Stock futures pointed to a higher start for Canada's main stock index soon after the release of key jobs data
The S&P/TSX composite index was off 97.08 points to conclude Thursday at 14,405.91. The loss halted a TSX win streak at six straight sessions.
The Canadian dollar gained 0.22 cents to 76.50 cents U.S. early Friday
Magna International Inc reported an 8.7% drop in quarterly sales, due to the impact of a strong U.S. dollar. Net income attributable to
Magna fell to $483 million in the second quarter ended June 30 from $510 million a year earlier. However, earnings per share were $1.16, same as last year.
Telus posted a 10.5% fall in quarterly profit, mainly due to an increase in costs and charges related to adjustments from higher corporate tax rates in Alberta. The company's net income fell to $341 million, or 56 cents per share, in the quarter ended June 30, from $381 million, or 62 cents, a year earlier. The Vancouver-based company's operating revenue rose 5.1% to $3.10 billion.
German salt and fertilizer company K+S AG said Potash Corporation again sent an unsolicited letter to its management and supervisory boards. The letter includes a proposal for a "business combination agreement" based on an unchanged price of 41 euros per share.
CIBC cut the price target on Pengrowth Energy to $3.50 from $4.00 based on the fine-tuning of our Risked NAV including an adjustment to our production mix and the PV impact of slowed long-term production growth.
CIBC raised the price target on Whistler Blackcomb Holdings to $24.00 from $22.00 based on continued strength in destination visits and a rebound in regional visits, which should drive top line growth easily into the double-digit range.
On the economic scene, Statistics Canada reported that only 6,600 jobs were created during July, keeping the unemployment rate at 6.8% for the sixth straight month.
The agency also reported that the total value of building permits rose 14.8% to $7.7 billion in June, following a 13.9% decrease in May.
The increase in June was mainly attributable to higher construction intentions for multi-family dwellings in Quebec, Alberta and Ontario, as well as institutional buildings in Alberta and commercial buildings in British Columbia.
Finally, Western University in London, Ontario was due out this morning (10 a.m. ET) with its IVEY Purchasing Managers Index for July.
ON BAYSTREET
The TSX Venture was negative by 3.82 points to 581.03.
ON WALLSTREET
U.S. stock futures are holding steady ahead of the jobs report.
Ahead of the opening bell, futures for the Dow Jones Industrials erased 30 points, or 0.2%, to 17,345, futures for the S&P eased four points, or 0.2%, to 2,075.50, and futures for the NASDAQ faded eight points, or 0.2 %, to 4,516.75
If the Dow Jones industrial average posts another fall Friday, that would mark the seventh consecutive trading day of declines.
The Dow has dipped by 2.3% since the start of the year. But the S&P 500 and NASDAQ are still in positive territory over the same period.
Shares in Nvidia, a graphics company, are shooting up by about 10% premarket after the firm released better-than-expected earnings Thursday night.
Quarterly earnings from companies including Hershey, Sotheby's, Cablevision and Groupon are coming out ahead of the open.
After the close, Berkshire Hathaway will report results. The company -- led by billionaire Warren Buffett -- is the fourth largest company in the U.S. and has invested significantly in Kraft Heinz, Goldman Sachs and Coca-Cola.
The federal government was to release its much-anticipated July employment report at 8:30 a.m. ET.
Reaction to the report could move stocks and currency markets around the world.
Analysts expect the U.S. Labor Department will say that 216,000 new jobs were created last month. That would be a slight drop off from June when the economy added 223,000 jobs. But ultimately, anything over 200,000 is considered a "good" number, indicating a healthy economy.
Experts expect the unemployment rate to stay steady at 5.3%. When it dropped to that level in June, it was the lowest rate since April 2008.
Asian markets ended with mixed results. Meanwhile, European markets are mostly declining in early trading.
Oil prices faded six cents to $44.60 U.S. a barrel
Gold prices eked up $1.20 at $1,091.30 U.S. an ounce.
