December 6, 2013 / 1:57 PM / 4 years ago

CANADA STOCKS-TSX set for higher open after strong jobs data

3 Min Read

Dec 6 (Reuters) - Canadian stock index futures pointed to a higher open on Friday, as stronger-than-expected U.S. and Canadian jobs data suggested the economy in both countries expanded further in November.

Top Stories

* U.S. employers hired more workers than expected in November and the jobless rate fell to a five-year low of 7.0 percent, which could fan speculation the Federal Reserve could start reducing its bond purchases this month.

* Canada added 21,600 jobs in November, the third consecutive month of modest gains, and the unemployment rate stayed at a nearly five-year low of 6.9 percent, Statistics Canada said on Friday.

* Bank of Nova Scotia, Canada's No. 3 lender, reported a 12 percent rise in quarterly profit, helped by strength in its Canadian retail business, an increase in banking fees and stronger wealth management revenue.

* Kyrgyzstan is suing Canada's Centerra Gold for 15 billion soms ($304 million) over what the government says is ecological damage, marking a new twist in a bitter row with the investor running the largest Kyrgyz gold mine.

* German industrial orders posted their biggest fall in nearly a year in October after a sharp rise in the previous month, as demand for capital goods weakened, Economy Ministry data showed.

* France's Total has agreed to buy a 61.3 percent stake in InterOil's IOC.N Papua New Guinea gas fields for up to $3.6 billion, as part of a plan to build a liquefied natural gas export plant.

* Nestle is selling its 10 percent stake in Swiss fragrance and flavor maker Givaudan in an effort to narrow its focus on core operations and clean up its balance sheet.

Market Snapshot

* Canada stock futures traded up 0.14 percent

* U.S. stock futures , , were up around 0.36 percent to 0.44 percent

* European shares, were up

Commodity Price Moves

* Thomson Reuters-Jefferies CRB Index : 278.9028; rose 0.25 percent

* Gold futures : $1,232; fell 0.37 percent

* US crude : $97.33; fell 0.05 percent

* Brent crude : $111.31; rose 0.3 percent

* LME 3-month copper : $7,118.75; rose 0.7 percent

Analysts' Recommendations

Following is a summary of research actions on Canadian companies reported by Reuters.

* CIBC : National Bank Financial raises target price to C$93 from C$90 as the company reported better than expected fourth-quarter results.

* Dollarama Inc : Raymond James raises target price to C$85 from C$80 to reflect an increase in target multiples to levels consistent with the company's 3-year average.

* Royal Bank of Canada : TD Securities raises rating to buy from hold on valuation.

* Transcontinental Inc : National Bank Financial cuts target price to C$16.50 from C$17.50 as its fourth-quarter results came below analysts expectations.

On the Calendar

* Major Canadian economic data includes unemployment rate and labor productivity

* Major U.S. events and data includes payrolls, consumer credit, personal income, personal consumption and average hourly earnings

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