June 1, 2017 Newsletter

Dear Friends,

Tangents:

On this day in 1980, the Cable News Network, the world’s first round-the-clock TV news service, makes its debut.
And also…
On June 1, 1968, author-lecturer Helen Keller, who earned a college degree despite being blind and deaf most of her life, died in Westport, Conn.

Go to article »

Be humble.  Be hungry.  And always be the hardest worker in the room. –Dwayne “The Rock” Johnson.
PHOTOS OF THE DAY

Fishing boats in Bali, Indonesia, are reflected in the calm sea at dawn.
Bertoni Siswanto/Solent News

Mount Sinabung in Indonesia continues to spew ash as it forms a new lava dome. SABIRIN MANURUNG/PACIFIC PRESS/ZUMA PRESS
Market Closes for June 1^st, 2017

International Markets

Bonds

Currencies

Commodities

Market Commentary:
Number of the Day
49.6
The Caixin China manufacturing purchasing managers index, a private gauge of Chinese factory activity, fell to 49.6 in May, the first time
in nearly a year it has been in contractionary territory.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks closed higher on a broad- based rally that brought the equity benchmark to its highest level in more than a week.
     The S&P/TSX Composite Index added 120 points or 0.8 percent to 15,469.91 as all but two sectors gained. The rebound followed a decline of 1.5 percent for May, the first monthly decline since June 2016.
     Energy shares rose 1.1 percent following U.S. data that showed oil stockpiles are starting to shrink. Bonterra Energy Corp. gained 7.2 percent. Financial stocks gained 0.7 percent as bond yields rose.
     In other moves:
* BRP Inc. jumped 13 percent to a record high after the company increased its fiscal 2018 guidance and initiated a quarterly dividend
* Element Fleet Management Corp. gained 12 percent, paring Wednesday’s 15 percent drop. The stock was upgraded to buy at Cormark following the selloff
* BlackBerry Ltd. added 8 percent to its highest price since 2013. Citron Research said the company is a likely target for a buyout at a high premium
* Asanko Gold Inc. fell 7.8 percent after it was targeted by short-seller Muddy Waters LLC
US
By Oliver Renick
     (Bloomberg) — U.S. stocks climbed after a slew of economic data that was mostly better than expected, an announcement by President Trump that the U.S. will exit the Paris climate accord and a rally in financial shares that was the best in more than a month.
* S&P 500 up 0.8% to 2,430.06
* Dow Industrials up 136 points to 21,144.18
* Russell 2000 index up 1.9%, the most in 3 months
* Financial stocks rallied in the final hour of trading to cap the biggest 1-day jump since April 24
* Materials shares up 1.1%; Bloomberg commodity index down 0.4%
* Health-care stocks advance for 8th day in 10, up 1.2%
* Real estate and tech lagged market
* 10-year Treasury yield up 1bp
* Volume in S&P 500 about at 30-day average; trading surged Wednesday
** Volume movers: Mead Johnson (MJN), Goodyear (GT), Patterson (PDCO), CenturyLink (CTL), Level 3 (LVLT) all trading on volume at least 3x 30-day average
* VIX down to 9.9
** Volatility movers: Alliance Data (ADS), Public Storage (PSA), Automatic Data Processing (ADP), Waters (WAT), Host Hotels (HST) have highest put-call volume ratio in S&P 500
* POLITICS:
** Trump announced plans to withdraw the U.S. from the landmark Paris climate accord on Thursday, injecting uncertainty into the worldwide effort to combat climate change
** Trump followed his three predecessors in signing a waiver that would keep the U.S. embassy in Tel Aviv for at least six more months, according to two White House officials
* ECONOMY:
** Private payrolls rose by 253k (est. 180k) after revised 174k gain in April
** Initial jobless filings increased by 13k to 248k (est. 238k)
** San Francisco Fed President John Williams said in Seoul that if the U.S. economy strengthens, the central bank can
raise interest rates four times in 2017
* EARNINGS:
** After-market Thursday: Broadcom Ltd (AVGO), Cooper Cos (COO)
** Pre-market Friday: none
* Europe Market: Stoxx 600 closes higher for first time in six sessions

Have a wonderful evening everyone.

Be magnificent!

The like and dislike is the result of my culture, my training, my associations,
my inclinations, my acquired and inherited characteristics.
It is from that center that I observe and make my judgments,
and the observer is separate from the thing he observes.
Krishnamurti

As ever,

Carolann

Thoughts lead to purposes; purposes go forth in action; actions form habits;
habits decide character; and character fixes our destiny.
                                                                     -Tyron Edwards, 1809-1894

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
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com