Mixed Signals For Canadian Stocks Friday Morning -- Canadian Commentary

(RTTNews) - Canadian stocks are looking to trim this week's notable losses on Friday, but geopolitical worries due to escalating tensions in Ukraine and the Middle East are likely to limit market's upside.

Data showing anemic Canadian job growth could also keep investors on the sidelines. A report from Statistics Canada showed unemployment to have declined by a more than expected 7.0 percent (seasonally adjusted) in July, from 7.1 percent in June.

However, net change in employment rose by a less than expected 2000 jobs, against forecasts for 13,500. new jobs.

The situation in Iraq will be closely watched. On Thursday, the U.S. President Barack Obama authorized airstrikes on Iraq, in a bid to thwart the advancing Islamic militants.

Investors will also weigh the possible impact of Russia's retaliation to last week's sanctions by the Western countries and the resumption of fighting in the Gaza Strip after a three-day ceasefire.

On Thursday, the S&P/TSX Composite Index ended down 83.66 points or 0.55 percent at 15,118.43, after scaling a high of 15,254.75 and a low of 15,056.11 intraday.

In Corporate news, Brookfield Asset Management Inc. (BAM.A.TO) said that its second-quarter 2014 funds from operations rose to $569 million and $0.84 per share, from $464 million and $0.68 per share in the year ago quarter.

Magna International Inc. (MG.TO) reported second quarter net income of $510 million, up from the prior year's $415 million. Earnings per share improved to $2.32 from $1.78 last year.

Stella-Jones Inc. (SJ.TO) said net income for second quarter was up at $28.8 million or $0.42 per share, compared to $26.4 million or $0.38 cents per share a year ago.

In commodities, crude oil futures for September are up $0.29 or 0.30 percent at $97.63 a barrel, after rising to $98.44 a barrel earlier.

Natural gas for September is up $0.046 or 1.20 percent at $3.923 per million btu.

Gold futures for December are down $2.20 or 0.17 percent at $1,310.30 an ounce.

Silver for September is down $0.090 or 0.45 percent at 19.900 an ounce. Meanwhile, copper is down $0.007 or 0.23 percent at $3.169 per pound.

In economic news from the U.S., labor productivity rose by a more than anticipated 2.5 percent in the second quarter, data released by the Labor Department showed. Economists had expected an increase of 1.5 percent.

Unit labor costs were up 0.6 percent in the second quarter, notably lower than expectations for a 1.4 percent growth.