July 7, 2015 Newsletter

Dear Friends, 

Tangents: 

Carolann is out of the office, I will be writing the newsletter on her behalf.

PHOTOS OF THE DAY

 A cycling pack climbs towards the citadel of Namur during the fourth stage of the Tour de France cycling race, a 223.5 km stretch starting in Seraing, Belgium, and ending in Cambrai, France, Tuesday. Laurent Cipriani/AP

Tourists enjoy a snowball fight at the glacier on Zugspitze Mountain near Garmisch-Partenkirschen, southern Germany, Tuesday. Even on Zugspitze, Germany’s highest mountain, the temperatures can rise close to 70 degrees F on a hot and sunny summer day. Stephan Jansen/AP

Market Closes for July 7, 2015

International Markets

Bonds

Currencies

Commodities

Market Commentary:

Canada

By Eric Lam
     (Bloomberg) — Canadian stocks rose, reversing an earlierloss of as much as 1.4 percent, as a rebound in energy shares overshadowed a selloff in metals prices.
     Gran Tierra Energy Inc. and Crew Energy Inc. jumped more than 5.1 percent as oil climbed back from a drop of more than 3.7 percent. Semafo Inc., Silver Wheaton Corp. and First Quantum Minerals Ltd. sank at least 5.1 percent as all but three of 48 raw-materials producers retreated.
     The Standard & Poor’s/TSX Composite Index rose 30.93 points, or 0.2 percent, to 14,624.50 at 4 p.m. in Toronto, after reaching the lowest level since January during intraday trading. The benchmark Canadian equity gauge is little changed for the year.
     Eight of the 10 main industries in the index advanced, with utilities and energy companies climbing more than 1.3 percent. Trading volume was 22 percent above the 30-day average today.
     Raw-material shares fell 2.9 percent as a group to the lowest level since Dec. 24. Industrial metals dropped, with copper falling to the lowest in six years, as China’s stock-market slump heightened concern that demand will slow in the biggest consumer of raw materials. Aluminum and lead tumbled into bear markets.
     Canada’s trade deficit unexpectedly widened to C$3.34 billion, the second largest on record in May. The report adds to pressure on Bank of Canada Governor Stephen Poloz to cut interest rates next week.
     Greece sidestepped an immediate collision with creditors by promising new economic reform proposals as German Chancellor Angela Merkel warned that “only a few days” are left to reach a deal. Euro-area finance chiefs will discuss Greece’s request on a conference call Wednesday morning when the country’s banking system will remain shuttered for an eighth business day.

 US 

By Annelise Alexander
     (Bloomberg) — U.S. stocks rose, after the Standard & Poor’s 500 Index rebounded from a drop below its average price during the past 200 days, as speculation grew that Greece’s crisis would be contained.
     Altria Group Inc. climbed 3.5 percent to lead a consumer staples rally, while energy shares reversed an early drop. Utilities in the S&P 500 rose the most in more than three months. Miner Freeport-McMoRan Inc. lost 3.3 percent as industrial metal prices tumbled amid fears that demand for raw materials from China will slide.
     The S&P 500 climbed 0.6 percent to 2,081.34 at 4 p.m. in New York, after earlier falling as much as 1.2 percent. The Dow Jones Industrial Average added 93.33 points, or 0.5 percent, to 17,776.91. The Nasdaq Composite Index gained 0.1 percent. About 8.7 billion shares traded hands on U.S. exchanges Tuesday, 37 percent above the three-month average.
     “We’re really starting to get over the fear of Greece,” said Brad McMillan, chief investment officer of Waltham, Massachusetts-based Commonwealth Financial Network, which oversees $97 billion. “Economically it really doesn’t matter that much. It was a very real risk and pullbacks were rational. When you see a reaction to a market event and that event doesn’t seem to be having much impact at all, then that reaction can reverse very easily.”
     The S&P 500 bounced back after falling through the 200-day moving average, an event that has coincided with past rebounds. Stocks have only crossed the level once since 2012 — the period of last October’s selloff, which gave way to an 11 percent advance at the end of 2014. The index swung 39 points Tuesday from its lowest to highest level, the biggest reversal since a 45-point move on March 18. 

Have a wonderful evening everyone.

Be magnificent!

To correct a natural indifference I was placed half-way between misery and the sun.

Misery kept me from believing that all was well under the sun, and the sun taught me that history wasn’t everything.

Albert Camus

As ever,

Leyla

I believe in pink. I believe that laughing is the best calorie burner.

I believe in kissing, kissing a lot. I believe in being strong when everything seems to be going wrong.

I believe that happy girls are the prettiest girls. I believe that tomorrow is another day and I believe in miracles.

Audrey Hepburn

Queensbury Securities Inc.,

St. Andrew’s Square,

Suite 340A, 730 View St.,

Victoria, B.C. V8W 3Y7

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