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 -1 2,352 (0.04)
NASDAQ -6 5,416 (0.12)
Dow Jones -15 20,583 (0.07)
Daily Market Summary
Market Chg Last % Chg Ytd Chg
S&P/TSX 64 15,731 0.41 2.90
Venture 1 825 0.09 8.22
Dow Jones 2 20,658 0.01 4.53
S&P 500 2 2,357 0.07 5.29
NASDAQ 3 5,881 0.05 9.25
Global Markets
Market Chg Last % Chg Ytd Chg
DAX -12 12,188 (0.10) 6.16
FTSE 46 7,395 0.62 3.52
Stoxx 600 1 382 0.16 5.66
Nikkei -50 18,748 (0.27) (1.92)
Hang Seng -174 24,088 (0.72) 9.49
Commodities
Chg Last % Chg Ytd Chg
Gold $5.57 $1,260.27 0.44 9.37
Oil -$0.10 $52.98 (0.19) (5.48)
Natural Gas $0.01 $3.24 0.18 (12.89)
F/X Rates
CDN$ Buys US$ Buys
US$ 0.7513 CDN$ 1.3310
Yen 83.01 Yen 110.49
Euro 0.7077 Euro 0.9420
Bond Yields
Market Chg Last % Chg Ytd Chg
CAN 3-MO -0.01 0.54 (1.82) 17.39
CAN 10-YR -0.01 1.59 (0.56) (7.61)
U.S. 3-MO 0.01 0.81 1.28 63.41
U.S. 10-YR -0.03 2.34 (1.14) (4.30)
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 indicating to a marginally lower open as Secretary of State
Rex Tillerson arrives in Moscow amid tensions over Syria. There are no major economic
data scheduled to be released today.
 Most Asian stocks fell overnight as rising geopolitical tensions in the Middle East kept
investors nervous. The Nikkei 225 Index fell 0.27% as a stronger yen put pressure on
exporters. The Shanghai Composite Index reversed earlier losses to end up 0.60% while
Hong Kong's Hang Seng index was down 0.72%.
 European stocks are mixed with German and French shares coming under selling
pressure amid rising geopolitical tensions in the Middle East while U.K. shares hovered
near three-week highs.Banks are worst performers after U.S. bond yields slipped on
safe-haven demand.
Company Headlines
 Bombardier Inc. (BBDB-T) confirmed plans to roll back Executive Chairman Pierre
Beaudoin’s 2016 compensation and defer payouts for managers including Chief
Executive Officer Alain Bellemare, deciding against additional measures to appease
angry taxpayers over raises that followed $1 billion in public aid. The move comes after
Beaudoin asked the board to reset his compensation as the rise in pay had "become a
distraction" from the company's regular work.
 Qualcomm (QCOM-Q) is countersuing Apple Inc. (AAPL-Q) in a dispute over licensing
fees for mobile technology after being sued by Apple for $1 billion less than three
months ago. Qualcomm said that it filed its answers and counterclaims to the suit,
seeking unspecified damages and to "enjoin Apple from further interference with
Qualcomm's agreements with the companies that manufacture iPhones and iPads for
Apple."
 Whole Foods Market (WFM-Q) jumped nearly 10% on Monday after activist investor
Jana Partners took a nearly 9% stake in the company and suggested it should consider
putting itself up for sale. Whole Foods, a Texas-based chain, has been struggling as
other grocers make inroads into its natural and organics foods business. The company
also has faced deceleration in customer counts and average purchase amounts. Both
trends — combined with overall food price deflation — have contributed to Whole Foods
slashing forecasts and posting same-store sales declines for the past six straight
quarters.
Sources: Marketwatch, Bloomberg, The Canadian Press, WSJ, Globe and Mail, Financial Post,
NYT, FactSet,Thomson Reuters, StreetAccount, CNBC, RTT News)
April 11, 2017

2. Before the Open April 11, 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 -- 58.9 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
NexGen Energy Ltd NXE-T 6.81
Canopy Growth Corp WEED-T 6.36
Bonavista Energy Corp BNP-T 6.04
Canadian Energy Services & Technology CorpCEU-T 5.33
Crescent Point Energy Corp CPG-T 4.90
Laggards - Prior Session
Company Ticker % Change
Ritchie Bros Auctioneers Inc RBA-T -5.39
Silver Standard Resources Inc SSO-T -2.35
Detour Gold Corp DGC-T -2.17
ATS Automation Tooling Systems IncATA-T -1.96
ProMetic Life Sciences Inc PLI-T -1.82
Canadian Equity Upgrades
 Black Diamond Raised to Hold at GMP
Canadian Equity Downgrades
 Pine Cliff Energy Cut to Sector Perform at Alta Corp Capital
Today's Earnings – Canada
Fortuna Silver Mines Inc $0.06, Integra Gold Corp $0.00, Founders Advantage Capital
Corp $0.01

3. Before the Open April 11, 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 0.4 1.3
04/11/2017 06:00 NFIB Small Business Optimism Mar 104.9 104.7 105.3
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
Whole Foods Market Inc WFM-US 9.98
Hess Corp HES-US 4.00
Ryder System Inc R-US 2.68
Transocean Ltd RIG-US 2.57
Apache Corp APA-US 2.56
Laggards - Prior Session
Company Ticker % Change
Advanced Micro Devices Inc AMD-US -3.11
Micron Technology Inc MU-US -3.09
NVIDIA Corp NVDA-US -2.55
Incyte Corp INCY-US -2.31
Vulcan Materials Co VMC-US -2.14
U.S. Equity Upgrades
 Knight Transport Raised to Buy at BofAML
U.S. Equity Downgrades
 Sunoco Downgraded to Neutral at UBS
 Wix.com Downgraded to Neutral at Cantor
Today's Earnings – U.S.
Bank of the Ozarks Inc $0.72

4. Before the Open April 11, 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 11, 2017
Page 5
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