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TSX Set For Early Gains On US Tax Cut -- Canadian Commentary

Canadian stocks may rise Monday morning, following other global markets higher upon the passage of signficant U.S. tax reform.

Over the weekend, the Senate voted 51 to 49 in favor of the bill known as the Tax Cuts and Jobs Act.

However, President Donald Trump now says he may prefer a higher corporate rate than the one Senate Republicans passed.

"Business tax all the way down from 35 to 20," Trump said "It could be 22 when it all comes out, but it could also be 20. We'll see what ultimately comes out."

Husky Energy Inc. (HSE.TO) said it is on track to exceed the 2018 targets for funds from operations and free cash flow outlined at its 2017 Investor Day.

The company expects funds from operations for 2018 to exceed $4 billion and free cash flow to be about $1 billion at pricing of $55 WTI, $2.50 AECO and a $15 per barrel Chicago 3:2:1 crack spread.

Bombardier Aerostructures and Engineering Services (BBD.B.TO) says it has been chosen by Airbus as a supplier on a new engine nacelle program.

The company's operations in Northern Ireland will develop and manufacture a new thrust reverser for the Pratt & Whitney powered A320neo family of aircraft.

WTI light sweet crude oil was down 45 cents at $57.88 a barrel.

Last week, OPEC announced it will extend its supply quota plan with Russia through 2018, as expected.

On Friday, the TSX Composite Index was down 28.51 points to 16,038.97, but stayed near a recent record high.

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