Ward & Uptigrove

IAIC Market Update - June 20, 2022

June 20, 2022

Last Week in the Markets: June 13th – 17th, 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?

  • Equities, the Canadian dollar, gold, and oil all had a difficult week as economic indicators and negative news continued. The market performance was dominated by three elements: inflation, interest rates, and fear of recession. The continued rise of inflation demanded a response from the U.S. Federal Reserve to raise interest rates. Concern is that the delayed maneuver is an over-correction.
  • U.S. consumer inflation, announced on June 10th, rose 1% in May, and sits at 8.6% year-over-year. The strong jobs market focuses monetary policy on inflation-fighting. (Source
  • Inflation is not a North American problem. In 16 of 44 advanced economies, the rate of inflation in the first quarter of 2022 has quadrupled compared to Q1 2020. (Source
  • The Federal Reserve raised the federal funds rate by three-quarters of a percent (75 basis points) on Wednesday. An increase of this magnitude has not occurred since 1994, signifying the severity of the situation. The rate now lies in a range from 1.5% to 1.75%. At the press conference to announce the increase, Federal Reserve Chair, Jerome Powell, stated that the Fed, “anticipates that on-going increases in that rate will be appropriate.” To-date in 2022 the Fed has increased the rate by 1½%. The median projection by Fed Governors predicts that the federal funds rate could be 3.4% by the end of this year. The first 80 seconds of the hour-long press conference provides a succinct summary. (Source
  • According to the Financial Post, the S&P 500 has priced-in an 85% likelihood that a recession will occur with interest rates rising and expected to rise further (Source

What’s ahead for this week?

  • In Canada, monthly manufacturing, wholesale, and retail sales figures for last month will be released. On Wednesday, the consumer inflation data (Consumer Price Index and Core) will be announced for May.
  • In the U.S., markets will be closed on Monday for the observance of the federal holiday, Juneteenth National Independence Day. Starting on Tuesday, housing information for May will be released, which includes new home sales, existing home sales, and mortgage applications. 
  • Globally, the U.K. and Japan will release their consumer inflation data for the month of May. Purchasing Manager Indexes (PMIs), which represents the optimism of professionals who buy for corporations, across most of Europe will be announced.


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.

Southwestern Ontario's Top Employers Award
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
December 19, 2024
Accounting
June 27, 2024
Accounting
Share by: