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 0 2,347 0.01
NASDAQ 3 5,419 0.05
Dow Jones 4 20,581 0.02
Daily Market Summary
Market Chg Last % Chg Ytd Chg
S&P/TSX -26 15,643 (0.17) 2.32
Venture -1 820 (0.17) 7.60
Dow Jones -41 20,648 (0.20) 4.48
S&P 500 -7 2,353 (0.31) 5.10
NASDAQ -34 5,864 (0.58) 8.94
Global Markets
Market Chg Last % Chg Ytd Chg
DAX -14 12,204 (0.11) 6.29
FTSE -28 7,303 (0.39) 2.25
Stoxx 600 0 380 (0.09) 5.07
Nikkei -264 18,597 (1.40) (2.71)
Hang Seng -127 24,274 (0.52) 10.33
Commodities
Chg Last % Chg Ytd Chg
Gold -$2.85 $1,252.85 (0.23) 8.73
Oil $0.21 $51.36 0.41 (8.37)
Natural Gas -$0.02 $3.24 (0.77) (12.97)
F/X Rates
CDN$ Buys US$ Buys
US$ 0.7444 CDN$ 1.3434
Yen 82.53 Yen 110.85
Euro 0.6981 Euro 0.9376
Bond Yields
Market Chg Last % Chg Ytd Chg
CAN 3-MO 0.04 0.56 7.69 21.74
CAN 10-YR 0.00 1.56 0.06 (9.24)
U.S. 3-MO -0.01 0.79 (0.64) 59.31
U.S. 10-YR 0.01 2.35 0.54 (3.94)
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 traders continue to digest minutes
from the U.S. Federal Reserve's March meeting which showed officials want to unwind
the bank's $4.5 trillion Treasury balance sheet. After the release of the minutes
yesterday, all major U.S. indices retraced their gains to finish the day in the red with the
Dow giving its nearly 200 point gain ending the session with a 40 point loss. On the data
front, initial weekly jobless claims were released at 8:30 am E.T. and totaled 234,000
versus an estimated 250,000.
 Asian markets ended the trading day mostly lower as investors focused on today's
meeting between U.S. President Donald Trump and Chinese President Xi Jinping.
Trump expressed ahead of the two day summit that North Korea and trade will be key
areas of focus. Tokyo's Nikkei Index finished the session with a 1.40% loss. Hong
Kong's Hang Seng Index closed 0.52% lower while Shanghai's Stock Composite Index
posted a gain 0.35%.
 European markets are also lower in afternoon trade following indications by the U.S.
Federal Reserve that it wants to pare back its balance sheet and dovish comments from
ECB President Mario Draghi. The pan-European Stoxx 600 was last trading
approximately 0.10% lower.
Company Headlines
 Barrick Gold Corp. (ABX-T) agreed to a $960-million deal to sell half of its Veladero
mine in Argentina, one of its biggest mines, to a unit of Shandong Gold Group, a move it
says will presage deeper cooperation with China’s second-biggest producer by market
value. The Toronto-based gold miner also announced that as part of the deal, the two
companies will explore the joint development of its Pascua-Lama deposit, located about
10 kilometres from the Veladero site.
 Canadian media company Corus Entertainment Inc. (CJR-T) on Thursday reported an
86% rise in quarterly revenue, helped by higher income from its television business. Net
income attributable to shareholders fell to $24.9 million, or 12 cents per share in the
second quarter ended Feb. 28, from $102.2 million, or $1.17 per share, a year earlier.
Revenue rose to C$368.2 million from C$197.7 million a year earlier.
 Japanese retail-store operator Seven & i Holdings Co., which operates 7-Eleven
convenience stores, said it would acquire more than 1,000 U.S. convenience stores and
gas stations from Sunoco LP (SUN-N) for US $3.3 billion. The purchase of 1,108 gas
stations and convenience stores, expected to close in August, is a major step in Seven &
i’s plan of establishing 10,000 stores in the U.S. by 2019. Seven & i currently runs 8,563
stores in the U.S., a company spokeswoman said.
Sources: Marketwatch, Bloomberg, The Canadian Press, WSJ, Globe and Mail, Financial Post,
NYT, FactSet,Thomson Reuters, StreetAccount, CNBC, RTT News)
April 6, 2017

2. Before the Open April 6, 2017
Page 2
Canadian Equities Upgrades - March 6
Weekly Canada Economic Calendar - April 03 to April 07, 2017
Date/Time Event Period Consensus Actual Prior
04/03/2017 07:00 MLI Leading Indicator MoM Feb -- 0.40% 0.70%
04/03/2017 09:30 Markit Canada Manufacturing PMI Mar -- 55.5 54.7
04/03/2017 10:00 Bloomberg Nanos Confidence 31-Mar -- 58.7 58.5
04/03/2017 10:30 Business Outlook Future Sales 1Q -- 21 26
04/03/2017 10:30 BoC Senior Loan Officer Survey 1Q -- -1.9 -2.6
04/04/2017 08:30 Int'l Merchandise Trade Feb 0.60b -0.97b 0.42b
04/06/2017 08:30 Building Permits MoM Feb 1.30% -2.50% 5.80%
04/07/2017 08:30 Net Change in Employment Mar 5.0k -- 15.3k
04/07/2017 08:30 Unemployment Rate Mar 6.70% -- 6.60%
04/07/2017 08:30 Full Time Employment Change Mar -- -- 105.1
04/07/2017 08:30 Part Time Employment Change Mar -- -- -89.8
04/07/2017 08:30 Participation Rate Mar -- -- 65.8
04/07/2017 10:00 Ivey Purchasing Managers Index SA Mar 56 -- 55
S&P/TSX Daily Performance
13000
13500
14000
14500
15000
15500
16000
Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Jan-17 Apr-17
Leaders - Prior Session
Company Ticker % Change
Hudson's Bay Co HBC-T 7.73
Raging River Exploration Inc RRX-T 3.90
OceanaGold Corp OGC-T 3.59
Asanko Gold Inc AKG-T 3.10
Crew Energy Inc CR-T 2.59
Laggards - Prior Session
Company Ticker % Change
Valeant Pharmaceuticals International IncVRX-T -6.30
Martinrea International Inc MRE-T -2.79
Bonavista Energy Corp BNP-T -2.31
Industrial Alliance Insurance & Financial Services IncIAG-T -2.23
Russel Metals Inc RUS-T -2.22
Canadian Equity Upgrades
 BCE Raised to Buy at Citi
 First Majestic Silver Raised to Market Perform at Raymond James
Canadian Equity Downgrades
 None
Today's Earnings – Canada
Theratechnologies Inc $0.01, Corus Entertainment Inc $0.16, Sandvine Corp $0.03,
Cogeco Inc $0.84, Cogeco Communications Inc $1.41, Richelieu Hardware Ltd $0.20

3. Before the Open April 6, 2017
Page 3
Weekly U.S. Economic Calendar - April 03 to April 07, 2017
Date/Time Event Period Consensus Actual Prior
04/03/2017 09:45 Markit US Manufacturing PMI Mar F 53.5 53.3 53.4
04/03/2017 10:00 ISM Manufacturing Mar 57.2 57.2 57.7
04/03/2017 10:00 ISM Prices Paid Mar 66 70.5 68
04/03/2017 10:00 ISM New Orders Mar -- 64.5 65.1
04/03/2017 10:00 ISM Employment Mar -- 58.9 54.2
04/03/2017 10:00 Construction Spending MoM Feb 1.00% 0.80% -0.40%
04/03/2017 Wards Total Vehicle Sales Mar 17.30m 16.53m 17.47m
04/03/2017 Wards Domestic Vehicle Sales Mar 13.60m 12.97m 13.65m
04/04/2017 08:30 Trade Balance Feb -$44.6b -$43.6b -$48.2b
04/04/2017 10:00 Factory Orders Feb 1.00% 1.00% 1.50%
04/04/2017 10:00 Factory Orders Ex Trans Feb -- 0.40% 0.50%
04/04/2017 10:00 Durable Goods Orders Feb F 1.70% 1.80% 1.70%
04/04/2017 10:00 Durables Ex Transportation Feb F -- 0.50% 0.40%
04/04/2017 10:00 Cap Goods Orders Nondef Ex Air Feb F -- -0.10% -0.10%
04/04/2017 10:00 Cap Goods Ship Nondef Ex Air Feb F -- 1.00% 1.00%
04/05/2017 07:00 MBA Mortgage Applications 31-Mar -- -1.60% -0.80%
04/05/2017 08:15 ADP Employment Change Mar 185k 263k 245k
04/05/2017 09:45 Markit US Services PMI Mar F 53.1 52.8 52.9
04/05/2017 09:45 Markit US Composite PMI Mar F -- 53 53.2
04/05/2017 10:00 ISM Non-Manf. Composite Mar 57 55.2 57.6
04/05/2017 14:00 FOMC Meeting Minutes 15-Mar -- -- --
04/06/2017 07:30 Challenger Job Cuts YoY Mar -- -2.00% -40.00%
04/06/2017 08:30 Initial Jobless Claims 1-Apr 250k 234k 259k
04/06/2017 08:30 Continuing Claims 25-Mar 2030k 2028k 2052k
04/06/2017 09:45 Bloomberg Consumer Comfort 2-Apr -- -- 49.7
04/07/2017 08:30 Change in Nonfarm Payrolls Mar 180k -- 235k
04/07/2017 08:30 Two-Month Payroll Net Revision Mar -- -- 9k
04/07/2017 08:30 Change in Private Payrolls Mar 170k -- 227k
04/07/2017 08:30 Change in Manufact. Payrolls Mar 16k -- 28k
04/07/2017 08:30 Unemployment Rate Mar 4.70% -- 4.70%
04/07/2017 08:30 Average Hourly Earnings MoM Mar 0.20% -- 0.20%
04/07/2017 08:30 Average Hourly Earnings YoY Mar 2.70% -- 2.80%
04/07/2017 08:30 Average Weekly Hours All Employees Mar 34.4 -- 34.4
04/07/2017 08:30 Labor Force Participation Rate Mar -- -- 63.00%
04/07/2017 08:30 Underemployment Rate Mar -- -- 9.20%
04/07/2017 10:00 Wholesale Trade Sales MoM Feb -- -- -0.10%
04/07/2017 10:00 Wholesale Inventories MoM Feb F 0.40% -- 0.40%
04/07/2017 15:00 Consumer Credit Feb $15.000b -- $8.794b
S&P 500 Daily Performance
1950
2050
2150
2250
2350
2450
Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Jan-17 Apr-17
Leaders - Prior Session
Company Ticker % Change
DXC Technology Co DXC-US 3.44
Under Armour Inc UA-US 3.00
salesforce.com Inc CRM-US 2.86
Staples Inc SPLS-US 2.63
Ralph Lauren Corp RL-US 2.29
Laggards - Prior Session
Company Ticker % Change
Chesapeake Energy Corp CHK-US -3.32
Bed Bath & Beyond Inc BBBY-US -3.03
Murphy Oil Corp MUR-US -2.89
Quanta Services Inc PWR-US -2.89
Newfield Exploration Co NFX-US -2.61
U.S. Equity Upgrades
 Bunge Cut to Underweight at JPMorgan
 TD Ameritrade Raised to Buy at Buckingham
U.S. Equity Downgrades
 Panera Bread Cut to Sector Perform at RBC Capital
 Air Lease Cut to Equalweight at Morgan Stanley
Today's Earnings – U.S.
Fred's Inc -$0.16, Constellation Brands Inc $1.36, CarMax Inc $0.79, Lamb Weston
Holdings Inc $0.54, Global Eagle Entertainment Inc -$0.08, Vince Holding Corp -
$0.05, Adeptus Health Inc $0.31

4. Before the Open April 6, 2017
Page 4
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5. Before the Open April 6, 2017
Page 5
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