Canadian Market Seen Opening On Subdued Note; Canadian Jobs Data, Earnings In Focus

(RTTNews) - While sluggish commodity prices and weak U.S. futures point to a subdued start for the Canadian market, Canadian employment data, and earnings updates from major banks are likely to determine the mood on Bay Street Friday morning.

Fed Chair Jerome Powell's speech at Spelman College later in the day is in focus for further clues about the outlook for interest rates.

Canada's jobs data for the month of November is due at 8:30 AM ET.

Full time employment in Canada dropped by 3,300 jobs in October, following an increase of 15,800 jobs in the previous month. The unemployment rate in Canada rose to 5.7% in October from 5.5% in September.

A report on Canadian manufacturing activity in November is due at 9:30 AM ET.

The S&P Global Canada Manufacturing PMI edged higher to 48.6 in October from 47.5 in September.

A report on manufacturing activity in the U.S. is also due this morning.

In earnings news, Bank of Montreal (BMO.TO) reported fourth-quarter earnings of C$1.49 billion, or C$2.06 per share, compared to C$4.41 billion, or C$6.51 per share a year earlier. Excluding items, adjusted earnings were C$2.02 billion, or C$2.81 per share, compared to C$2.06 billion, or C$3.04 per share, in the previous year.

National Bank of Canada (NA.TO) reported fourth-quarter net income of $768 million, up 4% from $738 million in the fourth quarter of 2022.

Tecsys Inc. (TCS.TO) reported second-quater net loss of $340,00, or $0.02 per share, as against net income of $715,000, or $0.05 per share, in the year-ago quarter.

The Canadian market ended on a firm note on Thursday, with investors digesting Canadian GDP data, earnings updates from major banks, and a report on U.S. consumer price growth.

The benchmark S&P/TSX Composite Index ended with a gain of 120.09 points or 0.6% at 20,236.29, near the day's high.

Asian stocks ended broadly lower on Friday as mixed economic signals from China pointed to feeble economic recovery in the world's second-largest economy.

European stocks are up in positive territory with investors cheering the data showing an improvement in eurozone manufacturing activity and encouraging U.K. house price data.

In commodities, West Texas Intermediate Crude oil futures are down $0.09 or 0.12% at $75.87 a barrel.

Gold futures are down $3.90 or 0.19% at $2,053.25 an ounce, while Silver futures are lower by $0.165 or 0.64% at $25.505 an ounce.