The Toronto stock market was slightly lower in early trading Friday as jobs reports in both Canada and the United States came in better than anticipated, although neither blew by expectations.
The S&P/TSX composite index dropped 54.29 points to 12,112.97 by late morning.
The Canadian dollar was down 0.52 of a cent to 94.53 cents US.
Statistics Canada says the official unemployment rate remained unchanged at 7.1 per cent last month as employers pulled back after a wild month of hiring in May.
The agency said the economy shed a mere 400 jobs in June, a statistically insignificant number. But it was better than the 10,000 or more jobs economists had expected would be lost in the hangover from the hiring binge seen in May, when 95,000 new jobs were added.
Job numbers worry Wall Street
In the U.S., stock markets turned lower on Friday as investors worried that a strong rise in U.S. jobs figures means the Federal Reserve will stick to its plans to rein in its monetary stimulus.
A U.S. government report showed employers added 195,000 jobs in June and hiring was more robust in the two previous months than earlier estimated. The unemployment rate, however, remained at a relatively high 7.6 percent.
The report suggests growth is increasing in the world's largest economy and that the Federal Reserve would likely begin winding down its monetary stimulus in the autumn.
Initially, the Dow Jones industrial index and the S&P 500 index opened higher, but mainly because they were catching up with a global rally when markets were closed on Thursday for the Independence Day holiday.
By midmorning, Wall Street had trimmed the gains, and bond yields rose dramatically.
The yield on the 10-year U.S. Treasury note jumped from 2.56 per cent to 2.69 per cent, its highest level since August 2011. That's a sign that investors think the economy is improving.
In commodities, the August crude contract on the New York Mercantile Exchange was ahead 43 cents at US$101.67 a barrel.
August gold bullion dropped $38.60 to $1,213.30 an ounce on the Nymex.
Also, Loblaw Companies Limited (TSX:L) began listing its new real estate investment trust today on the TSX. Choice Properties REIT (TSX:CHP.UN) will hold 415 retail properties, one office complex and nine warehouse properties totalling 35.3 million square feet of gross leasable area.
Choice Properties was trading at $9.90, down 10 cents, while Loblaw shares were down 24 cents to $47.24.
Dax falls 1.4%
In Asia, markets were catching up with the gains in Europe the day before. The rally was triggered by the European Central Bank president Mario Draghi's statement that interest rates will remain low "for an extended period of time."
The ECB statement was echoed by the Bank of England and followed indications that the U.S. economy is growing — but probably not fast enough for the U.S. Federal Reserve to rush into tapering off its stimulus program. Markets had been spooked in recent weeks at the prospect of such stimulus ending.
In early European trading, Britain's FTSE 100 was up 0.13 per cent to 6,429 after jumping three per cent the day before. Germany's DAX, however, edged down 1.4 per cent to 7,878 while France's CAC-40 slipped 0.4 per cent to 3,793.
Tokyo's Nikkei 225 closed up 2.1 per cent to 14,309.97 and Hong Kong's Hang Seng added 1.9 per cent to 20,854.67
Elsewhere in Asia, Taipei's TAIEX jumped 1.4 per cent to 8,001.82 while Sydney's S&P/ASX 200 edged up one per cent to 4,841.70 and China's Shanghai Composite posted a small gain of 0.1 per cent to 2,007.29.
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