June 28, 2019 Newsletter
Tangents: Happy Friday!
On June 28, 1919, the Treaty of Versailles was signed in France, ending World War I. Go to article »
What’s the best Beatles song?, June 28, 2019
The Negroni, The New York Times
Never mind the Aperol spritz. This is Negroni Week.
Or so says Campari, the company behind marketing blitzes for both cocktails.
Negroni gets its place in the sun now because it is said to have been invented 100 years ago when Count Camillo Negroni in Florence, Italy, asked his bartender at the Cassoni Cafe to replace the soda in his Americano drink with gin.
An array of Negronis. Leah Nash for The New York Times
(Another version puts its origins in Senegal in 1870, with Gen. Pascal Olivier Comte de Negroni.)
Equal parts of Campari and sweet vermouth make up the rest of the classic recipe, though there are infinite variations, many with bitters and an orange slice.
The company is mixing a little charity into its promotion. By drinking a Negroni at a participating bar or restaurant (10,000 around the world have signed up), you can designate contributions to any of nearly 50 nonprofits. Negroni Week ends on Sunday.
PHOTOS OF THE DAY
The sun sets as revellers look out from a viewing platform over the Tipi Village as they attend the Glastonbury Festival of Music and Performing Arts on Worthy Farm near the village of Pilton in Somerset, South West England
CREDIT: OLI SCARFF/ AFP
Children play under water jets in a fountain as they cool off during a heatwave in Nice
CREDIT: VALERY HACHE/ AFP
Polar bear “Milana” holds an ice cake with frozen fruit as she takes a bath in her pool at the zoo in Hanover, northern Germany, where temperatures reached around 33 degrees Celsius
CREDIT:HAUKE-CHRISTIAN DITTRICH /DPA/ AFP
Horses run past the Hermitage of El Rocio during the annual ‘Saca de las Yeguas’(round-up of the wild mares) in Andalusia
CREDIT: CRISTINA QUICLER/AFP
Market Closes for June 28th, 2019
|Bonds||% Yield||Previous % Yield|
10 Year Bond
10 Year Bond
30 Year Bond
|WTI Crude Future||58.47||59.43|
Apple Inc. said its chief design officer, Jony Ive, will leave later this year to form an independent design company, with Apple being one of its primary clients
By Michael Bellusci
(Bloomberg) — Canadian equities gained ahead of the Canada Day long weekend after dropping for five consecutive sessions, following U.S. shares up on optimism the U.S. and China will make progress during trade talks this weekend.
The S&P/TSX Composite Index rose 0.5% to 16,382. Ten of 11 sectors advanced, with only consumer staples slipping. WTI crude fell late in trading on Europe’s Iran sanctions workaround, while energy investors remain focused on next week’s OPEC meeting in Vienna. Additionally, BCE Inc. named Mirko Bibic to take over as chief executive officer of Canada’s largest telecommunications company by market value when George Coperetires in January.
In other moves:
* Canaccord Genuity Group Inc. jumped 16% after share buyback plan
* Resolute Forest Products Inc. gained 11%
* New Gold Inc. rose 7.6%
* Paramount Resources Ltd. advanced 3.7% after a gas facility sale
* TORC Oil & Gas Ltd. dropped 3.1%
* Seven Generations Energy Ltd. fell 3%
* ACO/X CN: Atco /Canada Upgraded to Sector Perform at RBC; PT C$48
* CP CN: Canadian Pacific Downgraded to Peer Perform at Wolfe
* CR CN: Crew Energy Downgraded to Hold at GMP; PT C$1.15
* CRON CN: Cronos Group Rated New equalweight at Consumer Edge Research
* DGC CN: Detour Gold Cut to Sector Perform at National Bank; PT C$18.50
* HSE CN: Husky Energy Downgraded to Hold at GMP; PT C$14
* HYG CN: Hydrogenics Downgraded to Neutral at HC Wainwright
* HYG CN: Hydrogenics Downgraded to Hold at Canaccord
* HYG CN: Hydrogenics Downgraded to Hold at Craig-Hallum
* ITP CN: Intertape Polymer Rated New Outperform at BMO; PT C$23
* VET CN: Vermilion Energy Downgraded to Hold at GMP; PT C$30
* WEED CN: Canopy Growth Rated New Equal-weight at Consumer Edge Research
* WPK CN: Winpak Rated New Market Perform at BMO; PT C$48
* YRI CN: Yamana Gold Upgraded to Outperform at National Bank; PT C$4.25
* Western Canada Select crude oil traded at a $13.25 discount to WTI
* Gold spot about flat at $1,410.75 an ounce
* The Canadian dollar flat at C$1.3099 per U.S. dollar
* The Canada 10-year government bond yield fell to 1.467%
By Randall Jensen and Sarah Ponczek
(Bloomberg) — Stocks rose for a second day, notching the best month since January on optimism the U.S. and China will make progress during trade talks this weekend. Treasuries edged higher.
The S&P 500 Index pushed its June advance to 6.9% and rose by more than 3.5% in the quarter, rebounding from the rout in May. Materials producers surged 11% in June, buoyed by crude’s best month in five and gold’s biggest rally since the Brexit vote. Chipmakers saw the best monthly gain since 2011 as the sector has shown signs of resilience amid the trade war. Banks led benchmarks after the Federal Reserve cleared the way for better-than-expected payouts, while Apple Inc. weighed on tech after a report said it was moving some production from the U.S. to China.
Ten-year Treasury yields lingered above 2%, dropping nearly 40 basis points since the end of the last quarter, as fresh evidence that American manufacturing growth is slowing boosted expectations for deep rate cuts this year. The dollar was little changed versus peers, heading for its worst month since January.
All eyes now turn to the G-20 gathering in Osaka, where Presidents Donald Trump and Xi Jinping will meet Saturday to seek a breakthrough in the trade war. Trump on Friday said while he hasn’t promised not to issue new tariffs on China he does think “at a minimum” Saturday’s meeting will be “productive.” Meanwhile Xi warned that “bullying practices” won’t work, without mentioning Trump by name. “Markets just have simple needs right now and they want to see signs of progress,” Nela Richardson, investment strategist at Edward Jones, said in an interview at Bloomberg’s New York headquarters. “If they get something that say, ’look we’re not going to start a new round of tariffs,’ I think that would be good for next week.”
These are the main moves in markets:
* The S&P 500 Index advanced 0.6% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index gained 0.7%.
* The MSCI Emerging Market Index was little changed.
* The MSCI Asia Pacific Index declined 0.2%.
* The Bloomberg Dollar Spot Index was little changed.
* The euro was steady at $1.1372.
* The British pound gained 0.2% to $1.2704, the biggest gain in a week.
* The Japanese yen fell less than 0.05% to 107.83 per dollar.
* The yield on 10-year Treasuries fell one basis point to 2.00%.
* Germany’s 10-year yield dropped one basis point at -0.327%.
* Britain’s 10-year yield gained one basis point to 0.833%.
* Gold advanced 0.1% to $1,413.70 an ounce.
* West Texas Intermediate crude fell 2.3% at $58.06 a barrel.
–With assistance from Justina Lee, Laura Curtis and Vildana Hajric.
Have a wonderful weekend everyone.
Time you enjoy wasting, was not wasted.
-John Lennon, 1940-1980
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
Toll Free: 1.877.430.5895