1A-510 Weber Street North, Waterloo, ON N2L 4E9 | 202-135 Main Street East, PO Box 68 , Listowel, ON N4W 3H2
Phone: +1 519.291.2817 | Toll Free: 1.877.291.3040
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Independent Accountants' Investment Counsel Inc.

(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 most significant economic news from last week was politically generated. The uncertainty and depth of sanctions against Russia caused equity markets to drop early in the week before recovering.

  • The disruption to supply chains is expected to delay economic recovery and prolong inflation.  For example, VW is ceasing production temporarily at two assembly plants in Germany since component parts have not shipped from Ukraine.  Also, the price of oil breached $100 per barrel last week.

  • In the Ukraine/Russia crisis, we can expect economic sanctions on Russia to continue to increase, including Russian being excluded from the global payments system, SWIFT.

  • Increasing supply chain interruptions and commodity prices, like oil, will complicate the inflation situation as central banks attempt to slow the rapid rise in consumer prices.  In Canada and the U.S., prices have increased at their highest level since the early 1980s.

What’s ahead for this week?

  • In Canada, January’s industrial product price index and raw materials price index, building permits, and Purchasing Managers Indexes for February will be released.  On Wednesday morning the Bank of Canada will make a monetary policy announcement.

  • In the U.S., January’s wholesale and retail inventories, trade deficit, construction spending, factory orders, productivity and labour costs will be released.  Purchasing Managers Indexes (PMI) from ISM and Markit will be announced.  February’s non-farm payrolls are scheduled for late in the week, while President Biden is scheduled to deliver a State of the Union Address on Tuesday evening.

  • Globally, PMIs for several countries including China, Japan and the Eurozone, consumer inflation numbers will be released for Germany and Italy for February.  OPEC+ will conduct a meeting, which will address the invasion and the delivery of oil and gas from Ukraine and Russia.

For more information contact: [email protected]

www.iaic.ca | Tel (519) 291-2817 | 135 Main Street, East | PO Box 68 | Listowel, ON N4W 3H2


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.

Please contact your IAIC representative if you have any questions regarding this report. 


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