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Bay Street Steady As Other Markets Wobble -- Canadian Commentary

Canadian stocks are poised for a subdued session Wednesday amid geopolitical tensions and signs that the rally in crude oil prices may lose steam.

North Korea has threatened to cancel talks with the U.S. if President Trump insists on de-nuclearization. The Hermit Kingdom has already cancelled high level talks with South Korea.

Yesterday, U.S. stocks tanked but Canada's TSX Composite Index inched higher to extend strong recent gains.

In corporate news, shareholders have approved Hydro One's (H.TO) executive pay plan.

Marijuana major Canopy Growth Corp. (WEED.TO) has applied to have its stock listed on the New York Stock Exchange.

Conifex Timber (CFF.TO) will buy large sawmills in Florida and Arkansas.

Canadian Solar Inc. (CSIQ) reported earnings of $43.38 million in Q1 vs. -$13.33 million in the same period last year.

Crude oil futures were lower this morning after the IEA cut its forecast for global demand growth to 1.4 million barrels per day for 2018, from a previous estimate of 1.5 million bpd.

WTI light sweet oil was down 30 cents at $71.09 a barrel. Still, energy stocks should hold recent gains as prices remain near 4-year highs.

Industry group the American Petroleum Institute reported Tuesday that U.S. crude supplies rose by nearly 4.9 million barrels for the week ended May 11. However, there was a decline of 3.4 million barrels in gasoline stockpiles.

Canada's manufacturing sales rose 1.4% to $57.1 billion in March. Higher sales at primary metal, aerospace product and parts, fabricated metal product, and the other transportation equipment industries were mostly responsible for the increase.

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