- US and European stock futures pointed higher, recovering from recent declines as concerns over global growth weighed on investor sentiment. - Most Asian markets closed lower despite China manufacturing data beating estimates, while European bourses traded higher on signs major central banks may begin scaling back stimulus. - Nike reported earnings that topped estimates and announced a limited product deal with Amazon, sending shares up over 7% after hours. Warren Buffett's Berkshire will exercise warrants in Bank of America for a $11.7 billion profit. Blue Apron shares briefly topped their IPO price.

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 5 2,425 0.22
NASDAQ 6 5,659 0.11
Dow Jones 36 21,291 0.17
Daily Market Summary
Market Chg Last % Chg Ytd Chg
S&P/TSX -142 15,213 (0.93) (0.49)
Venture -7 762 (0.92) 0.00
Dow Jones -168 21,287 (0.78) 7.71
S&P 500 -21 2,420 (0.86) 8.08
NASDAQ -90 6,144 (1.44) 14.14
Global Markets
Market Chg Last % Chg Ytd Chg
DAX 21 12,437 0.17 8.32
FTSE 18 7,368 0.25 3.16
Stoxx 600 2 382 0.44 5.78
Nikkei -187 20,033 (0.92) 4.81
Hang Seng -201 25,765 (0.77) 17.11
Commodities
Chg Last % Chg Ytd Chg
Gold -$2.83 $1,242.69 (0.23) 7.85
Oil $0.24 $45.17 0.53 (20.62)
Natural Gas -$0.01 $3.03 (0.46) (18.69)
F/X Rates
CDN$ Buys US$ Buys
US$ 0.7714 CDN$ 1.2963
Yen 86.37 Yen 111.97
Euro 0.6757 Euro 0.8763
Bond Yields
Market Chg Last % Chg Ytd Chg
CAN 3-MO -0.02 0.65 (2.99) 41.30
CAN 10-YR 0.02 1.72 0.94 0.06
U.S. 3-MO -0.01 1.02 (0.51) 104.32
U.S. 10-YR 0.01 2.27 0.23 (7.06)
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 open on Friday after a sharp sell-off led
by technology stocks. Dow futures rose 36 points, while S&P and Nasdaq futures
gained 5 points and 6 points, respectively.
 Most Asian markets closed lower on Friday despite China manufacturing activity
beating expectations, as select tech shares around the region sold off. Japan's Nikkei
225 dropped 0.92 percent or 186.87 points while Hong Kong's Hang Seng Index
declined 0.77 percent and the Shanghai Composite finished higher by 0.09 percent.
 European bourses were higher during early afternoon trade on Friday as major central
banks suggested the era of cheap money may be coming to an end. The pan-European
Stoxx 600 hit session highs to trade 0.44 percent higher after euro zone inflation data
showed the slowdown was lesser than expected.
Company Headlines
 Nike (NKE-N) reported fourth-quarter earnings and sales Thursday that topped Wall
Street's expectations, also confirming a major deal with a rival retailer that Nike has
avoided working with in the past: Amazon. The deal consists of Nike directly selling a
limited product assortment on Amazon's U.S. e-commerce platform.This news sent
shares of the world's largest footwear maker's stock more than 7 percent higher after
hours.
 Warren Buffett's Berkshire Hathaway (BRK.A-N) said it would exercise its warrants to
buy 700 million common shares of Bank of America, making it the largest shareholder
of the lender. Berkshire said it would exercise the warrants after the bank raises its
quarterly dividend to 12 cents per common share. At Bank of America's current share
price, the stake would hand Berkshire a $11.7 billion profit, at least on paper.
 Less than 24 hours after collecting $300 million in its initial public offering, Blue Apron
Holdings Inc. (APRN-N) faces the reality of needing more cash soon. The unprofitable
meal kit-delivery company, which touted its growth prospects to potential investors on
its IPO roadshow, has leaned on its marketing strategy to build a customer base. That
outreach eats up a fifth of the company’s total spending. At the $10 opening price, the
IPO yielded quick returns as it briefly touched $11 before closing at $10 in New York.
That pegged the company’s market value at $1.9 billion, less than the $2 billion
valuation it earned in its private funding round in 2015.
Sources: Marketwatch, Bloomberg, The Canadian Press, Canadian Newswire, WSJ, Globe and Mail,
Financial Post, NYT, FactSet,Thomson Reuters, StreetAccount, CNBC, RTT News)
June 30, 2017

2. Before the Open June 30, 2017
Page 2
*
Canadian Equities Upgrades - March 6
Weekly Canada Economic Calendar - June 26 to June 30, 2017
Date/Time Event Period Consensus Actual Prior
06/26/2017 10:00 Bloomberg Nanos Confidence 23-Jun -- 57.7 58
06/29/2017 09:13 CFIB Business Barometer Jun -- 60.9 66
06/30/2017 08:30 GDP MoM Apr 0.20% -- 0.50%
06/30/2017 08:30 GDP YoY Apr 3.40% -- 3.20%
06/30/2017 08:30 Industrial Product Price MoM May 0.40% -- 0.60%
06/30/2017 08:30 Raw Materials Price Index MoM May 0.00% -- 1.60%
06/30/2017 10:30 Business Outlook Future Sales 2Q -- -- 21
06/30/2017 10:30 BoC Senior Loan Officer Survey 2Q -- -- -1.9
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
Element Fleet Management Corp EFN-T 5.05
Alaris Royalty Corp AD-T 4.20
Nevsun Resources Ltd NSU-T 3.59
Kelt Exploration Ltd KEL-T 2.49
Secure Energy Services Inc SES-T 2.33
Laggards - Prior Session
Company Ticker % Change
Novagold Resources Inc NG-T -5.37
Shaw Communications Inc SJR/B-T -5.08
Alamos Gold Inc AGI-T -4.77
Jean Coutu Group PJC Inc/The PJC/A-T -4.19
SEMAFO Inc SMF-T -4.18
Canadian Equity Upgrades
 Encana raised to Buy at TD
 Canadian Tire raised to Buy at Eight Capital
Canadian Equity Downgrades
 Pine Cliff Energy, Husky Energy and Cenovus Energy cut to Hold at TD
 Gildan Activewear cut to Neutral at Eight Capital
Today's Earnings – Canada
N/A

3. Before the Open June 30, 2017
Page 3
Weekly U.S. Economic Calendar - June 26 to June 30, 2017
Date/Time Event Period Consensus Actual Prior
06/26/2017 08:30 Durable Goods Orders May P -0.60% -1.10% -0.90%
06/26/2017 08:30 Durables Ex Transportation May P 0.40% 0.10% -0.50%
06/26/2017 08:30 Cap Goods Orders Nondef Ex Air May P 0.40% -0.20% 0.20%
06/26/2017 08:30 Cap Goods Ship Nondef Ex Air May P 0.40% -0.20% 0.10%
06/26/2017 08:30 Chicago Fed Nat Activity Index May 0.2 -0.26 0.57
06/26/2017 10:30 Dallas Fed Manf. Activity Jun 16 15 17.2
06/27/2017 09:00 S&P CoreLogic CS 20-City MoM SA Apr 0.50% 0.28% 0.53%
06/27/2017 09:00 S&P CoreLogic CS 20-City YoY NSA Apr 5.90% 5.67% 5.88%
06/27/2017 09:00 S&P CoreLogic CS 20-City NSA Index Apr -- 197.19 195.38
06/27/2017 09:00 S&P CoreLogic CS US HPI YoY NSA Apr -- 5.50% 5.63%
06/27/2017 09:00 S&P CoreLogic CS US HPI NSA Index Apr -- 188.5 186.73
06/27/2017 10:00 Conf. Board Consumer Confidence Jun 116 118.9 117.6
06/27/2017 10:00 Conf. Board Present Situation Jun -- 146.3 140.6
06/27/2017 10:00 Conf. Board Expectations Jun -- 100.6 102.3
06/27/2017 10:00 Richmond Fed Manufact. Index Jun 5 7 1
06/28/2017 07:00 MBA Mortgage Applications 23-Jun -- -6.20% 0.60%
06/28/2017 08:30 Advance Goods Trade Balance May -$66.0b -$65.9b -$67.1b
06/28/2017 08:30 Wholesale Inventories MoM May P 0.20% 0.30% -0.40%
06/28/2017 08:30 Retail Inventories MoM May -- 0.60% -0.20%
06/28/2017 10:00 Pending Home Sales MoM May 1.00% -0.80% -1.70%
06/28/2017 10:00 Pending Home Sales NSA YoY May 0.50% 0.50% -5.80%
06/29/2017 08:30 GDP Annualized QoQ 1Q T 1.20% 1.40% 1.20%
06/29/2017 08:30 Personal Consumption 1Q T 0.60% 1.10% 0.60%
06/29/2017 08:30 GDP Price Index 1Q T 2.20% 1.90% 2.20%
06/29/2017 08:30 Core PCE QoQ 1Q T 2.10% 2.00% 2.10%
06/29/2017 08:30 Initial Jobless Claims 24-Jun 240k 244k 242k
06/29/2017 08:30 Continuing Claims 17-Jun 1935k 1948k 1942k
06/29/2017 09:45 Bloomberg Consumer Comfort 25-Jun -- 48.6 49.4
06/30/2017 08:30 Personal Income May 0.30% -- 0.40%
06/30/2017 08:30 Personal Spending May 0.10% -- 0.40%
06/30/2017 08:30 Real Personal Spending May 0.20% -- 0.20%
06/30/2017 08:30 PCE Deflator MoM May -0.10% -- 0.20%
06/30/2017 08:30 PCE Deflator YoY May 1.50% -- 1.70%
06/30/2017 08:30 PCE Core MoM May 0.10% -- 0.20%
06/30/2017 08:30 PCE Core YoY May 1.40% -- 1.50%
06/30/2017 09:45 Chicago Purchasing Manager Jun 58 -- 59.4
06/30/2017 10:00 U. of Mich. Sentiment Jun F 94.5 -- 94.5
06/30/2017 10:00 U. of Mich. Current Conditions Jun F -- -- 109.6
06/30/2017 10:00 U. of Mich. Expectations Jun F -- -- 84.7
06/30/2017 10:00 U. of Mich. 1 Yr Inflation Jun F -- -- 2.60%
06/30/2017 10:00 U. of Mich. 5-10 Yr Inflation Jun F -- -- 2.60%
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
Acuity Brands Inc AYI-US 10.45
Constellation Brands Inc STZ-US 4.96
Devon Energy Corp DVN-US 4.12
Regions Financial Corp RF-US 4.05
Newfield Exploration Co NFX-US 3.77
Laggards - Prior Session
Company Ticker % Change
Incyte Corp INCY-US -4.13
Lam Research Corp LRCX-US -3.71
McCormick & Co Inc/MD MKC-US -3.63
Conagra Brands Inc CAG-US -3.45
KLA-Tencor Corp KLAC-US -3.37
U.S. Equity Upgrades
 Walgreens Boots Alliance raised to Buy at Needham
 D.R. Horton raised to Outeperform at Raymond James
U.S. Equity Downgrades
 Bluebird Bio cut to Neutral at BTIG
 UDR cut to Neutral at BTIG
Today's Earnings – U.S.
N/A

4. Before the Open June 30, 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
of a market or security. No guarantee of that outcome is ever implied.
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The Portfolio Advice and Investment Research analyst(s) responsible for this report hereby certify that (i) the recommendations and
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securities or issuers discussed herein, and (ii) no part of the research analyst’s compensation was, is, or will be, directly or indirectly,
related to the provision of specific recommendations or views expressed by the research analyst in the research report.
Conflicts of Interest
The Portfolio Advice & Investment Research analyst(s) responsible for this report may own securities of the issuer(s) discussed in this
report. As with most other employees, the analyst(s) who prepared this report are compensated based upon (among other factors) the
overall profitability of TD Waterhouse Canada Inc. and its affiliates, which includes the overall profitability of investment banking services,
however TD Waterhouse Canada Inc. does not compensate its analysts based on specific investment banking transactions.

5. Before the Open June 30, 2017
Page 5
Corporate Disclosure
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TD Wealth Private Trust (offered by The Canada Trust Company).
The Portfolio Advice and Investment Research team is part of TD Waterhouse Canada Inc., a subsidiary of The Toronto-Dominion Bank.
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