CANADA STOCKS-TSX looks set to open higher after strong U.S. jobs data

Fri May 2, 2014 8:50am EDT

(Updates after U.S. jobs data)

May 2(Reuters) - Canadian stocks looked set for higher opening on Friday after better-than-expected U.S. monthly job numbers bolstered hopes of a strong rebound in economic activity in the second quarter.

U.S. job growth increased at its fastest pace in more than two years in April and the unemployment rate dived to a 5-1/2 year low of 6.3 percent.

June futures on the S&P TSX index <0#SXF:> were up 0.26 percent at 0845 ET.

The index edged higher on Thursday as gains in Manulife Financial Corp and Catamaran Corp helped to offset a decline in shares of Bombardier Inc after those companies reported results.

Dow Jones Industrial Average futures were up 0.02 percent at 0845 ET, while S&P 500 futures were up 0.24 percent and Nasdaq 100 futures were up 0.37 percent.

(Morning News Call newsletter link.reuters.com/nex49s; The Day Ahead newsletter link.reuters.com/mex49s)

TOP STORIES

TransCanada Corp Canada's No.2 pipeline company and the backer of the controversial Keystone XL pipeline, reported a 14 percent rise in adjusted quarterly profit as it benefited from a severe winter in North America.

News Corp said it would buy romance novel publisher Harlequin Enterprises Ltd from Torstar Corp to boost its non-English book publishing.

Berkshire Hathaway Inc's energy unit said it would buy AltaLink, Alberta's largest electricity transmission company, from SNC-Lavalin Group Inc for about $2.9 billion in cash.

Fairfax Financial Holdings, the property and casualty insurer run by investment guru Prem Watsa, said first-quarter profit more than quadrupled due to strong investment gains and improved underwriting results.

COMMODITIES AT 0845 ET

Gold futures : $1,279.5; -0.28 pct

US crude : $99.81; +0.38 pct

Brent crude : $108.49; +0.69 pct

LME 3-month copper : $6,661; +0.24 pct

ANALYST RESEARCH HIGHLIGHTS

Gran Tierra : Goldman Sachs starts with neutral rating

Penn West : National Bank Financial ups rating to sector perform

Stella-Jones : National Bank Financial cuts rating to sector perform from outperform

U.S. ECONOMIC DATA DUE ON FRIDAY

0830 Non-Farm Payrolls for April: Actual +288,000 prior +192,000

0830 Private Payrolls for April: Actual +273,000 prior +192,000

0830 Manufacturing Payrolls for April: Actual +12,000 prior -1,000

0830 Unemployment Rate for April: Actual +6.3 pct prior +6.7 pct

0830 Average Earnings mm for April: Actual +0.0 pct prior 0.0 pct

0830 Average Workweek hrs for April: Actual 34.5 hrs prior 34.5 hrs

0945 ISM-New York Index for Apr: prior 627.1

1000 Durables Ex-Def, R mm for Mar: Prior +1.8 pct

1000 Durable Goods, R mm for Mar: Prior +2.6 pct

1000 Factory Orders mm for Mar: Expected +1.4 pct prior +1.6 pct

1000 Durables Ex-Transpt R mm for March: Prior +2.0 pct

1000 Nondef Cap Ex-Air R mm for March: Prior +2.2 pct

1000 Nondef Cap Ex-Air R mm for March: Prior +2.2 pct

1000 Factory Ex-Transp mm for March: Prior +0.7 pct

1030 ECRI Weekly Index: Prior 134.6

1030 ECRI Weekly Annualized: Prior +4.1 pct

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= $1.10 Canadian) (Reporting by Mononshila Deka in Banagalore; Editing by Ted Kerr)

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