TSX dragged down by energy shares; US unemployment ticks up
TSX down 0.3%
U.S. job growth moderated in June, unemployment rises
Canada approves Glencore takeover of Teck's coal unit, shares up
Updated at 10:47 a.m. ET/1447 GMT
By Nikhil Sharma
July 5 (Reuters) -Canada's main stock index was pulled down by energy shares on Friday, while fresh U.S. employment data fuelled hopes for a September rate cut by the Federal Reserve.
At 10:47 a.m. ET (1447 GMT), the S&P/TSX composite index .GSPTSE was down 75.83 points, or 0.3%, at 22,168.19, on course for its worst day since June 13.
However, the Toronto Stock Exchange's benchmark index was set for a second weekly gain.
The energy sector .SPTTEN lost ground and slipped 1.7%, set to log its worst day in more than three months. O/R
Amid broader losses, the only outlier was the materials sector .GSPTTMT, which rose 1.1% as gold prices soared to a one-month high following the U.S. jobs data. GOL/
Meanwhile, Wall Street indexes were mixed on Friday. .N
The U.S. non-farm payrolls data for June showed job growth slowed to a moderate-yet-healthy pace, while the unemployment rate unexpectedly rose, which boosted market expectations that the Fed might start its easing cycle in September.
"Economic data in the U.S. has been coming in faster and (labor market) conditions are a bit tight, that would make (the) Fed chair more confident to cut rates," said Diana Avigdor, vice president, portfolio manager and head of trading at Barometer Capital Management.
Markets are pricing in a 75.2% chance of a September rate by the Fed. 0#FEDWATCH
Meanwhile, Canada's economy unexpectedly lost jobs in June, while the unemployment rate increased more than expected to a 29-month high of 6.4%.
The yield on the Canadian 10-year benchmark bond CA10YT=RR fell 10 basis points to its lowest in a week, mirroring declines in its U.S. counterpart US10YT=RR.
In corporate news, Teck Resources' TECKb.TO shares rose 1.6% after the Canadian government approved Switzerland-based miner Glencore's GLEN.L $6.93 billion takeover of its steelmaking coal unit with strict conditions to preserve jobs.
Reporting by Nikhil Sharma in Bengaluru; Editing by Shreya Biswas
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