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(April 9, 2007) The most recent results of the RBC Consumer Attitudes and Spending by Household (CASH) index found that American consumer confidence is at its lowest level in six months.

The survey, which measured the attitudes of 1,000 Americans earlier this week, found that overall consumer sentiment decreased by nearly seven points in April, to 85.4, down from 92.3 in March.

“The decline in consumer confidence is consistent with the increasing price of gasoline, rising mortgage rates and continuing headlines about the housing correction,” said T. J. Marta, economic and fixed income strategist for RBC Capital Markets. “Overall, the across-the-board downturn may indicate further erosion of economic confidence in coming months, especially if gas prices continue to increase.”

The CASH index also reports that negative views on the economy outweigh positive views, with more than 27% of Americans rating their local economy as weak versus 22% rating their local economy as strong.

Opinions about investing and job security generally held steady. The number of consumers who reported a “weak” rating for their own personal financial situation increased two points, to 26%. The number who were more confident in their ability to save dropped one point, to 41%.

Thirty-nine per cent of Americans said they are less confident about job security than they were six months ago, versus 35% in March.

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Scotia Securities overhauls funds

(April 9, 2007) Scotia Securities will introduce a number of changes to some Scotia Mutual Funds.

Scotia announced two fund mergers: the Scotia Young Investors Fund will merge with the Scotia Global Growth Fund, and the Capital U.S. Small Companies Fund will merge with the Capital Global Small Companies Fund.

The Capital Global Small Companies, Capital U.S. Large Companies Fund, Capital International Large Companies Fund and Capital Growth Discovery Fund all changed their investment objectives, which will vary, but all will focus on achieving long-term growth.

The company plans to rename the funds to reflect these changes. As of April 20, the Capital Global Small Companies Fund will be called the Scotia Global Small Cap Fund, and the Capital U.S. Large Companies Fund will be renamed the Scotia U.S. Value Fund. The Capital International Large Companies Fund will continue as the Scotia International Value Fund; the Capital Global Discovery Fund will be renamed the Scotia Global Opportunities Fund; and the Scotia Total Return Fund will be renamed the Scotia Canadian Tactical Asset Allocation Fund.

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Middlefield merges two funds

(April 9, 2007) Middlefield announced today it is merging the MINT Income Fund and MATRIX Income Fund.

The merger is intended to give unitholders access to larger market cap companies, better trading liquidity and lower operating costs on a per unit basis. MATRIX unitholders will also see their management fees reduced from 1.10% to 1%.

Middlefield says the merger will be a tax-deferred “rollover” using an exchange ratio based on the relative net asset values of MINT and MATRIX at the time of the merger.

MATRIX unitholders who surrender units for redemption will not participate in the merger. If closing conditions and regulatory requirements are met, the merger is expected to take place at the end of May.

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(04/09/07)