Independent Accountants' Investment Counsel Inc.

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


What happened last week?

  • All of the major North American indices increased in value except for the Dow.  The TSX and S&P 500 reached new all-time highs again as the NASDAQ continues its climb.  These results were achieved despite negative U.S. inflation news that has been ignored by equity markets. 

  • Consumer prices rose 5% in May compared to a year ago and rose 0.7% from April.

  • The Bank of Canada held its monetary policy steady with bond purchases and interest rates unchanged in their announcement last Wednesday.  Inflation is at the upper end of the bank’s preferred range, but the temporary nature of the recovery has slowed any monetary policy changes. This could be a foreshadowing of upcoming Federal Reserve decisions. (Source)

What’s ahead for this week?

  • In Canada, April’s manufacturing sales, new orders and wholesale trade will be announced.  May housing starts, existing home sales and average prices are scheduled.  Inflation numbers that guided the Bank of Canada’s policy will be released through May’s Consumer Price Index (CPI).

  • In the U.S., the calendar includes the release of the latest figures for May’s building permits, housing starts, industrial production and retail sales.  Federal Reserve Chair, Jerome Powell, will announce monetary policy and economic projections on Wednesday following the Federal Open Market Committee’s meeting.

  • Globally, inflation around the world will dominate news as Japan, Germany and the entire Eurozone CPI will be announced.  Also, Chinese retail sales and industrial production will be announced.


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. 


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