Nov 7 (Reuters) - Stock futures pointed to a modestly lower start for Canada’s main stock index on Friday, as investors remained on the sidelines ahead of monthly jobs report.
U.S. employers probably added 231,000 jobs in October, according to a Reuters survey, a rate that would underscore the economy’s resilience in the face of slowing global demand. The nonfarm payroll report will be released at 8:30 a.m. ET.
Statistics Canada is expected to report that the Canadian economy lost 5,000 jobs in October, pulling back from the surge in hiring seen in September, while the unemployment rate is forecast to hold steady at 6.8 percent. The report is due at 8:30 a.m. ET.
December futures on the S&P TSX index were down 0.13 percent at 7.30 a.m. ET.
The Toronto Stock Exchange’s S&P/TSX composite index was little changed on Thursday as comments from the European Central Bank helped offset weakness in shares of SNC-Lavalin Group Inc after the company cut its profit forecast.
Dow Jones Industrial Average e-mini futures were up 0.08 percent at 7.30 a.m. ET; while S&P 500 e-mini futures were up 0.05 percent and Nasdaq 100 e-mini futures were up 0.20 percent.
TMX Group Ltd, the operator of Canada’s biggest stock exchange, reported weaker-than-expected quarterly profit, hurt by lower trading revenue from its BOX options exchange and cash markets.
Pipeline company Veresen Inc is talking to Japanese buyers for offtake from its Jordan Cove liquefied natural gas facility in Oregon and expects to make a final investment decision for the project by the middle of next year.
IGM Financial Inc, one of Canada’s top mutual fund companies, reported higher third-quarter earnings on Thursday that met expectations, and increased its quarterly dividend.
COMMODITIES AT 7.30 a.m. ET
Gold futures : $1,142.90; +0.03 pct
US crude : $78.40; +0.60 pct
Brent crude : $83.22; +0.42 pct
LME 3-month copper : $6,647.25; -0.19 pct
ANALYST RESEARCH HIGHLIGHTS
Air Canada : BMO raises target price to C$13 from C$12
BCE Inc : RBC raises target price to C$51 from C$49; rating “sector perform”
Telus Corp : National Bank Financial ups target price to C$43 from C$42; rating “outperform”
U.S. ECONOMIC DATA DUE ON FRIDAY
0830 Non-Farm Payrolls for Oct: Expected 231,000; Prior 248,000
0830 Private Payrolls for Oct: Expected 222,000; Prior 236,000
0830 Manufacturing Payrolls for Oct: Expected 10,000; Prior 4,000
0830 Government Payrolls for Oct: Prior 12,000
0830 Unemployment Rate for Oct: Expected 5.9 pct; Prior 5.9 pct
0830 Average Earnings mm for Oct: Expected 0.2 pct; Prior 0.0 pct
0830 Average Workweek Hrs for Oct: Expected 34.6 hrs; Prior 34.6 hrs
0830 Labor Force Partic for Oct: Prior 62.7 pct
0830 U6 Underemployment for Oct: Prior 11.8 pct
1030 ECRI Weekly Index: Prior 131.7
1030 ECRI Weekly Annualized: Prior -1.2 pct
1500 Consumer Credit for Sep: Expected 15.10 bln; Prior 13.52 bln
FOR CANADIAN MARKETS NEWS, CLICK ON CODES:
TSX market report
Canadian dollar and bonds report
Reuters global stocks poll for Canada
Canadian markets directory ($1= C$1.14)
Reporting by Nikhil Kumar; Editing by Sriraj Kalluvila
Our Standards: The Thomson Reuters Trust Principles.