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 -7 2,422 (0.28)
NASDAQ -58 5,690 (1.01)
Dow Jones -21 21,186 (0.10)
Daily Market Summary
Market Chg Last % Chg Ytd Chg
S&P/TSX 50 15,473 0.33 1.21
Venture 0 791 (0.01) 3.78
Dow Jones 89 21,272 0.42 7.64
S&P 500 -2 2,432 (0.08) 8.62
NASDAQ -114 6,208 (1.80) 15.32
Global Markets
Market Chg Last % Chg Ytd Chg
DAX -124 12,692 (0.96) 10.55
FTSE -3 7,524 (0.04) 5.34
Stoxx 600 -3 387 (0.88) 7.07
Nikkei -105 19,909 (0.52) 4.16
Hang Seng -322 25,708 (1.24) 16.85
Commodities
Chg Last % Chg Ytd Chg
Gold $0.94 $1,267.57 0.07 10.01
Oil $0.66 $46.49 1.42 (18.09)
Natural Gas $0.02 $3.06 0.56 (17.94)
F/X Rates
CDN$ Buys US$ Buys
US$ 0.7442 CDN$ 1.3437
Yen 81.77 Yen 109.87
Euro 0.6631 Euro 0.8909
Bond Yields
Market Chg Last % Chg Ytd Chg
CAN 3-MO 0.02 0.52 4.00 13.04
CAN 10-YR 0.00 1.42 (0.21) (17.43)
U.S. 3-MO 0.01 1.00 0.50 101.25
U.S. 10-YR 0.01 2.21 0.32 (9.69)
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
 In the U.S., Nasdaq futures fell more than half a percent on Monday as
technology stocks resumed their downward trajectory from the previous
session. Dow and S&P futures also fell on Monday, trading 32 points and 5
points lower, respectively.
 Asian shares closed in negative territory on Monday, as tech stocks took a
tumble. The Nikkei 225 closed down 0.52 percent or 104.68 points while Hong
Kong's Hang Seng Index shed 1.24 percent and the Shanghai Composite slid
0.57 percent, or 17.95 points.
 Bourses in Europe were lower Monday as investors took a cautious approach in
coming to terms with a hung parliament in the U.K. and awaited a meeting of
the Federal Reserve later this week. The pan-European Stoxx 600 was 0.82
percent lower with most sectors and major bourses moving south. Technology
stocks were by far the worst performing sector, down by more than 3 percent.
Company Headlines
 Apple Inc (AAPL-Q) and computing giant Dell Inc will join a Foxconn-led
consortium bidding for Toshiba Corp's highly prized chip unit, the CEO of the
world's largest contract electronics manufacturer said on Monday. Toshiba is
rushing to find a buyer for the world's second-largest producer of NAND chips,
which it values at USD $18 billion or more, to cover billions of dollars in cost
overruns at its now-bankrupt U.S. nuclear business Westinghouse Electric
Corp.
 The United States International Trade Commission voted to continue its
investigation into Bombardier Inc.’s (BBD.B-T) trade practices on Friday, a
decision that was largely expected and that could stall the company’s efforts to
sell its CSeries jets in the U.S. market. After a 45-day preliminary investigation,
the five members of the USITC panel all voted in the “affirmative,” deciding that
there is “a reasonable indication” that the Boeing Company is threatened with
material injury as a result of Bombardier’s alleged sale of subsidized jets for
less than fair value.
 General Electric (GE-N) on Monday announced that Chairman and CEO Jeff
Immelt will be stepping down, a management shake-up that many people saw
coming. John Flannery, current president and CEO of GE Healthcare, has been
named CEO of the company, effective August 1, 2017, and chairman and CEO
effective January 1, 2018.
Sources: Marketwatch, Bloomberg, The Canadian Press, Canadian Newswire, WSJ, Globe and Mail,
Financial Post, NYT, FactSet,Thomson Reuters, StreetAccount, CNBC, RTT News)
June 12, 2017

2. Before the Open June 12, 2017
Page 2
*
Canadian Equities Upgrades - March 6
Weekly Canada Economic Calendar - June 12 to June 16, 2017
Date/Time Event Period Consensus Actual Prior
06/12/2017 10:00 Bloomberg Nanos Confidence 9-Jun -- -- 57.9
06/14/2017 08:30 Teranet/National Bank HPI MoM May -- -- 1.20%
06/14/2017 08:30 Teranet/National Bank HPI YoY May -- -- 13.40%
06/14/2017 08:30 Teranet/National Bank HP Index May -- -- 206.41
06/15/2017 08:30 Manufacturing Sales MoM Apr 1.00% -- 1.00%
06/15/2017 09:00 Existing Home Sales MoM May -- -- -1.70%
06/16/2017 08:30 Int'l Securities Transactions Apr -- -- 15.13b
S&P/TSX Daily Performance
13000
13500
14000
14500
15000
15500
16000
Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17
Leaders - Prior Session
Company Ticker % Change
Home Capital Group Inc HCG-T 7.81
Canopy Growth Corp WEED-T 6.67
Baytex Energy Corp BTE-T 5.10
MEG Energy Corp MEG-T 5.00
Encana Corp ECA-T 4.90
Laggards - Prior Session
Company Ticker % Change
Enghouse Systems Ltd ENGH-T -10.57
Hudson's Bay Co HBC-T -10.50
Asanko Gold Inc AKG-T -7.56
Sierra Wireless Inc SW-T -7.42
Bombardier Inc BBD/B-T -7.06
Canadian Equity Upgrades
 Russel Metals raised to Buy at TD
Canadian Equity Downgrades
 N/A
Today's Earnings – Canada
Dominion Diamond Corp $0.05

3. Before the Open June 12, 2017
Page 3
Weekly U.S. Economic Calendar - June 12 to June 16, 2017
Date/Time Event Period Consensus Actual Prior
06/12/2017 14:00 Monthly Budget Statement May -$87.0b -- -$52.5b
06/13/2017 06:00 NFIB Small Business Optimism May 104.5 -- 104.5
06/13/2017 08:30 PPI Final Demand MoM May 0.00% -- 0.50%
06/13/2017 08:30 PPI Ex Food and Energy MoM May 0.20% -- 0.40%
06/13/2017 08:30 PPI Ex Food, Energy, Trade MoM May 0.20% -- 0.70%
06/13/2017 08:30 PPI Final Demand YoY May 2.30% -- 2.50%
06/13/2017 08:30 PPI Ex Food and Energy YoY May 1.90% -- 1.90%
06/13/2017 08:30 PPI Ex Food, Energy, Trade YoY May -- -- 2.10%
06/14/2017 07:00 MBA Mortgage Applications 9-Jun -- -- 7.10%
06/14/2017 08:30 CPI MoM May 0.00% -- 0.20%
06/14/2017 08:30 CPI Ex Food and Energy MoM May 0.20% -- 0.10%
06/14/2017 08:30 CPI YoY May 2.00% -- 2.20%
06/14/2017 08:30 CPI Ex Food and Energy YoY May 1.90% -- 1.90%
06/14/2017 08:30 CPI Core Index SA May 251.58 -- 251.172
06/14/2017 08:30 CPI Index NSA May 244.896 -- 244.524
06/14/2017 08:30 Real Avg Weekly Earnings YoY May -- -- 0.30%
06/14/2017 08:30 Real Avg Hourly Earning YoY May -- -- 0.30%
06/14/2017 08:30 Retail Sales Advance MoM May 0.10% -- 0.40%
06/14/2017 08:30 Retail Sales Ex Auto MoM May 0.10% -- 0.30%
06/14/2017 08:30 Retail Sales Ex Auto and Gas May 0.30% -- 0.30%
06/14/2017 08:30 Retail Sales Control Group May 0.30% -- 0.20%
06/14/2017 10:00 Business Inventories Apr -0.10% -- 0.20%
06/14/2017 14:00 FOMC Rate Decision (Upper Bound) 14-Jun 1.25% -- 1.00%
06/14/2017 14:00 FOMC Rate Decision (Lower Bound) 14-Jun 1.00% -- 0.75%
06/15/2017 08:30 Import Price Index MoM May 0.00% -- 0.50%
06/15/2017 08:30 Empire Manufacturing Jun 5 -- -1
06/15/2017 08:30 Import Price Index ex Petroleum MoM May -- -- 0.40%
06/15/2017 08:30 Import Price Index YoY May 2.90% -- 4.10%
06/15/2017 08:30 Export Price Index MoM May 0.20% -- 0.20%
06/15/2017 08:30 Export Price Index YoY May -- -- 3.00%
06/15/2017 08:30 Initial Jobless Claims 10-Jun 241k -- 245k
06/15/2017 08:30 Continuing Claims 3-Jun 1920k -- 1917k
06/15/2017 08:30 Philadelphia Fed Business Outlook Jun 25 -- 38.8
06/15/2017 09:15 Industrial Production MoM May 0.20% -- 1.00%
06/15/2017 09:15 Capacity Utilization May 76.80% -- 76.70%
06/15/2017 09:15 Manufacturing (SIC) Production May 0.10% -- 1.00%
06/15/2017 09:45 Bloomberg Consumer Comfort 11-Jun -- -- 49.9
06/15/2017 10:00 NAHB Housing Market Index Jun 70 -- 70
06/15/2017 16:00 Total Net TIC Flows Apr -- -- -$0.7b
06/15/2017 16:00 Net Long-term TIC Flows Apr -- -- $59.8b
06/16/2017 08:30 Housing Starts May 1218k -- 1172k
06/16/2017 08:30 Housing Starts MoM May 3.90% -- -2.60%
06/16/2017 08:30 Building Permits May 1250k -- 1228k
06/16/2017 08:30 Building Permits MoM May 1.80% -- -2.50%
06/16/2017 10:00 Labor Market Conditions Index Change May 2.8 -- 3.5
06/16/2017 10:00 U. of Mich. Sentiment Jun P 97.1 -- 97.1
06/16/2017 10:00 U. of Mich. Current Conditions Jun P 113.2 -- 111.7
06/16/2017 10:00 U. of Mich. Expectations Jun P 87.6 -- 87.7
06/16/2017 10:00 U. of Mich. 1 Yr Inflation Jun P -- -- 2.60%
06/16/2017 10:00 U. of Mich. 5-10 Yr Inflation Jun P -- -- 2.40%
Appendix A - Important Information
S&P 500 Daily Performance
1950
2050
2150
2250
2350
2450
Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17
Leaders - Prior Session
Company Ticker % Change
Kohl's Corp KSS-US 7.22
Helmerich & Payne Inc HP-US 5.69
Nordstrom Inc JWN-US 5.67
Bed Bath & Beyond Inc BBBY-US 5.38
National Oilwell Varco Inc NOV-US 4.97
Laggards - Prior Session
Company Ticker % Change
NVIDIA Corp NVDA-US -6.46
KLA-Tencor Corp KLAC-US -6.38
Citrix Systems Inc CTXS-US -5.88
Micron Technology Inc MU-US -5.70
Applied Materials Inc AMAT-US -5.67
U.S. Equity Upgrades
 Pandora Media raised to Outperform at FBR
 Parsley Energy raised to Buy at Williams Capital
U.S. Equity Downgrades
 Essex Property cut to Underperform at Evercore
 Crown Castle cut to Market Perform at Raymond James
Today's Earnings – U.S.
N/A

4. Before the Open June 12, 2017
Page 4
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5. Before the Open June 12, 2017
Page 5
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