Independent Accountants' Investment Counsel Inc.

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


What happened last week?

  • Equity indices continued to power ahead again last week, with the exception of the Dow. 

    After maintaining value for the first four days of the week, twenty of the thirty Dow firms lost value on Friday. 

    • The one-day performance of only twenty firms, albeit large companies like Amex, IBM, Coca-Cola and 3M, caused the Dow index to finish in negative territory for the week. (Source)

    • For perspective, the Dow has still returned more than 15% in 2021.  The other major North American equity indices have delivered 20% so far this year. 

    • Forecasts for corporate growth and profitability continue to rise while Gross Domestic Product (GDP) growth forecasts are beginning to flatten.  Since GDP is a fair proxy for aggregate of corporate performance the forecasts are starting to contradict each another.  The typical response to this contradiction has been increased volatility.

What’s ahead for this week?

  • In Canada, after closing for the observance of Labour Day on Monday the major domestic, economic news will be the Bank of Canada’s policy announcement on Wednesday.  On Friday the employment report for August will be released.

  • In the U.S., markets will be closed on Monday before the release of July jobs report, producer price index, wholesale trade and the most recent weekly jobless claims later in the week.

  • Globally, China is scheduled to announce consumer and producer inflation, trade surplus and foreign reserves.  Eurozone factory orders, Q2 Gross Domestic Product, and Germany’s industrial production and trade surplus will be released.  The European Central Bank will hold a monetary policy meeting on Thursday.

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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