CANADA STOCKS-TSX set to open lower after weak jobs data

April 5 Fri Apr 5, 2013 9:04am EDT

April 5 (Reuters) - Canada's main stock index was set to open lower on Friday after Canadian and U.S. jobs data came in much weaker than expected, raising concerns about the health of the North American economy.

TOP STORIES

* American employers hired at the slowest pace in nine months in March, a sign that Washington's austerity drive could be stealing momentum from the economy. The economy added just 88,000 jobs last month.

* Canada posted the single worst monthly jobs loss in more than four years in March, another sign the economy is struggling to cope with weak foreign markets and a strong Canadian dollar.

* Walt Disney Co expects to begin layoffs at its studio and consumer product divisions within the next two weeks, according to two people with knowledge of the matter, in the latest cost-reduction step to emerge from a company-wide review.

* Samsung Electronics, the iPhone's main adversary, estimated its January-March operating profit rose 53 percent to 8.7 trillion won as sales of mid-tier smartphones helped the South Korean giant tide over the off-peak season.

* Hewlett-Packard Chairman Ray Lane, who has come under fire from shareholders for his role in the acquisition of software company Autonomy Plc, has relinquished his post in the No.1 personal computer maker's latest board shake-up.

* Boeing may carry out a certification test flight of its grounded 787 Dreamliner with a revamped battery system on Friday, a key step toward returning the state-of-the-art aircraft to flight, a U.S. government official said on Thursday.

MARKET SNAPSHOT

* Canada stock futures traded down 0.71 percent

* U.S. stock futures , , were down around 0.5 to 0.6 percent

* European shares, were down

COMMODITY PRICE MOVES

* Thomson Reuters-Jefferies CRB Index : 288.3112; fell 0.23 percent

* Gold futures : $1,556.1; rose 0.28 percent

* US crude : $92.82; fell 0.47 percent

* Brent crude : $105.69; fell 0.61 percent

* LME 3-month copper : $7,419; fell 0.3 percent

ANALYSTS' RECOMMENDATIONS

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

* Africa Oil Corp : Goldman Sachs starts with neutral, says structurally positive on buying de-risked, basin-led exploration and view Africa Oil's interests in East Africa as attractive

* H&R Real Estate Investment Trust : Canaccord Genuity cuts price target to C$27 from C$28 on valuation

ON THE CALENDAR

* Major Canadian economic data includes employment, trade, and Ivey PMI.

* Major U.S. events and data includes non-farm payrolls, consumer credit and international trade

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.