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 -3 2,372 (0.13)
NASDAQ -3 5,406 (0.05)
Dow Jones -9 20,854 (0.04)
Daily Market Summary
Market Chg Last % Chg Ytd Chg
S&P/TSX -72 15,490 (0.46) 1.33
Venture 0 811 (0.04) 6.33
Dow Jones -20 20,915 (0.10) 5.83
S&P 500 -3 2,378 (0.13) 6.23
NASDAQ 0 5,901 0.00 9.62
Global Markets
Market Chg Last % Chg Ytd Chg
DAX -32 12,063 (0.26) 5.07
FTSE -6 7,419 (0.09) 3.86
Stoxx 600 -1 378 (0.15) 4.52
Nikkei -69 19,522 (0.35) 2.13
Hang Seng 192 24,502 0.79 11.37
Commodities
Chg Last % Chg Ytd Chg
Gold $2.03 $1,231.32 0.16 6.86
Oil -$0.73 $48.05 (1.52) (13.31)
Natural Gas -$0.03 $2.92 (1.10) (21.70)
F/X Rates
CDN$ Buys US$ Buys
US$ 0.7485 CDN$ 1.3360
Yen 84.46 Yen 112.83
Euro 0.6963 Euro 0.9301
Bond Yields
Market Chg Last % Chg Ytd Chg
CAN 3-MO 0.00 0.50 - 8.70
CAN 10-YR 0.01 1.77 0.40 2.73
U.S. 3-MO 0.00 0.73 - 46.00
U.S. 10-YR 0.00 2.50 (0.07) 2.23
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 are pointing to a lower opening as investors awaited speeches
from Federal Reserve officials following last week's interest rate increase and evaluated
comments on global trade.
 Asian stock markets finished the session in mixed territory as investors await comments
from the China Development Forum taking place over the next two days. Hong Kong's
Hang Seng Index rose 0.8% and Shanghai's Stock Composite Index advanced 0.4%,
while Tokyo's Nikkei Index was closed for a public holiday.
 European stocks are trading lower as investors evaluate comments from the G-20
finance ministers meeting which took place in Germany over the weekend. Finance
ministers and central bank governors of the G-20 failed to agree on a joint
communication that supported free and open trade. The G-20 finance officials dropped a
pledge against protectionism in a policy statement, a move which was initiated by the
U.S. Treasury Secretary under the direction of U.S. President Trump.
Company Headlines
 Dominion Diamond Corp. (DDC-T), a Canadian mining company, revealed that the
firm is the target of a takeover offer worth $1.1 billion by The Washington Co., a private
company based in Montana. The offer was originally made privately on Feb. 21 by The
Washington Co. but only revealed by both companies on Sunday. The Washington Co.
is offering $13.50 per share cash for Dominion Diamond, a 36% premium over Friday's
closing price and 53% above their closing price on Thursday, when Dominion Diamond
broke off talks with Washington Co. and issued revised guidance for the current year.
 Hudson's Bay Co. (HBC-T), the owner of luxury retailer Saks Fifth Avenue, exposed
the personal information of tens of thousands of customers through the company’s
websites. The company posted information including email addresses and phone
numbers for customers at Saks as well as identification codes for products that
customers signed up for on wait-lists. The private data was taken down after Hudson’s
Bay was contacted by the media. No credit, payment or password information was ever
exposed, according to a company spokesperson.
 International Business Machines Corp. (IBM-N) has launched a service that will allow
businesses to build applications on its cloud using blockchain code from the Hyperledger
Project, the cross-industry group led by the Linux Foundation. The company said its new
product called IBM Blockchain was the first service for developers to build enterprise-
grade technology using Hyperledger Fabric, the first code set to be released by the open
source group. The Fabric blockchain can process more than 1,000 transactions per
second and has the necessary features to be used by large enterprises to build their
applications.
Sources: Marketwatch, Bloomberg, The Canadian Press, WSJ, Globe and Mail, Financial Post,
NYT, FactSet,Thomson Reuters, StreetAccount, CNBC, RTT News)
March 20, 2017

2. Before the Open March 20, 2017
Page 2
Canadian Equities Upgrades - March 6
Weekly Canada Economic Calendar - March 20 to March 24, 2017
Date/Time Event Period Consensus Actual Prior
03/27/2017 10:00 Bloomberg Nanos Confidence 24-Mar -- -- --
03/30/2017 08:30 Industrial Product Price MoM Feb -- -- 0.40%
03/30/2017 08:30 Raw Materials Price Index MoM Feb -- -- 1.70%
03/30/2017 CFIB Business Barometer Mar -- -- 62.9
03/31/2017 08:30 GDP MoM Jan -- -- 0.30%
03/31/2017 08:30 GDP YoY Jan -- -- 2.00%
S&P/TSX Daily Performance
12000
12500
13000
13500
14000
14500
15000
15500
16000
Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17
Leaders - Prior Session
Company Ticker % Change
Dominion Diamond Corp DDC-T 12.23
Alamos Gold Inc AGI-T 6.24
Onex Corp ONEX-T 4.59
Pretium Resources Inc PVG-T 3.86
TransAlta Renewables Inc RNW-T 2.92
Laggards - Prior Session
Company Ticker % Change
Novagold Resources Inc NG-T -7.78
Kirkland Lake Gold Ltd KL-T -7.62
Fortuna Silver Mines Inc FVI-T -7.11
Endeavour Mining Corp EDV-T -6.54
Sandstorm Gold Ltd SSL-T -6.10
Canadian Equity Upgrades
 n/a
Canadian Equity Downgrades
 Premium Brands Holdings cut to Market Perform at Cormark Securities
Today's Earnings – Canada
Badger Daylighting Ltd $0.37, Automotive Properties Real Estate Investment Trust
$0.24

3. Before the Open March 20, 2017
Page 3
Weekly U.S. Economic Calendar - March 20 to March 24, 2017
Date/Time Event Period Consensus Actual Prior
03/20/2017 08:30 Chicago Fed Nat Activity Index Feb 0.03 0.34 -0.02
03/21/2017 08:30 Current Account Balance 4Q -$128.1b -- -$113.0b
03/22/2017 07:00 MBA Mortgage Applications 17-Mar -- -- 3.10%
03/22/2017 09:00 FHFA House Price Index MoM Jan 0.40% -- 0.40%
03/22/2017 10:00 Existing Home Sales Feb 5.56m -- 5.69m
03/22/2017 10:00 Existing Home Sales MoM Feb -2.40% -- 3.30%
03/23/2017 08:30 Initial Jobless Claims 18-Mar 240k -- 241k
03/23/2017 08:30 Continuing Claims 11-Mar -- -- 2030k
03/23/2017 09:45 Bloomberg Consumer Comfort 19-Mar -- -- 51
03/23/2017 10:00 New Home Sales Feb 565k -- 555k
03/23/2017 10:00 New Home Sales MoM Feb 1.80% -- 3.70%
03/24/2017 08:30 Durable Goods Orders Feb P 1.20% -- 2.00%
03/24/2017 08:30 Durables Ex Transportation Feb P 0.60% -- 0.00%
03/24/2017 08:30 Cap Goods Orders Nondef Ex Air Feb P 0.60% -- -0.10%
03/24/2017 08:30 Cap Goods Ship Nondef Ex Air Feb P 0.10% -- -0.40%
03/24/2017 09:45 Markit US Manufacturing PMI Mar P 54.7 -- 54.2
03/27/2017 10:30 Dallas Fed Manf. Activity Mar 20.5 -- 24.5
03/28/2017 08:30 Wholesale Inventories MoM Feb P -- -- -0.20%
03/28/2017 08:30 Retail Inventories MoM Feb -- -- 0.80%
03/28/2017 09:45 Markit US Services PMI Mar P 54 -- 53.8
03/28/2017 09:45 Markit US Composite PMI Mar P -- -- 54.1
03/28/2017 10:00 Conf. Board Consumer Confidence Mar 113 -- 114.8
03/28/2017 10:00 Richmond Fed Manufact. Index Mar 14 -- 17
03/29/2017 07:00 MBA Mortgage Applications 24-Mar -- -- --
03/29/2017 10:00 Pending Home Sales MoM Feb 2.80% -- -2.80%
03/29/2017 10:00 Pending Home Sales NSA YoY Feb -- -- 2.70%
03/30/2017 08:30 GDP Annualized QoQ 4Q T 1.90% -- 1.90%
03/30/2017 08:30 Personal Consumption 4Q T -- -- 3.00%
03/30/2017 08:30 GDP Price Index 4Q T 2.00% -- 2.00%
03/30/2017 08:30 Core PCE QoQ 4Q T -- -- 1.20%
03/30/2017 08:30 Initial Jobless Claims 25-Mar -- -- --
03/30/2017 08:30 Continuing Claims 18-Mar -- -- --
03/30/2017 09:45 Bloomberg Consumer Comfort 26-Mar -- -- --
03/31/2017 08:30 Personal Income Feb 0.40% -- 0.40%
03/31/2017 08:30 Personal Spending Feb 0.20% -- 0.20%
03/31/2017 08:30 Real Personal Spending Feb -- -- -0.30%
03/31/2017 08:30 PCE Deflator MoM Feb 0.10% -- 0.40%
03/31/2017 08:30 PCE Deflator YoY Feb -- -- 1.90%
03/31/2017 08:30 PCE Core MoM Feb 0.20% -- 0.30%
03/31/2017 08:30 PCE Core YoY Feb -- -- 1.70%
03/31/2017 09:45 Chicago Purchasing Manager Mar 57 -- 57.4
03/31/2017 10:00 U. of Mich. Sentiment Mar F -- -- 97.6
S&P 500 Daily Performance
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1800
1900
2000
2100
2200
2300
2400
2500
Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17
Leaders - Prior Session
Company Ticker % Change
Cintas Corp CTAS-US 4.72
Adobe Systems Inc ADBE-US 3.81
Wynn Resorts Ltd WYNN-US 3.79
Best Buy Co Inc BBY-US 2.79
Staples Inc SPLS-US 2.74
Laggards - Prior Session
Company Ticker % Change
Amgen Inc AMGN UW -6.38
Invesco Ltd IVZ UN -4.44
Franklin Resources Inc BEN UN -3.85
T Rowe Price Group Inc TROW UW -3.59
Nielsen Holdings PLC NLSN UN -3.13
U.S. Equity Upgrades
 Rockwell Collins raised to Outperform at Credit Suisse
 Alaska Air raised to Buy at Stifel
 Ingersoll-Rand raised to Outperform at Wells Fargo
U.S. Equity Downgrades
 Bunge and Stifel cut to Neutral at Goldman Sachs
Today's Earnings – U.S.
RH $0.65

4. Before the Open March 20, 2017
Page 4
Appendix A - Important Information
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it is a top pick in the Analyst’s sector.
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5. Before the Open March 20, 2017
Page 5
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