IAIC Market Update - September 12, 2022

September 12, 2022

Last Week in the Markets: September 6th – 9th, 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?

Equities rebounded this past week. The predictions for inflation, economic growth, employment, and monetary policy responses will continue, and the effect on markets from all these factors will most likely continue.
The Bank of Canada increased its policy interest rate, the overnight rate, by ¾% (75 basis points) on September 7th, one day before the European Central Bank (ECB) delivered an identically sized increase. “The Canadian economy continues to operate in excess demand and labour markets remain tight” according to the Bank of Canada’s press release. In both geographies, interest rate increases are intended to temper inflation by reducing demand. (Source)
On Friday morning, StatsCan released the latest employment data. In August, the Canadian economy lost 40,000 jobs, the fourth consecutive month with declining employment levels. The unemployment rate increased 0.5% to 5.4% in August up from the record lows of June and July. Despite the recent downturn for employment, the number of employees exceeds pre-pandemic levels. (Source)

What’s ahead for this week?

In Canada, manufacturing and wholesale sales, and housing starts are scheduled to be announced.
In the U.S., Tuesday will bring the consumer and producer inflation numbers and import and export price indexes, which may foreshadow the Federal Reserve’s next monetary policy move.
The heavily influential Federal Reserve will release new monetary policy on September 21st.
Globally, industrial production, wages, trade balance and consumer inflation (particularly Germany, France, and Italy) for the Eurozone will be released. China’s retail sales for August 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.

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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