The Canadian Press

North American stock markets headed for a higher open Friday as February employment data showed fewer job losses than forecast.

The U.S. Labour Department said that the economy shed 36,000 jobs last month, against the 50,000 losses that had been expected.

The unemployment rate held steady at 9.7 per cent.

Shortly after the release of the report, the Dow Jones industrial futures ran ahead 66 points to 10,497, the Nasdaq futures gained 10.25 points to 1,870, while the S&P 500 futures rose 8.2 points to 1,130.5.

Economists had warned that the jobs data could be skewed because of major snowstorms that pummelled the east coast throughout the month.

The Labour Department said the storms may have affected job losses, but wouldn’t quantify the impact.

The Canadian dollar moved 0.14 of a cent higher to US97.17 cents.

Canadian employment data for February will be released next Friday.

The Toronto market was poised for a solid gain for the first week of March trading as strong earnings reports from TD Bank (TSX:TD) and Bank of Montreal (TSX:BMO) boosted the financial sector. Gold and base metal stocks have also supported the market this week.

The energy sector was down slightly for the week as oil prices floated above the US$80 a barrel level following data that U.S. distillate supplies fell more than expected last week.

On Friday, the commodity prices were higher with the April crude contract on the New York Mercantile Exchange ahead 92 cents to US$81.13 a barrel.

The April gold contract on the Nymex was up 60 cents to US$1,133.70 an ounce while May copper added three cents to US$3.40 a pound.

In Asia, speculation that Japan was mulling extra measures to shore up its recovery added to the upbeat mood. According to a media report, the Bank of Japan might ease monetary policies to keep money flowing through the economy as soon as this month.

Japan’s Nikkei 225 stock average jumped 2.2 per cent.

In greater China, Hong Kong’s market rose one per cent and Shanghai’s market gained 0.3 per cent as investors focused on Chinese Premier Wen Jiabao’s annual policy address.

Wen promised strong growth this year of eight per cent, and said the government will combat inflation and risks to banks to maintain the economy’s recovery.

London’s FTSE 100 index rose 0.51 per cent, the Frankfurt DAX gained 0.43 per cent while the Paris CAC 40 advanced 0.66 per cent.

In corporate news, coffee chain Tim Hortons (TSX:THI) is preparing to serve up a new restaurant format as part of its expansion plans over the next three years. It made the announcement as the company also said it is aiming for same-store sales growth of three per cent to five per cent in Canada and two per cent to four per cent in the United States.