IAIC Market Update - February 21, 2023

February 22, 2023

Last Week in the Markets: February 13th – 17th, 2023

(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?

The major North American indexes peaked on Wednesday and then delivered two days of negative returns to close the week prior to the Canadian and U.S. holiday observances on Monday. The most important economic news affecting capital markets was focused on U.S. consumer and producer inflation, and the implications for the next round of Federal Reserve monetary actions scheduled for March 22nd.
The Consumer Price Index (CPI) rose 0.5% in January after rising 0.1% in December. The year-over-year inflation rate is 6.4%. Over half of the monthly rise was contributed by shelter, and food, gasoline and natural gas also pushed price increases along. The Producer Price Index (PPI) increased by 0.7% in January, which follows a decline of 0.2% in December. For the 12 months ending January 31st, the PPI has risen 6.0%.

Source₁ Source₂

What’s ahead for this week?

In Canada, Monday’s holiday had markets closed. Starting on Tuesday with the release of the latest consumer inflation data, retail sales, new housing price index, manufacturing and wholesale sales and the federal government’s budget balance will be reported.
In the U.S., markets were closed for President’s Day. Existing home sales, mortgage market index, consumer and personal spending will be announced. The Department of Commerce will release the Personal Consumption and Expenditure (PCE) price index, the key inflation indicator for the Federal Reserve.
Globally, the Eurozone will release its regional Consumer Price Index (CPI), which incorporates the inflation across all economies in their organization. Germany, the largest European economy, will release its Gross Domestic Product (GDP) for Q4. Japan will also release its consumer inflation data.

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