Independent Accountants' Investment Counsel Inc.

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


What happened last week?

  • Corporate results held investors’ attention last week in both New York and Toronto as the busiest week for quarterly reporting occurred. 

    • The results have been very strong in the U.S. as nearly 90% of firms have beaten estimates by nearly 20%. 

    • Technology companies led the way with Google, Amazon, Apple, Microsoft, Facebook and Shopify delivering solid profitability and profit growth compared to last year. 

  • Federal Reserve Chair, Jerome Powell, announced that both interest rates and bond-buying programs would remain unchanged following the meeting of the Federal Open Market Committee.  The dual mandate of managing inflation and maximizing employment continues to require $120 Billion in bond purchases monthly and its benchmark interest rate, the federal funds rate, to remain at a range of 0 to ¼ percent.  (Source)
  • Canadian inflation slowed somewhat in June compared to May, down to 3.1% from 3.6%. 
    • The core inflation rate also improved and sits at 2.2%.  Like the Federal Reserve, the Bank of Canada will closely monitor inflation levels and respond with monetary actions like interest rate increases should they feel price increases are more permanent than the conditions caused by reopening like supply chain shortages and releasing pent-up demand. (Source)

What’s ahead for this week?

  • In Canada, markets were closed on Monday August 2nd for the observance of mid-summer holidays.  Markit’s Purchasing Managers Index (PMI) for July will be released.  Additionally, building permits, merchandise trade balance, and employment figures for July will be announced.

  • In the U.S., both Markit and ISM will release their manufacturing and services PMIs for July, along with non-farm payroll numbers.  June construction spending, factory orders, ADP’s national employment report, goods and services trade deficit, and wholesale inventories.

  • Globally, manufacturing and services PMIs for China, Japan and the Eurozone for July will complete the purchasing managers’ view of recovery.  Two other important measures, Japan’s household spending and Germany’s industrial production will also be released.


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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