CANADA STOCKS-TSX set to open lower, employment data awaited

Fri Aug 8, 2014 7:25am EDT
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Aug 8 (Reuters) - Canadian stocks looked set to open lower on Friday, taking a cue from global markets after U.S. President Barack Obama stoked fears of another drawn out conflict in Iraq by authorizing targeted air strikes against Islamist rebels.

September futures on the S&P TSX index <0#SXF:> were down 0.07 percent at 0715 ET.

Canadian employment data for July is due at 0830 ET. Economists expect the labor market to bounce back from June's unexpected decline, with the unemployment rate holding at 7.1 percent.

The TSX index dropped on Thursday as worries about the escalating crisis in Ukraine fueled declines in most major sectors.

Dow Jones Industrial Average e-mini futures were down 0.23 percent at 0715 ET, while S&P 500 e-mini futures were down 0.24 percent. Nasdaq 100 e-mini futures were down 0.27 percent.

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Auto parts maker Magna International Inc reported a higher-than-expected rise in quarterly profit and raised its full-year sales forecast, helped by strong demand in North America and continued recovery in Europe.

TMX Group Ltd, the operator of the Toronto Stock Exchange and the TSX Venture Exchange, said it plans to launch a new business to allow capital raising and the trading of securities of privately owned entities.   Continued...