- U.S. and European stock futures are pointing to slightly lower opens, while Asian markets closed lower due to growth concerns. - European stocks are trading lower after the ECB left rates unchanged and said it would increase QE if needed. - In company news, Canadian Natural Resources will buy Shell's Canadian oilsands assets for $7.25 billion, while Linamar reported a 22% rise in profit helped by an acquisition. Akzo Nobel rejected a $20.9 billion bid from PPG. - Economic data includes US jobless claims and Canadian housing starts and building permits. Nonfarm payrolls are the main US report on Friday.

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 -3 2,361 (0.12)
NASDAQ -3 5,364 (0.06)
Dow Jones -20 20,803 (0.10)
Daily Market Summary
Market Chg Last % Chg Ytd Chg
S&P/TSX -112 15,497 (0.72) 1.37
Venture -9 793 (1.18) 4.02
Dow Jones -69 20,856 (0.33) 5.53
S&P 500 -5 2,363 (0.23) 5.55
NASDAQ 4 5,838 0.06 8.44
Global Markets
Market Chg Last % Chg Ytd Chg
DAX -26 11,942 (0.22) 4.01
FTSE -55 7,279 (0.75) 1.91
Stoxx 600 -1 372 (0.26) 2.82
Nikkei 65 19,319 0.34 1.07
Hang Seng -281 23,502 (1.18) 6.82
Commodities
Chg Last % Chg Ytd Chg
Gold -$0.93 $1,207.41 (0.08) 4.79
Oil -$0.73 $49.55 (1.47) (10.61)
Natural Gas $0.03 $2.93 1.12 (21.21)
F/X Rates
CDN$ Buys US$ Buys
US$ 0.7390 CDN$ 1.3532
Yen 84.69 Yen 114.59
Euro 0.7001 Euro 0.9476
Bond Yields
Market Chg Last % Chg Ytd Chg
CAN 3-MO 0.01 0.49 2.08 6.52
CAN 10-YR -0.01 1.77 (0.62) 2.67
U.S. 3-MO 0.01 0.72 0.70 44.97
U.S. 10-YR 0.00 2.56 0.14 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 slightly lower open as investors assess the
latest monetary policy decision from the European Central Bank. On the data front, initial
jobless claims came out at 243k, which was slightly higher than consensus estimate of
238k.
 Asian stocks closed mostly lower as lower commodity prices and mixed inflation data out
of China dampened investor sentiment. The Shanghai Composite index dropped 0.74%,
hitting a two week low while Hong Kong's Hang Seng index was down 1.17%. The
Nikkei 225 Index snapped a four-day losing streak after gaining 0.34% at the close.
 European stocks are trading lower as the European Central Bank left interest rates
unchanged at 0% and said it would increase its quantitative easing program should the
region's economic outlook worsen
Company Headlines
 Canadian Natural Resources Ltd. (CNQ-T) will buy all Royal Dutch Shell PLC's
Canadian oilsands interest except a 10% stake in the Athabasca mining project in a
US$7.25 billion deal. The sale should help Shell’s progress in its plan to sell $30 billion
in assets to pay down a huge debt pile accrued from the $50 billion acquisition of BG
Group PLC last year. Shell and other oil companies have been under pressure from
environmentalists to abandon the Canadian oil sands. Extracting and refining the
region’s heavy oil or bitumen is more carbon-intensive than most other forms of oil
development.
 Linamar Corp (LNR-T) reported a 21.8% increase in quarterly profit, helped in part by
the acquisition of France’s Montupet S.A last year. Linamar Corp bought Montupet in
2016 for US$915 million to boost its exposure to manufacturers like Volkswagen AG and
Peugeot SA. The company’s net earnings rose to $116.1 million, or $1.76 per share, in
the fourth quarter ended Dec. 31, from $95.3 million, or $1.45 per share, a year earlier.
The company also raised its dividend for the fourth quarter to $0.12 per share, from $0.1
per share.
 Dutch paints and chemicals maker Akzo Nobel NV said it had rejected an unsolicited
€20.9 billion offer from PPG Industries (PPG-N), saying the offer substantially
undervalues the company. Akzo said PPG made an offer of €54 in cash and 0.3 PPG
shares for each Akzo share, corresponding to a value of €83 a share. Akzo Chief
Executive Ton Büchner said PPG’s approach had prompted Akzo to announce plans to
explore separating its specialty-chemicals business, including establishing the unit as an
independent listed entity. The business, which reported revenue of €4.8 billion in 2016,
produces a range of chemicals used in construction, industrial and consumer goods.
Sources: Marketwatch, Bloomberg, The Canadian Press, WSJ, Globe and Mail, Financial Post,
NYT, FactSet,Thomson Reuters, StreetAccount, CNBC, RTT News)
March 9, 2017

2. Before the Open March 9, 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 55 208.9k
03/08/2017 08:15 Housing Starts Feb 200.0k 210.2k -4.40%
03/08/2017 08:30 Labor Productivity QoQ 4Q 0.40% 0.40% 81.60%
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% -- 6.80%
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
Aecon Group Inc ARE-T 6.33
Asanko Gold Inc AKG-T 6.09
Cott Corp BCB-T 5.38
Mitel Networks Corp MNW-T 5.33
Alamos Gold Inc AGI-T 4.16
Laggards - Prior Session
Company Ticker % Change
Baytex Energy Corp BTE-T -8.17
MEG Energy Corp MEG-T -7.50
Secure Energy Services Inc SES-T -7.36
Whitecap Resources Inc WCP-T -7.08
Enerplus Corp ERF-T -6.35
Canadian Equity Upgrades
 Aecon Group Inc Raised Outperform at Raymond James
Canadian Equity Downgrades
 Linamar Cut to Hold at TD Securities
Today's Earnings – Canada
Intertape Polymer Group Inc $0.28, Dorel Industries Inc $0.54, Cominar Real Estate
Investment Trust $0.39, Timmins Gold Corp $0.01, Lumenpulse Inc $0.17, Enghouse
Systems Ltd $0.37, Pure Technologies Ltd $0.05, Canadian Energy Services &
Technology Corp $0.00, Trevali Mining Corp $0.03, Aquinox Pharmaceuticals Inc -
$0.51, Pretium Resources Inc -$0.02, Element Fleet Management Corp $0.24,
Denison Mines Corp -$0.01, Northview Apartment Real Estate Investment Trust $0.51,
Trillium Therapeutics Inc -$1.24, Detour Gold Corp $0.05, Prairie Provident Resources
Inc -$0.03

3. Before the Open March 9, 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% 261k
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% 2.40%
03/09/2017 07:30 Challenger Job Cuts YoY Feb -- -40.00% 0.60%
03/09/2017 08:30 Import Price Index MoM Feb 0.10% 0.20% 0.10%
03/09/2017 08:30 Import Price Index ex Petroleum MoM Feb 0.10% 0.30% 3.80%
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 -- -- 49.8
03/09/2017 12:00 Household Change in Net Worth 4Q -- -- $1593b
03/10/2017 08:30 Change in Nonfarm Payrolls Feb 200k -- 227k
03/10/2017 08:30 Two-Month Payroll Net Revision Feb -- -- --
03/10/2017 08:30 Change in Private Payrolls Feb 200k -- 237k
03/10/2017 08:30 Change in Manufact. Payrolls Feb 10k -- 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 -$187.5b -- $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
 Callon Petroleum Raised to Buy at Citi
 Orbital ATK Inc Raised to Outperform at Cowen
U.S. Equity Downgrades
 Finish Line Downgraded to Neutral at Mizuho
Today's Earnings – U.S.
Staples Inc $0.26, Fairmount Santrol Holdings Inc -$0.06, GMS Inc $0.31, Signet
Jewelers Ltd $4.00, Gastar Exploration Inc -$0.06, Finisar Corp $0.62, VeriFone
Systems Inc $0.20, Ulta Beauty Inc $2.14, Global Eagle Entertainment Inc -$0.08,
Adeptus Health Inc $0.23

4. Before the Open March 9, 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 9, 2017
Page 5
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