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 4 2,478 0.17
NASDAQ 12 5,946 0.21
Dow Jones 70 21,630 0.32
Daily Market Summary
Market Chg Last % Chg Ytd Chg
S&P/TSX 74 15,202 0.49 (0.56)
Venture 3 764 0.40 0.18
Dow Jones 100 21,613 0.47 9.37
S&P 500 7 2,477 0.29 10.64
NASDAQ 1 6,412 0.02 19.12
Global Markets
Market Chg Last % Chg Ytd Chg
DAX 28 12,292 0.22 7.06
FTSE 32 7,467 0.43 4.54
Stoxx 600 2 382 0.41 5.79
Nikkei 95 20,050 0.48 4.90
Hang Seng 89 26,941 0.33 22.46
Commodities
Chg Last % Chg Ytd Chg
Gold -$2.43 $1,247.62 (0.19) 8.27
Oil $0.44 $48.33 0.91 (15.20)
Natural Gas -$0.02 $2.93 (0.65) (21.46)
F/X Rates
CDN$ Buys US$ Buys
US$ 0.7988 CDN$ 1.2519
Yen 89.29 Yen 111.77
Euro 0.6860 Euro 0.8587
Bond Yields
Market Chg Last % Chg Ytd Chg
CAN 3-MO 0.01 0.71 1.43 54.35
CAN 10-YR -0.01 2.00 (0.69) 16.44
U.S. 3-MO 0.01 1.16 0.44 133.05
U.S. 10-YR -0.02 2.31 (0.92) (5.33)
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 higher open on Wednesday, as investors parsed
through another batch of major earnings. Dow futures rose 70 points, while S&P and
Nasdaq futures gained 4 points and 12 points, respectively.
 Stocks in Asia closed mixed on Wednesday as oil prices extended gains and the dollar
was treading water. Japan's Nikkei 225 rose 0.48 percent while Hong Kong's Hang
Seng Index was up 0.33 percent and the Shanghai Composite finished the session
0.12 percent higher.
 European markets were higher on Wednesday morning as investors geared up for a
rate decision from the U.S. Federal Reserve. The pan-European Stoxx 600 was trading
up 0.41 percent with almost all sectors and major bourses in positive territory.
Company Headlines
 Home Capital Group, Inc. (HCG-T) said it repaid the balance on a C$2 billion credit
line from Warren Buffett’s Berkshire Hathaway Inc. after the Canadian mortgage lender
sold assets. Home Capital received C$662 million from its previously announced
agreement to sell some commercial mortgages, the Toronto-based firm said. The
company has received about C$1.13 billion in total on the sale and discharges of
commercial mortgages tied to its initiatives to increase liquidity.
 Viacom, Inc. (VIAB-Q) has informed Scripps Networks Interactive (SNI-Q) that it is
willing to pay all cash to acquire the U.S. TV network operator, sources familiar with the
matter said on Tuesday. The move by Viacom, which had $12.17 billion in debt as of
March 31, could potentially mean that the $14.3 billion media company would lose its
investment-grade status to buy the $10.6 billion Scripps. Viacom is competing against
Discovery Communications in the bid for Scripps, which owns channels such as HGTV,
Food Network and Travel Channel.
 Coca-Cola Co (KO-N) reported a 60.2 percent drop in quarterly profit, as the beverage
maker incurred a charge of $653 million related to refranchising its North America
bottling operations. Net income attributable to Coca-Cola's shareholders fell to $1.37
billion, or 32 cents per share, in the second quarter ended June 30, from $3.45 billion,
or 79 cents per share, a year earlier. Revenue fell to $9.70 billion from $11.54 billion a
year earlier, falling for the ninth straight quarter, hurt by a strong dollar and the
refranchising of bottling territories.
Sources: Marketwatch, Bloomberg, The Canadian Press, Canadian Newswire, WSJ, Globe and Mail, Financial
Post, NYT, FactSet,Thomson Reuters, StreetAccount, CNBC, RTT News)
July 26, 2017

2. Before the Open July 26, 2017
Page 2
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Canadian Equities Upgrades - March 6
Weekly Canada Economic Calendar - July 24 to July 28, 2017
Date/Time Event Period Consensus Actual Prior
07/24/2017 08:30 Wholesale Trade Sales MoM May 0.50% 0.90% 0.80%
07/24/2017 10:00 Bloomberg Nanos Confidence 21-Jul -- 58.8 58.2
07/27/2017 CFIB Business Barometer Jul -- -- 60.9
07/28/2017 08:30 GDP MoM May 0.20% -- 0.20%
07/28/2017 08:30 GDP YoY May 4.20% -- 3.30%
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
Westshore Terminals Investment CorpWTE-T 13.66
Baytex Energy Corp BTE-T 8.55
Home Capital Group Inc HCG-T 7.99
Hudbay Minerals Inc HBM-T 7.84
MEG Energy Corp MEG-T 7.60
Laggards - Prior Session
Company Ticker % Change
Klondex Mines Ltd KDX-T -4.63
B2Gold Corp BTO-T -3.57
Exchange Income Corp EIF-T -3.07
Franco-Nevada Corp FNV-T -2.91
New Gold Inc NGD-T -2.85
Canadian Equity Upgrades
 Canadian National raised to Buy at Cormark
Canadian Equity Downgrades
 Mullen Group cut to Market Perform at Cormark+
Today's Earnings – Canada
Calfrac Well Services Ltd -$0.20, Tembec Inc $0.23, Capital Power Corp $0.26,
Vermilion Energy Inc $0.00, Loblaw Cos Ltd $1.10, theScore Inc -$0.01, FirstService
Corp $0.61, Barrick Gold Corp $0.17, Agnico Eagle Mines Ltd $0.15, Canfor Corp
$0.54, New Gold Inc $0.02, Goldcorp Inc $0.09, Uni-Select Inc $0.36, IMAX Corp
$0.15, Lundin Mining Corp $0.06, Sherritt International Corp -$0.08, Western Energy
Services Corp -$0.21, Constellation Software Inc/Canada $5.42, Acadian Timber Corp
$0.07, Canfor Pulp Products Inc $0.32, Detour Gold Corp $0.07, Athabasca Oil Corp -
$0.05, Suncor Energy Inc $0.19, Methanex Corp $1.08, Taseko Mines Ltd $0.02

3. Before the Open July 26, 2017
Page 3
Weekly U.S. Economic Calendar - July 24 to July 28, 2017
Date/Time Event Period Consensus Actual Prior
07/24/2017 09:45 Markit US Manufacturing PMI Jul P 52.3 53.2 52
07/24/2017 09:45 Markit US Services PMI Jul P 54.2 54.2 54.2
07/24/2017 09:45 Markit US Composite PMI Jul P -- 54.2 53.9
07/24/2017 10:00 Existing Home Sales Jun 5.57m 5.52m 5.62m
07/24/2017 10:00 Existing Home Sales MoM Jun -0.90% -1.80% 1.10%
07/25/2017 09:00 FHFA House Price Index MoM May 0.50% 0.40% 0.60%
07/25/2017 09:00 S&P CoreLogic CS 20-City MoM SA May 0.30% 0.10% -0.18%
07/25/2017 09:00 S&P CoreLogic CS 20-City YoY NSA May 5.80% 5.69% 5.77%
07/25/2017 09:00 S&P CoreLogic CS 20-City NSA Index May -- 198.97 197.38
07/25/2017 09:00 S&P CoreLogic CS US HPI YoY NSA May -- 5.58% 5.65%
07/25/2017 09:00 S&P CoreLogic CS US HPI NSA Index May -- 190.61 188.77
07/25/2017 10:00 Conf. Board Consumer Confidence Jul 116.5 121.1 117.3
07/25/2017 10:00 Richmond Fed Manufact. Index Jul 7 14 11
07/26/2017 07:00 MBA Mortgage Applications 21-Jul -- 0.40% 6.30%
07/26/2017 10:00 New Home Sales Jun 615k -- 610k
07/26/2017 10:00 New Home Sales MoM Jun 0.80% -- 2.90%
07/26/2017 14:00 FOMC Rate Decision (Upper Bound) 26-Jul 1.25% -- 1.25%
07/26/2017 14:00 FOMC Rate Decision (Lower Bound) 26-Jul 1.00% -- 1.00%
07/27/2017 08:30 Initial Jobless Claims 22-Jul 240k -- 233k
07/27/2017 08:30 Continuing Claims 15-Jul 1960k -- 1977k
07/27/2017 08:30 Durable Goods Orders Jun P 3.50% -- -0.80%
07/27/2017 08:30 Durables Ex Transportation Jun P 0.40% -- 0.30%
07/27/2017 08:30 Cap Goods Orders Nondef Ex Air Jun P 0.30% -- 0.20%
07/27/2017 08:30 Cap Goods Ship Nondef Ex Air Jun P 0.30% -- 0.10%
07/27/2017 08:30 Advance Goods Trade Balance Jun -$65.5b -- -$66.3b
07/27/2017 08:30 Wholesale Inventories MoM Jun P 0.30% -- 0.40%
07/27/2017 08:30 Chicago Fed Nat Activity Index Jun 0.35 -- -0.26
07/27/2017 09:45 Bloomberg Consumer Comfort 23-Jul -- -- 47.6
07/27/2017 11:00 Kansas City Fed Manf. Activity Jul 11 -- 11
07/28/2017 08:30 GDP Annualized QoQ 2Q A 2.50% -- 1.40%
07/28/2017 08:30 Personal Consumption 2Q A 2.90% -- 1.10%
07/28/2017 08:30 GDP Price Index 2Q A 1.30% -- 1.90%
07/28/2017 08:30 Core PCE QoQ 2Q A 0.70% -- 2.00%
07/28/2017 08:30 Employment Cost Index 2Q 0.60% -- 0.80%
07/28/2017 10:00 U. of Mich. Sentiment Jul F 93.1 -- 93.1
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
Freeport-McMoRan Inc FCX-US 14.74
Newmont Mining Corp NEM-US 6.90
Range Resources Corp RRC-US 6.86
Caterpillar Inc CAT-US 5.88
Signet Jewelers Ltd SIG-US 5.49
Laggards - Prior Session
Company Ticker % Change
Seagate Technology PLC STX-US -16.50
Interpublic Group of Cos Inc/TheIPG-US -13.34
Micron Technology Inc MU-US -5.59
Waters Corp WAT-US -5.35
3M Co MMM-US -5.05
U.S. Equity Upgrades
 Domino's raised to Overweight at Stephens
 Electronic Arts raised to Buy at Bank of America Merrill Lynch
U.S. Equity Downgrades
 CF Industries cut to Neutral at Credit Suisse
 Seagate cut to Sell at Cross Research
Today's Earnings – U.S.
Alaska Air Group Inc $2.52, Hess Corp -$1.30, Baxter International Inc $0.57, Coca-
Cola Co/The $0.58, Corning Inc $0.40, Ingersoll-Rand PLC $1.46, Laboratory Corp of
America Holdings $2.41, Northrop Grumman Corp $2.86, Thermo Fisher Scientific Inc
$2.27, DR Horton Inc $0.75, AO Smith Corp $0.53, Waste Management Inc $0.81,
DDR Corp $0.28, Six Flags Entertainment Corp $0.72, Rockwell Automation Inc
$1.65, MarketAxess Holdings Inc $0.92, Owens Corning $1.08, Hilton Worldwide
Holdings Inc $0.50, Anthem Inc $3.23, Ford Motor Co $0.43, Hershey Co/The $0.90,
State Street Corp $1.57, Lear Corp $4.11, Boeing Co/The $2.30, NextEra Energy Inc
$1.74, General Dynamics Corp $2.43, FLIR Systems Inc $0.42, Norfolk Southern
Corp $1.65, USG Corp $0.52, BGC Partners Inc $0.24, Legg Mason Inc $0.51, Gilead
Sciences Inc $2.14, Realty Income Corp $0.76, Facebook Inc $1.13, Buffalo Wild
Wings Inc $1.05, PayPal Holdings Inc $0.43, Whirlpool Corp $3.54, O'Reilly
Automotive Inc $2.89, Teradyne Inc $0.86, Kimco Realty Corp $0.38, Host Hotels &
Resorts Inc $0.47, Raymond James Financial Inc $1.27, Public Storage $2.55, Lam
Research Corp $3.03, Quidel Corp -$0.09, Vertex Pharmaceuticals Inc $0.35, Whole
Foods Market Inc $0.33, Xilinx Inc $0.60, Omega Healthcare Investors Inc $0.81,
Ethan Allen Interiors Inc $0.42, Tractor Supply Co $1.27, Knight Transportation Inc
$0.25, Rent-A-Center Inc/TX $0.08, Getty Realty Corp $0.40, F5 Networks Inc $2.03,
QEP Resources Inc -$0.20, Packaging Corp of America $1.47, Edwards Lifesciences
Corp $0.88, Regal Entertainment Group $0.18, Whiting Petroleum Corp -$0.19, Las
Vegas Sands Corp $0.59, Fortinet Inc $0.20, Discover Financial Services $1.44,
AGNC Investment Corp $0.60, ServiceNow Inc $0.20, Knowles Corp $0.11, Celadon
Group Inc -$0.23, Medicines Co/The -$5.17, Vantiv Inc $0.82, Planet Fitness Inc
$0.19

4. Before the Open July 26, 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 26, 2017
Page 5
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