January 17, 2017 Newsletter

Dear Friends,

Tangents:
On this day in 1792, the dollar sign ($) appears for the first time on a federal document — a U.S. Treasury bond issued to George Washington.
With the rich and famous flocking to Davos, a new Oxfam report shows eight billionaires, including Warren Buffett and Bill Gates, are as wealthy as the poorest half of the world’s population. (CNBC)
On Jan. 17, 1893, Hawaii’s monarchy was overthrown as a group of businessmen and sugar planters forced Queen Liliuokalani to abdicate.
Go to article »

1899 – Gangster Al Capone was born in Brooklyn, N.Y.

1997 – A court in Ireland granted the first divorce in the Roman Catholic country’s history.

2001 – Faced with an electricity crisis, California used rolling blackouts to cut off power to hundreds of thousands of people.

2008 – Chess master Bobby Fischer died at age 64
Number of the Day
19%
The percentage the U.K. pound has fallen against the U.S. dollar since Britain voted to leave the European Union.
Tweet of the Day
If you feel like you’re in the wrong universe, remember all this weird crap only started after they turned on the Large Hadron Collider.
— Adrian Atterbury (@Attervar)
PHOTOS OF THE DAY

A fieldfare, a member of the thrush family, eats an ashberry in central Kiev, Ukraine, on Tuesday. Gleb Garanich/Reuters

A man clears snow from his parked Shikara, or traditional boat, as it snows in Srinagar, Indian-controlled Kashmir, on Tuesday. The region has been experiencing snow for several consecutive days, resulting in the closure of the Srinagar-Jammu highway and the suspension of air traffic. Dar Yasin/AP

A giant lantern depicting a rooster is part of the Spring Festival decorations at Yuyuan Garden in Shanghai, China, on Tuesday. Aly Song/Reuters
Market Closes for January 17^th, 2017

International Markets

Bonds

Currencies

Commodities

Market Commentary:
Canada
By Joseph Ciolli
     (Bloomberg) — Canadian stocks fell for the third time in four sessions, as declines in industrial and financial shares offset gains in raw-material and energy producers.
     The S&P/TSX Composite Index slid 0.1 percent to 15,469.34 at 10:39 a.m. in Toronto. The gauge has flirted with an all-time high in recent weeks, coming within 71 points from its September 2014 peak. The index finished 2016 as the best-performing developed stock market and has risen in each of the last six months. Industrial stocks paced the loss on Tuesday, losing 0.7 percent, while financial shares slid 0.5 percent.
     Lundin Mining Corp. decreased 0.7 percent after the Congolese government dropped objections to the company, along with Freeport-McMoRan Inc., exiting a copper and cobalt project in the Democratic Republic of Congo. The decision ended an eight-month dispute.
     In other moves:
* Canadian Pacific Railway Ltd., Canadian National Railway Co. and Stantec Inc. declined more than 0.9 percent to lead industrial shares lower
* Kirkland Lake Gold Ltd. and Alacer Gold Corp. gained at least 3 percent as the Bloomberg Commodity Index rose 0.7 percent, its fifth straight gain
US
By Oliver Renick
     (Bloomberg) — U.S. stocks fell as markets reopened after Monday’s holiday as financial and industrial shares declined and the U.S. dollar had its biggest single-day loss since July.
     The S&P 500 Index dropped 0.3 percent to 2,267 at 4 p.m. in New York and the Dow Jones Industrials lost 0.3 percent to 19,827. The CBOE Volatility Index jumped 5.6 percent after reaching its lowest since July 2014 on Friday.
* U.S. dollar weakened as traders considered whether Trump’s comments in an interview with the Wall Street Journal refer to the broad dollar basket or only against the yuan
* Financials led S&P 500 lower, down 2.3% after key earnings and as Trump reflation trade ebbs; utility shares up 1.2% and consumer staples shares add 1.4%
* 10-Year Treasury yield down 7 basis points to 2.325
* VIX climbed 5.8% for biggest one-day gain since Dec. 28
* Tech companies decline 0.4%, led by loss of 4% in Qualcomm as Bloomberg reports U.S. antitrust officials are poised to sue
* Health care stocks down 0.5% after dropping as much as 1.3% in early trading
* Morgan Stanley down 3.8% after paring pre-market gains following 4Q earnings
* Analysts estimate profit at S&P 500 companies rose 4.3 percent in the fourth quarter of 2016, and will jump 12 percent this year
* EARNINGS:
** After-market: CSX (CSX), Interactive Brokers (IBKR), United (UAL), Fulton Financial (FULT), Linear Technology (LLTC), Hancock Holding (HBHC), Renasant (RNST), Pinnacle Financial (PNFP), ADTRAN (ADTN)
** Earnings pre-market Wednesday: US Bancorp (USB), Fastenal (FAST), Commerce Bancshares (CBSH), TD Ameritrade (AMTD), Goldman Sachs (GS), Northern Trust (NTRS), Citigroup (C ), Charles Schwab (SCHW)

Have  a wonderful evening everyone.

Be magnificent!

Death is extraordinarily like life,
when we know how to live.
You cannot live without dying.
You cannot live if you do not die
psychologically every minute.
Krishnamurti

As ever,

Carolann

A short saying often contains much wisdom.
                     -Sophocles, 498 BC-406  BC

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