March 13, 2019 Newsletter

Dear Friends,

Tangents:
1781 ~Planet Uranus discovered.
1887 ~Earmuffs patented.
1868 – The impeachment trial of President Andrew Johnson began in the U.S. Senate. Go to article »

Did you know… that households who retain a financial advisor for periods of 7 years or longer accumulate 290% more wealth than those who don’t?

PHOTOS OF THE DAY

English computer scientist Tim Berners-Lee, best known as the inventor of the World Wide Web, delivers a speech during an event at the CERN near Geneva, Switzerland, marking 30 years of World Wide Web. Credit: Fabrice Coffrini/AP

Laure Chardin, climbs the stairs during a training session at the Eiffel Tower in Paris, before the tower running event ‘La Verticale de la Tour Eiffel’ to be held on March 13. Credit: Anne-Christine Poujoulat/AFP

Women seen harvesting red chilli peppers in Sariakandi in Bogra Bangladesh. Around 50,000 farmers in the northern regions of Bangladesh farm red chilli peppers giving the farmers a dependable income. Credit: Rehman/barcroft images
Market Closes for March 13^th, 2019

International Markets

Bonds

Currencies

Commodities

Market Commentary:
On this day in 1882, robber baron Jay Gould displayed his wealth to journalists assembled in his office to quell rumors that he was on the verge of bankruptcy. He opened a safe and pulled out a tin box with certificates for $23 million in Western Union stock, $12 million in Missouri Pacific, $6 million in Manhattan Elevated, $2 million in Wabash and $10 million in various bonds (roughly $915 million total in modern money).  
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks rose for a third day but failed to achieve the gains of their U.S. counterparts as strength in pot stocks and energy was offset by widespread weakness in other sectors.
     The S&P/TSX Composite Index added 0.1 percent to 16,149.97, behind the 0.7 percent gain on the S&P 500. Health-care stocks led the way, adding 2.4 percent as pot stocks rose following news that billionaire investor Nelson Peltz will join Aurora
     Cannabis Inc. as a strategic adviser. Aurora gained 13 percent. Energy stocks rose 0.7 percent as crude prices hit a 2019 high amid a decline in U.S. stockpiles. Gran Tierra Energy Inc. gained 6.5 percent, the most since September, after winning bids to begin exploration in Ecuador.
In other moves:
Stocks
* WestJet Airlines Ltd. fell 1.6 percent and Bombardier Inc. gained 2.5 percent after Canada and the U.S. both reversed course and said they’ll ground Boeing Co.’s 737 Max jetliners
* Badger Daylighting Ltd. rose 7.1 percent to the highest since 2014. Fourth-quarter earnings per share beat the highest analyst estimate
* Hexo Corp. gained 5.8 percent and Newstrike Brands Ltd. rose 11 percent. Hexo is buying Newstrike for approximately C$263 million in shares
Commodities
* Western Canada Select crude oil traded at a $10.10 discount to WTI
* Gold rose 0.9 percent to $1,309.30 an ounce, the highest in two weeks FX/Bonds
* The Canadian dollar strengthened 0.4 percent to C$1.3296 per U.S. dollar
* The Canada 10-year government bond yield rose two basis points to 1.76 percent
US
By Reade Pickert
    (Bloomberg) — U.S. equities gained as data signaled a resilient economy and modest pressure on inflation. The pound jumped as the U.K. parliament voted to reject a no-deal Brexit.
     The S&P 500 Index climbed for a third day, wiping out last week’s losses and reaching a four-month high as it held above the key 2,800 level. Oil prices rallied to the highest this year. Treasury yields edged up as orders for business equipment increased in January by the most in six months as the producer price index rose less than forecast in February.
     The U.S. data signaled a positive start to the year for the world’s biggest economy and little pressure on the Federal Reserve to raise interest rates, just as investors were digesting disappointing numbers from Japan and Australia. The ongoing Brexit drama, a cut to the U.K.’s growth forecast and a warning from America’s top trade negotiator that tariffs may not be rolled back are adding to the complex picture, with reports on Chinese production and retail sales and a Bank of Japan policy decision also coming up this week. 
     “It’s pretty remarkable the strength of the market over the last couple of days,” said Emily Roland, the head of capital markets research at John Hancock Investments. The producer-price data “is further evidence that the Fed’s more patient approach should provide support for risk assets, at least for now.’’
     Sterling extended its gains as U.K. lawmakers rejected the idea of tearing the country out of the European Union with no agreement and U.K. Prime Minister Theresa May was said to plan to ask for an extension to the March 29 Brexit deadline lasting about two months.
     Elsewhere, European equities gained and Asian stocks slumped. West Texas oil was boosted by a decline in U.S. crude and fuel stockpiles added to evidence of a tightening market.
     Emerging-market stocks declined for the first time in three days.
Here are some of the key events coming up:
* Chinese retail sales and industrial production data are scheduled for release this week. The National People’s Congress is set to wrap up on Friday.
* Bank of Japan Governor Haruhiko Kuroda will speak on Friday, after he and his board meet to decide on monetary policy.
And these are the main moves in markets:
Stocks
* The S&P 500 Index rose 0.7 percent as of the close of trade in New York.
* The Stoxx Europe 600 Index gained 0.5 percent.
* The MSCI All-Country World Index rose 0.6 percent.
* The MSCI Emerging Market Index dipped less than 0.1 percent.
* The Nikkei-225 Stock Average fell 1 percent.
Currencies
* The Bloomberg Dollar Spot Index dipped 0.3 percent.
* The euro increased 0.4 percent to $1.1337, the strongest in a week.
* The British pound jumped 1.4 percent, the most in four months, to $1.3255.
* The Japanese yen gained 0.2 percent to 111.1 per dollar.
Bonds
* The yield on 10-year Treasuries climbed one basis point to  2.61 percent.
* Germany’s 10-year yield increased one basis point to 0.06 percent.
* Britain’s 10-year yield rose three basis points to 1.2 percent.
Commodities
* West Texas Intermediate crude increased 2.7 percent to $58.41 a barrel, the highest in four months.
* Gold climbed 0.7 percent to $1,311.06 an ounce, the highest in almost two weeks.
* The Bloomberg Commodity Index rose 0.8 percent.
–With assistance from Adam Haigh, David Wilson, Robert Brand and Sarah Ponczek.

Have a great night.

Be magnificent!

As ever,

Carolann

We must be willing to get rid of the life we’ve planned,
so as to have the life that is waiting for us. -Joseph Campbell, 1904-1987

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