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 4 2,396 0.15
NASDAQ 13 5,715 0.22
Dow Jones 40 20,918 0.19
Daily Market Summary
Market Chg Last % Chg Ytd Chg
S&P/TSX 181 15,458 1.19 1.12
Venture 6 807 0.75 5.84
Dow Jones 90 20,895 0.43 5.73
S&P 500 12 2,394 0.52 6.93
NASDAQ 50 6,134 0.82 13.94
Global Markets
Market Chg Last % Chg Ytd Chg
DAX 58 12,678 0.46 10.42
FTSE 10 7,506 0.13 5.08
Stoxx 600 1 392 0.30 8.54
Nikkei -65 19,613 (0.33) 2.61
Hang Seng 12 25,403 0.05 15.47
Commodities
Chg Last % Chg Ytd Chg
Gold $0.63 $1,261.25 0.05 9.46
Oil -$0.09 $51.04 (0.18) (10.08)
Natural Gas -$0.04 $3.29 (1.31) (11.73)
F/X Rates
CDN$ Buys US$ Buys
US$ 0.7429 CDN$ 1.3461
Yen 82.55 Yen 111.12
Euro 0.6617 Euro 0.8908
Bond Yields
Market Chg Last % Chg Ytd Chg
CAN 3-MO 0.00 0.51 - 10.87
CAN 10-YR -0.01 1.46 (0.95) (15.11)
U.S. 3-MO 0.01 0.90 1.15 81.83
U.S. 10-YR -0.01 2.24 (0.47) (8.23)
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 pointed to a higher open on Tuesday, as investors geared up for
more news out of Donald Trump's first overseas trip as president, while keeping an eye
on the moves in oil. On the data front, investors will be digesting new home sales and
the Richmond Fed survey, both slated to come out at 10 a.m. ET.
 Asian markets closed mostly lower after trading sideways for most of the day, despite
major Wall Street indexes closing in the green. Tokyo's Nikkei Index close 0.33 % lower
while Hong Kong's Seng Index closed 0.05% higher and the Shanghai composite was
down 0.45%.
 European bourses turned higher in afternoon trade as investors digested fresh economic
data in the euro zone after waking up to news of another suspected terrorist incident in
the U.K. The pan-European Stoxx 600 was approximately 0.30% higher with most
sectors and major bourses moving in positive territory.
Company Headlines
 Ford Motor Co. (F-N) abruptly named James Hackett as chief executive on Monday,
responding to investors’ growing unease about the U.S. automaker’s slumping stock
price and its ability to counter threats from longtime rivals and Silicon Valley. Ford, which
announced plans to cut 1,400 white-collar positions last week, is expected to look at
further significant cost cuts in the next three to six months, according to company
officials, speaking on condition of anonymity as the plans have not been finalized.
 U.S. luxury homebuilder Toll Brothers Inc. (TOL-N) reported a 40 percent rise in
quarterly profit as it sold more homes and said its orders jumped 26 percent.Toll, which
has been building luxury homes for half a century, said it expects to sell between 6,950
and 7,450 homes in fiscal 2017, up from its previous forecast of 6,700 to 7,500 homes.
The Horsham, Pennsylvania-based company said its net income rose to $124.6 million,
or 73 cents per share, in the quarter ended April 30 from $89.1 million, or 51 cents per
share, a year earlier.
 HSBC Holdings Plc (HSB-C-T) is getting aggressive in Canada -- and one needs to
look no further than its latest mortgage rate for proof of broader ambitions. HSBC
Canada is offering five-year fixed-term mortgages at 2.39 percent, undercutting the
lowest discretionary rates at the largest domestic lenders including Toronto-Dominion
Bank and Royal Bank of Canada.
Sources: Marketwatch, Bloomberg, The Canadian Press, Canadian Newswire, WSJ, Globe and
Mail, Financial Post, NYT, FactSet,Thomson Reuters, StreetAccount, CNBC, RTT News)
May 23, 2017

2. Before the Open May 23, 2017
Page 2
Canadian Equities Upgrades - March 6
Weekly Canada Economic Calendar - May 22 to May 26, 2017
Date/Time Event Period Consensus Actual Prior
05/23/2017 08:30 Wholesale Trade Sales MoM Mar 0.80% 0.90% 0.30%
05/23/2017 10:00 Bloomberg Nanos Confidence 19-May -- -- 58.1
05/24/2017 10:00 Bank of Canada Rate Decision 24-May 0.50% -- 0.50%
05/25/2017 CFIB Business Barometer May -- -- 64.4
S&P/TSX Daily Performance
13000
13500
14000
14500
15000
15500
16000
May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17
Leaders - Prior Session
Company Ticker % Change
Crew Energy Inc CR-T 8.22
Turquoise Hill Resources Ltd TRQ-T 7.51
Bonterra Energy Corp BNE-T 6.40
MEG Energy Corp MEG-T 5.57
TORC Oil & Gas Ltd TOG-T 5.49
Laggards - Prior Session
Company Ticker % Change
Computer Modelling Group Ltd CMG-T -4.44
Asanko Gold Inc AKG-T -2.99
Aimia Inc AIM-T -2.64
Alacer Gold Corp ASR-T -2.31
Laurentian Bank of Canada LB-T -2.22
Canadian Equity Upgrades
 TD, BMO and Laurentian Bank raised to Equal-Weight at Barclays
 Scotiabank and National Bank raised to Overweight at Barclays
Canadian Equity Downgrades
 n/a
Today's Earnings – Canada
Bank of Montreal $1.93, Fortuna Silver Mines Inc $0.05, Medicure Inc $0.04

3. Before the Open May 23, 2017
Page 3
Weekly U.S. Economic Calendar - May 22 to May 26, 2017
Date/Time Event Period Consensus Actual Prior
05/22/2017 08:30 Chicago Fed Nat Activity Index Apr 0.11 0.49 0.07
05/23/2017 09:45 Markit US Manufacturing PMI May P 53 -- 52.8
05/23/2017 09:45 Markit US Services PMI May P 53.3 -- 53.1
05/23/2017 09:45 Markit US Composite PMI May P -- -- 53.2
05/23/2017 10:00 New Home Sales Apr 610k -- 621k
05/23/2017 10:00 New Home Sales MoM Apr -1.80% -- 5.80%
05/23/2017 10:00 Richmond Fed Manufact. Index May 15 -- 20
05/24/2017 07:00 MBA Mortgage Applications 19-May -- -- -4.10%
05/24/2017 09:00 FHFA House Price Index MoM Mar 0.50% -- 0.80%
05/24/2017 09:00 House Price Purchase Index QoQ 1Q -- -- 1.50%
05/24/2017 10:00 Existing Home Sales Apr 5.65m -- 5.71m
05/24/2017 10:00 Existing Home Sales MoM Apr -1.10% -- 4.40%
05/24/2017 14:00 FOMC Meeting Minutes 3-May -- -- --
05/25/2017 08:30 Advance Goods Trade Balance Apr -$64.5b -- -$64.2b
05/25/2017 08:30 Wholesale Inventories MoM Apr P 0.20% -- 0.20%
05/25/2017 08:30 Retail Inventories MoM Apr -- -- 0.40%
05/25/2017 08:30 Initial Jobless Claims 20-May 238k -- 232k
05/25/2017 08:30 Continuing Claims 13-May 1925k -- 1898k
05/25/2017 09:45 Bloomberg Consumer Comfort 21-May -- -- 50.2
05/25/2017 11:00 Kansas City Fed Manf. Activity May 10 -- 7
05/26/2017 08:30 GDP Annualized QoQ 1Q S 0.90% -- 0.70%
05/26/2017 08:30 Personal Consumption 1Q S 0.40% -- 0.30%
05/26/2017 08:30 GDP Price Index 1Q S 2.30% -- 2.30%
05/26/2017 08:30 Core PCE QoQ 1Q S 2.00% -- 2.00%
05/26/2017 08:30 Durable Goods Orders Apr P -1.40% -- 0.90%
05/26/2017 08:30 Durables Ex Transportation Apr P 0.40% -- 0.00%
05/26/2017 08:30 Cap Goods Orders Nondef Ex Air Apr P 0.50% -- 0.50%
05/26/2017 08:30 Cap Goods Ship Nondef Ex Air Apr P 0.50% -- 0.50%
05/26/2017 10:00 U. of Mich. Sentiment May F 97.5 -- 97.7
05/26/2017 10:00 U. of Mich. Current Conditions May F -- -- 112.7
05/26/2017 10:00 U. of Mich. Expectations May F -- -- 88.1
05/26/2017 10:00 U. of Mich. 1 Yr Inflation May F -- -- 2.60%
05/26/2017 10:00 U. of Mich. 5-10 Yr Inflation May F -- -- 2.30%
S&P 500 Daily Performance
1950
2050
2150
2250
2350
2450
May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17
Leaders - Prior Session
Company Ticker % Change
Brown-Forman Corp BF/B-US 7.54
Qorvo Inc QRVO-US 3.39
Autodesk Inc ADSK-US 3.14
Nordstrom Inc JWN-US 3.12
Campbell Soup Co CPB-US 3.07
Laggards - Prior Session
Company Ticker % Change
Advanced Micro Devices Inc AMD-US -3.24
Advance Auto Parts Inc AAP-US -2.71
TripAdvisor Inc TRIP-US -2.52
Mallinckrodt PLC MNK-US -2.46
Mosaic Co/The MOS-US -2.33
U.S. Equity Upgrades
 Blackstone raised to Buy at Citi
 Qualcomm raised to Overweight at JPMorgan
U.S. Equity Downgrades
 Helmerich and Payne cut to sell at Goldman
 Autozone cut to Market Perform at Raymond James
Today's Earnings – U.S.
Dycom Industries Inc $1.19, Lowe's Cos Inc $1.06, Tiffany & Co $0.70, Triumph
Group Inc $1.47, Advance Auto Parts Inc $2.16, HP Inc $0.39, PVH Corp $1.60,
Williams-Sonoma Inc $0.49, NetApp Inc $0.82, Pure Storage Inc -$0.22

4. Before the Open May 23, 2017
Page 4
Appendix A - Important Information
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5. Before the Open May 23, 2017
Page 5
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