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Bay Street Likely To Open Lower

Canadian shares look headed for a weak start on Friday, weighed down by trade worries and tensions in the Middle East. Sluggish oil prices may also hurt.

Rising gold prices may trigger some buying in the materials space and limit market's losses.

The U.S. blamed Iran for the attacks in the Gulf of Oman and said it will defend its forces and interests in the Middle East.

The ongoing U.S.-China trade dispute has resulted in the pace of China's industrial output growth slowing down substantially in May.

Data from the National Bureau of Statistics showed that China's industrial production advanced 5% year-on-year in May, while growth was expected to remain stable at 5.4%.

On Thursday, the Canadian benchmark S&P/TSX Composite Index ended up 12.02 points, or 0.07%, at 16,239.26. The index scaled a high of 16,267.06 and a low of 16,213.28 in the session.

In company news, Agnico Eagle Mines Limited (AEM.TO) announced that it has delivered a definitive offer to the board of directors of Alexandria Minerals Corporation, as per which Agnico Eagle would acquire 100% of Alexandria's issued and outstanding common shares. Total consideration required to effect the acquisition is expected to be approximately C$26 million.

Asian markets ended on a mixed note on Friday amid worries about U.S.-China trade disputes and rising tensions in the Middle East.

Data showing a slower pace of industrial growth in China also weighed on the markets.

European stocks were edging lower on weak Chinese economic data and rising worries about tensions in the Middle East.

On the economic front from the U.S., data on retail sales in May, Fed's Industrial Production report as well as Business Inventories for April are due this morning.

In commodities, crude oil futures for July were down $0.17, or 0.31%, at $52.11 a barrel.

Gold futures for August were rising $14.80, or 1.1%, at $1,358.50 an ounce.

Silver futures for July were up $0.153, or 1.03%, at $15.045 an ounce, while Copper futures for July were declining $0.0105, or 0.4%, at $2.6460 per pound.

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