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 -2 2,352 (0.09)
NASDAQ -5 5,418 (0.10)
Dow Jones -14 20,591 (0.07)
Daily Market Summary
Market Chg Last % Chg Ytd Chg
S&P/TSX 54 15,697 0.35 2.68
Venture 2 822 0.19 7.80
Dow Jones 15 20,663 0.07 4.56
S&P 500 5 2,357 0.19 5.30
NASDAQ 14 5,879 0.25 9.21
Global Markets
Market Chg Last % Chg Ytd Chg
DAX -62 12,169 (0.50) 6.00
FTSE 7 7,310 0.10 2.35
Stoxx 600 -1 380 (0.32) 5.02
Nikkei 68 18,665 0.36 (2.35)
Hang Seng -6 24,267 (0.03) 10.30
Commodities
Chg Last % Chg Ytd Chg
Gold $12.30 $1,264.26 0.97 9.72
Oil $0.53 $52.23 1.01 (6.82)
Natural Gas -$0.04 $3.29 (1.15) (11.57)
F/X Rates
CDN$ Buys US$ Buys
US$ 0.7457 CDN$ 1.3410
Yen 82.51 Yen 110.65
Euro 0.7011 Euro 0.9402
Bond Yields
Market Chg Last % Chg Ytd Chg
CAN 3-MO -0.02 0.54 (3.57) 17.39
CAN 10-YR -0.04 1.51 (2.32) (12.03)
U.S. 3-MO -0.01 0.80 (0.65) 60.31
U.S. 10-YR -0.06 2.29 (2.36) (6.50)
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 have retraced early morning losses and are pointing to a slightly
lower open after President Donald Trump ordered missile strikes against a Syrian
airfield. The U.S. said the missile attack was in retaliation to Bashar Assad's use of
chemical weapons against his own people earlier in the week. On the data front, non-
farm, private and manufacturing payrolls all came in well below expectations although
there was a slight decrease in the unemployment rate. Wholesale trade data is set to
come out at 10:00 a.m. ET while consumer credit is due at 3:00 p.m. ET.
 Asian markets ended a choppy session mostly higher after oil prices surged more than 2
percent and the Nikkei fell to a four-month low earlier in the trading day after the U.S.
fired dozens of cruise missiles at a Syrian airfield. Tokyo's Nikkei Index finished the
session with a 0.36% gain. Hong Kong's Hang Seng Index closed 0.03% lower while
Shanghai's Stock Composite Index posted a gain 0.18%.
 European markets are mostly lower in afternoon trade following the U.S. military action
in the Middle East, raising concerns over an escalating conflict in the region. The pan-
European Stoxx 600 was last trading approximately 0.30% lower.
Company Headlines
 Canadian communications company Cogeco Inc (CGO-T) reported a 1.4% increase in
quarterly revenue to $586.4 million, resulting in a profit of $78.2 million compared to
$75.7 million for the same period last year. Louis Audet, President and Chief Executive
Officer of Cogeco Inc. stated that the company remains pleased with the results of
communication subsidiary Cogeco Communications Inc. (CCA-T) which operates in
the Canadian broadband services sector, especially given the competitive conditions in
the broadband market and the maturity of this industry.
 The Bank of Montreal’s (BMO-T) chief executive Bill Downe has announced his
intention to retire at the end of October, with the bank’s chief operating officer set to be
his successor. Downe, who has been at the helm of BMO for more than a decade, will
serve as CEO and work closely with his successor Darryl White until he retires on Oct.
31, which marks the end of the fiscal year, the company said in a statement.
 Intact Financial Corp (IFC-T) announced estimated catastrophe losses, net of
reinsurance, for the first quarter of 2017 of approximately $88 million on a pre-tax basis
($64 million after-tax or $0.49 per share). This year's winter conditions led to an increase
in claims in all lines of business, though severe wind events in Central and Atlantic
Canada drove most of the catastrophe losses. "The winter conditions observed this year
remind us of the importance of adapting our communities and driving habits to changing
weather patterns," said Charles Brindamour, CEO of Intact.
Sources: Marketwatch, Bloomberg, The Canadian Press, WSJ, Globe and Mail, Financial Post,
NYT, FactSet,Thomson Reuters, StreetAccount, CNBC, RTT News)
April 7, 2017

2. Before the Open April 7, 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% -2.50% 5.80%
04/07/2017 08:30 Net Change in Employment Mar 5.7k 19.4k 15.3k
04/07/2017 08:30 Unemployment Rate Mar 6.70% 6.70% 6.60%
04/07/2017 08:30 Full Time Employment Change Mar -- 18.4 105.1
04/07/2017 08:30 Part Time Employment Change Mar -- 1 -89.8
04/07/2017 08:30 Participation Rate Mar -- 65.9 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 Dec-16 Feb-17 Apr-17
Leaders - Prior Session
Company Ticker % Change
Gran Tierra Energy Inc GTE-T 3.99
Detour Gold Corp DGC-T 3.98
NuVista Energy Ltd NVA-T 3.63
Tahoe Resources Inc THO-T 3.58
OceanaGold Corp OGC-T 3.46
Laggards - Prior Session
Company Ticker % Change
Raging River Exploration Inc RRX-T -6.19
Torex Gold Resources Inc TXG-T -3.34
Peyto Exploration & Development CorpPEY-T -2.65
Asanko Gold Inc AKG-T -2.46
Alamos Gold Inc AGI-T -2.38
Canadian Equity Upgrades
 Bombardier Raised to Buy at Goldman
Canadian Equity Downgrades
 DHX Media Cut to Hold at TD Securities
Today's Earnings – Canada
MTY Food Group Inc $0.52, Firan Technology Group Corp $0.03

3. Before the Open April 7, 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% 1.00% 1.50%
04/04/2017 10:00 Factory Orders Ex Trans Feb -- 0.40% 0.50%
04/04/2017 10:00 Durable Goods Orders Feb F 1.70% 1.80% 1.70%
04/04/2017 10:00 Durables Ex Transportation Feb F -- 0.50% 0.40%
04/04/2017 10:00 Cap Goods Orders Nondef Ex Air Feb F -- -0.10% -0.10%
04/04/2017 10:00 Cap Goods Ship Nondef Ex Air Feb F -- 1.00% 1.00%
04/05/2017 07:00 MBA Mortgage Applications 31-Mar -- -1.60% -0.80%
04/05/2017 08:15 ADP Employment Change Mar 185k 263k 245k
04/05/2017 09:45 Markit US Services PMI Mar F 53.1 52.8 52.9
04/05/2017 09:45 Markit US Composite PMI Mar F -- 53 53.2
04/05/2017 10:00 ISM Non-Manf. Composite Mar 57 55.2 57.6
04/05/2017 14:00 FOMC Meeting Minutes 15-Mar -- -- --
04/06/2017 07:30 Challenger Job Cuts YoY Mar -- -2.00% -40.00%
04/06/2017 08:30 Initial Jobless Claims 1-Apr 250k 234k 259k
04/06/2017 08:30 Continuing Claims 25-Mar 2030k 2028k 2052k
04/06/2017 09:45 Bloomberg Consumer Comfort 2-Apr -- 50.2 49.7
04/07/2017 08:30 Change in Nonfarm Payrolls Mar 180k 98k 219k
04/07/2017 08:30 Two-Month Payroll Net Revision Mar -- -38k --
04/07/2017 08:30 Change in Private Payrolls Mar 170k 89k 221k
04/07/2017 08:30 Change in Manufact. Payrolls Mar 17k 11k 26k
04/07/2017 08:30 Unemployment Rate Mar 4.70% 4.50% 4.70%
04/07/2017 08:30 Average Hourly Earnings MoM Mar 0.20% 0.20% 0.30%
04/07/2017 08:30 Average Hourly Earnings YoY Mar 2.70% 2.70% 2.80%
04/07/2017 08:30 Average Weekly Hours All Employees Mar 34.4 34.3 34.3
04/07/2017 08:30 Labor Force Participation Rate Mar -- 63.00% 63.00%
04/07/2017 08:30 Underemployment Rate Mar -- 8.90% 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 Dec-16 Feb-17 Apr-17
Leaders - Prior Session
Company Ticker % Change
L Brands Inc LB-US 11.02
Constellation Brands Inc STZ-US 6.43
Kohl's Corp KSS-US 5.55
Gap Inc/The GPS-US 5.02
DXC Technology Co DXC-US 4.03
Laggards - Prior Session
Company Ticker % Change
Advanced Micro Devices Inc AMD-US -6.35
AT&T Inc T-US -2.19
Incyte Corp INCY-US -2.12
Fastenal Co FAST-US -1.47
Amazon.com Inc AMZN-US -1.21
U.S. Equity Upgrades
 Wal-Mart Raised to Outperform at Telsey
 Sunoco Raised to Overweight at Barclays
U.S. Equity Downgrades
 Panera Bread Cut to Market Perform at Wells Fargo
 Aecom Cut to Neutral at Baird
Today's Earnings – U.S.
No scheduled releases

4. Before the Open April 7, 2017
Page 4
Appendix A - Important Information
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Research Ratings
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it is a top pick in the Analyst’s sector.
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5. Before the Open April 7, 2017
Page 5
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