Employment data was front and centre Friday morning as traders hope that the U.S. employment report for November will shed some light on when the Federal Reserve starts cutting back a key stimulus measure.
The S&P/TSX composite index jettisoned 104.52 points to close Thursday at 13,200.40
The Canadian dollar gained 0.11 cents at 93.98 cents U.S. early Friday
Traders also took in the final earnings report from the big banks. Scotiabank posted quarterly net income of $1.7 billion, up 12% from a year ago. Scotiabank also says it earned $1.30 per share of net income in the fourth quarter, up from $1.18 a year earlier. Core earnings per share came in at $1.31 a share, a penny short of expectations.
On the economic beat, Statistics Canada reported this morning that the Canadian economy created 22,000 new jobs in November – the third consecutive monthly increase - while the unemployment rate held steady at 6.9%, also for the third straight month.
However, the agency says, so far this year, employment growth has averaged only 13,400 per month, compared with an average of 25,400 over the same period in 2012.
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The TSX Venture Exchange lost 4.84 points Thursday to 914.72
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Markets are poised to bounce back from a string of losses Friday as investors digested a monthly jobs report that could determine when the Federal Reserve starts reducing its support for the economy.
Ahead of the opening bell, futures for the Dow Jones Industrials bolted higher by 57 points, or 0.4%, to 15,874. Futures for the S&P 500 gathered 8.5 points, or 0.5%, to 1,792.50, and futures for the NASDAQ gained 12 points, or 0.3%, to 3,490.75
The U.S. Labor Department reported that the economy created 203,000 jobs in November, lowering the jobless rate to 7% from 7.3% the month before.
Also, this morning, the Commerce Department will release its monthly report on personal income and spending. At 9:55 am ET, the University of Michigan and Thomson Reuters will release their consumer sentiment index.
European markets were firmer in morning trading. Frankfurt's DAX index led the way with a gain of 0.5% after Germany's central bank raised its forecast for the country's GDP growth in 2014 to 1.7% from 1.5%.
Trading on the Johannesburg Stock Exchange was halted for five minutes at 4 a.m. ET to mark the death late Thursday of former South African President Nelson Mandela.
Asian markets ended mixed. The Nikkei 225 rose 0.8%, supported by Japanese government plans for more economic stimulus, but the Shanghai Composite slipped 0.4%. Hong Kong's Hang Seng eked out a gain of 0.1%.
Oil prices dipped six cents to $97.32 U.S. a barrel
Gold prices fell $2.40 at $1,229.50 U.S. an ounce.
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