Independent Accountants' Investment Counsel Inc.

(source: Bloomberg, MSCI and ARG Inc. analysis)


What happened last week?

  • Last week in the markets, gold was the only loser as all of the other indicators increased in value.  The TSX and Dow each gained a little more than 1% as the S&P 500 and NASDAQ gained, 2% and 3%, respectively. 

    • The positive finish for the week belies the turmoil that preceded the strong finishes for equity indices.  The Dow started the week by dropping 2% on Monday.  By the close of markets on Monday the S&P 500 and TSX had dropped about 3% in less than a week.  By the end of the week the U.S. indices had not just recovered, they touched all-time highs.

  • The expectation that volatility will rise as we emerge from the pandemic materialized last week. 
    • The prevalence of the Delta variant of the virus has caused increased cases in many nations.

    • Vaccination rates vary dramatically between nations and are, generally, slowing in the U.S., particularly outside major cities. 

What’s ahead for this week?

  • In Canada, inflation data for June will be released by StatsCan through the Consumer Price Index.  May’s Gross Domestic Product (GDP) will represent the overall economic rebound as vaccination rates were climbing and reopening was being carefully managed six to ten weeks ago.

  • In the U.S., June’s new home sales, durable goods orders and pending home sales will be announced.  GDP for the second quarter will be released along with July’s consumer confidence.  On Wednesday, the Federal Reserve announcement will be immediately followed by a press conference with the Fed’s Chair, Jerome Powell.

  • Globally, the upcoming week’s calendar includes Japan’s manufacturing purchasing managers index and jobless rate, Germany’s consumer confidence, unemployment and CPI.  Also, several indicators for the Eurozone will be announced and include economic and consumer confidence, GDP, CPI and employment numbers.


For more information contact: [email protected] | 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. 


©Copyright 2021 Independent Accountants’ Investment Counsel Inc. All rights reserved.


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