- US and European stock futures fell and Asian markets dropped sharply due to concerns about global economic growth and the outcome of Greece's debt restructuring. - European stocks declined as a report showed the eurozone economy contracted 0.3% in Q4. A memo warned a Greek default could cost the eurozone over $1.36 trillion. - Private investors holding about 20% of Greek bonds involved in the debt swap have agreed to participate in the restructuring, which aims to cut Greece's debt by over 50% and help secure its bailout. - Asian stocks fell sharply led by miners as markets followed global declines on growth worries. Japan's Nikkei shed 0.6% while Hong Kong

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 2,364 (0.33)
NASDAQ -15 5,385 (0.27)
Dow Jones -67 20,776 (0.32)
Daily Market Summary
Market Chg Last % Chg Ytd Chg
S&P/TSX 38 15,545 0.25 1.68
Venture 5 805 0.67 5.53
Dow Jones -22 20,881 (0.10) 5.66
S&P 500 1 2,373 0.04 6.01
NASDAQ 14 5,876 0.24 9.15
Global Markets
Market Chg Last % Chg Ytd Chg
DAX -13 11,977 (0.11) 4.34
FTSE 4 7,371 0.05 3.19
Stoxx 600 -1 374 (0.30) 3.37
Nikkei -24 19,610 (0.12) 2.59
Hang Seng -2 23,828 (0.01) 8.31
Commodities
Chg Last % Chg Ytd Chg
Gold $1.78 $1,205.85 0.15 4.65
Oil -$0.64 $47.76 (1.34) (13.84)
Natural Gas $0.00 $3.04 (0.13) (18.39)
F/X Rates
CDN$ Buys US$ Buys
US$ 0.7413 CDN$ 1.3490
Yen 85.13 Yen 114.84
Euro 0.6972 Euro 0.9405
Bond Yields
Market Chg Last % Chg Ytd Chg
CAN 3-MO 0.00 0.48 - 4.35
CAN 10-YR -0.02 1.85 (1.07) 7.61
U.S. 3-MO 0.03 0.77 3.45 54.20
U.S. 10-YR -0.02 2.60 (0.83) 6.53
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 lower open as traders await fresh economic
data while paying close attention to the Federal Open Market Committee as it begins its
two-day meeting today. Many market participants are expecting the Fed to raise rates
tomorrow, which would be just the third Fed rate hike in 10 years. On the data front, the
National Federation of Independent Business (NFIB) survey results and the Producer
Price Index (PPI) data for February are scheduled for release before market open.
 Asian markets end the trading day mixed ahead of the Federal Reserve's two-day
monetary policy meeting and as European political uncertainty weighed on sentiment.
Tokyo's Nikkei Index ended the session with a 0.12% loss. Hong Kong's Hang Seng
Index closed 0.01% lower, while Shanghai's Stock Composite Index posted a gain of
0.05%.
 European markets are mostly lower in afternoon trade as investors digested political
events across the continent and looked ahead to a rate decision by the U.S. Federal
Reserve. The pan-European Stoxx 600 is trading approximately 0.25% lower with most
sectors in the red.
Company Headlines
 Tim Hortons franchisees are banding together to push back against their parent
company Restaurant Brands International Inc. (QSR-N), or RBI, saying that the cost
cutting campaign led by RBI is causing product shortages, declining quality and even
safety concerns that are harming the brand. A group of franchisees has formed the
Great White North Franchisee Association to represent them in discussions with RBI.
The group has set out a series of complaints about how the company is being managed
under the direction of 3G Capital, a Brazilian private-equity fund that is the controlling
shareholder of RBI.
 Billionaire investor William (Bill) Ackman walked away from Valeant Pharmaceuticals
International Inc (VRX-T) yesterday, with a roughly US$3 billion loss, after he sold his
entire stake in the ailing drug company after trying to rescue it for some 18 months.
Ackman’s Pershing Square Capital Management became one of the firm’s biggest
investors in 2015 when it sunk roughly US$3.2 billion into the company. Now he walks
away with about US$221 million, having sold his entire stake of 18.1 million shares after
months of turmoil that have left his fund with two years of double-digit losses and a
tarnished reputation.
 Canopy Growth Corporation (WEED-T) is being added to the influential S&P/TSX
Composite Index in another milestone for Canada’s fledgling marijuana industry. The
cannabis producer will be added to the index’s health-care sector prior to the start of
trading on March 20, S&P Dow Jones Indices said. It said it will be the first marijuana
company to join the index. Big institutional investors and index funds use the index to
guide buying decisions, so being included can lead to more demand for a stock.
Sources: Marketwatch, Bloomberg, The Canadian Press, WSJ, Globe and Mail, Financial Post,
NYT, FactSet,Thomson Reuters, StreetAccount, CNBC, RTT News)
March 14, 2017

2. Before the Open March 14, 2017
Page 2
Canadian Equities Upgrades - March 6
Weekly Canada Economic Calendar - March 13 to March 17, 2017
Date/Time Event Period Consensus Actual Prior
03/13/2017 10:00 Bloomberg Nanos Confidence 10-Mar -- 58.2 57.4
03/14/2017 08:30 Teranet/National Bank HPI MoM Feb -- 1.00% 0.50%
03/14/2017 08:30 Teranet/National Bank HP Index Feb -- 202.25 200.34
03/14/2017 08:30 Teranet/National Bank HPI YoY Feb -- 13.40% 13.00%
03/15/2017 09:00 Existing Home Sales MoM Feb -- -- -1.30%
03/16/2017 08:30 Int'l Securities Transactions Jan -- -- 10.23b
03/17/2017 08:30 Manufacturing Sales MoM Jan -0.40% -- 2.30%
S&P/TSX Daily Performance
12000
12500
13000
13500
14000
14500
15000
15500
16000
Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17
Leaders - Prior Session
Company Ticker % Change
DH Corp DH-T 9.20
Guyana Goldfields Inc GUY-T 7.23
Alacer Gold Corp ASR-T 6.61
Kirkland Lake Gold Ltd KL-T 6.61
Centerra Gold Inc CG-T 5.82
Laggards - Prior Session
Company Ticker % Change
New Gold Inc NGD-T -3.84
Cott Corp BCB-T -3.81
Ivanhoe Mines Ltd IVN-T -2.61
First Majestic Silver Corp FR-T -2.55
Westshore Terminals Investment CorpWTE-T -2.09
Canadian Equity Upgrades
 N/A
Canadian Equity Downgrades
 Lundin Mining Cut to Equal-Weight at Morgan Stanley
Today's Earnings – Canada
Alimentation Couche-Tard Inc $0.66, Solium Capital Inc $0.03, Fortuna Silver
Mines Inc $0.06, Integra Gold Corp $0.00, Founders Advantage Capital Corp
$0.01, Bird Construction Inc $0.13

3. Before the Open March 14, 2017
Page 3
Weekly U.S. Economic Calendar - March 13 to March 17, 2017
Date/Time Event Period Consensus Actual Prior
03/14/2017 06:00 NFIB Small Business Optimism Feb 105.6 105.3 105.9
03/14/2017 08:30 PPI Final Demand MoM Feb 0.10% 0.30% 0.60%
03/14/2017 08:30 PPI Ex Food and Energy MoM Feb 0.20% 0.30% 0.40%
03/14/2017 08:30 PPI Ex Food, Energy, Trade MoM Feb 0.20% 0.30% 0.20%
03/14/2017 08:30 PPI Final Demand YoY Feb 1.90% 2.20% 1.60%
03/14/2017 08:30 PPI Ex Food and Energy YoY Feb 1.50% 1.50% 1.20%
03/14/2017 08:30 PPI Ex Food, Energy, Trade YoY Feb -- 1.80% 1.60%
03/15/2017 07:00 MBA Mortgage Applications 10-Mar -- -- 3.30%
03/15/2017 08:30 Empire Manufacturing Mar 15 -- 18.7
03/15/2017 08:30 CPI MoM Feb 0.00% -- 0.60%
03/15/2017 08:30 CPI Ex Food and Energy MoM Feb 0.20% -- 0.30%
03/15/2017 08:30 CPI YoY Feb 2.70% -- 2.50%
03/15/2017 08:30 CPI Ex Food and Energy YoY Feb 2.20% -- 2.30%
03/15/2017 08:30 CPI Core Index SA Feb 251.109 -- 250.783
03/15/2017 08:30 CPI Index NSA Feb 243.352 -- 242.839
03/15/2017 08:30 Real Avg Weekly Earnings YoY Feb -- -- -0.50%
03/15/2017 08:30 Real Avg Hourly Earning YoY Feb -- -- 0.10%
03/15/2017 08:30 Retail Sales Advance MoM Feb 0.10% -- 0.40%
03/15/2017 08:30 Retail Sales Ex Auto MoM Feb 0.10% -- 0.80%
03/15/2017 08:30 Retail Sales Ex Auto and Gas Feb 0.20% -- 0.70%
03/15/2017 08:30 Retail Sales Control Group Feb 0.20% -- 0.40%
03/15/2017 10:00 NAHB Housing Market Index Mar 65 -- 65
03/15/2017 10:00 Business Inventories Jan 0.30% -- 0.40%
03/15/2017 14:00 FOMC Rate Decision (Upper Bound) 15-Mar 1.00% -- 0.75%
03/15/2017 14:00 FOMC Rate Decision (Lower Bound) 15-Mar 0.75% -- 0.50%
03/15/2017 16:00 Total Net TIC Flows Jan -- -- -$42.8b
03/15/2017 16:00 Net Long-term TIC Flows Jan -- -- -$12.9b
03/16/2017 08:30 Housing Starts Feb 1260k -- 1246k
03/16/2017 08:30 Housing Starts MoM Feb 1.10% -- -2.60%
03/16/2017 08:30 Building Permits Feb 1260k -- 1293k
03/16/2017 08:30 Building Permits MoM Feb -2.60% -- 5.30%
03/16/2017 08:30 Initial Jobless Claims 11-Mar 240k -- 243k
03/16/2017 08:30 Continuing Claims 4-Mar 2053k -- 2058k
03/16/2017 08:30 Philadelphia Fed Business Outlook Mar 28 -- 43.3
03/16/2017 09:45 Bloomberg Consumer Comfort 12-Mar -- -- 50.6
03/16/2017 09:45 Bloomberg Economic Expectations Mar -- -- 50
03/16/2017 10:00 JOLTS Job Openings Jan 5562 -- 5501
03/16/2017 10:00 Revisions: Job Openings and Labor Turnovers
03/17/2017 09:15 Industrial Production MoM Feb 0.20% -- -0.30%
03/17/2017 09:15 Capacity Utilization Feb 75.50% -- 75.30%
03/17/2017 09:15 Manufacturing (SIC) Production Feb 0.40% -- 0.20%
03/17/2017 10:00 U. of Mich. Sentiment Mar P 97 -- 96.3
03/17/2017 10:00 U. of Mich. Current Conditions Mar P 111 -- 111.5
03/17/2017 10:00 U. of Mich. Expectations Mar P 87.1 -- 86.5
03/17/2017 10:00 U. of Mich. 1 Yr Inflation Mar P -- -- 2.70%
03/17/2017 10:00 U. of Mich. 5-10 Yr Inflation Mar P -- -- 2.50%
03/17/2017 10:00 Leading Index Feb 0.40% -- 0.60%
S&P 500 Daily Performance
1700
1800
1900
2000
2100
2200
2300
2400
2500
Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17
Leaders - Prior Session
Company Ticker % Change
Citrix Systems Inc CTXS-US 6.79
Wynn Resorts Ltd WYNN-US 4.77
Delphi Automotive PLC DLPH-US 4.03
Chesapeake Energy Corp CHK-US 3.50
Transocean Ltd RIG-US 2.85
Laggards - Prior Session
Company Ticker % Change
Frontier Communications Corp FTR UW -5.24
Urban Outfitters Inc URBN UW -3.81
American Airlines Group Inc AAL UW -3.49
United Continental Holdings IncUAL UN -3.44
Gap Inc/The GPS UN -3.01
U.S. Equity Upgrades
 Reliance Steel Raised to Outperform at Macquarie
 Disney Raised to Buy at Guggenheim
U.S. Equity Downgrades
 Abbott Cut to Market Perform at BMO Capital Markets
Today's Earnings – U.S.
Cobalt International Energy Inc -$0.13, HD Supply Holdings Inc $0.43,
Hostess Brands Inc $0.65, Keane Group Inc -$1.75

4. Before the Open March 14, 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 March 14, 2017
Page 5
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