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Futures Fall to End Short Week

Jobs in Picture in Canada

Futures for Canada's main stock index slipped on Friday on worries over hawkish comments from the Bank of Canada Governor Tiff Macklem, while investors digested a key jobs report due later in the day.

The TSX lost 94.88 points to conclude Thursday at 20,132.08.

September futures declined 0.2% on Friday.

The Canadian dollar nicked up 0.13 cents to 73.20 cents U.S.

Macklem said on Thursday interest rates may not be high enough to bring inflation back down to target, a day after the BoC held borrowing costs at a 22-year high.

Rogers Communications said on Thursday it was pricing in a $3-billion bond offering to repay short-term debt and other borrowings.

In the economic docket, Statistics Canada says the economy created 40,000 jobs in August, though the rise had no effect on the unemployment rate, which remained at 5.5%, following three consecutive monthly increases in May, June and July.


The TSX Venture Exchange pushed upward 0.74 points Thursday to 585.55.


Stock futures were lower Friday morning, as Wall Street headed for a losing week amid concern that the Federal Reserve could raise rates more than expected.

Futures for the Dow Jones Industrials shed 29 points, or 0.1%, to 34,819.

Futures for the S&P 500 fell back four points, or 0.1%, to 4,501.25.

Futures for the NASDAQ slipped 23.25 points, or 0.2%, to 15,454.

Shares of e-signature stock DocuSign rose 3% in the pre-market after the company beat second-quarter estimates on the top and bottom lines and posted rosy third-quarter guidance. RH dropped 8% as the home furnishings company reported soft guidance for third-quarter revenue.

Heading into Friday’s session, the Dow was down nearly 1% for the week and S&P 500 was behind 1.4% for the last four sessions since Labor Day. The NASDAQ has lost 2% in that time.

Renewed fears over more rate hikes from the Federal Reserve were further justified as initial jobless claims came in at 216,000 — lower than the 230,000 anticipated by economists polled by Dow Jones. Investors are calling for roughly one-in-two odds that policy makers will raise rates in November as of Thursday night.

Shares of Vir Biotechnology fell nearly 4% in the pre-market after Bank of America downgraded them to neutral from buy. The bank also slashed its price target on the stock to $14 from $23. The new target implies upside of 21%.

In Japan, the Nikkei 225 index dropped 1.2% Friday, while in Hong Kong, severe weather concerns shut down trading Friday.

Oil prices moved ahead 71 cents to $87.58 U.S. a barrel.

Gold prices gained $4.40 to $1,946.90 U.S. an ounce.