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Bay Street Likely To Open On Cautious Note

The Canadian market is seen opening on a cautious note on Tuesday, tracking weak cues from Asia and Europe and rising U.S. bond yields.

Higher crude oil prices may trigger some buying in the energy space. However, due to escalation of U.S.-China trad tensions, the market may find it tough to garner support at higher levels.

According to data released this morning, housing starts in Canada, dropped month-on-month, to 189,000 in August, from 201,000 in July.

On Friday, the benchmark S&P/TSX Composite Index ended down 60.50 points, or 0.38%, at 15,946.17, after scaling a high of 16,028.04 and a low of 15,895.50 intraday. The market was closed on Monday for Thanksgiving Day holiday.

Aurora Cannabis Inc. (ACB.TO) has applied to list its shares on the New York Stock Exchange. The shares are expected to trade in New York under the ticker symbol ACB, the same as its listing on the Toronto Stock Exchange.
Aurora expects trading on the NYSE to start before the end of the month.

Canopy Growth Corporation (WEED.TO) has announced it has completed a legal transfer of cannabis products to a research partner in the United States. This is the first export of legal cannabis products from Canada to the United
States pursuant to an import permit issued by the federal United States Drug Enforcement Administration.

Ballard Power Systems (BLDP.TO) today announced that it has successfully closed the previously announced transaction to divest certain non-core assets of its subsidiary, Protonex, related to the Power Manager business to Revision Military, a private U.S.-based company. At closing Ballard received an initial payment of approximately $4.1 million, paid in cash and note, and may receive up to a further $11.25 million, based on achievement of specific sales objectives during a 12-month earn-out period, the company said.

European stocks turned lower today as investors watched yuan movements and developments over Italy's budget plans for directional cues.

Asian stocks ended mostly lower on Tuesday as investors fretted about the impact of rising interest rates, U.S.-China tensions and Italy's decision to expand budget deficits. The International Monetary Fund has lowered its
forecast for Chinese economic growth in 2019 to 6.2% from 6.4%, citing the "negative effect of recent tariff actions".

The International Monetary Fund has lowered its outlook for the world economy, citing rising interest rates and growing tensions over trade. The IMF said that the global economy will grow 3.7% this year, the same as in 2017. In July this year, it had forecast a 3.9% growth for 2018.

The IMF, which expects the U.S. economy to grow 2.9% this year, predicts growth to slow down to 2.5% in the coming year due to trade war. It has lowered its outlook for the 19 countries that use the euro currency and for Central and Eastern Europe, Latin America, the Middle East and Sub-Saharan Africa.

In commodities, crude oil futures for November were down $0.43, or 0.58%, at $74.72 a barrel.

Natural gas futures for November were rising $0.074, or 2.25%, at $3.341 per million btu.

Gold futures for December were rising $1.50, or 0.13%, at $1,190.10 an ounce.

Silver futures for December were up $0.011, or 0.08%, at $14.340 an ounce, while Copper futures were up $0.012, or 0.43%, at $2.779 per pound.

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