materials shares.
     The S&P/TSX Composite Index fell 86 points or 0.6 percent to 15,543.33 after earlier gaining as much as 0.5 percent. Energy stocks tumbled 1.2 percent as the price of West Texas Intermediate crude lost 0.4 percent. Early optimism about production cuts was tempered and investors are hoping data out Wednesday will show that the U.S. supply glut is easing. Bonterra Energy Corp. fell 3.2 percent and Cenovus Energy Inc. lost 2.9 percent.
     The materials index gained 0.7 percent as copper prices rallied. Ivanhoe Mines Ltd. and Turquoise Hill Resources Ltd. both added more than 5 percent.
     In other moves:
* Aimia Inc. lost a further 12 percent, adding to its rout since Air Canada said Thursday it would cut ties with the loyalty program and launch its own rewards plan; Aimia is down 63 percent since then
* BlackBerry Ltd. gained 5.3 percent. Macquarie raised its price target on the stock to a street high of C$16.20
* Air Canada added 5 percent to its highest level since 2007 after the Canadian government introduced legislation to raise the foreign ownership limit for major airlines
US
By Jeremy Herron
     (Bloomberg) — The dollar weakened for a fifth day as the euro rallied amid an ebbing of political risks in the region at the same time turmoil gripped Washington. Technology shares continued a rally, sending the Nasdaq Composite Index to fresh record.
     Chipmakers paced gains in U.S. shares Tuesday, while the S&P
500 Index touched an intraday record before selling in defensive shares dragged the measure lower. Treasuries climbed, with yields on the 10-year note holding near 2.32 percent. The greenback fell to a November low, helping emerging-market equities notch a seventh straight gain. Oil’s rally stalled, while gold’s extended to the longest in four weeks.
     Investors largely looked past the most recent in a string of negative events that have dogged Trump’s administration, even as the missteps likely add to doubts about his ability to deliver on plans to boost infrastructure spending and cut taxes. Focus instead remains on the strength of the global economy and central bank stimulus, though housing data Tuesday in the U.S. added to signs that growth is having trouble accelerating.
     What investors will be watching:
* Singapore exports and Malaysia CPI for April are due Wednesday, and the Australian jobs report comes a day later.
* The U.S. Energy Information Administration is projected to report that crude stockpiles declined by 2.67 million barrels in the week ended May 12, according to a Bloomberg survey of analysts.
* OPEC’s internal Economic Commission Board meets in Vienna Wednesday to discuss the market in preparation for the group’s formal meeting on May 25.
* Wednesday’s U.K. labor report may reveal pay rose 2.1 percent, down from 2.2 percent.
* Japanese GDP for the first quarter will be out on Thursday.

      And here are the main movers:
     Stocks
* The S&P 500 Index fell 0.1 percent to 2,400.67 at 4 p.m. in New York. It earlier touched an all-time high of 2,405.77.
* The Nasdaq Composite and Nasdaq 100 indexes added at least 0.3 percent to close at records. AMD Micro Devices Inc. jumped 12 percent on reports of a licensing deal.
* Home Depot Inc. rose 0.9 percent after earnings beat estimates. TJX Cos. slid 4.1 percent and Dick’s Sporting Goods Inc. lost 14 percent, the most since May 2014, as results disappointed.
* The Stoxx Europe 600 fell less than 0.1 percent.
* Emerging market equities rose a seventh day, the longest rally since March.

      Currencies
* The Bloomberg Dollar Spot Index slid 0.6 percent for a fifth straight loss that left it at the lowest since Nov. 8.
* The euro climbed 1.2 percent to $1.1087, the strongest level since Nov. 4.
* The yen rose 0.6 percent to 113.15 per dollar, after dropping 0.4 percent Monday.

      Commodities
* West Texas Intermediate oil slipped 0.4 percent to settle at $48.66 a barrel in New York, after surging 2.1 percent Monday.
* Brent for July settlement decreased 17 cents to $51.65 a barrel on the London-based ICE Futures Europe exchange.
* Gold futures rose 0.5 percent to settle at $1,236.40 an ounce, up for a fourth session.
* Lead fell to the lowest level since January as weak economic data from China added to worries about metals demand.

      Bonds
* The yield on 10-year Treasuries slipped two basis points to 2.33 percent after climbing two basis points Monday.
* Investors piled into long-dated European bond sales on Tuesday with the U.K. and France seeing orders of more than $67 billion following Emmanuel Macron’s election win.

Have a wonderful evening everyone.

 

Be magnificent!

Watching and listening are a great art.
By watching and listening we learn infinitely more than we do from any books.
Books are necessary, but watching and listening sharpen your senses.
Krishnamurti

As ever,

 

Carolann

 

It is better to fail at originality than to succeed in imitation.
                                                  -Herman  Melville, 1819-1891

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

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

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

Dear Friends,

Tangents:

Birthday: May 15, 1856, L. Frank Baum
When L. (Lyman) Frank Baum wrote The Wonderful Wizard of Oz for children, it was not so much as a  piece of fiction, but as a real tale they could  lose themselves in.  Born on this day in 1856, Baum did many things until he joined illustrator Maxfield Parish in 1897 to create his first book, Mother Goose in Prose.  In 1900, he wrote the instantly successful story of Dorothy and the Tin Man, Glinda and the Wicked Witch of the West, Toto and Aunt Em – characters now familiar to an astonishing number of people all over the world.  Baum followed up with thirteen more books about Oz until his death in 1919.
We’re off to see the Wizard,
The Wonderful Wizard of Oz.
You’ll find he is a whiz of a Wiz!
If ever a Wiz!  there was…

www.thewizardofoz.warnerbros.com
PHOTOS OF THE DAY

Italian artist Lorenzo Quinn’s installation called ” Support” is seen on Ca’ Sagredo palace during the 57th La Biennale of Venice, in Venice, Italy.

Ryoichi Ando (R), 27, a virtual-reality researcher and an inventor of “Bubble Jumper,” competes with his opponent as they demonstrate the sport in Tokyo, Japan.
Market Closes for May 15^th, 2017

Market Index	Close	Change
Dow Jones	20981.94	+85.33   +0.41%
S&P 500	2402.32	+11.42   +0.48%
NASDAQ	6149.676	+28.443   +0.46%
TSX	15629.47	+91.59
		+0.59%

International Markets

Market Index	Close	Change
NIKKEI	19869.85	-14.05
		-0.07%
HANG SENG	25371.59	+215.25
		+0.86%
SENSEX	30322.12	+133.97
		+0.44%
FTSE 100*	7454.37	+18.98
		+0.26%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.593		1.569
CND. 30 Year Bond		2.249		2.231
U.S.    10 Year Bond		2.3398		2.3240
U.S. 30 Year Bond		3.0032		2.9865

Currencies

BOC Close	Today	Previous
Canadian $	0.73340	0.72934
US $	1.36351	1.37110
Euro Rate 1 Euro=		Inverse
Canadian $	1.49643	0.66826
US $	1.09748	0.91118

Commodities

Gold	Close	Previous
London Gold Fix	1233.30	1231.25
Oil	Close	Previous
WTI Crude Future	48.85	47.84

Market Commentary:
On this day in 1997, Amazon.com Inc. goes public with a market capitalization of $660 million.
Numbers of the Day
4
The number of times the Dow Jones Industrial Average has fallen or risen by 1% or more this year, the least for any comparable period since 1965.
8 million
The approximate number of U.S. households that have abandoned traditional pay television or eschewed signing up entirely over the past five years. The surge in cord-cutting has set off a race among media companies to be included in new “skinny” streaming bundles that are reshaping the American TV landscape.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks gained the most in more than a week amid a broad-based rally spurred by higher commodity prices.
     The S&P/TSX Composite Index added 92 points or 0.6 percent to 15,629.47, its biggest gain since May 5. Banks, industrials and energy companies pushed the benchmark higher. 
     Crude prices jumped 2 percent to $48.78 a barrel. Saudi Arabia and Russia said they favor extending oil-output cuts through the first quarter of 2018. Precision Drilling Corp. gained 5.3 percent after it told investors it expects to have an additional five rigs contracted and activated over the next three weeks.
     In other moves:
* Badger Daylighting Ltd. tumbled 9.7 percent, adding to Friday’s 14 percent loss, as the cost of training workers hurt its profit and a prominent short-seller said the shares are overvalued
* Eldorado Gold Corp. lost 7.8 percent. The miner reached a C$590-million deal to acquire Integra Gold Corp.
* Aimia Inc. lost 7 percent. The loyalty-program operator was cut to junk by S&P after Air Canada said it won’t renew its contract
* Premium Brands Holdings Corp. gained 5.3 percent, a record high, following strong first-quarter earnings
US
By Oliver Renick
     (Bloomberg) — U.S. stocks climbed after equities posted their first back-to-back drop in almost a month, as commodity prices staged an early advance and financial shares rallied.
     The S&P 500 Index rose 0.5 percent to 2,402.32 at 4 p.m. in New York, a fresh record and first close above 2,400. The Dow Jones Industrial Average climbed 0.4 percent to 20,981.94, shy of its March 1 high, while the Nasdaq Composite added 0.5 percent to a record 6,149.67. Stocks on Friday extended a weekly drop as April consumer prices and retail sales reinforced expectations for tepid economic growth.
* Small-caps up 0.8%
* Nine of 11 S&P 500 industry groups higher
* S&P 500 Financials up 0.8% on gains in all but one company; Navient (NAVI) and Charles Schwab (SCHW) add at least 2.3%
* Energy shares up 0.6% as WTI oil adds 2.2%
** Crude higher after Saudi Arabia and Russia favored extending a production-cut deal for another nine months — longer than expected
* Materials stocks ahead 0.8% as Bloomberg Commodity Index pares early gains to end up 0.1% for 4th straight advance
* Utility, real estate and telecom shares lag broader market
* 10-year Treasury yield up less than 2bps
* Stock movers (moves at least 2 standard deviation away from 20-day avg percent change):
** Up movers: Cisco (CSCO), Halliburton (HAL), Netapp (NTAP), Qorvo (QRVO), J&J (JNJ)
** Down movers: none
* STREET WRAPS:
** Moody’s Analytics Deal Is Good Fit With Bad Price
** Cyber Attack Is Wake-Up Call on Security Spending
** Lower U.S. Sales, Margin Erosion Weighs on Glenmark* Volume 11% below 30-day average in S&P 500 at this time
** Volume movers: Symantec (SYMC), Qorvo (QRVO), Regency Centers (REG), Ralph Lauren (RL), Cisco (CSC) all trading with volume at least 2.5x 30-day average
* VIX up to 10.4
** Volatility movers: Boston Properties (BXP), Mettler-Toledo (MTD), Comerica (CMA), Borgwarner (BWA), Paccar (PCAR) have highest put/call volume ratio in S&P 500
* POLITICS:
** North Korea boasted on Monday that a new rocket could carry a “large-size heavy nuclear warhead” over long distances, with analysts estimating it could reach U.S. military forces on the island of Guam
** Attorneys from the Justice Department will again come before a federal appeals court to try to salvage President Donald Trump’s order banning travel from six mostly Muslim nations, after a judge said it appeared to be discriminatory
** France: Edouard Philippe, the center-right mayor of the port city of Le Havre, was named France’s new prime minister
* ECONOMY:
** U.S.: May New York Fed Empire Index at -1.0, est. 7.5; prices paid and new orders both fell
** China: The world’s second-largest economy slowed in April as authorities crack down on the nation’s swelling financial leverage; industrial output rose 6.5% last month from a year earlier, compared to 7% seen by economists and 7.6% in March
* EARNINGS:
** Earnings season coming to close: more than 90% of the S&P 500 firms have reported
*** Of those, 78% beat profit projections and 64% topped sales estimates, data compiled by Bloomberg show
** After-market Monday: none
** Pre-market Tuesday: Staples (SPLS), Home Depot (HD), TJX Cos (TJX)

Have a wonderful evening everyone.

 

Be magnificent!

To conquer the subtle passions
seems to me to be far harder than the
physical conquest of the world by the force of arms.
Mahatma Gandhi

As ever,

 

Carolann

 

The longer I live, the more beautiful life becomes.
                       -Frank Lloyd Wright, 1867-1959

 

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:
Annually on May 12, National Limerick Day celebrates the birthday of English artist, illustrator, author and poet Edward Lear (May 12, 1812 – Jan. 29, 1888).  Lear is known mostly for his literary nonsense in poetry, prose and limericks.
National Limerick Day also celebrates the limerick poem.  Limerick poems were popularized by Edward Lear’s book “Book of Nonsense” in 1846.
A limerick is a very short, humorous, nonsense poem. Within a limerick, there are five lines.  The first two lines rhyme with the fifth line and the third and fourth line rhyme together.

There was a Young Lady whose chin
Resembled the point of a pin;
So she had it made sharp, and purchased a harp,
And played several tunes with her chin.

There was an old man with a beard
Who said “It is just as I feared!”
Two owls and a hen
Four Larks and a wren
Have all built their nests in my beard.

TODAY IN HISTORY
On May 12, 1943, during World War II, Axis forces in North Africa surrendered.

Go to article »

PHOTO OF THE DAY

Royal attendants carried seed rice during a royal plowing ceremony in Bangkok, Thailand, today. The annual event – dating back some 700 years – marks the beginning of the growing season for rice in Thailand. The country produces some 30 million tons of rice a year and is the world’s No. 2 rice exporter, after India.
Sakchai Lalit/AP
Market Closes for May 12^th, 2017

Market Index	Close	Change
Dow Jones	20896.61	-22.81   -0.11%
S&P 500	2390.90	-3.54   -0.15%
NASDAQ	6121.234	+5.270   +0.09%
TSX	15537.88	-12.67
		-0.08%

International Markets

Market Index	Close	Change
NIKKEI	19883.90	-77.65
		-0.39%
HANG SENG	25156.34	+30.79
		+0.12%
SENSEX	30188.15	-62.83
		-0.21%
FTSE 100*	7435.39	+48.76
		+0.66%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.569		1.605
CND. 30 Year Bond		2.231		2.244
U.S.    10 Year Bond		2.3240		2.3909
U.S. 30 Year Bond		2.9865		3.0295

Currencies

BOC Close	Today	Previous
Canadian $	0.72934	0.73014
US $	1.37110	1.36961
Euro Rate 1 Euro=		Inverse
Canadian $	1.49887	0.66717
US $	1.09319	0.91475

Commodities

Gold	Close	Previous
London Gold Fix	1231.25	1223.15
Oil	Close	Previous
WTI Crude Future	47.84	47.83

Market Commentary:
On this day in 1817, the Warsaw Stock Exchange opens for trading in Warsaw, Poland, handling primarily government and corporate bonds.
Number of the Day
17.52%
The percent decline in Macy’s shares, the largest decrease in its stock since October 2010. At $24.31, it was also the lowest close for Macy’s stock since August 2011.
Canada
By Lu Wang
     (Bloomberg) — Canadian stocks fell, with the benchmark index staging a third straight weekly decline, as financial firms extended losses that were triggered by a Moody’s Investors Service credit downgrade of the country’s largest banks.
     The S&P/TSX Composite Index slipped 0.1 percent to 15,537.88 at 4 p.m. in Toronto. The measure is down 0.3 percent over five days, the worst week since mid-April.
     In other moves:
* Home Capital Group Inc. dropped 15 percent. The mortgage lender said on a conference call that a few companies have expressed interest, but it’s not rushing to make a deal.
* Hudson’s Bay Co. dropped 4.6 percent. The owner of Saks Fifth Avenue said first-quarter sales were difficult because of lower store traffic, a promotional environment and the continued shift to online shopping. Same-store sales fell 2.9 percent on a constant currency basis.
* Badger Daylighting Ltd. sank 14 percent. The provider of non- destructive excavating services reported first-quarter earnings that missed analyst estimates.
* Ithaca Energy Inc. jumped 22 percent after saying Delek Group intends to offer C$1.95 per share for the stock it doesn’t already own.
US
By Brian Chappatta
     (Bloomberg) — The dollar fell while Treasuries rallied after tepid data on retail sales and inflation in the U.S. economy rekindled concern that growth won’t accelerate to levels economists project. U.S. stocks ended the day mixed, gold erased a weekly loss, and crude stayed below $48 a barrel.
     The S&P 500 Index fell as Nordstrom Inc. became the latest retailer to miss earnings estimates. Small caps retreated 1 percent in the week, while technology shares edged higher. The dollar pared a weekly gain, while 10-year Treasury yields fell to 2.32 percent after retail sales in April rose less than forecast and inflation slowed. The Bloomberg Commodity Index rose for a third day, recovering from a 16-month low. European stocks struggled for direction following the biggest drop in three weeks Thursday.
     Consumer prices rebounded last month, though at a slower pace than expected, while retail sales advanced after an unexpected drop in March. That was enough to bolster the case for Federal Reserve tightening in June, though not enough to ignite stocks or upset bonds. Investors cast a wary eye on Washington, where President Donald Trump escalated his war with fired FBI director James Comey at the same time his cabinet attempted to move forward on trade and regulatory reforms.
     Read our Markets Live blog here.
     Here are key events investors will be watching:
* Chinese President Xi Jinping hosts world leaders including Russian President Vladimir Putin at a summit promoting his $500 billion trade-and-infrastructure plan, which is called the Belt and Road Initiative. The summit begins Sunday and will showcase Xi’s plans to remake global trade patterns in China’s favor.
     Here are the main moves in markets:
     Stocks
* The S&P 500 fell 0.2 percent to end the week at 2,390.67 at 4 p.m. in New York. The index lost 0.4 percent in the period, the first slide in four weeks.
* The Nasdaq Composite Index capped a weekly gain with a rise of 0.1 percent. Small caps in the Russell 2000 Index sank 1 percent in the five days.
* The Stoxx Europe 600 rose 0.3 percent to turn in a gain of the same amount in the five days.
* The MSCI Emerging Market Index rose 0.3 percent to cap a fifth straight advance, its longest rally since March. The measure climbed to the highest in 11 months.

      Currencies
* The Bloomberg Dollar Spot Index slipped 0.3 percent. It rose 0.4 percent in the past five days, the first weekly advance in a month.
* The yen added 0.5 percent to 113.289 per dollar, trimming its drop for the week.
* The euro gained 0.6 percent to $1.0929, to pare a weekly decline to 0.6 percent.

     Bonds
* The yield on 10-year Treasury notes fell six basis points to 2.32 percent, after retreating three basis points Thursday. That left the rate lower by two basis points in the week.
* The five-year breakeven rate, which measures the yield spread between Treasuries and Treasury Inflation Protected Securities, fell about 0.06 percentage point Friday, on pace for the biggest drop since June, while the 10-year gauge sank the most this year.
* Benchmark yields in France, Germany and the U.K. dropped.

     Commodities
* Oil’s rebound ran out of steam as investors focus on all the production that OPEC can do nothing about. Crude capped the first weekly gain with an advance of 1 cent Friday to settle at $47.84.
* West Texas Intermediate rose 3.4 percent in the week, but is down 11 percent in 2017.
* Gold advanced 0.3 percent to settle at $1,227.70 an ounce in New York for a third straight day of gains. The metal rose 0.1 percent in the week after touching the lowest level since mid- March on Tuesday.
* Aluminum rose as China’s top state smelter suspends production capacity of intermediate material alumina. London aluminum added 0.9 percent to settle at $1,891 a ton.
* Cotton prices jumped to the highest in almost three years amid signs of tightening global supplies and buoyant demand as exports reached a government target in the U.S., the world’s biggest shipper.

 

Have a wonderful weekend everyone.

 

Be magnificent!

There will have to be rigid and iron discipline
before we achieve anything great and enduring,
and that discipline will not come by mere academic argument
and appeal to reason and logic.
Discipline is learnt in the school of adversity.
Mahatma Gandhi

As ever,

 

Carolann

 

Not on one strand are life’s jewels strung.
                 -William Morris, 1834-1896

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:

Look up at the full Moon tonight!

With spring in full bloom May’s Full Moon is commonly known as the Full Flower or Big Leaf Moon. The Arapaho Indians referred to this Full Moon as “when the ponies shed their shaggy hair”

MOON
-by Billy Collins

The moon is full tonight
an illustration for sheet music,
an image in Matthew Arnold
glimmering on the English Channel,
or a ghost over a smoldering battlefield
in one of the history plays.

It’s as full as it was
in that poem by Coleridge
where he carries his year-old son
into the orchard behind the cottage
and turns the baby’s face to the sky
to see for the first time
the earth’s bright companion,
something amazing to make his crying seem small.
 
And if you wanted to follow this example,
tonight would be the night
to carry some tiny creature outside
and introduce him to the moon.
 
And if your house has no child,
you can always gather into your arms
the sleeping infant of yourself,
as I have done tonight,
and carry him outdoors,
all limp in his tattered blanket,
making sure to steady his lolling head
with the palm of your hand.
 
And while the wind ruffles the pear trees
in the corner of the orchard
and dark roses wave against a stone wall,
you can turn him on your shoulder
and walk in circles on the lawn
drunk with the light.
You can lift him up into the sky,
your eyes nearly as wide as his,
as the moon climbs high into the night.

On May 11, 1973, charges against Daniel Ellsberg for his role in the Pentagon Papers case were dismissed by Judge William M. Byrne, who cited government misconduct.
Go to article »
PHOTO OF THE DAY

 

Market Closes for May 11^th, 2017

Market Index	Close	Change
Dow Jones	20919.42	-23.69   -0.11%
S&P 500	2394.44	-5.19   -0.22%
NASDAQ	6115.965	-13.178   -0.22%
TSX	15550.55	-82.65
		-0.53%

International Markets

Market Index	Close	Change
NIKKEI	19961.55	+61.46
		+0.31%
HANG SENG	25125.55	+110.13
		+0.44%
SENSEX	30250.98	+2.81
		+0.01%
FTSE 100*	7386.63	+1.39
		+0.02%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.605		1.639
CND. 30 Year Bond		2.244		2.265
U.S.    10 Year Bond		2.3909		2.4141
U.S. 30 Year Bond		3.0295		3.0407

Currencies

BOC Close	Today	Previous
Canadian $	0.73014	0.73152
US $	1.36961	1.36701
Euro Rate 1 Euro=		Inverse
Canadian $	1.48769	0.67218
US $	1.08622	0.92063

Commodities

Gold	Close	Previous
London Gold Fix	1223.15	1222.95
Oil	Close	Previous
WTI Crude Future	47.83	47.33

Market Commentary:
On this day in 1861, the New York Stock Exchange bans all trading in Confederate stocks and bonds.
QUOTE OF THE DAY
One doesn’t paint the house in a little black dress … Detroit is trying to make us work in a tuxedo

Doug Cooper, a rancher north of Casper, Wyo., on refusing to buy a new truck. As auto makers load up their vehicles with gizmos and gadgets, they are leaving some drivers dazed, confused and frustrated.
Number of the Day
166 million
Snap reported 166 million daily users in the past quarter, up 8 million from the previous period and up 44 million from a year earlier—its slowest year-over-year growth rate in at least two years.
Canada
By Lu Wang
     (Bloomberg) — Canadian stocks fell after Moody’s Investors Service downgraded credit ratings at six of the country’s largest banks.
     The S&P/TSX Composite Index slipped 0.5 percent to 15,550.55 at 4 p.m. in Toronto as financial shares retreated 0.8 percent .
     Toronto-Dominion Bank, Bank of Montreal, Bank of Nova Scotia, Canadian Imperial Bank of Commerce, National Bank of Canada and Royal Bank of Canada had their debt ratings cut on concern that over-indebted consumers and high housing prices have left lenders vulnerable to potential losses.
     In other moves:
* Aimia Inc. tumbled 63 percent. Air Canada, the country’s largest airline, will launch its own loyalty program and end its relationship with Aimia, operator of the current Aeroplan, in 2020. Separately, GMP Securities analyst Martin Landry downgraded the stock to reduce from buy. Air Canada climbed 11 percent.
* Merus Labs International Inc. soared 59 percent after agreeing to be bought by Norgine for C$1.65 a share.
* Continental Gold Inc. surged 32 percent. Newmont Mining Corp. agreed to acquire 37.4 million shares of the gold producer for C$4.00 apiece.
* Magna International Inc. added 4.8 percent, after reporting first-quarter profit that beat analyst estimates. The auto supplier forecast full-year revenue of $36.6 billion to $38.3 billion, with the midpoint beating expectations.
* Real Matters Inc. was little changed at C$12.89 in its trading debut. The real estate data and software firm raised about C$157 million ($114 million) in the first major initial public offering by a Canadian technology company in two years.
US
By Cecile Gutscher and Jeremy Herron
     (Bloomberg) — U.S. stocks fell from records, though losses eased in afternoon trading as crude’s rally took the price of a barrel back above $48 in New York. Treasuries rose with gold as tepid earnings raised new doubts about the strength of the American consumer.
     The S&P 500 Index pared the worst of its declines by more than half as health-care and consumer-staples producers rebounded. Retailers remained under pressure as disappointing results from Macy’s Inc. and Kohl’s Corp. added to concerns that the U.S. consumer continues to hold back on spending. Canadian equities fell after Moody’s Investors Service cut ratings on six of the nation’s largest banks amid housing woes. The dollar was little changed, while Treasury yields slipped below 2.40 percent on 10-year notes. Oil rose past $48 a barrel.
     The weak sales at department stores underscored rising angst that the biggest part of the U.S. economy isn’t picking up the pace enough to raise growth rates. Investors will get a fresh read on Friday with U.S. retail sales. At the same time, political intrigue continues to roil Washington two days after the president abruptly fired the head of the FBI. The path for interest rates will remain a major focus amid growing bets for a Fed increase in June and talk of tapering by the European Central Bank.
     Read our Markets Live blog here.
     Here are the key events this week:
* March industrial production data the same day could prompt a revision to the first reading of euro-area GDP growth. Germany’s preliminary growth figure for the first quarter is also Friday.
     And here are the main moves:
     Stocks
* The S&P 500 lost 0.2 percent to 2,394.58 at 4 p.m. in New York, retreating from an all-time high.
* Macy’s fell the most since 2008 and to a six-year low, while Kohl’s slid to a 15-month low. Whole Foods Market Inc. led gains among consumer staples companies.
* The Russell 2000 Index slumped 0.7 percent for the biggest loss among major indexes.
* The S&P/TSX Composite Index slid 0.6 percent, with banks in the measure falling 0.8 percent to pace the drop. Valeant Pharmaceuticals International Inc. jumped 8.7 percent, pushing its three-day gain to 41 percent.
* Emerging-market equities climbed for a fourth session, leaving the MSCI gauge higher by 2.4 percent so far in the week.
* The Stoxx Europe 600 fell 0.6 percent, after gaining 0.2 percent Wednesday to the highest level since August 2015. 
     Currencies
* The euro fell 0.1 percent to $1.0861 even as the Bloomberg Dollar Spot Index slipped 0.1 percent. The yen advanced versus the dollar.
* The Canadian dollar dropped 0.3 percent after Moody’s Investors Service downgraded six Canadian banks.
     Bonds
* The yield on 10-year Treasury notes fell three basis points to 2.39 percent after rising for the past three sessions.
* German benchmark yields rose one basis point to 0.43 percent.
     Commodities
* Oil climbed for a second day, leaving the worst of last week’s rout behind for now, as U.S. stockpiles fell and two OPEC members said there’s a consensus to extend output cuts.
* West Texas oil rose 1.1 percent to $47.83 a barrel after jumping more than 3 percent Wednesday.
* Gold futures added 0.5 percent to $1,225.30 following the longest losing streak since October.
* Iron ore on SGX AsiaClear in Singapore fell as much as 4.5 percent to $59 a ton, the lowest since October amid a clampdown on leverage in China, the top consumer, and expanding global supply.
* Copper rallied after reports that China’s central bank will inject cash into the world’s second-largest economy.

 

Have a wonderful evening everyone.

 

Be magnificent!

All things are linked together through cause and effect.  There is no such thing as an accident,
When we cannot find the link between cause and effect in an event, we call it an accident.
Swami Prajnanpad

As ever,

 

Carolann

 

The whole problem with the world is that fools and fanatics
are always so certain of themselves, but wiser people
so full of doubts.
                                   -Bertrand Russell, 1872-1970

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:

Just returned from one of the annual investment conferences that I attend every year in NYC and came away with many cogent perspectives on current market trends and specific investment ideas from industry leaders, so very worthwhile.
I was able to get to the theatre a couple of evenings and saw the plays Oslo and Sweat, both of which have achieved wide critical acclaim, in fact  Sweat won the Pulitzer prize this year.  It certainly gives a convincing portrayal of the societal dissonance that exists in the US today, especially the dysfunctional working class.  It underscores the themes that led to the election of an a political neophyte and the subsequent political chaos that has ensued – so anathema to what we regard as the American psyche. 
Oslo is disturbing in that it reminds us that the power to change the world is always within reach, but orchestrated by the very few, the powerful political elite, who show their human frailty, ego and vulnerability in this play.   It is the humanity of leaders that handicaps progress in the world – and by that I mean, peace in the world.

May 10, 1534 – Jacques Cartier sights Cape Bonavista after a rapid three week crossing from St-Malo; stopped ten days by ice; then skirts east coast of Newfoundland; his first voyage to Canada under a commission from king François I, “to discover certain islands and lands where it is said that a great quantity of gold and other precious things are to be found”; he had previously sailed with Verrazano to Nova Scotia and Newfoundland in 1524. Bonavista, Newfoundland.

The secret of change is to focus all of your energy, not on fighting the old, but on building the new. –Socrates.

PHOTOS OF THE DAY

Utility poles line a road near the Ariake Sea at high tide in Tara, Saga Prefecture, southwestern Japan. Eugene Hoshiko/AP

Aerial view of Semanggi bridge during sunset in Jakarta, Indonesia. Beawiharta/Reuters
Market Closes for May 10^th, 2017

Market Index	Close	Change
Dow Jones	20943.11	-32.67   -0.16%
S&P 500	2399.63	+2.71   +0.11%
NASDAQ	6129.145	+8.558   +0.14%
TSX	15633.21	+64.01
		+0.41%

International Markets

Market Index	Close	Change
NIKKEI	19900.09	+57.09
		+0.29%
HANG SENG	25015.42	+126.39
		+0.51%
SENSEX	30248.17	+314.92
		+1.05%
FTSE 100*	7385.24	+43.03
		+0.59%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.639		1.616
CND. 30 Year Bond		2.265		2.237
U.S.    10 Year Bond		2.4141		2.3941
U.S. 30 Year Bond		3.0407		3.0230

Currencies

BOC Close	Today	Previous
Canadian $	0.73152	0.72904
US $	1.36701	1.37167
Euro Rate 1 Euro=		Inverse
Canadian $	1.48574	0.67307
US $	1.08685	0.92009

Commodities

Gold	Close	Previous
London Gold Fix	1222.95	1220.40
Oil	Close	Previous
WTI Crude Future	47.33	45.88

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks closed with a gain, boosted by energy companies after new data showed U.S. crude stockpiles fell for a fifth week.
     The S&P/TSX Composite Index added 64 points or 0.4 percent to 15,633.21. Energy stocks rose 1.1 percent as the price of West Texas Intermediate crude jumped 3.3 percent to $47.38 a barrel. Crew Energy Inc. and Spartan Energy Corp. both gained more than 7 percent.
     The materials index also gained, adding 0.8 percent as the price of gold rose with renewed political concerns in the U.S. Iamgold Corp. jumped 8.4 percent after reporting an unexpected profit.
     In other moves:
* Element Fleet Management Corp. rose 8.8 percent after first- quarter operating earnings per share beat estimates
* Sleep Country Canada Holdings Inc. gained 7.3 percent. The mattress retailer reported 11.9 percent same-store sales growth
* TMX Group Ltd. lost 6.7 percent, the most since 2015, after first-quarter earnings missed expectations.
US
By Robert Brand
     (Bloomberg) — U.S. stocks added to all-time highs as oil jumped above $47 a barrel, while the dollar’s rally faltered as markets showed resilience in in the face of Washington political wrangling.
     The S&P 500 Index edged higher, enough to claim a second closing record this week, as markets looked past President Donald Trump’s firing of FBI Director James Comey. Energy shares led gains as crude surged almost 4 percent. The greenback fell for the first drop in three days as Federal Reserve Bank of Dallas President Robert Kaplan cast doubt on the pace of rate hikes. Treasuries slipped, while gold ended the longest run of losses since October. Emerging-market equities rose to the highest in almost two years.
     Investors focused on oil’s rebound and corporate profits that signal the global economy is on firming footing. While Washington focused on the firing’s political implications, the impact on Trump’s policy agenda was deemed largely remote. The turmoil comes as political risks ease in Europe and corporate earnings suggest the global economy is on the mend.
     Read more on Trump’s dismissal of Comey here.
     “All in all, this does not support the view that the U.S. Trumpflation trade faces an easy road ahead of it,” Michael Every, head of financial markets research at Rabobank Group in Hong Kong, wrote in a note. “It underlines that real surprises can pop up out of the box at any time right now.”
     Here’s what investors will be scrutinizing:
* Earnings are expected from companies including Deutsche Telekom AG and Snap Inc. Toyota Motor Corp. and SoftBank Group Corp. posted results after the close of Japanese markets.
* The Bank of England on Thursday publishes its interest-rate decision and quarterly Inflation Report.

      Here are the main moves in markets:
     Stocks
* The S&P 500 rose 0.1 percent to 2,399.64 at 4 p.m. in New York.
* Boeing Co. fell 1.3 percent and Walt Disney Co. lost 2.2, leading the Dow Jones Industrial Average to a 0.2 percent slide.
* The CBOE Volatility Index edged toward 10, near a 24-year low.
* Emerging-market equities rose for a third day, pushing the MSCI index to the highest since June 2015.
* The Stoxx Europe 600 ended higher 0.2 percent, add to its highest close since August 2015.

      Currencies
* The Bloomberg Dollar Spot Index lost 0.1 percent after climbing 0.4 percent Tuesday, amid subdued trading as focus shifted away from the greenback.
* The euro slipped to $1.0867, while the pound was little changed at $1.2931.

      Bonds
* The yield on 10-year Treasury notes rose one basis point to 2.41 percent after a soft auction of the notes.
* Benchmark German yields dropped one basis points to 0.422 percent, while French yields were down two basis points to 0.843 percent.

      Commodities
* Gold futures climbed the most in more than two weeks amid uncertainties fueled by North Korea’s reported plans for a nuclear test. Bullion added 0.2 percent to settle at $1,218.909.00 an ounce, rebounding from five days of declines.
* West Texas oil jumped 3.4 percent to settle at $47.33 a barrel, resuming gains after dropping 1.2 percent on Tuesday.
Have a wonderful evening everyone.

 

Be magnificent!

I declare out loud to whoever wants to believe me:
I have no word in my mouth
that is not in your heart!
Kabir

As ever,

 

Carolann

 

There is a way to look at the past.  Don’t hide from it.
It will not catch you if you don’t repeat it.
                                       -Pearl Bailey, 1918-1990

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