- US and Asian stock futures fell and European stocks dropped as concerns over global growth and the outcome of Greece's debt swap weighed on sentiment. - Data showed the eurozone economy contracted 0.3% in Q4 due to declines in investment, exports and consumer spending. A report warned a Greek default could cost the eurozone over $1.36 trillion. - Private investors holding around 20% of the bonds in Greece's 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 miners on growth concerns. The Hang Seng shed 2.2% while the Shanghai Composite fell 1

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 1 2,368 0.05
NASDAQ 1 5,351 0.02
Dow Jones 15 20,928 0.07
Daily Market Summary
Market Chg Last % Chg Ytd Chg
S&P/TSX -21 15,609 (0.13) 2.10
Venture -8 802 (0.96) 5.26
Dow Jones -30 20,925 (0.14) 5.88
S&P 500 -7 2,368 (0.29) 5.79
NASDAQ -15 5,834 (0.26) 8.37
Global Markets
Market Chg Last % Chg Ytd Chg
DAX 14 11,980 0.12 4.35
FTSE -12 7,327 (0.17) 2.58
Stoxx 600 0 372 0.01 3.01
Nikkei -90 19,254 (0.47) 0.73
Hang Seng 101 23,782 0.43 8.10
Commodities
Chg Last % Chg Ytd Chg
Gold -$5.24 $1,210.62 (0.43) 5.06
Oil -$0.58 $52.56 (1.10) (5.18)
Natural Gas $0.10 $2.92 3.32 (21.56)
F/X Rates
CDN$ Buys US$ Buys
US$ 0.7433 CDN$ 1.3454
Yen 85.16 Yen 114.57
Euro 0.7050 Euro 0.9485
Bond Yields
Market Chg Last % Chg Ytd Chg
CAN 3-MO 0.00 0.48 - 4.35
CAN 10-YR 0.04 1.78 2.47 3.60
U.S. 3-MO 0.02 0.76 2.06 52.15
U.S. 10-YR 0.05 2.56 1.80 4.87
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 flat open as investors digested a batch of
economic data ahead of a probable interest rate hike next week. According to ADP data,
US private sector created 298k jobs in February, which topped consensus estimate of
190k.
 Asian stocks reversed early losses to end mixed. The Nikkei 225 Index fell for a fourth
consecutive session as caution prevailed ahead of the ECB's policy meeting. The
Shanghai Composite index closed flat while Hong Kong's Hang Seng index was up
0.44%.
 European stocks are trading higher in choppy trade after four straight sessions of losses.
Miners are on the rise after a sharp increase in China's February imports indicated
improvement in domestic demand.
Company Headlines
 Royal Bank of Canada (RY-T) customers can now e-transfer money by asking Siri,
Apple’s virtual assistant. RBC launched free money transfers using the voice command
feature on Apple’s iPhone and iPad for its personal banking clients. RBC is also working
with Apple to introduce e-transfers using iMessage, the bank’s chief executive Dave
McKay told analysts on Feb. 23. In the latest quarter, McKay told analysts, almost 70%
of their customers’ service transactions were done through self-service channels. RBC
had nearly 6 million active digital users during that period as well.
 Brookfield Asset Management Inc (BAM-T) said it would buy one TerraForm company
from U.S. solar company SunEdison Inc and take a 51% stake in another TerraForm
company, for a total of about $2.5 billion. Canada’s largest alternative-asset manager
will acquire TerraForm Global Inc for about $787 million and buy 51% of Terraform
Power Inc for $1.7 billion. TerraForm Global owns or has contracts to acquire 952
megawatts of wind and solar power in Brazil, India, China, South Africa, Thailand,
Malaysia and Uruguay.
 Canaccord Genuity (CF-T) aims to double the contributions to its investment banking
business from the Middle East and India in the next five years. It recently helped broker
a $5 billion investment partnership between Dubai ports operator DP World and Caisse
de depot et placement du Quebec, Canada's second-largest public pension fund.
Canaccord Genuity is also in discussions with large European and North American
private equity funds, pension funds and hedge funds about potential investments in
Saudi, United Arab Emirates and India.
Sources: Marketwatch, Bloomberg, The Canadian Press, WSJ, Globe and Mail, Financial Post,
NYT, FactSet,Thomson Reuters, StreetAccount, CNBC, RTT News)
March 8, 2017

2. Before the Open March 8, 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 0.45b
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 208.9k
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% -4.40%
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 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17
Leaders - Prior Session
Company Ticker % Change
Amaya Inc AYA-T 5.75
Torex Gold Resources Inc TXG-T 4.51
SEMAFO Inc SMF-T 3.71
Canadian Utilities Ltd CU-T 3.05
Advantage Oil & Gas Ltd AAV-T 3.03
Laggards - Prior Session
Company Ticker % Change
Hudbay Minerals Inc HBM-T -7.34
Valeant Pharmaceuticals International IncVRX-T -5.76
Ivanhoe Mines Ltd IVN-T -5.29
Lundin Mining Corp LUN-T -4.39
Bombardier Inc BBD/B-T -4.29
Canadian Equity Upgrades
 Wajax Raised to Buy at TD
 Canwell Building Materials Raised to Buy at Cormark
Canadian Equity Downgrades
 Agellan Cut to Hold at GMP
Today's Earnings – Canada
Enercare Inc $0.15, Baytex Energy Corp -$0.13, Imvescor Restaurant Group Inc
$0.05, Mogo Finance Technology Inc -$0.27, EcoSynthetix Inc -$0.03, Aecon Group
Inc $0.40, Great Canadian Gaming Corp $0.31, Cardiome Pharma Corp -$0.16, DH
Corp $0.56, Whitecap Resources Inc $0.04, Centric Health Corp -$0.01, CanWel
Building Materials Group Ltd $0.04, Trilogy Energy Corp -$0.11, Alaris Royalty Corp
$0.38, Tourmaline Oil Corp $0.16, Gibson Energy Inc -$0.02, American Hotel Income
Properties REIT LP $0.11, ECN Capital Corp $0.07, Cargojet Inc $0.75, Chinook
Energy Inc -$0.03, Raging River Exploration Inc $0.05, Agellan Commercial Real
Estate Investment Trust $0.29

3. Before the Open March 8, 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% 2.40%
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 $14.758b
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 261k
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% -- -0.10%
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 4.40% -- 3.70%
03/09/2017 08:30 Initial Jobless Claims 4-Mar 238k -- 223k
03/09/2017 08:30 Continuing Claims 25-Feb 2062k -- 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 9k -- 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 2.70% -- 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 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17
Leaders - Prior Session
Company Ticker % Change
Humana Inc HUM-US 2.45
Viacom Inc VIAB-US 1.75
Albemarle Corp ALB-US 1.65
F5 Networks Inc FFIV-US 1.60
Best Buy Co Inc BBY-US 1.50
Laggards - Prior Session
Company Ticker % Change
Frontier Communications Corp FTR UW -5.07
Southwestern Energy Co SWN UN -4.16
Express Scripts Holding Co ESRX UW -3.80
Signet Jewelers Ltd SIG UN -3.58
Nordstrom Inc JWN UN -3.23
U.S. Equity Upgrades
 Crown Castle Raised to Outperform at Well Fargo
 AvalonBay Raised to Buy at BoFAML
U.S. Equity Downgrades
 Televisa Downgraded to Neutral at Credit Suisse
Today's Earnings – U.S.
Navistar International Corp -$0.47, Dick's Sporting Goods Inc $1.30, Lumos Networks
Corp $0.05, Urban Outfitters Inc $0.56, H&R Block Inc -$0.53

4. Before the Open March 8, 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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however TD Waterhouse Canada Inc. does not compensate its analysts based on specific investment banking transactions.

5. Before the Open March 8, 2017
Page 5
Corporate Disclosure
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