IAIC Market Update - June 26, 2023

June 27, 2023

Last Week in the Markets: June 19th – 23rd, 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?

Last week was not a great week for the markets. The major equity indexes, domestically and continentally, lost ground. The TSX almost erased its 2023 positive gains by dropping nearly 3%, while U.S. equities dropped about 1½% collectively.
A positively correlated indicator for economic health is retail sales. In April, Canadian retail sales grew 1.1%, and excluding gasoline stations, fuel vendors, vehicles, and parts, the increase was 1.5%. Core retail sales have increased in each of the past five months.

Source: Retail Trade

What’s ahead for this week?

In Canada, the Consumer Price Index for May, which could foreshadow interest rate adjustments from the Bank of Canada, and imports, exports and trade balance will be reported.
In the U.S., durable goods orders, building permits, new home sales, consumer confidence, and monthly home price index. The Federal Reserve’s most important inflation indicator, Personal Consumption Expenditures (PCE) will be reported on along with Gross Domestic Product for the first quarter.
Globally, the Eurozone will announce the latest business climate, industrial and economic sentiment, and consumer confidence data. No major announcements are scheduled from China or Japan, the second and third largest economies.

IMPORTANT NOTICE

IAIC will no longer publish the Weekly Market Update effective July 1, 2023.
On a weekly basis, IAIC publishes a podcast series that keeps our clients up to date on current events and that communicates our investment philosophy.
We encourage you to listen to IAIC’s In Focus podcast series, and if you have questions, contact your Advisor or Portfolio Manager.

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