May 29, 2013 Newsletter

Dear Friends,

Tangents:

As Carolann is out of the office this afternoon, I will be sending the newsletter on her behalf.

Are you looking for a way to spice up your salads?? I came across this recipe and wanted to share it with you.  It’s called the Caribbean Grill Shrimp Salad.

Ingredients

2 tablespoons orange marmalade

1 tablespoon packed dark brown sugar

Kosher salt

Zest of 1 lime

1 tablespoon dark rum

1 teaspoon ground coriander

1/2 teaspoon red pepper flakes

1 pound raw large shrimp, peeled

2 ears corn, husked

10-ounce container cocktail (small) tomatoes

Olive oil

Ground black pepper

1 clove garlic, minced

Zest of 1 orange

8 slices of baguette

1 medium jicama, peeled and diced

1 avocado, pitted, peeled and diced

Juice of 2 limes

1 bunch cilantro, leaves and stems, roughly chopped

4 ounces soft goat cheese

Heat a grill to medium-high.

In a small bowl, stir together the marmalade, brown sugar, 1 teaspoon of salt, the lime zest, rum, coriander and red pepper flakes. Add the shrimp, stirring to thoroughly coat.

Arrange the corn and tomatoes on a rimmed baking sheet and drizzle with olive oil. Sprinkle with salt and black pepper.

In a small bowl, stir together the garlic, orange zest and 2 tablespoons of olive oil. Brush over both sides of each slice of baguette.

Arrange the shrimp, ears of corn, and tomatoes on the grill and cook until the shrimp are cooked through and pink and the corn and tomatoes are beginning to char. Add the baguette slices and grill until lightly charred. Transfer to a platter and allow to cool slightly.

Meanwhile, in a large bowl, toss together the jicama, avocado and lime juice.

Slice the corn kernels off the cobs. To do this, one at a time stand each ear on its wide end and use a knife to saw down length of the cob. Add the kernels to the jicama-avocado mixture. Add the tomatoes, shrimp and cilantro. Stir gently. Crumble the goat cheese over the top and serve with the toasted bread.

Let me know how yours turns out!!!

“When you’ve seen beyond yourself, then you may find, peace of mind is waiting there.” – George Harrison

Photos of the day – May 29^th, 2013

Workers sit on the ground as they wait for the start of a groundbreaking ceremony for the third Bosphorus bridge linking the European and Asian sides of Istanbul, Turkey. Murad Sezer/Reuters

Beachgoers stroll along the Fort Kochi beach while holding umbrellas during a rain shower in the southern Indian city of Kochi. India’s weather office has forecast an average monsoon in the country in 2013. Sivaram V/Reuters

Market Closes for May 29^th, 2013

International Markets

Bonds

Currencies

Commodities

Market Commentary:

Canada

By Eric Lam

May 29 (Bloomberg) — Canadian stocks fell for the first time in four days after the International Monetary Fund cut its projections for economic growth in China, the nation’s second- largest trading partner.

Copper Mountain Mining Corp. declined 1.8 percent as the price of the industrial metal retreated. Enbridge Inc. and Encana Corp. lost at least 0.9 percent as oil fell to a four- week low. Bank of Montreal, Canada’s fourth-biggest lender, dropped the most in almost a year after second-quarter profit missed expectations. BRP Inc., maker of Ski-Doo snowmobiles and three-wheeled motorcycles, jumped 16 percent from its initial offering price in its trading debut today.

The Standard & Poor’s/TSX Composite Index lost 17.91 points, or 0.1 percent, to 12,732.61 at 4 p.m. in Toronto. The index has gained about 2.4 percent this year.

“Any time you mention China in a negative connotation it will be a negative for commodities,” said Michael O’Brien, a fund manager with TD Asset Management Ltd. in Toronto who manages about C$3 billion ($2.89 billion). “China’s the 800- pound gorilla for commodities. This is the IMF catching up with the market a little bit. I bet most people in the market think growth could be even below 7.8 percent this year.”

The S&P/TSX pared earlier losses of as much as 0.7 percent after U.S. Federal Reserve Bank of Boston President Eric Rosengren said the central bank should continue stimulus to speed economic growth and, if economic data is unfavorable, increase asset purchases.

China, the world’s biggest consumer of most commodities, will grow 7.75 percent this year and next, the IMF said today.

In April, the IMF forecast growth of 8 percent this year and 8.2 percent expansion in 2014. Raw-materials and energy companies account for about 39 percent of Canada’s benchmark equity gauge.

In a separate release, the Organization for Economic Cooperation and Development said China, which isn’t a member of the OECD, will grow 7.8 percent in 2013 and 8.4 percent in 2014.

China’s economy grew 7.8 percent in 2012.     The Bank of Canada kept its main interest rate unchanged at 1 percent for a record 22nd consecutive meeting today. It is Bank of Canada Governor Mark Carney’s final rate decision before passing the job to his successor Stephen Poloz, who starts on June 3.

Energy stocks lost 0.7 percent as a group, to a two-week low, as nine of 10 industries in the S&P/TSX retreated. Trading volume was 3.7 percent lower than the 30-day average.

Enbridge fell 2.3 percent to C$45.92, the biggest loss since April 5, and Encana declined 0.9 percent to C$20.05. Crude lost 2 percent to $93.13 a barrel in New York, the lowest settlement since May 1.

Copper Mountain Mining fell 1.8 percent to C$1.67 and Teck Resources Ltd., Canada’s largest diversified miner, dropped 1.1 percent to C$27.90 as copper for July delivery slid 0.5 percent.

Aurizon Mines Ltd. surged 9 percent to C$4 and Semafo Inc. jumped 7.8 percent to C$1.93 as gold rallied 0.9 percent to settle at $1,391.80 an ounce in New York.

Gold demand in India is headed for a quarterly record as imports reach 300 to 400 metric tons, the World Gold Council said in a report today. Silver Standard Resources Inc. soared 8.7 percent to C$7.87 as silver futures rose.

BMO slumped 1.9 percent to C$62.50, the biggest loss since June, after posting adjusted second-quarter earnings of C$1.46 a share, short of the C$1.48 average estimate of 15 analysts surveyed by Bloomberg. The bank blamed its results on restructuring charges and costs involved with its 2011 takeover of Wisconsin lender Marshall & Ilsley Corp.

BRP, based in Valcourt, Quebec, soared 16 percent to C$25 from its initial offering price of C$21.50. The stock was down 1 percent from its last close of C$25.25 after five days of trading on an if-and-when-issued basis. BRP raised C$262.3 million in gross proceeds from the IPO.

US

By Inyoung Hwang

May 29 (Bloomberg) — U.S. stocks fell, with the Dow Jones Industrial Average retreating from a record, amid concern that the Federal Reserve could begin to taper its debt-buying program as the economy continues to improve.

Nine out of 10 groups in the Standard & Poor’s 500 Index declined, as consumer-staple, utility and health-care stocks fell the most. Johnson & Johnson and Procter & Gamble Co. slumped more than 2.2 percent, pacing losses among the biggest U.S. companies. Lennar Corp. and PulteGroup Inc. fell at least 3.3 percent as investors sold shares of homebuilders.

The S&P 500 dropped 0.7 percent to 1,648.36 in New York. The Dow retreated 106.59 points, or 0.7 percent, to 15,302.80. More than 6.6 billion shares traded hands on U.S. exchanges today, or 5.6 percent more than than the three-month average.

“When yields do move higher, you’ll see some of those more defensive sectors take a hit,” Peter Jankovskis, who helps oversee $3.5 billion as co-chief investment officer of Lisle, Illinois-based Oakbrook Investments LLC, said by telephone.

“The big question is how sustainable is the growth that we’re having now.”

The S&P 500 retreated as much as 1.2 percent today after the yield on the country’s benchmark 10-year debt surged late yesterday to a 13-month high of 2.17 percent as a two-year sale drew the fewest bids since February 2011. Yields fell five basis points today to 2.12 percent as the government auctioned $35 billion of five-year notes at a lower-than-forecast yield.

The benchmark equity gauge dropped 1.1 percent last week as Fed Chairman Ben S. Bernanke said the central bank could reduce monetary stimulus if officials see signs of sustained improvement in growth. The index rose 0.6 percent yesterday and the Dow returned to a record after data showed consumer confidence climbed to the highest level since 2008 and house prices jumped the most in seven years, indicating growth in the world’s largest economy is picking up.

“We’ll have days when people are focusing on the positive economic story and days when people are focusing more on the issue that the Fed has in terms of slowing down their asset purchases and eventually moving interest rates,” Dan Curtin, the Boston-based global investment specialist at J.P. Morgan Private Bank, which oversees about $900 billion, said by telephone.

Equities pared losses today after Fed Bank of Boston President Eric Rosengren said “significant accommodation remains appropriate at this time.” Rosengren, who is a voter this year on monetary policy, also said it would make sense to consider a “modest” reduction in bond purchases after a few more months of improvement in the labor market and economy.

The Chicago Board Options Exchange Volatility Index, or VIX, rose 2.4 percent to 14.83. The equity volatility gauge, which moves in the opposite direction as the S&P 500 about 80 percent of the time, is down 18 percent for the year after jumping 12 percent last week.

Concern that slower Fed bond-buying will push Treasury yields higher prompted investors to sell shares of companies that have the highest dividend yields. Utility and telephone stocks fell 1.5 percent as groups. The two industries yield the most in the S&P 500.

While yield-seeking investors drove so-called defensive stocks to among the biggest gains in the S&P 500 in the first quarter, they’ve been lagging other industries since then, with utilities, phone companies and consumer-staple companies the worst performers.

Utilities, which yield 4.1 percent, fell for the fifth straight day today, the longest losing streak of the year.

Consolidated Edison Inc., the supplier of power to New York City, slumped 1.4 percent to $57.74.

Phone companies, which yield 4.4 percent, dropped for a third straight day. Verizon Communications Inc. lost 2.5 percent to $49.57 and AT&T Inc. retreated 0.8 percent to $35.91.

Consumer-staple stocks fell 1.9 percent. The group’s dividend yield is 2.9 percent. Procter & Gamble, the world’s largest maker of consumer products, slumped 2.4 percent to $78.90. Johnson & Johnson, the health-care products maker, slid 2.2 percent to $85.65.

McDonald’s Corp. retreated 2.2 percent to $99.05. The world’s largest restaurant chain’s global comparable sales were down 0.9 percent through April this year, according to Chief Executive Officer Don Thompson at an investor conference today.

David Palmer, an analyst at UBS AG in New York, lowered his full-year profit forecast for McDonald’s because of a “modestly worse” European consumer environment and greater foreign currency headwinds.

The S&P Supercomposite Homebuilding Index tumbled 3.8 percent as all 11 companies in the gauge retreated. Lennar sank 4.4 percent to $40.36, and PulteGroup fell 3.3 percent to $22.05.

SLM Corp. rallied 2.2 percent to $23.48. The student lender known as Sallie Mae is seeking to separate its education loan management and consumer banking businesses into two publicly traded entities.

Smithfield Foods Inc. jumped 28 percent to $33.35 after Shuanghui International Holdings Ltd. agreed to acquire the pork processor for $4.72 billion. Shuanghui will pay $34 a share for Smithfield, a 31 percent premium over yesterday’s closing share price.

Tyson Foods Inc. also rose, increasing 2 percent to $25.36, the highest level since 1998.

Have a great evening everyone!

Be magnificent!

“Our greatest weakness lies in giving up. The most certain way to succeed is always to try just one more time.” – Thomas A. Edison

Amanda Bourke

Assistant to Carolann Steinhoff

Queensbury Securities Inc.

St. Andrew’s Square

Suite 340A, 730 View St.,

Victoria, B.C. V8X 3Y7

Tel: 778-430-5808

Fax: 778-430-5838