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Bay Street Likely To Open On Positive Note

Higher stock futures and crude oil prices point to a positive opening for the Canadian stock market on Friday.

However, Canadian and U.S. monthly jobs data, to be released at 8:30 AM ET are expected to make a significant impact on stocks.

A report on Canada's industrial capacity utilization in the first quarter is also due out at 8:30 AM ET.

Investors will also be closely tracking the developments on the trade front. There is optimism about the U.S. and Mexico agreeing on a trade deal sometime soon.

On Thursday, the Canadian benchmark S&P/TSX Composite Index ended up 15.14 points, or 0.09%, at 16,227.80. The index touched a low of 16,175.12 and a high of 16,241.58 in the session.

In company news, Neptune Wellness Solutions Inc. (NEPT.TO) said it has entered into a definitive agreement to provide extraction, and purification services to Tilray Inc., a global leader in cannabis research, cultivation, production and distribution.

Just Energy Group shares will be in focus after Canadian Imperial Bank of Commerce raised the stock's target price by about 20%.

Asian markets advanced on Friday after a Bloomberg report cited unidentified sources saying that the Trump administration could delay tariffs on Mexican imports.

Investors also looked ahead to the release of the U.S. jobs data for May to be released later in the day for further clues on the prospects for a near-term interest rate cut by the Federal Reserve.

European stocks were moving higher amid optimism about a possible trade deal between the U.S. and Mexico and the prospects of central banks in Europe and the U.S. announcing more stimulus to support economic growth.

In commodities, West Texas Intermediate crude oil futures for July were gaining $0.60, or 1.14%, at $53.19 a barrel.

Gold futures for August were down $2.80, or 0.21%, at $1,339.80 an ounce.

Silver futures for July were down marginally at $14.900 an ounce, while Copper futures for July were lower by $0.0250, or 0.94%, at $2.6255 per pound.

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