IAIC Market Update - January 23, 2023

January 23, 2023

Last Week in the Markets: January 16th – 20th, 2022

Market Charts

(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 equity markets continued to react to news that economies are slowing. 
  • On Friday, equities rebounded with all major Canadian and American indexes rising. 
  • The up-and-down days of the week produced uneven results for the week for the indexes. 
  • The TSX and NASDAQ gained the amount that the S&P 500 lost, about two-thirds of a percent.
  • The Dow, comprised of the 30 largest industrials, lost nearly 3% for the week, even after rising 1% on Friday. 


What’s ahead for this week?

  • In Canada, the Bank of Canada will release its latest monetary policy and interest rate announcement on Wednesday morning at 10 am Eastern. Moderating domestic and U.S. inflation data, along with employment and GDP, will heavily influence decisions on rates and liquidity.
  • In the U.S., the week will start slowly for economic announcements, but gain momentum as fourth quarter GDP, trade balance, real consumer spending and Personal Consumption Expenditures (PCE) are released. Personal income and spending, and the PCE price index for December are scheduled for Friday.
  • Globally, celebrations of China’s new year on January 22nd have slowed economic activity and raised the concern of further outbreaks of Covid following the extensive amount of travel associated with the holiday. Japan will release its latest CPI, which may provide some insight into the Bank of Japan’s surprise interest rate decision last week.


Of Interest

  • The annual World Economic Forum in Davos, Switzerland concluded on Friday after 2,500 leaders assembled to discuss “Cooperation in a Fragmented World”. The wide-ranging topics provide some of the latest thinking on global issues, and dozens of recorded sessions are available for viewing here.


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.


Please contact your IAIC representative if you have any questions regarding this report. ©Copyright 2022 Independent Accountants’ Investment Counsel Inc. All rights reserved.

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Office Hours Update

April 24, 2025
As we near the end of Tax Season, please note our office hours below: Hours until April 29th Mon, Tues, Weds, Fri: 8:30 am - 5:30 pm Thursday: 8:30 am - 8:00 pm Saturday: 9:00 am - 12:00 pm Sunday: Closed Hours on April 30th 8:30am – 5:00pm Hours May 1st – May 2nd Closed Hours beginning May 6th Monday – Thursday: 8:30am – 5:00pm Friday: 8:30am – 4:30pm
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

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