Today's Markets

1. 
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Overseas/Overnight Markets
 U.S. stock index futures fell, taking a cue from European and Asian
markets, as worries over global growth prospects and the outcome of
Greece’s private-sector bond swap later this week weigh on sentiment.
There is no U.S. economic data on the docket today.
 European stocks dropped, with banks and resource stocks among the
`largest detractors. A report released this morning showed a 0.3% Q/Q
contraction in the euro-area economy in Q4, confirming an initial estimate
published on February 15. Large declines in investment, exports and
consumer spending were to blame for the overall GDP contraction. Also
weighing on investors was a memo from the Institute of International
Finance that warned that a disorderly default would cause the euro zone
more than 1 trillion euros ($1.36 trillion) in damage, Reuters reported. The
report also stated that a default would likely force Italy and Spain to seek
aid to prevent being engulfed in the region’s debt crisis.
 Private investors that have declared their participation in Greece’s debt
restructuring hold about 20% of the bonds involved in a swap, the creditors’
stering committee said yesterday. The goal of the swap, which runs
through March 8, is to reduce the amount of privately-held Greek debt by
53.5% and help secure Greece’s second rescue package.
 Asian stocks fell sharply, with miners among the top declines, following
global markets lower on growth concerns. The Hang Seng shed 2.2%,
while the Shanghai Composite fell 1.4%. Japan’s Nikkei gave up a more
modest 0.6%.
North American Market Highlights & Headlines
 Aecon Group Inc. (ARE-T) reported a 143% increase in quarterly earnings
on Monday as margins improved on lower costs. Aecon reported EPS of
$0.49, up from $0.20 a year ago. Revenue in the quarter was $790 million,
down from $841 million, and well shy of the $859 million consensus
estimate. Aecon's backlog stood at $2.39 billion at December 31, 2011.
Futures Market
Market Chg Last % Chg
S&P 500 -2 2,350 (0.08)
NASDAQ 4 5,425 0.06
Dow Jones 13 20,612 0.06
Daily Market Summary
Market Chg Last % Chg Ytd Chg
S&P/TSX -30 15,667 (0.19) 2.48
Venture 2 824 0.29 8.12
Dow Jones -7 20,656 (0.03) 4.52
S&P 500 -2 2,356 (0.08) 5.21
NASDAQ -1 5,878 (0.02) 9.19
Global Markets
Market Chg Last % Chg Ytd Chg
DAX -13 12,212 (0.10) 6.37
FTSE -4 7,346 (0.05) 2.84
Stoxx 600 0 381 (0.04) 5.45
Nikkei 133 18,798 0.71 (1.66)
Hang Seng -5 24,262 (0.02) 10.28
Commodities
Chg Last % Chg Ytd Chg
Gold -$5.93 $1,248.52 (0.47) 8.35
Oil $0.61 $52.85 1.15 (5.71)
Natural Gas $0.02 $3.28 0.55 (11.95)
F/X Rates
CDN$ Buys US$ Buys
US$ 0.7476 CDN$ 1.3376
Yen 83.26 Yen 111.37
Euro 0.7067 Euro 0.9454
Bond Yields
Market Chg Last % Chg Ytd Chg
CAN 3-MO 0.01 0.55 1.85 19.57
CAN 10-YR 0.00 1.60 (0.06) (7.32)
U.S. 3-MO 0.00 0.81 - 63.39
U.S. 10-YR 0.00 2.38 0.00 (2.54)
All charts and data are sourced from
Bloomberg Finance L.P.
This publication is for distribution to Canadian
clients only.
Please refer to Appendix A of this report for
important disclosure information.
Overseas and Overnight Markets
 U.S. stock index futures are pointing to a flat open as increased geopolitical risks
continued to dominate headlines, prompting investors to head for safe-haven assets.
Investors will be watching U.S. Secretary of State Rex Tillerson's speech for more clarity
on an array of international issues, including the latest developments in Syria.
 Asian stocks ended mixed on Monday as higher oil prices helped offset worries over
rising geopolitical tensions and weaker than expected U.S. jobs data. The Nikkei 225
Index rose 0.71% as rising US yields helped lift bank stocks. The Shanghai Composite
index fell 0.52% on news of corruption investigation of government officials while Hong
Kong's Hang Seng ended flat.
 European stocks are trading mostly lower as tepid U.S. jobs data as well as rising
geopolitical tensions in the Middle East kept underlying sentiment cautious. Barclay's
announced that it was under investigation over a whistleblower probe.
Company Headlines
 Activist investor Elliott Management Corp. urged BHP Billiton Ltd. to spin off its large
U.S. petroleum assets and outlined a significant restructuring plan for the world’s largest
listed miner. Elliott targeted BHP’s oil-and-gas portfolio, which produces about 660,000
barrels of oil equivalent a day but has dragged on the company’s profit amid a prolonged
crude-price downturn. BHP’s main source of earnings comes from its mining operations;
especially iron ore, a key steelmaking ingredient that is in demand in China.
 Mondelez International Inc (MDLZ-N) is preparing to look for a successor to its chief
executive, Irene Rosenfeld, as the snack giant faces pressure from restive shareholders
and the broad shift to healthier eating habits. Ms. Rosenfeld, who has run Mondelez or
its predecessor since 2006 and turns 64 next month, said in an interview in late February
that she had no current plans to leave her post. Ms. Rosenfeld has guided the company
through a cost-cutting effort, closing or selling more than 40 factories in the past four
years. That has helped boost the company’s adjusted operating margin to 15.3% in 2016
from 12% in 2013.
 Swift Transportation Co. (SWFT-N) is merging with Knight Transportation Inc. (KNX-
N) in a stock swap that would combine two of the biggest operators in a wavering U.S.
trucking sector, which together are worth more than US$5 billion. The new group is to be
named Knight-Swift Transportation Holdings Inc. and each company’s brands and
operations would remain distinct. The deal values Swift shares at $22.07, about a 10%
premium to their closing price Friday. Swift and Knight, both based in Phoenix, are
among the top carriers in the highly fragmented market for truckload services, in which
customers including retailers and manufacturers buy space on entire trucks for long
transport runs, typically more than 500 miles.
Sources: Marketwatch, Bloomberg, The Canadian Press, WSJ, Globe and Mail, Financial Post,
NYT, FactSet,Thomson Reuters, StreetAccount, CNBC, RTT News)
April 10, 2017

2. Before the Open April 10, 2017
Page 2
Canadian Equities Upgrades - March 6
Weekly Canada Economic Calendar - April 10 to April 14, 2017
Date/Time Event Period Consensus Actual Prior
04/10/2017 08:15 Housing Starts Mar 214.5k 253.7k 214.3k
04/10/2017 10:00 Bloomberg Nanos Confidence 7-Apr -- -- 58.7
04/12/2017 08:30 Teranet/National Bank HPI MoM Mar -- -- 1.00%
04/12/2017 08:30 Teranet/National Bank HP Index Mar -- -- 202.25
04/12/2017 08:30 Teranet/National Bank HPI YoY Mar -- -- 13.40%
04/12/2017 10:00 Bank of Canada Rate Decision 12-Apr 0.50% -- 0.50%
04/12/2017 10:00
Bank of Canada Releases April
Monetary Policy Report
04/13/2017 08:30 New Housing Price Index MoM Feb -- -- 0.10%
04/13/2017 08:30 New Housing Price Index YoY Feb -- -- 3.10%
04/13/2017 08:30 Manufacturing Sales MoM Feb -0.70% -- 0.60%
S&P/TSX Daily Performance
13000
13500
14000
14500
15000
15500
16000
Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17
Leaders - Prior Session
Company Ticker % Change
Gran Tierra Energy Inc GTE-T 3.99
Detour Gold Corp DGC-T 3.98
NuVista Energy Ltd NVA-T 3.63
Tahoe Resources Inc THO-T 3.58
OceanaGold Corp OGC-T 3.46
Laggards - Prior Session
Company Ticker % Change
Raging River Exploration Inc RRX-T -6.19
Torex Gold Resources Inc TXG-T -3.34
Peyto Exploration & Development CorpPEY-T -2.65
Asanko Gold Inc AKG-T -2.46
Alamos Gold Inc AGI-T -2.38
Canadian Equity Upgrades
 CWB CN Raised to Buy at Laurentian Bank Securities
Canadian Equity Downgrades
 Painted Pony Petroleum Cut to Sector Perform at Scotiabank
Today's Earnings – Canada
MTY Food Group Inc $0.52, Aritzia Inc $0.15

3. Before the Open April 10, 2017
Page 3
Weekly U.S. Economic Calendar - April 10 to April 14, 2017
Date/Time Event Period Consensus Actual Prior
04/10/2017 10:00 Labor Market Conditions Index Change Mar 0.8 -- 1.3
04/11/2017 06:00 NFIB Small Business Optimism Mar 104.9 -- 105.3
04/11/2017 10:00 JOLTS Job Openings Feb 5625 -- 5626
04/12/2017 07:00 MBA Mortgage Applications 7-Apr -- -- -1.60%
04/12/2017 08:30 Import Price Index MoM Mar -0.20% -- 0.20%
04/12/2017 08:30 Import Price Index YoY Mar 4.00% -- 4.60%
04/12/2017 08:30 Import Price Index ex Petroleum MoM Mar 0.00% -- 0.30%
04/12/2017 08:30 Export Price Index MoM Mar 0.00% -- 0.30%
04/12/2017 08:30 Export Price Index YoY Mar -- -- 3.10%
04/12/2017 14:00 Monthly Budget Statement Mar -$167.0b -- -$108.0b
04/13/2017 08:30 PPI Final Demand MoM Mar 0.00% -- 0.30%
04/13/2017 08:30 PPI Ex Food and Energy MoM Mar 0.20% -- 0.30%
04/13/2017 08:30 PPI Ex Food, Energy, Trade MoM Mar 0.20% -- 0.30%
04/13/2017 08:30 PPI Final Demand YoY Mar 2.40% -- 2.20%
04/13/2017 08:30 PPI Ex Food and Energy YoY Mar 1.80% -- 1.50%
04/13/2017 08:30 PPI Ex Food, Energy, Trade YoY Mar -- -- 1.80%
04/13/2017 08:30 Initial Jobless Claims 8-Apr 245k -- 234k
04/13/2017 08:30 Continuing Claims 1-Apr 2024k -- 2028k
04/13/2017 09:45 Bloomberg Consumer Comfort 9-Apr -- -- 50.2
04/13/2017 10:00 U. of Mich. Sentiment Apr P 96.5 -- 96.9
04/13/2017 10:00 U. of Mich. Current Conditions Apr P -- -- 113.2
04/13/2017 10:00 U. of Mich. Expectations Apr P -- -- 86.5
04/13/2017 10:00 U. of Mich. 1 Yr Inflation Apr P -- -- 2.50%
04/13/2017 10:00 U. of Mich. 5-10 Yr Inflation Apr P -- -- 2.40%
S&P 500 Daily Performance
1950
2050
2150
2250
2350
2450
Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17
Leaders - Prior Session
Company Ticker % Change
L Brands Inc LB-US 11.02
Constellation Brands Inc STZ-US 6.43
Kohl's Corp KSS-US 5.55
Gap Inc/The GPS-US 5.02
DXC Technology Co DXC-US 4.03
Laggards - Prior Session
Company Ticker % Change
Advanced Micro Devices Inc AMD-US -6.35
AT&T Inc T-US -2.19
Incyte Corp INCY-US -2.12
Fastenal Co FAST-US -1.47
Amazon.com Inc AMZN-US -1.21
U.S. Equity Upgrades
 Stellus Capital Upgraded to Outperform at Raymond James
 Amazon Raised to Buy at Needham
U.S. Equity Downgrades
 AMC Networks Downgraded to Neutral at Piper
 Asaleo Care Cut to Neutral at Credit Suisse
Today's Earnings – U.S.
No scheduled releases

4. Before the Open April 10, 2017
Page 4
Appendix A - Important Information
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it is a top pick in the Analyst’s sector.
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5. Before the Open April 10, 2017
Page 5
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