Canada Job Growth Accelerates

With US index futures up 0.2% to 0.4%, the Dax up 0.6%, the FTSE up 0.8%. it appears that US stocks are prepared to push forward and close out a positive week for equity markets on a bullish note.

China-sensitive markets continue to climb on anticipation of a recovery in the Middle Kingdom’s economy. The Hang Seng soared 2.3% overnight and Dr. Copper is up 2.0% this morning. US Crude Oil is up 0.6% but still below $80.00/bbl. Precious metals are in rally mode with Gold and Silver both up 1.6%, a sign investors remain concerned about inflation and turmoil.  

Reversing a recent trend of soft employment data from the US, Canadian job growth was very hot and crushed expectations (90K vs street 18K and previous -2.2K). Wage inflation pressures continued to ease (4.8% vs previous 5.0%).

The US 10-year treasury note yield is sitting just below 4.50%. Six Fed officials are speaking today who may give more colour into whether the US central bank is seriously considering interest rate cuts any time soon.

Overnight earnings reports from Canada have been mixed with Enbridge beating the street ($0.92 vs street $0.82) while Sun Life Financial disappointed ($1.50 vs street $1.65).

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