03-Sep-2010

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Private Sector US Employment Improvement?

+ Private Sector employment increased 67,000 in August

+ Challenger Gray & Christmas reported planned job cuts were down 17% in August to the lowest level in 10 years.

US Retail Sales

+ Sales were stronger than expected, discounting was particularly heavy.

Markets Anticipating Canadian Bank Dividend Increases

+ BNS CEO Rick Waugh indicated that increasing dividends is on his list of priorities.

+ TD and National Bank have the lowest payout ratio, could be the first to increase dividends.

+ Bank of Montreal dividend yield = 4.69%, 5 yr bond = 3.60%, 5 yr GIC = 2.10%

+ National Bank dividend yield = 3.93%, 5 yr bond yield = 3.65%, 5 Yr GIC = 2.55%

Greece Government Watching Yacht Clubs

+ In their effort to collect taxes the Greek government is watching to see who is taking their boat out. Majority of power boat owners declared incomes of less than €40,000, an amount that would barely cover their cost of fuel!

Angus Watt

Managing Director, Individual Investor Services

Angus Watt Advisory Group

National Bank Financial