Bay Street May Open Slightly Higher; U.S., Canadian Jobs Data In Focus

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(RTTNews) - Higher Canadian and U.S. futures point to a slightly positive start on Bay Street Friday morning. The focus is on the crucial jobs data from Canada as well as the U.S.

Lingering concerns about trade tensions may weigh on sentiment and limit market's upside.

Economists expect U.S. employment to increase by 130,000 jobs in May after an increase of 177,000 jobs in April. The unemployment rate is expected to hold at 4.2 percent.

The Canadian market ended slightly up on Thursday after spending much of the day's trading session in negative territory amd concerns about the potential impact of Trump administration's tariff moves.

The benchmark S&P/TSX closed up 13.29 points or 0.05% at 26,342.29.

Asian stocks ended mixed in lackluster trading on Friday despite the leaders of the U.S. and China agreeing to further talks aimed at reaching a deal.

U.S. President Donald Trump described a phone call with his Chinese counterpart as "very good" and said it "resulted in a very positive conclusion for both countries."

Traders also reacted to an ECB rate cut and braced for a U.S. employment report later in the day for additional clues on the Fed's rate trajectory.

The major European markets are subdued with investors treading cautiously as they await U.S. non-farm payrolls data for the month of May.

In commodities trading, West Texas Intermediate Crude oil futures are down $0.12 or 0.2% at $63.25 a barrel.

Gold futures are gaining $6.70 or 0.2% at $3,381.80 an ounce, while Silver futures are up $0.485 or 1.35% at $36.290 an ounce.

Canadian Market Up Slightly In Cautious Trade

After a flat start and a subsequent drop, the Canadian market moved into positive territory Thursday morning, led by gains in materials and communications sectors. The mood remains cautious amid uncertainty about U.S.-China trade deal and easing prospects of he European Union arriving at a pact with the U.S. before the July 8 deadline. Middle East tensions also weigh on sentiment.

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U.S. Producer Prices Inch Up 0.1% In May, Less Than Expected

After reporting an unexpected decrease by U.S. producer prices in the previous month, the Labor Department released a report Thursday showing producer prices crept slightly higher in the month of May. The Labor Department said its producer price index for final demand inched up by 0.1 percent after slipping by a revised 0.2 percent in April.

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U.S. Weekly Jobless Claims Unexpectedly Unchanged At Eight-Month High

The Labor Department released a report on Thursday showing first-time claims for U.S. unemployment benefits came in flat in the week ended June 7th. The report said initial jobless claims in at 248,000, unchanged from the previous week's revised level. Economists had expected jobless claims to dip to 240,000 from the 247,000 originally reported for the previous week.

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Bay Street Likely To Open On Negative Note

Canadian shares are likely to open with a negative bias on Thursday as trade concerns, and Middle East tensions may weigh on sentiment. A lack of specifics in the framework agreed to by U.S. and Chinese officials on Tuesday has raised uncertainty about the two nations reaching an agreement anytime soon.

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U.S. Producer Prices Inch Up Less Than Expected In May

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U.S. Weekly Jobless Claims Unchanged At 248,000

The Labor Department released a report on Thursday showing first-time claims for U.S. unemployment benefits came in flat in the week ended June 7th.

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Boeing Shares Hit After 787-8 Dreamliner With 242 Onboard Crashes In India

Boeing Co. shares are currently down around 8 percent in the pre-market activity on the NYSE after an Air India aircraft headed to London with 242 people onboard crashed immediately after take-off in the Indian city of Ahmedabad. The plane, a Boeing 787-8 Dreamliner headed to Gatwick Airport in the UK, crashed in a civilian area near the Sardar Vallabhbhai Patel International Airport.

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FTSE 100 Recovers After Weak Start, Up Marginally

After opening on a negative note amid trade tensions and data showing a contraction in the nation's GDP growth in April, U.K. stocks recovered some lost ground on Thursday. Still, amid uncertainty about China and the U.S. agreeing on a concrete trade deal anytime soon, and lingering concerns about the European Union finalizing a trade deal before the July 8 deadline, the mood in the market remain

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EURUSD	1.15747	GBPUSD	1.35877	AUDUSD	0.65264
USDJPY	143.621	USDCAD	1.3608	USDCHF	0.81223

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Bay Street May Open Slightly Higher; U.S., Canadian Jobs Data In Focus