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 2 2,434 0.08
NASDAQ 4 5,713 0.06
Dow Jones 13 21,333 0.06
Daily Market Summary
Market Chg Last % Chg Ytd Chg
S&P/TSX -10 15,160 (0.06) (0.83)
Venture -8 772 (0.99) 1.21
Dow Jones -15 21,360 (0.07) 8.08
S&P 500 -5 2,432 (0.22) 8.65
NASDAQ -29 6,166 (0.47) 14.53
Global Markets
Market Chg Last % Chg Ytd Chg
DAX 33 12,724 0.26 10.83
FTSE 38 7,458 0.52 4.41
Stoxx 600 2 388 0.54 7.39
Nikkei 111 19,943 0.56 4.34
Hang Seng 61 25,626 0.24 16.48
Commodities
Chg Last % Chg Ytd Chg
Gold $1.45 $1,255.38 0.12 8.95
Oil $0.39 $44.85 0.87 (20.98)
Natural Gas $0.00 $3.05 (0.16) (18.07)
F/X Rates
CDN$ Buys US$ Buys
US$ 0.7559 CDN$ 1.3229
Yen 84.09 Yen 111.23
Euro 0.6764 Euro 0.8948
Bond Yields
Market Chg Last % Chg Ytd Chg
CAN 3-MO 0.00 0.54 - 17.39
CAN 10-YR 0.02 1.55 1.31 (9.99)
U.S. 3-MO 0.00 1.00 - 101.27
U.S. 10-YR 0.01 2.17 0.40 (11.13)
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 Friday as the technology
sector attempt to come back from its latest pullback. Dow futures rose 7 points,
while S&P and Nasdaq futures gained 1.25 points and 1.75 points,
respectively.
 Most Asian bourses closed cautiously higher on Friday after the Bank of Japan
kept its policy unchanged. Japan's benchmark Nikkei 225 index gained 0.56
percent, while Hong Kong's Hang Seng Index was trading 0.24 percent higher
and the Shanghai Composite shed 0.31 percent.
 Markets in Europe were higher on Friday as investors digested news of more
money for Greece and focused on wider political events. The pan-European
Stoxx 600 was 0.54 percent higher with all sectors moving higher and auto
stocks among the top performers.
Company Headlines
 Verizon Communications Inc. (NYSE-VZ) expects to take a $500 million
charge in the second quarter to cover severance and integration expenses
related to the $4.5 billion acquisition of Yahoo! Inc. Verizon expects to see
about $1 billion in operating cost savings through 2020 from the Yahoo deal,
according to a filing Thursday.
 General Electric Co.’s (GE-N) pension shortfall is a problem that Jeffrey
Immelt largely ignored as he tried to appease the company's most vocal
shareholders. At $31 billion, the shortfall is the biggest among S&P 500
companies and 50 percent greater than any other corporation in the U.S. Not
only must newly appointed CEO John Flannery now boost profits, shore up
GE's cash flow and contend with its flagging oil services and transportation
businesses, but the 30-year GE veteran also needs to pay close to $50 billion
in pension obligations that come due in the next decade.
 With the $70 billion TV advertising market in its sights, Facebook Inc. (FB-Q)
is starting to bankroll the creation of video series that will begin to appear on
the world’s largest social network later this year. Facebook is closing deals for
its first batch of shows, including two that the Hollywood Reporter unveiled
earlier this week -- reality competition series “Last State Standing” and a
second season of comedy “Loosely Exactly Nicole,” which first appeared on
MTV. The shows will be available via a new video tab on Facebook that hasn’t
been released.
Sources: Marketwatch, Bloomberg, The Canadian Press, Canadian Newswire, WSJ, Globe and Mail,
Financial Post, NYT, FactSet,Thomson Reuters, StreetAccount, CNBC, RTT News)
June 16, 2017

2. Before the Open June 16, 2017
Page 2
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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 -- 57.8 57.9
06/14/2017 08:30 Teranet/National Bank HPI MoM May -- 2.20% 1.20%
06/14/2017 08:30 Teranet/National Bank HPI YoY May -- 13.90% 13.40%
06/14/2017 08:30 Teranet/National Bank HP Index May -- 210.92 206.41
06/15/2017 08:30 Manufacturing Sales MoM Apr 0.90% 1.10% 0.80%
06/15/2017 09:00 Existing Home Sales MoM May -- -6.20% -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 12.70
North West Co Inc/The NWC-T 4.65
Kinaxis Inc KXS-T 3.74
Thomson Reuters Corp TRI-T 3.59
Torex Gold Resources Inc TXG-T 3.54
Laggards - Prior Session
Company Ticker % Change
Baytex Energy Corp BTE-T -8.62
ProMetic Life Sciences Inc PLI-T -7.50
Hudbay Minerals Inc HBM-T -5.75
Crew Energy Inc CR-T -5.53
Lucara Diamond Corp LUC-T -5.39
Canadian Equity Upgrades
 N/A
Canadian Equity Downgrades
 N/A
Today's Earnings – Canada
N/A

3. Before the Open June 16, 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 -$88.4b -$52.5b
06/13/2017 06:00 NFIB Small Business Optimism May 104.5 104.5 104.5
06/13/2017 08:30 PPI Final Demand MoM May 0.00% 0.00% 0.50%
06/13/2017 08:30 PPI Ex Food and Energy MoM May 0.10% 0.30% 0.40%
06/13/2017 08:30 PPI Ex Food, Energy, Trade MoM May 0.10% -0.10% 0.70%
06/13/2017 08:30 PPI Final Demand YoY May 2.30% 2.40% 2.50%
06/13/2017 08:30 PPI Ex Food and Energy YoY May 1.90% 2.10% 1.90%
06/13/2017 08:30 PPI Ex Food, Energy, Trade YoY May -- 2.10% 2.10%
06/14/2017 07:00 MBA Mortgage Applications 9-Jun -- 2.80% 7.10%
06/14/2017 08:30 CPI MoM May 0.00% -0.10% 0.20%
06/14/2017 08:30 CPI Ex Food and Energy MoM May 0.20% 0.10% 0.10%
06/14/2017 08:30 CPI YoY May 2.00% 1.90% 2.20%
06/14/2017 08:30 CPI Ex Food and Energy YoY May 1.90% 1.70% 1.90%
06/14/2017 08:30 CPI Core Index SA May 251.58 251.329 251.172
06/14/2017 08:30 CPI Index NSA May 244.9 244.733 244.524
06/14/2017 08:30 Real Avg Weekly Earnings YoY May -- 0.60% 0.30%
06/14/2017 08:30 Real Avg Hourly Earning YoY May -- 0.60% 0.30%
06/14/2017 08:30 Retail Sales Advance MoM May 0.00% -0.30% 0.40%
06/14/2017 08:30 Retail Sales Ex Auto MoM May 0.10% -0.30% 0.40%
06/14/2017 08:30 Retail Sales Ex Auto and Gas May 0.30% 0.00% 0.50%
06/14/2017 08:30 Retail Sales Control Group May 0.30% 0.00% 0.60%
06/14/2017 10:00 Business Inventories Apr -0.20% -0.20% 0.20%
06/14/2017 14:00 FOMC Rate Decision (Upper Bound) 14-Jun 1.25% 1.25% 1.00%
06/14/2017 14:00 FOMC Rate Decision (Lower Bound) 14-Jun 1.00% 1.00% 0.75%
06/15/2017 08:30 Import Price Index MoM May -0.10% -0.30% 0.20%
06/15/2017 08:30 Import Price Index ex Petroleum MoM May -- 0.00% 0.30%
06/15/2017 08:30 Import Price Index YoY May 2.90% 2.10% 3.60%
06/15/2017 08:30 Export Price Index MoM May 0.20% -0.70% 0.20%
06/15/2017 08:30 Export Price Index YoY May -- 1.40% 3.20%
06/15/2017 08:30 Initial Jobless Claims 10-Jun 241k 237k 245k
06/15/2017 08:30 Continuing Claims 3-Jun 1920k 1935k 1929k
06/15/2017 08:30 Philadelphia Fed Business Outlook Jun 24.9 27.6 38.8
06/15/2017 08:30 Empire Manufacturing Jun 5 19.8 -1
06/15/2017 09:15 Industrial Production MoM May 0.20% 0.00% 1.10%
06/15/2017 09:15 Capacity Utilization May 76.80% 76.60% 76.70%
06/15/2017 09:15 Manufacturing (SIC) Production May 0.10% -0.40% 1.10%
06/15/2017 09:45 Bloomberg Consumer Comfort 11-Jun -- 50 49.9
06/15/2017 10:00 NAHB Housing Market Index Jun 70 67 69
06/15/2017 16:00 Total Net TIC Flows Apr -- $65.8b $9.3b
06/15/2017 16:00 Net Long-term TIC Flows Apr -- $1.8b $59.7b
06/16/2017 08:30 Housing Starts May 1220k -- 1172k
06/16/2017 08:30 Housing Starts MoM May 4.10% -- -2.60%
06/16/2017 08:30 Building Permits May 1249k -- 1228k
06/16/2017 08:30 Building Permits MoM May 1.70% -- -2.50%
06/16/2017 10:00 Labor Market Conditions Index Change May 3 -- 3.5
06/16/2017 10:00 U. of Mich. Sentiment Jun P 97 -- 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%
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
H&R Block Inc HRB-US 3.02
Harley-Davidson Inc HOG-US 2.91
Alliance Data Systems Corp ADS-US 2.77
CH Robinson Worldwide Inc CHRW-US 2.37
PACCAR Inc PCAR-US 1.91
Laggards - Prior Session
Company Ticker % Change
Kroger Co/The KR-US -18.89
Nucor Corp NUE-US -7.63
Whole Foods Market Inc WFM-US -6.74
Mattel Inc MAT-US -6.68
Freeport-McMoRan Inc FCX-US -4.88
U.S. Equity Upgrades
 Urban Outfitters raised to Outperform at Wolfe
 Celgen raised to Outperform at Leerink
U.S. Equity Downgrades
 Kroger cut to Neutral at Goldman and JPMorgan
 Nike cut to Neutral at JPMorgan
Today's Earnings – U.S.
N/A

4. Before the Open June 16, 2017
Page 4
Appendix A - Important Information
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5. Before the Open June 16, 2017
Page 5
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