- U.S. stock futures are trading higher as investors await Janet Yellen's testimony on monetary policy for hints about tapering. - European stocks are trading higher led by strength in oil and metals stocks as well as solid regional economic data. - Home Capital Group has named Yousry Bissada as its new CEO, taking over from interim CEO Bonita Then. OpenText is launching an AI platform called Magellan to compete with IBM Watson. Apple will store customer data in China with a government-owned company to comply with new rules.

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 4 2,428 0.16
NASDAQ 16 5,736 0.28
Dow Jones 30 21,397 0.14
Daily Market Summary
Market Chg Last % Chg Ytd Chg
S&P/TSX 44 15,149 0.29 (0.91)
Venture -3 750 (0.35) (1.64)
Dow Jones 1 21,409 0.00 8.33
S&P 500 -2 2,426 (0.08) 8.34
NASDAQ 17 6,193 0.27 15.05
Global Markets
Market Chg Last % Chg Ytd Chg
DAX 81 12,518 0.65 9.03
FTSE 61 7,390 0.83 3.47
Stoxx 600 3 382 0.82 5.76
Nikkei -97 20,098 (0.48) 5.15
Hang Seng 166 26,044 0.64 18.38
Commodities
Chg Last % Chg Ytd Chg
Gold $1.13 $1,218.93 0.09 5.79
Oil $0.63 $45.67 1.38 (19.74)
Natural Gas -$0.04 $3.01 (1.33) (19.25)
F/X Rates
CDN$ Buys US$ Buys
US$ 0.7742 CDN$ 1.2917
Yen 87.65 Yen 113.21
Euro 0.6747 Euro 0.8714
Bond Yields
Market Chg Last % Chg Ytd Chg
CAN 3-MO 0.01 0.76 1.33 65.22
CAN 10-YR -0.01 1.85 (0.32) 7.55
U.S. 3-MO 0.01 1.05 0.97 110.49
U.S. 10-YR -0.03 2.33 (1.36) (4.74)
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 trading higher as all eyes are on Federal Reserve Chair
Janet Yellen's semi-annual monetary policy testimony for hints of a start of a tapering.
 Asian stocks closed mostly lower overnight amid recent controversy related to US
President Donald Trump's son. The Nikkei 225 Index fell 0.48% as banks stocks were
weaker while the Shanghai Composite Index dropped 0.17%. Hong Kong's Hang Seng
Index bucked the regional trend, gaining 0.67% at the close.
 European stocks are trading higher as strength in oil and metals prices lifted
commodity-related stocks as well as solid regional economic data. The U.K. jobless
rate came in at 4.5% in three months to May, the lowest since 1975.
Company Headlines
 Home Capital Group (HCG-T) has named Yousry Bissada as its new chief executive,
taking over from interim chief executive Bonita Then, who stepped into the void after
Martin Reid was fired in late March. Bissada is currently the CEO of Kanetix, which is
an online comparison site for mortgages, insurance and credit cards. He previously
held executive roles in the mortgage departments at CIBC and TD Canada Trust, and
most recently served as a director with alternative mortgage lender Equity Financial
Holdings.
 OpenText (OTEX-T) is launching an artificial intelligence platform called Magellan that
hopes to use the company's knowhow with unstructured and semi-structured data and
open source to compete with the likes of IBM Watson. OpenText focuses on enterprise
information management and has a portfolio that extends into content management for
industries, customer experience, and data discovery.
 Apple Inc. (AAPL-Q) will for the first time begin storing data for its customers in China
with a government-owned company to comply with tough new cybersecurity rules.
Apple will build its first Chinese data center in the southern province of Guizhou to
house data for customers of its iCloud service. The data include photos, documents,
apps and videos uploaded by Apple users throughout the mainland. Under the
agreement, Apple wouldn’t be able to transfer data from Chinese customers to the U.S.,
in compliance with China’s new cross-border data guidelines that were also part of the
latest cybersecurity rules.
Sources: Marketwatch, Bloomberg, The Canadian Press, Canadian Newswire, WSJ, Globe and Mail,
Financial Post, NYT, FactSet,Thomson Reuters, StreetAccount, CNBC, RTT News)
July 12, 2017

2. Before the Open July 12, 2017
Page 2
*
Canadian Equities Upgrades - March 6
Weekly Canada Economic Calendar - July 10 to July 14, 2017
Date/Time Event Period Consensus Actual Prior
07/10/2017 10:00 Bloomberg Nanos Confidence 7-Jul -- 58.3 58.4
07/11/2017 08:15 Housing Starts Jun 200.0k 212.7k 194.7k
07/12/2017 08:30 Teranet/National Bank HPI MoM Jun -- 2.60% 2.20%
07/12/2017 08:30 Teranet/National Bank HPI YoY Jun -- 14.20% 13.90%
07/12/2017 08:30 Teranet/National Bank HP Index Jun -- 216.5 210.92
07/12/2017 10:00 Bank of Canada Rate Decision 12-Jul 0.75% -- 0.50%
07/12/2017 10:00
Bank of Canada Releases July Monetary
Policy Report
07/13/2017 08:30 New Housing Price Index MoM May 0.30% -- 0.80%
07/13/2017 08:30 New Housing Price Index YoY May 3.50% -- 3.90%
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
First Quantum Minerals Ltd FM-T 7.26
Ivanhoe Mines Ltd IVN-T 5.23
Lundin Mining Corp LUN-T 5.60
Exchange Income Corp EIF-T -1.92
Hudbay Minerals Inc HBM-T 8.09
Laggards - Prior Session
Company Ticker % Change
ProMetic Life Sciences Inc PLI-T -4.32
Precision Drilling Corp PD-T -3.98
Tahoe Resources Inc THO-T 5.91
Gran Tierra Energy Inc GTE-T -2.80
OceanaGold Corp OGC-T -2.70
Canadian Equity Upgrades
 Jean Coutu Upgraded to Hold at TDSecurities
 GoldCorp Raised to Outperform at Macquarie
Canadian Equity Downgrades
 Cogeco Communications Cut to Reduce at TDSecurities
 Athabasca Oil Cut to Speculative Buy at Canaccord
Today's Earnings – Canada
Alimentation Couche-Tard Inc $0.46, Theratechnologies Inc -$0.03, DragonWave Inc -
$0.29, Aritzia Inc $0.11

3. Before the Open July 12, 2017
Page 3
Weekly U.S. Economic Calendar - July 10 to July 14, 2017
Date/Time Event Period Consensus Actual Prior
07/10/2017 15:00 Consumer Credit May $13.500b $18.410b $12.929b
07/11/2017 06:00 NFIB Small Business Optimism Jun 104.4 103.6 104.5
07/11/2017 10:00 JOLTS Job Openings May 5666 6044 6044
07/11/2017 10:00 Wholesale Inventories MoM May F 0.40% 0.30% 0.30%
07/11/2017 10:00 Wholesale Trade Sales MoM May -0.50% -0.40% -0.40%
07/12/2017 07:00 MBA Mortgage Applications 7-Jul -7.40% 1.40% 1.40%
07/13/2017 08:30 PPI Final Demand MoM Jun 0.00% -- 0.00%
07/13/2017 08:30 PPI Ex Food and Energy MoM Jun 0.20% -- 0.30%
07/13/2017 08:30 PPI Ex Food, Energy, Trade MoM Jun 0.20% -- -0.10%
07/13/2017 08:30 PPI Final Demand YoY Jun 1.90% -- 2.40%
07/13/2017 08:30 PPI Ex Food and Energy YoY Jun 2.00% -- 2.10%
07/13/2017 08:30 Initial Jobless Claims 8-Jul 245k -- 248k
07/13/2017 08:30 PPI Ex Food, Energy, Trade YoY Jun -- -- 2.10%
07/13/2017 08:30 Continuing Claims 1-Jul 1950k -- 1956k
07/13/2017 09:45 Bloomberg Consumer Comfort 9-Jul -- -- 48.5
07/13/2017 14:00 Monthly Budget Statement Jun -$31.0b -- --
07/14/2017 08:30 CPI MoM Jun 0.10% -- -0.10%
07/14/2017 08:30 CPI Ex Food and Energy MoM Jun 0.20% -- 0.10%
07/14/2017 08:30 CPI YoY Jun 1.70% -- 1.90%
07/14/2017 08:30 CPI Ex Food and Energy YoY Jun 1.70% -- 1.70%
07/14/2017 08:30 CPI Core Index SA Jun -- -- 251.329
07/14/2017 08:30 CPI Index NSA Jun 245.105 -- 244.733
07/14/2017 08:30 Real Avg Weekly Earnings YoY Jun -- -- 0.50%
07/14/2017 08:30 Real Avg Hourly Earning YoY Jun -- -- 0.60%
07/14/2017 08:30 Retail Sales Advance MoM Jun 0.001 -- -0.30%
07/14/2017 08:30 Retail Sales Ex Auto MoM Jun 0.002 -- -0.30%
07/14/2017 08:30 Retail Sales Ex Auto and Gas Jun 0.004 -- 0.00%
07/14/2017 08:30 Retail Sales Control Group Jun 0.003 -- 0.00%
07/14/2017 09:15 Industrial Production MoM Jun 0.003 -- 0.00%
07/14/2017 09:15 Capacity Utilization Jun 0.768 -- 76.60%
07/14/2017 09:15 Manufacturing (SIC) Production Jun 0.002 -- -0.40%
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
FLIR Systems Inc FLIR-US 2.27
Micron Technology Inc MU-US 2.85
Mallinckrodt PLC MNK-US 2.84
Western Digital Corp WDC-US 2.78
Vertex Pharmaceuticals Inc VRTX-US 2.73
Laggards - Prior Session
Company Ticker % Change
Michael Kors Holdings Ltd KORS-US -7.36
Ulta Beauty Inc ULTA-US -4.78
Chipotle Mexican Grill Inc CMG-US -2.81
T Rowe Price Group Inc TROW-US -2.45
FMC Corp FMC-US -2.16
U.S. Equity Upgrades
 Jagged Peak Raised to Outperform at BMO
 Westpact Upgraded to Buy at Goldman Sachs
U.S. Equity Downgrades
 Royal Gold Downgraded to Neutral at Macquarie
 Kimberly-Clark Cut to Sell at UBS
 Commonwealth Bank Downgraded to Neutral at Goldman Sachs
Today's Earnings – U.S.
Bank of the Ozarks $0.73, Fastenal Co $0.50

4. Before the Open July 12, 2017
Page 4
Appendix A - Important Information
General Research Disclaimer
The statements and statistics contained herein are based on material believed to be reliable, but are not guaranteed to be accurate or
complete. This report is for informational purposes only and is not an offer or solicitation with respect to the purchase or sale of any
investment fund, security or other product. Particular investment, trading, or tax strategies should be evaluated relative to each individual’s
objectives. Graphs and charts are used for illustrative purposes only and do not reflect future values or future performance. This document
does not provide individual financial, legal, investment or tax advice. Please consult your own legal, investment and tax advisor. All
opinions and other information in this document are subject to change without notice. The Toronto-Dominion Bank and its affiliates and
related entities are not liable for any errors or omissions in the information or for any loss or damage suffered.
TD Waterhouse Canada Inc. and/or its affiliated persons or companies may hold a position in the securities mentioned, including options,
futures and other derivative instruments thereon, and may, as principal or agent, buy or sell such securities. Affiliated persons or
companies may also make a market in and participate in an underwriting of such securities.
Full disclosures for all companies covered by TD Securities Inc. can be viewed at
https://www.tdsresearch.com/equities/welcome.important.disclosure.action
Research Ratings
Action List BUY: The stock’s total return is expected to exceed a minimum of 15%, on a risk-adjusted basis, over the next 12 months and
it is a top pick in the Analyst’s sector.
BUY: The stock’s total return is expected to exceed a minimum of 15%, on a risk-adjusted basis, over the next 12 months.
SPECULATIVE BUY: The stock’s total return is expected to exceed 30% over the next 12 months; however, there is material event risk
associated with the investment that could result in significant loss.
HOLD: The stock’s total return is expected to be between 0% and 15%, on a risk-adjusted basis, over the next 12 months.
TENDER: Investors are advised to tender their shares to a specific offer for the company’s securities.
REDUCE: The stock’s total return is expected to be negative over the next 12 months.
Technical Research Disclaimer
The opinions expressed herein reflect a technical perspective and may differ from fundamental research on these issuers. Fundamental
research can be obtained through your TD Wealth advisor or on the Markets and Research site within WebBroker.
The technical research opinions contained in this report are based on historical technical data and expectations of the most likely direction
of a market or security. No guarantee of that outcome is ever implied.
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securities or issuers discussed herein, and (ii) no part of the research analyst’s compensation was, is, or will be, directly or indirectly,
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Conflicts of Interest
The Portfolio Advice & Investment Research analyst(s) responsible for this report may own securities of the issuer(s) discussed in this
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however TD Waterhouse Canada Inc. does not compensate its analysts based on specific investment banking transactions.

5. Before the Open July 12, 2017
Page 5
Corporate Disclosure
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