Today's markets

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 8 2,439 0.33
NASDAQ 50 5,734 0.87
Dow Jones 75 21,408 0.35
Daily Market Summary
Market Chg Last % Chg Ytd Chg
S&P/TSX 32 15,193 0.21 (0.62)
Venture 4 776 0.56 1.78
Dow Jones 24 21,384 0.11 8.21
S&P 500 1 2,433 0.03 8.68
NASDAQ -14 6,152 (0.22) 14.28
Global Markets
Market Chg Last % Chg Ytd Chg
DAX 113 12,866 0.89 12.06
FTSE 35 7,499 0.47 4.99
Stoxx 600 3 391 0.70 8.28
Nikkei 124 20,068 0.62 4.99
Hang Seng 298 25,925 1.16 17.84
Commodities
Chg Last % Chg Ytd Chg
Gold -$4.29 $1,249.37 (0.34) 8.43
Oil $0.11 $44.85 0.25 (20.98)
Natural Gas -$0.13 $2.91 (4.54) (21.99)
F/X Rates
CDN$ Buys US$ Buys
US$ 0.7552 CDN$ 1.3242
Yen 84.05 Yen 111.30
Euro 0.6755 Euro 0.8944
Bond Yields
Market Chg Last % Chg Ytd Chg
CAN 3-MO 0.00 0.54 - 17.39
CAN 10-YR 0.00 1.52 0.07 (11.51)
U.S. 3-MO 0.00 1.00 (0.01) 101.25
U.S. 10-YR 0.02 2.17 0.97 (11.13)
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 and the Dow industrials is on
track to open at a fresh record following the gains in Europe and Asia. With little
economic data due out on Monday, investors will be focused on any key statements
made by two Fed presidents, just days after the central bank decided to raise rates for
the second time this year.
 Asian stock markets finished the session higher led by gains on Hong Kong's Hang
Seng Index, which rose 1.2%, and Shanghai's Stock Composite Index which gained
0.7%. Stock gains in China were broad as the People’s Bank of China pumped a
further 110 billion yuan ($21.4 billion) into money markets to boost liquidity, following
Friday’s 250 billion yuan ($48.6 billion) injection. Tokyo's Nikkei Index gained 0.6%
following the release of economic data which showed Japan's exports jumped 14.9%
for May from a year earlier.
 European stocks advanced on Monday with French shares among the top gainers after
French President Emmanuel Macron’s party won a majority in parliamentary elections
on Sunday. Investors will also be focused on U.K. Brexit Secretary David Davis as he
visits Brussels to begin negotiations nearly a year after the U.K. voted to leave the EU
in a referendum.
Company Headlines
 Valeant Pharmaceuticals International Inc. (VRX-T) adds activist investor and hedge
fund manager John Paulson to its board, a move that comes at a time when the
embattled Canadian drugmaker is restructuring itself to repay debt. Paulson’s hedge
fund Paulson & Co had a 5.68% stake in Valeant as of March 31, making it the largest
shareholder in the company, according to Reuters data. Paulson’s addition increases
the size of Valeant’s board to 11 members, 10 of whom are independent.
 Magna International Inc. (MG-T) will produce BMW’s new 5-series plug-in hybrid at its
Austrian factory, the company said on Monday, part of a strategy to produce electric
cars on a contract basis for global auto makers. The BMW 530 plug-in hybrid will be
manufactured beginning this summer at Magna’s plant in Graz, Austria, where it
already plans to produce Jaguar’s I-PACE SUV beginning in early 2018. Its Austrian
plant can produce about 200,000 cars per year. Magna is currently building a new paint
shop in Slovenia due to increased demand.
 Fiat Chrysler Automobiles NV (FCAU-N) denied it had decided to eliminate the
Chrysler brand in Japan, after local media reported it was planning to stop selling the
U.S. cars in the country as early as next year following years of poor sales. Sales of the
brand in Japan have shrunk to roughly one-tenth of what they were a decade ago. The
company posted Japanese sales of less than 300 vehicles in 2016, having fallen
steadily since around 2000. "Although FCA Japan has already announced its intention
to concentrate its resources on the Jeep brand ahead, no decisions have been made
regarding (the) Chrysler brand," the automaker said in a statement on Monday.
Sources: Marketwatch, Bloomberg, The Canadian Press, Canadian Newswire, WSJ, Globe and Mail,
Financial Post, NYT, FactSet,Thomson Reuters, StreetAccount, CNBC, RTT News)
June 19, 2017

2. Before the Open June 19, 2017
Page 2
*
Canadian Equities Upgrades - March 6
Weekly Canada Economic Calendar - June 19 to June 23, 2017
Date/Time Event Period Consensus Actual Prior
06/20/2017 08:30 Wholesale Trade Sales MoM Apr 0.50% -- 0.90%
06/22/2017 08:30 Retail Sales MoM Apr 0.30% -- 0.70%
06/22/2017 08:30 Retail Sales Ex Auto MoM Apr 0.70% -- -0.20%
06/23/2017 08:30 CPI NSA MoM May 0.30% -- 0.40%
06/23/2017 08:30 CPI YoY May 1.50% -- 1.60%
06/23/2017 08:30 Consumer Price Index May 131 -- 130.4
06/23/2017 08:30 CPI Core- Common YoY% May 1.40% -- 1.30%
06/23/2017 08:30 CPI Core- Trim YoY% May -- -- 1.30%
06/23/2017 08:30 CPI Core- Median YoY% May -- -- 1.60%
S&P/TSX Daily Performance
13000
13500
14000
14500
15000
15500
16000
Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17
Leaders - Prior Session
Company Ticker % Change
Baytex Energy Corp BTE-T 5.35
Hudson's Bay Co HBC-T 4.96
Valeant Pharmaceuticals International IncVRX-T 4.41
TransAlta Corp TA-T 4.29
Home Capital Group Inc HCG-T 4.24
Laggards - Prior Session
Company Ticker % Change
ProMetic Life Sciences Inc PLI-T -10.81
Teck Resources Ltd TECK/B-T -8.57
Exchange Income Corp EIF-T -8.31
NexGen Energy Ltd NXE-T -6.57
Yamana Gold Inc YRI-T -5.17
Canadian Equity Upgrades
 Thomson Reuters raised to Buy at Deutsche Bank
Canadian Equity Downgrades
 N/A
Today's Earnings – Canada
N/A

3. Before the Open June 19, 2017
Page 3
Weekly U.S. Economic Calendar - June 19 to June 23, 2017
Date/Time Event Period Consensus Actual Prior
06/20/2017 08:30 Current Account Balance 1Q -$123.6b -- -$112.4b
06/21/2017 07:00 MBA Mortgage Applications 16-Jun -- -- 2.80%
06/21/2017 10:00 Existing Home Sales May 5.55m -- 5.57m
06/21/2017 10:00 Existing Home Sales MoM May -0.40% -- -2.30%
06/22/2017 08:30 Initial Jobless Claims 17-Jun 240k -- 237k
06/22/2017 08:30 Continuing Claims 10-Jun 1928k -- 1935k
06/22/2017 09:00 FHFA House Price Index MoM Apr 0.50% -- 0.60%
06/22/2017 09:45 Bloomberg Consumer Comfort 18-Jun -- -- 50
06/22/2017 09:45 Bloomberg Economic Expectations Jun -- -- 49.5
06/22/2017 10:00 Leading Index May 0.40% -- 0.30%
06/22/2017 11:00 Kansas City Fed Manf. Activity Jun 10 -- 8
06/23/2017 09:45 Markit US Manufacturing PMI Jun P 52.9 -- 52.7
06/23/2017 09:45 Markit US Services PMI Jun P 53.5 -- 53.6
06/23/2017 09:45 Markit US Composite PMI Jun P -- -- 53.6
06/23/2017 10:00 New Home Sales May 591k -- 569k
06/23/2017 10:00 New Home Sales MoM May 3.80% -- -11.40%
S&P 500 Daily Performance
1950
2050
2150
2250
2350
2450
Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17
Leaders - Prior Session
Company Ticker % Change
Whole Foods Market Inc WFM-US 29.10
Murphy Oil Corp MUR-US 4.23
Occidental Petroleum Corp OXY-US 4.09
ONEOK Inc OKE-US 4.06
Apache Corp APA-US 3.64
Laggards - Prior Session
Company Ticker % Change
Kroger Co/The KR-US -9.24
Costco Wholesale Corp COST-US -7.19
AutoNation Inc AN-US -5.73
Kimco Realty Corp KIM-US -5.42
BorgWarner Inc BWA-US -5.38
U.S. Equity Upgrades
 Whole Foods raised to Hold at Pivotal
U.S. Equity Downgrades
 Costco cut to Hold at Deutsche Bank
Today's Earnings – U.S.
N/A

4. Before the Open June 19, 2017
Page 4
Appendix A - Important Information
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opinions and other information in this document are subject to change without notice. The Toronto-Dominion Bank and its affiliates and
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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 June 19, 2017
Page 5
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