Daily roundup of research and analysis from The Globe and Mail’s market strategist Scott Barlow
Scotiabank strategist Simon Fitzgerald-Carrier forecasts dividend strategy outperformance on both sides of the border,
“U.S. Dividend Strategies are taking the front stage amid tumbling U.S. bond yields and record high S&P 500 EPS. Also, despite recent growth fears, the percentage of negative dividend actions is still relatively low compared to historical standards. .... As such, U.S. dividend strategies are outperforming the S&P 500 by a wide margin quarter-to-date. ...
“This is also valid on the other side of the border, where most CDA dividend strategies are outperforming the TSX Composite both month-to-date and quarter-to-date. With the BoC recently cutting its Target Rate by 25 basis point for the third time this year to 4.
“While we believe the market remains cautious on growth expectations given the continued relative value position of Canadian equities, our work shows earnings revision trends have been clearly positive since the end of the first quarter. In fact, both bottom-up S&P/TSX 2024 and 2025 EPS estimates have slowly but steadily been revised higher since March 31.
“Rentals.ca released August Rental data yesterday, with est. up 0.7 per cent month-over-month asking rent vs flat in July vs. June with notable regional discrepancies. Ex. two smaller markets with huge quoted increases , asking rents were likely flattish again in August.
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