July 27, 2018 Newsletter

Dear Friends,

Tangents: HAPPY FRIDAY!

Look to the skies tonight, if you live in the Eastern Hemisphere. That’ll be the best place to see the longest total lunar eclipse of the century.

July 27, 1866 – Cyrus Field’s Anglo-American Telegraph Co lays first telegraph cable, Wales to Newfoundland.

PHOTOS OF THE DAY

Artist and activist Emerson Munduruku is pictured as he teaches environmental conservation to children in northern Brazil. Emerson’s character requires two hours of preparation and all the materials he uses are collected from nature. He’s a descendant of the Munduruku indigenous tribe from the Brazilian Amazon and travels to remote communities to teach children about the importance of the environment. Credit: Ricardo Oliviera/AFP

This is the moment a plucky puffin managed to fend off a flock of seagulls which swooped down to try and steal his fish supper. The sea bird was seen desperately making a bid for freedom as the gull gang launched an attached to get hold of his catch. But despite being outnumbered, the puffin emerged triumphant and managed to safely deliver the meal back to his burrow. Credit: Anthony Brewin/SWNS.COM

Two cute chicks take a luxurious ride on their mothers back. The Black-necked swan chicks sit back and enjoy the lovely view as they stay warm under the wing of adult. The cute scene was captured by photographer Shafi Rasheed, 42, at the Al Qudra lakes, Dubai. Credit: Shafi Rasheed/Solent News & Photo Agency
Market Closes for July 27^th, 2018

International Markets

Bonds

Currencies

Commodities

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks retreated as tech stocks tumbled the most since 2013 and crude prices posted a fourth straight weekly drop.
     The S&P/TSX Composite Index lost 62 points or 0.4 percent to 16,393.95, bringing the weekly decline to 0.3 percent. The tech sector led Friday’s drop, sliding 4.2 percent after Twitter followed Facebook in reporting disappointing results.
     Energy shares fell 0.6 percent as crude fell for a fourth week. Cameco Corp. lost 4.3 percent one day after announcing that it’s indefinitely extending the shutdown of one of the world’s largest uranium mines.
     In other moves:
                            Stocks
* Constellation Software Inc. tumbled 9 percent, the most since 2006, after second-quarter results missed the lowest analyst estimate
* TFI International Inc. jumped 10 percent to a record high.  Strong second-quarter results prompted two analyst upgrades
* New Gold Inc. fell 13 percent, adding to Thursday’s 21 percent drop. The stock received several downgrades after reporting a disappointing mine update
                            Commodities
* Western Canada Select crude oil traded at a $28.90 discount to WTI
* Gold fell 0.2 percent to $1,223.00 an ounce
                            FX/Bonds
* The Canadian dollar strengthened 0.1 percent to C$1.3061 per U.S. dollar
* The Canada 10-year government bond yield rose 1 basis point to 2.30 percent
US
By Sarah Ponczek and Olivia Schaber
     (Bloomberg) — Tech stocks took another beating Friday, as Twitter followed Facebook in delivering disappointing results and Intel said a key new chip technology wouldn’t be out until late next year. The dollar weakened and Treasuries gained.
     The Nasdaq Composite Index hit a two-week low thanks to the underwhelming news. Still, the S&P 500 Index was up almost 1 percent on the week, as positive earnings from Amazon and a robust second-quarter U.S. GDP figure buoyed some sectors. There could be more turbulence next week, with companies including Tesla set to report.
     “The upside is harder than the downside. If you miss, you get nailed,” Joseph Kinahan, the chief market strategist at TD Ameritrade, said by phone. “The thing is, so many companies are hitting, all economic numbers are coming in really good, and I think that’s why you’re seeing the market perform so well.”
     The Stoxx Europe 600 Index headed for its best week since March as banks and telecommunications firms gained. West Texas intermediate crude dropped.
     The GDP data underscored the Federal Reserve’s policy path at a time when investors’ focus is returning to central banks. In Japan, reports suggested BOJ officials are debating ways to reduce the side-effects of their yield-curve control policy. The European Central Bank said Thursday that it will stick to its plan to end bond purchases and pledged to keep interest rates unchanged “at least through the summer of 2019.”
     These are the main moves in markets:
                            Stocks
* The S&P 500 Index fell 0.7 percent as of 4:01 p.m. New York time.
* The Stoxx Europe 600 Index climbed 0.4 percent to the highest in almost six weeks.
* The U.K.’s FTSE 100 Index jumped 0.5 percent.
* The MSCI Emerging Market Index increased 0.3 percent to the highest in five weeks.
                            Currencies
* The Bloomberg Dollar Spot Index fell 0.2 percent.
* The euro advanced 0.1 percent to $1.1659.
* The British pound gained less than 0.05 percent $1.3111.
* The Japanese yen advanced 0.2 percent to 110.99 per dollar.
                            Bonds
* The yield on 10-year Treasuries fell two basis points to 2.96 percent.
* Germany’s 10-year yield declined less than one basis point to 0.40 percent.
* Britain’s 10-year yield advanced less than one basis point to 1.28 percent.
                            Commodities
* West Texas Intermediate crude fell 1.1 percent to $68.87 a barrel.
* LME copper gained 0.1 percent to $6,297.00 a metric ton.
* Gold advanced 0.15 percent to $1,223.41 an ounce.
–With assistance from Adam Haigh, Lananh Nguyen and Yakob Peterseil. 

Have a great weekend.

Be magnificent!

As ever,

Carolann

Good words are worth much, and cost little.
                  -George Herbert,  1593-1633

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