Bay Street May Open Higher; Jobs Data In Focus

(RTTNews) - Higher crude oil and gold prices, and firm global stocks point to slightly positive start for the Canadian market Friday morning. The market is also likely to benefit from upbeat U.S. jobless claims data, and optimism about Fed interest rate cuts.

Canadian employment data for the month of July is due at 8:30 AM ET.

Employment in Canada fell by a marginal 1,400 jobs in June, following a 26,700 increase in the previous month. The unemployment rate in Canada rose to 6.4% in June from 6.2% in the earlier month.

In earnings news, AtkinsRealis Group Inc. (ATRL.TO), a Canadian engineering services and nuclear company, reported Friday that its second-quarter net income attributable to shareholders totaled C$82.2 million or C$0.47 per share, compared to C$63.8 million, or C$0.36 per share a year ago.

Adjusted net income attributable was C$99.3 million or C$0.56 per share, compared to C$85.9 million or C$0.49 per share last year.

Emera Incorporated (EMA.TO) reported adjusted net income of $151 million for the second quarter of this year, compared with $162 million, or $0.60 per common share, in the second quarter of the previous financial year.

Softchoice Corporation (SFTC.TO) reported a net income of $12.1 million for the second quarter, compare to net income of $14.1 million a year ago.

The Canadian market snapped a 4-day losing streak and ended on a buoyant note on Thursday with stocks from across several sectors moving up north on sustained buying support. Some encouraging earnings announcements, upbeat U.S. jobless claims data, and bargain hunting contributed to market's rise.

The benchmark S&P/TSX Composite Index opened modestly higher and stayed firm right through the day's session to eventually close with a strong gain of 344.66 points or 1.58% at 22,225.61, after hitting a high of 22,288.79.

Asian stocks ended a turbulent week on a positive note Friday as encouraging U.S. labor market data brought some relief to investors worried about a slowing economy.

Also, a measure of China's consumer price inflation surged to a five-month high, providing much-need positive news on the world's second-largest economy.

European stocks climbed on Friday after the number of Americans filing new applications for unemployment benefits fell more than expected last week, calming fears the U.S. economy is heading for a recession.

In commodities, West Texas Intermediate Crude oil futures are up $0.50 or 0.65% at $76.79 a barrel.

Gold futures are up $4.50 or 0.18% at $2,467.80 an ounce, while Silver futures are down $0.031 or 0.1% at $27.575 an ounce.