March 18, 2019 Newsletter

Dear Friends,

Tangents:
On March 18, 1965, the first spacewalk took place as Soviet cosmonaut Aleksei Leonov left his Voskhod 2 capsule and remained outside the spacecraft for 20 minutes, secured by a tether. 
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1931- Electric razor debuted.
1932 – John Updike, writer, born.
PHOTOS OF THE DAY

The awe-inspiring aerial photos of the 11-mile long and five-mile-wide iceberg. A national Geographic Explorer says an iceberg the size of Bristol floating in waters off the Antarctic coast signals a “ warning disaster”. American explorer, Adam Cropp, 34, has captured awe-inspiring aerial photos of the 11-milelong and five-mile-wide iceberg that has broken off a glacier. He says the moment he first saw the iceberg was one of the “ most amazing experiences” of his life. The iceberg was first spotted by Royal Navy Antarctic patrol ship- the HMS Protector- during her final scientific mission to the Southern Hemisphere. The ship, based in Plymouth, Devon, was heading for Deception Island during her survey of the South Shetland Island. These new photos, taken by US explorer, Adam, expedition leader for National Geographic Expeditions, says seeing icebergs of this size are becoming “all to common”. CREDIT: ADAM CROPP/SWNS

A reveller poses with a policewoman in Dublin, Ireland. CREDIT: CHARLES MCQUILLAN/GETTY IMAGES

Nelson’s Column in Trafalgar Square London is lit green by Tourism Ireland to celebrate St Patrick’s Day. This year celebrates the 10^th year of Tourism Ireland’s Global Greenings’ and landmarks have been illuminated green across great British, with 430 sites in total around the world. CREDIT: DAVID PARRY/PA
Market Closes for March 18^th, 2019

International Markets

Bonds

Currencies

Commodities

Market Commentary:
On this day in 1850, Henry Wells, William G. Fargo, and John Butterfield met in Buffalo, N.Y., to join their separate companies—Wells & Co., Livingston, Fargo & Co. and Butterfield and Watson—into a single firm with a monopoly over express shipping in the Northeast. They capitalized their American Express with $150,000 in stock. At first, AmEx specialized in shipping small valuables such as bond certificates, currency and financial contracts, plus live poultry, pianos and firecrackers.
Canada
By Michael Bellusci
     (Bloomberg) — Canadian stocks were buoyed Monday by marijuana and energy stocks, while U.S. equity benchmarks pushedhigher at the start of a week filled with potentially significant catalysts.
     The S&P/TSX Composite Index rose 0.7 percent to 16,251.37. Pot names jumped and the Horizons Marijuana Life Sciences Index ETF advanced 2.8 percent. Energy also climbed as oil hit a high for the year.
     On the political front, Michael Wernick announced his retirement Monday as clerk of the privy council, the highest-ranking position in Canada’s civil service and a key aide to Prime Minister Justin Trudeau.
In other moves:
Stocks
* Harvest One Cannabis Inc. jumped 25 percent after entering a supply pact with Shopper Drug Mart 
* Westhaven Ventures Inc. gained 20 percent after drill results
* Village Farms International Inc. rose 13 percent to a record high close
* Frontera Energy Corp. lost 6.7 percent after being downgraded to hold at Canaccord 
* Semafo Inc. dropped 3.1 percent
Commodities
* Western Canada Select crude oil traded at a $10 discount to WTI
* Gold dropped 0.04 percent to $1,302.40 an ounce
FX/Bonds
* The Canadian dollar fell 0.1 percent to C$1.3343 per U.S. dollar
* The Canada 10-year government bond yield fell to 1.715 percent
US
By Reade Pickert and Vildana Hajric
     (Bloomberg) — U.S. equity benchmarks rose at the start of a week filled with potentially significant catalysts — from central bank meetings, geopolitical developments and economic data. Treasuries fluctuated and the dollar slipped.
     After a 2.9 percent gain last week, the S&P 500 Index climbed Monday to a five-month high as rising oil prices fueled an advance in energy shares. Financials and consumer stocks also advanced, while the Dow Jones Industrial Average fought to stay positive even as Boeing declined on reports that the U.S. Transportation Department was examining the 737 Max’s design certification.
     Equities have been trending upward, and volatility declining, on expectations the Fed will point the way to just one rate hike in 2019 when it meets this week. Other central bank gatherings, including at the Bank of England, will give further clues on monetary policy. In politics, the British pound fell after the speaker of Parliament blocked a bid by Prime Minister Theresa May to put her current Brexit plan up for another vote.
     European stocks nudged up, led by miners and lenders as Deutsche Bank and Commerzbank got the green light to proceed with negotiations on a tie-up. In Asia, Chinese and Hong Kong shares led the advance.
     West Texas crude pushed toward a four-month high as OPEC and its allies recommended deferring a decision on whether to extend oil production cuts until June. Emerging-market shares climbed, and Brazil’s equity benchmark Ibovespa touched a new high on expectations that an overhaul in the country’s social security system will be approved.
Here are some key events coming up:
* Company earnings include FedEx, China Telecom, Tencent, Porsche, BMW, Hermes, Tiffany, Micron, Nike and PetroChina.
* The Fed is expected to hold interest rates steady, announce the end of asset roll-off from its balance sheet, and lower projections for the number of interest-rate hikes this year. The decision is due Wednesday. 
* Central banks in Thailand, the Philippines and Indonesia are all scheduled for policy meetings.
* In the euro zone, purchasing manager survey numbers on Friday will give an indication of the health of the region’s industrial and service sectors at the end of the first quarter. 
These are the main moves in markets:
Stocks
* The S&P 500 Index advanced 0.4 percent as of 4 p.m. New York time to the highest in over four months.
* The Stoxx Europe 600 Index climbed 0.3 percent.
* The U.K.’s FTSE 100 Index gained 1 percent.
* Germany’s DAX Index declined 0.2 percent.
* The MSCI Emerging Market Index advanced 1.2 percent to the highest in almost seven months.
Currencies
* The Bloomberg Dollar Spot Index declined 0.1 percent.
* The euro gained 0.1 percent to $1.1341, the strongest in two weeks.
* The British pound dipped 0.3 percent to $1.3256.
* The Japanese yen rose 0.1 percent to 111.40 per dollar.
Bonds
* The yield on 10-year Treasuries increased one basis point to 2.60 percent.
* Germany’s 10-year yield fell less than one basis point to 0.08 percent.
* Britain’s 10-year yield fell two basis points to 1.196 percent.
Commodities
* West Texas Intermediate crude advanced 0.8 percent to $58.99 a barrel, a four-month high.
* Gold climbed 0.1 percent to $1,303.30 an ounce.
–With assistance from Sophie Caronello, Adam Haigh, Yakob Peterseil and Sarah Ponczek.

Have a great night.

Be magnificent!

As ever,

Carolann

The journey is the reward.
                     -Tao Saying.

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