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Bay Street Likely To Open Slightly Higher

The Canadian stock market is likely to open on a slightly positive note on earnings optimism and steady crude oil prices.

On Wednesday, the Bank of Canada is scheduled to announce its interest rate decision. The central bank is widely expected to keep its key interest rate on hold at 1.75%. Investors are looking ahead to the bank's outlook for the economy.

On Monday, the benchmark S&P/TSX Composite Index ended down 35.53 points, or 0.21%, at 16,577.28, after scaling a new high at 16,616.28.

In company news, Teck Resources (TECK.B.TO) reported adjusted earnings of $568 million or 99 cents per diluted share in the March quarter, down from an adjusted profit of $753 million or $1.29 per diluted share in the same quarter last year.

Wi-LAN Inc., a Quarterhill Inc. company (QTRH.TO), today announced that WiLAN's wholly-owned subsidiary, Polaris Innovations Limited, has granted a term license for certain patents owned by Polaris to NVIDIA Corporation as well as options for NVIDIA to renew through the life of the patents. The license fees payable to Polaris are confidential.

Asian markets ended mostly higher on Tuesday. Markets in China and Hong Kong, however, eased amid speculation the Chinese government may slow down monetary easing.

European stocks are turning in a mixed performance, with traders mostly making cautious moves after a long holiday weekend.

In economic news, data from Eurostat showed the euro area government deficit to GDP fell to 0.5% in 2018 from 1% in the previous year.

Data showed that government revenue rose slightly to 46.3% of GDP from 46.1%. On the other hand, government expenditure dropped to 46.8% from 47% in the previous year.

In commodities, crude oil futures for June are up $0.06, or 0.09%, at $65.61 a barrel, after rising to a high of $66.19.

Gold futures for June are declining $3.90, or 0.31%, at $1,273.70 an ounce.

Silver futures for May are down $0.100, or 0.67%, at $14.875 an ounce, while Copper futures for May are gaining $0.0015, or 0.05%, at $2.9030 per pound.

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