Canadian Stocks Poised For Positive Open On Jobs Data

(RTTNews) - Canadian stocks are likely to open on a positive note on Friday, tracking firm precious metals prices and some encouraging earnings updates. Strong Canadian and U.S. jobs data may also significantly impact the mood.

Data from the Labor Department showed U.S. non-farm payroll employment dropped by 23,000 jobs in July. The economy was expected to add 70,000 jobs in July.

Meanwhile, the unemployment rate edged down to 4.1% in the month from 4.2% in June. The rate was expected to remain unchanged.

Data from Statistics Canada showed employment in Canada climbed by 75,100 jobs in July. The unemployment rate edged down to 6.4% in July, from 6.5% a month earlier.

The Ivey PMI reading for the month of July is due out at 10 AM ET.

Middle East tensions flared again following attacks by the Iran-aligned Houthis on a military camp in Yemen and in Saudi Arabia, a major oil supplier.

Canadian Natural Resources Limited reported a net income of C$4.503 billion, or C$2.15 per share, for the second-quarter, higher than C$2.459 billion, or C$1.17 per share in the same period last year. Excluding items, net income was C$4.568 billion, or C$2.19 per share, compared with C$1.496 billion, or C$0.71 per share a year ago.

Lundin Gold Inc. said it posted a net income of $219.87 million or $0.91 per share, in the second-quarter, compared with $196.73 million or $0.81 per share in the year-ago quarter.

Bay Street closed slightly down on Thursday, retreating after posting gains in the previous two sessions, as concerns about Middle East tensions resurfaced after Yemen's Houthi rebels launched strikes on two Saudi Arabian vessels in the Red Sea.

A consequent surge in crude oil prices fueled inflationary concerns. Investors also assessed Canada-U.S. trade relations.

The benchmark S&P/TSX Composite Index ended the session with a marginal loss of 10.11 points or 0.03% at 36,136.31.

Asian stocks ended mixed on Friday amid uncertainty about Iran and the U.S. reaching an agreement to reopen the Strait of Hormuz. Investors awaited U.S. jobs data for clues about the Federal Reserve's interest rate move in the upcoming monetary policy meeting.

The major European markets are up in positive territory today with investors continuing to digest corporate earnings announcements. Worries about Middle East tensions appear to be limiting markets' upside.

In commodities trading, West Texas Intermediate Crude oil futures are down $0.24 or 0.31% at $77.05 a barrel.

Gold futures are up $73.30 or 1.7% at $4,372.90 an ounce, while Silver futures are gaining $2.749 or 4.45% at $64.355 an ounce.