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 -1 2,444 (0.06)
NASDAQ 2 5,800 0.03
Dow Jones -1 21,508 (0.00)
Daily Market Summary
Market Chg Last % Chg Ytd Chg
S&P/TSX -9 15,135 (0.06) (1.00)
Venture -6 753 (0.73) (1.24)
Dow Jones 21 21,553 0.10 9.06
S&P 500 5 2,448 0.19 9.34
NASDAQ 13 6,274 0.21 16.56
Global Markets
Market Chg Last % Chg Ytd Chg
DAX 2 12,643 0.01 10.12
FTSE -21 7,392 (0.28) 3.49
Stoxx 600 0 386 0.02 6.86
Nikkei 19 20,119 0.09 5.26
Hang Seng 43 26,389 0.16 19.95
Commodities
Chg Last % Chg Ytd Chg
Gold $4.25 $1,221.84 0.35 6.04
Oil $0.59 $46.67 1.26 (17.98)
Natural Gas $0.00 $2.96 (0.14) (20.60)
F/X Rates
CDN$ Buys US$ Buys
US$ 0.7861 CDN$ 1.2721
Yen 88.86 Yen 113.03
Euro 0.6886 Euro 0.8759
Bond Yields
Market Chg Last % Chg Ytd Chg
CAN 3-MO 0.00 0.76 - 65.22
CAN 10-YR 0.00 1.91 0.16 11.16
U.S. 3-MO 0.00 1.03 (0.01) 107.40
U.S. 10-YR -0.01 2.33 (0.61) (4.67)
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 flat open on Friday as traders awaited the release
of corporate earnings and looked to Paris where President Donald Trump is visiting
French President Emmanuel Macron for Bastille Day celebrations. Dow futures traded
1 point lower, while S&P futures slipped 1 point and Nasdaq futures rose 2 points.
 Asian markets closed mostly higher in Friday trade as investors digested the second
day of Federal Reserve Chair Janet Yellen's testimony ahead of earnings season.
Japan's Nikkei 225 gained 0.09 percent, or 19.05 points, while Hong Kong's Hang Seng
Index edged up 0.16 percent and the Shanghai Composite rose 0.13 percent.
 European stock markets were slightly higher on Friday as investors looked ahead to
earnings reports from Wall Street banks. The pan-European Stoxx 600 was relatively
flat, with most sectors moving into positive territory.
Company Headlines
 JPMorgan Chase (JPM-N) reported second-quarter earnings that beat both the top
and bottom line Friday morning, as strong lending results offset declines in trading.
Earnings per share were $1.82 versus $1.58 estimated by Thomson Reuters analysts'
consensus. Shares briefly rose 1 percent in premarket trade before giving up some of
those gains as traders believed much of these strong results were already priced into
the stock.
 Sears Canada (SRSC-Q) can begin soliciting potential buyers, an Ontario judge ruled
Thursday, three weeks after the struggling retailer filed for creditor protection. The
company also reached a deal with its lenders and lawyers representing employees to
extend benefit and pension payments to the end of September. According to the court's
decision, Sears and its court-ordered monitor, FTI Consulting Inc., can select one or
more successful bids by Oct. 25.
 Manulife Securities (MFC-T) expects to pay $11.7 million in compensation to clients
who were inadvertently charged excessive investment fees as part of a no-contest
settlement agreement with the Ontario securities regulator approved Thursday. The
Ontario Securities Commission says the payment includes opportunity costs on the
overpaid fees. Manulife will also pay $520,000 to the commission to help it advance its
mandate of protecting investors and cover costs related to the investigation.
Sources: Marketwatch, Bloomberg, The Canadian Press, Canadian Newswire, WSJ, Globe and Mail,
Financial Post, NYT, FactSet,Thomson Reuters, StreetAccount, CNBC, RTT News)
July 14, 2017

2. Before the Open July 14, 2017
Page 2
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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 194.6k
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% 0.75% 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% 0.70% 0.80%
07/13/2017 08:30 New Housing Price Index YoY May 3.50% 3.80% 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
Hudson's Bay Co HBC-T 3.73
Home Capital Group Inc HCG-T 3.13
Birchcliff Energy Ltd BIR-T 3.07
Baytex Energy Corp BTE-T 3.03
Cascades Inc CAS-T 2.60
Laggards - Prior Session
Company Ticker % Change
Klondex Mines Ltd KDX-T -3.88
Pan American Silver Corp PAAS-T -3.63
Kirkland Lake Gold Ltd KL-T -3.54
New Gold Inc NGD-T -3.40
Pretium Resources Inc PVG-T -3.33
Canadian Equity Upgrades
N/A
Canadian Equity Downgrades
 CRH Medical cut to Sector Perform at Scotiabank
Today's Earnings – Canada
Victoria Gold Corp -$0.01

3. Before the Open July 14, 2017
Page 3
Weekly U.S. Economic Calendar - July 10 to July 14, 2017
Date/Time Event Period Consensus Actual Prior
07/10/2017 10:00 Labor Market Conditions Index Change Jun 2.5 1.5 3.3
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 5950 5666 5967
07/11/2017 10:00 Wholesale Inventories MoM May F 0.30% 0.40% 0.30%
07/11/2017 10:00 Wholesale Trade Sales MoM May -- -0.50% -0.30%
07/12/2017 07:00 MBA Mortgage Applications 7-Jul -- -7.40% 1.40%
07/12/2017 14:00 U.S. Federal Reserve Releases Beige Book
07/13/2017 08:30 Initial Jobless Claims 8-Jul 245k 247k 250k
07/13/2017 08:30 Continuing Claims 1-Jul 1950k 1945k 1965k
07/13/2017 08:30 PPI Final Demand MoM Jun 0.00% 0.10% 0.00%
07/13/2017 08:30 PPI Ex Food and Energy MoM Jun 0.20% 0.10% 0.30%
07/13/2017 08:30 PPI Ex Food, Energy, Trade MoM Jun 0.20% 0.20% -0.10%
07/13/2017 08:30 PPI Final Demand YoY Jun 1.90% 2.00% 2.40%
07/13/2017 08:30 PPI Ex Food and Energy YoY Jun 2.00% 1.90% 2.10%
07/13/2017 08:30 PPI Ex Food, Energy, Trade YoY Jun -- 2.00% 2.10%
07/13/2017 09:45 Bloomberg Consumer Comfort 9-Jul -- 47 48.5
07/13/2017 14:00 Monthly Budget Statement Jun -$38.0b -$90.2b $6.3b
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 251.71 -- 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 0.10% -- -0.30%
07/14/2017 08:30 Retail Sales Ex Auto MoM Jun 0.20% -- -0.30%
07/14/2017 08:30 Retail Sales Ex Auto and Gas Jun 0.40% -- 0.00%
07/14/2017 08:30 Retail Sales Control Group Jun 0.30% -- 0.00%
07/14/2017 09:15 Industrial Production MoM Jun 0.30% -- 0.00%
07/14/2017 09:15 Capacity Utilization Jun 76.80% -- 76.60%
07/14/2017 09:15 Manufacturing (SIC) Production Jun 0.20% -- -0.40%
07/14/2017 10:00 U. of Mich. Sentiment Jul P 95 -- 95.1
07/14/2017 10:00 U. of Mich. Current Conditions Jul P 112 -- 112.5
07/14/2017 10:00 U. of Mich. Expectations Jul P 84.4 -- 83.9
07/14/2017 10:00 U. of Mich. 1 Yr Inflation Jul P -- -- 2.60%
07/14/2017 10:00 U. of Mich. 5-10 Yr Inflation Jul P -- -- 2.50%
07/14/2017 10:00 Business Inventories May 0.30% -- -0.20%
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
Gap Inc/The GPS-US 5.61
NRG Energy Inc NRG-US 5.26
Target Corp TGT-US 4.80
Kohl's Corp KSS-US 4.79
T Rowe Price Group Inc TROW-US 4.78
Laggards - Prior Session
Company Ticker % Change
Advanced Micro Devices Inc AMD-US -5.32
Twenty-First Century Fox Inc FOXA-US -3.77
Seagate Technology PLC STX-US -3.48
Twenty-First Century Fox Inc FOX-US -3.21
Edwards Lifesciences Corp EW-US -2.03
U.S. Equity Upgrades
 Boeing raised to Overweight at JPMorgan
 Wal-Mart raised to Buy at Goldman
U.S. Equity Downgrades
 Snap cut to Market Perform at Cowen
 At Home Group cut to Neutral at Goldman
Today's Earnings – U.S.
PNC Financial Services Group Inc/The $2.02, First Republic Bank/CA $1.09,
JPMorgan Chase & Co $1.58, Wells Fargo & Co $1.01, Citigroup Inc $1.21

4. Before the Open July 14, 2017
Page 4
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5. Before the Open July 14, 2017
Page 5
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