- U.S. stock futures are pointing to a lower open as investors eye an upcoming meeting between President Trump and China's Premier later this week. - Asian markets ended mixed with Japan's Nikkei down 0.91% while Hong Kong and China were closed for holidays. - European markets are hovering around flat as traders focus on the Trump-China meeting.

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 -9 2,347 (0.39)
NASDAQ -27 5,408 (0.49)
Dow Jones -74 20,516 (0.36)
Daily Market Summary
Market Chg Last % Chg Ytd Chg
S&P/TSX 37 15,584 0.24 1.94
Venture 2 818 0.25 7.28
Dow Jones -13 20,650 (0.06) 4.49
S&P 500 -4 2,359 (0.16) 5.36
NASDAQ -17 5,895 (0.29) 9.50
Global Markets
Market Chg Last % Chg Ytd Chg
DAX -25 12,232 (0.21) 6.54
FTSE 24 7,307 0.33 2.29
Stoxx 600 -1 379 (0.16) 4.78
Nikkei -173 18,810 (0.91) (1.59)
Hang Seng 150 24,261 0.62 10.28
Commodities
Chg Last % Chg Ytd Chg
Gold $5.37 $1,258.71 0.43 9.24
Oil $0.28 $50.52 0.55 (9.87)
Natural Gas $0.02 $3.15 0.64 (15.47)
F/X Rates
CDN$ Buys US$ Buys
US$ 0.7442 CDN$ 1.3437
Yen 82.14 Yen 110.39
Euro 0.6985 Euro 0.9386
Bond Yields
Market Chg Last % Chg Ytd Chg
CAN 3-MO 0.01 0.52 1.96 13.04
CAN 10-YR -0.02 1.56 (0.96) (9.65)
U.S. 3-MO 0.03 0.78 3.37 57.26
U.S. 10-YR 0.00 2.32 - (5.11)
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 open as traders eye a potentially tense
meeting between U.S. President Donald Trump and Chinese Premier Xi Jinping later in
the trading week. Today will see trade deficit data for February released prior to the
open. Economists expect it to have narrowed to $44.8 billion from a five-year high of
$48.5 billion. These are not typical market-moving data, but investors will keep an eye
on them because of Trump's meeting with the Chinese premier.
 Asian markets ended the trading day mixed as the main headline overnight was the
decline in the Australian dollar as the Reserve Bank of Australia (RBA) rhetoric
appeared slightly dovish. Tokyo's Nikkei Index finished the session with a 0.91% loss.
Hong Kong's Hang Seng Index and Shanghai's Stock Composite Index were both closed
for national holidays.
 European markets are hovering around the flat line in afternoon trade as investors focus
on an upcoming meeting between U.S. President Donald Trump and China's Premier.
The pan-European Stoxx 600 is trading approximately 0.15% lower.
Company Headlines
 As Rogers Communications Inc. (RCI-T) prepares to welcome a new CEO in July,
changes are afoot in the top echelons with two senior executives’ departures announced
within two months. Chief strategy officer Frank Boulben will leave the company, Rogers
confirmed Monday, a month after chief corporate affairs officer Jacob Glick’s departure
in March. Both Boulben and Glick were hired to the senior leadership team during former
CEO Guy Laurence’s tenure, which was cut short last October when he was fired in part
due to conflicts with the Rogers family.
 Montreal-based SNC-Lavalin Group Inc. (SNC-T) confirmed that it is currently in talks
with WS Atkins PLC, the British engineering and construction company, in a deal valued
at roughly $3.5 billion. The offer by SNC-Lavalin to acquire the British company fits
squarely within the company’s plans to shift toward lower-risk sectors and away from oil,
gas and mining, analysts say. News of the merger talks broke after the British firm
released a statement saying SNC-Lavalin had made an all-cash offer worth 2,080 pence
per WS Atkins share.
 Automakers sold a record number of vehicles in Canada during March, with General
Motors Canada (GM-N) leading in sales volume and posting its best monthly sales
performance since 2008. Overall Canadian sales were driven by an 11.1% increase in
consumer demand for pickups and SUVs during the month, which more than offset a
0.3% dip in passenger car sales. GM Canada reported double digit sales growth from
the same period last year as it sold 30,115 total vehicles in March translating into a
22.9% increase YoY.
Sources: Marketwatch, Bloomberg, The Canadian Press, WSJ, Globe and Mail, Financial Post,
NYT, FactSet,Thomson Reuters, StreetAccount, CNBC, RTT News)
April 4, 2017

2. Before the Open April 4, 2017
Page 2
Canadian Equities Upgrades - March 6
Weekly Canada Economic Calendar - April 03 to April 07, 2017
Date/Time Event Period Consensus Actual Prior
04/03/2017 07:00 MLI Leading Indicator MoM Feb -- 0.40% 0.70%
04/03/2017 09:30 Markit Canada Manufacturing PMI Mar -- 55.5 54.7
04/03/2017 10:00 Bloomberg Nanos Confidence 31-Mar -- 58.7 58.5
04/03/2017 10:30 Business Outlook Future Sales 1Q -- 21 26
04/03/2017 10:30 BoC Senior Loan Officer Survey 1Q -- -1.9 -2.6
04/04/2017 08:30 Int'l Merchandise Trade Feb 0.60b -0.97b 0.42b
04/06/2017 08:30 Building Permits MoM Feb 1.30% -- 5.40%
04/07/2017 08:30 Net Change in Employment Mar 5.0k -- 15.3k
04/07/2017 08:30 Unemployment Rate Mar 6.70% -- 6.60%
04/07/2017 08:30 Full Time Employment Change Mar -- -- 105.1
04/07/2017 08:30 Part Time Employment Change Mar -- -- -89.8
04/07/2017 08:30 Participation Rate Mar -- -- 65.8
04/07/2017 10:00 Ivey Purchasing Managers Index SA Mar 56 -- 55
S&P/TSX Daily Performance
13000
13500
14000
14500
15000
15500
16000
Apr-16 Jun-16 Aug-16 Oct-16 Nov-16 Jan-17 Mar-17
Leaders - Prior Session
Company Ticker % Change
Teck Resources Ltd TECK/B-T 5.50
Silver Standard Resources Inc SSO-T 4.96
IAMGOLD Corp IMG-T 4.51
OceanaGold Corp OGC-T 4.31
First Majestic Silver Corp FR-T 4.26
Laggards - Prior Session
Company Ticker % Change
Hudson's Bay Co HBC-T -8.05
Valeant Pharmaceuticals International IncVRX-T -4.70
Canopy Growth Corp WEED-T -4.41
Martinrea International Inc MRE-T -3.68
Ensign Energy Services Inc ESI-T -3.26
Canadian Equity Upgrades
 Empire Co Raised to Outperform at Scotiabank
 Canadian Tire Raised to Outperform at National Bank
Canadian Equity Downgrades
 Premium Brands Holdings Cut to Hold at TD Securities
 Imperial Metals Cut to Hold at Paradigm Capital
Today's Earnings – Canada
Hudson's Bay Co $0.61

3. Before the Open April 4, 2017
Page 3
Weekly U.S. Economic Calendar - April 03 to April 07, 2017
Date/Time Event Period Consensus Actual Prior
04/03/2017 09:45 Markit US Manufacturing PMI Mar F 53.5 53.3 53.4
04/03/2017 10:00 ISM Manufacturing Mar 57.2 57.2 57.7
04/03/2017 10:00 ISM Prices Paid Mar 66 70.5 68
04/03/2017 10:00 ISM New Orders Mar -- 64.5 65.1
04/03/2017 10:00 ISM Employment Mar -- 58.9 54.2
04/03/2017 10:00 Construction Spending MoM Feb 1.00% 0.80% -0.40%
04/03/2017 Wards Total Vehicle Sales Mar 17.30m 16.53m 17.47m
04/03/2017 Wards Domestic Vehicle Sales Mar 13.60m 12.97m 13.65m
04/04/2017 08:30 Trade Balance Feb -$44.6b -$43.6b -$48.2b
04/04/2017 10:00 Factory Orders Feb 1.00% -- 1.20%
04/04/2017 10:00 Factory Orders Ex Trans Feb -- -- 0.30%
04/04/2017 10:00 Durable Goods Orders Feb F 1.70% -- 1.70%
04/04/2017 10:00 Durables Ex Transportation Feb F -- -- 0.40%
04/04/2017 10:00 Cap Goods Orders Nondef Ex Air Feb F -- -- -0.10%
04/04/2017 10:00 Cap Goods Ship Nondef Ex Air Feb F -- -- 1.00%
04/05/2017 07:00 MBA Mortgage Applications 31-Mar -- -- -0.80%
04/05/2017 08:15 ADP Employment Change Mar 190k -- 298k
04/05/2017 09:45 Markit US Services PMI Mar F 53.1 -- 52.9
04/05/2017 09:45 Markit US Composite PMI Mar F -- -- 53.2
04/05/2017 10:00 ISM Non-Manf. Composite Mar 57 -- 57.6
04/05/2017 14:00 FOMC Meeting Minutes 15-Mar -- -- --
04/06/2017 07:30 Challenger Job Cuts YoY Mar -- -- -40.00%
04/06/2017 08:30 Initial Jobless Claims 1-Apr 250k -- 258k
04/06/2017 08:30 Continuing Claims 25-Mar 2030k -- 2052k
04/06/2017 09:45 Bloomberg Consumer Comfort 2-Apr -- -- 49.7
04/07/2017 08:30 Change in Nonfarm Payrolls Mar 175k -- 235k
04/07/2017 08:30 Two-Month Payroll Net Revision Mar -- -- 9k
04/07/2017 08:30 Change in Private Payrolls Mar 173k -- 227k
04/07/2017 08:30 Change in Manufact. Payrolls Mar 16k -- 28k
04/07/2017 08:30 Unemployment Rate Mar 4.70% -- 4.70%
04/07/2017 08:30 Average Hourly Earnings MoM Mar 0.20% -- 0.20%
04/07/2017 08:30 Average Hourly Earnings YoY Mar 2.70% -- 2.80%
04/07/2017 08:30 Average Weekly Hours All Employees Mar 34.4 -- 34.4
04/07/2017 08:30 Labor Force Participation Rate Mar -- -- 63.00%
04/07/2017 08:30 Underemployment Rate Mar -- -- 9.20%
04/07/2017 10:00 Wholesale Trade Sales MoM Feb -- -- -0.10%
04/07/2017 10:00 Wholesale Inventories MoM Feb F 0.40% -- 0.40%
04/07/2017 15:00 Consumer Credit Feb $15.000b -- $8.794b
S&P 500 Daily Performance
1950
2050
2150
2250
2350
2450
Apr-16 Jun-16 Aug-16 Oct-16 Nov-16 Jan-17 Mar-17
Leaders - Prior Session
Company Ticker % Change
Incyte Corp INCY-US 3.63
Newmont Mining Corp NEM-US 2.82
Cigna Corp CI-US 1.98
GGP Inc GGP-US 1.77
Humana Inc HUM-US 1.76
Laggards - Prior Session
Company Ticker % Change
CarMax Inc KMX-US -4.31
O'Reilly Automotive Inc ORLY-US -4.13
Robert Half International Inc RHI-US -4.03
CSRA Inc CSRA-US -3.76
BorgWarner Inc BWA-US -3.47
U.S. Equity Upgrades
 Dollar Tree Raised to Neutral at Atlantic
 Lufthansa Raised to Outperform at Davy
U.S. Equity Downgrades
 Nike Cut to Hold at Argus
 Alphabet Inc Cut to Market Perform at BMO Capital Markets
Today's Earnings – U.S.
Acuity Brands Inc $1.83

4. Before the Open April 4, 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
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5. Before the Open April 4, 2017
Page 5
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