- US and European stock futures fell on worries over global growth and the outcome of Greece's debt swap. Asian stocks also declined. - European stocks dropped, with a report showing the eurozone economy contracted 0.3% in Q4. Banks and resource stocks declined. - Private investors holding about 20% of the bonds involved in Greece's debt restructuring have agreed to participate in the swap, which aims to reduce Greece's debt by 53.5% and help secure its bailout. - Several North American companies reported earnings, with Aecon Group reporting a 143% rise in quarterly profit as margins improved on lower costs.

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 -10 2,462 (0.41)
NASDAQ -39 5,871 (0.66)
Dow Jones -29 21,714 (0.13)
Daily Market Summary
Market Chg Last % Chg Ytd Chg
S&P/TSX 20 15,191 0.13 (0.63)
Venture -1 769 (0.13) 0.90
Dow Jones 86 21,797 0.39 10.29
S&P 500 -2 2,475 (0.10) 10.57
NASDAQ -41 6,382 (0.63) 18.56
Global Markets
Market Chg Last % Chg Ytd Chg
DAX -60 12,152 (0.49) 5.85
FTSE -54 7,389 (0.72) 3.45
Stoxx 600 -4 379 (0.96) 4.77
Nikkei -120 19,960 (0.60) 4.42
Hang Seng -152 26,979 (0.56) 22.63
Commodities
Chg Last % Chg Ytd Chg
Gold $6.96 $1,266.09 0.55 9.88
Oil $0.02 $49.06 0.04 (13.91)
Natural Gas $0.00 $2.97 0.13 (20.22)
F/X Rates
CDN$ Buys US$ Buys
US$ 0.8022 CDN$ 1.2466
Yen 88.94 Yen 110.89
Euro 0.6831 Euro 0.8513
Bond Yields
Market Chg Last % Chg Ytd Chg
CAN 3-MO 0.00 0.73 - 58.70
CAN 10-YR 0.03 2.03 1.55 17.78
U.S. 3-MO 0.01 1.10 0.47 120.75
U.S. 10-YR -0.01 2.30 (0.46) (5.92)
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 lower open on Friday, as the earnings overload
and the GDP data release continues to keep investors busy. Dow futures were down 29
points while S&P and Nasdaq futures were down 10 and 39 points, respectively.
 Asian indexes closed mostly lower on Friday as investors parsed through corporate
earnings in the region. Japan's Nikkei 225 slid 0.6 percent while Hong Kong's Hang
Seng Index was down 0.56 percent and the Shanghai Composite closed higher by 0.13
percent.
 European markets were lower on Friday afternoon after U.S. tech shares retreated from
recent highs. The pan-European Stoxx 600 was almost 1 percent lower during early-
afternoon deals with all sectors and major bourses in negative territory.
Company Headlines
 Wells Fargo & Co. (WFC-N) said on Thursday that it would compensate around
570,000 customers with car loans who were harmed by being forced to buy auto
insurance. The bank estimated the total cost at around $80 million. The cost of the
unnecessary insurance pushed around 274,000 customers into delinquency and
resulted in nearly 25,000 wrongful vehicle repossessions.
 Bombardier Inc. (BBD.B-T) burned less cash than expected in the second quarter and
said earnings this year will be in the top half of a previously disclosed range. Free cash
flow usage in the period ended June 30 was $570 million, Bombardier said Friday in a
statement. That was less than the $580 million average of analysts’ estimates compiled
by Bloomberg. The company raised the floor of its forecast for this year’s earnings
before interest and taxes by $50 million.
 Amazon.com, Inc. (AMZN-Q) beat revenue estimates but fell short on earnings in the
second quarter, as it continued to invest in areas of growth. The company's shares fell
more than three percent in after-hours trading. Earnings per share were 40 cents per
share vs. $1.42 per share expected, while revenue was $37.96 billion vs. $37.18 billion
expected, according to consensus estimates from Thomson Reuters. Amazon Web
Services remains the company's main growth driver, growing 42% year-over-year, and
generating $916 million in operating income.
Sources: Marketwatch, Bloomberg, The Canadian Press, Canadian Newswire, WSJ, Globe and Mail, Financial
Post, NYT, FactSet,Thomson Reuters, StreetAccount, CNBC, RTT News)
July 28, 2017

2. Before the Open July 28, 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% 0.90% 0.80%
07/24/2017 10:00 Bloomberg Nanos Confidence 21-Jul -- 58.8 58.2
07/27/2017 CFIB Business Barometer Jul -- 60.7 60.9
07/28/2017 08:30 GDP MoM May 0.20% -- 0.20%
07/28/2017 08:30 GDP YoY May 4.10% -- 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
Detour Gold Corp DGC-T 13.31
MEG Energy Corp MEG-T 10.34
Cenovus Energy Inc CVE-T 9.45
Mitel Networks Corp MNW-T 7.08
Uni-Select Inc UNS-T 6.62
Laggards - Prior Session
Company Ticker % Change
Goldcorp Inc G-T -6.24
Hudbay Minerals Inc HBM-T -5.23
OceanaGold Corp OGC-T -4.62
Empire Co Ltd EMP/A-T -3.75
Constellation Software Inc/Canada CSU-T -3.53
Canadian Equity Upgrades
N/A
Canadian Equity Downgrades
 Methanex cut to Hold at Tudor Pickering
 Canadian Utilities cut to Sector Perform at National Bank
Today's Earnings – Canada
TransCanada Corp $0.67, Fortis Inc/Canada $0.56, Bombardier Inc -$0.01, Norbord
Inc $1.00, George Weston Ltd $1.68, Teranga Gold Corp $0.07, Victoria Gold Corp -
$0.01, Lundin Gold Inc -$0.05, Quarterhill Inc $0.09, InterRent Real Estate Investment
Trust $0.11, Baytex Energy Corp -$0.18

3. Before the Open July 28, 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 MarkitUS Manufacturing PMI Jul P 52.3 53.2 52
07/24/2017 09:45 MarkitUS Services PMI Jul P 54.2 54.2 54.2
07/24/2017 09:45 MarkitUS Composite PMI Jul P -- 54.2 53.9
07/24/2017 10:00 Existing Home Sales Jun 5.57m 5.52m 5.62m
07/24/2017 10:00 Existing Home Sales MoM Jun -0.90% -1.80% 1.10%
07/25/2017 09:00 FHFA House Price Index MoM May 0.50% 0.40% 0.60%
07/25/2017 09:00 S&P CoreLogic CS 20-City MoM SA May 0.30% 0.10% -0.18%
07/25/2017 09:00 S&P CoreLogic CS 20-City YoY NSA May 5.80% 5.69% 5.77%
07/25/2017 09:00 S&P CoreLogic CS 20-City NSA Index May -- 198.97 197.38
07/25/2017 09:00 S&P CoreLogic CS US HPI YoY NSA May -- 5.58% 5.65%
07/25/2017 09:00 S&P CoreLogic CS US HPI NSA Index May -- 190.61 188.77
07/25/2017 10:00 Conf. Board Consumer Confidence Jul 116.5 121.1 117.3
07/25/2017 10:00 Conf. Board PresentSituation Jul -- 147.8 143.9
07/25/2017 10:00 Conf. Board Expectations Jul -- 103.3 99.6
07/25/2017 10:00 Richmond Fed Manufact. Index Jul 7 14 11
07/26/2017 07:00 MBA Mortgage Applications 21-Jul -- 0.40% 6.30%
07/26/2017 10:00 New Home Sales Jun 615k 610k 605k
07/26/2017 10:00 New Home Sales MoM Jun 0.80% 0.80% 4.90%
07/26/2017 14:00 FOMC Rate Decision (Upper Bound) 26-Jul 1.25% 1.25% 1.25%
07/26/2017 14:00 FOMC Rate Decision (Lower Bound) 26-Jul 1.00% 1.00% 1.00%
07/27/2017 08:30 Initial Jobless Claims 22-Jul 240k 244k 234k
07/27/2017 08:30 Continuing Claims 15-Jul 1960k 1964k 1977k
07/27/2017 08:30 Durable Goods Orders Jun P 3.90% 6.50% -0.10%
07/27/2017 08:30 Durables Ex Transportation Jun P 0.40% 0.20% 0.60%
07/27/2017 08:30 Cap Goods Orders NondefEx Air Jun P 0.30% -0.10% 0.70%
07/27/2017 08:30 Cap Goods Ship NondefEx Air Jun P 0.30% 0.20% 0.40%
07/27/2017 08:30 Advance Goods Trade Balance Jun -$65.5b -$63.9b -$66.3b
07/27/2017 08:30 Wholesale Inventories MoM Jun P 0.30% 0.60% 0.40%
07/27/2017 08:30 Retail Inventories MoM Jun -- 0.60% 0.60%
07/27/2017 08:30 Chicago Fed NatActivity Index Jun 0.37 0.13 -0.3
07/27/2017 09:45 Bloomberg Consumer Comfort 23-Jul -- 48.6 47.6
07/27/2017 11:00 Kansas City Fed Manf. Activity Jul 12 10 11
07/28/2017 08:30 GDP Annualized QoQ 2Q A 2.70% -- 1.40%
07/28/2017 08:30 Personal Consumption 2Q A 2.80% -- 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 EmploymentCostIndex 2Q 0.60% -- 0.80%
07/28/2017 10:00 U. ofMich. Sentiment Jul F 93.2 -- 93.1
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
Automatic Data Processing Inc ADP-US 9.11
Tractor Supply Co TSCO-US 7.73
Verizon Communications Inc VZ-US 7.68
O'Reilly Automotive Inc ORLY-US 7.41
Kimco Realty Corp KIM-US 6.48
Laggards - Prior Session
Company Ticker % Change
CA Inc CA-US -10.25
Johnson Controls International plcJCI-US -7.34
F5 Networks Inc FFIV-US -7.16
XL Group Ltd XL-US -6.74
Whirlpool Corp WHR-US -6.28
U.S. Equity Upgrades
 Boeing raised to Neutral at Buckingham
 SeaWorld raised to Neutral at Citi
U.S. Equity Downgrades
 Starbucks cut to Neutral at Guggenheim
 PDF Solutions cut to Hold at Craig-Hallum
Today's Earnings – U.S.
American Airlines Group Inc $1.87, Cabot Oil & Gas Corp $0.15, Goodyear Tire &
Rubber Co/The $0.71, Weyerhaeuser Co $0.27, Aaron's Inc $0.58, ImmunoGen Inc -
$0.17, Lithia Motors Inc $2.21, Entercom Communications Corp $0.26, American Axle
& Manufacturing Holdings Inc $0.83, LyondellBasell Industries NV $2.69, Calpine
Corp -$0.03, AbbVie Inc $1.40, Santander Consumer USA Holdings Inc $0.61, Iron
Mountain Inc $0.54, Rockwell Collins Inc $1.59, Merck & Co Inc $0.87, Oshkosh Corp
$1.37, Baker Hughes a GE Co -$0.02, Exxon Mobil Corp $0.85, Chevron Corp $0.87,
Franklin Resources Inc $0.73, Royal Caribbean Cruises Ltd $1.66, MoneyGram
International Inc $0.23, LyondellBasell Industries NV $2.69

4. Before the Open July 28, 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 July 28, 2017
Page 5
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