Bay Street Seen Opening On Mixed Note; Jobs Data In Focus

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Bay Street Seen Opening On Mixed Note; Jobs Data In Focus

(RTTNews) - Canadian shares look headed for a mixed start on Friday. Jobs data from the U.S. and Canada hold the key for the market's movements.

Data on Canadian employment for the month of September is due at 8:30 AM ET. The U.S. Labor Department is also set to release its non-farm payrolls data for the month of September.

The Canadian economy shed 39,700 jobs in August of 2022 as against expectations for an addition of about 15,000 jobs. The unemployment rate rose to 5.4% in August from the record=low of 4.9% observed in the previous two months.

In Canadian company news, MTY Food Group Inc (MTY.TO) reported Friday that its third-quarter net income attributable to owners reached C$22.44 million or C$0.92 per share, down from last year's C$24.34 million or C$0.98 per share.

The Canadian market ended on a weak note on Thursday, extending losses from the previous session, as rising concerns about inflation and looming rate hikes weighed on stocks.

Hawkish comments from some Federal Reserve officials that the central bank needs to remain aggressive with its monetary policy, and rising crude oil prices, which could push up inflation, have raised the possibility of another steep interest rate hike by the Fed at its next meeting.

The benchmark S&P/TSX Composite Index ended with a loss of 256.08 points or 1.33% at 18,979.01, nearly 85 points off the day's low of 18,895.40.

Asian stocks declined on Friday as investors digested hawkish comments from some Fed officials and awaited a key U.S. jobs report due later in the day for further clarity on labor market conditions.

European stocks are seeing sluggish movements in lackluster trade as investors await U.S. jobs data for clarit on labor market conditions.

In commodities trading, West Texas Intermediate Crude oil futures for September are up $0.91 or 1.03% at $89.36 a barrel.

Gold futures are down $4.70 or 0.27% at $1,716.10 an ounce, while Silver futures are up marginally at $20.685 an ounce.

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