June 21, 2018 Newsletter

Dear Friends,

Tangents:  HAPPY SUMMER!

The warmest season of the year, astronomically from the summer solstice to the autumn equinox.

Summer is icumen in ,
Lhude sing cuccu!
Groweth sed, and bloweth me [meadow]
And springeth the wude  nu.
ANONYMOUS: Cuckoo Song c. 1250

PHOTOS OF THE DAY

A cute gosling looks it’s trying it’s best to air airborne – months before it can fly. The small bird had become detached from his family of 2 geese and 6 goslings and was running to catch them up. The cute picture was taken by Aircraft fitter, Alan Heber,54, in Ryde on the Isle of Wight. Alan says “I like this shot because it looks like the young bird was trying to do the impossible by wanting to fly months before it’s capable. Almost like it can’t wait to get airborne”. CREDIT: ALAN HEBER/SOLENT NEWS

Racegoers talk amongst themselves during day two of Royal Ascot at Ascot Racecourse. CREDIT: JOHN WALTON/PA
Market Closes for June 21st, 2018

International Markets

Bonds

Currencies

Commodities

Market Commentary:
Canada
By Stefanie Marotta
     (Bloomberg) — Canadian stocks followed global stocks lower, dropping even after a report that White House officials were considering restarting talks with China to avoid a trade war.
     The S&P/TSX Composite Index fell 0.5 percent to 16,335.15 after yesterday’s record intraday high. Energy fell 1.7 percent as MEG Energy Corp. dropped 4.1 percent after Goldman Sachs initiated coverage with a neutral recommendation.
     Contrary to most sectors, health care rose 2.7 percent as cannabis stocks continued to accelerate. Aphria Inc. climbed 5.4 percent to a new high.
     In other moves:
     Stocks
* Shopify Inc. fell 4.7 percent as Internet stocks dropped after the Supreme Court allowed states and local governments to start collecting taxes from internet retailers* Finning International Inc. shares fell 4.4 percent, the most in over a year
     Commodities
* Western Canada Select crude oil traded at a $24.00 discount to WTI
* Aeco natural gas traded at a $1.60 discount to Henry Hub
* Gold fell 0.4 percent to $1,269.20 an ounce
     FX/Bonds
* The Canadian dollar remained neutral at C$1.3311 per U.S. dollar
* The Canada 10-year government bond yield fell four basis points to 2.14 percent
US
By Brendan Walsh
     (Bloomberg) — U.S. stocks fell following declines in Asia and Europe as Daimler AG’s profit warning fed into investor concern over the outlook for global trade and growth. Treasuries gained and the dollar weakened.
     The S&P 500 Index slumped and the Dow Jones Industrial Average posted its eighth straight drop after the Supreme Court ruled states can collect sales tax from online retailers, rattling Amazon.com and EBay. Automakers also came under pressure after Daimler’s forecast and energy producers declined.
U.S. gauges bounced off their lows of the day after a report that senior White House officials are trying to restart talks with China to avoid a trade war.
     Even as skeptics doubted Daimler’s explanation for the poor forecast, the global market agenda continues to be dominated by trade threats and fears, which elicited warnings from major central bankers on Wednesday and are beginning to show up in the business cycle. While the U.S. outreach to China signaled a willingness by some officials to seek a truce before $34 billion in Chinese products are hit with tariffs, opponents inside the administration favor penalizing Beijing. President Donald Trump has shown no signs of backing down.
     “At the moment we just want to be a little bit cautious,”
Colin Graham, the chief investment officer of multi-asset solutions at Eastspring Investments, said on Bloomberg Television. “We are going to see more choppy returns.”
     Elsewhere, Italian bonds and stocks were hit hard after two prominent critics of the European Union were given key posts in parliament. The pound jumped after the Bank of England’s chief economist unexpectedly supported an interest-rate increase.
     The Stoxx Europe 600 fell to the lowest in almost two months. Emerging-market stocks and currencies retreated alongside commodities. Equity benchmarks in Hong Kong, Seoul and Shanghai all fell at least 1 percent. Stocks in the Philippines entered a bear market.
          Here are some key events to watch for this week:
* The Organization of Petroleum Exporting Countries meets in Vienna on Friday.
     And here are the main market moves:
                             Stocks
* The S&P 500 Index slipped 0.6 percent at the close of trading in New York.
* The Dow Jones Industrial Average fell 0.8 percent for its eighth consecutive drop.
* The Stoxx Europe 600 Index fell 0.9 percent.
* Italy’s FTSE MIB fell 2 percent.
* The MSCI Emerging Market Index decreased 1.1 percent.
                           Currencies
* The Bloomberg Dollar Spot Index fell 0.3 percent.
* The euro rose 0.4 percent to $1.1612.
* The British pound increased 0.6 percent to $1.3245.
* The Japanese yen rose 0.4 percent to 109.97 per dollar.
                             Bonds
* The yield on 10-year Treasuries declined four basis points to 2.9 percent.
* Britain’s 10-year yield slipped two basis points to 1.28 percent.
* Italy’s 10-year yield rose 18 basis points to 2.72 percent, a one-week high.
                          Commodities
* West Texas Intermediate slipped 0.7 percent to $65.75 a barrel.
* Gold was little changed at $1,267.50 an ounce.
–With assistance from Sophie Caronello, Andreea Papuc, Adam Haigh, Sheldon Reback, Yakob Peterseil, Samuel Potter, Christopher Anstey and David Wilson.

Have a great evening.

Be magnificent! 

As ever,

Carolann 

All  men are caught in an inescapable network of mutuality.
                                  -Martin Luther King Jr., 1929-1968

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
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com