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Bay Street Likely To Open On Weak Note

Canadian shares look headed for a negative opening on Friday, tracking lower futures and weakness in European markets amid an escalation in U.S.-China trade tensions after Chinese media talked tough, saying U.S. must hold meaningful trade talks.

As no economic data is due from Canada and the U.S., investors are likely to track trade related news and corporate reports for direction.

On Thursday, the benchmark S&P/TSX Composite Index ended up 125.72 points, or 0.77%, at 16,443.86, extending gains to a third session. The index scaled a low of 16,349.70 and a high of 16,461.94 in the session.

Asian markets ended mostly lower on Friday amid signs of an escalation in trade tensions between the U.S. and China. The Indian market, however, ended on a high note with traders lapping up stocks ahead of exit polls for the current Lok Sabha elections.

European stocks are mostly lower today with traders turning wary of building up positions due to renewed worries about trade war and Brexit uncertainty.

In economic news from Europe, data released by Eurostat showed Eurozone's core inflation climbed to 1.3% in April, higher than the initial estimate of 1.2%. In March, the figure was 0.8%.

The consumer price index rose 1.7% year-on-year following a 1.4% increase in March, in line with its flash estimate. Headline Inflation was the highest since November, when prices rose 1.9%.

Another report from the statistical office said Eurozone construction output declined a calendar and seasonally adjusted 0.3% month-on-month in March, after a 3% rise in February. Output fell 1% in January.

Building construction declined 0.6%, while the growth in civil engineering eased to 0.4%.

In commodities, crude oil futures for June are up $0.43, or 0.68%, at $63.30 a barrel.

Gold futures for June are down marginally at $1,285.40 an ounce.

Silver futures for July are declining $0.089, or 0.61%, at $14.450 an ounce, while Copper futures for July are down $0.0090, or 0.33%, at $2.7390 per pound.

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