- U.S. stock futures are pointing higher as investors await the release of the monthly jobs report. Asian markets rose as oil prices rebounded and the ECB upgraded growth forecasts. European shares are trading higher as rising bond yields lifted banks. - Valeant completed a bond refinancing, selling $3.25 billion in notes. A Russian Bombardier employee was detained in Sweden on suspicion of bribery related to an Azerbaijani railway contract. Disney CEO defended remaining on Trump's business council. - The economic calendar highlights the US jobs report and wholesale inventories. Consensus estimates are for 235k jobs added and unemployment steady at 4.7%.

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 2,372 0.36
NASDAQ 14 eco 0.27
Dow Jones 67 20,895 0.32
Daily Market Summary
Market Chg Last % Chg Ytd Chg
S&P/TSX 0 15,497 (0.00) 1.37
Venture -4 789 (0.52) 3.47
Dow Jones 2 20,858 0.01 5.54
S&P 500 2 2,365 0.08 5.63
NASDAQ 1 5,839 0.02 8.47
Global Markets
Market Chg Last % Chg Ytd Chg
DAX 67 12,045 0.56 4.91
FTSE 43 7,358 0.59 3.02
Stoxx 600 2 375 0.48 3.67
Nikkei 286 19,605 1.48 2.56
Hang Seng 67 23,569 0.29 7.13
Commodities
Chg Last % Chg Ytd Chg
Gold -$2.29 $1,198.88 (0.19) 4.05
Oil $0.26 $49.54 0.52 (10.63)
Natural Gas $0.01 $2.98 0.27 (19.92)
F/X Rates
CDN$ Buys US$ Buys
US$ 0.7402 CDN$ 1.3510
Yen 85.39 Yen 115.36
Euro 0.6980 Euro 0.9429
Bond Yields
Market Chg Last % Chg Ytd Chg
CAN 3-MO -0.01 0.48 (2.04) 4.35
CAN 10-YR 0.01 1.83 0.66 6.04
U.S. 3-MO 0.01 0.73 0.70 47.02
U.S. 10-YR 0.00 2.61 0.01 6.60
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 as investors closely watched the
release of monthly employment report. Non-farm payrolls increased by 235k, which beat
the consensus estimates of 200k. Unemployment rate was at 4.7% vs 4.8% in the
previous period.
 Most Asian stocks rose as oil prices rebounded from three-month lows and the
European Central Bank upgraded its growth and inflation forecasts for the euro area.
The Nikkei 225 Index up 1.48% as the yen's weakness lifted exporters and financials
gained ground amid a global bond selloff. The Shanghai Composite Index slipped 0.12%
while Hong Kong's Hang Seng Index was up 0.29%.
 European shares are trading higher as rising bond yields helped lift banking stocks for
the second day. Energy stocks are also seeing broad-based gains as oil prices
rebounded from three-month lows.
Company Headlines
 Valeant Phamaceutical Inc (VRX-T) completed the bond portion of a planned
refinancing, selling $3.25 billion of secured notes in a bigger deal than the drugmaker
had expected. The company sold $2 billion of seven-year notes that yield 7% and $1.25
billion of five-year debt that yield 6.5% in its first trip to the bond market since 2015.
 Swedish prosecutors say a Russian national with Bombardier Inc.’s (BBD.B-T)
operation in Sweden has been detained on suspicion of aggravated bribery. Prosecutors
say the unidentified man was one of several Bombardier employees “suspected to have
been colluding” with Azerbaijan railway authorities “in order to adapt a contract” to fit
Bombardier. The allegation said Azerbaijani companies awarded contracts worth at least
$56 million.
 Walt Disney Co. (DIS-N) CEO Robert Iger has defended his decision to remain on U.S.
President Donald Trump's Business Advisory Council, terming his participation in the
forum "a privileged opportunity". Iger cited the Broadway hit "Hamilton" to argue for his
continued participation, saying it was important to have a voice in the room where
decisions are made. Iger is the lone entertainment executive on the panel that includes
CEOs from other companies including IBM and General Motors.
Sources: Marketwatch, Bloomberg, The Canadian Press, WSJ, Globe and Mail, Financial Post,
NYT, FactSet,Thomson Reuters, StreetAccount, CNBC, RTT News)
March 10, 2017

2. Before the Open March 10, 2017
Page 2
Canadian Equities Upgrades - March 6
Weekly Canada Economic Calendar - March 06 to March 10, 2017
Date/Time Event Period Consensus Actual Prior
03/06/2017 10:00 Bloomberg Nanos Confidence 3-Mar -- 57.4 58.1
03/07/2017 08:30 Int'l Merchandise Trade Jan 0.75b 0.81b 0.92b
03/07/2017 10:00 Ivey Purchasing Managers Index SA Feb 58.5 55 57.2
03/08/2017 08:15 Housing Starts Feb 200.0k 210.2k 207.4k
03/08/2017 08:30 Labor Productivity QoQ 4Q 0.40% 0.40% 1.20%
03/08/2017 08:30 Building Permits MoM Jan 3.00% 5.40% -6.60%
03/09/2017 08:30 Capacity Utilization Rate 4Q 82.50% 82.20% 81.90%
03/09/2017 08:30 New Housing Price Index MoM Jan 0.10% 0.10% 0.10%
03/09/2017 08:30 New Housing Price Index YoY Jan -- 3.10% 3.00%
03/10/2017 08:30 Unemployment Rate Feb 6.80% 6.60% 6.80%
03/10/2017 08:30 Net Change in Employment Feb -5.0k 15.3k 48.3k
03/10/2017 08:30 Full Time Employment Change Feb -- 105.1 15.8
03/10/2017 08:30 Part Time Employment Change Feb -- -89.8 32.4
03/10/2017 08:30 Participation Rate Feb -- 65.8 65.9
S&P/TSX Daily Performance
12000
12500
13000
13500
14000
14500
15000
15500
16000
Mar-16 May-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17
Leaders - Prior Session
Company Ticker % Change
Dorel Industries Inc DII/B-T -7.41
Hudbay Minerals Inc HBM-T -4.74
Linamar Corp LNR-T -3.77
First Quantum Minerals Ltd FM-T -3.48
Enerplus Corp ERF-T -3.35
Laggards - Prior Session
Company Ticker % Change
Agrium Inc AGU-T 2.87
Potash Corp of Saskatchewan Inc POT-T 2.89
Aecon Group Inc ARE-T 2.98
Chemtrade Logistics Income FundCHE-U-T 3.02
FirstService Corp FSV-T 3.03
Canadian Equity Upgrades
 N/A
Canadian Equity Downgrades
 IBI Group Cut to Market Perform at Raymond James
 Sierra Wireless Cut to Underperform at Macquarie
Today's Earnings – Canada
Northern Blizzard Resources Inc -$0.03, Guardian Capital Group Ltd $0.32, Spartan
Energy Corp -$0.01, Novelion Therapeutics Inc -$0.85, High Arctic Energy Services
Inc $0.13, Canexus Corp $0.02, Athabasca Oil Corp -$0.07, Continental Gold Inc -
$0.01

3. Before the Open March 10, 2017
Page 3
Weekly U.S. Economic Calendar - March 06 to March 10, 2017
Date/Time Event Period Consensus Actual Prior
03/06/2017 10:00 Factory Orders Jan 1.00% 1.20% 1.30%
03/06/2017 10:00 Factory Orders Ex Trans Jan -- 0.30% 2.10%
03/06/2017 10:00 Durable Goods Orders Jan F 1.00% 2.00% 1.80%
03/06/2017 10:00 Durables Ex Transportation Jan F 0.10% 0.00% -0.20%
03/06/2017 10:00 Cap Goods Orders Nondef Ex Air Jan F -- -0.10% -0.40%
03/06/2017 10:00 Cap Goods Ship Nondef Ex Air Jan F -- -0.40% -0.60%
03/07/2017 08:30 Trade Balance Jan -$48.5b -$48.5b -$44.3b
03/07/2017 15:00 Consumer Credit Jan $17.250b $8.794b $14.160b
03/08/2017 07:00 MBA Mortgage Applications 3-Mar -- 3.30% 5.80%
03/08/2017 08:15 ADP Employment Change Feb 187k 298k 246k
03/08/2017 08:30 Nonfarm Productivity 4Q F 1.50% 1.30% 1.30%
03/08/2017 08:30 Unit Labor Costs 4Q F 1.60% 1.70% 1.70%
03/08/2017 08:30 Revisions: Productivity and Costs
03/08/2017 10:00 Wholesale Inventories MoM Jan F -0.10% -0.20% -0.10%
03/08/2017 10:00 Wholesale Trade Sales MoM Jan 0.50% -0.10% 2.60%
03/09/2017 07:30 Challenger Job Cuts YoY Feb -- -40.00% -38.80%
03/09/2017 08:30 Import Price Index MoM Feb 0.10% 0.20% 0.40%
03/09/2017 08:30 Import Price Index ex Petroleum MoM Feb 0.10% 0.30% 0.00%
03/09/2017 08:30 Import Price Index YoY Feb 4.40% 4.60% 3.70%
03/09/2017 08:30 Initial Jobless Claims 4-Mar 238k 243k 223k
03/09/2017 08:30 Continuing Claims 25-Feb 2062k 2058k 2066k
03/09/2017 09:45 Bloomberg Consumer Comfort 5-Mar -- 50.6 49.8
03/09/2017 12:00 Household Change in Net Worth 4Q -- $2043b $1593b
03/10/2017 08:30 Change in Nonfarm Payrolls Feb 200k 235k 227k
03/10/2017 08:30 Two-Month Payroll Net Revision Feb -- 9k --
03/10/2017 08:30 Change in Private Payrolls Feb 215k 227k 237k
03/10/2017 08:30 Change in Manufact. Payrolls Feb 10k 28k 5k
03/10/2017 08:30 Unemployment Rate Feb 4.70% 4.70% 4.80%
03/10/2017 08:30 Average Hourly Earnings MoM Feb 0.30% 0.20% 0.10%
03/10/2017 08:30 Average Hourly Earnings YoY Feb 2.80% 2.80% 2.50%
03/10/2017 08:30 Average Weekly Hours All Employees Feb 34.4 34.4 34.4
03/10/2017 08:30 Labor Force Participation Rate Feb -- 63.00% 62.90%
03/10/2017 08:30 Underemployment Rate Feb -- 9.20% 9.40%
03/10/2017 14:00 Monthly Budget Statement Feb -$190.0b -- $51.3b
S&P 500 Daily Performance
1700
1800
1900
2000
2100
2200
2300
2400
2500
Mar-16 May-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17
Leaders - Prior Session
Company Ticker % Change
H&R Block Inc HRB-US 14.88
TripAdvisor Inc TRIP-US 6.10
PPG Industries Inc PPG-US 6.00
Macy's Inc M-US 3.12
Lennar Corp LEN-US 3.04
Laggards - Prior Session
Company Ticker % Change
Marathon Oil Corp MRO UN -8.66
Murphy Oil Corp MUR UN -6.74
Devon Energy Corp DVN UN -6.52
Chesapeake Energy Corp CHK UN -6.08
Newfield Exploration Co NFX UN -5.41
U.S. Equity Upgrades
 Tetraphase Raised to Outperform at BMO
 Himax Technologies Raised to Equalweight at Morgan Stanley
 AbbVie Added to Conviction List at Goldman Sachs
U.S. Equity Downgrades
 Ionis Pharma Downgraded to Sell at Goldman Sachs
Today's Earnings – U.S.
Vail Resorts Inc $3.40, TG Therapeutics Inc -$0.35, Global Blood Therapeutics Inc -
$0.63

4. Before the Open March 10, 2017
Page 4
Appendix A - Important Information
General Research Disclaimer
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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 March 10, 2017
Page 5
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