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Bay Street Set To Open On Buoyant Note

Higher futures and rising crude oil and gold prices point to an upbeat start for the Canadian stock market on Thursday.

Markets in Asia and Europe have surged higher after the Federal Reserve signaled interest rate cuts.

Crude oil prices are up sharply on supply concerns after Iran claimed that it shot down a U.S. drone near its borders and said it is ready for war.

The market will also be reacting to U.S. jobless claims data.

On Wednesday, the Canadian benchmark S&P/TSX Composite Index ended up 8.44 points, or 0.05%, at 16,511.79.

In company news, Canopy Growth Corp. (WEED.TO) said Wednesday that its shareholders have approved its proposed $3.4 billion acquisition of U.S. cannabis chain Acreage Holdings Inc. (ACRGF). The company noted that 99.05% of its shareholders who voted at a special meeting of shareholders held on Wednesday have approved the transaction.

Champion Iron Limited (CIA.TO) reported net income of $28.16 million for the quarter ended March 2019, compared to net loss of $29.31 million in the year-ago quarter.

Asian markets ended higher on Thursday, reacting positively to a dovish Federal Reserve statement and looking forward to the G20 summit for progress in U.S.-China trade talks.

European markets were moving up as well, buoyed by Federal Reserve's dovish stance and on reports the European Commission was unlikely to recommend further steps next week in disciplinary procedures over Italy's rising debt.

The Bank of England has maintained its interest rate and quantitative easing as widely expected. The bank has, however, downgraded growth projection for the second quarter to zero from 0.2%.

In commodities, crude oil futures for July were up $1.84, or 3.4%, at $55.60 a barrel.

Gold prices rose to their highest level in over five years. Gold futures for August were gaining $36.60, or 2.71%, at 1,385.40 an ounce.

Silver futures for July were up $0.397, or 2.65%, at $15.355 an ounce, while Copper futures for July were rising $0.0340, or 1.27%, at $2.7145 per pound.

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