Independent Accountants' Investment Counsel Inc.

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


What happened last week?

  • Inflation news dominated markets. After holding steady in July, the U.S. Consumer Price Index (CPI) rose 0.1% in August and 8.3% over the last 12 months according to the Bureau of Labor Statistics.  For comparison, the Canadian CPI for the last reported period of July from StatsCan rose 7.6% year-over-year.  Canadian consumer inflation data for August will be released during the coming week to allow a more compelling comparison between the two neighbouring countries.

  • The widely held belief that U.S. consumer inflation peaked has been shown as inaccurate.  Markets had expected inflation to have levelled off, or even declined.  Since Monday’s closing, the major North American indexes have fallen an additional 1 to 2% more than their performance for the week.  These most recent losses have erased the gains made since September 6th.


What’s ahead for this week?

  • In Canada, consumer inflation for August will be announced on Tuesday morning.  The new housing price index, retail and wholesale sales will be released by the end of the week.

  • In the U.S., the National Association of Home Builders will release their market index, and building permits, housing starts, and existing home sales will also be announced.  The Federal Reserve will issue its economic projects and a statement on Wednesday along with its interest rate announcement.

  • Globally, Japan’s consumer inflation is scheduled for release.  Also, the European Central Bank will conduct a non-monetary policy meeting as the region’s consumer confidence, purchasing managers indexes for both goods and services is 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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