IAIC Market Update - February 16, 2021
Last Week in the Markets: February 8th - 12th, 2021
(source: Bloomberg https://www.bloomberg.com/markets, MSCI https://www.msci.com/end-of-day-data-search and ARG Inc. analysis)
What happened last week?
- Records were set for the TSX and the S&P 500 and all major markets in the grid gained.
- Coronavirus infections, hospitalizations and deaths continued to improve globally as well as vaccination production and distribution.
- Corporate earnings in Canada and the U.S. provided optimistic news that was generally better than expected.
- Stimulus measures in the U.S. built additional momentum for their eventual enactment
- Janet Yellen, the new Secretary of the Treasury, indicated that recovery could be swift if stimulus measures can be bold enough
- The Federal Reserve indicated that it would continue to support recovery in the long term as U.S. inflation appears to be in control and will not need to be trimmed with higher interest rates in the near future.
- The U.S. dollar faltered slightly, which allowed the Canadian dollar to advance. Gold and the price of oil also increased.
What’s ahead for this week?
- In Canada, economic releases will include December retail sales, manufacturing sales and new orders, January housing starts, new housing price index, existing home sales and price averages and inflation via the Consumer Price Index (CPI).
- In the U.S., scheduled releases will include December retail sales and business inventories, January industrial production and capacity utilization, building permits, housing starts and existing home sales.
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:
Independent Accountants’ Investment Counsel Inc.
135 Main St. E. Listowel, ON
Phone: 519-291-2817 or TF: 1-877-291-3040
icpmss@iaic.ca
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.
