- U.S. and European stock futures fell while Asian stocks also declined sharply due to concerns about global economic growth and the outcome of Greece's debt restructuring plan. - Data showed the eurozone economy contracted 0.3% in Q4 due to declines in investment, exports and consumer spending. A report also warned that a Greek default could cost the eurozone over 1 trillion euros. - Private investors holding around 20% of the bonds in Greece's debt swap declared their participation so far. The swap aims to reduce Greece's debt by 53.5% to help secure its bailout. - Aecon Group reported a 143% rise in quarterly earnings on improved margins but revenue missed estimates.

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 6 2,369 0.25
NASDAQ 21 5,651 0.36
Dow Jones 32 20,676 0.16
Daily Market Summary
Market Chg Last % Chg Ytd Chg
S&P/TSX 4 15,277 0.02 (0.07)
Venture -7 801 (0.86) 5.05
Dow Jones 56 20,663 0.27 4.56
S&P 500 9 2,366 0.37 5.67
NASDAQ 44 6,055 0.73 12.48
Global Markets
Market Chg Last % Chg Ytd Chg
DAX 26 12,617 0.21 9.89
FTSE 29 7,465 0.39 4.51
Stoxx 600 2 391 0.44 8.16
Nikkei 37 19,591 0.19 2.49
Hang Seng 38 25,175 0.15 14.43
Commodities
Chg Last % Chg Ytd Chg
Gold $6.25 $1,253.38 0.50 8.77
Oil $0.62 $49.97 1.24 (11.54)
Natural Gas $0.02 $3.20 0.56 (14.07)
F/X Rates
CDN$ Buys US$ Buys
US$ 0.7361 CDN$ 1.3585
Yen 81.89 Yen 111.25
Euro 0.6584 Euro 0.8944
Bond Yields
Market Chg Last % Chg Ytd Chg
CAN 3-MO 0.00 0.52 - 13.04
CAN 10-YR 0.01 1.46 0.90 (15.28)
U.S. 3-MO -0.01 0.90 (0.57) 81.81
U.S. 10-YR 0.01 2.24 0.47 (8.37)
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 second straight positive session on Friday as
concerns over the stability of the U.S. administration ease. Gains were led by the energy
sector as oil futures moved sharply higher, ahead of next week’s meeting of the
Organization of the Petroleum Exporting Countries.
 Asian stock markets finished the session mostly higher following overnight gains on Wall
Street. Tokyo's Nikkei Index and Hong Kong's Hang Seng Index each gained 0.2%,
while Shanghai's Stock Composite Index finished modestly higher by 3 basis points.
 European stocks advanced on Friday, modestly recovering from a U.S. political-spurred
selloff from the prior day that should drag major regional benchmarks lower for the week.
All sectors and major bourses traded in positive territory, with gains led by the banking
and automotive sectors.
Company Headlines
 Bombardier Inc. (BBD.B-T) has reportedly held talks with the Commercial Aircraft
Corporation of China Ltd. (Comac) about a potential investment in the Montreal-based
company’s commercial aerospace division. According to news reports, sources said
Comac, China’s state-owned aerospace manufacturer, is working with at least one bank
on a deal that could involve an investment in Bombardier’s commercial aerospace
division, or a stake in its CSeries program. Bombardier has previously engaged in
partnerships with the Chinese manufacturer. A spokesperson for Bombardier said the
company would not comment on market rumours or speculation.
 Home Capital Group Inc. (HCG-T) published data on Thursday showing that its high
interest savings account balances had risen on Wednesday but its cashable guaranteed
income certificate deposits continued to fall. Home Capital has been struggling to
finance its assets as its high interest deposit accounts have fallen by more than 90%
since March 27, when the company terminated the employment of former Chief
Executive Martin Reid. Home Capital said its high-interest rate savings deposit balances
stood at $120.2 million on Thursday, compared with $116.8 million the day before. Its
cashable GIC deposits, which holders can redeem before their maturity date, fell to $146
million on Thursday, compared with $153 million on Wednesday. The company last
Friday said uncertainty around future funding had cast doubt about whether it could
continue as a going concern.
 Deere & Co. (DE-N) reported a 62% jump in quarterly profit, helped by improving
demand for its products, and the U.S. farm equipment maker raised its fiscal 2017
financial forecast. Net income attributable to Deere rose to US$802.4 million, or US$2.49
cents per share, in the second quarter ended April 30 from US$495.4 million, or
US$1.56 cents per share, a year earlier. Total sales and revenue rose 5.2% to US$8.29
billion.
Sources: Marketwatch, Bloomberg, The Canadian Press, Canadian Newswire, WSJ, Globe and
Mail, Financial Post, NYT, FactSet,Thomson Reuters, StreetAccount, CNBC, RTT News)
May 19, 2017

2. Before the Open May 19, 2017
Page 2
Canadian Equities Upgrades - March 6
Weekly Canada Economic Calendar - May 15 to May 19, 2017
Date/Time Event Period Consensus Actual Prior
05/15/2017 09:00 Existing Home Sales MoM Apr -- -1.70% 1.10%
05/15/2017 10:00 Bloomberg Nanos Confidence 12-May -- 58.1 59
05/17/2017 08:30 Manufacturing Sales MoM Mar 1.30% 1.00% -0.60%
05/18/2017 08:30 Int'l Securities Transactions Mar -- 15.13b 38.84b
05/19/2017 08:30 CPI NSA MoM Apr 0.50% 0.40% 0.20%
05/19/2017 08:30 CPI YoY Apr 1.70% 1.60% 1.60%
05/19/2017 08:30 Consumer Price Index Apr -- 130.4 129.9
05/19/2017 08:30 CPI Core- Common YoY% Apr 1.40% 1.30% 1.30%
05/19/2017 08:30 CPI Core- Trim YoY% Apr -- 1.30% 1.40%
05/19/2017 08:30 CPI Core- Median YoY% Apr -- 1.60% 1.70%
05/19/2017 08:30 Retail Sales MoM Mar 0.30% 0.70% -0.40%
05/19/2017 08:30 Retail Sales Ex Auto MoM Mar 0.20% -0.20% 0.00%
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
ATS Automation Tooling Systems IncATA-T 7.84
Nevsun Resources Ltd NSU-T 3.55
Constellation Software Inc/Canada CSU-T 3.54
Pason Systems Inc PSI-T 2.85
Air Canada AC-T 2.68
Laggards - Prior Session
Company Ticker % Change
Aimia Inc AIM-T -13.40
Just Energy Group Inc JE-T -12.71
Pan American Silver Corp PAAS-T -5.87
New Gold Inc NGD-T -5.48
Turquoise Hill Resources Ltd TRQ-T -5.46
Canadian Equity Upgrades
 Lundin Mining raised to Buy at Berenberg
Canadian Equity Downgrades
 Labrador Iron Ore cut to Underperform at Credit Suisse
 Canadian Energy Services cut to Outperform at Raymond James
Today's Earnings – Canada
Computer Modelling Group Ltd $0.07

3. Before the Open May 19, 2017
Page 3
WeeklyU.S. Economic Calendar - May15 to May19, 2017
Date/Time Event Period Consensus Actual Prior
05/15/201708:30 EmpireManufacturing May 7.5 -1 5.2
05/15/201710:00 NAHBHousingMarketIndex May 68 70 68
05/15/201716:00 TotalNetTICFlows Mar -- -$0.7b $13.2b
05/15/201716:00 NetLong-termTICFlows Mar -- $59.8b $53.1b
05/16/201708:30 HousingStarts Apr 1260k 1172k 1203k
05/16/201708:30 HousingStartsMoM Apr 3.70% -2.60% -6.60%
05/16/201708:30 BuildingPermits Apr 1270k 1229k 1260k
05/16/201708:30 BuildingPermitsMoM Apr 0.20% -2.50% 3.40%
05/16/201709:15 IndustrialProductionMoM Apr 0.40% 1.00% 0.40%
05/16/201709:15 CapacityUtilization Apr 76.30% 76.70% 76.10%
05/16/201709:15 Manufacturing(SIC)Production Apr 0.40% 1.00% -0.40%
05/16/201710:00 MBAMortgageForeclosures 1Q -- 1.39% 1.53%
05/16/201710:00 MortgageDelinquencies 1Q -- 4.71% 4.80%
05/17/201707:00 MBAMortgageApplications 12-May -- -4.10% 2.40%
05/18/201708:30 InitialJoblessClaims 13-May 240k 232k 236k
05/18/201708:30 ContinuingClaims 6-May 1950k 1898k 1920k
05/18/201708:30 PhiladelphiaFedBusinessOutlook May 18.5 38.8 22
05/18/201709:45 BloombergConsumerComfort 14-May -- 50.2 49.7
05/18/201709:45 BloombergEconomicExpectations May -- 49.5 53.5
05/18/201710:00 LeadingIndex Apr 0.40% 0.30% 0.30%
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
Incyte Corp INCY-US 6.90
CarMax Inc KMX-US 6.15
NVIDIA Corp NVDA-US 4.19
Qorvo Inc QRVO-US 4.15
Wal-Mart Stores Inc WMT-US 3.22
Laggards - Prior Session
Company Ticker % Change
Cisco Systems Inc CSCO-US -7.21
Mallinckrodt PLC MNK-US -3.54
Perrigo Co PLC PRGO-US -3.52
Synopsys Inc SNPS-US -3.36
Nielsen Holdings PLC NLSN-US -2.91
U.S. Equity Upgrades
 Autodesk raised to Outperform at RBC
 T-Mobile raised to Conviction Buy List at Goldman Sachs
U.S. Equity Downgrades
 n/a
Today's Earnings – U.S.
Deere & Co $1.68, Foot Locker Inc $1.38

4. Before the Open May 19, 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.
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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 May 19, 2017
Page 5
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