February 2, 2017 Newsletter

Dear Friends,

Tangents:

Imbolc: Wiccan Feast of Torches

Groundhog’s Day

Candlemas Day: formerly the Feast of the Purification of the Virgin Mary, now called the Presentation of Christ.  One of the Quarter Days in Scotland.  In Roman Catholic churches all the candles that will be needed in the church throughout the year are consecrated on this day.  They symbolize Jesus Christ, “The light of the World: and a “a light to lighten the Gentiles”.  The ancient Romans had a custom of burning candles to scare away evil spirits.

Quarter Days: The days on which certain payments are traditionally due and tenancies begin and end, so called as they fall at quarter-yearly intervals.

New Style:
Lady Day: March 25th.

Midsummer Day: June 24th.
Michaelmas Day: September 29th.
Christmas Day: December 25th.

Old Style:

Lady Day: April 6th.
Old Midsummer Day: July 6th.
Old Michaelmas Day: October 11th.
Old Christmas Day: January 6th

In Scotland the quarter days are Candlemas Day (February 2nd), Whitsunday (May 15th), Lammas Day (August 1st) and Martinmas Day (November 11th).

 -from Brewer’s.

If Candlemas Day be dry and fair,
The half o’ winter’s come and mair;
If Candlemas Day be wet and foul,
The half o’ winter was gone at Youl.

   Scottish proverb

PHOTOS OF THE DAY
A masked dancer takes part in a celebration honoring the Virgin of Candelaria in Diriomo, Nicaragua, on Wednesday. Oswaldo Rivas/Reuters

Groundhog Club handler John Griffiths holds Punxsutawney Phil, the weather prognosticating groundhog, during the 131st celebration of Groundhog Day on Gobbler’s Knob in Punxsutawney, Pa., on Thursday. Phil’s handlers said that the groundhog has forecast six more weeks of winter weather.Gene J. Puskar/AP

Waves hit the seawall during heavy seas and high winds in Dawlish, southwest England, on Thursday. Toby Melville/Reuters

Market Closes for February 2nd, 2017

Market

Index

Close Change
Dow

Jones

19884.91 -6.03

 

 

-0.03%

 
S&P 500 2280.85 +1.30

 

+0.06%

 
NASDAQ 5636.199 -6.451

 

-0.11%

 
TSX 15399.11 -3.29

 

-0.2%

International Markets

Market

Index

Close Change
NIKKEI 18914.58 -233.50
-1.22%
HANG

SENG

23184.52 -133.87
-0.57%
SENSEX 28226.61 +84.97
+0.30%
FTSE 100* 7140.75 +33.10
+0.47%

Bonds

Bonds % Yield Previous % Yield
CND.

10 Year Bond

1.766 1.761
CND.

30 Year

Bond

2.411 2.405
U.S.   

10 Year Bond

2.4737 2.4699
U.S.

30 Year Bond

3.0877 3.0753
           
           

Currencies

BOC Close Today Previous
Canadian $ 0.76771 0.76653
US$ 1.30258 1.30459
     
Euro Rate

1 Euro=

  Inverse
Canadian $ 1.40198 0.71328
US $ 1.07631 0.92910

Commodities

Gold Close Previous
London Gold

Fix

1221.95 1203.65
     
Oil Close Previous
WTI Crude Future 53.54 53.88

Market Commentary:

NUMBER OF THE DAY
51%
 
The jump in Facebook’s revenue in the fourth quarter, as the social-media giant squeezed nearly 30% more revenue per user, pumping its advertising muscle ahead of an anticipated slowdown in growth later this year.

CANADA
Most actively traded companies on the TSX

2017-02-02 21:42:07.630 GMT

     (Canadian Press) — Some of the most active companies traded Thursday on the Toronto Stock Exchange:
^Toronto Stock Exchange (15,399.11, down 3.28 points)@:
B2Gold Corp. (TSX:BTO). Miner. Down 11 cents, or 2.66 per cent, to $4.03 on 12.5 million shares.
Spartan Energy Corp. (TSX:SPE).  Oil and gas. Down six cents, or 2.03 per cent, to $2.89 on 10.5 million shares. 
OceanaGold Corp. (TSX:OGC). Miner. Down 30 cents, or 6.45 per cent, to $4.35 on 7.9 million shares. 
Kinross Gold Corp. (TSX:K). Miner. Up seven cents, or 1.39 per cent, to $5.12 on 4.4 million shares. 
Barrick Gold Corp. (TSX:ABX). Miner. Up 57 cents, or 2.36 per cent, to $24.68 on 4.2 million shares. 
Cameco Corp. (TSX:CCO). Miner. Down 71 cents, or 4.83 per cent, to $13.99 on 4.1 million shares.
^Companies reporting major news@:
BCE Inc. (TSX:BCE). Media and telecommunications. Down 95 cents, or 1.63 per cent, to $57.44 on 2.4 million shares. The company reported a profit of $657 million in the fourth quarter or 75 cents per share. That was up about 30 per cent from $496 million or 58 cents per share in the fourth quarter of 2015. It beat analyst expectations as it added 315,311 net postpaid wireless subscribers in its last fiscal year, ending Dec. 31, 2016, up 19 per cent compared to 265,369 in 2015.
Saputo Inc. (TSX:SAP). Consumer packaged goods. Down 83 cents, or 1.75 per cent, to $46.49 on 463,779 shares. The founder of the Montreal-based cheese and dairy processor, Lino Saputo, is retiring in August and handing his position as chairman to his son, Lino Saputo Jr., who remains chief executive. It also reported third quarter results. Net income increased 12.7 per cent to $197.4 million or 49 cents per diluted share. Revenues for the period ended Dec. 31 grew 2.2 per cent to $2.97 billion from $2.90 billion. 

US
By Jeremy Herron

(Bloomberg) — Stocks, bonds and the dollar ended little changed as investors turned attention to Friday’s jobs report following a week of central-bank decisions and unconventional moves by the Trump administration that did little to alter views on the state of the world economy.
The S&P 500 Index zigzagged to a gain of less than two points for a second straight day amid corporate results and deal news. The dollar was little changed after slumping to its lowest level since November. The yield on the 10-year Treasury note held below 2.50 percent for a fifth session after briefly rising above that level Wednesday. The pound fell after the Bank of England said there’s more slack in the economy than previously thought. Oil slipped after approaching a one-month high.
With central banks from Japan to England and the U.S. signaling they’re in no rush to change policy direction as the world assesses the impact of American’s new leadership on global growth, investors continue to look for clues on economic strength. While signs point to increasing confidence that growth will accelerate, data have painted a murkier picture, increasing the significance of Friday’s jobs report as the White House leaves investors waiting for details on tax and spending initiatives.
What’s coming up in the markets:
Economists expect a 175,000 increase in U.S. nonfarm payrolls for January, in line with the recent trend, when the Labor Department releases jobs data on Friday. With both hiring and unemployment likely to remain relatively stable, the focus on the jobs report will center on wage pressures.

Here are the main market moves on Thursday:
The S&P 500 Index rose 1.3 points to 2,280.85 at 4 p.m. in New York. The index has gained or retreated by less than 0.1 percent for five of the past six days, and is down 0.6 percent on the week.
Facebook fell 1.8 percent after reporting results. 
Mead Johnson surged 21 percent after Reckitt Benckiser Group Plc emerged as a surprise suitor for perennial bid candidate.

The Stoxx Europe 600 Index dropped 0.3 percent as investors assessed disappointing corporate outlooks with health-care shares falling the most.
Deutsche Bank tumbled 5.2 percent after its quarterly trading revenue missed analysts’ estimates. Earnings are coming thick and fast, with mixed results clouding the picture on the state of the global economy.
The Bloomberg Dollar Spot Index lost 0.2 percent, paring a slide by half after its decline this year reached 3 percent. 
The euro strengthened 0.1 percent to $1.0764, while the yen traded at 112.74 per dollar.
The pound weakened 1 percent. Sterling initially jumped as policy makers signaled increased concern about inflation, before dropping as the forecasts for price growth weren’t as aggressive as some analysts expected.
Oil slipped after reaching a one-month high amid signs OPEC will have to make further cuts to fully comply with a production deal. West Texas Intermediate slipped 0.2 percent to $53.70 a barrel after earlier topping $54. The oil industry’s struggle through the worst slump in a generation showed signs of easing, with Royal Dutch Shell Plc managing to reduce its record debt for the first time since the downturn began.
Gold futures for April delivery advanced 0.9 percent to $1,219.40 an ounce in New York, after touching $1,227.50, the highest for a most-active contract since Nov. 17.
Sugar’s rally and higher grain costs helped boost global food prices to the highest in two years last month.
Treasuries were little changed, with the 10-year yield at 2.47 percent.
Apple Inc. is making its first trip to the bond market in six months, becoming the second cash-rich technology company to sell debt this week despite prospects of a U.S. repatriation-tax holiday.
Gilts advanced, pushing the yield on the 10-year security down seven basis points to 1.38 percent, after BOE President Mark Carney warned that surprises could still be ahead as the U.K. starts the Brexit process. 
Spanish and French bonds advanced after auctions were met with ample demand. German bunds gained, with the yield on the benchmark note due in a decade dropping four basis points to 0.43 percent.

Have a wonderful evening everyone.

 

Be magnificent!

Adaptability is not imitation.

It means power of resistance and assimilation.

Mahatma Gandhi

As ever,

Carolann

Education is the passport to the future, for tomorrow

belongs to those who prepare for it.

                                         -Malcolm X, 1925-1965

 

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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