Bay Street Likely To Open Higher; Jobs Data In Focus
(RTTNews) - Canadian shares look headed for a positive start on Friday, tracking steady European markets.
However, jobs data from the U.S. and Canada are set to significantly impact the mood in the market.
Data on Canadian employment for the month of April is due at 8:30 AM ET. The Canadian economy added 35,000 jobs in March, much higher than an expected addition of about 12,000 jobs.
The unemployment rate in Canada was at 5% in March, remaining at the same level for the fourth consecutive month.
The Canadian market ended moderately lower on Thursday, pushed down by losses in healthcare, consumer discretionary, industrials and financials sectors. Worries about the health of the banking sector, and a potential recession in the U.S. weighed on sentiment.
The benchmark S&P/TSX Composite Index ended with a loss of 116.49 points or 0.57% at 20,238.19, sliding from a high of 20,444.18.
Asian stocks ended on a mixed note on Friday, as investors fretted about the health of U.S. banks and reacted to mixed China data, strong earnings results from Apple and the ECB rate decision. Trading volumes were thin due to holidays in Japan and South Korea.
European stocks are up in positive territory with investors assessing the monetary policy moves and looking ahead to more economic data for clues about the strength of the global economy.
In commodities, West Texas Intermediate Crude oil futures are up $1.92 or 2.8% at $70.48 a barrel.
Gold futures are down $9.70 or 0.5% at $2,046.00 an ounce, while Silver futures are lower by $0.072 or 0.27% at $26.155 an ounce.
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