IAIC Market Update - May 17, 2021

May 17, 2021

Last Week in the Markets: May 10th - 14th, 2021

(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?

Equity markets lost value and experienced renewed volatility last week as U.S. inflation for April was released.
Driving the drop is U.S. inflation; larger than expected at 4.2% over one year ago and 0.8% more than the last reported month (March). The core inflation rate, which excludes food and energy, rose 0.9% over March. This is the largest one-month inflation increase in 40 years, which was 1981.
The Federal Reserve and other central banks will be paying close attention to inflation to determine if it is directly related to reopening during the pandemic. Many American states reduced restrictions simultaneously causing a surge in domestic demand, leading prices higher as supply lagged. Wage growth could guide price increases once short-term stimulus savings are spent. It appears, at this time, that wage growth is not positioned to fuel additional price increases.
Canada’s inflation numbers will be released during the coming week, and are expected to mirror U.S. figures, but in a more muted manner since our reopening is lagging the timing in the U.S.

What’s ahead for this week?

In Canada, April’s housing starts, existing home sales, average home prices and retails sales will be announced. Inflation for April will also be released through the Consumer Price Index as we proceed toward the Victoria Day holiday observed this year on May 24^th.
In the U.S., housing starts, building permits and existing home sales for April are the major indicators on the calendar.
Globally, China will announce its industrial production and retail sales, Japan will announce its Gross Domestic Product (GDP), trade balance, inflation and industrial production, Europe will also announce its GDP along with consumer confidence.

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