IAIC Market Update - November 7, 2022

November 7, 2022

Last Week in the Markets: October 31st – November 4th, 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?

On Wednesday afternoon the Federal Reserve delivered its interest rate decision. Chair, Jerome Powell, announced a 75-basis point (¾%) rise to increase the monetary policy battle against inflation. (Source1, Source2)
The first four days brought losses to North American equity indices, and Friday’s lift of 1% for each index prevented the week five days of losses. Friday’s reversal was initiated by employment news announced before markets opened.
In the U.S., 261,000 new jobs were created in October mostly in health care, services, and manufacturing. Labour force participation remained unchanged while the unemployment rate rose 0.2% to 3.7%. In Canada, employment rose by 108,000 in October, recouping job losses that occurred between May and September. The construction, manufacturing and accommodation and food services added jobs, while wholesale and retail trade lost jobs. Unemployment was unchanged at 5.2%.
The strong employment numbers on both sides of the border are worrying to central bankers, and continue to add certainty to more rate hikes, which is increasing fears of recession. Although, equities moved higher on Friday the overall direction was downward based on the reality and prediction of rate increases, and plentiful jobs. (Source1, Source2, Source3)

What’s ahead for this week?

In Canada, a week with no significant economic announcements concludes with Remembrance Day observances on Friday.
In the U.S., several Governors from the Federal Reserve will be delivering speeches that could provide additional insight to the recent interest rate increase. The Consumer Price Index (CPI) and Core CPI for October will be released. The U.S. federal government will announce the Budget Balance, and crude oil, gasoline, heating oil and natural gas inventories.
Globally, Germany’s industrial production and CPI for October, France’s imports, exports and trade balance, and the Eurozone’s retail sales for September will be announced. China’s trade balance, CPI and PPI are scheduled for release.

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