IAIC Market Update - June 26, 2023
Last Week in the Markets: June 19th – 23rd, 2023
(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?
- Last week was not a great week for the markets. The major equity indexes, domestically and continentally, lost ground. The TSX almost erased its 2023 positive gains by dropping nearly 3%, while U.S. equities dropped about 1½% collectively.
- A positively correlated indicator for economic health is retail sales. In April, Canadian retail sales grew 1.1%, and excluding gasoline stations, fuel vendors, vehicles, and parts, the increase was 1.5%. Core retail sales have increased in each of the past five months.
Source: Retail Trade
What’s ahead for this week?
- In Canada, the Consumer Price Index for May, which could foreshadow interest rate adjustments from the Bank of Canada, and imports, exports and trade balance will be reported.
- In the U.S., durable goods orders, building permits, new home sales, consumer confidence, and monthly home price index. The Federal Reserve’s most important inflation indicator, Personal Consumption Expenditures (PCE) will be reported on along with Gross Domestic Product for the first quarter.
- Globally, the Eurozone will announce the latest business climate, industrial and economic sentiment, and consumer confidence data. No major announcements are scheduled from China or Japan, the second and third largest economies.
IMPORTANT NOTICE
- IAIC will no longer publish the Weekly Market Update effective July 1, 2023.
- On a weekly basis, IAIC publishes a podcast series that keeps our clients up to date on current events and that communicates our investment philosophy.
- We encourage you to listen to IAIC’s
In Focus podcast series, and if you have questions, contact your Advisor or Portfolio Manager.
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.
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