Bay Street Likely To Open On Subdued Note; Canadian, U.S. Jobs Data In Focus

(RTTNews) - Although slightly sluggish Canadian and U.S. futures, and subdued European stocks point to a muted start on Bay Street Friday morning, Canadian and U.S. jobs data hold the key for the market's direction.

Investors will also continue to track quarterly earnings updates for direction.

Canadian jobs data for the month of October is due at 8:30 AM ET. The Canadian economy added 63,800 jobs in September 2023, the highest in eight months. The unemployment rate remained unchanged for the third consecutive month at 5.5% in September, the highest since January 2022.

The U.S. non-farm payroll data is also due at 8:30 AM ET. Economists expect employment to increase by 180,000 jobs in October after surging by 336,000 jobs in September. The unemployment rate is expected to remain at 3.8%.

Canada's Ensign Energy Services Inc. (ESVIF.PK,ESI.TO) reported Friday that its third-quarter net loss attributable to common shareholders was C$5.2 million or C$0.03 per share, compared to last year's net income of C$17.8 million or C$0.11 per share.

Magna International Inc. (MG.TO) revealed earnings for its third quarter that increased from last year and beat the Street estimates. The company's bottom line totaled $394 million, or $1.37 per share. This compares with $289 million, or $1 per share, in last year's third quarter.

Restaurant Brands International Inc. (QSR.TO) reported Friday that its third-quarter net income declined to $364 million from $530 million in the prior year. Earnings per share were $0.79, compared to $1.17 last year.

Telus Corporation (T.TO) reported adjusted net income of $372 million for the third-quarter ended September 30, 2023, compared with $471 million in the year-ago quarter.

Telus International (Cda) Inc. (TIXT.TO) reported net income of $9 million for the third-quarter of this financial year, compared with $59 million a year ago.

The Canadian market recorded one of its best sessions in several months on Thursday as investors went a buying spree across the board, cheering a slew of upbeat earnings updates, and on optimism about the outlook for interest rates.

The benchmark S&P/TSX Composite Index ended with a big gain of 547.34 points or 2.87% at 19,626.34, slightly off the day's high of 19,640.06.

Asian stocks closed higher on Friday as the Fed's steady monetary policy approach coupled with labor market data released this week and a lower-than-expected supply of longer-dated bonds raised hopes that the U.S. central bank has finished raising rates.

European stocks are turning in a mixed performance today with investors largely making cautious moves ahead of U.S. jobs data.

In commodities, West Texas Intermediate Crude oil futures are up 0.66 or 0.8% at $83.12 a barrel.

Gold futures are gaining $1.80 or 0.09% at $1,995.30 an ounce, while Silver futures are down $0.111 or 0.47% at $22.735 an ounce.