IAIC Market Update - October 31, 2022

October 31, 2022

Last Week in the Markets: October 24th – 28th, 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 major and local economic news last week centred around the Bank of Canada’s interest rate announcement on Wednesday. The BoC increased the key lending rate by ½ percent (50 basis points), which now stands at 3.75%. It had been 0.25% until increases began on March 2, 2022.
A heavy influence for the Bank of Canada occurred one week ago, when Canadian consumer inflation numbers were released on October 19th. Most analysts had predicted a larger increase even as inflation, the primary target of increased interest rates, has moderated slightly over the past three months. For September, the monthly inflation rose 0.1% while the year-over-year rate fell by 0.1% to 6.9%, down from 8.1% in June. (Source1, Source2)
On Friday StatsCan announced Gross Domestic Product (GDP) for August, which increased by 0.1% over July. Services industries recaptured some earlier momentum while the production of goods faltered. (Source)
In addition to the Bank of Canada’s rate increase, the European Central Bank (ECB) raised its benchmark rate by 75 basis points (¾ percent). (Source)

What’s ahead for this week?

In Canada, September’s imports, exports and trade balance and October’s employment report are the most important economic indicators scheduled for release.
In the U.S., the most significant news will occur on Wednesday afternoon when the Federal Reserve releases its latest monetary policy report and interest rate decision. October’s Non-farm payroll report will also carry significant influence over markets. Additionally, imports, exports and trade balance, and several Purchasing Managers Indexes will be released in a busy week for announcements
Globally, the rounds of important announcements continue with the Eurozone’s Consumer Price Index, Producer Price Index, and Gross Domestic Product scheduled.

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