Canada’s main stock index extended its winning streak to eight consecutive sessions on Friday, though gains were modest as commodity prices remained relatively stable. This led to another fresh all-time record high for the resource-heavy TSX index.
According to Statistics Canada, the national unemployment rate rose to 7.1 per cent in August, with the economy shedding 66,000 jobs during the month. This follows July’s labour force report, which showed a loss of 41,000 jobs and an unemployment rate of 6.9 per cent. Prior to the release, economists had anticipated a gain of 10,000 jobs for August. In addition to domestic employment data, Canadian investors also reacted to the latest US figures on average hourly earnings, non-farm payrolls, and unemployment.
If labour markets continue to show signs of weakening in both Canada and the US, it could fuel expectations for interest rate cuts and help sustain the TSX’s upward momentum.
Meanwhile, Wall Street daily numbers fell into the red as pressure from the bond market eased. Treasury yields declined after US job reports came in below expectations. One report indicated that private-sector hiring in August was nearly cut in half compared to the previous month, while another showed a rise in unemployment claims, suggesting an increase in layoffs.
| TSX | 29,050.63 | +134.74 |  |
| TSXV | 857.25 | +13.03 | |
| CSE | 158.32 | +3.55 | |
| DJIA | 45,400.86 | -220.43 |  |
| NASDAQ | 21,700.39 | -7.31 | |
| S&P 500 | 6,481.50 | -20.58 | |
The Canadian dollar traded for 72.25 cents US compared to 72.33 cents US on Thursday.
US crude futures traded US$1.46 lower at US$62.02 a barrel, and the Brent contract lost US$1.34 to US$65.65 a barrel.
The price of gold was up US$39.91 to US$3,589.21.
In world markets, the Nikkei was up 438.48 points to ¥43,018.75, the Hang Seng was up 359.47 points to HK$25,417.98, the FTSE was down 8.66 points to ₤9,208.21, and the DAX was down 173.35 points to €23,596.98.
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