July 26, 2018 Newsletter

Dear Friends,

Tangents:
Mick Jagger, b. 1943
Carl Jung, b. 1875
Aldous Huxley, b. 1894

In today’s NY Times:

The man who has been verified by Guinness World Records as the world’s oldest celebrated his 113th birthday on Wednesday. 

Masazo Nonaka was born on the Japanese island of Hokkaido in 1905, the same year Albert Einstein published his theory of special relativity and the Wright brothers conducted some of their early powered flights. 

Masazo Nonaka in April, after being certified as the world’s oldest man.
Kyodo, via Reuters 

The problem faced by most supercentenarians — people who are more than 110 years old — is that their ages can’t be validated unless they have birth records and multiple documents from throughout their lives. 

So while gerontologists say the number of documented supercentenarians is around 150, the unverified total may be closer to 1,000. 

A man who died this year in Chile had claimed to be 121, and a man who died in Indonesia last year said he was 146. But neither man’s age was independently verified. 

Although Mr. Nonaka is the oldest living man whose age has been validated, he’s only the 17th-oldest person, according to the Gerontology Research Group, whose list shows that most supercentenarians are women. 

The world’s oldest person ever authenticated was Jeanne Louise Calment of France, who lived to 122. 

Anna Schaverien wrote today’s Back Story.

PHOTOS OF THE DAY

Dancer Jonathan Eden from MOMIX performs a scene from “Man Fan (Botanica)” during a dress rehearsal before opening night at the Joyce Theater in New York, USA. MOMIX, the company of dance illusionists under the direction of Moses Pendleton is at The Joyce Theater in New York City from July 24 to August 12. Credit: Timothy A. Clary/AFP/Getty Images

France’s Julian Alaphilippe, wearing the best climber’s polka dot jersey ( R ) seizes the fork of Tour de France fan Didi Senft (L) during the 17^th stage of the Tour de France, between Bagneres-de-Luchon and Saint-Lary-Soulan Col du Portet, southwestern France. Credit: Jeff Pachoud/AFP/Getty Images
Market Closes for July 26^th, 2018

International Markets

Bonds

Currencies

Commodities

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canada’s lack of exposure to technology stocks proved a boon Thursday, with the country’s benchmark bucking the trend set by its U.S. peers and closing higher.
     The S&P/TSX Composite Index added 35 points or 0.2 percent to 16,455.73, the highest in a week, while U.S. stocks retreated on Facebook Inc.’s historic plunge. Energy stocks led the gains, rising 0.8 percent after Saudi Arabia halted oil shipments following an attack.
     Materials fell 0.7 percent as gold miners were hit by falling prices and weak second-quarter results. Barrick Gold Corp. lost 6.3 percent to the lowest since 2016 after production fell and costs rose.
     In other moves:
                            Stocks
* New Gold Inc. tumbled 21 percent to the lowest since 2009 after the company provided a disappointing update for its Rainy River mine
* Teck Resources Ltd. added 4.9 percent. The company is seeking a partner for a big Chilean copper project ahead of a final development decision
* Linamar Corp. rose 6.1 percent, leading Canadian auto suppliers higher after U.S. President Donald Trump backed off his threat to levy tariffs on car imports during a meeting with European Commission President Jean-Claude Juncker
                            Commodities
* Western Canada Select crude oil traded at a $28.90 discount to WTI, the widest gap since February
* Aeco natural gas traded at a $1.80 discount to Henry Hub
* Gold fell 0.5 percent to $1,225.70 an ounce
                            FX/Bonds
* The Canadian dollar weakened 0.2 percent to C$1.3073 per U.S. dollar
* The Canada 10-year government bond yield was little changed at 2.29 percent
US
By Sarah Ponczek
     (Bloomberg) — U.S. equity indexes closed mostly lower Thursday thanks to Facebook Inc.’s plunge, as gains in the energy and industrial sectors weren’t enough to offset the social network’s meltdown.
     Facebook tumbled as much as 20 percent, driving the Nasdaq down, after revenue and user growth missed estimates. The S&P 500 Index declined for the first time this week even as broader sectors rallied. After the close, traders will shift attention to Amazon.com, one of a raft of earnings coming out this week.  Twitter reports Friday.
     “On a day like this, if one of the leaders, especially a FANG stock, gets hit, all tech is going to trade off, so the Nasdaq is going to drop,” Mark DeVaul, portfolio manager for the Hennessy Equity and Income Fund, said in an interview at Bloomberg’s New York headquarters. “There’s a lot of earnings out this week from other companies so if a couple other S&P leaders have decent numbers and they’re up, they can offset the impact of Facebook.”
     In Europe, the Stoxx 600 Index climbed after President Donald Trump agreed with European Commission chief Jean-Claude Juncker to suspend new tariffs while continuing to negotiate over trade. The euro declined as the European Central Bank held interest rates, while the dollar advanced. The ECB said it will stick to its plan to end bond purchases and pledged to keep interest rates unchanged “at least through the summer of 2019.” Treasuries were little changed; European bond benchmarks sank.
     Trump’s meeting with Juncker came amid a slew of company results, some of which reflected the impact of recent trade threats from the White House. Automakers were especially hard hit. Ford Motor Co. joined General Motors Co. in cutting forecasts. Daimler AG warned lower earnings at its Mercedes-Benz unit will extend into the third quarter because of higher trade barriers.
     Elsewhere, West Texas crude ticked higher after an attack on Saudi tankers stoked supply concerns. Emerging-market stocks declined. In Asia, Japan’s Topix index and South Korea’s Kospi rose, while the Shanghai composite fell. The Turkish lira took another beating after Trump threatened sanctions if the nation doesn’t release an American pastor.
     Here are some key events coming up this week:
* Earnings season continues with the following tech companies among those reporting: Amazon.com, Twitter, Advanced Micro Devices, Qualcomm and Intel.
* U.S. gross domestic product probably increased by about 4.2 percent at an annualized rate in the second quarter, the most since 2014, economists forecast ahead of Friday’s data.
     These are the main moves in markets:
                            Stocks
* The S&P 500 Index fell 0.3 percent as of 4 p.m. New York time.
* The Stoxx Europe 600 Index rose 0.9 percent to its highest in almost six weeks.
* The U.K.’s FTSE 100 Index gained 0.1 percent
* The MSCI Emerging Market Index declined 0.1 percent.
                            Currencies
* The Bloomberg Dollar Spot Index rose 0.5 percent, the largest advance in two weeks.
* The euro declined 0.7 percent to $1.1643, the biggest drop in four weeks.
* The British pound decreased 0.6 percent to $1.3108.
* The Japanese yen fell 0.2 percent to 111.25 per dollar.
                            Bonds
* The yield on 10-year Treasuries advanced less than one basis point to 2.98 percent.
* Germany’s 10-year yield gained one basis point to 0.40 percent.
* Britain’s 10-year yield advanced less than one basis point to 1.278 percent.
                            Commodities
* West Texas Intermediate crude advanced 0.4 percent to $69.60 a barrel.
* LME copper gained less than 0.05 percent to $6,291.00 a metric ton.
* Gold dipped 0.7 percent to $1,223.06 an ounce. 

–With assistance from Adam Haigh and Yakob Peterseil.

Have a great night.

Be magnificent.

As ever,

Carolann 

A friend is one who knows you and loves you just the same.
                                    -Elbert Hubbard, 1856-1915

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
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