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 -3 2,474 (0.13)
NASDAQ -7 5,927 (0.11)
Dow Jones -20 22,042 (0.09)
Daily Market Summary
Market Chg Last % Chg Ytd Chg
S&P/TSX 66 15,258 0.43 (0.19)
Venture -1 766 (0.11) 0.43
Dow Jones 26 22,118 0.12 11.92
S&P 500 4 2,481 0.16 10.81
NASDAQ 32 6,384 0.51 18.59
Global Markets
Market Chg Last % Chg Ytd Chg
DAX -45 12,212 (0.37) 6.36
FTSE -5 7,527 (0.07) 5.37
Stoxx 600 -1 381 (0.19) 5.50
Nikkei -60 19,996 (0.30) 4.61
Hang Seng 165 27,855 0.59 26.61
Commodities
Chg Last % Chg Ytd Chg
Gold $5.35 $1,263.25 0.42 9.63
Oil $0.01 $49.40 0.02 (13.32)
Natural Gas $0.01 $2.81 0.32 (24.54)
F/X Rates
CDN$ Buys US$ Buys
US$ 0.7895 CDN$ 1.2666
Yen 87.09 Yen 110.32
Euro 0.6683 Euro 0.8465
Bond Yields
Market Chg Last % Chg Ytd Chg
CAN 3-MO 0.00 0.72 - 56.52
CAN 10-YR -0.02 1.90 (0.89) 10.63
U.S. 3-MO -0.02 1.03 (2.16) 106.67
U.S. 10-YR 0.01 2.26 0.24 (7.61)
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 pointed to a lower open on Tuesday, as investors continue to
wade through another batch of corporate earnings and data. Dow futures fell 20 points,
while S&P 500 and Nasdaq 100 futures slipped just 3 points and 7 points, respectively.
 Asian indexes closed mixed Tuesday as investors digested the release of China July
trade data during the session. Japan's Nikkei 225 slipped 0.30 percent, or 59.88 points
while Hong Kong's Hang Seng Index reversed earlier losses to climb 0.59 percent and
the Shanghai Composite gained 0.11 percent.
 European markets were mixed on Tuesday afternoon, as weaker-than-expected trade
data from China and Germany clouded an otherwise upbeat outlook for global growth.
The pan-European Stoxx 600 fluctuated in and out of negative territory in afternoon
trade, last trading down by 0.19 percent.
Company Headlines
 Canada’s Valeant Pharmaceuticals International, Inc. (VRX-T) reported a 7.8 per
cent fall in quarterly revenue, hurt by declines in volume and pricing of its generic and
neurology products. Revenue fell to $2.23 billion from $2.42 billion in the second
quarter ended June 30. Net loss attributable to Valeant narrowed to $38 million from
$302 million a year earlier. Chief Executive Joseph Papa has narrowed Valeant’s focus
to its dermatology, eye care and gastrointestinal businesses by divesting other assets
to repay debt, which ballooned to nearly $30 billion following a furious spate of deal-
making under former CEO Mike Pearson.
 Envision Healthcare Corp (EVHC-N) said it would sell its medical transportation unit,
American Medical Response, to buyout firm KKR & Co's (KKR.N) portfolio company,
Air Medical Group Holdings, in a deal valued at $2.4 billion. The deal would create a
new medical transportation company, which is expected to transport more than five
million patients per year through a fleet of air and ground ambulances, Envision said on
Tuesday.
 Michael Kors Holdings Ltd (KORS-N) reported a 15 percent drop in quarterly profit on
Tuesday, as the U.S. fashion accessories maker sold fewer items to department stores.
Net income attributable to the company fell to $125.5 million, or 80 cents per share in
the first quarter ended July 1, from $147.1 million, or 83 cents per share, a year earlier.
Total revenue for Michael Kors, which said last month it would buy upscale shoemaker
Jimmy Choo, dipped 3.6 percent to $952.4 million.
Sources: Marketwatch, Bloomberg, The Canadian Press, Canadian Newswire, WSJ, Globe and Mail, Financial
Post, NYT, FactSet,Thomson Reuters, StreetAccount, CNBC, RTT News)
August 8, 2017

2. Before the Open August 8, 2017
Page 2
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Canadian Equities Upgrades - March 6
Weekly Canada Economic Calendar - August 07 to August 11, 2017
Date/Time Event Period Consensus Actual Prior
08/08/2017 10:00 Bloomberg Nanos Confidence 4-Aug -- -- 59.5
08/09/2017 08:15 Housing Starts Jul 205.0k -- 213.2k
08/09/2017 08:30 Building Permits MoM Jun -1.90% -- 8.90%
08/10/2017 08:30 New Housing Price Index MoM Jun 0.50% -- 0.70%
08/10/2017 08:30 New Housing Price Index YoY Jun -- -- 3.80%
S&P/TSX Daily Performance
13000
13500
14000
14500
15000
15500
16000
Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17
Leaders - Prior Session
Company Ticker % Change
Sierra Wireless Inc SW-T 8.58
MEG Energy Corp MEG-T 6.32
First Quantum Minerals Ltd FM-T 5.25
Precision Drilling Corp PD-T 5.19
ARC Resources Ltd ARX-T 4.98
Laggards - Prior Session
Company Ticker % Change
First Majestic Silver Corp FR-T -18.49
Pretium Resources Inc PVG-T -4.80
Cominar Real Estate Investment TrustCUF-U-T -4.69
SSR Mining Inc SSRM-T -4.41
Klondex Mines Ltd KDX-T -4.29
Canadian Equity Upgrades
 TVA Group raiserd to Buy at Cormark
 Westshore Terminals raised to Sector Outperform at Scotiabank
Canadian Equity Downgrades
N/A
Today's Earnings – Canada
International Petroleum Corp/Sweden $0.94, Ensign Energy Services Inc -$0.22,
Enercare Inc $0.22, Aquinox Pharmaceuticals Inc -$0.50, Hydro One Ltd $0.24,
Martinrea International Inc $0.51, Tucows Inc $0.41, CCL Industries Inc $0.68, Aptose
Biosciences Inc -$0.35, Cardiome Pharma Corp -$0.17, Pizza Pizza Royalty Corp
$0.22, Mainstreet Health Investments Inc $0.23, Franco-Nevada Corp $0.24,
Zymeworks Inc -$0.56, Kinaxis Inc $0.23, Pivot Technology Solutions Inc $0.03, ECN
Capital Corp $0.04, Novelion Therapeutics Inc -$0.10, Ritchie Bros Auctioneers Inc
$0.32, Dream Industrial Real Estate Investment Trust $0.22

3. Before the Open August 8, 2017
Page 3
Weekly U.S. Economic Calendar - August 07 to August 11, 2017
Date/Time Event Period Consensus Actual Prior
08/07/2017 15:00 Consumer Credit Jun $15.750b $12.397b $18.285b
08/08/2017 06:00 NFIB Small Business Optimism Jul 103.5 105.2 103.6
08/08/2017 10:00 JOLTS Job Openings Jun 5750 -- 5666
08/09/2017 07:00 MBA Mortgage Applications 4-Aug -- -- -2.80%
08/09/2017 08:30 Nonfarm Productivity 2Q P 0.70% -- 0.00%
08/09/2017 08:30 Unit Labor Costs 2Q P 1.00% -- 2.20%
08/09/2017 10:00 Wholesale Trade Sales MoM Jun 0.00% -- -0.50%
08/09/2017 10:00 Wholesale Inventories MoM Jun F 0.60% -- 0.60%
08/10/2017 08:30 Initial Jobless Claims 5-Aug 240k -- 240k
08/10/2017 08:30 Continuing Claims 29-Jul 1960k -- 1968k
08/10/2017 08:30 PPI Final Demand MoM Jul 0.10% -- 0.10%
08/10/2017 08:30 PPI Ex Food and Energy MoM Jul 0.20% -- 0.10%
08/10/2017 08:30 PPI Ex Food, Energy, Trade MoM Jul 0.20% -- 0.20%
08/10/2017 08:30 PPI Final Demand YoY Jul 2.20% -- 2.00%
08/10/2017 08:30 PPI Ex Food and Energy YoY Jul 2.10% -- 1.90%
08/10/2017 08:30 PPI Ex Food, Energy, Trade YoY Jul -- -- 2.00%
08/10/2017 09:45 Bloomberg Consumer Comfort 6-Aug -- -- 49.6
08/10/2017 14:00 Monthly Budget Statement Jul -$54.0b -- -$90.2b
08/11/2017 08:30 CPI MoM Jul 0.20% -- 0.00%
08/11/2017 08:30 CPI Ex Food and Energy MoM Jul 0.20% -- 0.10%
08/11/2017 08:30 CPI YoY Jul 1.80% -- 1.60%
08/11/2017 08:30 CPI Ex Food and Energy YoY Jul 1.70% -- 1.70%
08/11/2017 08:30 CPI Core Index SA Jul -- -- 251.627
08/11/2017 08:30 CPI Index NSA Jul 244.934 -- 244.955
08/11/2017 08:30 Real Avg Weekly Earnings YoY Jul -- -- 1.20%
08/11/2017 08:30 Real Avg Hourly Earning YoY Jul -- -- 0.90%
S&P 500 Daily Performance
1950
2050
2150
2250
2350
2450
Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17
Leaders - Prior Session
Company Ticker % Change
Rockwell Collins Inc COL-US 6.78
Tyson Foods Inc TSN-US 5.69
Lam Research Corp LRCX-US 3.86
KLA-Tencor Corp KLAC-US 3.58
Qorvo Inc QRVO-US 3.27
Laggards - Prior Session
Company Ticker % Change
Newfield Exploration Co NFX-US -4.99
Brighthouse Financial Inc BHF-US -4.41
Marathon Oil Corp MRO-US -4.26
Pioneer Natural Resources Co PXD-US -4.21
National Oilwell Varco Inc NOV-US -4.19
U.S. Equity Upgrades
 Tesla raised to Buy at Argus
 UPS raised to Buy at Citi
 Foot Locker raised to Overweight at Morgan Stanley
U.S. Equity Downgrades
 Beazer Homes cut to Neutral at Wedbush
Today's Earnings – U.S.
Valeant Pharmaceuticals International Inc $0.94, Cheniere Energy Inc -$0.02, Plug
Power Inc -$0.06, Nexstar Media Group Inc $0.83, TransDigm Group Inc $3.17,
Liberty Interactive Corp QVC Group $0.41, Aircastle Ltd $0.66, Wayfair Inc -$0.46,
Kite Pharma Inc -$1.40, Virtu Financial Inc $0.17, C&J Energy Services Inc -$0.12,
Mallinckrodt PLC $1.73, Jacobs Engineering Group Inc $0.79, SeaWorld
Entertainment Inc $0.32, CVS Health Corp $1.31, Ionis Pharmaceuticals Inc -$0.03,
Sealed Air Corp $0.36, Norwegian Cruise Line Holdings Ltd $0.97, Vantiv Inc $0.82,
Zoetis Inc $0.53, Ralph Lauren Corp $0.94, Priceline Group Inc/The $14.19, Hertz
Global Holdings Inc -$0.24, Walt Disney Co/The $1.55, DXC Technology Co $1.25,
MBIA Inc $0.01, Andeavor $1.59, Fossil Group Inc -$0.47, Inovio Pharmaceuticals Inc
-$0.19, Nektar Therapeutics -$0.36, Lions Gate Entertainment Corp $0.18, Nuance
Communications Inc $0.27, Novavax Inc -$0.16, Gulfport Energy Corp $0.27,
Continental Resources Inc/OK -$0.01, Advisory Board Co/The $0.44, Energy Transfer
Partners LP $0.18, Energy Transfer Equity LP $0.25, Ring Energy Inc $0.04,
TripAdvisor Inc $0.30, Zillow Group Inc -$0.01, TESARO Inc -$2.53, Tronox Ltd -
$0.07, Andeavor Logistics LP $0.69, TrueCar Inc $0.00, Monster Beverage Corp
$0.40, Blue Buffalo Pet Products Inc $0.21, Hostess Brands Inc $0.18, Colony
NorthStar Inc $0.36, Carvana Co -$0.30, Tidewater Inc -$1.41, Global Eagle
Entertainment Inc -$0.08, Global Eagle Entertainment Inc -$0.03, Rocket Fuel Inc -
$0.25

4. Before the Open August 8, 2017
Page 4
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5. Before the Open August 8, 2017
Page 5
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