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Trump Turmoil Rattles Bay Street -- Canadian Commentary

Canadian stocks may get off to a rough start Wednesday despite stable oil prices, as ongoing concerns about the Trump Administration have rattled investors on both sides of the border.

Trump's economic agenda is in doubt after numerous scandals and missteps, the latest revolving around the dismissal of FBI Director James Comey.

Reports citing Comey's notes said Trump asked Comey to end his investigation into links between National Security Adviser Michael Flynn and Russia.

Futures are pointing to modest weakness on Bay Street, following yesterday's declines led by lower energy shares.

Still, oil prices are near their highest levels of the month, as Russia and Saudi Arabia said they're in favor of extending output cuts for nine months and will do "whatever it takes" to re-balance oil markets.

WTI light sweet crude oil was up 31 cents at $48.97 a barrel.

In corporate news, Valeant Pharmaceuticals (VRX.TO) and its Salix Pharmaceutical unit have reached agreement with Teva's Actavis Laboratories to stay outstanding litigation regarding generic version of Xifaxin.

Bombardier (BBD_B.TO, BBD_A.TO) said that it reached a long-term partnership agreement with IBM to support the global integration of Information Technology services across Bombardier Transportation and the Company's aerospace segments.

Canadian manufacturing sales increased 1.0% to a record $53.9 billion in March, reflecting higher sales in the transportation equipment and food industries.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

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