March 23, 2017 Newsletter

Dear Friends,

Tangents:
On March 23, 2010, President Barack Obama signed into law the Affordable Care Act, the most sweeping piece of federal legislation since Medicare was passed in 1965.
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The Numbers:

1 BILLION
Hours of YouTube watched daily by the global population.

506 TONS
Of luggage Saudi King Salman bin Abdul Aziz is reportedly taking on his nine-day visit to Indonesia.  It includes two limousines.

3.77 BILLION
Age (in years) of “microfossils” discovered in Canada.  This would make them the oldest fossils ever found, but scientists suspect they could be as old as 4.28 billion years; the planet itself is estimated to be 4.55 billion years old.

146 YEARS
Since Chicago last experienced a January and February with no snow on the ground, as measured by the National Weather Service.
PHOTOS OF THE DAY

A bee collects nectar from a flower at the Spring Flowers exhibition at Orman Garden in Cairo, Egypt, on Thursday. The annual exhibition attracts flower enthusiasts and art photographers. Amr Nabil/AP

The Brandenburg Gate in Berlin is illuminated with the colors of the British flag on Thursday to show solidarity with the victims of the recent attack in London. Fabrizio Bensch/Reuters
Market Closes for March 23^rd, 2017

International Markets

Bonds

Currencies

Commodities

Market Commentary:
Canada
By Linda Nguyen
     (Canadian Press) — TORONTO — A gain across most sectors sent Canada’s largest stock market higher Thursday, as New York indexes barely moved amid a delayed vote in U.S. Congress to replace Obamacare.
     In Toronto, the S&P/TSX composite index climbed 85.15 points to 15,433.61, helped by advancing industrials and financial stocks.
     The increase came a day after Ottawa released its latest federal budget, which held few surprises and avoided making any changes to capital gain taxes.
     Todd Mattina, a chief economist with Mackenzie Investments, said the budget was void of any major announcements because the government had to factor in incoming policy changes out of the United States under President Donald Trump.
     “The Trump effect is keeping Canadian policy-makers in a holding pattern until they have more clarity about the U.S.,” Mattina said.
     “It’s hard to raise local taxes, as your most important trading partner plans on large-scale tax cuts, especially if the goal is to attract highly skilled and talented workers in an new innovation type of economy.
     “The macro outlook on Canada could also change this year if the U.S. suddenly announces major border taxes aggressively renegotiates NAFTA.”
     Mattina also noted that Ottawa will have the option of introducing more measures at its fall fiscal update, or earlier in the year.
     On Wall Street, indexes were at a near standstill, as doubts mount over whether the American Health Care Act backed by Trump will pass through Congress. Near the close of trading Thursday, House Republican leadership postponed the vote because of a lack of support.
     The Dow Jones industrial average lost 4.72 points to 20,656.58, the S&P 500 index fell 2.49 points to 2,345.96, and the Nasdaq composite index pulled back 3.95 points to 5,817.69.
     Investors are watching the ‘Trumpcare’ vote closely because if it doesn’t go ahead, it may spell trouble for the U.S. leader’s other business-friendly policies that have driven stock markets to record levels since November.
     “Investors are starting to wonder if Trump can live up to the high expectations of pushing through a very ambitious agenda of tax cuts and infrastructure spending,” Mattina said.
     In currencies, the Canadian dollar fell 0.14 of a U.S. cent at 74.90 cents US as oil prices fell for a fourth straight day in a row.
     Meanwhile in commodities, the May crude contract was down 34 cents at US$47.70 per barrel and April natural gas contracts were up four cents at US$3.05 per mmBTU.
     The April gold contract fell $2.50 at US$1,247.20 an ounce and May copper contracts was up a penny at US$2.64 a pound.
US
By Oliver Renick
     (Bloomberg) — U.S. stocks slid, with health-care stocks and the viability of President Trump’s agenda in focus as House leaders delayed a scheduled vote on their embattled health-care bill.
* S&P 500 ends 0.1% lower at 2,345.96 after switching between positive and negative throughout the day as outcome of health bill remained murky
** Rose 0.2% on Wednesday after the biggest selloff since October the previous day
* Dow Jones down 5 points to 20,656.58
* Banks and material stocks led with gains of at least 0.2%
* Energy shares down 0.4% after fluctuating between up and down as oil declines for the third time this week
* VIX up for fifth session to 13; highest of 2017
* About 6.3 billion shares traded hands, below YTD average; eight of 11 sectors traded on volume lower than 30-day average
* The current version of American Health Care Act would slash billions of dollars from health-care spending and raise insurance costs for many, according to an analysis by a nonpartisan government body
* ECONOMY:
** Jobless claims increased by 15,000 to 258,000 in the week ended March 18
* S&P 500 EARNINGS: None
* Stoxx 600 Index rallied 0.9% with all 10 sector groups higher
** Consumer discretionary and financial shares led with gains of 1.2%

Have a wonderful evening everyone.

Be magnificent!

Very few people in this world can reason normally.
There is a terrible  tendency to accept all that is said, all that is read, and to accept it without question.
Only he who is ready to question, to think for himself, will find the truth!
To understand the currents of a river,
he who wishes to know the truth must enter the water.
Nisargadatta

As ever,

Carolann

One must be one’s own inspiration.
              -Tegla Loroupe, b. 1973

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
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