Bay Street Seen Opening On Firm Note

(RTTNews) - Canadian shares are likely to open on a firm note on Friday, tracking higher commodity prices and strong gains in European markets.

Investors will also be reacting jobs data from the U.S. and Canada, in addition to tracking quarterly earnings updates.

Magna International Inc. (MG.TO,MGA) reported that its third-quarter adjusted earnings per share increased to $1.07 from $0.56, prior year. Adjusted EBIT increased to $441 million compared to $229 million.

Enbridge Inc. (ENB.TO,ENB) reported third quarter adjusted earnings per share of C$0.67 compared to C$0.59, prior year. On average, 16 analysts polled by Thomson Reuters expected the company to report profit per share of C$0.64, for the quarter.

The company reaffirmed its 2022 financial guidance, which includes adjusted EBITDA between C$15.0 and C$15.6 billion and DCF per share between C$5.20 to C$5.50.

Telus International (Cda) Inc. (TIXT.TO) reported net income of $551 million for the quarter ended September 30, 2022, compared with net income of $358 million in the year-ago quarter.

Snc-Lavalin Inc (SNC.TO) reported third-quarter net income of $44.7 million, or $0.25 per diluted share, compared to net income of $18.6 million, or $0.11 per diluted share in the corresponding quarter of the previous financial year.

On the economic front, Canadian jobs data for the month of October is due at 8:30 AM ET.

The Canadian economy added 21,100 jobs in September of 2022, slightly highr ahan expectations of 20,000 jobs. The unemployment rate eased to 5.2% in September from 5.4% a month earlier.

The Canadian market ended on a slightly weak note on Thursday, as worries about slowing growth and rising interest rates hurt sentiment.

The sharp interest rate hike by the Federal Reserve on Wednesday and the central bank Chairman Jerome Powell's comments that signaled more rate hikes in the coming months set up a weak start for the market.

Weak European markets and lower commodity prices also contributed to the negative sentiment.

The benchmark S&P/TSX Composite Index ended with a loss of 35.79 points or 0.19% at 19,241.22, after scaling a low of 19,090.64 and a high of 19,322.44 intraday.

Asian stocks closed mostly higher on Friday on hopes the Chinese government would ease its Covid curbs and also reverse its Zero Covid strategy.

European stocks are sharply higher with investors focusing on earnings updates, and looking ahead to U.S. jobs data, which could influence the Fed's pace of rate hikes in the coming months.

In commodities trading, West Texas Intermediate Crude oil futures are up $3.50 or nearly 4% at $91.67 a barrel.

Gold futures are rising $23.50 or 1.43% at $1,654.40 an ounce, while Silver futures are up $0.555 or 2.86% at $19.985 an ounce.