June 13, 2017 Newsletter

Dear Friends,

Tangents:

Birthday: William Butler Yeats, June 13, 1865

The Song of Wandering Aengus

                       -BY WILLIAM BUTLER YEATS
I went out to the hazel wood,
Because a fire was in my head,
And cut and peeled a hazel wand,
And hooked a berry to a thread;
And when white moths were on the wing,
And moth-like stars were flickering out,
I dropped the berry in a stream
And caught a little silver trout.

When I had laid it on the floor
I went to blow the fire a-flame,
But something rustled on the floor,
And someone called me by my name:
It had become a glimmering girl
With apple blossom in her hair
Who called me by my name and ran
And faded through the brightening air.

Though I am old with wandering
Through hollow lands and hilly lands,
I will find out where she has gone,
And kiss her lips and take her hands;
And walk among long dappled grass,
And pluck till time and times are done,
The silver apples of the moon,
The golden apples of the sun.

Source: The Wind Among the Reeds (1899)

www.poets.org/exh/wbyea/
On June 13, 1966, the Supreme Court issued its landmark Miranda vs. Arizona decision, ruling that criminal suspects must be informed of their constitutional rights prior to questioning by police.
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PHOTOS OF THE DAY

A worker carrying a buoy for a fiber-optic cable near Bilbao in Spain, as Facebook and Microsoft join forces to lay a fiber-optic cable across the Atlantic to link Europe and the U.S. VINCENT WEST/REUTERS

A swimmer passing under the ‘Museum of the Moon’ by British artist Luke Jerram at the Saint-Georges swimming pool in Rennes, France. DAMIEN MEYER/AGENCE FRANCE-PRESSE/GETTY IMAGES

The main pack of riders rolling past cows in Switzerland during the fourth stage of the 81st Tour de Suisse. GIAN EHRENZELLER/ASSOCIATED PRESS
Market Closes for June 13^th, 2017

International Markets

Bonds

Currencies

Commodities

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks were little changed as gains in energy shares offset declines in telecom and financials.
     The S&P/TSX Composite Index slipped 4 points or less than 0.1 percent to 15,379.75. Energy shares gained 0.4 percent as the price of crude rose for a third straight day, rebounding from last week’s sharp decline. Birchcliff Energy Ltd. rose 2.6 percent.
     The telecom index tumbled 0.9 percent after Shaw Communications Inc. said it will sell a data-service business and buy new spectrum, pressuring shares of its three biggest competitors. Shaw gained 2.7 percent.
     In other moves:
* Sierra Wireless Inc. added 6.2 percent as the broader tech sector rebounded from a two-day rout
* Quebecor Inc. gained 3.1 percent. The company will sell spectrum licenses to Shaw for C$430 million
* Sears Canada Inc. tumbled 24 percent to its lowest level ever. The retailer said there’s “significant doubt” about its ability to keep operating as obligations exceed cash flow
* Sleep Country Canada Holdings Inc. jumped 4.6 percent after analysts at GMP said the company is likely to benefit from a potential bankruptcy filing at Sears Canada.
US
By Jeremy Herron
     (Bloomberg) — U.S. stocks snapped a two-day slide to close at fresh records as technology shares rebounded from the worst drop of the year. The dollar weakened and Treasuries were steady as the Federal Reserve policy meeting kicked off.
     The Dow Jones Industrial Average and the S&P 500 Index ended at all-time highs, while the Nasdaq 100 Index bounced back from its biggest two-day drop since September. European and emerging-market equities advanced. Sterling rose for the first time since the U.K. election. Ten-year Treasury yields held near 2.21 percent and the dollar slipped versus major peers before the Fed is projected to raise rates Wednesday.
     The rebound in tech shares carried through to U.S. trading, affording investors a break from the selloff as the sector resumed its rose as the key driver of global equity gains. Drama in Washington continued to demand attention, with U.S. Attorney General Jeff Sessions slated to testify to lawmakers. 
     He will likely face pressure to explain his role in the firing of James Comey and contacts that he and associates of President Donald Trump had with Russian officials, with markets looking for any indication that the administration’s business- friendly agenda will be delayed.
     Here are the key events investors will be watching this week:
* Fed policy makers are expected to raise their benchmark interest rate for the second time this year on Wednesday. Since that’s widely anticipated, the more market-sensitive elements of the meeting will relate to signals on future policy — either the path for rates or plans to cut the $4.5 trillion balance sheet.
* Central banks in Japan, Switzerland and Britain are also scheduled to weigh in with policy decisions this week.
     Here are the main moves in markets:
     Stocks
* The S&P 500 added 0.5 percent to 2,440.35 as of 4 p.m. in New York. The Dow rose 92.80 points to 21,328.47.
* The Nasdaq 100 climbed 0.8 percent, rebounding from its worst two-day drop of the year. It’s still 2.3 percent below it’s all- time high.
* The Stoxx Europe 600 Index rose 0.6 percent, after dropping 1 percent on Monday. Tech shares rose 1.6 percent.
* MSCI’s Emerging Markets Index added 0.1 percent.
     Currencies
* The pound strengthened 0.8 percent to $1.2755 after sliding 0.7 percent on Monday; it stayed higher as U.K. data showed inflation resumed its upward march last month.
* The euro was flat at $1.1209.
* The Bloomberg Dollar Spot Index fell by 0.2 percent.
* The yen dropped 0.1 percent to 110.05 per dollar, after Monday’s 0.3 percent gain. 
     Bonds
* The yield on 10-year Treasuries was little changed at 2.21 percent; before today it climbed for four straight sessions.
* German benchmark yields rose two basis points and French yields rose one basis point, while U.K. yields added seven basis points.
     Commodities
* West Texas crude futures rose 0.8 percent to settle at $46.46, as OPEC reported rising production, offsetting expectations of a further decline in U.S. stockpiles.
* Gold slipped 0.1 percent to $1,268.50, its fifth day of losses and the longest losing streak in a month as investors anticipate a Fed rate hike.
Have a wonderful evening everyone.

Be magnificent!

You are the product of your environment.
That is why you are not able to see beyond the habits and social conventions
that are rooted deep within you.  If you wish to see beyond them,
you must first of all free yourself from the normal way in which you interpret facts.
Swami Prajnanpad

As ever,

Carolann

There is nothing as sweet as a comeback, when you are down and out,
about to lose, and out of time.   -Anne Lamott, b. 1954

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