Global Cues Mixed; Canadian, U.S. Jobs Data Hold The Key For Canadian Stocks

(RTTNews) - Slightly weak European markets and mixed commodity prices seem to suggest a flat to lower opening on Bay Street on Friday, but Canadian and U.S. jobs data, due out before the opening bell, are set to determine the trend for the market.

Canadian employment data for the month of July is due at 8:30 AM ET. The Ivey PMI reading for July is due at 10 AM ET.

The Canadian economy added 59,900 jobs in June, the highest in five months. The unemployment rate rose to 5.4% in June, from 5.2% a month earlier. Average hourly earnings for permanent employees in Canada increased by 3.9% year-on-year to $34.2 in June, down from the 5.1% growth in the previous month.

In earnings news, Magna International (MG.TO) reported net earnings of $339 million or $1.18 per share for the second quarter, compared to a loss of $156 million or $0.54 loss per share in the year-aqo quarter. Adjusted earnings were $1.50 per share, compared to $0.83 per share a year ago.

Enbridge Inc (ENB.TO) reported Second quarter GAAP earnings of $1.8 billion or $0.91 per common share, compared with GAAP earnings of $0.5 billion or $0.22 per common share a year ago.

Telus Corp (T.TO) reported a net income of $196 million for the second quarter of this financial year, compared to net income of $498 million in the year-ago quarter.

Telus International (TIXT.TO) reported a net loss of $7 million for the second quarter, compared with net income of $56 million in the same quarter last year.

TransAlta Corporation (TA.TO) reported net earnings of $62 million for the second quarter of this year, compared with net loss of $80 million in the second quarter of the previous financial year.

The Canadian market ended weak on Thursday, weighed down by losses in technology and utilities sections. The benchmark S&P/TSX Composite Index, which dropped to a low of 20,077.53 in early trades, ended the session with a loss of 97.47 points or 0.48% at 20,120.74, the lowest closing levels in about three weeks.

Asian stocks turned in a mixed performance on Friday as investors digested the Bank of England's rate hike, and encouraging earnings updates from tech giants Apple and Amazon. The mood was cautious with market awaiting U.S. jobs data.

After a slightly weak start and a subsequent rebound, European stocks are drifting lower today with investors digesting the latest batch of earnings news and looking ahead to the crucial U.S. jobs data.

In commodities, West Texas Intermediate Crude oil futures are up $0.43 or 0.53% at $81.98 a barrel.

Gold futures are down $1.50 or 0.08% at $1,967.30 an ounce, while Silver futures are lower by $0.172 or 0.73% at $23.525 an ounce.