- US and European stock futures fell and Asian markets declined sharply due to concerns about global growth and the outcome of Greece's debt swap. - Eurozone GDP 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 20% of the bonds in Greece's debt swap have agreed to participate so far. The swap aims to cut Greece's privately held debt by 53.5% to help secure its second 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 -16 2,419 (0.67)
NASDAQ -63 5,670 (1.10)
Dow Jones -91 21,236 (0.43)
Daily Market Summary
Market Chg Last % Chg Ytd Chg
S&P/TSX -210 15,170 (1.36) (0.77)
Venture -6 779 (0.79) 2.22
Dow Jones 46 21,375 0.22 8.16
S&P 500 -2 2,438 (0.10) 8.89
NASDAQ -25 6,195 (0.41) 15.08
Global Markets
Market Chg Last % Chg Ytd Chg
DAX -140 12,666 (1.09) 10.32
FTSE -79 7,395 (1.06) 3.53
Stoxx 600 -3 384 (0.87) 6.30
Nikkei -52 19,832 (0.26) 3.75
Hang Seng -311 25,565 (1.20) 16.20
Commodities
Chg Last % Chg Ytd Chg
Gold -$7.83 $1,252.93 (0.62) 8.74
Oil -$0.19 $44.54 (0.43) (21.53)
Natural Gas $0.00 $2.94 0.14 (21.13)
F/X Rates
CDN$ Buys US$ Buys
US$ 0.7535 CDN$ 1.3271
Yen 83.17 Yen 110.37
Euro 0.6748 Euro 0.8960
Bond Yields
Market Chg Last % Chg Ytd Chg
CAN 3-MO 0.01 0.54 1.89 17.39
CAN 10-YR 0.03 1.51 1.68 (12.03)
U.S. 3-MO 0.00 1.00 (0.01) 101.27
U.S. 10-YR 0.03 2.16 1.55 (11.69)
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 pointed to a lower open on Thursday as technology
stocks slumped for the second time this week. Dow futures fell 82 points, while
S&P and Nasdaq futures declined 15 points and 59 points, respectively.
 Asian equities closed mostly lower on Thursday after the U.S. Federal Reserve
raised interest rates for the second time this year, as was widely expected by
markets. The Nikkei 225 edged lower by 0.26 percent, while the Hang Seng
Index moved lower by 1.20 percent and the Shanghai Composite edged higher
by 0.06 percent.
 Bourses in Europe moved lower on Thursday as investors digested multiple
monetary policy decisions. The pan-European Stoxx 600 was 0.87 percent
lower with most sectors moving south. The FTSE 100 was down by 1.06
percent following the Bank of England's decision to keep its policy unchanged.
Company Headlines
 Home Capital Group Inc. (HCG-T) agreed Wednesday to pay a total of
C$30.5 million to settle both OSC allegations of misleading disclosure and a
class-action lawsuit in a dual agreement that appears designed to help salvage
the troubled mortgage lender as a going concern or viable takeover target. In
the OSC settlement, the company agreed to pay an administrative penalty of
C$10 million.
 Bank of America Corp (BAC-N) has begun laying off employees in its
operations and technology division, part of the second-largest U.S. bank's plan
to cut costs. The cuts come as Bank of America is aiming to cut costs in order
to boost financial targets Chief Executive Brian Moynihan has set. Although
Bank of America is also hiring, the employees that it is trying to reduce cost
more than those who are joining, Moynihan said at a conference last month.
 Even as Wells Fargo & Co. (WFC-N) was reeling from a major scandal in its
consumer bank last year, officials in the company's mortgage business were
putting through unauthorized changes to home loans held by customers in
bankruptcy, a new class action and other lawsuits contend. Wells Fargo's
changes would extend the terms of borrowers' loans by decades, meaning
they would have monthly payments for far longer and would ultimately owe the
bank much more.
Sources: Marketwatch, Bloomberg, The Canadian Press, Canadian Newswire, WSJ, Globe and Mail,
Financial Post, NYT, FactSet,Thomson Reuters, StreetAccount, CNBC, RTT News)
June 15, 2017

2. Before the Open June 15, 2017
Page 2
*
Canadian Equities Upgrades - March 6
Weekly Canada Economic Calendar - June 12 to June 16, 2017
Date/Time Event Period Consensus Actual Prior
06/12/2017 10:00 Bloomberg Nanos Confidence 9-Jun -- 57.8 57.9
06/14/2017 08:30 Teranet/National Bank HPI MoM May -- 2.20% 1.20%
06/14/2017 08:30 Teranet/National Bank HPI YoY May -- 13.90% 13.40%
06/14/2017 08:30 Teranet/National Bank HP Index May -- 210.92 206.41
06/15/2017 08:30 Manufacturing Sales MoM Apr 0.90% -- 1.00%
06/15/2017 09:00 Existing Home Sales MoM May -- -- -1.70%
06/16/2017 08:30 Int'l Securities Transactions Apr -- -- 15.13b
S&P/TSX Daily Performance
13000
13500
14000
14500
15000
15500
16000
Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17
Leaders - Prior Session
Company Ticker % Change
Home Capital Group Inc HCG-T 7.35
Restaurant Brands International IncQSR-T 3.16
Shaw Communications Inc SJR/B-T 2.52
Transcontinental Inc TCL/A-T 2.51
Industrial Alliance Insurance & Financial Services IncIAG-T 2.35
Laggards - Prior Session
Company Ticker % Change
Aimia Inc AIM-T -26.79
MEG Energy Corp MEG-T -8.51
Baytex Energy Corp BTE-T -8.42
Pretium Resources Inc PVG-T -7.82
Kirkland Lake Gold Ltd KL-T -7.72
Canadian Equity Upgrades
 North West Co. raised to Buy at Industrial Alliance
 Canadian Tire raised to Buy at Desjardins
 Home Capital raised to Sector Perform at RBC
Canadian Equity Downgrades
 Eldorado Gold cut to Speculative Buy at Canaccord
Today's Earnings – Canada
Automotive Finco Corp $0.06, Victoria Gold Corp $0.00

3. Before the Open June 15, 2017
Page 3
Weekly U.S. Economic Calendar - June 12 to June 16, 2017
Date/Time Event Period Consensus Actual Prior
06/12/2017 14:00 Monthly Budget Statement May -$87.0b -$88.4b -$52.5b
06/13/2017 06:00 NFIB Small Business Optimism May 104.5 104.5 104.5
06/13/2017 08:30 PPI Final Demand MoM May 0.00% 0.00% 0.50%
06/13/2017 08:30 PPI Ex Food and Energy MoM May 0.10% 0.30% 0.40%
06/13/2017 08:30 PPI Ex Food, Energy, Trade MoM May 0.10% -0.10% 0.70%
06/13/2017 08:30 PPI Final Demand YoY May 2.30% 2.40% 2.50%
06/13/2017 08:30 PPI Ex Food and Energy YoY May 1.90% 2.10% 1.90%
06/13/2017 08:30 PPI Ex Food, Energy, Trade YoY May -- 2.10% 2.10%
06/14/2017 07:00 MBA Mortgage Applications 9-Jun -- 2.80% 7.10%
06/14/2017 08:30 CPI MoM May 0.00% -0.10% 0.20%
06/14/2017 08:30 CPI Ex Food and Energy MoM May 0.20% 0.10% 0.10%
06/14/2017 08:30 CPI YoY May 2.00% 1.90% 2.20%
06/14/2017 08:30 CPI Ex Food and Energy YoY May 1.90% 1.70% 1.90%
06/14/2017 08:30 CPI Core Index SA May 251.58 251.329 251.172
06/14/2017 08:30 CPI Index NSA May 244.9 244.733 244.524
06/14/2017 08:30 Real Avg Weekly Earnings YoY May -- 0.60% 0.30%
06/14/2017 08:30 Real Avg Hourly Earning YoY May -- 0.60% 0.30%
06/14/2017 08:30 Retail Sales Advance MoM May 0.00% -0.30% 0.40%
06/14/2017 08:30 Retail Sales Ex Auto MoM May 0.10% -0.30% 0.40%
06/14/2017 08:30 Retail Sales Ex Auto and Gas May 0.30% 0.00% 0.50%
06/14/2017 08:30 Retail Sales Control Group May 0.30% 0.00% 0.60%
06/14/2017 10:00 Business Inventories Apr -0.20% -0.20% 0.20%
06/14/2017 14:00 FOMC Rate Decision (Upper Bound) 14-Jun 1.25% 1.25% 1.00%
06/14/2017 14:00 FOMC Rate Decision (Lower Bound) 14-Jun 1.00% 1.00% 0.75%
06/15/2017 08:30 Import Price Index MoM May -0.10% -- 0.50%
06/15/2017 08:30 Import Price Index ex Petroleum MoM May -- -- 0.40%
06/15/2017 08:30 Import Price Index YoY May 2.90% -- 4.10%
06/15/2017 08:30 Export Price Index MoM May 0.20% -- 0.20%
06/15/2017 08:30 Export Price Index YoY May -- -- 3.00%
06/15/2017 08:30 Initial Jobless Claims 10-Jun 241k -- 245k
06/15/2017 08:30 Continuing Claims 3-Jun 1920k -- 1917k
06/15/2017 08:30 Philadelphia Fed Business Outlook Jun 24.9 -- 38.8
06/15/2017 08:30 Empire Manufacturing Jun 5 -- -1
06/15/2017 09:15 Industrial Production MoM May 0.20% -- 1.00%
06/15/2017 09:15 Capacity Utilization May 76.80% -- 76.70%
06/15/2017 09:15 Manufacturing (SIC) Production May 0.10% -- 1.00%
06/15/2017 09:45 Bloomberg Consumer Comfort 11-Jun -- -- 49.9
06/15/2017 10:00 NAHB Housing Market Index Jun 70 -- 70
06/15/2017 16:00 Total Net TIC Flows Apr -- -- -$0.7b
06/15/2017 16:00 Net Long-term TIC Flows Apr -- -- $59.8b
06/16/2017 08:30 Housing Starts May 1220k -- 1172k
06/16/2017 08:30 Housing Starts MoM May 4.10% -- -2.60%
06/16/2017 08:30 Building Permits May 1249k -- 1228k
06/16/2017 08:30 Building Permits MoM May 1.70% -- -2.50%
06/16/2017 10:00 Labor Market Conditions Index Change May 3 -- 3.5
06/16/2017 10:00 U. of Mich. Sentiment Jun P 97 -- 97.1
06/16/2017 10:00 U. of Mich. Current Conditions Jun P 113.2 -- 111.7
06/16/2017 10:00 U. of Mich. Expectations Jun P 87.6 -- 87.7
06/16/2017 10:00 U. of Mich. 1 Yr Inflation Jun P -- -- 2.60%
06/16/2017 10:00 U. of Mich. 5-10 Yr Inflation Jun P -- -- 2.40%
Appendix A - Important Information
S&P 500 Daily Performance
1950
2050
2150
2250
2350
2450
Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17
Leaders - Prior Session
Company Ticker % Change
Alexion Pharmaceuticals Inc ALXN-US 9.26
H&R Block Inc HRB-US 7.93
Macy's Inc M-US 2.25
Robert Half International Inc RHI-US 2.16
Nordstrom Inc JWN-US 2.03
Laggards - Prior Session
Company Ticker % Change
United Rentals Inc URI-US -6.13
Murphy Oil Corp MUR-US -5.40
Transocean Ltd RIG-US -5.13
National Oilwell Varco Inc NOV-US -5.04
Chesapeake Energy Corp CHK-US -4.92
U.S. Equity Upgrades
 Beazer Homes raised to Outperform at Wedbush
U.S. Equity Downgrades
 Alphabet cut to Hold at Canaccord
 Mattel cut to Neutral at DA Davidson
Today's Earnings – U.S.
Kroger Co/The $0.58, Finisar Corp $0.50

4. Before the Open June 15, 2017
Page 4
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.
Research Report Dissemination Policy
TD Waterhouse Canada Inc. makes its research products available in electronic format. These research products are posted to our
proprietary websites for all eligible clients to access by password and we distribute the information to our sales personnel who then may
distribute it to their retail clients under the appropriate circumstances either by email, fax or regular mail. No recipient may pass on to any
other person, or reproduce by any means, the information contained in this report without our prior written consent.
Analyst Certification
The Portfolio Advice and Investment Research analyst(s) responsible for this report hereby certify that (i) the recommendations and
technical opinions expressed in the research report accurately reflect the personal views of the analyst(s) about any and all of the
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
report. As with most other employees, the analyst(s) who prepared this report are compensated based upon (among other factors) the
overall profitability of TD Waterhouse Canada Inc. and its affiliates, which includes the overall profitability of investment banking services,
however TD Waterhouse Canada Inc. does not compensate its analysts based on specific investment banking transactions.
Corporate Disclosure

5. Before the Open June 15, 2017
Page 5
TD Wealth represents the products and services offered by TD Waterhouse Canada Inc. (Member – Canadian Investor Protection Fund),
TD Waterhouse Private Investment Counsel Inc., TD Wealth Private Banking (offered by The Toronto-Dominion Bank) and
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.
Trade-mark Disclosures
Bloomberg and Bloomberg.com are trademarks and service marks of Bloomberg Finance L.P., a Delaware limited partnership, or its
subsidiaries. All rights reserved.
“TD Securities” is the trade name which TD Securities Inc. and TD Securities (USA) LLC. jointly use to market their institutional equity
services.
TD Securities is a trade-mark of The Toronto-Dominion Bank representing TD Securities Inc., TD Securities (USA) LLC, TD Securities
Limited and certain corporate and investment banking activities of The Toronto-Dominion Bank.
All trademarks are the property of their respective owners.
® The TD logo and other trade-marks are the property of The Toronto-Dominion Bank.
FTSE TMX Global Debt Capital Markets Inc. 2016 "FTSE®" is a trade mark of FTSE International Ltd and is used under licence. "TMX” is a
trade mark of TSX Inc. and is used under licence. All rights in the FTSE TMX Global Debt Capital Markets Inc.'s indices and / or FTSE
TMX Global Debt Capital Markets Inc.'s ratings vest in FTSE TMX Global Debt Capital Markets Inc. and/or its licensors. Neither FTSE TMX
Global Debt Capital Markets Inc. nor its licensors accept any liability for any errors or omissions in such indices and / or ratings or
underlying data. No further distribution of FTSE TMX Global Debt Capital Markets Inc.'s data is permitted without FTSE TMX Global Debt
Capital Markets Inc.'s express written consent.