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TSX Rally Loses Steam After Jobs Malaise -- Canadian Commentary

Canadian stocks tumbled from multi-month highs Friday morning after disappointing U.S. economic data.

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.

Meanwhile, 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 TSX Composite was down 90 points to 15,686.58, coming up short of record highs from back in February.

Energy stocks fell along with crude oil prices.

Aurora Cannibis (ABS.TO) dropped 4 percent, while Shopify (SHOP.TO) continued its recent swoon, losing another 3 percent.

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

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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

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