FX.co ★ TSX Set to Open Lower on Rate Jitters and Earnings Misses

On Friday, futures for Canada’s S&P/TSX Composite Index declined as investors evaluated a series of corporate earnings reports and considered strong labor data's potential impact on the Bank of Canada's interest rate strategy. Notably, the unemployment rate unexpectedly dipped to 6.9%, driven by a rise in employment and a decrease in unemployment figures, reinforcing indications that the BoC has concluded its interest rate reduction phase. Concurrently, Wheaton Precious Metals announced a third-quarter earnings per share (EPS) of $0.62, falling short of the anticipated $0.63, with revenues amounting to $476.3 million compared to the expected $492.6 million. Similarly, Enbridge reported earnings of C$0.46 per share, missing the projected C$0.54. Looking forward, Constellation Software is scheduled to release its earnings report today, with expectations of increased revenue and profits. In the prior trading session, Shopify saw a 4.5% decline despite reporting robust recent revenues, as its gross margin decreased to 48.9%. Nevertheless, the stock maintains an average "Moderate Buy" rating from brokerage firms.