Stock futures pointed to a lower opening for Canada's main stock index, ahead of the release of U.S. and Canadian jobs data.
The S&P/TSX composite index moved higher 51.16 points to close Thursday at 13,596.41
The Canadian dollar eased 0.29 cents to 75.58 cents U.S. early Friday
CIBC cut the target price on Canadian Western Bank to $27.00 from $28.00 following the bank’s weaker-than-expected third-quarter earnings.
Canaccord Genuity raised the price target on Labrador Iron Ore Royalty to $18.00 from $15.00 after analysts’ increased their 2016 EPS and EBITDA forecasts by 23% on higher production and lower cost forecasts.
CIBC cut the target price on Pembina Pipeline to $46.00 to from $47.00 reflect issue of common shares to finance the redemption of Series C and Series E convertible debentures announced on Aug 27.
On the economic beat, Statistics Canada reported that the economy created 12,000 jobs in August, with the unemployment rate increased 0.2 percentage points to 7.0%, as more people searched for work. Prior to August, the unemployment rate had held steady at 6.8% for six consecutive months.
Moreover, Western University in London, Ontario is due out later this morning with its IVEY Purchasing Managers Index for August.
ON BAYSTREET
The TSX Venture Exchange grew 3.70 points Thursday to at 553.75
ON WALLSTREET
U.S. stock futures are falling, with the Dow Jones Industrial Average, NASDAQ and S&P all nearly 1% lower. Global markets were also weaker, ahead of the U.S. jobs report.
Ahead of the opening bell, futures for the Dow Jones Industrials sank 148 points, or 0.9%, to 16,200, futures for the S&P 500 shed 15.5 points or 0.8%, to 1,930.5, and futures for the NASDAQ slid 34 points, or 0.8%, to 4,195.
Investors are on edge and this nervousness is weighing on individual stocks. Netflix is the biggest loser in pre-market trading, down 2.7%. Apple, one of the most heavily traded stocks of recent days, is 1.3% lower, while Facebook lost 0.8% in pre-market trading.
The U.S. Labor Department is putting out its highly anticipated employment data this morning. It's the last major piece of economic data likely to impact whether the Fed raises interest rates later this month. A strong jobs report could encourage the Fed to go ahead. The International Monetary Fund wants the U.S. to wait.
A survey of economists predicted 207,000 new jobs were created in August. The unemployment rate is expected to fall to 5.2% from 5.3% in July, while year-over-year wage growth is forecast to remain flat at 2.1%.
The European Central Bank on Thursday cut its forecasts for euro-zone GDP growth this year and next, pointing the finger squarely at falling demand from China and other emerging economies. The ECB said it could increase its money printing program -- and that sent the euro sharply lower. It recovered slightly Friday to trade 0.3% firmer against the dollar.
European markets are all lower in early trading. Germany's DAX is down 1.4%, while the FTSE 100 in London is 1% lower.
Asian markets ended the session down. Chinese markets remain closed until Monday due to holiday.
Oil prices docked 20 cents to $46.55 U.S. a barrel
Gold prices hesitated 90 cents to $1,123.60 U.S. an ounce.
