March 26, 2018 Newsletter

Dear Friends,

Tangents:

Carolann is out of the office today, I will be writing the newsletter on her behalf.

PHOTOS OF THE DAY

People install world’s largest Easter egg in Lemesany, Slovakia. Local architect, Jozef Kuruc us the creator of the five-metre tall Easter egg, that has been put on display in the village of Lemesany. 
Credit: The Telegraph

Polar bear Victoria with her, as of yet unnamed and unsexed, cub, the first to be born in the UK in twenty-five years. Born in December, the cub has recently taken its first steps into the RZSS Highland Wildlife Park’s outdoor enclosure. 
Credit: The Telegraph

People look at a man performing on a water-propelled flyboard during the BMX freestyle park pro final in Jeddah, Saudi Arabia. 
Credit: The Telegraph
Market Closes for March 26^th, 2018

International Markets

Bonds

Currencies

Commodities

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks rose the most in three weeks but came nowhere close to matching the gains posted by their U.S. counterparts as trade tensions showed signs of easing.
     The S&P/TSX Composite Index added 75 points or 0.5 percent to 15,298.56, while the S&P 500 Index gained 2.7 percent. Consumer discretionary stocks led the Canadian gains, rising 1.4 percent as auto parts supplier Magna International Inc. added 3.9 percent.
     The technology index rose 1.2 percent, industrials gained 0.8 percent and materials added 0.8 percent as some gold stocks rallied for a second day.
     In other moves:
                          Stocks
* Callidus Capital Corp. fell 6.4 percent to a record low following news reports that questioned the value of some of its holdings
* NeuLion Inc. soared 104 percent. Endeavor offered to buy the company in a $250 million all-cash deal
* Restaurant Brands International Inc. gained 1.5 percent after being upgraded to overweight at Morgan Stanley
                         Commodities
* Western Canada Select crude oil traded at a $24.00 discount to WTI
* Gold rose 0.2 percent to $1,358.70 an ounce
                         FX/Bonds
* The Canadian dollar strengthened 0.3 percent to C$1.2859 per U.S. dollar
* The Canada 10-year government bond yield rose four basis points to 2.23 percent
US
By Eddie van der Walt
     (Bloomberg) — A rebound in U.S. equity futures Monday offered hope of stabilization after last week’s rout, with shares in Europe and Asia also rising as investor fears of an escalation of trade tensions began to ease.
     Healthcare companies and chemical manufacturers were the top gainers in European equities as futures on the S&P 500 Index and the Nasdaq pointed to a higher open and Asian shares shook off earlier losses. Ten-year Treasury yields climbed three basis points ahead of major debt sales. The dollar dropped to the lowest in a month and the yen slipped back from the strongest in more than 16 months. Copper traded lower following the largest weekly decline for base metals since early February.
     The worst global stocks rout since early February appears to be giving way to a more optimistic mood this week as the limits of the Trump administration’s willingness to embrace protectionism came into view. Treasury Secretary Steven Mnuchin told Fox News that he’s “cautiously hopeful” that China will reach a deal to avoid tariffs on $50 billion of U.S. exports, while European leaders demanded a permanent exclusion at the threat of retaliation and a deal was struck with South Korea.
     Elsewhere Brent crude slipped, but held above $70 a barrel on lingering tension in the Middle East. China launched its first ever crude-futures contract, denominated in yuan on the Shanghai International Energy Exchange.
     Here’s a list of of the main events coming up this week:
* U.S. personal income and spending data for February are due to be released on Thursday.
* The big four euro-are economies are due to release March CPI readings.
* The U.S. Treasury will probably auction about $294 billion of bills and notes this week, its largest slate of supply ever.
     And these are the main moves in markets:
                          Stocks
* The Stoxx Europe 600 Index rose 0.2 percent as of 10:30 a.m. London time.
* The MSCI All-Country World Index rose 0.2 percent, the largest advance in two weeks.
* Futures on the S&P 500 Index increased 1.1 percent, the biggest climb in more than two weeks.
* The MSCI Asia Pacific Index rose 0.4 percent, the largest advance in two weeks.
                         Currencies
* The Bloomberg Dollar Spot Index declined 0.2 percent to the lowest in more than five weeks.
* The euro climbed 0.4 percent to $1.2404, the strongest in almost three weeks.
* The British pound increased 0.5 percent to $1.4202, the strongest in more than seven weeks.
* South Africa’s rand jumped 0.9 percent to 11.6431 per dollar, the strongest in four weeks.
* The Japanese yen fell 0.3 percent to 105.01 per dollar.
                          Bonds
* The yield on 10-year Treasuries climbed three basis points to 2.84 percent.
* Germany’s 10-year yield gained two basis points to 0.54 percent.
* Britain’s 10-year yield rose three basis points to 1.462 percent.
                          Commodities
* Gold climbed 0.1 percent to $1,348.51 an ounce, the highest in more than five weeks.
* Brent crude declined 0.1 percent to $70.40 a barrel.
* LME copper decreased 1.7 percent to $6,550.00 per metric ton, the lowest in almost 16 weeks on the largest dip in more than two weeks.
*T

Have a great evening.

Be magnificent!

As ever,

Karen

“Progress is impossible without change, and those who cannot change their minds cannot change anything.” George Bernard Shaw

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