IAIC Market Update - January 24, 2022

January 24, 2022

Last Week in the Markets: January 17th - 21st, 2022

(source: Bloomberg https://www.bloomberg.com/markets, MSCI https://www.msci.com/end-of-day-data-search and ARG Inc. analysis)

What happened last week?

It was a difficult week for most Canadian investors with broad equity holdings. After Monday, when the TSX rose 180 points and U.S. markets closed for Martin Luther King Day, it was four straight days of losses. For the week, the TSX dropped more than 3%, the S&P 500 fell nearly 6%, the Dow fell over 4%, and the tech-heavy NASDAQ fell over 7%.
The most recent drivers of overall equity valuations are the continued rise of Omicron and consumer inflation that is pushing central banks to react with short term interest rate hikes sooner than expected. The Bank of Canada and the Federal Reserve have already reduced their support for long-term interest rates. Both institutions will announce their new monetary policy next week.
U.S. Treasury rates have risen as high as 1.9% from 1.5% and are causing much of the recent equity volatility. The most reliable long-term indicator of equity performance is corporate performance. The corporate profits seen in 2021 will likely not be repeated this year. However, the predicted arrival of higher interest rates in the second quarter will likely not eliminate earnings growth either. (Source)

What’s ahead for this week?

In Canada, December’s manufacturing sales and wholesale trade will be released. On Wednesday morning the Bank of Canada will deliver its monetary policy announcement and report.
In the U.S., Purchasing Managers Indexes (PMI) will be released from Markit and December’s new home sales, goods trade deficit, wholesale and retail inventories will be announced. The Federal Reserve’s Open Market Committee will meet and announce their latest monetary policy on Wednesday afternoon as the quarterly corporate earnings season continues.
Globally, PMIs will be released for several countries including Japan, the Eurozone and U.K. Germany’s GDP and Business Climate Report from Ifo. The Eurozone consumer confidence numbers are also scheduled.

For more information contact:
Independent Accountants’ Investment Counsel Inc.
135 Main St. E. Listowel, ON
Phone: 519-291-2817 or TF: 1-877-291-3040
icpmss@iaic.ca

This report is produced by Independent Accountants' Investment Counsel Inc (“IAIC”) in conjunction with ARG Inc. All graph and chart statistical data contained in this report has been supplied by ARG Inc. The views and opinions expressed in this report are based on market statistics. No guarantee of outcome is implied and opinions may change without notice. Investors should not base any of their investment decisions solely on this report nor should any opinions expressed within this report be construed as a solicitation or offer to buy or sell any securities mentioned herein. Although the information contained in this report has been obtained from sources that IAIC believes to be reliable, we do not guarantee its accuracy, and as such, the information may be incomplete or condensed. All opinions, estimates and other information included in this report constitute our judgment as of the date hereof and are subject to change without notice.

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Southwestern Ontario's Top Employers Award

Southwestern Ontario's Top Employer Award Winner

February 5, 2025

We are th rilled to announce Ward & Uptigrove was selected as a recipient of the Southwestern Ontario's Top Employers Award for 2025. The award is based on the following criteria: 1. Workplace, 2. Work Atmosphere and Social, 3. Health, Financial and Family Benefits, 4. Vacation and Time-Off, 5. Employee Communications, 6. Performance Management, 7. Training and Skills Development, 8. and Community Involvement! Here are some of the reasons why Ward & Uptigrove was selected as one of Southwestern Ontario's Top Employers (2025): Ward & Uptigrove increased its full-time workforce in Canada by over 13 per cent in the past year and lets everyone benefit in the company's success with profit-sharing -- the company also offers generous referral bonuses of up to $5,000 per successful candidate as an incentive for employees to recruit friends Ward & Uptigrove hosts three major social events each year, giving employees the opportunity to unwind and connect with food, beverage and entertainment covered by the firm's partners -- events include a post-tax season party (employees plus a guest), a fall golf tournament, and an annual holiday celebration Ward & Uptigrove matches employee donations in kind, and encourages them to lend a helping hand in the community with a paid day off to volunteer Emily MacRobbie, human resources manager at Ward & Uptigrove, says clients appreciate the close connections and sense of care their small-town environment fosters. “We’re big enough to attract and retain some of the best and brightest minds in the industry, while simultaneously being small enough that staff and clients are known on a more personal level,” says MacRobbie. “Employees really appreciate the flexibility the firm offers, such as work location (in office or hybrid) and hours of work arrangements. We keep a pulse on what’s happening and make sure we remain competitive with things like paid time off and flexible health benefits.” To learn more about career opportunities at Ward & Uptigrove visit www.wardanduptigrove.com/careers