- U.S. and European stock futures fell and Asian stocks dropped sharply due to concerns about global economic growth and the outcome of Greece's debt restructuring. - Data showed the eurozone economy contracted 0.3% in Q4 and a report warned that a Greek default could cost the eurozone over 1 trillion euros. - Private bondholders hold around 20% of the Greek bonds involved in the debt swap, which aims to cut Greece's debt by over 50% and help secure its bailout.

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 4 2,344 0.15
NASDAQ 12 5,366 0.22
Dow Jones 39 20,627 0.19
Daily Market Summary
Market Chg Last % Chg Ytd Chg
S&P/TSX 85 15,434 0.55 0.96
Venture 0 801 0.05 5.11
Dow Jones -5 20,657 (0.02) 4.52
S&P 500 -2 2,346 (0.11) 4.79
NASDAQ -4 5,818 (0.07) 8.07
Global Markets
Market Chg Last % Chg Ytd Chg
DAX -16 12,024 (0.13) 4.72
FTSE -10 7,331 (0.14) 2.63
Stoxx 600 -1 376 (0.38) 3.97
Nikkei 177 19,263 0.93 0.78
Hang Seng 31 24,358 0.13 10.72
Commodities
Chg Last % Chg Ytd Chg
Gold $0.00 $1,245.30 - 8.07
Oil $0.28 $47.98 0.58 (14.40)
Natural Gas -$0.02 $3.03 (0.73) (18.66)
F/X Rates
CDN$ Buys US$ Buys
US$ 0.7481 CDN$ 1.3367
Yen 83.03 Yen 110.98
Euro 0.6926 Euro 0.9256
Bond Yields
Market Chg Last % Chg Ytd Chg
CAN 3-MO -0.02 0.49 (3.92) 6.52
CAN 10-YR -0.02 1.67 (1.13) (3.02)
U.S. 3-MO 0.00 0.76 - 53.16
U.S. 10-YR -0.01 2.41 (0.22) (1.24)
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 higher opening but are on track for their worst
weekly performance since early November, as concerns grew over President Trump's
ability to push through his reforms. Voting on a key health care bill, meant to replace the
Affordable Care Act, is scheduled for Friday. It was postponed from Thursday night after
its Republican backers failed to win over the bill’s opponents within their own party.
 Asian stock markets finished the session mostly higher as Tokyo's Nikkei Index rose
0.9%. The Japanese yen fell 0.4% against the U.S. dollar, helping exporters. Shanghai's
Stock Composite advanced 0.6% and Hong Kong's Hang Seng Index rose 0.1%.
 European stock markets are trading in negative territory amid investor uncertainty over
the delayed vote on the U.S. health care bill. The pan-European STOXX 600 Index is
down 0.4%, with most sectors and major bourses trading lower. On the data front, the
composite Purchasing Managers Index (PMI) for the euro zone came in stronger-than-
anticipated, rising to 56.7 from 56.0. The flash reading represents the highest first
quarter average in six years.
Company Headlines
 TransCanada Corp. (TRP-T) said the U.S. Department of State issued a presidential
permit for the construction of the Keystone XL pipeline linking Canadian oil sands to U.S.
refiners, a project blocked by former President Barack Obama. Reuters reported earlier
that Trump would announce the approval of the pipeline at the White House alongside
TransCanada's chief executive. The move marks the beginning of a lengthy process
which includes getting approvals from state regulators. The project could also face legal
challenges.
 Bombardier Inc. (BBD.B-T) said its CSeries will soon become the largest commercial
aircraft capable of landing at London City Airport. The planemaker expects that this will
improve buyer interest at a time of sluggish market demand for new jets. Bombardier
expects to receive "steep approach" certification in the second quarter so that airlines
can land the 110-seat CS100 variant at the urban airport, which has the challenge of a
shorter runway, a company spokesman said.
 Amazon.com Inc. (AMZN-Q) won a more than US$1.5 billion tax dispute with the
Internal Revenue Service over transactions involving a Luxembourg unit more than a
decade ago. Judge Albert Lauber of the U.S. Tax Court rejected a variety of IRS
arguments, and found that on several occasions the agency abused its discretion, or
acted arbitrarily or capriciously. Amazon's ultimate tax liability from the decision was not
immediately clear.
Sources: Marketwatch, Bloomberg, The Canadian Press, WSJ, Globe and Mail, Financial Post,
NYT, FactSet,Thomson Reuters, StreetAccount, CNBC, RTT News)
March 24, 2017

2. Before the Open March 24, 2017
Page 2
Canadian Equities Upgrades - March 6
Weekly Canada Economic Calendar - March 20 to March 24, 2017
Date/Time Event Period Consensus Actual Prior
03/20/2017 08:30 Wholesale Trade Sales MoM Jan 0.50% 3.30% 0.30%
03/20/2017 10:00 Bloomberg Nanos Confidence 17-Mar -- 59.2 58.2
03/21/2017 08:30 Retail Sales MoM Jan 1.50% 2.20% -0.40%
03/21/2017 08:30 Retail Sales Ex Auto MoM Jan 1.30% 1.70% -0.50%
03/24/2017 08:30 CPI NSA MoM Feb 0.20% 0.20% 0.90%
03/24/2017 08:30 CPI YoY Feb 2.10% 2.00% 2.10%
03/24/2017 08:30 CPI Core- Common YoY% Feb -- 1.30% 1.30%
03/24/2017 08:30 CPI Core- Median YoY% Feb -- 1.90% 1.90%
03/24/2017 08:30 CPI Core- Trim YoY% Feb -- 1.60% 1.70%
03/24/2017 08:30 Consumer Price Index Feb -- 129.7 129.5
S&P/TSX Daily Performance
12000
12500
13000
13500
14000
14500
15000
15500
16000
Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17
Leaders - Prior Session
Company Ticker % Change
Birchcliff Energy Ltd BIR-T 8.11
Bonterra Energy Corp BNE-T 6.04
Sierra Wireless Inc SW-T 6.01
NuVista Energy Ltd NVA-T 5.91
Canopy Growth Corp WEED-T 4.53
Laggards - Prior Session
Company Ticker % Change
Detour Gold Corp DGC-T -5.85
SEMAFO Inc SMF-T -5.00
Endeavour Mining Corp EDV-T -4.25
Guyana Goldfields Inc GUY-T -3.84
Silver Wheaton Corp SLW-T -3.68
Canadian Equity Upgrades
 Cenovus Energy raised to Buy at TD Securities
 Pengrowth Energy raised to Speculative Buy at Canaccord
Canadian Equity Downgrades
 MEG Energy cut to Hold at TD Securities
Today's Earnings – Canada
Premier Gold Mines Ltd $0.18, BRP Inc/CA $0.95, K-Bro Linen Inc $0.43, Power Corp
of Canada $0.70, Ivanhoe Mines Ltd -$0.01

3. Before the Open March 24, 2017
Page 3
Weekly U.S. Economic Calendar - March 20 to March 24, 2017
Date/Time Event Period Consensus Actual Prior
03/20/2017 08:30 Chicago Fed Nat Activity Index Feb 0.03 0.34 -0.02
03/21/2017 08:30 Current Account Balance 4Q -$128.1b -$112.4b -$116.0b
03/22/2017 07:00 MBA Mortgage Applications 17-Mar -- -2.70% 3.10%
03/22/2017 09:00 FHFA House Price Index MoM Jan 0.40% 0.00% 0.40%
03/22/2017 10:00 Existing Home Sales Feb 5.55m 5.48m 5.69m
03/22/2017 10:00 Existing Home Sales MoM Feb -2.50% -3.70% 3.30%
03/23/2017 08:30 Initial Jobless Claims 18-Mar 240k 258k 243k
03/23/2017 08:30 Continuing Claims 11-Mar 2040k 2000k 2039k
03/23/2017 09:45 Bloomberg Consumer Comfort 19-Mar -- 51.3 51
03/23/2017 10:00 New Home Sales Feb 564k 592k 558k
03/23/2017 10:00 New Home Sales MoM Feb 1.60% 6.10% 5.30%
03/23/2017 11:00 Kansas City Fed Manf. Activity Mar 14 20 14
03/24/2017 08:30 Durable Goods Orders Feb P 1.40% 1.70% 2.30%
03/24/2017 08:30 Durables Ex Transportation Feb P 0.60% 0.40% 0.20%
03/24/2017 08:30 Cap Goods Orders Nondef Ex Air Feb P 0.50% -0.10% 0.10%
03/24/2017 08:30 Cap Goods Ship Nondef Ex Air Feb P 0.20% 1.00% -0.30%
03/24/2017 09:45 Markit US Manufacturing PMI Mar P 54.8 -- 54.2
S&P 500 Daily Performance
1700
1800
1900
2000
2100
2200
2300
2400
2500
Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17
Leaders - Prior Session
Company Ticker % Change
PVH Corp PVH-US 8.48
TripAdvisor Inc TRIP-US 2.71
Cabot Oil & Gas Corp COG-US 2.70
NIKE Inc NKE-US 2.69
American Airlines Group Inc AAL-US 2.63
Laggards - Prior Session
Company Ticker % Change
Accenture PLC ACN UN -4.52
Centene Corp CNC UN -3.97
FedEx Corp FDX UN -3.44
H&R Block Inc HRB UN -2.53
Dollar General Corp DG UN -2.52
U.S. Equity Upgrades
 Adobe raised to Outperform at Credit Suisse
U.S. Equity Downgrades
 Alon USA Energy, Delek and Tesoro cut to Neutral at Credit Suisse
 Apple cut to Buy at Needham
 Philip Morris cut to Sell at SBG Securities
Today's Earnings – U.S.
NantHealth Inc -$0.19

4. Before the Open March 24, 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
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5. Before the Open March 24, 2017
Page 5
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