CANADA STOCKS-Toronto index may open lower on US jobs data

Fri Nov 7, 2008 9:29am EST
 
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TORONTO Nov 7 (Reuters) - The Toronto Stock Exchange's main index .GSPTSE is set to fall on Friday as economic downturn fears mounted with steep monthly job losses in the United States.

While Canada unexpectedly added jobs in October, the U.S. jobs report will likely be in the forefront along with the movements in the price of oil, which have seen its gains to above $62 a barrel nearly evaporate.

Canadian corporate results were mixed on Friday.

The index dropped more than 3 percent on Thursday, extending losses for a second consecutive day, as energy and materials issues fell along with slumping commodity prices.

Here is some of the news that may affect the market.

CANADA CREATES JOBS IN OCTOBER, U.S. POSTS BIG LOSS

Canada's economy added 9,500 jobs in October, defying expectations of a 10,000 drop, though the increase largely reflected a big jump in employment linked to the federal election [ID:N07446427]. Meanwhile, the U.S. report showed U.S. labor markets were sharply deteriorating as 240,000 jobs were lost in October, much more severely than expected, and September was revised lower. [ID:nN06438380]

TELUS PROFIT SLIPS, UPS DIVIDEND

Canada's No. 2 phone company reported lower quarterly profit, partially because of an unfavorable after-tax adjustment. Telus Corp (T.TO: Quote) said wireless revenue grew 9 percent on record year-to-date subscriber growth. It also raised its dividend. [ID:nWNAB0191]   Continued...