June 27, 2019 Newsletter

Dear Friends,

Tangents:

“HAPPY BIRTHDAY TO YOU” song composed on this day in 1859.

 
Helen Keller born June 27, 1880.  Some of her insights:

Many persons have a wrong idea of what constitutes true happiness.

It is not attained through self-gratification but through fidelity to a worthy purpose.

Character cannot be developed in ease and quiet.  Only through experience of trial and suffering can the soul be strengthened, ambition inspired, and success achieved.

Science may have found a cure for most evils; but it has found no remedy for the worst of them all – the apathy of human beings.

Read: The Times’s book critics select the most outstanding memoirs published since 1969

 ~On June 27, 1950, President Truman ordered the Air Force and Navy into the Korean War following a call from the United Nations Security Council for member nations to help South Korea repel an invasion from the North.  Go to article »

ICYMI
The Kennedy estate on Martha’s Vineyard is on sale for $65 million.

PHOTOS OF THE DAY

Daniela, 3, and Siena, 6, take a well earned rest as they arrive at Glastonbury Festival
CREDIT: GEOFF PUGH FOR THE TELEGRAPH

Lightning strikes during an electrical storm over Port-au-Prince, Haiti
CREDIT: CHANDAN KHANNA/AFP/GETTY IMAGES

North Korean soldiers show their skills during a mass game performance of “The Land of the People” at the May Day Stadium in Pyongyang, North Korea, Tuesday, June 25, 2019
CREDIT: AP PHOTO/CHA SONG HO
Market Closes for June 27th, 2019

International Markets

Bonds

Currencies

Commodities

Market Commentary:
Facebook’s libra could give the dollar, and banks, some welcome competition. Facebook’s new digital currency has the potential to become a true alternative to national currencies by creating a de facto central bank, which other fin-tech startups and cryptocurrencies have failed to do.
Canada
By Michael Bellusci
     (Bloomberg) — Canadian equities made a late push to gain Thursday, though closed down for their fifth straight session.
     The S&P/TSX Composite Index fell less than 0.1% to 16,307. Information technology, consumer staples, and health care rose while energy lagged.
     Alberta raised its mandatory production limit by 25k b/d in August from July levels to 3.74m b/d, while Ontario Teachers’ Pension Plan has invested an undisclosed amount in Elon Musk’s Space Exploration Technology Corp.
     Also, Acreage Holdings Inc. has some “head-turner” acquisitions in the works now that its planned sale to pot giant Canopy Growth Corp. has been sealed, according to the New York- based company’s chief executive officer. 
In other moves:
Stocks
* MedMen Enterprises Inc. rose 5.9% 
* Stars Group Inc. rallied 4.7% 
* Shopify Inc. gained 4% 
* OceanaGold Corp. fell 7.8% 
* Kelt Exploration Ltd lost 7.2% 
* ARC Resources Ltd dropped 6.2% 
Ratings
* ALS CN: Altius Minerals Rated New Buy at Cormark Securities; PT C$20
* AGF/B CN: AGF Management Downgraded to Hold at TD; PT C$5.50
* BAD CN: Badger Daylighting Rated New Buy at TD; PT C$55
* CP CN: Canadian Pacific Cut to Sector Perform at National Bank
* CR CN: Crew Energy Downgraded to Sector Perform at Scotiabank; PT C$1
* HSE CN: Husky Energy Rated New Sector Perform at National Bank; PT C$16
* INO-U CN: Inovalis REIT Rated New Hold at Canaccord; PT C$10.50 
* KSI CN: kneat.com Rated New Speculative Buy at Cormark Securities
* MG CN: Magna International Rated New Neutral at Credit Suisse; PT $55 
* OSS CN: Onesoft Solutions New Speculative Buy at Cormark Securities 
* VPY CN: VersaPay Rated New Speculative Buy at Cormark Securities
* ZENA CN: Zenabis Global Inc Rated New Buy at GMP; PT C$3.25
Commodities
* Western Canada Select crude oil traded at a $13 discount to WTI
* Gold spot price flat at about $1,408.85 an ounce
FX/Bonds
* The Canadian dollar rose 0.2% to C$1.3099 per U.S. dollar
* The Canada 10-year government bond yield fell to 1.471%
US
By Randall Jensen and Vildana Hajric
     (Bloomberg) — Stocks halted four days of declines as trade optimism reigned ahead of U.S.-China talks at the Group of 20 conference this weekend in Japan. Treasuries advanced.
     The S&P 500 headed for its best month since January, rebounding from a rout in May to leave it higher by more than 3% for the quarter. Banks led gains on the day as Chinese and American officials jockeyed before the highly anticipated meeting between Presidents Donald Trump and Xi Jinping on Saturday. Energy producers fell as oil hovered just under $60 a barrel.
     The 10-year Treasury yield slipped below 2.02%, with Goldman Sachs Group Inc. cutting its year-end forecast for the rate to 1.75%, matching JPMorgan Chase & Co.’s call from May 31. The yield has plunged from 2.4% at the end of the first quarter. The two-year rate hit 1.74%. The dollar was little changed, on track for its first monthly decline since January. Gold futures slipped a second day after reaching a six-year high, paring its best monthly rally since 2016 to 7.9%.
     The Saturday sit-down between President Donald Trump and Xi in Japan looms as a key event for markets, with reports about a tariff pause contrasting with Trump’s repeated threats of more duties. Even with all of the noise surrounding trade, investors are keeping a close eye on monetary policy and expectations central banks will cut rates to counter signs of a slowing global economy. “Investors need to be sensitive to this rally, that it’s not driven by corporate fundamentals or better economic data,” Deepak Puri, Americas CIO at Deutsche Bank Wealth Management, said in an interview at Bloomberg’s New York headquarters. “It’s purely driven by two things: one is the Fed and ECB, the global concerted effort to go on an easing cycle. And second, with this near-term resolution on trade, which they might be up for disappointment because we don’t expect the G-20 summit to bring anything materially different than a handshake and a continuation of talks.” These are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.4% as of 4 p.m. New York time.
* The Nasdaq composite rose 0.7%
* The Dow Jones Industrial Average was little changed. 
* The Stoxx Europe 600 Index was little changed.
* The MSCI Emerging Market Index climbed 0.7%.
* The MSCI Asia Pacific Index jumped 1%.
Currencies
* The Bloomberg Dollar Spot Index was steady.
* The euro was little changed at $1.1369.
* The British pound fell 0.2% at $1.2669.
* The Japanese yen was little changed at 107.76 per dollar.
Bonds
* The yield on 10-year Treasuries fell four basis points to 2.01%.
* Germany’s 10-year yield dropped two basis points to -0.32%.
* Britain’s 10-year yield fell one basis point at 0.822%.
Commodities
* West Texas Intermediate crude fell 0.2% at $59.24 a barrel.
* Gold dipped 0.3% to $1,411.30 an ounce.
–With assistance from Laura Curtis and Sarah Ponczek.

 Have a great night.

Be magnificent!
As ever,

Carolann

It is not true that people stop pursuing dreams because they grow old,

they grow old because they stop pursing dreams.

                                               -Gabriel Garcia Marquez, 1927-2014

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