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Bay Street Likely To See Negative Bias In Early Trades

Canadian shares are likely to see some weakness Friday morning with investors reacting to Canadian and U.S. jobs data. Higher gold prices may trigger some buying in the materials space, but weak oil prices may weigh on the market.

Data released by Statistics Canada showed employment in Canada decreased by 207,100 in April after seen an increase of over 303,000 in the previous month. Full-time employment dropped by 129,400 in the month, while part-time employment decreased to -77,800.

The data also showed unemployment rate in Canada rose to 8.1% in April, up from 7.5% in March.

The Canadian market recovered after a sharp early setback on Thursday to eventually close with a marginal loss. The benchmark S&P/TSX Composite Index, which plunged to a low of 19,181.87 around mid morning, ended with a loss of 19.76 points or 0.1% at 19,290.98.

Telus Corp. (T.TO) reported net income of $331 million or 25 cents per share for the first quarter of this financial year, compared with net income of $350 million or 28 cents per share a year ago.

Enbridge Inc. (ENB.TO) reported a first-quarter profit of $1.9 billion or 94 cents per share compared with a loss of $1.4 billion or 71 cents per share in the same quarter last year when it took a number of large one-time charges.

Cenovus Energy Inc. (CVE.TO) said it posted a profit of $220 million in its latest quarter compared with a loss of $1.8 billion a year ago. The company said it earned a profit of 10 cents per share in the latest quarter compared with a loss of $1.46 per share in the year-ago quarter.

Air Canada (AC.TO) reported a loss of $1.3 billion or $3.90 per diluted share in its first quarter compared with a loss of $1 billion or $4.00 per share in the same quarter last year.

Asian stocks turned in a mixed performance on Friday even as positive Chinese data boosted optimism about the global economic outlook. The focus was on the U.S. jobs data due later in the day.

European stocks are up in positive territory, buoyed by upbeat regional data and some fairly strong earnings announcements from top name companies.

In commodities, West Texas Intermediate Crude oil futures are down $0.44 or 0.68% at $64.27 a barrel.

Gold futures are up $3.30 or 0.17% at $1,819.00 an ounce, while Silver futures are down $0.146 or 0.51% at $27.331 an ounce.

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