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TSX May Open Lower As Copper Oil Slide

Canada's benchmark index looked set to open lower on Friday, pressured by falling copper and oil prices .

Stock futures for the September quarter on the S&P TSX index were down 0.2% recently.

Copper prices were down 2% after data out of China, a major consumer of the precious metal, revealed that exports showed signs of softening in August. Imports, however, grew 13.3% from a year earlier, evidence that the country's economy is still expanding.

Meanwhile, the WTI and Brent were going on opposite directions after reports said Saudi Arabia will cut crude allocations to clients by 350,000 barrels per day in October.

Still in economic news, employment was little changed in August at +22,000 or +0.1%, Statistics Canada reported. Analysts expected a 15,000 increase.

The TSX shed 35 points on Thursday, dragged down by financial and energy stocks.

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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