- US and European stock futures fell, along with Asian markets, as concerns over global growth and the outcome of Greece's debt swap weighed on investor sentiment. - European stocks dropped with banks and resources stocks declining the most. Eurozone GDP contracted 0.3% in Q4 according to a report. - Private investors holding about 20% of Greek bonds eligible for the debt swap have agreed to participate so far. The swap aims to reduce Greece's debt by over 50% and help secure its second bailout.

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 -1 2,468 (0.04)
NASDAQ 0 5,919 0.00
Dow Jones -4 21,514 (0.02)
Daily Market Summary
Market Chg Last % Chg Ytd Chg
S&P/TSX -82 15,183 (0.53) (0.68)
Venture -4 761 (0.47) (0.19)
Dow Jones -32 21,580 (0.15) 9.20
S&P 500 -1 2,473 (0.04) 10.44
NASDAQ -2 6,388 (0.04) 18.66
Global Markets
Market Chg Last % Chg Ytd Chg
DAX -49 12,191 (0.40) 6.18
FTSE -67 7,386 (0.89) 3.41
Stoxx 600 -1 379 (0.31) 4.86
Nikkei -124 19,976 (0.62) 4.51
Hang Seng 141 26,847 0.53 22.03
Commodities
Chg Last % Chg Ytd Chg
Gold $2.59 $1,257.64 0.21 9.14
Oil $0.29 $46.06 0.63 (19.18)
Natural Gas -$0.04 $2.93 (1.26) (21.24)
F/X Rates
CDN$ Buys US$ Buys
US$ 0.7988 CDN$ 1.2519
Yen 88.53 Yen 110.83
Euro 0.6855 Euro 0.8582
Bond Yields
Market Chg Last % Chg Ytd Chg
CAN 3-MO 0.01 0.71 1.43 54.35
CAN 10-YR 0.01 1.90 0.64 10.23
U.S. 3-MO 0.00 1.16 - 133.01
U.S. 10-YR 0.01 2.24 0.32 (8.17)
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 slightly lower open on Monday, as investors
prepared themselves for another week of earnings reports. Dow futures are down 4
points while S&P and Nasdaq futures are down 1 point and flat, respectively.
 Asian markets traded mixed on Monday, with traders focused on the wobbling dollar
and the upcoming two-day policy meeting from the Fed later in the week. Japan's
benchmark Nikkei 225 pared some of its losses to close down 0.62 percent. On the
Chinese mainland, the Shanghai composite bucked the downward trend to close up
0.39 percent while the Hang Seng index traded up 0.53 percent in late afternoon trade.
 Bourses in Europe were lower on Monday as auto stocks slumped amid allegations of
collusion. The pan-European Stoxx 600 was down 0.31 percent with most sectors
trading in negative territory.
Company Headlines
 Rayonier Advanced Materials Inc. (RYAM-N) has raised its bid for Canadian lumber
and paper producer Tembec Inc. (TMB-T) by 17 percent, winning support from two
large shareholders that had said they wouldn’t back the deal without an increase.
Rayonier Advanced is now offering Tembec investors the choice of receiving C$4.75 a
share in cash - valuing the company at roughly C$475 million - or 0.2542 Rayonier
Advanced shares for each Tembec share. The revised terms represent a 61 percent
premium over the closing price on May 24, the last day of trading before the original
deal was announced.
 Online health publisher WebMD Health Corp (WBMD-Q) said on Monday it agreed to
be bought by private equity firm KKR & Co (KKR-N) in a deal valued at about $2.8
billion. KKR will pay $66.50 per share, a premium of 20.5 percent to WebMD's Friday
closing.
 Amazon.com Inc. (AMZN-Q) has made a bid to acquire Indian digital payments startup
FreeCharge from e-commerce operator Snapdeal, a person with direct knowledge of
the matter said. The offer is worth between $50 million to $80 million, the person said.
Amazon is trying to buttress its digital payments operations as it takes on local rivals
including Paytm E-commerce Pvt as well as Tiger Global Management-backed Flipkart
Online Services Pvt. The U.S. company has entered its fifth year of operations in India
as the country shapes up to become of the world’s largest online retail markets.
Sources: Marketwatch, Bloomberg, The Canadian Press, Canadian Newswire, WSJ, Globe and Mail, Financial
Post, NYT, FactSet,Thomson Reuters, StreetAccount, CNBC, RTT News)
July 24, 2017

2. Before the Open July 24, 2017
Page 2
*
Canadian Equities Upgrades - March 6
Weekly Canada Economic Calendar - July 24 to July 28, 2017
Date/Time Event Period Consensus Actual Prior
07/24/2017 08:30 Wholesale Trade Sales MoM May 0.50% -- 1.00%
07/24/2017 10:00 Bloomberg Nanos Confidence 21-Jul -- -- 58.2
07/27/2017 CFIB Business Barometer Jul -- -- 60.9
07/28/2017 08:30 GDP MoM May 0.20% -- 0.20%
07/28/2017 08:30 GDP YoY May 4.20% -- 3.30%
S&P/TSX Daily Performance
13000
13500
14000
14500
15000
15500
16000
Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17
Leaders - Prior Session
Company Ticker % Change
DHX Media Ltd DHX/B-T 3.85
First Quantum Minerals Ltd FM-T 3.77
Yamana Gold Inc YRI-T 3.13
Hudbay Minerals Inc HBM-T 2.69
New Gold Inc NGD-T 2.10
Laggards - Prior Session
Company Ticker % Change
Cascades Inc CAS-T -7.58
Spartan Energy Corp SPE-T -5.21
Precision Drilling Corp PD-T -4.50
Air Canada AC-T -4.12
TORC Oil & Gas Ltd TOG-T -3.80
Canadian Equity Upgrades
 CRH Medical raised to Sector Perform at Scotiabank
 Computer Modelling Group raised to Buy at Industrial Alliance
Canadian Equity Downgrades
 Goldcorp cut to Sector Perform at National Bank
Today's Earnings – Canada
Mullen Group Ltd $0.08, PrairieSky Royalty Ltd $0.08

3. Before the Open July 24, 2017
Page 3
Weekly U.S. Economic Calendar - July 24 to July 28, 2017
Date/Time Event Period Consensus Actual Prior
07/24/2017 09:45 Markit US Manufacturing PMI Jul P 52.2 -- 52
07/24/2017 09:45 Markit US Services PMI Jul P 54.2 -- 54.2
07/24/2017 09:45 Markit US Composite PMI Jul P -- -- 53
07/24/2017 10:00 Existing Home Sales Jun 5.58m -- 5.62m
07/24/2017 10:00 Existing Home Sales MoM Jun -0.80% -- 1.10%
07/25/2017 09:00 FHFA House Price Index MoM May 0.50% -- 0.70%
07/25/2017 09:00 S&P CoreLogic CS 20-City MoM SA May 0.30% -- 0.28%
07/25/2017 09:00 S&P CoreLogic CS 20-City YoY NSA May 5.75% -- 5.67%
07/25/2017 09:00 S&P CoreLogic CS 20-City NSA Index May -- -- 197.19
07/25/2017 09:00 S&P CoreLogic CS US HPI YoY NSA May -- -- 5.50%
07/25/2017 09:00 S&P CoreLogic CS US HPI NSA Index May -- -- 188.5
07/25/2017 10:00 Conf. Board Consumer Confidence Jul 116.3 -- 118.9
07/25/2017 10:00 Conf. Board Present Situation Jul -- -- 146.3
07/25/2017 10:00 Conf. Board Expectations Jul -- -- 100.6
07/25/2017 10:00 Richmond Fed Manufact. Index Jul 7 -- 7
07/26/2017 07:00 MBA Mortgage Applications 21-Jul -- -- 6.30%
07/26/2017 10:00 New Home Sales Jun 615k -- 610k
07/26/2017 10:00 New Home Sales MoM Jun 0.80% -- 2.90%
07/26/2017 14:00 FOMC Rate Decision (Upper Bound) 26-Jul 1.25% -- 1.25%
07/26/2017 14:00 FOMC Rate Decision (Lower Bound) 26-Jul 1.00% -- 1.00%
07/27/2017 08:30 Durable Goods Orders Jun P 3.50% -- -0.80%
07/27/2017 08:30 Initial Jobless Claims 22-Jul 240k -- 233k
07/27/2017 08:30 Durables Ex Transportation Jun P 0.40% -- 0.30%
07/27/2017 08:30 Continuing Claims 15-Jul 1960k -- 1977k
07/27/2017 08:30 Cap Goods Orders Nondef Ex Air Jun P 0.30% -- 0.20%
07/27/2017 08:30 Cap Goods Ship Nondef Ex Air Jun P 0.30% -- 0.10%
07/27/2017 08:30 Advance Goods Trade Balance Jun -$65.5b -- -$66.3b
07/27/2017 08:30 Wholesale Inventories MoM Jun P 0.30% -- 0.40%
07/27/2017 08:30 Retail Inventories MoM Jun -- -- 0.60%
07/27/2017 08:30 Chicago Fed Nat Activity Index Jun 0.35 -- -0.26
07/27/2017 09:45 Bloomberg Consumer Comfort 23-Jul -- -- 47.6
07/27/2017 11:00 Kansas City Fed Manf. Activity Jul 11 -- 11
07/28/2017 08:30
Revisions: GDP data from 2014-16;
reference year remains 2009
07/28/2017 08:30 GDP Annualized QoQ 2Q A 2.50% -- 1.40%
07/28/2017 08:30 Personal Consumption 2Q A 2.90% -- 1.10%
07/28/2017 08:30 GDP Price Index 2Q A 1.30% -- 1.90%
07/28/2017 08:30 Core PCE QoQ 2Q A 0.70% -- 2.00%
07/28/2017 08:30 Employment Cost Index 2Q 0.60% -- 0.80%
07/28/2017 10:00 U. of Mich. Sentiment Jul F 93.1 -- 93.1
07/28/2017 10:00 U. of Mich. Current Conditions Jul F -- -- 113.2
07/28/2017 10:00 U. of Mich. Expectations Jul F -- -- 80.2
07/28/2017 10:00 U. of Mich. 1 Yr Inflation Jul F -- -- 2.70%
07/28/2017 10:00 U. of Mich. 5-10 Yr Inflation Jul F -- -- 2.60%
S&P 500 Daily Performance
1950
2050
2150
2250
2350
2450
Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17
Leaders - Prior Session
Company Ticker % Change
Cintas Corp CTAS-US 9.19
Capital One Financial Corp COF-US 8.55
E*TRADE Financial Corp ETFC-US 5.13
Synchrony Financial SYF-US 4.54
Moody's Corp MCO-US 4.25
Laggards - Prior Session
Company Ticker % Change
Helmerich & Payne Inc HP-US -5.47
Intuitive Surgical Inc ISRG-US -4.55
Huntington Bancshares Inc/OHHBAN-US -4.35
Chesapeake Energy Corp CHK-US -3.10
Chipotle Mexican Grill Inc CMG-US -3.01
U.S. Equity Upgrades
 Mastec raised to Outperform at Credit Suisse
 Caterpillar raised to Outperform at BMO
U.S. Equity Downgrades
 Goldman Sachs cut to Neutral at UBS
 Aecom cut to Neutral at Credit Suisse
Today's Earnings – U.S.
Stanley Black & Decker Inc $1.96, Hasbro Inc $0.45, Halliburton Co $0.18, VF Corp
$0.28, Illinois Tool Works Inc $1.64, Arconic Inc $0.26, Anadarko Petroleum Corp -
$0.33, Rambus Inc $0.13, Celanese Corp $1.75, Alphabet Inc $4.41

4. Before the Open July 24, 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.
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5. Before the Open July 24, 2017
Page 5
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