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TSX Set for Weak Start As Commodities Tumble

Canada's benchmark index looked set to open lower on Friday, under pressure from falling commodity prices.

Action Economics said oil tumbled, following a report from the EIA indicating U.S. production rose 1% over the past week, to 9.34 million barrels per day. In addition, OPEC exports, driven by Libya and Nigeria, have risen for the past 2 months.

Meanwhile, Statistics Canada reported that employment rose by 45,000 in June, mostly in part-time work. The unemployment rate was 6.5%, down 0.1 percentage points from the previous month. Analysts expected a 10,000 gain.

The TSX shed 75 points on Thursday, led lower by healthcare and materials.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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