- US and Asian stock futures fell, while European stocks dropped, as concerns over global growth weighed on investor sentiment. - Data showed the eurozone economy contracted 0.3% in Q4, with declines in investment, exports and consumer spending. - In Greece, private investors holding about 20% of bonds involved in the country's debt restructuring have agreed to the swap deal terms so far. - Canadian equity futures were also lower ahead of the market open.

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 2,386 (0.20)
NASDAQ -4 5,667 (0.07)
Dow Jones -25 20,845 (0.12)
Daily Market Summary
Market Chg Last % Chg Ytd Chg
S&P/TSX -83 15,551 (0.53) 1.72
Venture 5 788 0.66 3.41
Dow Jones -24 20,919 (0.11) 5.85
S&P 500 -5 2,394 (0.22) 6.95
NASDAQ -13 6,116 (0.22) 13.61
Global Markets
Market Chg Last % Chg Ytd Chg
DAX 20 12,731 0.16 10.89
FTSE 16 7,402 0.21 3.63
Stoxx 600 0 395 0.07 9.19
Nikkei -78 19,884 (0.39) 4.03
Hang Seng 31 25,156 0.12 14.34
Commodities
Chg Last % Chg Ytd Chg
Gold $2.83 $1,227.88 0.23 6.56
Oil $0.01 $47.84 0.02 (15.31)
Natural Gas -$0.02 $3.36 (0.51) (9.80)
F/X Rates
CDN$ Buys US$ Buys
US$ 0.7289 CDN$ 1.3719
Yen 82.96 Yen 113.85
Euro 0.6703 Euro 0.9198
Bond Yields
Market Chg Last % Chg Ytd Chg
CAN 3-MO 0.01 0.50 2.04 8.70
CAN 10-YR -0.01 1.59 (0.87) (7.61)
U.S. 3-MO 0.01 0.88 0.58 76.70
U.S. 10-YR -0.01 2.38 (0.52) (2.84)
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
 The U.S. Futures Indexes are pointing to lower opening as traders anticipated a big day
of data. The Consumer Price Index rose 0.2% from March, in line with consensus
estimates. Retail sales grew 0.4%, trailing a forecast of 0.6% growth.
 Asian stocks fell broadly overnight after weak earnings from Macy's sent shares of
American retailers plunging yesterday. The Nikkei 225 Index fell 0.39% as the yen rose
against the dollar. The Shanghai Composite Index bucked the regional trend, rising
0.71% after China's central bank injected fresh funds through a medium-term lending
facility to keep liquidity stable.
 European stocks are trading sideways as higher oil prices, solid GDP data from
Germany offset some weak corporate earnings. Investors also kept an eye on the two-
day G7 finance ministers meeting in Italy this weekend, with trade and currencies seen
high on the agenda.
Company Headlines
 Moody's Investors Service issued a report saying it expects TD Bank (TD-T), Bank of
Montreal (BMO-T), Scotiabank (BNS-T), CIBC (CM-T), National Bank (NA-T), and
Royal Bank (RY-T) to face a more challenging operating environment for the remainder
of this year and beyond. Moody's downgraded the baseline credit assessments, the
long-term debt and deposit ratings, and the counterparty risk assessments of the banks
and their affiliates by one notch. TD was the only exception, as Moody’s affirmed the
bank’s counterparty risk assessment.
 Brookfield Asset Management Inc (BAM-T) is nearing an accord to buy a 30% stake
in Renova Energia SA which would include 800 million reals ($258 million) in fresh
capital for the Brazilian renewable energy company. Under terms of the deal, which
could be announced in coming weeks, Brookfield would purchase the 15.7% stake that
Light Energia SA has in Renova and then pump fresh cash into the company. Currently,
Light forms part of a controlling bloc that owns about 64% of Renova.
 Home Capital Group (HGC-T) reported its Q1 adjusted EPS of $1.02 in the first quarter
from $0.96 in the same period the year before. Profit fell to $58 million, or $0.90 per
share, in the first three months of the year, slightly less than the $64.2 million in earnings
or $0.92 per share reported in Q1 2016. Management believes that material uncertainty
exists regarding the company's future funding capabilities as a result of reputational
concerns that may cast significant doubt upon the company's ability to continue as a
going concern.
Sources: Marketwatch, Bloomberg, The Canadian Press, Canadian Newswire, WSJ, Globe and
Mail, Financial Post, NYT, FactSet,Thomson Reuters, StreetAccount, CNBC, RTT News)
May 12, 2017

2. Before the Open May 12, 2017
Page 2
Canadian Equities Upgrades - March 6
Weekly Canada Economic Calendar - May 08 to May 12, 2017
Date/Time Event Period Consensus Actual Prior
05/08/2017 08:15 Housing Starts Apr 215.0k 214.1k 252.3k
05/08/2017 10:00 Bloomberg Nanos Confidence 5-May -- 59 59.4
05/09/2017 08:30 Building Permits MoM Mar 2.80% -5.80% -2.80%
05/11/2017 08:30 New Housing Price Index MoM Mar 0.20% 0.20% 0.40%
05/11/2017 08:30 New Housing Price Index YoY Mar -- 3.30% 3.30%
05/12/2017 08:30 Teranet/National Bank HPI MoM Apr -- 1.20% 0.90%
05/12/2017 08:30 Teranet/National Bank HPI YoY Apr -- 13.40% 13.50%
05/12/2017 08:30 Teranet/National Bank HP Index Apr -- 206.41 204.05
S&P/TSX Daily Performance
13000
13500
14000
14500
15000
15500
16000
May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17
Leaders - Prior Session
Company Ticker % Change
Home Capital Group Inc HCG-T 23.40
NuVista Energy Ltd NVA-T 13.28
Air Canada AC-T 10.54
Canopy Growth Corp WEED-T 9.64
Valeant Pharmaceuticals International IncVRX-T 8.77
Laggards - Prior Session
Company Ticker % Change
Aimia Inc AIM-T -62.71
Ensign Energy Services Inc ESI-T -6.08
Canadian Tire Corp Ltd CTC/A-T -5.94
Industrial Alliance Insurance & Financial Services IncIAG-T -5.70
Hudson's Bay Co HBC-T -5.57
Canadian Equity Upgrades
 Magna International Raised to Buy at TD
Canadian Equity Downgrades
 Aimia Downgraded to Hold at Industrial Alliance
 PFB Downgraded to Market Perform at Cormark
Today's Earnings – Canada
RioCan Real Estate Investment Trust $0.41, Badger Daylighting Ltd $0.32, Boyd
Group Income Fund $0.74, Hydrogenics Corp -$0.17, Enercare Inc $0.08, TeraGo Inc
-$0.03, Amaya Inc $0.52, Chorus Aviation Inc $0.17, Savanna Energy Services Corp -
$0.07, K-Bro Linen Inc $0.27, New Look Vision Group Inc $0.17, RMP Energy Inc -
$0.01, Power Corp of Canada $0.67, Maxim Power Corp -$0.06, Belo Sun Mining
Corp -$0.01, ProMetic Life Sciences Inc -$0.04, MAG Silver Corp -$0.02, Imperial
Metals Corp -$0.03, Trillium Therapeutics Inc -$1.26, Cargojet Inc $0.33, Storm
Resources Ltd $0.03, Pretium Resources Inc -$0.04, Spectra7 Microsystems Inc -
$0.01, TMAC Resources Inc $0.01, Cronos Group Inc -$0.01, Leucrotta Exploration
Inc -$0.01, Continental Gold Inc -$0.01

3. Before the Open May 12, 2017
Page 3
Weekly U.S. Economic Calendar - May 08 to May 12, 2017
Date/Time Event Period Consensus Actual Prior
05/09/2017 06:00 NFIBSmall Business Optimism Apr 104 104.5 104.7
05/09/2017 10:00 JOLTSJob Openings Mar 5738 5682 5743
05/09/2017 10:00 Wholesale Inventories MoM Mar F -0.10% -0.10% -0.10%
05/09/2017 10:00 Wholesale Trade Sales MoM Mar -- 0.70% 0.60%
05/10/2017 07:00 MBAMortgage Applications 5-May -- -0.10% -0.10%
05/10/2017 08:30 Import Price Index MoM Apr 0.20% 0.10% -0.20%
05/10/2017 08:30 Import Price Index ex Petroleum MoM Apr 0.20% 0.10% 0.20%
05/10/2017 08:30 Import Price Index YoY Apr 3.60% 4.30% 4.20%
05/10/2017 08:30 Export Price Index MoM Apr 0.20% 0.10% 0.20%
05/10/2017 08:30 Export Price Index YoY Apr -- 3.40% 3.60%
05/11/2017 08:30 PPI Ex Food and Energy YoY Apr 1.60% 1.90% 1.60%
05/11/2017 08:30 PPI Ex Food, Energy, Trade YoY Apr -- 2.10% 1.70%
05/11/2017 08:30 Initial Jobless Claims 6-May 245k 236k 238k
05/11/2017 08:30 Continuing Claims 29-Apr 1978k 1918k 1964k
05/12/2017 08:30 CPI MoM Apr 0.20% -0.30% -0.30%
05/12/2017 08:30 CPI Ex Food and Energy MoM Apr 0.20% -0.10% -0.10%
05/12/2017 08:30 CPI YoY Apr 2.30% 2.40% 2.40%
05/12/2017 08:30 CPI Ex Food and Energy YoY Apr 2.00% 2.00% 2.00%
05/12/2017 08:30 CPI Core Index SA Apr -- 250.993 250.993
05/12/2017 08:30 CPI Index NSA Apr 244.599 243.801 243.801
05/12/2017 08:30 Real Avg Weekly Earnings YoY Apr -- -0.10% -0.10%
05/12/2017 08:30 Real Avg Hourly Earning YoY Apr -- -- 0.60%
05/12/2017 08:30 Retail Sales Advance MoM Apr 0.60% 0.10% -0.20%
05/12/2017 08:30 Retail Sales Ex Auto MoM Apr 0.50% 0.30% 0.00%
05/12/2017 08:30 Retail Sales Ex Auto and Gas Apr 0.40% 0.40% 0.10%
05/12/2017 08:30 Retail Sales Control Group Apr 0.40% 0.70% 0.50%
S&P 500 Daily Performance
1950
2050
2150
2250
2350
2450
May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17
Leaders - Prior Session
Company Ticker % Change
NVIDIA Corp NVDA-US 4.30
Textron Inc TXT-US 3.60
Mylan NV MYL-US 3.19
Becton Dickinson and Co BDX-US 2.84
Advanced Micro Devices Inc AMD-US 2.59
Laggards - Prior Session
Company Ticker % Change
Macy's Inc M-US -17.01
Kohl's Corp KSS-US -7.84
Nordstrom Inc JWN-US -7.60
Hologic Inc HOLX-US -5.09
Symantec Corp SYMC-US -5.07
U.S. Equity Upgrades
 Williams Partners Raised to Outperform at Credit Suisse
 Las Vegas Sands Raised to Overweight at Barclays
U.S. Equity Downgrades
 Henkel Downgraded to Overweight at Raymond James
Today's Earnings – U.S.
JC Penney Co Inc -$0.21

4. Before the Open May 12, 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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TD Waterhouse Canada Inc. makes its research products available in electronic format. These research products are posted to our
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securities or issuers discussed herein, and (ii) no part of the research analyst’s compensation was, is, or will be, directly or indirectly,
related to the provision of specific recommendations or views expressed by the research analyst in the research report.
Conflicts of Interest
The Portfolio Advice & Investment Research analyst(s) responsible for this report may own securities of the issuer(s) discussed in this
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however TD Waterhouse Canada Inc. does not compensate its analysts based on specific investment banking transactions.

5. Before the Open May 12, 2017
Page 5
Corporate Disclosure
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TD Wealth Private Trust (offered by The Canada Trust Company).
The Portfolio Advice and Investment Research team is part of TD Waterhouse Canada Inc., a subsidiary of The Toronto-Dominion Bank.
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