- U.S. and European stock futures fell while Asian markets also declined due to concerns over global growth and the outcome of Greece's debt restructuring. - European stocks dropped with banks and resources stocks weak as a report showed the eurozone economy contracted 0.3% in Q4. - Private investors holding about 20% of Greek bonds involved in the debt swap have agreed to participate in the restructuring which aims to cut Greece's debt by 53.5%. - Asian markets fell sharply led by miners as investors remained cautious over growth prospects.

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 3 2,355 0.11
NASDAQ 7 5,450 0.13
Dow Jones 16 20,544 0.08
Daily Market Summary
Market Chg Last % Chg Ytd Chg
S&P/TSX 73 15,626 0.47 2.21
Venture 5 824 0.66 8.12
Dow Jones 174 20,579 0.85 4.13
S&P 500 18 2,356 0.76 5.23
NASDAQ 54 5,917 0.92 9.91
Global Markets
Market Chg Last % Chg Ytd Chg
DAX 48 12,075 0.40 5.18
FTSE 10 7,129 0.14 (0.20)
Stoxx 600 1 379 0.21 4.83
Nikkei 190 18,621 1.03 (2.58)
Hang Seng -15 24,042 (0.06) 9.28
Commodities
Chg Last % Chg Ytd Chg
Gold $0.88 $1,282.76 0.07 11.32
Oil -$0.05 $50.66 (0.10) (10.32)
Natural Gas -$0.01 $3.15 (0.22) (15.36)
F/X Rates
CDN$ Buys US$ Buys
US$ 0.7411 CDN$ 1.3493
Yen 80.84 Yen 109.09
Euro 0.6928 Euro 0.9348
Bond Yields
Market Chg Last % Chg Ytd Chg
CAN 3-MO -0.02 0.53 (3.64) 15.22
CAN 10-YR -0.01 1.47 (0.94) (14.59)
U.S. 3-MO -0.01 0.78 (0.66) 57.24
U.S. 10-YR 0.00 2.23 - (8.69)
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 higher opening boosted by renewed optimism
over the timing of President Donald Trump’s plans for a tax overhaul, though investors
remained cautious ahead of the closely watched presidential election in France.
 Asian stock markets finished the session mostly higher, tracking Wall Street's positive
close overnight. Gains in the region were led by Tokyo's Nikkei Index which rose 1.0%
after the release of economic data showed a rise in new export orders, which helped lift
the Nikkei manufacturing purchasing manager's index. Elsewhere, Shanghai's Stock
Composite Index gained three basis points while Hong Kong's Hang Seng Index fell
0.1%.
 European markets moved higher during early afternoon trade on Friday despite a
suspected terrorist attack in France two days before a key presidential vote. Basic
resources stocks were leading the gains after the release of better-than-expected
earnings reports in the sector.
Company Headlines
 SNC-Lavalin Group Inc. (SNC-T) says it has reached an agreement to purchase British
engineering and project management consultancy WS Atkins PLC for $3.6 billion. The
deal, expected to close in the third-quarter, will enhance SNC-Lavalin’s size by boosting
annual revenues to $12.1 billion and increasing employee numbers to 53,000. SNC-
Lavalin says the transaction will increase margins and improve its position in
infrastructure, rail and transit, and nuclear. About $120 million in cost savings are
expected one year after the acquisition.
 Home Capital Group Inc. (HCG-T) and several current and former executives have
been accused by the Ontario Securities Commission on Thursday of making "material
misleading statements" to investors after the company uncovered falsified income
information on some loan applications and cut ties with dozens of brokers in 2014. The
developments raised concerns about Home Capital’s future funding prospects and its
reputation. None of the allegations have been proven and the OSC will hold a hearing on
May 4.
 Visa Inc. (V-N) reported better-than-expected quarterly earnings and said it expects full-
year profit at the high-end of its forecast. The company also announced a US$5-billion
share buyback program. The company said total payments volume rose 37.2% to
US$1.73-trillion in the second fiscal quarter ended March 31, on a constant dollar basis.
Excluding one-time items, Visa earned 86 cents per Class A share, beating analysts'
average estimates of 79 cents. Net operating revenue rose 23.5% to US$4.48 billion.
Sources: Marketwatch, Bloomberg, The Canadian Press, WSJ, Globe and Mail, Financial Post,
NYT, FactSet,Thomson Reuters, StreetAccount, CNBC, RTT News)
April 21, 2017

2. Before the Open April 21, 2017
Page 2
Canadian Equities Upgrades - March 6
Weekly Canada Economic Calendar - April 17 to April 21, 2017
Date/Time Event Period Consensus Actual Prior
04/18/2017 08:30 Int'l Securities Transactions Feb -- 38.84b 6.35b
04/18/2017 09:00 Existing Home Sales MoM Mar -- 1.10% 5.20%
04/21/2017 08:30 CPI NSA MoM Mar 0.40% 0.20% 0.20%
04/21/2017 08:30 CPI YoY Mar 1.80% 1.60% 2.00%
04/21/2017 08:30 Consumer Price Index Mar 130.2 129.9 129.7
04/21/2017 08:30 CPI Core- Common YoY% Mar 1.30% 1.30% 1.30%
04/21/2017 08:30 CPI Core- Trim YoY% Mar -- 1.40% 1.50%
04/21/2017 08:30 CPI Core- Median YoY% Mar -- 1.70% 1.80%
S&P/TSX Daily Performance
13000
13500
14000
14500
15000
15500
16000
Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17
Leaders - Prior Session
Company Ticker % Change
Nevsun Resources Ltd NSU-T 6.65
Labrador Iron Ore Royalty Corp LIF-T 3.53
Martinrea International Inc MRE-T 3.15
Industrial Alliance Insurance & Financial Services IncIAG-T 2.80
Dorel Industries Inc DII/B-T 2.75
Laggards - Prior Session
Company Ticker % Change
Home Capital Group Inc HCG-T -20.65
Mullen Group Ltd MTL-T -5.97
NuVista Energy Ltd NVA-T -5.13
MEG Energy Corp MEG-T -4.58
Canadian Energy Services & Technology CorpCEU-T -4.14
Canadian Equity Upgrades
 MTY Food Group rated new Hold at TD Securities
Canadian Equity Downgrades
 Brookfield Canada Office cut to Tender at TD Securities
 Canadian Pacific Railyway cut to Hold at Loop Capital Markets
Today's Earnings – Canada
PolyMet Mining Corp -$0.01

3. Before the Open April 21, 2017
Page 3
Weekly U.S. Economic Calendar - April 17 to April 21, 2017
Date/Time Event Period Consensus Actual Prior
04/17/2017 08:30 Empire Manufacturing Apr 15 5.2 16.4
04/17/2017 10:00 NAHB Housing Market Index Apr 70 68 71
04/17/2017 16:00 Total Net TIC Flows Feb -- $19.3b $121.2b
04/17/2017 16:00 Net Long-term TIC Flows Feb -- $53.4b $5.9b
04/18/2017 08:30 Housing Starts Mar 1250k 1215k 1303k
04/18/2017 08:30 Housing Starts MoM Mar -3.00% -6.80% 5.00%
04/18/2017 08:30 Building Permits Mar 1250k 1260k 1216k
04/18/2017 08:30 Building Permits MoM Mar 2.80% 3.60% -6.00%
04/18/2017 09:15 Industrial Production MoM Mar 0.50% 0.50% 0.10%
04/18/2017 09:15 Capacity Utilization Mar 76.10% 76.10% 75.70%
04/18/2017 09:15 Manufacturing (SIC) Production Mar 0.00% -0.40% 0.30%
04/19/2017 07:00 MBA Mortgage Applications 14-Apr -- -1.80% 1.50%
04/19/2017 14:00 U.S. Federal Reserve Releases Beige Book
04/20/2017 08:30 Initial Jobless Claims 15-Apr 240k 244k 234k
04/20/2017 08:30 Continuing Claims 8-Apr 2024k 1979k 2028k
04/20/2017 08:30 Philadelphia Fed Business Outlook Apr 25.5 22 32.8
04/20/2017 09:45 Bloomberg Consumer Comfort 16-Apr -- 49.9 51
04/20/2017 09:45 Bloomberg Economic Expectations Apr -- 53.5 54
04/20/2017 10:00 Leading Index Mar 0.20% 0.40% 0.60%
04/21/2017 09:45 Markit US Manufacturing PMI Apr P 53.8 -- 53.3
04/21/2017 09:45 Markit US Services PMI Apr P 53.2 -- 52.8
04/21/2017 09:45 Markit US Composite PMI Apr P -- -- 53
04/21/2017 10:00 Existing Home Sales Mar 5.60m -- 5.48m
04/21/2017 10:00 Existing Home Sales MoM Mar 2.20% -- -3.70%
S&P 500 Daily Performance
1950
2050
2150
2250
2350
2450
Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17
Leaders - Prior Session
Company Ticker % Change
Alliance Data Systems Corp ADS-US 8.30
Quest Diagnostics Inc DGX-US 6.03
Navient Corp NAVI-US 5.96
American Express Co AXP-US 5.92
Snap-on Inc SNA-US 5.72
Laggards - Prior Session
Company Ticker % Change
United Rentals Inc URI-US -5.20
Danaher Corp DHR-US -4.11
eBay Inc EBAY-US -3.91
Envision Healthcare Corp EVHC-US -3.65
NRG Energy Inc NRG-US -3.58
U.S. Equity Upgrades
 CSX raised to Buy at Aegis Capital
U.S. Equity Downgrades
 National Beverage cut to Neutral at Credit Suisse
 Verizon cut to Hold at Argus
Today's Earnings – U.S.
Honeywell International Inc $1.63, General Electric Co $0.17, Kansas City Southern
$1.16, Stanley Black & Decker Inc $1.20, SunTrust Banks Inc $0.84, Rockwell Collins
Inc $1.30, Interpublic Group of Cos Inc/The $0.03, Schlumberger Ltd $0.25, NextEra
Energy Inc $1.56, Global Eagle Entertainment Inc -$0.08

4. Before the Open April 21, 2017
Page 4
Appendix A - Important Information
General Research Disclaimer
The statements and statistics contained herein are based on material believed to be reliable, but are not guaranteed to be accurate or
complete. This report is for informational purposes only and is not an offer or solicitation with respect to the purchase or sale of any
investment fund, security or other product. Particular investment, trading, or tax strategies should be evaluated relative to each individual’s
objectives. Graphs and charts are used for illustrative purposes only and do not reflect future values or future performance. This document
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.
Technical Research Disclaimer
The opinions expressed herein reflect a technical perspective and may differ from fundamental research on these issuers. Fundamental
research can be obtained through your TD Wealth advisor or on the Markets and Research site within WebBroker.
The technical research opinions contained in this report are based on historical technical data and expectations of the most likely direction
of a market or security. No guarantee of that outcome is ever implied.
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5. Before the Open April 21, 2017
Page 5
Corporate Disclosure
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