IAIC Market Update - August 23, 2021

August 23, 2021

Last Week in the Markets: August 16th - 20th, 2021

(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?

North American markets were heavily influenced by U.S. monetary policy last week. The minutes from the most recent Federal Reserve’s Open Market Committee meeting suggest that the bond purchase program could be scaled back sooner than anticipated. While no decisions have been made and no actions have been taken, it appears that markets are realizing that enhanced stimulus measures are not an indefinite solution.
The overall results last week were typical under these circumstances.
Firstly, uncertainty rose on the increased likelihood of more future, negative news from the Fed, which caused equities to retreat by the end of the week.
Then this less supportive monetary policy that could cause business activity to fall, and the demand for oil to also fall as corporate activity stalls, resulted in a 9% drop in the price of oil. The outflows from equities were invested into gold, which experienced a small price increase last week, and is well below its summertime high of $1900+ in early June.
In summary, equities dipped, along with oil, and the safe haven of gold rose.
As the election nears and more clarity emerges, expect additional analysis regarding investing and taxation, and their effects on retirement planning.

What’s ahead for this week?

In Canada, wholesale trade, and employment, payrolls and hours, and the industrial price index for July are scheduled to be announced. For equity investors the major banks will be releasing their latest quarterly results.
In the U.S., July’s new and existing home sales, wholesale and retail inventories, durable goods orders, and personal income and spending will be released. On Friday Federal Reserve Chair, Jerome Powell, will deliver remarks as the annual Jackson Hole Symposium concludes. Expect the markets to react should he indicate, even obliquely, any changes to their near-term plan of holding bond purchases and interest rates steady.
Globally, Purchasing Managers Indices for Japan and the Eurozone will be released along with Europe’s consumer confidence and money supply, and Germany’s Gross Domestic Product and retail sales.

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.

< Older Post

Newer Post >

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