July 14, 2017 Newsletter

Dear Friends,

Tangents:

Bastille Day in France.

On July 14, 1965, the American space probe Mariner 4 flew by Mars, sending back photographs of the planet.

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PHOTOS OF THE DAY

Lava flows from the Piton de la Fournaise volcano on the French Indian Ocean island of Reunion. RICHARD BOUHET/AGENCE FRANCE-PRESSE/GETTY IMAGES

Anna Voloshyna and Valyzaveta Yakhno of Ukraine compete in the Women’s Duet Technical Routine at the Budapest 2017 FINA World Championships. ADAM PRETTY/GETTY IMAGES
Market Closes for July 14^th, 2017

International Markets

Bonds

Currencies

Commodities

Market Commentary:
Number of the Day
20.8% 
The odds that Janet Yellen will be nominated to a second term as Fed chair, according to a recent Wall Street Journal survey of economists.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks rose with oil, gold and copper to close at a two-week high as U.S. inflation data for June came in short of expectations, raising the likelihood that the Federal Reserve may take a more dovish stance on rate hikes.
     The S&P/TSX Composite Index gained 40 points or 0.3 percent to 15,174.81. The benchmark gained 1 percent on the week. Rate- sensitive telecom stocks led Friday’s gains, up 0.8 percent as Rogers Communications Inc. added 1.3 percent.
     The energy index added 0.7 percent, boosted by a 1 percent gain in the price of West Texas Intermediate crude. Materials stocks also gained 0.7 percent, led by gold and silver miners. Dominion Diamond Corp. jumped 4.3 percent on reports that it could see a revised takeover offer from Washington Companies.
     In other moves:
* Cineplex Inc. tumbled 4.2 percent, the most since 2009, following a downgrade at National Bank Financial
* Cogeco Communications Inc. rose 4.1 percent after quarterly results beat the highest analyst estimate
* Tembec Inc. gained 1.2 percent after its largest shareholder said it will vote against a proposed takeover by Rayonier Advanced Materials Inc. if the purchase price isn’t improved.
US
By Oliver Renick
     (Bloomberg) — U.S. stocks advanced to all-time highs for the first time in a month on optimism that interest rates will stay lower for longer after June inflation and retail sales missed expectations; second quarter bank earnings missed estimates and high-dividend shares advanced with technology companies.
* S&P 500 up 0.5% to 2,459.27
* Dow Industrials add 85 to 21,647.74
* Real estate, utilities and consumer staples advanced at least 0.5%
* 10-year Treasury yield down 2 bps
* Financial shares down 0.5% as Citi, JP Morgan drop after earnings
* VIX down to 9.5
* Volume in S&P 500 20% below 30-day average as financial stock volume jumps
* POLITICS:
** Deep within the Treasury Department sits a once-secret plan written by the Obama administration that could lead to the first-ever default on U.S. debt; bond traders are worried that Donald Trump’s Treasury secretary may have to use it
** Senate Majority Leader Mitch McConnell’s latest health care draft almost certainly is headed to a rewrite again to find a way to appease the handful of Republican moderates worried about Medicaid cuts in their states
* ECONOMY:
** The June consumer-price index was unchanged (forecast was for 0.1% rise) following a 0.1% decline in May
** From a year earlier, prices were up 1.6% (forecast was 1.7%), the smallest advance since October, after a 1.9% gain
** Weaker expectations about personal finances helped drive U.S. consumer optimism in July to the lowest since October, University of Michigan preliminary survey data showed Friday
* EARNINGS:
** Pre-market Monday: BlackRock Inc. (BLK)

Have a wonderful weekend everyone!

Be magnificent!

Though there is repulsion enough in Nature, she lives by attraction.
Mutual love enables Nature to persist.
Mahatma Gandhi

As ever,

Carolann

Our doubts are traitors, and make us lose the good we oft
might win by fearing to attempt.
                                 -William Shakespeare, 1564-1616

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