June 28, 2021 Newsletter

Dear Friends,

Tangents:
On June 28, 1919, the Treaty of Versailles was signed in France, ending World War I. Go to article »

Peter Paul Rubens, painter, b. 1577.
Jean-Jacques Rousseau, philosopher, b. 1712.

Researchers find a way to hack ATMs by waving a phone.

way to hack ATMs by waving a phone.

Denisova Cave has been a hot spot for 300,000 years. –Scott Kominers.

PHOTOS OF THE DAY

Isis Macadaeg, age 7, plays in a spray park at Jefferson Park during a heat wave in Seattle, Washington
CREDIT: REUTERS/KAREN DUCEY

Tyler, the Creator performs during the BET Awards at Microsoft theatre in Los Angeles
CREDIT: REUTERS/MARIO ANZUONI

‘Buddy’ the cocker spaniel sits and look out at a glorious golden sunrise rising over the rolling hills to the east and low lying mist as see from Wooler common in Northumberland 
CREDIT: PHIL WILKINSON

Market Closes for June 28^th, 2021

International Markets

Bonds

Currencies

Commodities

Market Commentary:
     On this day in 1887, John Stith (“Doc”) Pemberton, an Atlanta druggist, received a trademark from the U.S. Patent Office for his “New and Popular Soda Fountain Drink, containing the properties of the wonderful Coca plant and the famous Cola nuts.”
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian stocks fell after energy and materials companies underperformed on Monday. The S&P/TSX Composite index fell 0.4% in Toronto. Energy shares were the worst performers as oil prices fell amid expectations of an upcoming supply increase from OPEC+ producers at a time when the delta variant is threatening a recovery in demand. Some of the underperformers within the energy sector were MEG Energy, Vermilion, and Imperial Oil. Meanwhile, office vacancies in downtown Toronto, Canada’s financial capital, rose to their highest since 2008 as the era of remote work prompts companies to question their long-term needs for space.
Commodities
* Western Canadian Select crude oil traded at a $14.00 discount to West Texas Intermediate
* Spot gold was flat around $1,781 an ounce
FX/Bonds
* The Canadian dollar fell 0.4% to C$1.2343 per U.S. dollar
* The 10-year Canada government bond yield fell 4 basis points to 1.413%

By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite fell 0.4 percent at 20,145.51 in Toronto. The move was the biggest since falling 0.7 percent on June 18 and follows the previous session’s increase of 0.1 percent. Toronto-Dominion Bank contributed the most to the index decline, decreasing 0.9 percent. Sandstorm Gold Ltd. had the largest drop, falling 7.4 percent. Today, 149 of 232 shares fell, while 79 rose; 5 of 11 sectors were lower, led by energy stocks.
Insights
* This quarter, the index rose 7.7 percent
* This month, the index rose 2.1 percent
* The index advanced 33 percent in the past 52 weeks. The MSCI AC Americas Index gained 45 percent in the same period
* The S&P/TSX Composite is 0.7 percent below its 52-week high on June 16, 2021 and 32.8 percent above its low on June 26, 2020
* The S&P/TSX Composite is little changed in the past 5 days and rose 1.5 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 16.8 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$3.18t
* 30-day price volatility rose to 7.21 percent compared with 7.13 percent in the previous session and the average of 8.75 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Energy | -48.0767| -1.8| 2/21
* Financials | -43.5070| -0.7| 5/23
* Materials | -23.8850| -1.0| 8/44
* Industrials | -10.2157| -0.4| 11/19
* Consumer Discretionary | -7.1730| -0.9| 3/10
* Consumer Staples | 0.5305| 0.1| 8/5
* Health Care | 0.6688| 0.2| 5/5
* Real Estate | 1.5441| 0.2| 13/12
* Communication Services | 3.5915| 0.4| 6/0
* Utilities | 4.2323| 0.5| 8/8
* Information Technology | 37.2823| 1.7| 10/2
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* TD Bank | -10.0000| -0.9| -35.0| 20.8
* Suncor Energy | -9.9470| -3.1| -35.1| 37.5
* Canadian Natural | | | |
* Resources | -9.4010| -2.5| -67.8| 44.5
* Blackberry | 3.2200| 6.0| -56.4| 87.6
* Brookfield Asset | | | |
* Management | 4.4390| 0.7| -23.7| 21.9
* Shopify | 25.3100| 1.8| -35.7| 28.3

US
By Rita Nazareth and Vildana Hajric
(Bloomberg) — Some of the world’s largest technology companies led stocks to a fresh record on Monday, extending a rally that’s already added $6 trillion in value to the equity market this year. After swinging between gains and losses throughout most of the session, the S&P 500 moved higher on news that Facebook Inc. won dismissal of two monopoly lawsuits.  Some of the stay-at-home darlings like Apple Inc., Amazon.com Inc. and Zoom Video Communications Inc. climbed as the reflation trade waned.  Cruise operators and airlines sank as governments from Europe to Asia imposed new limits on travel from Britain — which is seeing a spike in coronavirus cases. With stocks on track for one of their best first halves in history, the debate over elevated valuations is coming back to the forefront.
The S&P 500 is trading above the average of the  past decade, and this quarter potentially marking the peak of a profit recovery from the depths of the pandemic. Meantime, demand for protection against losses in coming months has risen in the options market. “Investors should not be looking for stocks to move higher in a straight line, but rather prepare for the economic recovery taking shape,” John Stoltzfus, chief investment strategist at Oppenheimer,  wrote to clients. “We look for progress, not perfection in the economic data this week, with the potential for any disappointments to give rise to volatility, and with results that are better than expected likely to provide positive offsets.” Traders will sift through readings on consumer confidence, housing, manufacturing and the labor market over the course of the week — with Friday’s jobs report forecast to show an  acceleration in payrolls growth.

Here are some events to watch in the markets this week:
* OECD meets in Paris to finalize a proposal to overhaul global minimum corporate taxation Wednesday
* China’s President Xi Jinping will deliver a speech as the nation marks the 100th anniversary of the founding of the Chinese Communist Party Thursday
* OPEC+ ministerial meeting Thursday
* ECB President Christine Lagarde speaks Friday
* The U.S. jobs report is due Friday

These are some of the main moves in markets:
Stocks
* The S&P 500 rose 0.2% as of 4 p.m. New York time
* The Nasdaq 100 rose 1.3%
* The Dow Jones Industrial Average fell 0.4%
* The MSCI World index was little changed
Currencies
* The Bloomberg Dollar Spot Index rose 0.1%
* The euro fell 0.1% to $1.1922
* The British pound was little changed at $1.3875
* The Japanese yen rose 0.1% to 110.62 per dollar
Bonds
* The yield on 10-year Treasuries declined four basis points to 1.48%
* Germany’s 10-year yield declined four basis points to -0.19%
* Britain’s 10-year yield declined six basis points to 0.72%
Commodities
* West Texas Intermediate crude fell 1.7% to $72.76 a barrel
* Gold futures were little changed
–With assistance from Andreea Papuc, Yakob Peterseil, Kamaron Leach and Lu Wang.

Have a lovely evening.

Be magnificent!
As ever,

Carolann

Remember that how you say something is as important as what you say. –H. Jackson Brown, b. 1940.

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