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 5 2,317 0.19
NASDAQ 13 5,240 0.25
Dow Jones 61 20,284 0.30
Daily Market Summary
Market Chg Last % Chg Ytd Chg
S&P/TSX 112 15,729 0.72 2.89
Venture 10 836 1.24 9.68
Dow Jones 97 20,269 0.48 2.56
S&P 500 8 2,316 0.36 3.45
NASDAQ 19 5,734 0.33 6.52
Global Markets
Market Chg Last % Chg Ytd Chg
DAX 125 11,792 1.07 2.71
FTSE 11 7,270 0.16 1.78
Stoxx 600 2 370 0.68 2.34
Nikkei 80 19,459 0.41 1.80
Hang Seng 136 23,711 0.58 7.77
Commodities
Chg Last % Chg Ytd Chg
Gold -$7.99 $1,225.66 (0.65) 6.37
Oil -$0.75 $53.11 (1.41) (2.84)
Natural Gas -$0.06 $2.98 (1.95) (20.09)
F/X Rates
CDN$ Buys US$ Buys
US$ 0.7629 CDN$ 1.3108
Yen 86.87 Yen 113.87
Euro 0.7186 Euro 0.9419
Bond Yields
Market Chg Last % Chg Ytd Chg
CAN 3-MO 0.01 0.46 2.22 -
CAN 10-YR 0.02 1.72 1.30 (0.12)
U.S. 3-MO -0.01 0.53 (0.96) 6.13
U.S. 10-YR 0.03 2.44 1.26 (0.27)
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 higher open as traders' eye earnings and look
ahead to comments from the U.S. Federal Reserve later in the week. There are no major
economic data releases scheduled for today.
 Asian markets closed in positive territory with an improved risk appetite, taking a cue
from the U.S. last week after markets climbed to new highs. Investors also shook off
geopolitical concerns as North Korea reportedly conducted another successful ballistic
missile test. Economic data in the region has also been relatively buoyant, with Japan's
economy expanding for the fourth straight quarter. Tokyo's Nikkei Index ended the
session with a 0.41% gain. Hong Kong's Hang Seng Index closed 0.58% higher, while
Shanghai's Stock Composite Index also posted a gain of 0.64%.
 European markets are higher in afternoon trade, following today's general trend, as
investors watched another set of record closes on Wall Street to end last week. The pan-
European Euro Stoxx 600 was last trading approximately 0.60% higher.
Company Headlines
 Bombardier Inc. (BBD.B-T) has filed a court injunction to stop Metrolinx, the Ontario
government's transit agency, from cancelling a $770M contract for 182 light-rail vehicles.
Metrolinx formally notified Bombardier in November of its intent to cancel the contract,
citing “significant quality and manufacturing issues.” Bombardier, on the other hand,
stated in its injunction filing that Metrolinx is responsible for the problems that have put
the project in jeopardy; “Since the contract was signed in 2010, Metrolinx has changed
the scope, the timelines, and the technical qualifications countless times”.
 Canadian Natural Resources Ltd. (CNQ-T) was notified over the weekend by the
SISPOO oil workers union that its workers have extended a strike indefinitely at the
company’s Baobab and Espoir oil and gas fields in Ivory Coast. A 72-hour strike was
called early on Wednesday over the firing of workers and was extended on Friday after
the parties failed to reach an agreement. "As no solution is in sight, we hereby announce
the extension of the strike until the conflict is resolved," SISPOO said in a letter to the
company.
 Restaurant Brands International Inc. (QSR-N), the owner of Burger King and Tim
Hortons, reported a higher-than-expected quarterly profit as comparable sales at its
burger chain topped estimates and costs fell. Total comparable sales at Burger King
rose 2.8 per cent in the fourth quarter ended Dec. 31, while total comparable sales at
Tim Hortons, which operates mainly in Canada, rose 0.2 per cent in the quarter. Total
costs at Restaurant Brands fell about 16 per cent to US$619.8 million. The company’s
net profit attributable to shareholders more than doubled to $118.4-million, or 50 cents
per share, from a year ago, when it took a $37-million charge for the merger of Burger
King and Tim Hortons.
Sources: Marketwatch, Bloomberg, The Canadian Press, WSJ, Globe and Mail, Financial Post,
NYT, FactSet,Thomson Reuters, StreetAccount, CNBC, RTT News)
February 13, 2017

2. Before the Open February 13, 2017
Page 2
Canadian Equities Upgrades - March 6
Weekly Canada Economic Calendar - February 13 to February 17, 2017
Date/Time Event Period Consensus Actual Prior
02/13/2017 10:00 Bloomberg Nanos Confidence 10-Feb -- -- 57.3
02/14/2017 08:30 Teranet/National Bank HPI MoM Jan -- -- 0.30%
02/14/2017 08:30 Teranet/National Bank HP Index Jan -- -- 199.41
02/14/2017 08:30 Teranet/National Bank HPI YoY Jan -- -- 12.30%
02/15/2017 08:30 Manufacturing Sales MoM Dec 0.30% -- 1.50%
02/15/2017 09:00 Existing Home Sales MoM Jan -- -- 2.20%
02/17/2017 08:30 Int'l Securities Transactions Dec -- -- 7.24b
S&P/TSX Daily Performance
12000
12500
13000
13500
14000
14500
15000
15500
16000
Feb-16 Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17
Leaders - Prior Session
Company Ticker % Change
Sierra Wireless Inc SW-T 31.04
Hudbay Minerals Inc HBM-T 7.83
Birchcliff Energy Ltd BIR-T 7.72
FirstService Corp FSV-T 6.27
Lundin Mining Corp LUN-T 5.90
Laggards - Prior Session
Company Ticker % Change
Great Canadian Gaming Corp GC-T -6.46
IAMGOLD Corp IMG-T -4.45
DH Corp DH-T -4.30
Fortuna Silver Mines Inc FVI-T -3.34
Hydro One Ltd H-T -2.08
Canadian Equity Upgrades
 Cameco Raised to Buy at Cantor
Canadian Equity Downgrades
 Home Capital Group Cut to Hold at Laurentian Bank Securities
 Agrium Cut to Sector Perform at Scotiabank
Today's Earnings – Canada
Student Transportation Inc $0.07, DHX Media Ltd $0.05, Restaurant Brands
International Inc $0.42, Electrovaya Inc -$0.04, Gluskin Sheff + Associates Inc $0.67,
TMX Group Ltd $1.15, GreenSpace Brands Inc -$0.01, CT Real Estate Investment
Trust $0.27

3. Before the Open February 13, 2017
Page 3
Weekly U.S. Economic Calendar - February 13 to February 17, 2017
Date/Time Event Period Consensus Actual Prior
02/14/2017 06:00 NFIB Small Business Optimism Jan 104.9 -- 105.8
02/14/2017 08:30 PPI Final Demand MoM Jan 0.30% -- 0.20%
02/14/2017 08:30 PPI Ex Food and Energy MoM Jan 0.20% -- 0.10%
02/14/2017 08:30 PPI Ex Food, Energy, Trade MoM Jan 0.10% -- 0.10%
02/14/2017 08:30 PPI Final Demand YoY Jan 1.50% -- 1.60%
02/14/2017 08:30 PPI Ex Food and Energy YoY Jan 1.10% -- 1.60%
02/14/2017 08:30 PPI Ex Food, Energy, Trade YoY Jan -- -- 1.70%
02/15/2017 07:00 MBA Mortgage Applications 10-Feb -- -- 2.30%
02/15/2017 08:30 Empire Manufacturing Feb 7 -- 6.5
02/15/2017 08:30 CPI MoM Jan 0.30% -- 0.30%
02/15/2017 08:30 CPI Ex Food and Energy MoM Jan 0.20% -- 0.20%
02/15/2017 08:30 CPI YoY Jan 2.40% -- 2.10%
02/15/2017 08:30 CPI Ex Food and Energy YoY Jan 2.10% -- 2.20%
02/15/2017 08:30 CPI Core Index SA Jan -- -- 249.93
02/15/2017 08:30 CPI Index NSA Jan 242.445 -- 241.432
02/15/2017 08:30 Real Avg Weekly Earnings YoY Jan -- -- 0.40%
02/15/2017 08:30 Real Avg Hourly Earning YoY Jan -- -- 0.80%
02/15/2017 08:30 Retail Sales Advance MoM Jan 0.10% -- 0.60%
02/15/2017 08:30 Retail Sales Ex Auto MoM Jan 0.40% -- 0.20%
02/15/2017 08:30 Retail Sales Ex Auto and Gas Jan 0.30% -- 0.00%
02/15/2017 08:30 Retail Sales Control Group Jan 0.30% -- 0.20%
02/15/2017 09:15 Industrial Production MoM Jan 0.00% -- 0.80%
02/15/2017 09:15 Capacity Utilization Jan 75.50% -- 75.50%
02/15/2017 09:15 Manufacturing (SIC) Production Jan 0.20% -- 0.20%
02/15/2017 10:00 NAHB Housing Market Index Feb 67 -- 67
02/15/2017 10:00 Business Inventories Dec 0.40% -- 0.70%
02/15/2017 16:00 Net Long-term TIC Flows Dec -- -- $30.8b
02/15/2017 16:00 Total Net TIC Flows Dec -- -- $23.7b
02/16/2017 08:30 Housing Starts Jan 1226k -- 1226k
02/16/2017 08:30 Housing Starts MoM Jan 0.00% -- 11.30%
02/16/2017 08:30 Building Permits Jan 1230k -- 1228k
02/16/2017 08:30 Building Permits MoM Jan 0.20% -- 1.30%
02/16/2017 08:30 Initial Jobless Claims 11-Feb 244k -- 234k
02/16/2017 08:30 Continuing Claims 4-Feb 2060k -- 2078k
02/16/2017 08:30 Philadelphia Fed Business Outlook Feb 18 -- 23.6
02/16/2017 09:45 Bloomberg Economic Expectations Feb -- -- 56
02/16/2017 09:45 Bloomberg Consumer Comfort 12-Feb -- -- 47.2
02/16/2017 Mortgage Delinquencies 4Q -- -- 4.52%
02/16/2017 MBA Mortgage Foreclosures 4Q -- -- 1.55%
02/17/2017 10:00 Leading Index Jan 0.50% -- 0.50%
Appendix A - Important Information
S&P 500 Daily Performance
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1900
2000
2100
2200
2300
2400
Feb-16 Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17
Leaders - Prior Session
Company Ticker % Change
Activision Blizzard Inc ATVI-US 18.88
Teradata Corp TDC-US 8.52
CBRE Group Inc CBG-US 7.70
News Corp NWSA-US 7.26
News Corp NWS-US 6.67
Laggards - Prior Session
Company Ticker % Change
Cerner Corp CERN UW -4.42
Envision Healthcare Corp EVHC UN -3.43
Western Union Co/The WU UN -3.14
Range Resources Corp RRC UN -1.98
NVIDIA Corp NVDA UW -1.88
U.S. Equity Upgrades
 Petrobras Raised to Overweight at JPMorgan
U.S. Equity Downgrades
 Boeing Cut to Underperform at Buckingham
 Williams-Sonoma Cut to Market Perform at Telsey
Today's Earnings – U.S.
First Data Corp $0.36, HCP Inc $0.57, Noble Energy Inc -$0.10, Rent-A-Center Inc/TX
-$0.24, Gulfport Energy Corp $0.22, Brookdale Senior Living Inc -$0.19, OneMain
Holdings Inc $0.81, Multi Packaging Solutions International Ltd $0.19

4. Before the Open February 13, 2017
Page 4
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5. Before the Open February 13, 2017
Page 5
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