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Bay Street Likely To Open Higher

Canadian shares look headed for a positive start Wednesday, tracking higher crude oil prices. However, rising concerns about U.S.-China trade dispute may weigh on the market and limit its upside.

The market will also be reacting to data on Canada inflation for the month of June and manufacturing sales in the month of May, which are scheduled to be released at 8.30 AM ET.

Quarterly earnings results and other corporate news are likely to set the trend for stocks.

On Tuesday, The benchmark S&P/TSX Composite Index ended down 8.40 points, or 0.05%, at 16,502.42. The index touched a low of 16,467.13 and a high of 16,521.99 in the session.

In company news, - Lightspeed POS Inc. (LSPD.TO) today announced that it has completed the acquisition of Switzerland-based iKentoo, a POS solutions provider to small and medium-sized businesses operating within the hospitality industry.

The Supreme Cannabis Company, Inc. (FIRE.TO) announced that it has entered into a definitive agreement to acquire all of the issued and outstanding shares of privately-held Truverra Inc., to be effected by way of a three-cornered amalgamation between Truverra, Supreme Cannabis and a wholly-owned subsidiary of Supreme Cannabis. The Transaction is valued at 14.7 million common shares of Supreme Cannabis, giving the Transaction an approximate dollar value of $20,000,000 as of the Company's closing price on July 16, 2019.

Asian stocks ended broadly lower on Wednesday on mixed earnings reports from U.S. companies and President Donald Trump's threat that he would impose tariffs on another $325 billion worth of Chinese goods as the U.S. still has a long way to go to conclude a trade deal with China.

European markets were mostly sluggish amid trade concerns and caution ahead of some key earnings results.

In commodities, crude oil futures for August were gaining $0.55, or 0.96%, at $58.17 a barrel.

Gold futures for August were down $5.70, or 0.4%, at $1,405.50 an ounce.

Silver futures for September were up marginally at $15.680 an ounce, while Copper futures for September were down $0.0125, or 0.47%, at $2.6875 per pound.

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