Independent Accountants' Investment Counsel Inc.

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


What happened last week?

  • It was another mixed week for investors as the North American equity indices moved in both directions.  The TSX and NASDAQ increased, while the S&P 500 and the Dow decreased in value.  The threat of inflation and higher interest rates, are causing some uncertainty in markets.

    • Higher interest rates directly increase the cost of borrowing, which raises the cost of living of consumers and for business expansion, which could slow Gross Domestic Product (GDP) growth.  Central bankers can choose to control interest rates rather than have inflation control the economy. 

    • Typically, inflation and high (or higher) interest rates may be viewed as negative for most people and investors.  The lone exception would be those who rely solely on interest income.

What’s ahead for this week?

  • In Canada, April’s manufacturing sales and March’s employment, payrolls and hours will comprise the announcements for a shortened week due to the Victoria Day celebrations.

  • In the U.S., new home sales, pending home sales, durable goods orders, personal income and spending, and first quarter real Gross Domestic Product for April will be announced next week prior to the Memorial Day observance on May 31st.  President Biden will release an annual budget as well.

  • Globally, Germany will announce its Gross Domestic Product and consumer confidence for April.  German data will be a component of the overall consumer confidence for the Eurozone that 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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