Independent Accountants' Investment Counsel Inc.

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


What happened last week?

  • Equities rebounded this past week. The predictions for inflation, economic growth, employment, and monetary policy responses will continue, and the effect on markets from all these factors will most likely continue.

  • The Bank of Canada increased its policy interest rate, the overnight rate, by ¾% (75 basis points) on September 7th, one day before the European Central Bank (ECB) delivered an identically sized increase.  “The Canadian economy continues to operate in excess demand and labour markets remain tight” according to the Bank of Canada’s press release.  In both geographies, interest rate increases are intended to temper inflation by reducing demand. (Source

  • On Friday morning, StatsCan released the latest employment data.  In August, the Canadian economy lost 40,000 jobs, the fourth consecutive month with declining employment levels.  The unemployment rate increased 0.5% to 5.4% in August up from the record lows of June and July.  Despite the recent downturn for employment, the number of employees exceeds pre-pandemic levels. (Source)


What’s ahead for this week?

  • In Canada, manufacturing and wholesale sales, and housing starts are scheduled to be announced.

  • In the U.S., Tuesday will bring the consumer and producer inflation numbers and import and export price indexes, which may foreshadow the Federal Reserve’s next monetary policy move.

  • The heavily influential Federal Reserve will release new monetary policy on September 21st.

  • Globally, industrial production, wages, trade balance and consumer inflation (particularly Germany, France, and Italy) for the Eurozone will be released.  China’s retail sales for August 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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