June 30, 2017 Newsletter

Dear Friends,

Tangents:
On June 30, 1971, the Supreme Court, in a 6-3 decision, freed The New York Times and The Washington Post to resume immediate publication of articles based on the secret Pentagon Papers on the origins of the Vietnam War.
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My philosophy is it’s none of my business what people say of me and think of me.  I am what I am, and I do what I do.  I expect nothing and accept everything.  And it makes life so much easier. –Anthony Hopkins.
PHOTOS OF THE DAY

Young children catch paper helicopters falling from the sky as the world’s most popular colour of Marrs Green is revealed during the exhibition “Paper City” in Hull, England.  After a major global survey by Hull based paper company, G.F. Smith, the world’s favourite colour was revealed.
CREDIT: PHOTO BY CHRISTOPHER FURLONG/GETTY

Undated handout photo issued by the National Trust of a rare male Purple Emperor butterfly, which has put in its earliest appearance in more than 120 years after warm spring temperatures, experts said.
CREDIT: MATTHEW OATES/NATIONAL TRUST IMAGES.
Market Closes for June 30^th, 2017 

International Markets

Bonds

Currencies

Commodities

Market Commentary:
On this day in 1952, the New York Stock Exchange’s first nationwide survey of stock ownership finds 6.5 million Americans, or 4% of the total population, own common stock.
Number of the Day

1.3%
The percentage that the KBW Nasdaq Bank Index of U.S. commercial lenders rose Thursday.
Canada
By Kristine Owra
     (Bloomberg) — In a microcosm of year-to-date trading patterns, Canadian stocks closed lower while their U.S. counterparts rose on the last trading day of the second quarter.
     The S&P/TSX Composite Index fell 31 points or 0.2 percent to 15,182.19 amid lower-than-usual volume ahead of holidays in Canada and the U.S. The benchmark lost 2.4 percent in the second quarter, making it the worst performer among developed world indexes. It is down 0.7 percent year-to-date, significantly underperforming the 8.2 percent gain on the S&P 500.
     The energy index led the decline with a 0.4 percent drop even as the price of crude jumped 2.5 percent. Financials were down 0.4 percent as bond yields steadied.
     In other moves:
* NexGen Energy Ltd. jumped 8.7 percent, its biggest gain since November, after entering into an agreement with CEF Holdings Ltd. for a financing package worth $110 million
* Cameco Corp. fell 3.8 percent. The company was cut to underperform at BofAML on a continued uranium supply glut
* Aeterna Zentaris Inc. gained 2.3 percent after resubmitting its FDA application seeking approval of its Macrilen drug.
US
By Oliver Renick
     (Bloomberg) — U.S. stocks climbed for the 3rd time this week as industrials led advances in every industry group in the S&P 500. European markets were little changed after their worst 3-day selloff in almost eight months, as a rebound in the recently hammered technology stocks countered bank losses.
     U.S. Market
* S&P 500 up 0.2% to 2,423
* Dow Industrials up 0.3% to 21,350
* Nasdaq Composite down 0.1%
* Consumer discretionary shares jump 0.6%
* Industrial, materials shares up at least 0.5%
* Financial stocks reverse earlier gains, down less than 0.1%
* Real estate and health-care stocks little changed
* Energy up 0.4% as oil jumped 2.9%
** Oil rose for a 7th day, its longest advance this year, as signs of slipping U.S. supply eased pressure on OPEC-led curbs
* The S&P 500 surged 8.2% in the 1H of the year; technology stocks, the best performers in the period, have recently been giving up gains
* Banks rallied this week as they boosted shareholder payouts after clearing annual stress tests, and benefited from speculation of higher interest rates following central banker comments
* POLITICS:
** The Trump administration is preparing to make a decision on steel tariffs, though it’s likely to miss a self-imposed deadline to conclude its investigation today, according to a White House official
** Trump on Friday said that if Republican senators can’t strike a deal on their health bill, they should immediately repeal Obamacare and then replace it later
* ECONOMY:
** U.S. June MNI Chicago Report rises to 65.7 vs est. 58; forecast range 55-60.9 from 38 economists surveyed
** After-tax disposable income adjusted for inflation climbed 0.6 percent in May, the most since April 2015, Commerce Department data showed Friday
* EARNINGS: none 

Have a wonderful weekend everyone.

Be magnificent!

In the search for the Truth, for dharma, the real effort does not preclude action
(does not consist in neglecting action), but by trying to accord oneself more and more exactly
with the exterior harmony.  The currency of this effort is in becoming:
whatever work you take on, dedicate it to Brahman.

 Rabindranath Tagore.

As ever,

Carolann

Every noble work is at first impossible.
          -Thomas Carlyle, 1795-1881

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

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