Sullen Jobs Data May Quell Rally -- Canadian Commentary

(RTTNews) - Canadian stocks are looking for direction Friday morning as traders weigh September jobs data from both sides of the border.

Canadian employment was essentially unchanged in September (+10,000 or +0.1%). The unemployment rate remained at 6.2%, matching the low of October 2008.

The U.S. workforce shrank by 33,000 jobs in September, due in part to Hurricane Harvey. It was the first contraction in seven years. The unemployment rate dipped to 4.2% as fewer people were looking for work.

The TSX Composite has surged toward record highs from back in February, powered by broad-based gains. Yesterday, the TSX was up 55.30 points to 15,776.30

The U.S. Department of Commerce says it is delaying its announcement on preliminary anti-dumping duties against Bombardier Inc. (BBD.B.TO)

Brookfield Asset Management (BAM.TO) is in advanced talks to buy the 41.5-per-cent stake in Atlantica Yield PLC held by Abengoa SA.

Crude oil futures were lower Friday morning ahead of U.S. rig count data that may show the energy industry is ramping up post-Hurricane Harvey.

WTI light sweet crude oil was down 70 cents at $50.09, having dropped this week on rising gasoline stockpiles.

Analysts say OPEC is trying hard to keep Russia in its supply quota deal amid Kremlin impatience with the cartel's inability to comply with production cuts.