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Canadian Shares Seen Opening Higher

Bay Street looks headed for a higher opening on Friday, tracking positive global markets and higher Canadian index futures.

Bargain hunting after two successive days of three-digit losses for the TSX, may also push up prices of several stocks from across various sectors.

After the sharp slide on Thursday, energy stocks are likely to bounce back Friday morning, tracking higher crude oil prices.

Worries about China's growth have eased a bit after the country reported that it logged a double-digit growth in exports in the month of September, despite escalating trade tensions with the U.S.

Exports grew 14.5% year-on-year in September, faster than the 9.8% increase seen in August. Imports advanced an annual 14.3%, resulting in higher trade surplus of around $32 billion in September, the data showed.

The benchmark S&P/TSX Composite Index ended down 200.27 points, or 1.29%, at 15,317.13, the day's low. The index touched a high of 15,482.26.

In company news, Aphria Inc. (APH.TO) announced that it earned nearly $21.2 million in its latest quarter, up from $15 million in the same quarter a year ago.

Orbit Garant Drilling Inc. (OGD.TO) announced that its operating subsidiary based in Ouagadougou, Burkina Faso, Forage Orbit Garant BF S.A.S. has acquired the drilling business of Projet Production International BF S.A., based in Burkina Faso, for a total purchase price of US$6.4 million.

Enbridge Inc. (ENB.TO) announced yesterday that a 30-inch natural gas pipeline in northern British Columbia has become operational after being shut down due to a fire in an adjacent line.

In the currency market, the Canadian dollar gained in strength against its major counterparts in pre-European deals on Friday amid rising risk appetite, on reports that the U.S. Treasury Department would not call China a currency manipulator in an upcoming report.

Asian markets rebounded on Friday, with investors cheering reports that the U.S. Treasury Department has not labeled China as a currency manipulator in an internal report. Upbeat Chinese exports data too aided sentiment.

European markets opened on a positive note as trade tensions eased. Also, upbeat Chinese economic data helped ease concerns over slowing global growth.

In economic news from eurozone, data from Eurostat showed Eurozone industrial production to have grown more than expected in August, climbing 1%. In July, growth had shrunk 0.7%.

On a yearly basis, industrial production growth advanced to 0.9% in August, from 0.3% in July. Economists had forecast output to drop 0.3%.

According to a report from Destatis, Germany's consumer price inflation accelerated to its highest level in nearly seven years in September, with prices advancing 2.3% on year. Prices had advanced only 2% in August.

In U.S. economic news, data on import and export prices are due at 8:30 AM ET. At 1 PM ET. Baker Hughes will release Rig Count report for the week. At 2 PM ET, the monthly budget statement for September will be released.

In commodities, crude oil futures for November were rising $0.51, or 0.72%, at $71.48 a barrel.

Natural gas futures for November were down $0.008, or 0.25%, at $3.214 per million btu.

Gold futures for December were declining $3.30, or 0.26%, at $1,224.40 an ounce after yesterday's strong upmove.

Silver futures for December were up $0.049, or 0.34%, at $14.655 an ounce.

Copper futures for December were moving up $0.014, or 0.5%, at $2.817 per pound.

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