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Bay Street Likely To Open Higher

Canadian shares look headed for a positive start on Thursday, tracking higher crude oil prices.

Expectations of an interest rate cut by the Federal Reserve next month, and hopes of additional stimulus from the Chinese government are also likely to push stock prices up a bit.

On the economic front, Statistics Canada is scheduled to release new house prices index data at 8.30 AM ET.

The latest Trade Confidence Index from Export Development Canada (EDC) reveals trade confidence among Canada's exporters fell to its lowest level since the European debt crisis seven years ago.

According to EDC, tariffs and trade barriers remain the top concern reported by Canadian companies contemplating growing or maintaining their business outside of Canada.

On Wednesday, the Canadian benchmark S&P/TSX Composite Index ended down 21.52 points, or 0.13%, at 16,227.24. The index, which dropped to a low of 16,199.93 around mid morning, touched a high of 16,253.25 in late afternoon trades.

In company news, Dollarama Inc. (DOL.TO) reported net earnings of $103.5 million, or $0.33 per diluted common share, in the first quarter of Fiscal 2020, compared to $101.5 million, or $0.31 per diluted common share, in the first quarter of Fiscal 2019.

Hudson's Bay Co. (HBC.TO) said it posted a 3.3% decline in first-quartr revenue.

Asian markets ended mostly lower on Thursday, as investors largely refraining from making significant purchases due to tumbling oil prices, Hong Kong extradition protests and caution ahead of the upcoming G20 summit.

European stocks were edging higher amid expectations the U.S. Federal Reserve will cut interest rate this year. However, gains were not any significantly pronounced due to geopolitical concerns and Italy's debt woes.

In economic news, a report from Eurostat showed eurozone industrial production fell at the fastest rate in four months in April, declining 0.5% month-on-month. In March production had fallen 0.4%.

Germany's consumer price inflation eased to 1.4% in May from 2% in April, final data from Destatis revealed.

In the U.S., data on jobless claims for last week, import and export prices for May are due at 8.30 AM ET.

In commodities, crude oil futures were up $2.13, or 4.17%, at $53.27 a barrel, amid reports of attacks on oil tankers in the Gulf of Oman.

Gold futures for August were gaining $3.30, or 0.25%, at $1,340.10 an ounce.

Silver futures for July were rising $0.043, or 0.3%, at $14.796 an ounce, while Copper futures for July were declining $0.0115, or 0.43%, at $2.6425 per pound.

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