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TSX set for best week since April 2020, jobs data boosts confidence

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Updated at 10:31 a.m. ET (1431 GMT

TSX up 0.8%

Canada, U.S. add fewer-than-expected jobs in Oct

Restaurant Brands slips on Q3 revenue miss

Magna raises 2023 profit forecast, shares gain

By Khushi Singh

Nov 3 (Reuters) -Canada's main stock index climbed on Friday after data showed both Canada and the U.S. added fewer-than-expected jobs in October, cementing hopes of central banks ending the rate hike cycle.

At 10:31 a.m. ET (1431 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was up 153.7 points, or 0.78%, at 19,780.04, on track for its biggest weekly gains since April 2020.

The looniestrengthened after data showed the Canadian economy added fewer-than-expected jobs in October, while the jobless rate rose to a 21-month high of 5.7%.

Similarly, U.S. job growth slowed more than expected in October while wage inflation cooled, pointing to an easing in the labor market.

The softer-than-anticipated jobs report should reinforce expectations that the Bank of Canada and U.S.Federal Reserve may be done raising interest rates, sparking a surge in rate-sensitive stocks.

Real estate .GSPTTRE stocks jumped 2.8%, leading sectoral gains, while financials .SPTTFS added 1.2%.

"Signs of softening in labour markets should increase the odds that the next rate change will (eventually) be a cut," Nathan Janzen, assistant chief economist at Royal Bank of Canada, said in a note.

The materials sector .GSPTTMT, which includes precious and base metals miners and fertilizer companies, gained 2.2% on higher copper prices as the dollar weakened after U.S. jobs data. MET/L

Top decliner energy .SPTTEN index lost 0.6% as oil prices slipped over supply concerns driven by Middle East tensions.

In corporate news, Magna International MG.TO shares moved 14.3% higher to the top of TSX after the auto parts supplier raised its 2023 profit forecast.

Jamieson Wellness JWEL.TO shares climbed 10.8% after the wellness products maker posted higher-than-expected third-quarter results.

Restaurant Brands International QSR.TO missed market estimates for quarterly sales on Friday as still-high inflation pressured consumer spending at its Burger King chain, taking the shares down 4.5%.

Reporting by Khushi Singh; Editing by Tasim Zahid


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