Independent Accountants' Investment Counsel Inc.

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


What happened last week?

  • The markets were closed on Friday, and the shortened week proved to be a spring tonic for most investments.  The equities indices and oil gained, while the Canadian dollar essentially broke-even and gold lost value only slightly.

  • It was mostly news from the U.S. which drove values higher, evidenced by the Dow’s new record high and the S&P 500 rising above 4,000 for the first time.  The vaccine schedule is accelerating with many American states beginning to include all adults in the rollout as more than 200 million are expected to have received at least one dose in the near future.  Pfizer announced that its vaccine was safe and highly effective for early teens.  Fiscally, the Biden administration unveiled its infrastructure plan with expenditures totaling $2.25 Trillion.  Transportation, manufacturing, workforce development, housing, elderly care, electrical and broadband grid and clean energy are all included.

  • In Canada our Gross Domestic Product (GDP) numbers for January was revised higher.  The TSX reflected this and finished the week just below 19,000 points.  The leading Canadian index has gained nearly 9% in 2021, one of its best quarters, and is currently beating the major U.S. indices in Year-to-Date performance, which is a rare achievement.  The TSX gain has been across many sectors to achieve this large an increase this early in the year. (Source)

What’s ahead for this week?

  • In Canada, February’s merchandise trade balance will be announced along with Canadian employment numbers for the month of March.  The reopening should be reflected in the jobs growth achieved last month.

  • In the U.S., the scheduled announcements for the week include February’s factory orders, wholesale inventories, and the goods and services trade balance.  The Federal Reserve Chair, Jerome Powell, will join a combined World Bank and International Monetary Fund meeting to debate the global economy in 2021.

  • Globally, European markets remain closed on Monday, while its jobless rate for the region will be posted on Tuesday.  Mid-week, the G20 finance ministers and central bank governors will meet via videoconference.

The latest details from the Canadian Federal Government on stimulus and economic assistance are available here.

The latest details of the current Canada’s Covid-19 Economic Response Plan are available here.


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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