January 23, 2017 Newsletter

Dear Friends,

Tangents:

After several attempts, finally got to see La La Land this past weekend – and yes it is worthy of all the Golden Globes it garnered. Emma Stone is superb.   If you haven’t had a chance yet, make sure you see it on the biggest cinema  screen possible; it won’t have the same magic any other way.   We saw Jackie a few weeks ago and I thought her rendition of the former first lady was so authentic – worthy of an Oscar for best actress.  Now I’ve changed my mind – I’m voting for Emma Stone.  I think Casey Affleck wins for best  actor – he was amazing in Manchester by the Sea – it is an amazing movie.
PHOTOS OF THE DAY

Indian soldiers march during a full dress rehearsal for the Republic Day parade in New Delhi, India, on Monday. Adnan Abidi/Reuters

People walk along The Embankment on a foggy morning in London on Monday. Toby Melville/Reuters

A model wears a creation by The Netherlands’ Iris van Herpen for her Spring-Summer 2017 Haute Couture collection presented Monday in Paris. Zacharie ScheurerZacharie Scheurer/AP
Market Closes for January 23^rd, 2017

International Markets

Bonds

Currencies

Commodities

Market Commentary:
Canada
By Lu Wang
     (Bloomberg) — Canadian stocks fell for the first time in three sessions as oil retreated and Prime Minister Justin Trudeau’s cabinet meets before the start of new continental trade talks.
     The S&P/TSX Composite Index slipped 0.4 percent to 15,480.13 as of 4 p.m. in Toronto, after posting the biggest rally in two months on Friday. Energy shares dragged the index lower as crude prices ended a two-day advance.
     Trudeau, Foreign Minister Chrystia Freeland and other top Liberal lawmakers convene in Calgary for talks beginning Monday to figure out how to limit losses from any renegotiation of the North American Free Trade Agreement.
     At the same time, U.S. president Donald Trump said at the beginning of a meeting with company executives at the White House that “a very major border tax” will be imposed on imports.
     In other moves:
* Peyto Exploration & Development Corp. (PEY CN) dropped 5.7 percent after Barclays analyst Grant Hofer cut the stock to equalweight from overweight.
* Brookfield Canada Office Properties (BOX-U CN) rallied 18 percent; Brookfield Property Partners offered to buy the 16.9 percent stake in the real estate investment trust that it or its affiliates do not own for C$30.10 in cash per unit
US
U.S. Stocks Fall, Led by Industrials, on Trump Border Tax Remark
2017-01-23 21:26:24.326 GMT
By Joseph Ciolli
     (Bloomberg) — U.S. stocks fell amid mounting losses in industrial and energy shares as investors weighed the Trump administration’s trade policies, including comments from the president mentioning a “very major” border tax.
     The S&P 500 Index declined 0.3 percent to 2,265.20 at 4 p.m. in New York after slipping 0.2 percent over the four days ended Friday, its second straight weekly decline. The Dow Jones Industrial Average fell 27 points, or 0.1 percent, to 19,799.85. The Nasdaq 100 Index rose less than 0.1 percent. After the close, Yahoo! reported 4Q adjusted earnings that beat analysts’ estimates.                            
* Six of 11 industry groups lower
* An index of hospital companies lost as much as 2.8 percent after Trump signed an executive order to “waive, defer, grant exemptions from, or delay the implementation of” Obamacare
** The gauge surged 21 percent over the period from Nov. 8 through Jan. 17; has since tumbled 5 percent over four days
** Biggest losers on Monday included CYH (-2.1%), QHC (-1.5%), UHS (-1.2%)\* Halliburton slipped as much as 4.5 percent, its biggest intraday loss since Sept. 9, even after reporting quarterly profit that beat analyst estimates
* VIX rose 2.3 percent, its fourth gain in five days
* Analysts estimate profit at S&P 500 companies rose 4.4 percent in the fourth quarter of 2016, and see profit jumping 12 percent this year
* The Bloomberg Dollar Spot Index fell 0.7 percent, its third consecutive daily decline; the gauge recently slipped for a fourth straight week

Have a wonderful evening everyone.

Be magnificent!

To know our soul apart from our ego

is the first step toward accomplishing the supreme deliverance.

It is necessary that we know with absolute certainty that in essence we are spirit.

And we can only arrive at this knowledge if we render ourselves masters of our ego,

if we rise above all pride, all appetite, all fear, by knowing that material losses and the

death of the body can never take away the truth and the greatness of our soul.

Rabindranath Tagore

As ever,

Carolann

I need to listen well so that I hear what is not said.

                                -Thuli Madonsela, B. 1962

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