- U.S. stock futures are pointing to a slightly lower opening following gains the previous session on positive U.S. consumer confidence data. - Asian markets closed mixed with Japan's Nikkei up 0.1% after retail sales rose for the fourth straight month, while China stocks fell. - European markets are little changed as Brexit talks commence with Britain triggering Article 50 to begin its EU exit process.

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 0 2,351 0.00
NASDAQ 4 5,409 0.07
Dow Jones -9 20,616 (0.04)
Daily Market Summary
Market Chg Last % Chg Ytd Chg
S&P/TSX 92 15,599 0.60 2.03
Venture 0 804 (0.00) 5.48
Dow Jones 151 20,702 0.73 4.75
S&P 500 17 2,359 0.73 5.35
NASDAQ 35 5,875 0.60 9.14
Global Markets
Market Chg Last % Chg Ytd Chg
DAX 54 12,203 0.44 6.26
FTSE -26 7,318 (0.35) 2.45
Stoxx 600 0 377 (0.02) 4.38
Nikkei 15 19,217 0.08 0.54
Hang Seng 46 24,392 0.19 10.87
Commodities
Chg Last % Chg Ytd Chg
Gold $0.90 $1,252.78 0.07 8.72
Oil $0.23 $48.60 0.47 (13.29)
Natural Gas $0.03 $3.13 1.05 (15.98)
F/X Rates
CDN$ Buys US$ Buys
US$ 0.7474 CDN$ 1.3380
Yen 82.92 Yen 110.94
Euro 0.6949 Euro 0.9297
Bond Yields
Market Chg Last % Chg Ytd Chg
CAN 3-MO 0.04 0.53 8.16 15.22
CAN 10-YR -0.02 1.61 (1.41) (6.68)
U.S. 3-MO 0.01 0.78 1.31 57.26
U.S. 10-YR -0.02 2.40 (0.81) (1.89)
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 slightly lower opening following a rally on
better-than-expected economic data in the previous session. On Tuesday, a survey
showed that U.S. consumer confidence in the economy rose in March to its highest level
since December 2000 led by optimism for finding work and a brighter assessment of
business conditions.
 Asian markets were mixed on Wednesday in a light trading session with the Japanese
Nikkei Index closing up 0.1% after retail sales edged up in February, rising for the fourth
straight month. Retail sales rose 0.1% from a year earlier as improved car and fuel sales
outweighed weaker spending on food and electrical appliances. In China, the Shanghai
Composite Index shed 0.4%, while in Hong Kong, the Hang Seng Index gained 0.2%.
 European markets are hovering around the flat line as investors digest the start of
Britain's much-anticipated Brexit proceedings. At 7.30 ET, Britain's ambassador to the
European Union (EU), Tim Barrow, has handed the official letter triggering Article 50 to
Donald Tusk, president of the European Council. This commences the country's two-
year exit process from the trading bloc.
Company Headlines
 A unit of General Motors Co (GM-N) has reached a deal with port operator Terminal
Puerto Rosario to import cars to Argentina, moving the U.S. automaker a step closer to
exporting from its nearby plant, the company said in a statement on Tuesday. General
Motors Mercosur, which includes GM's Argentina and Brazil units, said the first
automobiles, manufactured in South Korea, arrived this week. The company has a
production plant near the Rosario port complex and said its long-term goal would be to
export cars produced there through the port.
 China's Tencent Holdings Ltd has acquired a 5% stake in U.S. electric car maker Tesla
Inc (TSLA-Q) for US$1.78 billion, the latest investment by a Chinese internet company
in the potentially lucrative market for self-driving vehicles and related services. Tencent's
investment, revealed in a U.S. regulatory filing, provides Tesla with a deep-pocketed ally
as it prepares to launch its mass-market Model 3.
 BlackRock Inc (BLK-N) said it would overhaul its actively managed equities business,
cutting jobs, dropping fees and relying more on computers to pick stocks. As part of the
changes, BlackRock will rebalance or adjust investment strategies on about 11% of its
US$275 billion active stock fund business, putting a greater emphasis on technology-
driven investing approaches. The company also said it will also expand its investments
in data-mining techniques that it said can improve investment performance.
Sources: Marketwatch, Bloomberg, The Canadian Press, WSJ, Globe and Mail, Financial Post,
NYT, FactSet,Thomson Reuters, StreetAccount, CNBC, RTT News)
March 29, 2017

2. Before the Open March 29, 2017
Page 2
Canadian Equities Upgrades - March 6
Weekly Canada Economic Calendar - March 27 to March 31, 2017
Date/Time Event Period Consensus Actual Prior
03/30/2017 08:30 Industrial Product Price MoM Feb 0.20% -- 0.40%
03/30/2017 08:30 Raw Materials Price Index MoM Feb 0.90% -- 1.70%
03/30/2017 CFIB Business Barometer Mar -- -- 62.9
03/31/2017 08:30 GDP MoM Jan 0.30% -- 0.30%
03/31/2017 08:30 GDP YoY Jan 1.80% -- 2.00%
S&P/TSX Daily Performance
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
BRP Inc/CA DOO-T 6.45
Encana Corp ECA-T 5.23
TORC Oil & Gas Ltd TOG-T 4.16
Parex Resources Inc PXT-T 4.03
Baytex Energy Corp BTE-T 3.95
Laggards - Prior Session
Company Ticker % Change
Home Capital Group Inc HCG-T -9.60
Goldcorp Inc G-T -6.90
Torex Gold Resources Inc TXG-T -5.56
OceanaGold Corp OGC-T -5.53
B2Gold Corp BTO-T -4.79
Canadian Equity Upgrades
 Eldorado Gold Raised to Buy at Canaccord Genuity
Canadian Equity Downgrades
 Enghouse Downgraded to Sector Perform at RBC
Today's Earnings – Canada
NAPEC Inc/Canada $0.00, Kirkland Lake Gold Ltd $0.20, EXFO Inc $0.06, Lululemon
Athletica Inc $1.01, Mainstreet Health Investments Inc $0.25, Immunovaccine Inc -
$0.02, Intertain Group Ltd/New $0.21

3. Before the Open March 29, 2017
Page 3
Weekly U.S. Economic Calendar - March 27 to March 31, 2017
Date/Time Event Period Consensus Actual Prior
03/27/2017 10:30 Dallas Fed Manf. Activity Mar 22 16.9 24.5
03/28/2017 08:30 Wholesale Inventories MoM Feb P 0.20% 0.40% -0.30%
03/28/2017 08:30 Retail Inventories MoM Feb -- 0.40% 0.80%
03/28/2017 09:00 S&P CoreLogic CS 20-City MoM SA Jan 0.70% 0.86% 0.93%
03/28/2017 09:00 S&P CoreLogic CS 20-City YoY NSA Jan 5.60% 5.73% 5.47%
03/28/2017 09:00 S&P CoreLogic CS 20-City NSA Index Jan -- 192.81 1924.41
03/28/2017 09:00 S&P CoreLogic CS US HPI YoY NSA Jan -- 5.87% 5.66%
03/28/2017 09:00 S&P CoreLogic CS US HPI NSA Index Jan -- 185.51 185.21
03/28/2017 10:00 Conf. Board Consumer Confidence Mar 114 125.6 116.1
03/28/2017 10:00 Conf. Board Present Situation Mar -- 143.1 134.4
03/28/2017 10:00 Conf. Board Expectations Mar -- 113.8 103.9
03/28/2017 10:00 Richmond Fed Manufact. Index Mar 15 22 17
03/29/2017 07:00 MBA Mortgage Applications 24-Mar -- -0.80% -2.70%
03/29/2017 10:00 Pending Home Sales MoM Feb 2.10% -- -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 2.00% -- 1.90%
03/30/2017 08:30 Personal Consumption 4Q T 3.00% -- 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% -- 1.20%
03/30/2017 08:30 Initial Jobless Claims 25-Mar 247k -- 261k
03/30/2017 08:30 Continuing Claims 18-Mar 2037k -- 1990k
03/30/2017 09:45 Bloomberg Consumer Comfort 26-Mar -- -- 51.3
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 0.10% -- -0.30%
03/31/2017 08:30 PCE Deflator MoM Feb 0.10% -- 0.40%
03/31/2017 08:30 PCE Deflator YoY Feb 2.10% -- 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% -- 1.70%
03/31/2017 09:45 Chicago Purchasing Manager Mar 56.9 -- 57.4
03/31/2017 10:00 U. of Mich. Sentiment Mar F 97.6 -- 97.6
S&P 500 Daily Performance
1950
2050
2150
2250
2350
2450
Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17
Leaders - Prior Session
Company Ticker % Change
Darden Restaurants Inc DRI-US 9.31
Red Hat Inc RHT-US 5.21
Chesapeake Energy Corp CHK-US 4.46
Noble Energy Inc NBL-US 3.96
Murphy Oil Corp MUR-US 3.85
Laggards - Prior Session
Company Ticker % Change
McCormick & Co Inc/MD MKC-US -2.89
Newmont Mining Corp NEM-US -2.68
Edwards Lifesciences Corp EW-US -1.54
Envision Healthcare Corp EVHC-US -1.36
Ameren Corp AEE-US -1.32
U.S. Equity Upgrades
 Generali Upgraded to Neutral at Credit Suisse
 Nostrum Oil & Gas Raised to Outperform at Credit Suisse
U.S. Equity Downgrades
 USG Cut to Neutral at Macquarie
 F5 Networks Cut to Sell at Deutsche Bank
Today's Earnings – U.S.
N/A

4. Before the Open March 29, 2017
Page 4
Appendix A - Important Information
General Research Disclaimer
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does not provide individual financial, legal, investment or tax advice. Please consult your own legal, investment and tax advisor. All
opinions and other information in this document are subject to change without notice. The Toronto-Dominion Bank and its affiliates and
related entities are not liable for any errors or omissions in the information or for any loss or damage suffered.
TD Waterhouse Canada Inc. and/or its affiliated persons or companies may hold a position in the securities mentioned, including options,
futures and other derivative instruments thereon, and may, as principal or agent, buy or sell such securities. Affiliated persons or
companies may also make a market in and participate in an underwriting of such securities.
Full disclosures for all companies covered by TD Securities Inc. can be viewed at
https://www.tdsresearch.com/equities/welcome.important.disclosure.action
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.
BUY: The stock’s total return is expected to exceed a minimum of 15%, on a risk-adjusted basis, over the next 12 months.
SPECULATIVE BUY: The stock’s total return is expected to exceed 30% over the next 12 months; however, there is material event risk
associated with the investment that could result in significant loss.
HOLD: The stock’s total return is expected to be between 0% and 15%, on a risk-adjusted basis, over the next 12 months.
TENDER: Investors are advised to tender their shares to a specific offer for the company’s securities.
REDUCE: The stock’s total return is expected to be negative over the next 12 months.
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5. Before the Open March 29, 2017
Page 5
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