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 -2 2,434 (0.07)
NASDAQ -23 5,755 (0.40)
Dow Jones -18 21,350 (0.08)
Daily Market Summary
Market Chg Last % Chg Ytd Chg
S&P/TSX -4 15,316 (0.02) 0.19
Venture -5 772 (0.69) 1.25
Dow Jones 15 21,410 0.07 8.33
S&P 500 1 2,439 0.03 8.94
NASDAQ -18 6,247 (0.29) 16.05
Global Markets
Market Chg Last % Chg Ytd Chg
DAX -75 12,695 (0.59) 10.57
FTSE -13 7,434 (0.18) 4.07
Stoxx 600 -3 387 (0.65) 6.94
Nikkei 72 20,225 0.36 5.81
Hang Seng -32 25,840 (0.12) 17.45
Commodities
Chg Last % Chg Ytd Chg
Gold $5.15 $1,249.89 0.41 8.47
Oil $0.56 $43.94 1.27 (22.78)
Natural Gas $0.01 $3.04 0.26 (18.50)
F/X Rates
CDN$ Buys US$ Buys
US$ 0.7574 CDN$ 1.3203
Yen 84.77 Yen 111.91
Euro 0.6717 Euro 0.8868
Bond Yields
Market Chg Last % Chg Ytd Chg
CAN 3-MO -0.07 0.59 (10.61) 28.26
CAN 10-YR 0.04 1.50 2.67 (12.73)
U.S. 3-MO 0.03 0.98 3.23 97.19
U.S. 10-YR 0.03 2.17 1.46 (11.29)
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 pulled back almost half a percent Tuesday after Google
was hit with a record fine of $2.7 billion by European Union regulators. Dow and S&P
futures, meanwhile, pointed to a flat to slightly lower open as investors awaited data
and key remarks from leading Federal Reserve members including Chair Janet Yellen.
 Markets in Asia closed mixed on Tuesday as traders watched for signals from central
bankers' speeches. The Nikkei 225 rose 0.36 percent, or 71.74 points, while Hong
Kong's Hang Seng Index gave up earlier gains to trade lower by 0.12 percent and the
Shanghai Composite closed up by 0.19 percent.
 European markets were lower on Tuesday morning after the president of the European
Central Bank, Mario Draghi, defended the bank's loose monetary policy and said a
premature end to easing could lead to another recession. The pan-European Stoxx
600 was down 0.65 percent in early deals, with the majority of sectors and European
bourses trading in negative territory.
Company Headlines
 Alphabet Inc.'s (GOOGL-Q) Google lost its biggest regulatory battle yet, getting a
record 2.4 billion-euro (US$2.7 billion) fine from European Union enforcers who say the
search-engine giant skewed results to thwart smaller shopping search services. Google
has 90 days to "stop its illegal conduct" and give equal treatment to rival price-
comparison services, according to a binding order from the European Commission on
Tuesday. It’s up to Google to choose how it does this and inform the EU of its plans
within 60 days.
 Licensed marijuana company Canopy Growth Corp. (WEED-T) saw its patient base
double in its last fiscal year to more than 58,000 as it sold 203 per cent more product,
though the company posted a C$16.7-million net loss for the year, up from C$3.5-
million in 2016. For 2017’s fourth quarter, the company’s most recent, Canopy brought
in revenue of C$14.7-million, a 191-per-cent increase over a year earlier. But it
revealed a wider net loss for the quarter of $21.1-million, or 14 cents a share, versus
C$5.1-million or 5 cents the year prior.
 International Business Machines Corp. (IBM-N) is building blockchain technology
that will be used by seven of Europe's largest banks, including HSBC and Rabobank,
to facilitate international trade for small and medium-size enterprises, the company said
on Tuesday. The project will mark one of the first real-world use cases of blockchain
technology in financial institutions. Seven banks — Deutsche Bank, HSBC, KBC,
Natixis, Rabobank, Societe Generale and Unicredit — are part of the consortium.
Sources: Marketwatch, Bloomberg, The Canadian Press, Canadian Newswire, WSJ, Globe and Mail,
Financial Post, NYT, FactSet,Thomson Reuters, StreetAccount, CNBC, RTT News)
June 27, 2017

2. Before the Open June 27, 2017
Page 2
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Canadian Equities Upgrades - March 6
Weekly Canada Economic Calendar - June 26 to June 30, 2017
Date/Time Event Period Consensus Actual Prior
06/26/2017 10:00 Bloomberg Nanos Confidence 23-Jun -- 57.7 58
06/29/2017 CFIB Business Barometer Jun -- -- 66
06/30/2017 08:30 GDP MoM Apr 0.20% -- 0.50%
06/30/2017 08:30 GDP YoY Apr 3.40% -- 3.20%
06/30/2017 08:30 Industrial Product Price MoM May 0.40% -- 0.60%
06/30/2017 08:30 Raw Materials Price Index MoM May 0.00% -- 1.60%
06/30/2017 10:30 Business Outlook Future Sales 2Q -- -- 21
06/30/2017 10:30 BoC Senior Loan Officer Survey 2Q -- -- -1.9
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
Valeant Pharmaceuticals International IncVRX-T 8.03
BlackBerry Ltd BB-T 5.68
Hudson's Bay Co HBC-T 4.34
Alimentation Couche-Tard Inc ATD/B-T 3.58
Bonavista Energy Corp BNP-T 3.20
Laggards - Prior Session
Company Ticker % Change
ShawCor Ltd SCL-T -5.82
Home Capital Group Inc HCG-T -4.67
Element Fleet Management Corp EFN-T -3.67
OceanaGold Corp OGC-T -3.26
Guyana Goldfields Inc GUY-T -2.80
Canadian Equity Upgrades
 Dream Office REIT raised to Buy at TD
Canadian Equity Downgrades
 Winpak cut to Neutral at CIBC
Today's Earnings – Canada
Corus Entertainment Inc $0.37, Canopy Growth Corp -$0.05

3. Before the Open June 27, 2017
Page 3
Weekly U.S. Economic Calendar - June 26 to June 30, 2017
Date/Time Event Period Consensus Actual Prior
06/26/2017 08:30 Durable Goods Orders May P -0.60% -1.10% -0.90%
06/26/2017 08:30 Durables Ex Transportation May P 0.40% 0.10% -0.50%
06/26/2017 08:30 Cap Goods Orders Nondef Ex Air May P 0.40% -0.20% 0.20%
06/26/2017 08:30 Cap Goods Ship Nondef Ex Air May P 0.40% -0.20% 0.10%
06/26/2017 08:30 Chicago Fed Nat Activity Index May 0.2 -0.26 0.57
06/26/2017 10:30 Dallas Fed Manf. Activity Jun 16 15 17.2
06/27/2017 09:00 S&P CoreLogic CS 20-City MoM SA Apr 0.50% -- 0.87%
06/27/2017 09:00 S&P CoreLogic CS 20-City YoY NSA Apr 5.90% -- 5.89%
06/27/2017 09:00 S&P CoreLogic CS 20-City NSA Index Apr -- -- 195.39
06/27/2017 09:00 S&P CoreLogic CS US HPI YoY NSA Apr -- -- 5.75%
06/27/2017 09:00 S&P CoreLogic CS US HPI NSA Index Apr -- -- 186.95
06/27/2017 10:00 Conf. Board Consumer Confidence Jun 116 -- 117.9
06/27/2017 10:00 Conf. Board Present Situation Jun -- -- 140.7
06/27/2017 10:00 Conf. Board Expectations Jun -- -- 102.6
06/27/2017 10:00 Richmond Fed Manufact. Index Jun 5 -- 1
06/28/2017 07:00 MBA Mortgage Applications 23-Jun -- -- 0.60%
06/28/2017 08:30 Advance Goods Trade Balance May -$66.0b -- -$67.1b
06/28/2017 08:30 Wholesale Inventories MoM May P 0.20% -- -0.50%
06/28/2017 08:30 Retail Inventories MoM May -- -- -0.30%
06/28/2017 10:00 Pending Home Sales MoM May 1.00% -- -1.30%
06/28/2017 10:00 Pending Home Sales NSA YoY May 0.50% -- -5.40%
06/29/2017 08:30 GDP Annualized QoQ 1Q T 1.20% -- 1.20%
06/29/2017 08:30 Personal Consumption 1Q T 0.60% -- 0.60%
06/29/2017 08:30 GDP Price Index 1Q T 2.20% -- 2.20%
06/29/2017 08:30 Core PCE QoQ 1Q T 2.10% -- 2.10%
06/29/2017 08:30 Initial Jobless Claims 24-Jun 240k -- 241k
06/29/2017 08:30 Continuing Claims 17-Jun 1934k -- 1944k
06/29/2017 09:45 Bloomberg Consumer Comfort 25-Jun -- -- 49.4
06/30/2017 08:30 Personal Income May 0.30% -- 0.40%
06/30/2017 08:30 Personal Spending May 0.10% -- 0.40%
06/30/2017 08:30 Real Personal Spending May 0.20% -- 0.20%
06/30/2017 08:30 PCE Deflator MoM May -0.10% -- 0.20%
06/30/2017 08:30 PCE Deflator YoY May 1.50% -- 1.70%
06/30/2017 08:30 PCE Core MoM May 0.10% -- 0.20%
06/30/2017 08:30 PCE Core YoY May 1.40% -- 1.50%
06/30/2017 09:45 Chicago Purchasing Manager Jun 58 -- 59.4
06/30/2017 10:00 U. of Mich. Sentiment Jun F 94.5 -- 94.5
06/30/2017 10:00 U. of Mich. Current Conditions Jun F -- -- 109.6
06/30/2017 10:00 U. of Mich. Expectations Jun F -- -- 84.7
06/30/2017 10:00 U. of Mich. 1 Yr Inflation Jun F -- -- 2.60%
06/30/2017 10:00 U. of Mich. 5-10 Yr Inflation Jun F -- -- 2.60%
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
FirstEnergy Corp FE-US 4.08
EQT Corp EQT-US 3.84
CVS Health Corp CVS-US 3.50
Nielsen Holdings PLC NLSN-US 3.47
AutoNation Inc AN-US 3.34
Laggards - Prior Session
Company Ticker % Change
Arconic Inc ARNC-US -5.99
Qorvo Inc QRVO-US -5.05
Skyworks Solutions Inc SWKS-US -2.91
Illumina Inc ILMN-US -2.37
Centene Corp CNC-US -2.14
U.S. Equity Upgrades
 EOG Resources raised to Overweight at Atlantic
 Bemis raised to Overweight at Barclays
U.S. Equity Downgrades
 Monsanto cut to Neutral at Susquehanna
 Halliburton cut to Neutral at Guggenheim
Today's Earnings – U.S.
Darden Restaurants Inc $1.15, KB Home $0.26

4. Before the Open June 27, 2017
Page 4
Appendix A - Important Information
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Research Ratings
Action List BUY: The stock’s total return is expected to exceed a minimum of 15%, on a risk-adjusted basis, over the next 12 months and
it is a top pick in the Analyst’s sector.
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SPECULATIVE BUY: The stock’s total return is expected to exceed 30% over the next 12 months; however, there is material event risk
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REDUCE: The stock’s total return is expected to be negative over the next 12 months.
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5. Before the Open June 27, 2017
Page 5
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