The Globe and Mail reports in its Thursday edition that while Wednesday's sell-off drew in most markets globally, Canada again received the biggest drubbing, highlighting its sensitivity to volatile commodity prices. The Globe's David Berman writes that reinforcing the trend is a Canadian dollar that Wednesday hit a fresh five-year low. Gluskin, Sheff + Associates chief economist David Rosenberg argues that Canadian stocks offer compelling value. He says this value can be seen in the S&P/TSX composite index's dividend yield, which is rising as the index falls. The yield has risen to 3 per cent, which is higher than the yields on government bonds. Mr. Rosenberg says: "You will not find this reality very often, but the Canadian equity market gives investors a premium all the way out to the long end of the Canadian yield curve. ... Nor will you find it very often that the TSX dividend yield is above the S&P 500, let alone a 100-basis-point premium." The yield on the S&P500 is below 2 per cent. If buying an index fund that tracks the S&P/TSX composite index looks like a daring bet on the plummeting energy sector, Mr. Rosenberg recommends buying banks as an alternative.