IAIC Market Update - July 18, 2022

July 18, 2022

Last Week in the Markets: July 11th – 15th, 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?

The two most significant economic events last week for Canadian investors was the announcements of U.S. inflation and Bank of Canada monetary policy.
Overall, prices in the U.S. have risen 9.1% since last year according to the Consumer Price Index (CPI). The drivers of price increases continue to be food and energy as prices rose 1.3% in June. The price of food rose 10.4% year-over-year with restaurant and at-home meals rising 7.7% and 12.2%, respectively. The price of energy rose 41.6% with gasoline (59.9%), electricity (13.7%) and natural gas (38.4%) being eclipsed by the increase in fuel oil prices at 98.5%. (Source)
In response to domestic and international inflation, the Bank of Canada increased its interest rates by a full percentage point (100 basis-points). This move followed the two previous interest rate meetings in April and June that each increased rates by 50 basis-points, and March’s announcement of a 25 basis-point increase. (Source)

What’s ahead for this week?

In Canada, consumer inflation numbers (June, year-over-year, overall and core) will be released on Wednesday. Additionally, housing starts and new housing price index for June will be announced along with May’s retail sales.
In the U.S., the National Association of Home Builders will release its housing price index, and existing home sales, building permits and housing starts will accompany it. Energy related indicators, like oil imports, gasoline inventories and production, and refinery utilization could gain more attention than usual when announced this week.
Globally, the Bank of Japan will announce its interest rate decision, and its CPI. The United Kingdom and the Eurozone will also announce their CPIs, along with British and German Producer Price Indexes. On Thursday morning (8:15 am Eastern) the European Central Bank will issue its interest rate decision.

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