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Bay Street Seen Opening Slightly Higher

Canadian shares are likely to open on a slightly positive note on Friday, amid optimism about some progress in U.S.-Canada trade talks.

Slightly higher commodity prices may also aid sentiment. The market may well track the Canadian employment data, to be released at 8:30 AM ET.

According to reports, Canadian and U.S. foreign affairs ministers will resume their talks on updating the North American Free Trade Agreement. Canadian minister Chrystia Freeland has reportedly called the brief meeting she had with the U.S. minister on Thursday as constructive

The benchmark S&P/TSX Composite Index ended lower by 36.63 points, or 0.23%, at 16,100.94, after scaling a high of 16,196.18 and a low of 16,007.40 during the session.

In company news, Hydro One Limited announced that Tom Woods has been appointed as the new Chair in a unanimous vote by the company's Board of Directors. The company also said that Chris Lopez has been appointed as Acting Chief Financial Officer and that Paul Dobson will continue as Acting President and Chief Executive Officer.

Pembina Pipeline Corporation (PPL.TO) announced that its Board of Directors declared a common share cash dividend for September 2018 of $0.19 per share to be paid on October 15, 2018 to shareholders of record on September 25, 2018.

Enghouse Systems Limited (ENGH.TO) reported third quarter revenue of $86.7 million, up from $82.8 million in the third quarter of the prior year. Income from operating activities increased to $26.7 million, from $22.6 million in the prior year's third quarter, an increase of 18.1%.

Asian markets ended mostly lower on Friday, with investors treading cautiously, as they looked ahead to U.S. jobs data for clues on interest rate hikes. U.S. President Donald Trump's remarks that he was "still bothered by the terms of U.S. trade with Japan," hurt sentiment.

European markets were lower, with investors digesting a slew of economic data and looking ahead to the jobs report from the U.S. Labor Department.

In economic releases from Europe, data from Eurostat showed eurozone GDP to have grown 0.4% sequentially as initially estimated in the second quarter. On an annual basis, GDP growth eased to 2.1% from 2.4% in the preceding period.

German industrial production fell 1.1% month-on-month in July, in contrast to a 0.2% rise economists had forecast, official data showed. The country's exports declined for the first time in three months in July, while imports grew at a faster pace.

In France, industrial output grew 0.7% month-on-month in July, the same pace of expansion as seen in June while the county's visible trade gap shrunk to EUR 3.49 billion in July from EUR 6.00 billion in the same month last year.

Elsewhere in U.K., house prices rose at their fastest annual rate since November 2017 in the three months to August, according to the latest Halifax survey.

In economic news from U.S., the jobs data will be out at 8:30 AM ET.

Baker Hughes will come out with a report on oil rigs count for the week ended September 7, at 1 PM ET.

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