Independent Accountants' Investment Counsel Inc.

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


What happened last week?

  • The continuing invasion of Ukraine and its resulting economic and energy implications, surging case counts in some areas for the Omicron BA.2 variant, and rising interest rates did not negatively impact the markets last week as may have been expected.

  • Overall rates are still historically low despite recent rise and promises of additional increases.  Fears of recession and stagflation remain low; at least for now.

  • Despite the headlines, the TSX is delivering healthy year-to-date and year-over-year results that outperform the American indices.  Notwithstanding the losses from U.S. equities to date in 2022, their performance over the past year (including Q1 2022) has been reasonable; especially the broad-based S&P 500.  The tech-heavy NASDAQ has delivered more than 10% over the past two weeks to overcome its deep losses that 2022 has produced.

What’s ahead for this week?

  • In Canada, the survey of employment and Gross Domestic Product (GDP) for January, March’s Purchasing Managers Indexes (PMI) and earnings from Dollarama, Blackberry will be released.

  • In the U.S., February’s wholesale and retail inventories, construction spending, goods trade deficit, personal spending and personal income will be announced.  PMIs from ISM and Markit for March along with consumer confidence, and the important non-farm payroll report are scheduled for release.

  • Globally, in a week with many varied data to be announced, Germany’s consumer confidence, retail sales, unemployment and consumer price index, Japan’s jobless rate, retail sales, PMIs and industrial production, China’s PMI, Eurozone jobless rate, consumer confidence and consumer inflation will be released.  OPEC+ will meet and an EU/China summit is planned. (Source)

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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