CANADA STOCKS-Futures rise after strong U.S. jobs data

Fri Aug 5, 2016 8:52am EDT
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(Adds economic indicator results)

Aug 5 (Reuters) - Canada's main stock index was set to start higher on Friday, mirroring gains in U.S. markets after better-than-expected payrolls data, despite an increase in Canadian unemployment.

U.S. employment increased more than expected in July and wages picked up, which should bolster expectations of an acceleration in economic growth and raise the probability of an interest rate hike from the Federal Reserve this year.

Canada's economy dropped an unexpected 31,200 jobs in July, sending the jobless rate up to 6.9 percent, data from Statistics Canada showed.

September futures on the S&P TSX index were up 0.27 percent at 8:30 a.m. ET.

Canada posted a larger-than-expected trade deficit of C$3.63 billion ($2.79 billion) in June, compared with a revised C$3.50 billion deficit in May, as imports rose 0.8 percent, according to Statistics Canada data.

The seasonally adjusted Ivey Purchasing Managers Index is also expected at 10:00 a.m. ET.

Canada's main stock index notched a gain on Thursday as surging oil prices boosted energy stocks, while poor earnings hurt insurer Manulife Financial Corp and the exit of a major investor weighed on Canadian Pacific Railway's stock.

Dow Jones Industrial Average e-mini futures were up 0.43 percent at 8:30 a.m. ET, while S&P 500 e-mini futures were up 0.28 percent and Nasdaq 100 e-mini futures were up 0.27 percent.   Continued...