CANADA STOCKS-TSX to open higher after strong jobs data

Fri Oct 7, 2011 8:44am EDT
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TORONTO Oct 7 (Reuters) - Toronto's main stock index was set to open higher on Friday after unexpectedly strong Canadian and U.S. jobs data fed optimism that the North American economy will avoid recession.

A whopping 60,900 new jobs, far more than expected, helped slice Canada's unemployment rate to 7.1 percent in September, boosting its currency and virtually ensuring the central bank won't cut rates any time soon. [ID:nN1E796020]

U.S. stock index futures turned positive after U.S. employment grew more than expected in September and job gains for the prior months were revised higher. [.N]


* Canadian equity futures <0#SXF:> pointed to a higher open.

* The Canadian dollar surged higher against its U.S. counterpart in early trade after the Canadian employment report came in far stronger than expected, with a big seasonal bump in teacher hiring. [CAD/]

* European shares edged up ahead of the key U.S. labour report. [.EU]

* Most Asian stocks rose on easing fears over Europe's banking sector, with the Nikkei up almost a percent. ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ To receive an early e-mail of Reuters Morning News Call - Canada -- a preview of market moving news -- Thomson Reuters subscribers can register at [CA/MNC] ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^