Category: Newsletters

Dear Friends,
Tangents:
On this day in…
1859 – Ground was broken for the Suez Canal.
1874 – Radio pioneer Guglielmo Marconi was born in Bologna, Italy.
1901 – New York becomes the first state to require license plates on automobiles.
1915 – Battle of Gallipoli.
1945 – U.S. and Soviet forces linked up on the Elbe River, in central Europe, a meeting that dramatized the collapse of Nazi Germany.
1945 – Delegates from some 50 countries met in San Francisco to organize the United Nations.
1959 – The St. Lawrence Seaway opened to shipping.
PHOTOS OF THE DAY

Bluebells are lit by the rising sun in Micheldever Wood in southern England, as a blast of Arctic weather brought snow to northern parts on Tuesday. Victoria Jones/PA/AP

A dog sits in the shade of a tree in front of a rapeseed field near Harpenden, Britain, on Tuesday. Peter Cziborra/Reuters
Market Closes for April 25^th, 2017

Market Index	Close	Change
Dow Jones	20996.12	+232.23   +1.12%
S&P 500	2388.61	+14.46   +0.61%
NASDAQ	6025.492	+41.673   +0.70%
TSX	15745.19	+32.73
		+0.21%

International Markets

Market Index	Close	Change
NIKKEI	19079.33	+203.45
		+1.08%
HANG SENG	24455.94	+316.46
		+1.31%
SENSEX	29943.24	+287.40
		+0.97%
FTSE 100*	7275.64	+10.96
		+0.15%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.519		1.483
CND. 30 Year Bond		2.188		2.150
U.S.    10 Year Bond		2.3304		2.2730
U.S. 30 Year Bond		2.9863		2.9288

Currencies

BOC Close	Today	Previous
Canadian $	0.73683	0.74053
US $	1.35716	1.35039
Euro Rate 1 Euro=		Inverse
Canadian $	1.48350	0.67408
US $	1.09310	0.91483

Commodities

Gold	Close	Previous
London Gold Fix	1267.80	1269.40
Oil	Close	Previous
WTI Crude Future	49.21	48.88

Market Commentary:
Numbers of the Day
15%
President Donald Trump has ordered White House aides to draft a tax plan that slashes the corporate tax rate to 15%, even if that means a loss of revenue, the Journal reported Monday.
1,000
The estimated number of people working on Apple’s self-driving cars project—dubbed Project Titan—according to people familiar with the matter. The plan calls for putting senior engineers—some with NASA experience—in its cars for road tests.
Canada
By Kristine Owram 
     (Bloomberg) — Canadian stocks closed slightly higher as gains in financials and energy offset a plunge in shares of Barrick Gold Corp.
     The S&P/TSX Composite Index rose 33 points or 0.2 percent to 15,745.19, its highest close in two months. Global stocks rallied for a second day on relief over the French election and the promise of U.S. tax reform. The MSCI World index of developed countries’ stock markets closed at an all-time high for the second day in a row.
     TSX energy shares rose 1.2 percent as the price of oil gained 0.8 percent, while financials added 0.6 percent. The materials index lost 2.5 percent as Barrick Gold Corp. tumbled 11 percent after missing first-quarter estimates and reporting higher mine costs.
     In other moves:
* Forestry stocks jumped after U.S. President Donald Trump imposed 20 percent tariffs on softwood lumber imported from Canada — less than some analysts had expected. West Fraser Timber Co. Ltd. rose 8.8 percent and Canfor Corp. gained 7.9 percent
* Grocery retailer Metro Inc. added 6.9 percent as second- quarter earnings beat estimates despite food deflation
* Teck Resources Ltd. lost 2.5 percent. The miner missed first- quarter profit estimates amid challenges at a mine in Alaska
* Canadian National Railway Co. fell 3 percent after a key measure of efficiency dropped in the first quarter.
US
By Oliver Renick
     (Bloomberg) — U.S. stocks climbed, following a global equity rally on Monday, as investors assessed corporate earnings and awaited a tax plan from the White House scheduled for Wednesday.
* S&P 500 up 0.6% to 2,388.61 at 4pm
* Index on Monday advanced most since March 1 after the French election result sparked an appetite for riskier assets
* First back-to-back gains this month; 1.7% gain is biggest two-day advance since Nov. 8
* Dow up 1.1% to 20,996.12
* Russell 2000 Index climbed for sixth day in past seven
* Materials shares up 1.6% as Bloomberg Commodity Index snaps six-day losing streak
* Freeport-McMoRan up 7.1% and DuPont adds 3.6%
* Financial stocks up 0.8% as Wells Fargo and Morgan Stanley add at least 1.6%
* Utility and telecom shares little changed or down; 10-year yield about 6 bps higher
* Volume in S&P 500 16% above 30-day average at this time; about 7.3 billion shares traded hands on all U.S. exchanges, compared with 6.9 billion one-year average
* Volume movers: Express Scripts (ESRX), Ryder System (R), CR Bard (BCR), Laboratory Corp (LH), all traded at volume at least 3x 30-day average
* VIX swings to loss, down to 10.8
* Volatility movers: Vornado Realty (VNO), Dover (DOV), Dominion Resources (D) have highest put/call volume ratio in S&P 500
* U.S. equities remain a “relative safe-haven” in a low return world, though reflation risks remain, HSBC analysts led by Ben Laidler wrote in a report
* POLITICS:
* Republicans voiced relief Tuesday that President Donald Trump appears to be retreating from a government shutdown fight by relenting on his demand that Congress immediately start funding a border wall
* Investors are awaiting a tax reform plan: Trump will call for cutting taxes for individuals and lowering the corporate rate to 15% when he unveils his plan Wednesday, according to a White House official
* Geopolitical concerns persist after a U.S. nuclear- powered submarine arrived in South Korea on Tuesday as North Korea celebrated the 85th anniversary of its army
* ECONOMY:
* March new-home sales rose to 621,000 rate; est. 584,000
* Richmond Fed’s April mfg. survey at 20 vs 22 last month
* Home prices rose 6.4% y/y, according to a report from the Federal Housing Finance Agency
* Home prices in 20 U.S. cities accelerated in the year through February for a fifth month, while nationwide property values also picked up, according to S&P CoreLogic Case-Shiller data reported Tuesday
* EARNINGS:
* After-market Tuesday: Chubb Ltd (CB), Edwards Lifesciences Corp (EW), Realty Income Corp (O), CH Robinson Worldwide Inc (CHRW), Stryker Corp (SYK), Illumina Inc (ILMN), Universal Health Services Inc (UHS), Discover Financial Services (DFS), AT&T Inc (T), Equity Residential (EQR), Boston Properties Inc (BXP), Juniper Networks Inc (JNPR), Wynn Resorts Ltd (WYNN), Capital One Financial Corp (COF), Arconic Inc (ARNC), Chipotle Mexican Grill Inc (CMG), Total System Services Inc (TSS), Texas Instruments Inc (TXN)
* Pre-market Wednesday: Waste Management Inc (WM), Thermo Fisher Scientific Inc (TMO), TE Connectivity Ltd (TEL), Northrop Grumman Corp (NOC), Dr Pepper Snapple Group Inc (DPS), Rockwell Automation Inc (ROK), DTE Energy Co (DTE), Seagate Technology PLC (STX), PepsiCo Inc (PEP), United Technologies Corp (UTX), Anthem Inc (ANTM), WestRock Co (WRK), Wyndham Worldwide Corp (WYN), Ingersoll-Rand PLC (IR), Entergy Corp (ETR), Avery Dennison Corp (AVY), Nasdaq Inc (NDAQ), Baxter International Inc (BAX), State Street Corp (STT), Procter & Gamble Co/The (PG), Hershey Co/The (HSY), Boeing Co/The (BA), Hess Corp (HES), FLIR Systems Inc (FLIR), General Dynamics Corp (GD), Norfolk Southern Corp (NSC), Amphenol Corp (APH), Alaska Air Group Inc (ALK)
* Europe Market
* Stoxx Europe 600 Index rose 0.2% at the close in London
* Technology stocks were among the biggest gainers, led by Austrian chipmaker AMS AG, up 20%.

Have a wonderful evening everyone.

 

Be magnificent!

If a man does not of his own free will put himself last among his creatures,
there is no salvation for him.
Mahatma Gandhi

As ever,

 

Carolann

 

It is often merely for an excuse that we say things are impossible.
                             -Francois de la Rochefoucauld, 1613-1680

 

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 April 24, 1898, Spain declared war on the United States after rejecting America’s ultimatum to withdraw from Cuba. 
Go to article »

BIRTHDAYS:
1934 –actress Shirley MacLaine
1942 –singer Barbara Streisand

The past is a place of reference, not a place of residence.
PHOTOS OF THE DAY

People walk between barbed-wire fences in the former Nazi death camp of Auschwitz as thousands of people, mostly youth from all over the world, gather for the annual ‘March of the Living’ during Holocaust Remembrance Day in Oswiecim, Poland, on Monday. Jakub Porzycki/Agencja Gazeta/Reuters

A man rides his bike up snow-covered Hohe Salve mountain in the western Austrian town of Hofgarten on Monday. Dominic Ebenbichler/Reuters

Farmer Piet Warmerdam picks up a yellow tulip from a red flower field as its growth could damage the rest in Den Helderin, Netherlands, on Saturday. Cris Toala Olivares/Reuters
Market Closes for April 24^th, 2017

Market Index	Close	Change
Dow Jones	20763.89	+216.13   +1.05%
S&P 500	2374.15	+25.46   +1.08%
NASDAQ	5983.820	+73.299   +1.24%
TSX	15712.46	+97.98
		+0.63%

International Markets

Market Index	Close	Change
NIKKEI	18875.88	+255.13
		+1.37%
HANG SENG	24139.48	+97.46
		+0.41%
SENSEX	29655.84	+290.54
		+0.99%
FTSE 100*	7264.68	+150.13
		+2.11%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.483		1.470
CND. 30 Year Bond		2.150		2.141
U.S.    10 Year Bond		2.2730		2.2480
U.S. 30 Year Bond		2.9288		2.9015

Currencies

BOC Close	Today	Previous
Canadian $	0.74053	0.74128
US $	1.35039	1.34901
Euro Rate 1 Euro=		Inverse
Canadian $	1.46733	0.68151
US $	1.08659	0.92031

Commodities

Gold	Close	Previous
London Gold Fix	1269.40	1281.85
Oil	Close	Previous
WTI Crude Future	48.88	49.27

Market Commentary:
294

The number of tech startups that raised at least $50 million apiece in 2014 and 2015. Almost three-quarters of those companies—216—have neither raised money nor been acquired since the end of 2015. Startups tend to raise funding every 12 to 18 months.
Canada
By Kristine Owram
     (Bloomberg) — Canada’s stock benchmark briefly hit its highest level since February before paring some of those gains as relief over the French election led a global rally that boosted financial stocks.
     The S&P/TSX Composite Index added 98 points or 0.6 percent to close at 15,712.46. Earlier in the day it rose as much as 1 percent, nearing the record high of 15,922 set on Feb. 21.
     Financial stocks were the biggest gainer, adding 1.5 percent, the sector’s biggest increase since March 1. IGM Financial Inc. and Manulife Financial Corp. both rose more than 3 percent.
     The materials index took some of the steam out of the rally, falling 0.8 percent along with the price of gold as demand for safe havens waned. Semafo Inc. plunged 15.7 percent after it cut its full-year gold production forecast.
     In other moves:
* Home Capital Group Inc. fell 9.1 percent. Founder Gerald Soloway will step down from the board and an interim chief financial officer was named in response to allegations that the lender misled investors and broke securities laws
* Canfor Corp. lost 3.6 percent and West Fraser Timber Co. Ltd. fell 2.9 percent. The U.S. is expected to issue preliminary countervailing duties on Canadian softwood lumber this week
* IGM Financial Inc. rose 3.4 percent, its biggest gain since November, following an upgrade by analysts at RBC.
US
By Oliver Renick
     (Bloomberg) — U.S. stock benchmarks rallied along with European shares Monday as Sunday’s vote in France triggered a relief rally in global equities. President Donald Trump’s vow to announce tax reforms this week also fueled gains.
* S&P 500 up 1.1% to 2,374.13 at 4pm
* Fell 0.3% on Friday as financial companies underperformed
* Dow Industrials up 1.1% to 20,764
* Nasdaq Composite makes a new high, up 1.2% to 5,984
* The index is up 15% since Nov. 8, compared with 11% in the S&P 500
* S&P 500 Financials (+2.2%) with industrial (+1.3%) and tech stocks (+1.3%) leading the market
* Energy shares up 0.5% despite 0.8% drop in crude oil prices
* Volume in S&P 500 14% above 30-day average
* VIX falls 25% to below 11, its biggest drop since August 2011 and the lowest level since February
* POLITICS:
* Centrist Emmanuel Macron and far-right nationalist Marine Le Pen won the first round of France’s presidential elections Sunday, triggering a runoff on May 7 between two radically different visions of France’s economy
* Trump tweeted on Saturday that he plans to announce a “big” tax reform and reduction plan on April 26
* A U.S. government shutdown is possible April 29 if Congress doesn’t approve a spending bill to fund the government past April 28
* ECONOMY:
* U.S. March Chicago national activity below est: March Chicago Fed national index 0.08 vs est. 0.50 (range -0.1 to 0.75); February revised to 0.27 from 0.34
* U.S. April Dallas Fed manufacturing index 16.8 vs est. 17.0
* EARNINGS
* After-market Monday: Range Resources (RRC), Newmont Mining (NEM), Ameriprise Financial Inc (AMP), Express Scripts Holding (ESRX), Zions Bancorporation (ZION), Crown Castle International (CCI), UDR (UDR), Whirlpool (WHR)
* Pre-market Tuesday: Centene (CNC), Laboratory Corp of America Holdings (LH), Ryder System (R), PulteGroup (PHM), DuPont (DD), Biogen (BIIB), Pentair (PNR), McDonald’s (MCD), Corning (GLW), Freeport-McMoRan (FCX), Eli Lilly (LLY), Baker Hughes (BHI), Fifth Third Bancorp (FITB), Nielsen Holdings (NLSN), Xerox (XRX), Coca-Cola (KO), Valero Energy (VLO), AutoNation (AN), Waters (WAT), Masco (MAS), S&P Global (SPGI), Lockheed Martin (LMT), T Rowe Price Group (TROW), Northern Trust (NTRS), 3M (MMM), Caterpillar (CAT), Paccar(PCAR)

 

Have a wonderful evening everyone.

 

Be magnificent!

You can live with few clothes or with one meal a day, but  that is not simplicity.
So be simple, don’t live in a complicated way, contradictory and so on, just be simple inwardly.
Krishnamurti

As ever,

Carolann

 

A somebody was once a nobody who wanted to and did.
                                    -John Burroughts, 1837-1921

 

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:
Tomorrow is Earth Day so that time of year again to celebrate with an earth dinner!   For ideas on giving an Earth Dinner, see www.earthdinner.org.

Very little is needed to make a happy life; it is all within yourself, in your way of thinking. –Marcus Aurelius.

On April 21, 1910, author Samuel Langhorne Clemens, better known as Mark Twain, died in Redding, Conn. 
Go to article »

On April 21, 1926, Queen Elizabeth was born was born – she is today, the longest-reigning monarch in British history.
PHOTOS OF THE DAY

Members of the King’s Troop Royal Horse Artillery take part in a ceremonial 41 gun salute in Hyde Park to mark Britain’s Queen Elizabeth II’s 91st birthday, in London, on Friday. Alastair Grant/AP

The snow-covered Nordkette Mountains are pictured behind the city of Innsbruck, Austria, on Friday. Dominic Ebenbichler/Reuters
A dentist wearing a virtual reality (VR) headset demonstrates VR simulation program for dental surgeons in Tokyo, Japan, on Friday. Issei Kato/Reuters
Market Closes for April 21^st, 2017

Market Index	Close	Change
Dow Jones	20547.76	-30.95   -0.15%
S&P 500	2348.69	-7.15   -0.30%
NASDAQ	5910.523	-6.254   -0.11%
TSX	15614.48	-11.08
		-0.07%

International Markets

Market Index	Close	Change
NIKKEI	18620.75	+190.26
		+1.03%
HANG SENG	24042.02	-14.96
		-0.06%
SENSEX	29365.30	-57.09
		-0.19%
FTSE 100*	7114.55	-3.99
		-0.06%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.470		1.483
CND. 30 Year Bond		2.141		2.153
U.S.    10 Year Bond		2.2480		2.338
U.S. 30 Year Bond		2.9015		2.8845

Currencies

BOC Close	Today	Previous
Canadian $	0.74128	0.74237
US $	1.34901	1.34703
Euro Rate 1 Euro=		Inverse
Canadian $	1.44682	0.69117
US $	1.07250	0.93240

Commodities

Gold	Close	Previous
London Gold Fix	1281.85	1282.10
Oil	Close	Previous
WTI Crude Future	49.27	50.27

Market Commentary:
40%
The U.S. share of world soybean exports, down from more than 70% three decades ago. We take a look at how and why America’s agricultural dominance has eroded.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks closed slower as financial shares lagged, while energy stocks rose even as oil prices posted their biggest weekly loss since early March.
     The S&P/TSX Composite Index slipped 11 points or 0.1 percent to 15,614.48. For the week, the benchmark gained 0.5 percent.
     Energy shares rose 0.5 percent, led by a 2.4 percent gain at Cenovus Energy Inc., despite a 2.3 percent drop in West Texas Intermediate crude prices to $49.49 a barrel, its first close below $50 since March 29. The financials index fell 0.5 percent.
     In other moves:
* Home Capital Group Inc. jumped 8.7 percent. The alternative- mortgage lender released preliminary first-quarter results after a regulator accused it Thursday of misleading investors, causing the shares to plunge 21 percent
* SNC-Lavalin Group Inc. gained 2.3 percent after announcing Thursday that it reached a deal to buy U.K.-based WS Atkins Plc for C$3.6 billion
* Kinross Gold Corp. and New Gold Inc. gained more than 2 percent as the price of gold edged higher.
US
By Jeremy Herron
     (Bloomberg) — U.S. ended lower in heavy trading, while Treasuries and the dollar were little changed as markets struck a note of caution ahead of this weekend’s French presidential election.
     The S&P 500 Index slumped in the final minutes of trading on volume 16 percent above the 30-day average. Stocks ended above session lows after Donald Trump said the White House will present a tax-reform plan next week. The statement to the Associated Press sent the Treasury 10-year yield lower, leaving it unchanged for the day and week. The Bloomberg Dollar Spot Index climbed, paring a second weekly loss. Crude slid below $50 a barrel, while gold advanced.
     Trump’s promise for a tax plan next week injected the market with a modicum of hope that the administration will push forward with reforms that appeared to have stalled in recent week. Treasury Secretary Steven Mnuchin on Thursday signaled that tax reform remained a priority. Investors continue to grapple with a spate of geopolitical risk events, with the murder of a policeman on the Champs-Elysees adding to uncertainty before France’s vote.
     “The need to hedge the downside risks on the euro without capping the upside potential, has mostly pushed investors toward the currency options through the week,” Ipek Ozkardeskaya, a market analyst at London Capital Group Ltd., wrote in a note. Heightened stock volatility has been spurred by investors’ need to protect against political risk into and following the first round, she said.
     Read our Markets Live blog here.
     Here are some events that investors will be watching:
* The first round of voting in the French election is on Sunday, and the two leading candidates will run off in a winner-takes- all contest on May 7. Currency desks are gearing up for the event, with memories still fresh from last year’s Brexit vote and U.S. presidential election.
* U.S. Markit manufacturing PMI and Markit services PMI for April will be gleaned for clues about economic growth and outlook
* The annual Spring Meetings of the World Bank Group and the International Monetary Fund bring government officials, central bankers, journalists, academia and the private sector to Washington for briefings on the global economy and international development.
     Here are the main markets moves:
     Stocks
* The S&P 500 fell 0.3 percent to 2,348.78 as of 4 p.m. in New York. The measure advanced 0.9 percent in the week, the most since Feb. 17.
* The Stoxx Europe 600 rose less than 0.1 percent, trimming a weekly decline to 0.7 percent.

     Currencies
* The Bloomberg Dollar Spot Index climbed 0.1 percent after trading most of the session little changed. It’s down 0.2 percent for the week.
* The yen rose 0.2 percent to 109.099.
* The euro weakened 0.1 percent to $1.0702. Sterling fell 0.1 percent to $1.2799.

     Bonds
* The yield on 10-year Treasury notes was unchanged at 2.23 percent on Friday, leaving the rate identical to where it ended the prior week.
* Corporate issuance was muted in the week with $25 billion in three sessions, largely from financials as JPMorgan Chase & Co. Bank of America Corp. and Morgan Stanley all sold debt.
* French 10-year yields were little changed at 0.93 percent. Bunds gained, with the yield on the benchmark due in a decade one basis point lower at 0.24 percent.

     Commodities
* West Texas Intermediate fell as investors lost faith that an extension of OPEC-led supply cuts will overcome growing U.S. production and ease a global glut.
* Front-month futures lost 2.2 percent Friday to settle at $49.62 a barrel, the lowest close since March 29. The contract fell 6.7 percent in the week.
* Gold futures rose 0.2 percent to $1,287.20 an ounce, as a measure of the metal’s volatility fell to a 4-year low before the first round of voting in French elections.
* Iron ore futures climbed 5.1 percent.
* London Metal Exchange copper settled unchanged at $5,623 per ton, after swinging between gains and losses.

 

Have a wonderful weekend everyone.

 

Be magnificent!

The first condition of humanness is a little humility and a little diffidence
about the correctness of one’s conduct and a little receptiveness.
Mahatma Gandhi

As ever,
 

Carolann

 

The wise man must remember that while he is a descendant of the past,
he is a parent of the future.  -Herbert Spencer, 1820-1903

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 2010, an explosion on the Deepwater Horizon oil platform kills 11 workers and causes an estimated 200 million gallons of crude to begin spilling into the Gulf of Mexico.

EXIT GUIDANCE
Yes, the sign says you can find gas and lunch at that highway exit.  But how far will you  have to drive to get there?  The app iExit will tell you exactly where a restaurant is and where you can find Wi-Fi, among other information, taking the guess-work out of pit stops.  The app is free for iOS and Android.-CSM.
PHOTOS OF THE DAY

Two girls ride their horses between fields of rapeseed on the outskirts of Frankfurt, Germany, on a sunny Thursday evening. Michael Probst/AP

A woman takes a selfie with her smartphone next to a bed of tulips at a Beijing park on Thursday. Mark Schiefelbein/AP
Market Closes for April 20^th, 2017

Market Index	Close	Change
Dow Jones	20578.71	+174.22   +0.85%
S&P 500	2355.91	+17.74   +0.76%
NASDAQ	5916.7777	+53.743   +0.92%
TSX	15626.22	+73.34
		+0.47%

International Markets

Market Index	Close	Change
NIKKEI	18430.49	-1.71
		-0.01%
HANG SENG	24056.98	+231.10
		+0.97%
SENSEX	29422.39	+85.82
		+0.29%
FTSE 100*	7118.54	+4.18
		+0.06%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.483		1.465
CND. 30 Year Bond		2.153		2.139
U.S.    10 Year Bond		2.338		2.2143

Currencies

BOC Close	Today	Previous
Canadian $	0.74237	0.74177
US $	1.34703	1.34812
Euro Rate 1 Euro=		Inverse
Canadian $	1.44349	0.69286
US $	1.07156	0.93322

Commodities

Gold	Close	Previous
London Gold Fix	1282.10	1279.05
Oil	Close	Previous
WTI Crude Future	50.27	50.44

Market Commentary:
Numbers of the Day
3.76%
The percentage that U.S. crude futures fell Wednesday, their worst day since early March.
$1.93 billion
Morgan Stanley’s first-quarter profit, as it rode a boost in debt trading to surpass rival Goldman Sachs and join other big Wall Street firms in posting strong results to start the year.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks ended the day higher as industrials shares gained on strong rail earnings and financials rallied together with their U.S. peers.
     The S&P/TSX Composite Index added 73 points or 0.5 percent to close at 15,625.56. The industrials index rose 1.1 percent as Canadian Pacific Railway Ltd. jumped 2.6 percent and Canadian National Railway Co. climbed 1.7 percent. CP reported strong first-quarter earnings, including its first sales increase since the third quarter of 2015.
     Financial shares rose 0.6 percent despite a plunge in shares of Home Capital Group Inc., which lost 20.7 percent following allegations that current and former executives misled investors on the reason behind a decline in mortgage originations.
     In other moves:
* Nevsun Resources Ltd. gained 6.7 percent, its biggest gain since Nov. 10. The miner said its pre-feasibility study for a Serbian project is on track and infill drilling is largely complete
* Mullen Group Ltd. dropped 6 percent. The trucking company reported earnings late Wednesday that missed expectations
* Martinrea International Inc. added 3.2 percent.
US
By Jeremy Herron and Dani Burger
     (Bloomberg) — U.S. stocks jumped amid corporate results and comments from the Treasury Secretary that bolstered bets the Trump administration would cut taxes soon. The dollar all but erased losses and Treasuries fell as the odds for a June interest-rate hike climbed.
     The S&P 500 Index had its second best day since March as Steven Mnuchin said plans to reform taxes have progressed. Financial shares continued an up-and-down week as American Express Co. powered the group to a gain of 1.6 percent two days after Goldman Sachs Group Inc. sent it tumbling. Bloomberg’s dollar spot index was flat after Bank of Japan Governor Haruhiko Kuroda said the country will maintain an accommodative monetary policy.
     Mnuchin’s comments eased growing concern that President Donald Trump’s fiscal agenda is foundering, while the odds for a rates hike in June surged toward toward 60 percent after Dallas Fed President Robert Kaplan reiterated that three increases this year remain appropriate. Earnings continued paint a mixed picture on the health of the economy, while investors kept an eye on a series of elections in Europe and tensions around North Korea and Syria that threaten to ratchet up market risks.
     Read our Markets Live blog here.
     Here are the events that investors will be watching:
* U.S. Vice President Mike Pence continues his Asia-Pacific trip with a stop in Jakarta.
* The first round of voting in the French election is on Sunday, and the two leading candidates will run off in a winner-takes- all contest on May 7.
     And here are the main moves in markets:
     Stocks
* The S&P 500 rose 0.8 percent to 2,355.92 at 4 p.m. in New York.
* AmEx surged nearly 6 percent to pace gains in the financial group after its results topped estimates.
* Qualcomm Inc. rose slightly and EBay Inc. retreated on earnings reports, while CSX Corp. jumped after announcing a share buyback.
* The Stoxx Europe 600 Index edged higher by 0.2 percent after swinging between gains and losses.
* Emerging-market equities jumped 0.6 percent.

      Currencies
* The Bloomberg Dollar Spot Index was unchanged, erasing a loss that reached 0.3 percent after Kuroda’s comments to Bloomberg News. The measure surged 0.5 percent Wednesday.
* The pound rose 0.3 percent to $1.2819 and the euro climbed 0.13 percent to $1.0725.
* The yen weakened 0.4 percent to 109.34 per dollar, following a 0.4 percent decline on Wednesday.

     Bonds
* The yield on 10-year Treasuries rose two basis points to 2.24 after a five-basis-point advance Wednesday.
* German government bond yields with a similar maturity added four basis points to 0.24 percent.

     Commodities
* West Texas Intermediate oil fell 0.3 percent to $50.27 a barrel, after tumbling 3.8 percent Wednesday when a report showed U.S. gasoline supplies increased for the first time since February, while crude output keeps rising.
* Gold futures were little changed at $1,282.80 an ounce in New York.

Have a wonderful evening everyone.

 

Be magnificent!

The first condition of humanness is a little humility and a little diffidence
about the correctness of one’s conduct and  a little receptiveness.
Mahatma Gandhi

As ever,

 

Carolann

 

The evil of the world is made possible by nothing
but the sanction you give it.
                             -Ayn Rand, 1905-1982

 

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…
1775 – Battle of Lexington & Concord – Start of the American Revolution.
1932 –  Herbert Hoover suggests a 5-day work week.
1933 – The United States went off the gold standard.
1943 – Tens of thousands of Jews living in the Warsaw Ghetto began an uprising against Nazi forces.
1961 – The Federal Communications Commission authorized regular FM stereo broadcasting starting on June 1, 1961.
1994 – A Los Angeles jury awarded $3.8 million to beaten motorist Rodney King.

On April 19, 1995, a truck bomb exploded outside the Alfred P. Murrah Federal Building in Oklahoma City, killing 168 people and injuring 500. (Timothy McVeigh was later convicted of federal murder charges and executed.)
Go to article »

PHOTOS OF THE DAY

A red squirrel holds a seed pod in its mouth in Stuttgart, Germany, on Wednesday. Lino Mirgeler/dpa/AP

Tour buses park near tulip fields surrounding Keukenhof spring garden in Lisse, Netherlands, on Wednesday. Keukenhof attracts about 1 million visitors from all over the world. It has more than 7 million bulbs in bloom this spring, with 800 varieties of tulips, and is open from March 23 to May 21.Peter Dejong/AP

Ducklings follow their mother on the small Nidda river on the outskirts of Frankfurt, Germany, on Wednesday. Michael Probst/AP
Market Closes for April 19^th, 2017

Market Index	Close	Change
Dow Jones	20404.49	-118.79   -0.58%
S&P 500	2338.17	-4.02   -0.17%
NASDAQ	5863.035	+13.564   +0.23%
TSX	15552.88	-69.69
		-0.45%

International Markets

Market Index	Close	Change
NIKKEI	18432.20	+13.61
		+0.07%
HANG SENG	23825.88	-98.66
		-0.41%
SENSEX	29336.57	+17.47
		+0.06%
FTSE 100*	7114.36	-33.14
		-0.46%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.465		1.439
CND. 30 Year Bond		2.139		2.113
U.S.    10 Year Bond		2.2143		2.1700
U.S. 30 Year Bond		2.8706		2.8376

Currencies

BOC Close	Today	Previous
Canadian $	0.74177	0.74741
US $	1.34812	1.33795
Euro Rate 1 Euro=		Inverse
Canadian $	1.44406	0.69249
US $	1.07118	0.93355

Commodities

Gold	Close	Previous
London Gold Fix	1279.05	1278.95
Oil	Close	Previous
WTI Crude Future	50.44	52.41

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks closed lower, reversing an earlier gain, after a report showed U.S. gasoline supplies increased for the first time since February, weighing on energy shares.
     The S&P/TSX Composite Index fell 70 points or 0.5 percent to 15,552.88. Energy stocks lost 1 percent after the U.S. Energy Information Administration said gasoline stockpiles climbed by 1.54 million barrels last week, surprising analysts who projected a decrease of 2 million barrels.
     The materials index tumbled 1.6 percent on weakness in gold, which lost 1 percent to $1,281.30 an ounce. Yamana Gold tumbled 5.7 percent.
     In other moves:
* Parkland Fuel Corp. jumped 5.7 percent, its biggest gain since August, after it agreed to buy gas stations and a refinery in British Columbia from Chevron Corp. for C$1.46 billion
* Saputo Inc. fell 3 percent after U.S. President Donald Trump said he wants to stop incentives that encourage Canadian processors to use local supplies of milk
* BlackBerry Ltd. rose 3.1 percent. CEO John Chen told the Financial Times that he expects “a comeback in handsets”
* Canopy Growth Corp. jumped 5.9 percent, regaining most of the ground it had lost since the Canada unveiled plans to legalize recreational pot last week
* Rogers Communications Inc. gained 1.5 percent to a record high after it reported unexpectedly strong subscriber growth.
US
By Oliver Renick
     (Bloomberg) — U.S. stocks ended the day lower as an early rally in financial companies reversed and as plunging crude oil prices sent energy shares lower.
* S&P 500 down 0.2% to 2,338.17 at 4pm
* Closed down 0.3% on Tuesday, as IBM and Goldman earnings disappointed
* Dow Industrials down 119 points, or 0.6%, to 20,404.49
* Financials slid 0.3% after gaining as much as 1%
* Utilities, real estate and staples weakened as the 10-year Treasury yield jumped to 2.21% from 2.17%
* Stock movers (shares with moves outside two standard deviations from average 20-day price change)
* Up: Intuitive Surgical (ISRG), Lam Research (LRCX), Mettler-Toledo (MTD)
* Down: IBM (IBM), Textron (TXT), Archer-Daniels Midland (ADM)
* VIX climbs to 14.9
* Volatility movers: Discover Financial (DFS), Vornado Realty (VNO), Laboratory Corp (LH) have highest put-call volume ratios in S&P 500
* About 6.6b shares traded hands on U.S. exchanges, roughly in line with the one-year average
* Volume movers: WW Grainger (GWW), IBM (IBM), Lam Research (LRCX) all traded with volume at least three times 30-day average
* POLITICS:
* Planners are contemplating what a U.S. strike on North Korea might look like, and the options are grim
* ECONOMY:
* MBA mortgage applications index fell 1.8% in week ended April 14 after rising 1.5% in prior week
* Traders are pulling back from bets the Fed will raise interest rates in June as inflation expectations crumble; odds of a hike have fallen to about 44% from more than 60% earlier this month, based on a gauge compiled by Bloomberg
* EARNINGS:
* After-market Wednesday: CSX (CSX), SL Green Realty (SLG), American Express (AXP), United Rentals (URI), Qualcomm (QCOM), Torchmark (TMK), Kinder Morgan (KMI), eBay (EBAY)
* European Market
* Stoxx Europe 600 Index climbed 0.2% at the close in London
 

Have a wonderful evening everyone.

 

Be magnificent!

What is the world?  It is the earth below and the sky above and the air in space that connects them.
What is light?  It is fire below and the sun above – and the lightning that connects them.
What is education?  It is the teacher above and the disciple below – and the wisdom that connects them.
Taittiriya Upanishad

As ever,

Carolann

 

Failure is the condiment that gives success its flavor.
                               -Truman Capote, 1924-1984

 

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 April 18, 1906, a major earthquake struck San Francisco and set off raging fires. More than 3,000 people died.
Go to article »
Also on this day in…
1775 – Paul Revere’s midnight ride.
1949 – The Irish Republic was proclaimed.
1955 – Physicist Albert Einstein died at age 76.
1956 – Actress Grace Kelly married Prince Rainier of Monaco.
1989 – Thousands of Chinese students demanding democracy tried to storm Communist Party headquarters in Beijing.
PHOTOS OF THE DAY

A tree stands in a field of oilseed rape in Polesworth, Britain on Tuesday. Darren Staples/Reuters

Two dogs run through the snow, on top of Feldberg Mountain, just outside of Frankfurt, Germany on Tuesday. Kai Pfaffenbach/Reuters

A woman poses for a photographer in a buttercup flower field near Kibbutz Nir Yitzhak in southern Israel, just outside the Gaza Strip on Tuesday. Amir Cohen/Reuters
Market Closes for April 18^th, 2017

Market Index	Close	Change
Dow Jones	20523.28	-113.64   -0.55%
S&P 500	2342.19	-6.82   -0.29%
NASDAQ	5849.473	-7.315   -0.12%
TSX	15622.57	-62.32
		-0.40%

International Markets

Market Index	Close	Change
NIKKEI	18418.59	+63.33
		+0.35%
HANG SENG	23924.54	-337.12
		-1.39%
SENSEX	29319.10	-94.56
		-0.32%
FTSE 100*	7147.50	-180.09
		-2.46%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.439		1.516
CND. 30 Year Bond		2.113		2.179
U.S.    10 Year Bond		2.1700		2.2481
U.S. 30 Year Bond		2.8376		2.9062

Currencies

BOC Close	Today	Previous
Canadian $	0.74741	0.75080
US $	1.33795	1.33191
Euro Rate 1 Euro=		Inverse
Canadian $	1.43572	0.69651
US $	1.07308	0.93190

Commodities

Gold	Close	Previous
London Gold Fix	1278.95	1284.15
Oil	Close	Previous
WTI Crude Future	52.41	52.65

Market Commentary:
On this day in 1980, the New York Stock Exchange admits its first female specialist, Amy Newkirk, as a member.
NUMBER OF THE DAY
$29.1 million
The amount Google paid for 1,210 acres at a private industrial park east of Reno, Nev. The Alphabet unit aims eventually to build a data center at the Tahoe Reno Industrial Center, several miles south of where Tesla is building its $5 billion battery factory. 
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks closed lower amid global market weakness after British Prime Minister Theresa May called for a snap election and oil and base metals prices fell.
     The S&P/TSX Composite Index fell 62 points or 0.4 percent to 15,622.57, erasing much of Monday’s triple-digit gain. Energy shares lost 0.7 percent as West Texas Intermediate crude swung to a loss, down to $52.62 a barrel. Baytex Energy Corp. slipped 2 percent while Canadian Natural Resources Ltd. fell 1.6 percent.
     The materials index fell 0.5 percent as an index of base metals retreated the most since November on concerns about U.S. and Chinese demand. Ivanhoe Mines Ltd. tumbled 5.1 percent and Lundin Mining Corp. lost 4.8 percent.
     In other moves:
* Amaya Inc. rose 2.9 percent to its highest level since November 2015 after competitor International Game Technology agreed to sell its social gaming business for $825 million
* ProMetic Life Sciences Inc. rose 2.9 percent after it got FDA backing for a drug trial design.
US
By Eric J. Weiner
     (Bloomberg) — U.S. stocks followed European equities down Tuesday while the pound soared after British Prime Minister Theresa May called for surprise early elections to strengthen her hand in Brexit negotiations. Treasuries climbed but industrial metals plunged.
     The S&P 500 Index struggled after its best day since March 1, with shares of health care companies, energy producers and finance firms leading the decline. Goldman Sachs Group Inc. dropped nearly 5 percent, the most in nine months, after stunning Wall Street with a decline in bond trading revenue. Base metals like zinc and nickel retreated amid skepticism of demand from China and the U.S.
     Across the Atlantic, the FTSE 100 Index lost 2.46 percent, the most since June, while the pound surged against the dollar. May said she was calling the election “with reluctance” but that the U.K. needs stability during Brexit negotiations. Polls show her Conservative Party is more than 20 points ahead of the main opposition.
     “Earnings will be a key focus for investors over the next couple of weeks, but the number of geopolitical issues facing the market continues to grow,” Matt Maley, equity strategist at Miller Tabak & Co. in New York, wrote in a note to clients Tuesday. “We’re going to have to see a lot more upside follow through before we can say that the mild weakness we’ve seen since the beginning of March in the broad market has come to an end.”
     Global instability also weighed on the markets, as the standoff over North Korea’s nuclear weapons program rumbles on and the French presidential election looms. Two candidates who want to take the country out of the region’s common currency remain in contention in the most unpredictable race in recent history.
     Read our Markets Live blog here.
     Here’s what investors are watching:
* The first round of voting in France is this weekend.
* Final euro area inflation figures for March are out Wednesday.
* Morgan Stanley will publish earnings Wednesday. Akzo Nobel NV also reports then and may outline its plan to counter the $24 billion takeover attempt by PPG Industries Inc.
     Here are the main moves in markets:
     Stocks
* The S&P 500 Index closed down 0.29 percent to 2,342.18, and the Dow Jones Industrial Average ended off 0.55 percent to 20,523.28.
* The Nasdaq 100 Stock Index slipped 0.14 percent, while the Russell 2000 Index rose 0.05 percent.
* The Stoxx Europe 600 Index slumped 1.1 percent, led by commodity producers. The Paris CAC 40 Index dropped 1.6 percent, the most since September.
     Currencies
* The Bloomberg Dollar Spot Index fell 0.48 percent.
* The pound was 2.22 percent higher at 1.2844. The euro rose 0.85 percent to $1.0734.
* The Turkish lira increased 1.05 percent, adding to Monday’s gains after Recep Tayyip Erdogan’s referendum victory.
     Bonds
* The yield on 10-year Treasuries fell nearly eight basis points to 2.17 percent.
* U.K. 10-year bond yields slipped 3 basis points at 1.014.
     Commodities
* Gold was flat at $1,291.90 an ounce.
* West Texas Intermediate crude dipped 0.09 percent to $52.60 a barrel, after dropping 1 percent on Monday.
* Iron ore futures continued their slide, losing more than 6 percent since Monday. London Metal Exchange zinc for delivery in three months declined 3.8 percent and nickel fell 4.5 percent.
 

Have a wonderful evening everyone.

 

Be magnificent!

I hold that true education of the intellect can only come through a proper exercise
and training of the bodily organs, e.g., hands, feet, eyes, ears, nose, etc.
In other words an intelligent use of the bodily organs in a child provides
the best and quickest way of developing his intellect.
But unless the development of the mind and body goes hand in hand
with a corresponding awakening of the soul,
the former alone would prove to be a poor lopsided affair.
By spiritual training I mean education of the heart.
Mahatma Gandhi

As ever,

 

Carolann

 

Life is the art of drawing without an eraser.
              -John W. Gardner, 1912-2002

 

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 April 17, 1961, about 1,500 CIA-trained Cuban exiles launched the disastrous Bay of Pigs invasion of Cuba in a failed attempt to overthrow the government of Fidel Castro.
Go to article »
On this day in 1973, FedEx, then known as Federal Express, began operations.
On this day in 1991, the Dow Jones tops 3,000 for the first time.  It closed today at 20,636.92.
PHOTOS OF THE DAY

People interact with the installation ‘London Fog (2017)’ by Japanese artist Fujiko Nakaya at the Tate Modern in London, Britain on Monday.Stefan Wermuth/Reuters

A man with a rainbow colored umbrella walks through a meadow in Traunstein, Germany, on Monday. Michaela Rehle/Reuters
Market Closes for April 17^th, 2017

Market Index	Close	Change
Dow Jones	20636.92	+183.67   +0.90%
S&P 500	2349.01	+20.06   +0.86%
NASDAQ	5856.789	+51.639   +0.89%
TSX	15684.89	+149.41
		+0.96%

International Markets

Market Index	Close	Change
NIKKEI	18355.26	+19.63
		+0.11%
HANG SENG	24261.66	-51.84
		-0.21%
SENSEX	29413.66	-47.79
		-0.16%
FTSE 100*	7327.59	-21.40
		-0.29%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.516		1.494
CND. 30 Year Bond		2.179		2.163
U.S.    10 Year Bond		2.2481		2.2374
U.S. 30 Year Bond		2.9062		2.8923

Currencies

BOC Close	Today	Previous
Canadian $	0.75080	0.75019
US $	1.33191	1.33300
Euro Rate 1 Euro=		Inverse
Canadian $	1.41764	0.70540
US $	1.06437	0.93952

Commodities

Gold	Close	Previous
London Gold Fix	1284.15	1284.15
Oil	Close	Previous
WTI Crude Future	52.65	53.18

Market Commentary:
Canada
By Michael Bellusci
     (Bloomberg) — Canadian stocks, led by financials, consumer staples and industrials, snapped a 3-day slide and scored their biggest advance since March 1.
* S&P/TSX Composite Index closed up 149 or 1% to 15,684.89.
* Financials rallied, helped by Genworth MI Canada, up 2.5%,     and Laurentian Bank of Canada, ahead 2.4%
* Empire Co. helped boost consumer staples, rising 2.3%, while George Weston rose 1.7%
     In other moves:
* Barkerville Gold Mines closed up 27% after reporting a new discovery from the 130,000 metre Phase II Island Mountain and Valley Zone exploration drilling program at its Cariboo Gold Project
* Westport Fuel Systems surged 20% after selling its Auxiliary power unit assets for $70m
* Peeks Social closed up as Apple approved a new version of the Peeks iOS app
US
By Oliver Renick
     (Bloomberg) — U.S. stocks advanced as quieted geopolitical positioning over the weekend eased concern among investors and ended a three-day losing streak.
     The S&P 500 Index added 0.9 percent to 2,349.01 at 4 p.m. in New York. With European markets closed for a holiday on Monday, and the U.S. opening after the Good Friday hiatus, the Dow Jones Industrial average climbed 184 points to 20,637 on volume about 20 percent below its 30-day average.
* All 11 S&P groups higher on day
* Financial and real-estate shares lead, each up at least 1.1%
* Utilities, staples climb as 10-year Treasury yield adds less than a basis point to 2.25%
* Energy shares worst-performing group with 0.2% gain
* About 5.3 billion shares traded hands on U.S. exchanges, least this year
** Volume movers: Arconic (ARNC), Incyte (INCY), Eli Lilly (LLY), Netflix (NFLX) trading at volumes at least two times 30- day average
* VIX down to 14.7; compares with an average of about 12 this year
** Ended last week at 16, its level since the week of the U.S. election in November amid heightened geopolitical tensions
** Volatility movers: Omnicom (OMC), AES (AES), Public Service Enterprise (PEG) have highest put/call volume ratio
* POLITICS:
** Vice President Mike Pence encouraged China to take action against North Korea; met with troops a day after Kim Jong Un’s regime defied the Trump administration with a ballistic missile test
* ECONOMY:
** Confidence among U.S. home builders cooled in April after jumping a month earlier to the highest level since mid-2005
** Empire Manufacturing at 5.2, Est. 15 (range 10.0 to 20.9 on 41 estimates)
* EARNINGS (S&P 500):
** Post-market Monday: United Continental (UAL), Netflix (NFLX)
** Pre-market Tuesday: Charles Schwab (SCHW), Regions Financial (RF), Harley-Davidson (HOG), UnitedHealth Group (UNH), Progressive (PGR), Omnicom Group (OMC), Johnson & Johnson (JNJ), Comerica (CMA), Bank of America (BOA), Goldman Sachs (GS), WW Grainger (GWW), Prologis (PLD)

 

Have a wonderful evening everyone.

 

Be magnificent!

A child must be brought up to understand the word no.  He should be taught yes first of all,
then, yes and no, then no and yes, in such a way that he gradually comes to realize, that there is really only no.
A child’s education is learning to understand no, and this enables him to grow.
Growing up means accepting the concept of no.
Swami Prajnanpad

As ever,

 

Carolann

 

Money is better than poverty, if only for financial reasons.
                                           -Woody Allen, b. 1935

 

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 1997, Tiger Woods becomes, at the age of 21, the youngest person to win the Masters Tournament and the first person of African heritage to claim a major golf title.

Oscar Wilde to Robert Ross, from Rome, April 16, 1900; he had seen Pope Leo XIII the day before:
He was wonderful as he was carried past me on his throne, not of flesh and blood, but a white soul robed in white, and an artist as well as a saint – the only instance in history, if the newspapers are to be believed.
  I have seen nothing like the extraordinary grace of his gesture, as he rose, from moment to moment, to bless – possibly the pilgrims, but certainly me.  Tree [the actor-manager] should see him.  It is his only chance.
  I was deeply impressed; and my walking-stick showed signs of budding…
  How did I get the ticket?  By a miracle, of course.  I thought it was hopeless, and made no effort of any kind.  On Saturday afternoon at five o’clock Harold and I went to have tea at the Hotel de l’Europe.  Suddenly, as I was eating buttered toast, a man, or what seemed to be one, dressed like a hotel porter, entered and asked me would I like to see the Pope on Easter Day.  I bowed my head humbly and said “Non sum dingus” [I am not worthy], or words to that effect.  He at once produced a ticket!
  When I tell you that his countenance was of supernatural ugliness, and that the price of the ticket was thirty pieces of silver, I need say no more.-from The Book of Days.
PHOTOS OF THE DAY

A visitor looks at Pysanky, traditional Ukrainian Easter eggs, displayed as part of the upcoming Easter celebration in central Kiev, Ukraine, on Wednesday. Gleb Garanich/Reuters

Desert monkeys gather on the slopes of the Sarawat Mountains near the Muslim holy city of Mecca, Saudi Arabia, on Wednesday. Amr Nabil/AP
Market Closes for April 13^th, 2017

Market Index	Close	Change
Dow Jones	20453.25	-138.61   -0.67%
S&P 500	2334.48	-10.45   -0.45%
NASDAQ	5805.152	-31.007   -0.53%
TSX	15534.18	-114.22
		-0.73%

International Markets

Market Index	Close	Change
NIKKEI	18426.84	-125.77
		-0.68%
HANG SENG	24261.66	-51.84
		-0.21%
SENSEX	29461.45	-182.03
		-0.61%
FTSE 100*	7327.59	-21.40
		-0.29%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.494		1.519
CND. 30 Year Bond		2.163		2.188
U.S.    10 Year Bond		2.2374		2.2534
U.S. 30 Year Bond		2.8923		2.8970

Currencies

BOC Close	Today	Previous
Canadian $	0.75019	0.75513
US $	1.33300	1.32428
Euro Rate 1 Euro=		Inverse
Canadian $	1.41502	0.70670
US $	1.06153	0.94203

Commodities

Gold	Close	Previous
London Gold Fix	1284.15	1274.30
Oil	Close	Previous
WTI Crude Future	53.18	53.11

Market Commentary:
NUMBER OF THE DAY
$9 billion
The amount that Saudi Arabia raised in its first international sale of Islamic bonds, or sukuk, as the kingdom rolls out an ambitious plan to reshape its oil-dependent economy.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks ended the holiday-shortened trading week with a triple-digit loss as falling bond yields hit financials and oil prices slipped for a second day.
     The S&P/TSX Composite Index lost 113 points or 0.7 percent to 15,535.48, falling below its 50-day moving average (15,590). The Canadian market will be closed Friday for the Easter holiday weekend.
     The financial index fell 1 percent as falling yields battered lenders. Home Capital Group Inc. plunged 8.6 percent and Genworth MI Canada Inc. tumbled 6 percent. The energy index also lost 1 percent as oil prices fell 0.2 percent to $53.02.
     In other moves:
* Canopy Growth Corp. fell 3.7 percent, part of a wider decline in pot stocks, after Canada laid out its plan to legalize recreational marijuana
* Gold stocks were mixed after the world’s second-largest gold ETF widened the criteria for inclusion. Alacer Gold Corp. tumbled 7.7 percent and Guyana Goldfields Inc. lost 5.4 percent, while Eldorado Gold Corp. gained 4.7 percent and Pan American Silver Corp. rose 4.4 percent
* Source Energy Services Ltd. ended its first day of trading unchanged after earlier rising 2 percent. The fracking sand distributor cut its IPO price to C$10.50 from as much as C$19
US
By Eric J. Weiner
     (Bloomberg) — U.S. stocks fell as the U.S. launched a heavy bombing campaign against Islamic State positions in Afghanistan.
     The S&P 500 Index closed down 0.68 percent at 2,328.96 Thursday, while the Dow Jones Industrial Average declined 0.67 percent to 20,453.25. The dollar rose slightly after dropping below its 200-day moving average on Wednesday. Treasuries were flat, erasing earlier declines.
     “It’s just creating more uncertainty with people,” Frank Ingarra, head trader at NorthCoast Asset Management LLC, which oversees about $1.7 billion, said by phone. “It’s the only big news that’s come out. Does it mean we’re going to be more militarily engaged in the world?”
     In addition, traders are trying to get a handle on President Donald Trump’s fiscal and economic plans following his remarks from Wednesday, in which he called the dollar too strong, signaled a softening on China’s currency practices and left open the possibility of reappointing Federal Reserve Chair Janet Yellen.
     “Talk of lower interest rates and a weaker dollar has not helped,” said Mark Kepner, managing director and equity trader at Themis Trading LLC in Chatham, New Jersey.
     Reduced volumes in the shorter trading week before Easter may have compounded the swings as well. The bond market closed at 2 p.m. in New York.
     Here’s what investors are watching:
* With JPMorgan Chase & Co., Citigroup Inc. and Wells Fargo & Co. reporting earnings, analysts are looking at the slowdown in commercial loan growth as well as the state of consumer lending amid worries over high levels of student and auto loans.
* Many markets around the world will be closed tomorrow for the Easter holiday weekend.
     Here are the main moves in markets:
     Currencies
* The Bloomberg Dollar Spot Index rose 0.1 percent, paring an earlier slide of as much as 0.3 percent.
* The yen fell 0.06 percent to 109.10 per dollar.
* The euro was 0.43 percent lower at 1.0619, falling for the first time in four days.

     Stocks
* The Nasdaq 100 Index dropped 0.44 percent, while the Russell 2000 Index slid 1.03 percent.
* The Stoxx Europe 600 Index lost 0.35 percent.

     Bonds
* The yield on the 10-year Treasury was essentially flat at 2.23 percent.
* German 10-year yields fell one basis points to 0.19 percent.

     Commodities
* West Texas Intermediate slipped 0.1 percent to $53.04 a barrel. It fell 0.5 percent on Wednesday as a government report showed U.S. output expanded to the highest level in more than a year, countering a decline in stockpiles from a record.
* Gold climbed 0.9 percent to $1,289.50 an ounce.

 

Have a wonderful weekend everyone.

 

Be magnificent!

If this individuality is wiped away, the creative joy that crystallized it disappears,
even if no material was lost, even if no atom was destroyed.
And if it is lost, it is also a loss for the entire world.  It is particularly precious because it is not universal.
Rabindranath Tagore

As ever,

 

Carolann

 

Our greatest weakness lies in giving up.  The most certain way
to success is always to try just one more time.
                                                -Thomas Edison, 1847-1931

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 April 12, 1945, Franklin D. Roosevelt, the 32nd president of the United States, died of a cerebral hemorrhage in Warm Springs, Ga., at age 63. Vice President Harry S Truman became president.
Go to article »
Also on this day….
In 1961, Yuri Gagarin of the USSR became the first man in space.
1947 – David Letterman was born.
1955 – polio vaccine was announced.
PHOTOS OF THE DAY

A tree blooms above a rapeseed field on a spring morning in Vufflens-la-Ville, Switzerland, on Wednesday. Denis Balibouse/Reuters

The ‘Ecce Homo’ statue by British artist Mark Wallinger as seen outside St Paul’s Cathedral in London on Wednesday. Hannah McKay/Reuters

The moon sets behind the Eiffel tower (r.) and the Luxor Obelisk at the Place de la Concorde in central Paris. Christian Hartmann/Reuters

A cosplayer, dressed in a Hatsune Miku costume, performs during the press preview for the interactive exhibition ‘MangaMania – Big eyes guaranteed’ at Augustusburg castle in Germany on Wednesday. The exhibition includes more than 200 original Mangas from Japanese and other international artists. The exhibition runs from April 13 to Dec. 10. Jens Meyer/AP
Market Closes for April 12^th, 2017

Market Index	Close	Change
Dow Jones	20591.86	-59.44   -0.29%
S&P 500	2344.93	-8.85   -0.38%
NASDAQ	5836.160	-30.612   -0.52%
TSX	15648.40	-78.71
		-0.50%

International Markets

Market Index	Close	Change
NIKKEI	18552.61	-195.26
		-1.04%
HANG SENG	24313.50	+225.04
		+0.93%
SENSEX	29643.48	-144.87
		-0.49%
FTSE 100*	7348.99	-16.51
		-0.22%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.519		1.549
CND. 30 Year Bond		2.188		2.222
U.S.    10 Year Bond		2.2534		2.2962
U.S. 30 Year Bond		2.8970		2.9289

Currencies

BOC Close	Today	Previous
Canadian $	0.75513	0.75042
US $	1.32428	1.33259
Euro Rate 1 Euro=		Inverse
Canadian $	1.41249	0.70797
US $	1.06661	0.93755

Commodities

Gold	Close	Previous
London Gold Fix	1274.30	1252.90
Oil	Close	Previous
WTI Crude Future	53.11	53.40

Market Commentary:
NUMBER OF THE DAY
6,000

The number of employees over the course of various shifts at the Tesla factory in Fremont, Calif., where there are 4,500 parking spaces. Cars are jammed diagonally in spots, propped up on curbs or resting on gravelly medians. One employee documents the worst offenders on Instagram.

On this day in 1837, immigrants William Procter, an English candlemaker, and James Gamble, an Irish soapmaker, open shop in Cincinnati. The business booms, and soon each man puts up $3,596.47 to launch Procter, Gamble & Co. 
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks fell as iron ore prices collapsed, financial stocks retreated with bond yields and oil dropped for the first time in seven days.
     The S&P/TSX Composite Index lost 79 points or 0.5 percent to 15,648.40. Financial stocks fell 0.8 percent as the Bank of Canada held pat on interest rates. The energy index lost 0.6 percent as West Texas Intermediate crude slipped 0.5 percent to $53.11 a barrel.
     Materials stocks also lost ground, slipping 0.4 percent as iron ore prices fell the most in a year. Labrador Iron Ore Royalty Co. fell 5.2 percent.
     In other moves:
* BlackBerry Ltd. jumped 15.4 percent, the most since January 2015, after it was awarded $814.9 million to end a royalty dispute with Qualcomm Inc.
* Bombardier Inc. fell 6.7 percent after gaining 7.2 percent Tuesday. The company is in talks with Siemens AG to combine their rail operations, according to people familiar with the matter
* Ivanhoe Mines Ltd. gained 7.1 percent. The miner said it has approved the start of construction on the main production shaft at its Platreef mine in South Africa
* Shaw Communications Inc. rose 4.8 percent after the telecom company reported its best subscriber numbers since 2012
US
By Oliver Renick
     (Bloomberg) — U.S. stocks fell as investors assessed geopolitical developments from France to Russia and Korea, as well as comments from President Trump on the future of Fed Chair Janet Yellen.
     The S&P 500 lost 0.4 percent to 2,345 as the Dow Jones Industrial Average erased 59 points to 20,592. The S&P 500 closed below its 50-day moving average for first time since Nov. 8 after longest streak above since 2011.
* Seven of 11 S&P 500 sectors lower; health shares little changed
* Materials and industrial shares down at least 1.2% for biggest laggards in market
* Utility, staples and phone stocks higher as bonds strengthen
* S&P 500 has struggled to sustain a rally after last reaching a record in early March; it hasn’t posted gains or losses exceeding 1 percent in the past three weeks
* VIX higher for four straight sessions, to 15.5
** VIX Tuesday rose to its highest since the U.S. election amid heightened geopolitical tensions
* HP (HPQ), Tyson (TSN) among biggest winners in S&P 500, up at least 2.2%
* Tractor Supply (TSCO), Fastenal (FAST) down the most, at least 8%
* Volume on U.S. exchanges 9% below YTD average
* Industrial sector volume 17% above; telecom volume up 8%
* POLITICS:
** President Trump, speaking in an interview with the Wall Street Journal on Wednesday, said he likes the Federal Reserve’s low-interest-rate policy and is leaving open the possibility of renominating Chair Janet Yellen
*** Trump said he will not brand China a currency manipulator and added that the greenback was getting too strong
** Secretary of State Rex Tillerson began talks with Russian President Vladimir Putin in Moscow after the Trump administration accused the Kremlin of trying to cover up a chemical-weapons attack by its Syrian ally Bashar al-Assad
* ECONOMY:
** March import prices down 0.2% m/m after rising 0.4% in Feb.
** MBA mortgage applications index rose 1.5% in week ended April 7 after falling 1.6% in prior week
* EARNINGS:
** Wednesday: Perrigo (PRGO)
** Pre-market Thursday: PNC Financial (PNC), JPMorgan Chase (JPM), Wells Fargo (WFC), Citigroup (C)
* Europe Market
** Stoxx Europe 600 Index added 0.2% at the close, after jumping as much as 0.7% earlier in the day.

 

Have a wonderful evening everyone.

 

Be magnificent!
 

By education I mean an all-round drawing out of the best in a child and man – body, mind, and spirit.
Mahatma Gandhi

As ever,
 

Carolann

 

Always deliver more than expected.
                  -Larry Page, b. 1973

 

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:

April’s full moon which will be in full view tonight is known as the “Pink Moon.” 

While many may be hoping to see a light pink moon, the first full moon in April is called a “pink moon” because it’s when a spring flower called moss pink or phlox typically blooms, according to the Farmer’s Almanac, Space.com reported. According to Space.com, the name likely comes from a Native American tradition. In addition to the Pink Moon, the first full moon in April is also called the Egg Moon, Fish Moon and Sprouting Grass Moon, Space.com reported.
In the early evening sky, you’ll find the star Spica above and to the right of the moon. Jupiter will be directly above the star, and the three will move along the night sky together (which means you don’t have to look up at a precise time).  It will be easy to find the alignment of this threesome with the naked eye, but more amazing to see with a set of binoculars.
The celestial threesome will reach their highest peak around midnight and hang low in the western sky until sunrise.  

Edward FitzGerald in London – he spent most of his time in his cottage at Boulge, near Wodbridge in Suffolk – wrote the following to Bernard Barton, the “Quaker Poet,” a Woodbridge resident, on April 11^th, 1844:

A cloud comes over Charlotte Street and seems as if it were sailing softly on the April wind to fall in a blessed shower upon the lilac buds and thirsty anemones somewhere in Essex; or, who knows? perhaps at Boulge.  Out will run Mrs. Faiers [his housekeeper], and with red arms and face of woe haul in the struggling windows of the cottage, and make all tight.  Beauty Bob [his parrot] will cast a bird’s eye out at the shower, and bless the useful wet.  Mr. Loder [the Woodbridge stationer] will observe to the farmer for whom he is doing up a dozen of Queen’s Heads [the new penny-post stamps], and it will be of great use:  and the farmer will agree that his young barleys wanted it much.  The German Ocean will dimple with innumerable pinpoints, and porpoises rolling near the surface sneeze with unusual pellets of fresh water. –from The Book of Days.
PHOTOS OF THE DAY

Mount Etna, Europe’s most active volcano, spews lava during an eruption in the early hours of Tuesday behind the Sicilian town of Riposto, Italy. Salvatore Allegra/AP

Penitents from ‘Cristo de la Buena Muerte,’ or ‘Good Dead Christ,’ brotherhood take part in a procession in Madrid in the early hours of Tuesday. Hundreds of processions take place throughout Spain during the Easter Holy Week. Daniel Ochoa de Olza/AP
Market Closes for April 11^th, 2017

Market Index	Close	Change
Dow Jones	20651.30	-6.72   -0.03%
S&P 500	2353.78	-3.38   -0.14%
NASDAQ	5866.73	-14.153   -0.24%
TSX	15727.11	-3.68
		-0.02%

International Markets

Market Index	Close	Change
NIKKEI	18747.87	-50.01
		-0.27%
HANG SENG	24088.46	-173.72
		-0.72%
SENSEX	29788.35	+212.61
		+0.72%
FTSE 100*	7365.50	+16.56
		+0.23%

Bonds

Bonds		% Yield		Previous  % Yield
CND. 10 Year Bond		1.549		1.601
CND. 30 Year Bond		2.222		2.264
U.S.    10 Year Bond		2.2962		2.3625
U.S. 30 Year Bond		2.9289		2.9888

Currencies

BOC Close	Today	Previous
Canadian $	0.75042	0.75027
US $	1.33259	1.33286
Euro Rate 1 Euro=		Inverse
Canadian $	1.41339	0.70752
US $	1.06064	0.94283

Commodities

Gold	Close	Previous
London Gold Fix	1252.90	1250.05
Oil	Close	Previous
WTI Crude Future	53.40	53.08

Market Commentary:
NUMBER OF THE DAY
8.8%
The stake Jana Partners has built in Whole Foods along with several allies. The activist investor wants the organic grocer to accelerate its turnaround and explore a possible sale, increasing pressure after its rapid growth stalled.
Canada
By Aoyon Ashraf
     (Bloomberg) — Canadian stocks closed lower after marijuana companies dragged the group down, while gold and silver miners advanced as investors turned to metals as a safe haven.
     The S&P/TSX Composite Index fell 3.7 points to close at 15,727.11. The index is down about 1.2 percent since reaching a record high on Feb. 21.
     Canopy Growth Corp. fell 5.3 percent, along with other Canadian marijuana companies. Prime Minister Justin Trudeau’s government is expected as early as this week to unveil details of a plan to legalize recreational marijuana.
     Gold climbed to the highest in five months as geopolitical tensions fueled demand for the metal as a haven. Gold futures for June delivery gained 1.6 percent to settle at $1,274.20 an ounce at 1:40 p.m. on the Comex in New York.
     In other moves:
*Hudson’s Bay Company gained 8% on heavy volume amid the company’s comment about an initial public offering of its real estate properties during the earnings conference call on April 5
* New Gold, First Majestic, Detour Gold closed higher amid gold and silver price rally
* ProMetic Life Sciences was among the biggest decliners in the health-care sector for TSX.
US
By Oliver Renick
     (Bloomberg) — U.S. stocks slid as investors assessed geopolitical risks and tech stocks extended their decline to an eighth straight session.
* S&P 500 down 0.1% to 2,353.78 at 4 p.m. in New York
* Index has traded above the 50 day average for 105 sessions, longest streak since 2011
* Dow Jones Industrial Average little changed at 20,651.30
* 7 of 11 sectors lower on day
* Tech shares down 0.4% as biggest laggard
* Financial stocks end 0.3% lower after losing as much as 1.3%; the group has declined in all but four trading sessions since March 20
* VIX up 7% to 15.1
* The White House press secretary warned Syria to stop using barrel bombs against civilians, suggesting President Trump may expand the criteria for U.S. action against Bashar al- Assad’s regime
* U.S. stock gains are justified by economic and earnings growth, according to Ross Yarrow, director of U.S. equities at Robert W. Baird, who recommended being overweight the shares
* ECONOMY:
* Fed Chair Yellen said late yesterday that the U.S. central bank’s task has shifted from a post-crisis exercise of healing the economy to one aimed at holding on to progress made
* Traders are pricing in a 59% chance of higher borrowing costs by June, Fed fund futures show
* EARNINGS:
* Pre-market Wednesday: Delta Air Lines (DAL), Fastenal (FAST)

 

Have a wonderful evening everyone.

 

Be magnificent!

By the term religion, I am using it
in its broadest sense, meaning thereby self realization
or knowledge of the self.
Mahatma Gandhi

 

As ever,

 

Carolann

 

When one door of happiness closes, another opens; but often we look so long
at the closed door that we do not see the one which has been opened for us.
                                                                    -Helen Keller, 1880-1968

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

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

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