VN: TSX flat as Canadian, U.S. job numbers disappoint
Disappointing job numbers in both Canada and the United States set the stage for sluggish stock markets in both countries as trading got underway Friday.
Shortly after the open, the Toronto Stock Exchange's S&P/TSX composite index was up 7.3 points, or 0.06 per cent, to 13,170.83. Higher gold stocks helped offset losses elsewhere.
South of the border, the Dow Jones industrial average fell 10.86 points, or 0.1 per cent, to 11,351.55 in early trading. The Nasdaq composite index was down 2.89 points, or 0.11 per cent, to 2,576.46.
Statistics Canada said Friday that the country had 15,200 additional people employed last month, and the unemployment rate had fallen to 7.6 per cent from 7.9 per cent. However, the job growth fell short of expectations for about 20,000 job gains, and the lower jobless rate was largely the result of fewer young people looking for work.
In the U.S., there were 39,000 additional jobs last month, far short of the 150,000 economists expected. The unemployment rate rose to 9.8 per cent from 9.6 per cent.
Also not helping matters on the Canadian stock market were less-than-expected fourth-quarter earnings from Royal Bank of Canada, though Bank of Nova Scotia's results were in line with estimates.
On the commodities market, crude oil was down 43 cents to $87.57 U.S. a barrel in New York. Gold was up $10.90 to $ 1,400.20 U.S. an ounce.
The Canadian dollar was down five basis points to 99.56 cents U.S..
European markets went negative after the U.S. job numbers came out. The U.K.'s FTSE index was down 43.84 points, or 0.76 per cent, to 5,723.72. The CAC in France fell 19.17 points, or 0.51 per cent, to 3,727.87. The German DAX was down 29.5 points, or 0.42 per cent, to 6,928.11.
Asian markets, which closed before the U.S. employment figures were released, were mixed Friday. Japan's Nikkei index was up 9.8 points, or 0.1 per cent, to 10,178.32. Chinese markets were negative after a government news agency said monetary policy would change to "prudent" from "moderately loose." Hong Kong's Hang Seng index fell 128.26 points, or 0.55 per cent, to 23,320.52. The mainland's Shanghai composite was down 1.18 points, or 0.04 per cent, to 2,842.43.
On Friday, the S&P/TSX composite index rose 15.18 points, or 0.12 per cent to 13,163.53. In the U.S., the Dow Jones was up 106.63 points, or 0.95 per cent to 11,362.41. The Nasdaq gained 29.92 points, or 1.17 per cent, to 2,579.35.
