September 14, 2017 Newsletter

Dear Friends,

Tangents:
BEAUTY OF MUSHROOMS:
Artist and photographer Jill Bliss will change your view of mushrooms with her photos, which you can find at http://bit.ly/mushroomphotos.  Bliss arranges mushrooms and other objects she sees in nature almost like bouquets.

On this day in 1901, Vice President Theodore Roosevelt is sworn in as president after William B. McKinley dies of gunshot wounds inflicted eight days earlier.

On Sept. 14, 1959, the Soviet space probe Luna 2 became the first man-made object to reach the moon as it crashed onto the lunar surface.
Go to article »

I always did something I was a little not ready to do.  I think that’s how you grow. –Marissa Mayer.
PHOTOS OF THE DAY

Stranded sheep seek the safety of higher ground as they gather on a wall in Wensleydale, North Yorkshire after the River Ure burst its banks following heavy rain deposited by Storm Aileen.
CREDIT: PAUL KINGSTON/NORTH NEWS

Continuing the baby animal theme, a baby Sumatran orangutan is bathed after arriving at a wildlife center at Ratchaburi province in Thailand.
CREDIT:  KEREK WONGSA/REUTERS

Humanroid robot YuMi conducts the Lucca Philharmonic Orchestra performing a concert alongside Italian tenor Andrea Bocceli at the Verdi Theatre in Pisa, Italy.
CREDIT: REMO CASILLI/REUTERS
Market Closes for September 14^th, 2017

International Markets

Bonds

Currencies

Commodities

Market Commentary:
Number of the Day
27%
The percent decline for bitcoin since hitting a record high on Sept. 2. The digital currency is on pace for its seventh-straight down day.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks gained as grocery shares got a boost from strong earnings and as crude oil prices closed at a 6-week high.
     The S&P/TSX Composite Index rose 46 points or 0.3 percent to 15,172.72, the highest since Sept. 1. Consumer staples were the biggest gainers, adding 0.9 percent as Empire Co. Ltd. jumped 14 percent, the most in 17 years. A turnaround at the owner of the Sobeys grocery chain appeared to accelerate, as earnings beat the highest analyst estimate.
     The energy sector rose 0.7 percent as the price of crude gained 1.2 percent. MEG Energy Corp., Crescent Point Energy Corp. and Secure Energy Services Inc. all added more than 4 percent.
     In other moves:
                            Stocks
* Ivanhoe Mines Ltd. lost 3 percent and Tahoe Resources Inc. fell 3.2 percent as the price of copper fell for a third day
* CAE Inc. fell 2.2 percent after losing a contract with the U.S. Army
* Loblaw Cos. Ltd. gained 1.2 percent, George Weston Ltd. added 1 percent and Metro rose 0.9 percent, boosted by Empire’s successful quarter
                            Commodities
* Western Canada Select crude oil traded at a $12.40 discount to WTI, the widest gap in seven trading days
* Aeco natural gas traded at a $1.38 discount to Henry Hub, half the gap seen on Tuesday, as some producers cut back output and pipeline maintenance work ended
* Gold rose 0.1 percent to $1,325.40 an ounce, the first gain in four days
                            FX/Bonds
* The Canadian dollar weakened 0.1 percent to C$1.2184 per U.S. dollar
* The Canada 10-year government bond yield was unchanged at 2.07 percent
US
By Brendan Walsh
     (Bloomberg) — U.S. stocks slipped and the dollar retreated as investors weighed renewed threats from North Korea. Oil topped $50 a barrel for the first time in a month.
     The S&P 500 Index edged off an all-time high even as oil’s rally boosted energy shares. The Dow Jones Industrial Average rose a fifth straight day to a fresh record. The greenback weakened versus most major peers, while the pound jumped as the Bank of England signaled the possibility of stimulus reduction. Treasuries fell after U.S. inflation quickened, supporting an uptick in expectations for an increase in borrowing costs this year.
     “Traders are really getting worked up by the resurgence of the policy tightening theme,” said John Hardy, the head of foreign-exchange strategy at Saxo in Hellerup, Denmark.
     Chinese retail sales, industrial production and fixed-asset investment all slowed last month after a lackluster July as efforts to rein in credit expansion and reduce excess capacity in the world’s second-largest economy hit home. U.S. consumer prices increased 0.4 percent in August, after a 0.1 percent rise the prior month. Filings for jobless benefits in the U.S. unexpectedly settled back last week, underscoring a resilient labor market.
     Still to come this week:
* U.S. retail sales and industrial production data are due Friday.

      Here are the main moves in markets:

                                  Stocks
* The S&P 500 Index closed 0.1 percent lower.
* The Stoxx Europe 600 Index closed 0.1 percent higher.
* Germany’s DAX Index fell 0.1 percent, the first retreat in more than a week.
* The U.K.’s FTSE 100 Index fell 1.1 percent to the lowest since May.
                                 Currencies
* The Bloomberg Dollar Spot Index fell 0.3 percent.
* The euro rose 0.2 percent to $1.1903.
* The British pound gained 1.4 percent to $1.3397, the strongest in about a year.
* The Japanese yen was little changed at 110.52 per dollar.
                                  Bonds
* The yield on 10-year Treasuries was little changed at 2.19 percent.
* Germany’s 10-year yield rose one basis point to 0.41 percent.
* Britain’s 10-year yield rose nine basis points to 1.23 percent.
                                  Commodities
* Gold rose 0.4 percent to $1,327.28 an ounce. 
* West Texas Intermediate crude gained 0.8 percent to $49.69 a barrel and earlier touched $50.50. 
* Copper fell 0.7 percent to $2.9595 a pound, the lowest in more than three weeks.

Have  a wonderful evening everyone.

Be magnificent!

Society cannot be changed unless man changes.
Man, you and others, have created these societies
for generations upon generations.
Krishnamurti

As ever,

Carolann

Habit rules the unreflecting herd.
-William Wordsworth, 1770-1850

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