May 18, 2017 Newsletter

Dear Friends,
Tangents:
1980: Mt. S. Helen eruption:
On May 18, 1980, the Mount St. Helens volcano in Washington state exploded, leaving 57 people dead or missing.
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On this day in 1860, the Republican Party convention in Chicago nominated Abraham Lincoln for president.
PHOTOS OF THE DAY

Mike Smith, owner of Tom Smith Plants in St. Asaph has grown the world’s hottest chili named “Dragon’s Breath.”  It measures 2.48 million on the Scoville heat scale.  Mike will also be exhibiting plants in this year’s Chelsea Flower Show.
Credit – Ian Cooper/Daily Post, Wales.

Sunrise at Roseberry Topping in North Yorkshire.
ALAN COOK / SWNS.COM
Market Closes for May 18^th, 2017

International Markets

Bonds

Currencies

Commodities

Market Commentary:
Today also marks the five-year anniversary of Facebook’s (FB) IPO. In case you don’t remember, it didn’t go smoothly. Shares began trading late and investors complained their orders weren’t confirmed, leading to lawsuits and big banks cutting estimates. While many analysts at the time thought shares were overvalued, Facebook has returned over 256% since its IPO and now has a market cap of nearly $420B.

Canada
By Kristine Owram
(Bloomberg) — Canadian stocks closed with a slight gain following the biggest selloff in eight months as gains in financial and energy companies offset a decline in raw materials shares.
The S&P/TSX Composite Index edged up 4 points or less than0.1 percent to 15,277.20. It remained in negative territory for the year following Wednesday’s 1.7 percent drop.
Financial shares gained 0.4 percent and energy stocks added0.2 percent. The materials index tumbled 1.7 percent on weakness in both precious and base metals. Pan American Silver Corp., New Gold Inc. and Turquoise Hill Resources Ltd. all lost more than 5 percent.
In other moves:
* Just Energy Group Inc. lost 13 percent after a fourth-quarter loss of C$0.30 missed an estimated profit of C$0.25
* Aimia Inc. fell a further 13 percent. The loyalty-program operator has now lost 70 percent of its value since Air Canada said Thursday it would cut ties and start its own rewards plan
* ATS Automation Tooling Systems Inc. jumped 7.8 percent after first-quarter results beat estimates
US
By Robert Brand
(Bloomberg) — U.S. stocks rebounded from the worst selloff of the year Thursday and the dollar strengthened as data reinforced optimism in the economy even as political events continued to roil Washington. Brazilian assets plunged amid a government crisis.
The S&P 500 Index edged higher as buyers emerged the day after the Trump administration’s travails sparked concern that his agenda is imperiled. Measures of jobless claims and regional manufacturing beat forecasts, adding to signs economic growth is on firm footing. The dollar benefited from weakness in emerging- market currencies as political turmoil engulfed Brazil. The Ibovespa lost more than 8 percent.
Financial markets stabilized as the Trump administration sought to move past the latest controversy to ensnare its policy agenda. U.S. stock volatility eased a day after spiking, while haven assets from gold to Treasuries held steady. Brazil’s latest crisis rattled emerging market equities and Washington remained abuzz with fresh developments as the Justice Department Wednesday appointed a special counsel to probe Russia’s role in the 2016 election. 
Here are the major moves in the markets:

Stocks
* The S&P 500 rose 0.4 percent to close at 2,365.73, after the benchmark gauge slumped 1.8 percent on Wednesday, its worst day since Sept. 9.
* Phone stocks added 1.2 percent, while shares of technology and consumer companies rallied.
* The Stoxx Europe 600 Index declined 0.5 percent, paring a drop that reached 1.2 percent.
* Brazil’s Ibovespa Index tumbled 8.8 percent, the most since October 2008, as political crisis returned to the country after last year’s impeachment process.
Currencies
* The Bloomberg Dollar Spot Index increased 0.3 percent, after dropping 0.5 percent on Wednesday to the lowest level since Nov 8.
* Brazil’s real led declines among emerging-market currencies, slumping 7.3 percent. South Africa’s rand weakened 1.7 percent.
* The euro fell 0.4 percent to $1.1112, after four straight days of gains. The British pound dropped 0.2 percent to $1.2943.
Bonds
* The yield on 10-year Treasuries was flat at 2.22 percent, following the biggest gain for the note since July.
* Benchmark yields in France and Germany fell three basis points.
* Bonds of state-controlled energy company Petroleo Brasileiro SA dropped by the most in six months amid a political crisis in Brazil.
* The company’s 800 million euros of notes due in January 2025 led the slump, falling 3.6 cents on the euro to 103 cents, the biggest decline since November.
Commodities
* Gold futures slumped 0.7 percent to $1,249.50, halting a six- day advance sparked by haven demand.
* Zinc led a retreat in industrial metals, dropping 3.4, as political turmoil in the U.S. threatened the outlook for the world’s biggest economy. Copper slumped 0.5 percent.
* West Texas crude rose 0.51 percent to $49.32 a barrel, after jumping 0.8 percent in the previous session.
Asia
* The MSCI Asia Pacific Index slid 0.8 percent, the most since April 6. Japan’s Topix slumped 1.3 percent while a volatility measure on the Nikkei 225 Stock Average jumped to the highest this month.
* The Hang Seng China Enterprises Index of mainland shares traded in Hong Kong retreated 1.1 percent.

Have a wonderful evening everyone.

Be magnificent!

Meditation is one of the greatest arts in life, perhaps the greatest,
and one cannot possibly learn it from anybody else,
that is the beauty of it.
It has no technique and therefore no authority,
When you learn about yourself, watch yourself, watch the way you walk,
how you eat, what you say, the gossip, the hate, the jealousy –
if you are aware of all that in yourself, without any choice,
that is part of meditation.
Krishnamurti

As ever,

Carolann

Love isn’t about what we did yesterday; it’s  about what we do

today and tomorrow and the day after.

                                           -Grace Lee Boggs, 1915-2015

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

Toll Free: 1.877.430.5895

Fax: 778.430.5828

www.carolannsteinhoff.com