- US stock futures fell overnight as concerns over global growth weighed on investor sentiment. European stocks also dropped, led by banks and resource stocks. - Private investors holding 20% of Greek bonds involved in the debt swap have agreed to participate so far. The swap aims to reduce Greece's debt by 53.5% to help secure its second bailout. - Asian stocks fell sharply led by declines in mining stocks, following global markets lower on growth worries. The Hang Seng dropped 2.2% while the Shanghai Composite fell 1.4%.

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 2,347 0.20
NASDAQ 7 5,373 0.13
Dow Jones 13 20,609 0.06
Daily Market Summary
Market Chg Last % Chg Ytd Chg
S&P/TSX 35 15,348 0.23 0.40
Venture -3 801 (0.43) 5.06
Dow Jones -7 20,661 (0.03) 4.55
S&P 500 4 2,348 0.19 4.90
NASDAQ 28 5,822 0.48 8.15
Global Markets
Market Chg Last % Chg Ytd Chg
DAX 40 11,944 0.34 4.04
FTSE -4 7,321 (0.05) 2.49
Stoxx 600 1 375 0.28 3.78
Nikkei 44 19,085 0.23 (0.15)
Hang Seng 7 24,328 0.03 10.58
Commodities
Chg Last % Chg Ytd Chg
Gold $1.89 $1,250.43 0.15 8.52
Oil $0.16 $48.20 0.33 (14.01)
Natural Gas $0.04 $3.05 1.31 (18.07)
F/X Rates
CDN$ Buys US$ Buys
US$ 0.7504 CDN$ 1.3326
Yen 83.23 Yen 110.91
Euro 0.6962 Euro 0.9277
Bond Yields
Market Chg Last % Chg Ytd Chg
CAN 3-MO 0.01 0.51 2.00 10.87
CAN 10-YR 0.00 1.68 (0.12) (2.44)
U.S. 3-MO 0.00 0.76 (0.01) 53.16
U.S. 10-YR 0.00 2.41 0.15 (1.46)
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 as investors evaluate the
release of economic data and prepare for a key vote in the House. The House is set to
vote on the Republican health care bill that, if signed into law, would repeal and replace
Obamacare. In economic news, the initial jobless claims for the week ending March 18
was 258,000 claims, above consensus estimates of 240,000 claims.
 Asian stock markets finished the session modestly higher led by Tokyo's Nikkei Index
which advanced 0.2% and Shanghai's Stock Composite Index which rose 0.1%, while
Hong Kong's Hang Seng Index finished essentially unchanged.
 European stock markets struggled for direction on Thursday as investors remain
cautious amid growing concerns the new U.S. administration will face challenges in
implementing promised pro-business reforms. European retail stocks were one of the
best performing sectors as several retailers posted earnings reports.
Company Headlines
 Husky Energy Inc. (HSE-T) says about 25,000 litres of crude oil leaked from one of its
pipelines in southwestern Alberta last week. The area where the Husky pipeline leaked
is popular for hiking, camping and other outdoor recreation. A company spokesperson
said the cleanup is expected to be done in the next few days and then reclamation work
will begin. The leak was reported to Alberta Energy Regulator last Thursday.
 Around 17,000 AT&T Inc. (T-N) workers in California and Nevada went on strike on
Wednesday, alleging that the telecom giant violated contract terms. The employees, who
work in the company's phone, landline and cable services businesses, walked out,
formally known as a grievance strike, for forcing employees to do work outside their
areas of expertise. Workers alleged that they were asked to perform the duties of higher-
paid employees and that the company has cut sick leave and disability benefits and
required them to pay more for their healthcare.
 McDonald's Corp.'s (MCD-N) Canadian division has announced that Big Mac,
McChicken and Filet-O-Fish sauces will be available in grocery stores across the country
this spring. McDonald's said the sauces will be available "from coast-to-coast" and that
more details will be available soon. In January, the fast-food giant gave away 10,000
bottles of their Big Mac sauce in restaurants across the U.S. The sauces are reportedly
being produced in conjunction with Kraft Heinz Foods Co. (HNZ-N).
Sources: Marketwatch, Bloomberg, The Canadian Press, WSJ, Globe and Mail, Financial Post,
NYT, FactSet,Thomson Reuters, StreetAccount, CNBC, RTT News)
March 23, 2017

2. Before the Open March 23, 2017
Page 2
Canadian Equities Upgrades - March 6
Weekly Canada Economic Calendar - March 20 to March 24, 2017
Date/Time Event Period Consensus Actual Prior
03/20/2017 08:30 Wholesale Trade Sales MoM Jan 0.50% 3.30% 0.30%
03/20/2017 10:00 Bloomberg Nanos Confidence 17-Mar -- 59.2 58.2
03/21/2017 08:30 Retail Sales MoM Jan 1.50% 2.20% -0.40%
03/21/2017 08:30 Retail Sales Ex Auto MoM Jan 1.30% 1.70% -0.50%
03/24/2017 08:30 CPI NSA MoM Feb 0.20% -- 0.90%
03/24/2017 08:30 CPI YoY Feb 2.10% -- 2.10%
03/24/2017 08:30 CPI Core- Common YoY% Feb -- -- 1.30%
03/24/2017 08:30 CPI Core- Median YoY% Feb -- -- 1.90%
03/24/2017 08:30 CPI Core- Trim YoY% Feb -- -- 1.70%
03/24/2017 08:30 Consumer Price Index Feb -- -- 129.5
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
Silver Wheaton Corp SLW-T 7.53
Teck Resources Ltd TECK/B-T 4.29
Amaya Inc AYA-T 3.23
Cenovus Energy Inc CVE-T 3.02
SEMAFO Inc SMF-T 2.80
Laggards - Prior Session
Company Ticker % Change
ProMetic Life Sciences Inc PLI-T -6.36
Alacer Gold Corp ASR-T -6.08
NexGen Energy Ltd NXE-T -4.28
Boyd Group Income Fund BYD-U-T -4.00
Fortuna Silver Mines Inc FVI-T -3.42
Canadian Equity Upgrades
 Encana raised to Buy at UBS
Canadian Equity Downgrades
 Canyon Services cut to Hold at Canaccord
Today's Earnings – Canada
Fiera Capital Corp $0.31, Medical Facilities Corp $0.35, Innova Gaming Group Inc
$0.02, Klondex Mines Ltd $0.06, Neovasc Inc -$0.10, Lassonde Industries Inc $0.88,
Power Financial Corp $0.76, Dalradian Resources Inc -$0.01, Prairie Provident
Resources Inc -$0.03

3. Before the Open March 23, 2017
Page 3
Weekly U.S. Economic Calendar - March 20 to March 24, 2017
Date/Time Event Period Consensus Actual Prior
03/20/2017 08:30 Chicago Fed Nat Activity Index Feb 0.03 0.34 -0.02
03/21/2017 08:30 Current Account Balance 4Q -$128.1b -$112.4b -$116.0b
03/22/2017 07:00 MBA Mortgage Applications 17-Mar -- -2.70% 3.10%
03/22/2017 09:00 FHFA House Price Index MoM Jan 0.40% 0.00% 0.40%
03/22/2017 10:00 Existing Home Sales Feb 5.55m 5.48m 5.69m
03/22/2017 10:00 Existing Home Sales MoM Feb -2.50% -3.70% 3.30%
03/23/2017 08:30 Initial Jobless Claims 18-Mar 240k 258k 243k
03/23/2017 08:30 Continuing Claims 11-Mar 2040k 2000k 2039k
03/23/2017 09:45 Bloomberg Consumer Comfort 19-Mar -- -- 51
03/23/2017 10:00 New Home Sales Feb 564k -- 555k
03/23/2017 10:00 New Home Sales MoM Feb 1.60% -- 3.70%
03/23/2017 11:00 Kansas City Fed Manf. Activity Mar 14 -- 14
03/24/2017 08:30 Durable Goods Orders Feb P 1.30% -- 2.00%
03/24/2017 08:30 Durables Ex Transportation Feb P 0.60% -- 0.00%
03/24/2017 08:30 Cap Goods Orders Nondef Ex Air Feb P 0.50% -- -0.10%
03/24/2017 08:30 Cap Goods Ship Nondef Ex Air Feb P 0.30% -- -0.40%
03/24/2017 09:45 Markit US Manufacturing PMI Mar P 54.7 -- 54.2
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
Marriott International Inc/MD MAR-US 3.41
Ventas Inc VTR-US 2.76
FMC Corp FMC-US 2.72
Illumina Inc ILMN-US 2.62
United Continental Holdings IncUAL-US 2.56
Laggards - Prior Session
Company Ticker % Change
NIKE Inc NKE UN -7.05
TransDigm Group Inc TDG UN -4.42
Mallinckrodt PLC MNK UN -3.43
L Brands Inc LB UN -2.68
GGP Inc GGP UN -2.37
U.S. Equity Upgrades
 Dollar Tree raised to Neutral at Credit Suisse
U.S. Equity Downgrades
 Dollar General cut to Underperform at Credit Suisse
 Norfolk Southern cut to Underperform at RBC
Today's Earnings – U.S.
Conagra Brands Inc $0.44, KB Home $0.14, Micron Technology Inc $0.86, Basic
Energy Services Inc -$1.27, GameStop Corp $2.29, Global Eagle Entertainment Inc -
$0.08, Adeptus Health Inc $0.21

4. Before the Open March 23, 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 March 23, 2017
Page 5
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