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Bay Street Likely To Open Mixed; Jobs Data In Focus

Canadian shares may open on a mixed note Friday morning, tracking mixed cues from Asian and European markets and commodity prices.

Jobs data from the U.S. and Canada may significantly impact movements in the market.

Data on Canadian employment for the month of September is due out at 8:30 AM ET. The Canadian economy created 90,200 jobs in August, missing market expectations of a 100,000 rise. However, the workforce saw an expansion for a third straight month.

The U.S. Labor Department's non-farm payrolls data for September is also due out at 8:30 AM ET. Economists currently expect employment to increase by 488,000 jobs in September after rising by 235,000 jobs in August. The unemployment rate is expected to dip to 5.1% from 5.2%.

U.S. non-farm payrolls data could offer fresh insight into the timing of Federal Reserve tapering.

In earnings news, Richelieu Hardware Ltd. (RCH.TO) reported third-quarter net earnings of $38.7 million or $0.69 per diluted share, up 38% over the year-ago period. The company said sales rose 20% in the third quarter.

Mty Food Group Inc. (MTY.TO) reported third-quarter net income of $24.3 million or $0.98 per diluted share, up from a net income of $22.9 million or $0.93 per diluted share a year ago.

The Canadian market ended on an upbeat note on Thursday, with stocks from across various sectors scoring strong gains, as investors reacted positively to news about U.S. lawmakers reaching an agreement to temporarily extend the debt limit, thus avoiding a potential default.

Data showing a bigger than expected drop in U.S. jobless claims, a strong reading on Canada's business conditions, and firm crude oil prices too aided sentiment.

The benchmark S&P/TSX Composite Index, which rose to 20,470.26, ended the session with a gain of 224.55 points or 1.11% at 20,416.21.

Asian stocks ended on a mixed note on Friday despite relieved concerns of a possible U.S government debt default this month. Investors eyed key U.S. jobs data due out later in the day for any fresh insight into the timing of Federal Reserve tapering.

European stocks are quite subdued today on disappointing German exports data and amid caution ahead of the release of key U.S. payrolls data.

In commodities, West Texas Intermediate Crude oil futures for November are gaining $0.63 or 0.8% at $78.93 a barrel.

Gold futures are up $4.00 or 0.25% at $1,762.20 an ounce, while Silver futures are down $0.063 or 0.28% at $22.595 an ounce.

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