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 1 2,433 0.05
NASDAQ -2 5,784 (0.04)
Dow Jones -27 21,321 (0.13)
Daily Market Summary
Market Chg Last % Chg Ytd Chg
S&P/TSX 71 15,220 0.47 (0.44)
Venture -1 771 (0.10) 1.14
Dow Jones -13 21,397 (0.06) 8.27
S&P 500 -1 2,435 (0.05) 8.74
NASDAQ 3 6,237 0.04 15.86
Global Markets
Market Chg Last % Chg Ytd Chg
DAX -84 12,710 (0.66) 10.70
FTSE -18 7,421 (0.25) 3.89
Stoxx 600 -1 387 (0.33) 7.14
Nikkei 22 20,133 0.11 5.33
Hang Seng -4 25,670 (0.02) 16.68
Commodities
Chg Last % Chg Ytd Chg
Gold $7.90 $1,258.35 0.63 9.21
Oil $0.08 $42.82 0.19 (24.75)
Natural Gas $0.02 $2.91 0.69 (21.75)
F/X Rates
CDN$ Buys US$ Buys
US$ 0.7527 CDN$ 1.3286
Yen 83.73 Yen 111.23
Euro 0.6736 Euro 0.8947
Bond Yields
Market Chg Last % Chg Ytd Chg
CAN 3-MO 0.00 0.57 - 23.91
CAN 10-YR -0.02 1.49 (1.00) (13.71)
U.S. 3-MO 0.01 0.95 0.53 91.01
U.S. 10-YR 0.00 2.15 0.07 (12.07)
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 struggled to find clear direction Friday, with manufacturing and
services data eyed as a potential catalyst for a move. Manufacturing PMI data and
services PMI data are due out at 9:45 a.m. ET, followed by the latest new home sales
data, due at 10 a.m. ET.
 Asian stock markets finished mostly higher after trading sideways on Friday following
news that China's banking regulator had questions for banks related to loans for
overseas asset purchases and as oil prices advanced off 10-month lows. Shanghai's
Stock Composite Index rose 0.3% and Tokyo's Nikkei Index gained 0.1%.
 European stock markets are trading lower as investors monitored oil prices and awaited
developments from the European Union Summit in Brussels. Investors also evaluated
economic data which showed Germany's manufacturing and services sector, which
accounts for over two-thirds of its economy, dipped to a four-month low in June, while
business activity in France also eased more than predicted in June as growth
weakened in the country's services sector.
Company Headlines
 Blackberry Ltd. (BB-T) reported a fall in first quarter revenue that missed estimates as
it received fewer orders from its enterprise customers. The company reported a profit of
$671 million, or $1.23 per share, for the quarter ended May 31, compared with a loss of
$670 million, or $1.28 per share, a year earlier. The quarter included a $940 million
arbitration payment from U.S. chipmaker Qualcomm Inc. Revenue fell to $235 million
from $400 million. On an adjusted basis, the company reported revenue of $244 million.
BlackBerry has focused on its software portfolio with a number of recent acquisitions
and is betting on its offerings for the healthcare and automotive industries to fuel
growth.
 Dream Office REIT (D.UN-T) says it has struck a deal to sell office properties for $1.7
billion, with $750 million of that coming from the sale of its 50% stake in Scotia Plaza in
downtown Toronto to co-owners KingSett Capital and the Alberta Investment
Management Corp. The Toronto-based real estate investment trust says it will use
some of the proceeds to buy back and cancel $440 million worth of its investment units,
and plans to cut its annual investor distributions from $1.50 to $1 per unit to boost cash
flow to reinvest in its business. The value of its income properties portfolio will fall from
$6.1 billion 18 months ago to about $2.9 billion, with about half of that centered in
downtown Toronto.
 Tesla Inc. (TSLA-Q) took a step closer toward establishing an electric vehicle
manufacturing plant in China with its announcement on Thursday that it is in exploratory
talks with the Shanghai municipal government. Tesla has said it wants to build electric
cars in China to avoid a 25% tariff on imported vehicles. The company did not provide a
timeline for setting up a China plant, but said it expects to "more clearly define" its
China production plans by the end of the year.
Sources: Marketwatch, Bloomberg, The Canadian Press, Canadian Newswire, WSJ, Globe and Mail,
Financial Post, NYT, FactSet,Thomson Reuters, StreetAccount, CNBC, RTT News)
June 23, 2017

2. Before the Open June 23, 2017
Page 2
*
Canadian Equities Upgrades - March 6
Weekly Canada Economic Calendar - June 19 to June 23, 2017
Date/Time Event Period Consensus Actual Prior
06/20/2017 08:30 Wholesale Trade Sales MoM Apr 0.50% 1.00% 0.90%
06/22/2017 08:30 Retail Sales MoM Apr 0.30% 0.80% 0.50%
06/22/2017 08:30 Retail Sales Ex Auto MoM Apr 0.70% 1.50% -0.10%
06/23/2017 08:30 CPI NSA MoM May 0.20% 0.10% 0.40%
06/23/2017 08:30 CPI YoY May 1.50% 1.30% 1.60%
06/23/2017 08:30 Consumer Price Index May 131 130.5 130.4
06/23/2017 08:30 CPI Core- Common YoY% May 1.40% 1.30% 1.30%
06/23/2017 08:30 CPI Core- Trim YoY% May -- 1.20% 1.30%
06/23/2017 08:30 CPI Core- Median YoY% May -- 1.50% 1.60%
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 27.18
Valeant Pharmaceuticals International IncVRX-T 12.57
Genworth MI Canada Inc MIC-T 11.54
Hudson's Bay Co HBC-T 9.85
Hudbay Minerals Inc HBM-T 7.89
Laggards - Prior Session
Company Ticker % Change
Klondex Mines Ltd KDX-T -7.30
Bombardier Inc BBD/B-T -3.63
Ritchie Bros Auctioneers Inc RBA-T -3.29
Celestica Inc CLS-T -2.23
Crescent Point Energy Corp CPG-T -2.14
Canadian Equity Upgrades
 n/a
Canadian Equity Downgrades
 Enbridge Inc cut to Neutral at JP Morgan
 Mandalay Resources cut to Market Perform at Raymond James
 Celestica cut to Neutral at Macquarie
Today's Earnings – Canada
BlackBerry Ltd $0.00

3. Before the Open June 23, 2017
Page 3
Weekly U.S. Economic Calendar - June 19 to June 23, 2017
Date/Time Event Period Consensus Actual Prior
06/20/2017 08:30 Current Account Balance 1Q -$123.6b -$116.8b -$114.0b
06/21/2017 07:00 MBA Mortgage Applications 16-Jun -- 0.60% 2.80%
06/21/2017 10:00 Existing Home Sales May 5.55m 5.62m 5.56m
06/21/2017 10:00 Existing Home Sales MoM May -0.40% 1.10% -2.50%
06/22/2017 08:30 Initial Jobless Claims 17-Jun 240k 241k 238k
06/22/2017 08:30 Continuing Claims 10-Jun 1928k 1944k 1936k
06/22/2017 09:00 FHFA House Price Index MoM Apr 0.50% 0.70% 0.70%
06/22/2017 09:45 Bloomberg Consumer Comfort 18-Jun -- 49.4 50
06/22/2017 09:45 Bloomberg Economic Expectations Jun -- 52 49.5
06/22/2017 10:00 Leading Index May 0.30% 0.30% 0.20%
06/22/2017 11:00 Kansas City Fed Manf. Activity Jun 9 11 8
06/23/2017 09:45 Markit US Manufacturing PMI Jun P 52.9 -- 52.7
06/23/2017 09:45 Markit US Services PMI Jun P 53.5 -- 53.6
06/23/2017 09:45 Markit US Composite PMI Jun P -- -- 53.6
06/23/2017 10:00 New Home Sales May 591k -- 569k
06/23/2017 10:00 New Home Sales MoM May 3.80% -- -11.40%
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
Oracle Corp ORCL-US 8.57
Staples Inc SPLS-US 6.24
CarMax Inc KMX-US 4.62
Gilead Sciences Inc GILD-US 4.41
PVH Corp PVH-US 3.81
Laggards - Prior Session
Company Ticker % Change
Accenture PLC ACN-US -3.96
Dr Pepper Snapple Group Inc DPS-US -3.63
Willis Towers Watson PLC WLTW-US -2.39
Walgreens Boots Alliance Inc WBA-US -2.24
Costco Wholesale Corp COST-US -2.06
U.S. Equity Upgrades
 U.S. Steel raised to Buy at Deutsche Bank
U.S. Equity Downgrades
 Baker Hughes cut to Hold at Tudor Pickering
 Caterpillar cut to Hold at Deutsche Bank
 Carnival cut to Hold at Shore Capital
Today's Earnings – U.S.
Finish Line Inc/The $0.23

4. Before the Open June 23, 2017
Page 4
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5. Before the Open June 23, 2017
Page 5
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