Today's markets

1. 
bbbsb
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 -10 2,418 (0.40)
NASDAQ -56 5,595 (1.00)
Dow Jones -71 21,351 (0.33)
Daily Market Summary
Market Chg Last % Chg Ytd Chg
S&P/TSX 23 15,153 0.15 (0.88)
Venture -1 763 (0.16) 0.06
Dow Jones -1 21,478 (0.01) 8.68
S&P 500 4 2,433 0.15 8.65
NASDAQ 41 6,151 0.67 14.26
Global Markets
Market Chg Last % Chg Ytd Chg
DAX -110 12,343 (0.89) 7.51
FTSE -51 7,316 (0.70) 2.43
Stoxx 600 -4 379 (1.03) 4.87
Nikkei -88 19,994 (0.44) 4.60
Hang Seng -57 25,465 (0.22) 15.75
Commodities
Chg Last % Chg Ytd Chg
Gold -$1.85 $1,225.13 (0.15) 6.32
Oil $0.70 $45.83 1.53 (19.46)
Natural Gas $0.04 $2.88 1.22 (22.80)
F/X Rates
CDN$ Buys US$ Buys
US$ 0.7730 CDN$ 1.2937
Yen 87.56 Yen 113.27
Euro 0.6788 Euro 0.8781
Bond Yields
Market Chg Last % Chg Ytd Chg
CAN 3-MO 0.02 0.73 2.82 58.70
CAN 10-YR 0.06 1.85 3.46 7.73
U.S. 3-MO 0.00 1.04 - 109.47
U.S. 10-YR 0.06 2.38 2.53 (2.55)
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 lower opening led by a fall in technology
stocks as investors digest recently released jobless claims numbers which came in at
248,000 claims versus an estimated 243,000 claims. Minutes from the last Fed meeting
was released yesterday and showed that officials were divided over when to shrink the
balance sheet and expressed their concerns around recent weak readings of inflation.
 Most Asian markets, outside China, retreated on Thursday as energy shares lost
ground and failed to offset gains in health-care shares. In Japan, the Nikkei Index shed
0.4% hurt by the yen's appreciation which weighed on exporters. In China, the
Shanghai Composite Index rose 0.2%, whereas in Hong Kong, the Hang Seng Index
fell 0.2%.
 European shares extended their losses sinking to an 11-week low after the ECB
opened the door to dropping their long-standing pledge to expand or extend the bank's
bond-purchase program. At the same time, the central bank stressed the need for
"continued caution in communication" as a perception that it was moving away from its
ultra-easy policy of low rates and massive bond purchases could upset financial
markets.
Company Headlines
 Canaccord Genuity Group Inc. (CF-T) has signed a deal to buy Hargreave Hale Ltd.,
an investment and wealth management business in Britain. Under the agreement,
Canaccord will play Hargreave Hale shareholders $87.9 million plus an additional $46.5
million that is contingent on meeting certain performance targets. The deal helps grow
Canaccord’s business in Britain and Europe. Hargreave Hale has $13.5 billion in assets
under administration, management and management contract. Canaccord said senior
management at Hargreave Hale are expected to hold key leadership roles and will be
responsible for helping grow the investment and wealth management business. The
deal is subject to approval by Hargreave Hale shareholders as well as other regulatory
approvals and customary closing conditions.
 A landmark tract of land at the edge of Old Montreal will undergo a transformation after
Molson Coors Canada (TPX.B-T) announced plans to spend up to $500 million to
build a new brewery instead of modernizing North America’s oldest brewery along the
St. Lawrence River. Molson Coors Canada CEO Fred Landtmeters said the company is
exploring options to ensure Molson’s heritage is commemorated at its original location
which opened in 1786. The brewer has said it plans to maintain a microbrewery and
store at the 231-year-old site near Old Montreal, with the rest being sold for
redevelopment under the auspices of the city.
 Ford Motor Co (F-N) said its China sales surged 15% in June, their strongest pace of
the year, and it was optimistic about the outlook for the second half as the industry puts
the phasing out of a tax cut behind it. Peter Fleet, Ford's Asia-Pacific chief, said the first
quarter had been difficult after a purchase tax on small-engine cars rose to 7.5% from
5% previously. Sales for June alone climbed to more than 100,000 vehicles with
deliveries of sedans including the Escort and Mondeo, which were hurt by the tax
increase, improving.
Sources: Marketwatch, Bloomberg, The Canadian Press, Canadian Newswire, WSJ, Globe and Mail,
Financial Post, NYT, FactSet,Thomson Reuters, StreetAccount, CNBC, RTT News)
July 6, 2017

2. Before the Open July 6, 2017
Page 2
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Canadian Equities Upgrades - March 6
Weekly Canada Economic Calendar - July 03 to July 07, 2017
Date/Time Event Period Consensus Actual Prior
07/04/2017 07:00 MLI Leading Indicator MoM May -- 0.10% 0.40%
07/04/2017 09:30 Markit Canada Manufacturing PMI Jun -- 54.7 55.1
07/06/2017 08:30 Building Permits MoM May 1.00% 8.90% 0.50%
07/06/2017 08:30 Int'l Merchandise Trade May -0.40b -1.09b -0.55b
07/07/2017 08:30 Net Change in Employment Jun 11.3k -- 54.5k
07/07/2017 08:30 Unemployment Rate Jun 6.60% -- 6.60%
S&P/TSX Daily Performance
13000
13500
14000
14500
15000
15500
16000
Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17
Leaders - Prior Session
Company Ticker % Change
Shopify Inc SHOP-T 4.32
Enercare Inc ECI-T 3.63
Element Fleet Management Corp EFN-T 3.56
Pretium Resources Inc PVG-T 3.47
Novagold Resources Inc NG-T 3.32
Laggards - Prior Session
Company Ticker % Change
MEG Energy Corp MEG-T -7.87
Baytex Energy Corp BTE-T -7.35
Precision Drilling Corp PD-T -7.29
Crescent Point Energy Corp CPG-T -5.73
TORC Oil & Gas Ltd TOG-T -5.69
Canadian Equity Upgrades
 William Demant Raised to Neutral at Credit Suisse
 Alignvest Acquisition Raised to Buy at TD
Canadian Equity Downgrades
 O'Reilly Auto Cut to Neutral at Credit Suisse
 AP Thai Cut to Underperfrom at Credit Suisse
 Genuine Parts Downgraded to Sell at Goldman
Today's Earnings – Canada
TECSYS Inc $0.11, Richelieu Hardware Ltd $0.31

3. Before the Open July 6, 2017
Page 3
Weekly U.S. Economic Calendar - July 03 to July 07, 2017
Date/Time Event Period Consensus Actual Prior
07/03/2017 09:45 Markit US Manufacturing PMI Jun F 52.1 52 52.1
07/03/2017 10:00 ISM Manufacturing Jun 55.3 57.8 54.9
07/03/2017 10:00 ISM Prices Paid Jun 58.5 55 60.5
07/03/2017 10:00 Construction Spending MoM May 0.30% 0.00% -0.70%
07/03/2017 Wards Total Vehicle Sales Jun 16.53m 16.41m 16.58m
07/03/2017 Wards Domestic Vehicle Sales Jun 12.94m 12.79m 12.84m
07/05/2017 10:00 Factory Orders May -0.50% -0.80% -0.30%
07/05/2017 10:00 Durable Goods Orders May F -0.80% -0.80% -1.10%
07/05/2017 10:00 Factory Orders Ex Trans May -- -0.30% 0.00%
07/05/2017 10:00 Durables Ex Transportation May F -- 0.30% 0.10%
07/05/2017 10:00 Cap Goods Orders Nondef Ex Air May F -- 0.20% -0.20%
07/05/2017 10:00 Cap Goods Ship Nondef Ex Air May F -- 0.10% -0.20%
07/05/2017 14:00 FOMC Meeting Minutes 14-Jun -- -- --
07/06/2017 07:00 MBA Mortgage Applications 30-Jun -- 1.40% -6.20%
07/06/2017 08:15 ADP Employment Change Jun 188k 158k 230k
07/06/2017 08:30 Initial Jobless Claims 1-Jul 243k 248k 244k
07/06/2017 08:30 Continuing Claims 24-Jun 1940k 1956k 1945k
07/06/2017 08:30 Trade Balance May -$46.3b -$46.5b -$47.6b
07/06/2017 09:45 Markit US Services PMI Jun F 53 -- 53
07/06/2017 09:45 Bloomberg Consumer Comfort 2-Jul -- -- 48.6
07/06/2017 09:45 Markit US Composite PMI Jun F -- -- 53
07/06/2017 10:00 ISM Non-Manf. Composite Jun 56.5 -- 56.9
07/07/2017 08:30 Change in Nonfarm Payrolls Jun 177k -- 138k
07/07/2017 08:30 Two-Month Payroll Net Revision Jun -- -- -66k
07/07/2017 08:30 Change in Private Payrolls Jun 170k -- 147k
07/07/2017 08:30 Change in Manufact. Payrolls Jun 5k -- -1k
07/07/2017 08:30 Unemployment Rate Jun 4.30% -- 4.30%
S&P 500 Daily Performance
1950
2050
2150
2250
2350
2450
Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17
Leaders - Prior Session
Company Ticker % Change
Advanced Micro Devices Inc AMD-US 8.56
Micron Technology Inc MU-US 4.70
PayPal Holdings Inc PYPL-US 3.29
Alexion Pharmaceuticals Inc ALXN-US 3.28
Autodesk Inc ADSK-US 3.26
Laggards - Prior Session
Company Ticker % Change
Baker Hughes a GE Co BHGE-US -35.42
O'Reilly Automotive Inc ORLY-US -18.89
Advance Auto Parts Inc AAP-US -11.15
AutoZone Inc AZO-US -9.60
Chesapeake Energy Corp CHK-US -6.64
U.S. Equity Upgrades
 Solvay Upgraded to Outperform at Credit Suisse
 Oneok Inc Raised to Outperform at BMO
U.S. Equity Downgrades
 Magellan Financial Cut to Neutral at Credit Suisse
 Novartis Cut to Underperform at Credit Suisse
Today's Earnings – U.S.
N/A

4. Before the Open July 6, 2017
Page 4
Appendix A - Important Information
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Research Ratings
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it is a top pick in the Analyst’s sector.
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5. Before the Open July 6, 2017
Page 5
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