Toronto's resource heavy stock index looked set to open higher on Friday as commodity prices rose, but data showing a higher December unemployment rate could dampen sentiment.
Among Canadian stocks to watch this morning, drugstore chain Jean Coutu said its third-quarter profit rose 5.9%, helped in part by new store openings.
Drug maker Cangene Corp. said it will cut 120 positions, about 17% of its workforce, and save $6 million to $7 million per year.
The Canadian dollar fell sharply 97.98 U.S. cents after Canadian figures showed unemployment rose to 7.5% in December and the only jobs added were part-time and self-employment positions.
Full-time jobs fell by 25,500.
U.S. stock futures also inched higher. Dow futures gained 22 points, or 0.2 per cent, to 12,353, while S&P 500 futures rose 2.10 points, or 0.2%, to 1,275.20, and Nasdaq futures moved 4.25 points higher, or 0.2%, to 2,343.75.
The U.S. government reported that the country’s economy added 200,000 jobs in December, with the unemployment rate falling slightly to 8.5%.
Economists expected the United States to have added about 150,000 jobs in December. This marks a six-month stretch in which the world's largest economy generated 100,000 jobs or more in each month.
Stocks rose in Europe ahead of the monthly jobs data. Britain's FTSE 100 gained 0.4%, France's CAC 40 rose 0.8% and Germany's DAX edged 0.2% higher.
Italy's benchmark 10-year bond yield edged further above 7%. Hungary had to pay an interest rate of 10% on its 12-month debt -- far above the 7% level that forced Greece and Portugal to seek emergency bailouts to avert defaults.
Japan's Nikkei 225 Index closed 1.2% lower at 8,390.35, while Hong Kong's Hang Seng index fell 1.2% to 18,593.06.
Oil was set to rise more than 5% in the first week of 2012 after Iran threatened to shut the Strait of Hormuz, the world’s most important oil route, in retaliation against tighter sanctions from the United States and a possible ban on its crude exports to Europe. Crude was up 60 cents to $102.41.
Copper steadied, trading at $7,538 U.S. a tonne.
Gold gained $3.30, rising to $1,623.40 U.S. an ounce.
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