July 28, 2017 Newsletter

Dear Friends,

Tangents:

I read in the Globe & Mail today about the recent demise of Dr. Shigeaki Hinorhara, at the age of 105 years.  I found his remarkable story to be inspiring.
   He is known as the father of longevity in Japan and cautioned against gluttony, early retirement and vigorously championed annual medical checkups, climbing stairs regularly and just having fun.  He died in Tokyo of respiratory failure.  His obituary states that he wrote a musical for children at 88 and a best selling book when he was 101.  It goes on to state that, “In the early 1950s, Dr. Hinohara pioneered a system of complete annual physicals – called ‘human dry dock’ that has been credited with helping to lengthen the average lifespan of Japanese people….He imposed few inviolable health rules, although he did recommend some basic guidelines: Avoid obesity, take the stairs (he did, two steps at a time) and carry your own packages and luggage.…Don’t underestimate the beneficial effects of music and the company of animals; both can be therapeutic.  Don’t retire, but if you must, do so a lot later than the age of 65.  And prevail over pain simply by enjoying yourself.  ‘We all remember how as children, when we were having fun, we often forgot to eat or sleep,’ he often said.  ‘I believe we can keep that attitude as adults – it is best not to tire the body with too many rules such as lunchtime and bedtime.’  Dr. Hinohara maintained his weight at about 130 pounds.  His diet was Spartan: coffee, milk and orange juice with a tablespoon of olive oil for breakfast; milk and a few biscuits for lunch; vegetables with a small portion of fish and rice for dinner.  (He would consume 3 ½ ounces of lean meat twice a week). 
   After spending his first six decades supporting his family, Dr. Hinohara devoted the remainder of his life largely to volunteer work.
   In 2000, he conceived a musical version of Leo Buscaglia’s book The Fall of Freddie the Leaf, which was performed in Japan and played off-off-Broadway in New York.  He wrote scores of books in Japanese, including Living Long, Living Good (2001) which sold more than one million copies.
   Until the last few months, he would work up to 18 hours a day.  Using a cane, he would exercise by taking 2,000 or more steps a day…”

And on this day in…
1866: Beatrix Potter, writer was born.
1929: Jacqueline oO  Kennedy first lady was born.

And on, On July 28, 1914, Austria-Hungary declared war on Serbia. World War I began as declarations of war by other European nations quickly followed.
Go to article »
PHOTOS OF THE DAY

This is the moment a trout taunted a drenched osprey who dived into water after him and missed – by flipping with joy behind its back. The osprey was clearly having a bad morning as its breakfast managed to slip through its talons twice – once dropping back into the lake and the second time luring the bird of prey in after it. But it was third time lucky for the stunning bird, known for their fish hunting prowess, who eventually managed to soar off with its hefty catch. CREDIT: ROGER JEPSON/MERCURY PRESS

I’ve got a frog in my throat. A long legged heron tirelessly attempts to prepare its slippery lunch for the plunge. In a battle that lasted 20 minutes, the grey heron persevered to victory when it perfectly positioned the frog head first down its beak. Photographer Akihiro Asami, 70, captured the dual at a secluded park in Yokohama City, Japan, hidden behind a fence 20 metres away. CREDIT: AKIHIRO ASAMI/SOLENT NEWS & PHOTO AGENCY

Seven-year-old George Stowell and his four-year-old sister Tilly bury themselves in a ‘Brick Pit’ filled with thousands of lego bricks at BrickLive a Lego fan event where Lego builders and fans demonstrate their building skills at the Excel centre from July 27 to July 30 in East London. CREDIT: CHRISTOPHER PLEDGER
Market Closes for July 28th, 2017

International Markets

Bonds

Currencies

Commodities

Market Commentary:
Number of the Day
51
Sen. John McCain (R., Ariz.) cast one of three GOP no votes that sank Senate Republicans’ latest effort to roll back the Affordable Care Act. GOP Sens. Susan Collins of Maine and Lisa Murkowski of Alaska also joined with Democrats to block the measure in a 49-51 vote.
Canada
By Natalie Wong
     (Bloomberg) — Canadian stocks declined as losses in consumer discretionary and consumer staples shares offset a gain in materials companies.
     The S&P/TSX Composite Index fell 0.4 percent to 15,128.65. Consumer discretionary stocks lost 1.2 percent, falling to the lowest since April, as Restaurant Brands International Inc. dropped 2.3 percent and Magna International Inc. slipped 2 percent.
     Consumer staples retreated 1.1 percent, continuing a three- day slump, as Loblaw Cos Ltd. fell 1 percent after being downgraded to equal-weight at Barclays, George Weston Ltd. slipped 2.6 percent after second quarter adjusted earnings per share missed estimates and Alimentation Couche-Tard Inc. lost 2 percent.
     Materials gained 0.3 percent as Kirkland Lake Gold Ltd. rose 5.8 percent, continuing a three-day rally, and Iamgold Corp. increased 4.8 percent after 2017 operating profit improved by double digits. Eldorado Gold Corp. fell 7.6 percent, the intraday lowest in over a year, after being downgraded to hold at Canaccord.
     In other moves:
* MacDonald Dettwiler & Associates Ltd. jumped 8.4 percent, the most intraday since 2012, after second quarter operating EPS beat estimates; it was the best-performing stock in the index
* Mitel Networks Corp. gained 5.8 percent, after jumping 6.9 percent yesterday, after its agreement to buy competitor ShoreTel Inc. for $530 million spurred an upgrade to outperform at National Bank yesterday.
US
By Jeremy Herron
     (Bloomberg) — Most U.S. stocks fell amid disappointing earnings that have rattled technology shares, while the dollar weakened and gold climbed after data showed the American economy expanding at a slower-than-expected pace.
     The S&P 500 Index ended the busiest week of earnings virtually unchanged from where it began, while the Nasdaq 100 Index fell in the five days as tech results failed to lift the high-flying sector. Chevron Corp. was the latest blue chip to rally on earnings, pushing the Dow Jones Industrial Average to a 1.2 percent gain in the week. The dollar fell against all most G-10 peers, while Treasury yields retreated as the rate of inflation slowed last quarter. Oil capped the best week of the year.
     While the U.S. economy rebounded in the second quarter, results for the first three months of the year showed the economy had slightly more tepid growth than previously reported. Before Friday’s selloff, signs of economic recovery had boosted stocks in the U.S. and globally to records. Technology shares have led the charge, with companies in the sector soaring 22 percent this year for the best performance among 11 groups in the S&P 500.
     “With Amazon’s earnings falling short of estimates, the U.S. market may readjust its expectations,” said Hideyuki Ishiguro, a senior strategist at Daiwa Securities Co. in Tokyo. “Investors are becoming increasingly wary over the historically low volatility levels, with a host of key economic data coming out in the U.S.”
     Here are the main moves in markets:
     Stocks
* The S&P 500 Index fell 0.1 percent to 2,472.08 as of 4 p.m. in New York, 0.46 point lower for the week.
* Amazon.com Inc. lost 2.3 percent, while Starbucks Corp. fell 9.3 percent.
* Tobacco shares retreated after U.S. regulators proposed cutting nicotine levels in cigarettes. Altria Group Inc. tumbled 9.4 percent to lead declines in tobacco shares.
* The Stoxx Europe 600 Index declined 1.1 percent, the lowest in almost 14 weeks.
* Germany’s DAX Index fell 0.5 percent.
     Currencies
* The Bloomberg Dollar Spot Index declined 0.4 percent.
* The euro increased 0.6 percent to $1.1748.
* The British pound advanced 0.5 percent to $1.3135, the strongest since September.
* The Japanese yen gained 0.4 percent to 111.79 per dollar, the strongest in almost six weeks.
     Bonds
* The yield on 10-year Treasuries fell two basis points to 2.29 percent.
* Germany’s 10-year yield climbed one basis point to 0.54 percent.
* Britain’s 10-year yield advanced two basis points to 1.218 percent.
     Commodities
* West Texas Intermediate crude climbed 1.3 percent to settle at $49.71, the highest in eight weeks with its fifth straight advance. The contract surged 8.6 percent in the week.
* Copper rallied 5.3 percent the five days, the most since February.
* Gold futures climbed 0.7 percent to $1,274.80 an ounce, the strongest in six weeks.
     Asia
* The MSCI Asia Pacific Index dropped 0.6 percent, erasing its gain for the week. Tech shares in the gauge fell 1.5 percent.
* South Korea’s Kospi index slumped 1.7 percent, the most since November, with Samsung tumbling 4.1 percent. Hong Kong’s Hang Seng Index lost 0.5 percent, with Tencent dropping 0.9 percent.
* Benchmark indexes in Australia, Taiwan and Singapore were down more than 0.7 percent. The Shanghai Composite Index rose 0.1 percent.
* Japan’s Topix index fell 0.4 percent. Data on Friday showed that while household spending in Japan rose 2.3 percent, its first gain in more than a year, Japan’s key price gauge was unchanged in June.

Have a wonderful weekend everyone.

Be magnificent!

For you, now, meditation involves establishing within yourself,
the reality of these two unavoidable rules – difference and change.
Try as hard as possible to convince yourself
that these two rules can neither be changed nor avoided.
Swami Prajnanpad

As ever,

Carolann

Be nice to people on your way up because you’ll meet
them on your way down.
                        -Wilson Mizner, 1876-1933

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
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