Today's markets

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 2,409 (0.17)
NASDAQ -6 5,776 (0.10)
Dow Jones -32 21,031 (0.15)
Daily Market Summary
Market Chg Last % Chg Ytd Chg
S&P/TSX -9 15,411 (0.06) 0.81
Venture -3 800 (0.32) 4.92
Dow Jones 71 21,083 0.34 6.68
S&P 500 11 2,415 0.44 7.87
NASDAQ 42 6,205 0.69 15.27
Global Markets
Market Chg Last % Chg Ytd Chg
DAX -65 12,557 (0.52) 9.36
FTSE 5 7,523 0.07 5.32
Stoxx 600 -2 390 (0.53) 7.93
Nikkei -126 19,687 (0.64) 2.99
Hang Seng 8 25,639 0.03 16.54
Commodities
Chg Last % Chg Ytd Chg
Gold $10.58 $1,266.28 0.84 9.89
Oil -$0.60 $48.30 (1.24) (14.90)
Natural Gas $0.03 $3.21 0.93 (13.69)
F/X Rates
CDN$ Buys US$ Buys
US$ 0.7431 CDN$ 1.3457
Yen 82.52 Yen 111.05
Euro 0.6638 Euro 0.8934
Bond Yields
Market Chg Last % Chg Ytd Chg
CAN 3-MO 0.00 0.51 - 10.87
CAN 10-YR -0.03 1.43 (2.33) (17.08)
U.S. 3-MO 0.00 0.92 (0.01) 84.88
U.S. 10-YR -0.02 2.23 (1.09) (8.73)
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 lower opening mirroring the decline in global
equity markets as investors assess the recent volatility in oil prices and digest newly
released data. A revision to gross domestic product for the first quarter was released
and came in at 1.2% ahead of the previous estimated rate of 0.7%.
 Most Asian markets, outside China, fell on Friday hurt by a slide in energy and material
producers after crude oil experienced its biggest loss in three weeks following OPEC's
move to prolong supply cuts. In Japan, the Nikkei Index shed 0.6%, whereas in China,
the Shanghai Composite Index edged 0.1% higher.
 European stocks are trading in the red with oil producers leading the declines as
slumping oil prices continued to weigh on investor sentiment.
Company Headlines
 After eight years at the helm of Manulife Financial Corp. (MFC-T), chief executive
officer Donald Guloien will retire at the end of September, making way for Asia division
head Roy Gori to lead Canada’s largest insurance company. Currently vice president
and general manager of the Asia division, Gori will take additional responsibility for
leadership of Manulife’s Canadian, U.S., and investment operations on June 5. His
appointment as CEO — which takes effect Oct. 1, when he will also join the board — is
subject to immigration approvals, Manulife said in a statement Thursday.
 Rayonier Advanced Materials (RYAM-N) said it would acquire Canada's Tembec Inc
(TMB-T) for US$807 million including debt to expand its business into packaging and
forest products. Tembec shareholders will get US$3.02 in cash, or 0.2302 of a Rayonier
share, for every Tembec share they own, the companies said. The deal includes
US$487 million in debt.
 German industrial gases group Linde's supervisory board is reportedly due to vote on a
merger agreement with U.S. peer Praxair (PX-N) on June 1, two people close to the
matter told Reuters on Friday. The companies said on Wednesday that they had
reached a deal in principle on a Business Combination Agreement for the proposed
US$70 billion merger. Linde declined to comment on the matter.
Sources: Marketwatch, Bloomberg, The Canadian Press, Canadian Newswire, WSJ, Globe and
Mail, Financial Post, NYT, FactSet,Thomson Reuters, StreetAccount, CNBC, RTT News)
May 26, 2017

2. Before the Open May 26, 2017
Page 2
Canadian Equities Upgrades - March 6
Weekly Canada Economic Calendar - May 22 to May 26, 2017
Date/Time Event Period Consensus Actual Prior
05/23/2017 08:30 Wholesale Trade Sales MoM Mar 0.80% 0.90% 0.30%
05/23/2017 10:00 Bloomberg Nanos Confidence 19-May -- 57.9 58.1
05/24/2017 10:00 Bank of Canada Rate Decision 24-May 0.50% 0.50% 0.50%
05/25/2017 CFIB Business Barometer May -- 66 64.4
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
Aimia Inc AIM-T 18.69
Fortuna Silver Mines Inc FVI-T 9.57
Westshore Terminals Investment CorpWTE-T 5.73
Descartes Systems Group Inc/The DSG-T 2.77
Hudson's Bay Co HBC-T 2.65
Laggards - Prior Session
Company Ticker % Change
Baytex Energy Corp BTE-T -6.95
Secure Energy Services Inc SES-T -6.91
Canadian Energy Services & Technology CorpCEU-T -6.80
Crew Energy Inc CR-T -6.05
Crescent Point Energy Corp CPG-T -5.91
Canadian Equity Upgrades
 RBC Upgraded to Buy at Veritas
Canadian Equity Downgrades
 Rogers Communications Cut to Market Perform at Cormark
Today's Earnings – Canada
DragonWave Inc -$0.53, Atlantic Gold Corp -$0.01

3. Before the Open May 26, 2017
Page 3
Weekly U.S. Economic Calendar - May 22 to May 26, 2017
Date/Time Event Period Consensus Actual Prior
05/22/2017 08:30 Chicago Fed Nat Activity Index Apr 0.11 0.49 0.07
05/23/2017 09:45 Markit US Manufacturing PMI May P 53 52.5 52.8
05/23/2017 09:45 Markit US Services PMI May P 53.3 54 53.1
05/23/2017 09:45 Markit US Composite PMI May P -- 53.9 53.2
05/23/2017 10:00 New Home Sales Apr 610k 569k 642k
05/23/2017 10:00 New Home Sales MoM Apr -1.80% -11.40% 5.80%
05/23/2017 10:00 Richmond Fed Manufact. Index May 15 1 20
05/24/2017 07:00 MBA Mortgage Applications 19-May -- 4.40% -4.10%
05/24/2017 09:00 FHFA House Price Index MoM Mar 0.50% 0.60% 0.80%
05/24/2017 09:00 House Price Purchase Index QoQ 1Q -- 1.40% 1.50%
05/24/2017 10:00 Existing Home Sales Apr 5.65m 5.57m 5.70m
05/24/2017 10:00 Existing Home Sales MoM Apr -1.10% -2.30% 4.20%
05/24/2017 14:00 FOMC Meeting Minutes 3-May -- -- --
05/25/2017 08:30 Advance Goods Trade Balance Apr -$64.5b -$67.6b -$65.1b
05/25/2017 08:30 Wholesale Inventories MoM Apr P 0.20% -0.30% 0.10%
05/25/2017 08:30 Retail Inventories MoM Apr -- -0.30% 0.30%
05/25/2017 08:30 Initial Jobless Claims 20-May 238k 234k 233k
05/25/2017 08:30 Continuing Claims 13-May 1925k 1923k 1899k
05/25/2017 09:45 Bloomberg Consumer Comfort 21-May -- 50.9 50.2
05/25/2017 11:00 Kansas City Fed Manf. Activity May 10 8 7
05/26/2017 08:30 GDP Annualized QoQ 1Q S 0.90% 1.20% 0.70%
05/26/2017 08:30 Personal Consumption 1Q S 0.40% 0.60% 0.30%
05/26/2017 08:30 GDP Price Index 1Q S 2.30% 2.20% 2.30%
05/26/2017 08:30 Core PCE QoQ 1Q S 2.00% 2.10% 2.00%
05/26/2017 08:30 Durable Goods Orders Apr P -1.40% -0.70% 2.30%
05/26/2017 08:30 Durables Ex Transportation Apr P 0.40% -0.40% 0.80%
05/26/2017 08:30 Cap Goods Orders Nondef Ex Air Apr P 0.50% 0.00% 0.50%
05/26/2017 08:30 Cap Goods Ship Nondef Ex Air Apr P 0.50% -0.10% 0.20%
05/26/2017 10:00 U. of Mich. Sentiment May F 97.5 -- 97.7
05/26/2017 10:00 U. of Mich. Current Conditions May F -- -- 112.7
05/26/2017 10:00 U. of Mich. Expectations May F -- -- 88.1
05/26/2017 10:00 U. of Mich. 1 Yr Inflation May F -- -- 2.60%
05/26/2017 10:00 U. of Mich. 5-10 Yr Inflation May F -- -- 2.30%
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
Best Buy Co Inc BBY-US 21.48
PVH Corp PVH-US 4.84
CSRA Inc CSRA-US 4.62
Ulta Beauty Inc ULTA-US 4.47
Norfolk Southern Corp NSC-US 4.18
Laggards - Prior Session
Company Ticker % Change
Signet Jewelers Ltd SIG-US -7.76
Transocean Ltd RIG-US -7.57
Marathon Oil Corp MRO-US -7.09
Chesapeake Energy Corp CHK-US -6.67
Hormel Foods Corp HRL-US -6.41
U.S. Equity Upgrades
 NetApp Inc. Raised to Neutral at Credit Suisse
 PVH Upgraded to Overweight at JPMorgan
 Statoil Upgraded to Outperform at BMO
U.S. Equity Downgrades
 Ecolab Upgraded to Overweight at JPMorgan
 NetApp Raised to Neutral at UBS
Today's Earnings – U.S.
N/A

4. Before the Open May 26, 2017
Page 4
Appendix A - Important Information
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Research Ratings
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it is a top pick in the Analyst’s sector.
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5. Before the Open May 26, 2017
Page 5
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