Today's markets

1. 
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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 -6 2,375 (0.25)
NASDAQ -14 5,359 (0.25)
Dow Jones -39 20,942 (0.19)
Daily Market Summary
Market Chg Last % Chg Ytd Chg
S&P/TSX 72 15,609 0.46 2.10
Venture 9 818 1.06 7.36
Dow Jones 3 21,006 0.01 6.29
S&P 500 1 2,383 0.05 6.44
NASDAQ 10 5,871 0.16 9.06
Global Markets
Market Chg Last % Chg Ytd Chg
DAX -44 11,984 (0.36) 4.38
FTSE -28 7,346 (0.38) 2.85
Stoxx 600 -1 374 (0.39) 3.41
Nikkei -90 19,379 (0.46) 1.39
Hang Seng 44 23,596 0.18 7.25
Commodities
Chg Last % Chg Ytd Chg
Gold -$0.51 $1,234.04 (0.04) 7.10
Oil -$0.23 $53.10 (0.43) (4.20)
Natural Gas $0.10 $2.93 3.42 (21.40)
F/X Rates
CDN$ Buys US$ Buys
US$ 0.7468 CDN$ 1.3390
Yen 84.90 Yen 113.68
Euro 0.7042 Euro 0.9429
Bond Yields
Market Chg Last % Chg Ytd Chg
CAN 3-MO 0.01 0.49 2.08 6.52
CAN 10-YR -0.03 1.68 (1.53) (2.62)
U.S. 3-MO 0.00 0.70 - 39.87
U.S. 10-YR -0.01 2.47 (0.50) 0.87
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 investors focused on fresh
economic data ahead of a probable interest rate hike in the U.S. this month. There are
no major corporates reporting today
 Asian stocks closed mostly higher overnight. The Shanghai Composite Index and Hong
Kong's Hang Seng Index gained 0.48% and 0.18% respectively despite China's GDP
target being cut to a 25-year low of 6.5% in 2017. The Nikkei 225 Index fell 0.46% as the
yen firmed up amid escalating political tensions after North Korea fired four ballistic
missiles into the Sea of Japan.
 European markets are trading lower as weak metal prices weighed on the mining sector
and banks tumbled on Deutsche Bank plans to raise capital. The German bank unveiled
plans to raise around €8 billion through a share sale, list its asset management business
and overhaul its business structure.
Company Headlines
 Hudson’s Bay Co (HBC-T) has yet to line up equity financing for a bid for Macy’s Inc
(M-N) over a month after approaching its U.S. peer. According to sources, while
Hudson’s Bay has told potential partners it has the backing of at least one wealthy family
willing to help finance its bid for Macy’s, it has not yet found a major institutional investor
to serve as an equity partner. Macy’s is skeptical that Hudson’s Bay can raise the
necessary financing for its bid, and it is not currently engaged in any negotiations about
a possible deal.
 Valeant Pharmaceuticals (VRX-T) announced that following the successful closure of
the skincare products asset sale on March 3, 2017, Valeant has used the net proceeds
of the sale to pay down approximately $1.1 billion of its senior secured term loans. This
debt repayment further enhances the company's confidence in meeting its goals, and it
is taking this opportunity to refinance and amend additional portions of its outstanding
debt to further create operating flexibility.
 General Motors Co. (GM-N) said it had agreed to sell its European operations to
Peugeot SA, taking a charge of at least US$4 billion, as the U.S.’s biggest auto maker
withdraws from a region where it hasn’t made money for almost two decades.
Peugeot SA will pay €1.32 billion for GM’s Opel and Vauxhall brands, consisting of €650
million in cash and the rest in Peugeot share warrants. GM’s financial operations in
Europe will be jointly acquired by Peugeot and BNP Paribas SA for about €900 million.
As part of the deal, GM will also get warrants to buy 4.2% of Peugeot’s capital.
Sources: Marketwatch, Bloomberg, The Canadian Press, WSJ, Globe and Mail, Financial Post,
NYT, FactSet,Thomson Reuters, StreetAccount, CNBC, RTT News)
March 6, 2017

2. Before the Open March 6, 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 -- -- 58.1
03/07/2017 08:30 Int'l Merchandise Trade Jan 0.75b -- 0.92b
03/07/2017 10:00 Ivey Purchasing Managers Index SA Feb 58.5 -- 57.2
03/08/2017 08:15 Housing Starts Feb 200.0k -- 207.4k
03/08/2017 08:30 Labor Productivity QoQ 4Q 0.40% -- 1.20%
03/08/2017 08:30 Building Permits MoM Jan 3.00% -- -6.60%
03/09/2017 08:30 Capacity Utilization Rate 4Q 82.50% -- 81.90%
03/09/2017 08:30 New Housing Price Index MoM Jan 0.10% -- 0.10%
03/09/2017 08:30 New Housing Price Index YoY Jan -- -- 3.00%
03/10/2017 08:30 Unemployment Rate Feb 6.80% -- 6.80%
03/10/2017 08:30 Net Change in Employment Feb -5.0k -- 48.3k
03/10/2017 08:30 Full Time Employment Change Feb -- -- 15.8
03/10/2017 08:30 Part Time Employment Change Feb -- -- 32.4
03/10/2017 08:30 Participation Rate Feb -- -- 65.9
S&P/TSX Daily Performance
12000
12500
13000
13500
14000
14500
15000
15500
16000
Mar-16 May-16 Jul-16 Aug-16 Oct-16 Dec-16 Feb-17
Leaders - Prior Session
Company Ticker % Change
Martinrea International Inc MRE-T 7.58
TransAlta Corp TA-T 6.10
OceanaGold Corp OGC-T 5.95
Guyana Goldfields Inc GUY-T 5.90
SEMAFO Inc SMF-T 5.56
Laggards - Prior Session
Company Ticker % Change
Valeant Pharmaceuticals International IncVRX-T -5.05
Peyto Exploration & Development CorpPEY-T -4.15
Kinaxis Inc KXS-T -3.93
Northland Power Inc NPI-T -3.81
Hudson's Bay Co HBC-T -3.27
Canadian Equity Upgrades
 Northland Power Raised to Buy at TD Securities
Canadian Equity Downgrades
 TD Cut to Neutral at Macquarie
Today's Earnings – Canada
Ensign Energy Services Inc -$0.22

3. Before the Open March 6, 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% -- 1.30%
03/06/2017 10:00 Factory Orders Ex Trans Jan -- -- 2.10%
03/06/2017 10:00 Durable Goods Orders Jan F 1.00% -- 1.80%
03/06/2017 10:00 Durables Ex Transportation Jan F 0.10% -- -0.20%
03/06/2017 10:00 Cap Goods Orders Nondef Ex Air Jan F -- -- -0.40%
03/06/2017 10:00 Cap Goods Ship Nondef Ex Air Jan F -- -- -0.60%
03/07/2017 08:30 Trade Balance Jan -$48.5b -- -$44.3b
03/07/2017 15:00 Consumer Credit Jan $17.750b -- $14.160b
03/08/2017 07:00 MBA Mortgage Applications 3-Mar -- -- 5.80%
03/08/2017 08:15 ADP Employment Change Feb 189k -- 246k
03/08/2017 08:30 Nonfarm Productivity 4Q F 1.50% -- 1.30%
03/08/2017 08:30 Unit Labor Costs 4Q F 1.60% -- 1.70%
03/08/2017 08:30 Revisions: Productivity and Costs
03/08/2017 10:00 Wholesale Inventories MoM Jan F -0.10% -- -0.10%
03/08/2017 10:00 Wholesale Trade Sales MoM Jan 0.50% -- 2.60%
03/09/2017 07:30 Challenger Job Cuts YoY Feb -- -- -38.80%
03/09/2017 08:30 Import Price Index MoM Feb 0.10% -- 0.40%
03/09/2017 08:30 Import Price Index ex Petroleum MoM Feb 0.10% -- 0.00%
03/09/2017 08:30 Import Price Index YoY Feb 4.30% -- 3.70%
03/09/2017 08:30 Initial Jobless Claims 4-Mar 238k -- 223k
03/09/2017 08:30 Continuing Claims 25-Feb 2063k -- 2066k
03/09/2017 09:45 Bloomberg Consumer Comfort 5-Mar -- -- 49.8
03/09/2017 12:00 Household Change in Net Worth 4Q -- -- $1593b
03/10/2017 08:30 Change in Nonfarm Payrolls Feb 190k -- 227k
03/10/2017 08:30 Two-Month Payroll Net Revision Feb -- -- --
03/10/2017 08:30 Change in Private Payrolls Feb 190k -- 237k
03/10/2017 08:30 Change in Manufact. Payrolls Feb 8k -- 5k
03/10/2017 08:30 Unemployment Rate Feb 4.70% -- 4.80%
03/10/2017 08:30 Average Hourly Earnings MoM Feb 0.30% -- 0.10%
03/10/2017 08:30 Average Hourly Earnings YoY Feb 2.80% -- 2.50%
03/10/2017 08:30 Average Weekly Hours All Employees Feb 34.4 -- 34.4
03/10/2017 08:30 Labor Force Participation Rate Feb -- -- 62.90%
03/10/2017 08:30 Underemployment Rate Feb -- -- 9.40%
03/10/2017 14:00 Monthly Budget Statement Feb -$170.0b -- $51.3b
S&P 500 Daily Performance
1700
1800
1900
2000
2100
2200
2300
2400
2500
Mar-16 May-16 Jul-16 Aug-16 Oct-16 Dec-16 Feb-17
Leaders - Prior Session
Company Ticker % Change
Micron Technology Inc MU-US 3.52
United Continental Holdings IncUAL-US 3.15
Incyte Corp INCY-US 3.09
Global Payments Inc GPN-US 2.99
Alaska Air Group Inc ALK-US 2.68
Laggards - Prior Session
Company Ticker % Change
Macy's Inc M UN -4.36
Costco Wholesale Corp COST UW -4.34
Perrigo Co PLC PRGO UN -3.71
Kroger Co/The KR UN -3.39
Cooper Cos Inc/The COO UN -3.32
U.S. Equity Upgrades
 GM Raised to Buy at Nomura
 Crane Raised to Buy at BofAML
U.S. Equity Downgrades
 Time Warner Cut to Neutral at UBS
 Akorn Cut to Hold at Deutsche Bank
Today's Earnings – U.S.
Casey's General Stores Inc $0.89

4. Before the Open March 6, 2017
Page 4
Appendix A - Important Information
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5. Before the Open March 6, 2017
Page 5
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