January 23, 2019 Newsletter

Dear Friends,

Tangents:
On Jan. 23, 1973, President Richard Nixon announced an accord had been reached to end the Vietnam War. Go to article »

-from CNN today:

Street symphony
Meet the musicians who’ve played over 500 free concerts for the homeless on Skid Row. (Click to view) 

PHOTOS OF THE DAY

Royal Air Force pall bearers from RAF Cosford carry the coffin of World War II veteran Edna Barnett during funeral service at Telford Crematorium in Telford, England. The service for Edna, aged 91, took place alongside her husband Victor, 101, also an RAF veteran and Dambusters engineer took place alongside his wife Edna, 91, a member of the Womens Auxiliary Air Force. The couple from Telford, Shropshire died with days of each other and had no surviving relatives to come to their funeral. An ‘call to arms’ by airmen at RAF Cosford saw hundreds of people arrive to pay their respects to the couple. Credit: Christopher Furlong/Getty Images

Police officers operate a security robot to patrol inside a railway station as the annual Spring Festival travel rush starts ahead of the Chinese Lunar New year, in Shenzhen, Guangdong province, China. Credit: Reuters

These incredible images show a pair of fighting horses put on their dancing hooves as they appear to do the foxTROT. The stallions were snapped by graphic designer Ingo Gerlach, 65, in Iceland last month. The 65-year-old joked about the different dance moves the animals carried out as they stood on their hind legs. Ingo said: These Icelandic stallions dance the Tango and also the Polka. Credit: Ingo Gerlach/Caters News Agency
Market Closes for January 23^rd, 2019

International Markets

Bonds

Currencies

Commodities

Market Commentary:
On this day in 1895, the New York Stock Exchange recommended that listed companies should publish annual financial statements and distribute them to shareholders.
Canada
By Bloomberg Automation
     (Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 0.2 percent, or 25.43 to 15,208.33 in Toronto.
Royal Bank of Canada contributed the most to the index decline, decreasing 1.4 percent. Baytex Energy Corp. had the largest drop, falling 5.6 percent.
Today, 109 of 239 shares fell, while 125 rose; 4 of 11 sectors were lower, led by energy stocks.
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | -27.3691| -1.0| 5/37
Financials | -20.9407| -0.4| 16/9
Materials | -3.2716| -0.2| 25/25
Health Care | -0.2048| -0.1| 3/6
Communication Services | 0.1858| 0.0| 5/2
Consumer Staples | 0.5675| 0.1| 6/4
Utilities | 0.8098| 0.1| 10/6
Real Estate | 1.9517| 0.4| 17/5
Industrials | 3.1391| 0.2| 17/9
Information Technology | 6.9871| 1.1| 10/0
Consumer Discretionary | 12.7215| 2.0| 11/6
================================================================
Top Contributors |Index Points Move | % Change
================================================================
Royal Bank of Canada | -13.8500| -1.4
Suncor Energy | -7.0270| -1.5
Bank of Nova Scotia | -3.7580| -0.6
Canadian National | 1.4000| 0.3
Constellation Software | 3.9550| 3.0
Restaurant Brands | 13.2100| 9.6
================================================================
Biggest Gainers | % Change |Index Points Move
================================================================
Restaurant Brands | 9.6| 13.2100
TransAlta | 5.8| 0.7940
MEG Energy | 5.4| 0.4790
================================================================
Biggest Losers | % Change | Index Points Move
================================================================
Baytex Energy | -5.6| -0.5130
Precision Drilling | -5.5| -0.3140
Vermilion Energy | -5.3| -1.8790
* The Canadian dollar fell 0.07 percent to 1.3346 againstthe U.S. dollar
US
By Reade Pickert
     (Bloomberg) — Stocks closed higher after whipsawing investors through the day amid the ongoing debate over the outlook for global growth. The dollar’s six-day rally stalled and crude oil dropped after an earlier increase.
     The S&P 500, Dow and Nasdaq all turned green in the last hours of trading. Stock had initially rallied in the wake of a spate of better-than-forecast quarterly earnings from IBM, Procter & Gamble and United Technologies before dropping into the red. White House Council of Economic Advisers Chairman Kevin Hassett said that if the partial government shutdown extends through March, there’s a chance of zero economic expansion this quarter, though “humongous” growth would follow once federal agencies reopen.
     “It’s a long list of headwinds and the interesting thing is that none of them seem to be abating,” said Michael O’Rourke, JonesTrading’s chief market strategist.
     Doubts over foreign trade and politics continue to permeate global markets. White House adviser Lawrence Kudlow said late Tuesday that negotiations between the U.S. and China next week will be “determinative,” leaving traders on edge about the prospects for a deal. Meanwhile, the Senate is set to vote Thursday on legislation to reopen the government, though it’s not clear that any measures will pass.
     “The broader concern that I think will continue to creep in here is, leaving trade aside, is how weak is global growth? How weak is China’s growth?” said Liz Ann Sonders, chief investment strategist at Charles Schwab & Co.
     Elsewhere, WTI oil retreated after climbing above $53 a barrel. The pound strengthened for a third day after signs emerged that the U.K. Parliament is moving closer to a plan for delaying Brexit. The yen slid as the Bank of Japan cut its inflation outlook.
These are some events investors will be watching out for in the coming days:
* Earnings season is in full swing: Texas Instruments and Ford are among companies posting results this week.
* The World Economic Forum, the annual gathering of global leaders in politics, business and culture, continues in Davos, Switzerland.
* There are monetary-policy decisions for the Bank of Korea and the European Central Bank, both Thursday.
And these are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.2 percent to 2,638.70 as of 4:04 p.m. New York time, while Nasdaq Composite Index gained 0.1 percent to 7,025.77 and the Dow Jones Industrial Average rose 0.7 percent to 24,575.62.
* The Stoxx Europe 600 Index fell 0.1 percent.
* The U.K.’s FTSE 100 Index dipped 0.9 percent.
* Germany’s DAX Index fell 0.2 percent.
* The MSCI Emerging Market Index rose 0.2 percent.
Currencies
* The Bloomberg Dollar Spot Index fell 0.3 percent, the first drop in seven days.
* The euro rose 0.2 percent to $1.1383.
* The British pound increased 0.9 percent to $1.3068, the third straight gain.
* The Japanese yen weakened 0.2 percent to 109.60 per dollar, the first drop in three days.
Bonds
* The yield on 10-year Treasuries rose less than one basis point to 2.75 percent.
* Germany’s 10-year yield fell one basis point to 0.22 percent, the third straight decline.
* Britain’s 10-year yield rose less than one basis point to 1.33 percent.
Commodities
* West Texas Intermediate crude fell 0.2 percent to $52.60 a barrel, after initially gaining as much as 2 percent.
* Gold fell 0.2 percent to $1,283 an ounce.
–With assistance from Michael P. Regan.

Have a great night.

Be magnificent!

As ever,

Carolann

Curiosity is, in great and generous minds, the first passion and the last.
                                      -William Samuel Johnson, 1727-1819

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

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