June 15, 2021 Newsletter

Dear Friends,

Tangents:
1215~Magna Carta chartered.
1992 Vice President Dan Quayle erroneously instructed a Trenton, N.J., elementary school student to spell potato as “potatoe” during a spelling bee. Go to article »

The hottest new NFT? The original code for the World Wide Web.

PHOTOS OF THE DAY

An artist has completed the world’s largest chalk drawing measuring a huge 18,500 square feet. Mark Lewis Wagner, 61, from California, US spent six days and 45 hours painting the masterpiece which was inspired by street artwork. The artwork is titled ‘Earth Blessings from Creative Spirit’ and includes a drawing of the earth and slogans that represent social and political causes. The chalk drawing also includes a range of animals from dinosaurs to buffalos to butterflies.
CREDIT: MARK WAGNER / GUAVO.MEDIA / CATERS NEWS AGENCY

Gardener Nicola Bantham, 41, at Seaton Delaval Hall in Northumberland tending to the laburnum arch, planted by Laby Hastings in the 1990s
CREDIT: OWEN HUMPHREYS/PA

Colourful sunset for Jack Porter in Doddiscombsleigh, Devon
CREDIT: NIDPOR / STOCKIMONEWS / ALAMY LIVE NEWS

This image of Chinese youths was created by growing different varieties of rice in a paddy in Shenyang, China
CREDIT: AFP/GETTY

Market Closes for June 15^th, 2021

International Markets

Bonds

Currencies

Commodities

Market Commentary:
     On this day in 1215, King John of England signed the Magna Carta, enumerating the principles of limited government, free trade, private property and the liquidation of assets to pay debts.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian equity markets advanced on Tuesday, marking the fourth consecutive gain for the benchmark index, as energy and tech stocks outperformed. The S&P/TSX Composite index rose 0.4% in Toronto. Energy stocks were the best performers after oil climbed as a chorus of prominent traders in the crude market said prices will continue to rise after a nearly 50% rally so far this year.  Health care stocks were the worst performers, led by pot companies, after Cowen lowered Tilray’s estimates citing Canadian Covid-19 headwinds. Meanwhile, Glass Lewis urged BlackBerry investors to vote against Prem Watsa as lead director, arguing that he should be held accountable for an executive compensation plan that isn’t in shareholders’ interests.
Commodities
* Western Canadian Select crude oil traded at a $14.00 discount to West Texas Intermediate
* Spot gold fell 0.4% to $1,858.79 an ounce
FX/Bonds
* The Canadian dollar fell 0.4% to C$1.2188 per U.S. dollar
* The 10-year Canada government bond yield was mostly unchanged around 1.385%

By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite rose for the fourth day, climbing 0.4 percent, or 73.67 to 20,231.32 in Toronto. Shopify Inc. contributed the most to the index gain, increasing 1.7 percent. PrairieSky Royalty Ltd. had the largest increase, rising 5.7 percent. Today, 121 of 229 shares rose, while 105 fell; 8 of 11 sectors were higher, led by financials stocks.
Insights
* This quarter, the index rose 8.2 percent
* The index advanced 32 percent in the past 52 weeks. The MSCI AC Americas Index gained 40 percent in the same period
* The S&P/TSX Composite is 0.2 percent below its 52-week high on June 15, 2021 and 35.5 percent above its low on June 15, 2020
* The S&P/TSX Composite is up 0.8 percent in the past 5 days and rose 4.5 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 23.2 on a trailing basis and 17 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.17t
* 30-day price volatility fell to 8.48 percent compared with 8.51 percent in the previous session and the average of 9.36 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | 43.1015| 0.7| 23/4
* Energy | 38.5874| 1.4| 20/3
* Information Technology | 21.3641| 1.1| 6/5
* Communication Services | 7.5857| 0.8| 5/3
* Consumer Discretionary | 4.6775| 0.6| 10/3
* Real Estate | 1.5197| 0.2| 15/10
* Consumer Staples | 0.6849| 0.1| 8/5
* Utilities | 0.0193| 0.0| 9/6
* Industrials | -2.6951| -0.1| 10/19
* Health Care | -7.2495| -2.6| 1/9
* Materials | -33.9324| -1.3| 14/38
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Shopify | 20.5800| 1.7| 21.1| 12.2
* Royal Bank of | | | |
* Canada | 9.1360| 0.7| -16.9| 21.7
* Brookfield Asset | | | |
* Management | 8.1160| 1.4| -10.9| 16.0
* Teck Resources | -4.0600| -4.5| 26.8| 15.8
* Barrick Gold | -4.3390| -1.3| -47.8| -3.7
* First Quantum | | | |
* Minerals | -6.3530| -5.9| 86.6| 15.5
================================================================
| | Index | Volume VS |YTD Change
Biggest Gainers | % Change |Points Move|20D AVG (%)| (%)
================================================================
* PrairieSky | | | |
* Royalty | 5.7| 1.0810| 20.5| 43.9
* MEG Energy | 5.6| 0.9720| 20.4| 107.0
* Cameco | 5.1| 3.2920| 20.1| 44.3

US
By Vildana Hajric and Claire Ballentine
(Bloomberg) — U.S. stocks dropped from all-time highs as investors mulled the consequences of a drop in retail sales and an uptick in producer prices while the Federal Reserve holds a two-day policy meeting. Crude oil traded at the highest level since 2018. The real estate and technology sectors weighed on the benchmark S&P 500 index, which snapped a three-session winning streak. Exxon Mobil and Chevron lifted the energy sector with oil rallying. The Treasury 10-year note yield lingered near 1.5% for most of the day after Commerce Department figures showed retail sales declined in May. “After nearly a year of anti-climactic FOMC meetings, tomorrow’s meeting has the potential to move markets because it will likely start the process of the Fed communicating tapering of this historic accommodation,” wrote Tom Essaye, a former Merrill Lynch trader who founded “The Sevens Report” newsletter. “That’s going to be a tricky minefield for the Fed to navigate.” The prevailing mood was calm for much of the day before the Fed’s next policy decision — and possible hints about when the central bank will slow the pace of emergency asset purchases.
The statement is set to include updated forecasts, and expectations are that officials would broadcast any taper plans well in advance. “The one show in town this week is the Fed, so investors have been weighing the possibility of whether the Fed will start to introduce the theme of reining in this ultra-loose policy,” said Fiona Cincotta, senior financial markets analyst at City Index. “That’s the big question — will they introduce that debate or will they let it push over until August?” Economists expect the so-called dot plot to point to an interest-rate increase in 2023, while the bank is unlikely to signal a scaling back of bond purchases until later this year. Elsewhere, European equities were led higher by chemical firms, while Asian stocks were mixed. West Texas Intermediate crude traded around $72 a barrel as investors weighed the outlook for rising demand against extended anti-virus curbs in some economies. Bitcoin continued to gyrate amid a barrage of comments, briefly climbing above $41,000 only to pull back.

Here are some key events to watch this week:
* The Federal Open Market Committee rate decision comes on Wednesday, with a news conference from Jerome Powell after
* U.S. President Joe Biden and Russia’s Vladimir Putin meet Wednesday in Geneva
* U.S. Treasury Secretary Janet Yellen testifies before a House panel Thursday on the federal budget
* Rate decisions come from Switzerland and Norway on Thursday
* The Bank of Japan’s monetary policy decision is on Friday

These are some of the main moves in markets:
Stocks
* The S&P 500 fell 0.2% as of 4:01 p.m. New York time
* The Nasdaq 100 fell 0.7%, more than any closing loss since June 3
* The Dow Jones Industrial Average fell 0.3%, more than any closing loss since June 9
* The MSCI World index fell 0.1% at 4:01 p.m. New York time, the most since June 9
Currencies
* The Bloomberg Dollar Spot Index rose 0.1%, climbing for the third straight day, the longest winning streak since March 25
* The euro was little changed at $1.2126
* The British pound fell 0.2% to $1.4081
* The Japanese yen was little changed at 110.06 per dollar
Bonds
* The yield on 10-year Treasuries was little changed at 1.49%
* Germany’s 10-year yield advanced two basis points to -0.23%
* Britain’s 10-year yield advanced two basis points to 0.76%
Commodities
* West Texas Intermediate crude rose 1.9% to $72.25 a barrel
* Gold futures fell 0.3% to $1,860.10 an ounce
–With assistance from David Wilson and Kamaron Leach.
Have a lovely evening.

Be magnificent!

As ever,

Carolann

Curiosity is one of the permanent and certain characteristics of a vigorous mind. -Dr. Samuel Johnson, 1709-1784.

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
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www.carolannsteinhoff.com