March 30, 2017 Newsletter

Dear Friends,

Tangents:

Birthday: Vincent Van Gogh, b. March 30, 1880.

Van Gogh’s first solo show opened in Paris on March 15^th, 1901.  He went to his grave in 1890 having sold only one of his roughly 900 paintings. His first-ever show occurred 11 years after his death when the influential Galerie Bernheim-Jeune in Paris mounted an exhibition of 71 of the Dutch artist’s works.  During its two-week run, the show caused a sensation.  Among the painters who strolled through the gallery were Henri Matisse, Maurice de Vlaminck and Claude Monet (who was especially taken with an 1889 canvas, Field with Poppies).  It was van Gogh’s first big step on the road to becoming an art superstar.  One of the show’s paintings, Still Life: Vase with Fifteen Sunflowers, would later smash records when it sold in 1987 to a Japanese buyer for nearly $40 million US.  –Christopher Harris, Globe & Mail.
PHOTOS OF THE DAY

George Lewys, 5, poses for a photograph with Owl butterflies during an event to launch the Sensational Butterflies exhibition at the Natural History Museum in London on Thursday. Stefan Wermuth/Reuters

Sofia Lopez (r.) and Eve Chick, both 3 years old, meet Moominmamma (r.) and Moomintroll during a photo call for the Moomin Adventures at Kew Gardens Easter Festival at the Royal Botanic Gardens in London on Thursday. The festival will run from April 1-17. Moomins are fairytale characters taken from the books of Finnish illustrator and writer Tove Jansson. Kirsty Wigglesworth/AP
Market Closes for March 30^th, 2017

International Markets

Bonds

Currencies

Commodities

Market Commentary:
Numbers of the day:
$271 billion

The value of global withdrawn M&A in 2017, the second highest first-quarter total on record after 2007.
$582.2 billion

On this day in 1999, shares of Priceline.com soar 331% during their first day of trading to close at $69. The company had priced its initial public offering at $16. A month later, the stock hits $162.375, but within 18 months, the stock is trading at less than $5 per share.

Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks closed lower as investors reacted negatively to a big deal in the oil patch, offsetting crude prices that rose above $50 a barrel for the first time in more than three weeks.
     The S&P/TSX Composite Index fell 79 points or 0.5 percent to close at 15,578.76, its first decline in seven trading days.
     The energy index tumbled 1.9 percent as Cenovus Energy Inc. plunged 14 percent, its biggest one-day drop ever. The company is buying C$17.7-billion worth of Canadian assets from ConocoPhillips, adding risk to its operations at a time of uncertain oil prices.
     The decline in the energy index came despite a 1.7 percent gain in the price of West Texas Intermediate crude to $50.37, the first time it’s hit the $50 mark since March 8. The materials index also fell, losing 0.7 percent as the price of gold fell 0.8 percent.
     In other moves:
* Canadian Imperial Bank of Commerce lost 2.9 percent after the bank announced that it has increased its offer for PrivateBancorp Inc. by 20 percent to about $4.9 billion
* Dollarama Inc. jumped 11 percent after the retailer reported better-than-expected fourth-quarter results, boosted its dividend and said it plans to open 1,700 new locations across Canada.
US
By Oliver Renick
     (Bloomberg) — U.S. stocks climbed as investors assessed the latest numbers on fourth-quarter growth and consumer spending, while two policy makers said the Federal Reserve may have to raise rates more than currently forecast.
     The S&P 500 added 0.3 percent to 2,368 at 4 p.m. in New York as the Dow Jones Industrial Average climbed 69 to 20,728.
The Russell 2000 Index of small-cap shares jumped 0.8 percent.
* Financial stocks lead market, up 1.2%
* Energy shares up for third day as crude oil adds 1.8%
* Consumer staples and utility stocks underperform as 10-year Treasury yield gains 4bps
* “The honeymoon period with the Trump administration may be ending,” BMO Capital Markets strategists Brian G. Belski and Nicholas Roccanova wrote in a note. “Stock prices are likely to bounce back-and-forth in the coming months as investors work through the potential ‘negatives’ associated with policy rhetoric and the ‘positives’ of the improving macro and earnings growth environment”
* VIX up for first time this week to 11.5
* Volume 12% below year-to-date average across all exchanges
* ECONOMY:
** U.S. economy grew at 2.1% pace in 4Q, revised from 1.9%
** The dollar rose after Fed Bank of Boston President Eric Rosengren said four rate increases may be needed in 2017 to guard against overheating the U.S. economy
** San Francisco’s John Williams said he wouldn’t rule out more than three hikes in total in 2017
* EARNINGS (S&P 500):
** None until April 4
* European stocks rose, closing at their highest since early December, as miners and energy producers climbed
** Commodity producers gained for a third day, while energy shares tracked oil prices higher.

Have a wonderful evening everyone.

Be magnificent!

The purity of life is the highest and most authentic art to follow.
Mahatma Gandhi

As ever,

Carolann

A Goal without a plan is just a wish.
-Antoine de Saint-Exupery, 1900-1944

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