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Bay Street Seen Opening On Weak Note

Lower U.S. and Canadian futures, and falling commodities point to a weak start for Canadian shares on Friday.

Crude oil futures are extending their slide to yet another session amid mounting concerns over near term drop in crude demand due to economic slowdown.

The Federal Reserve's statement on Thursday hinted at gradual rate hikes, the first of which could be in December. Earlier, after its September policy meeting the Fed had said that there could be three increases in the coming year.

On Thursday, the benchmark S&P/TSX Composite Index ended down 11.96 points, or 0.08%, at 15,357.47, after scaling a low of 15,293.29 and a high of 15,393.05 intraday.

In company news, Transcanada's (TRP.TO) $10-billion Keystone XL pipeline project has suffered a setback after a U.S. federal judge blocked its construction to allow more time to study the potential environmental impact.The order on Thursday came as the Calgary-based energy giant was preparing to build the first stages of the oil pipeline in northern Montana.

Indigenous and environmental groups had sued TransCanada and the U.S. Department of State after Nebraska authorities approved an alternative route to the one TransCanada had proposed through the state.

MAV Beauty Brands Inc. (MAV.TO) reported net loss of $5.8 million for the third quarter of current financial year, as compared to net profit of $0.3 million in the year-ago quarter.

Boralex Inc. (BLX.TO) reported EBITDA of $200 million for the third quarter, up 9% from $183 million for the comparative period of 2017.

Enerplus Corporation (ERF:TO) reported third quarter net income of $86.9 million or $0.35 per share, an increase of $74.5 million from the previous quarter.

Enghouse Systems Limited (ENGH.TO) announced today that it has acquired Capana Sweden AB, a software company specialized in wholesale, interconnect, roaming, broadband billing, internet of things and partner settlements.

On the economic front, U.S. producer price index is due at 8:30 AM ET

At 10 AM ET., the University of Michigan will release a report on consumer sentiment for the month of November.

Data on wholesales sales and inventories for the month of September are also due at 10 AM ET.

Asian markets ended lower on Friday, and European markets were mostly sliding, after the Federal Reserve reiterated its hawkish stance. Disappointing report on Chinese producer price inflation and news about the populist government in Rome flatly dismissing the EU's more pessimistic outlook for the Italian economy, weighed as well.

In economic news from Europe, French industrial production logged a monthly drop of 1.8% in September, in contrast to a 0.2% rise in August, official data showed. This was the first fall in five months and the biggest since January.

Another report showed that U.K. GDP grew 0.6% sequentially in the third quarter, matching expectations.

In commodities, crude oil futures for December tumbled to $59.29 a barrel, and were last seen hovering around $59.75, down $0.92, or 1.52%.

Natural gas futures for December were up $0.096, or 2.71%, at $3.639 per million btu.

Gold futures for December were declining by $6.60, or 0.55%, at $1,219.60 an ounce.

Silver futures for December were lower by $0.216, or 1.47%, at $14.312 an ounce, while Copper futures were down $0.037, or 1.35%, at $2.699 per pound.

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