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Bay Street Likely To Open On Positive Note

Canadian shares look headed for a positive start on Friday, on positive jobs data, higher futures and continued optimism about trade talks.

Data released by Statistics Canada a little while ago said the Canadian economy added 81.1 thousand jobs in August of 2019, after shedding 24.2 thousand in the previous month and beating market expectations of a 15 thousand gain.

Full Time Employment in Canada increased by 23,800 in August of 2019. Part time employment increased to 57,200 in the month, after falling by 12,600 a month earlier.

The unemployment rate remained unchanged at 5.7% in August 2019, in line with market expectations and matching the high of April.

On Thursday, the benchmark S&P/TSX Composite Index ended up 125.97 points, or 0.77%, at 16,574.81, after scaling a high of 16,604.40 intraday.

In company news, CannTrust Holdings (TRST.TO) said its is laying off about 180 people following repeated problems with both its product and how it has been produced. The layoff amounts to about 20% of the company's workforce.

Enbridge Inc. (ENB.TO) will be in focus after reports said more than two dozen oil companies wrote to Canada's energy regulator on Thursday to support or oppose it intervening in Enbridge Inc's contentious proposal to overhaul shipping contracts on the Mainline pipeline network.

Asian markets ended higher on Friday, tracking overnight gains on Wall Street on upbeat private sector payrolls data, jump in factory orders and an acceleration in U.S. service sector activity. Positive news on the trade front also aided sentiment.

European stocks were moving higher on optimism about U.S.-China trade talks and on the proposal by China's central bank to cut the reserve requirement ratio for financial institutions by 50 basis points from September 16 in an effort to inject liquidity into an economy facing headwinds to growth.

In commodities, crude oil futures for October were down $0.66, or 1.17%, at $55.64 a barrel.

Gold futures for December were declining $11.50, or 0.77%, at $1,514.00 an ounce.

Silver futures for December were down $0.502, or 2.66%, at $18.305 an ounce, while Copper futures for December were down $0.0175, or 0.66%, at $2.6245 per pound.

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