Canada Employment Exceeds Expectations

With technology stocks continuing to struggle, equity markets have been slumping toward the weekend. Coming off twin 1.9% declines for the tech-weighted NASDAQ and small cap Russell 2000 Index, the Nikkei and the Hang Seng fell 1.2% and 0.9% respectively overnight. This morning finds European bourses in the red pretty much across the board, with the DAX down 1.0% and the FTSE falling 0.7%. In the US, NASDAQ futures are down 0.6% and Dow futures are down 0.3%.

Canada job growth came in significantly stronger than expected (67K vs Street -2.5K) and the unemployment rate (6.9% vs Street 7.1%) also beat the Street. The Loonie is up 0.3% on this news, outpacing 0.1% gains for other majors like the Euro. Gold is up 0.3% today while Silver is up 1.0%. Cryptocurrencies continue to struggle with Bitcoin down 0.8%.

China posted a smaller than expected trade surplus ($90.0B vs Street $95.6B) as both exports and imports increased less than anticipated. Commodities have shrugged this off, however, with Copper climbing 0.4% and Crude Oil gaining 0.8%

We are getting into the later stages of earnings season. Overnight US headliners were a big beat by ConocoPhillips, and disappointing numbers from AirBnB. In Canada, Fairfax Financial, and Canadian Natural Resources beat expectations, while TC Energy and Pembina Pipeline fell short of estimates. Enbridge and Telus report this morning, followed by Constellation Software after the close.

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