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Bay Street Likely To Open Flat; Jobs Data To Set The Trend

Futures point to a flat start for the Canadian market Friday morning. Investors will be reacting to the jobs data for the month of December 2021 from Canada and the U.S.

The Canadian economy added a net 153,700 jobs in November of 2021, far above market expectations of 35,000 jobs. The unemployment rate in Canada dropped to 6% in November, a new pandemic-low.

The Canadian market ended modestly higher on Thursday, led by gains in energy and consumer staples sectors. The mood was cautious after the minutes of the Federal Reserve's latest monetary policy meeting suggested the central bank will be more aggressive in tightening monetary policy.

The benchmark S&P/TSX Composite Index ended with a gain of 32.54 points or 0.15% at 21,072.20. The index scaled a low of 20,934.15 and a high of 21,148.59 in the session.

Asian stocks turned in a mixed performance on Friday as investors continued to digest the minutes of the Federal Reserve's December policy meeting. The mood was cautious with markets looking ahead to the U.S. jobs data.

European stocks are exhibiting weakness in cautious trade amid lingering worries about the surge in coronavirus cases in the continent. Investors are awaiting U.S. jobs report for clues on the pace of U.S. interest rate hikes.

In commodities trading, West Texas Intermediate Crude oil futures are gaining $0.53 or 0.7% at $79.99 a barrel.

Gold futures are up marginally at $1,789.30 an ounce, while Silver futures are down $0.070 or 0.32% at $22.120 an ounce.

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