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Bay Street Likely To Open On Cautious Note

Canadian shares are likely to open a mixed note Monday morning amid cautious moves by investors due to worries about U.S.-China trade issues and on weak crude oil prices.

Activity may well remain stock specific for much of the trading session with quarterly earnings reports and other corporate news providing some direction.

On Friday, the benchmark S&P/TSX Composite Index ended at 16,341.34 with a loss of 63.19 points, or 0.39%.

In company news, CannTrust Holdings Inc. (TRST.TO) said its manufacturing facility in Vaughan, Ontario, has been rated non-compliant by Health Canada.

The company said it was notified by Health Canada on Friday and added that remedial actions were underway. The decision by the regulator was based on an inspection in July following revelations that Health Canada had found the company's greenhouse in Pelham, Ontario, to be non-compliant.

Jim Pattison's Great Pacific Capital Corp. has made an offer to buy the rest of Canfor Corp. (CFP.TO) it does not already own for $16 per share. Great Pacific already owns about a 51% stake in the lumber producer.

Air Canada (AC.TO) has raised the value of its offer to buy Canadian tour operator Transat AT Inc (TRZ.TO) to about C$720 million, or C$18 per share. Earlier, it had made an offer of C$13 a share, the companies said in a joint statement.

The Stars Group, Inc. (TSGI.TO) on Monday slashed its adjusted earnings and revenue guidance for the full year 2019. For fiscal 2019, the company now projects adjusted earnings in a range of $1.68 to $1.83 per share on revenues between $2.50 billion and $2.575 billion. Previously, Stars Group expected adjusted earnings in the range of $1.87 to $2.11 per share on revenues between $2.64 billion and $2.765 billion.

Asian markets ended mixed on Monday as investors tracked news related to U.S.-China trade after U.S. President Donald Trump poured cold water on the prospect of a trade deal.

European stocks too were turning in a mixed performance with investors largely making cautious moves amid concerns about U.S.-China trade dispute. The political uncertainty in Italy weighed as well.

In commodities, crude oil futures for September were down $0.31, or 0.57%, at $54.19 a barrel.

Gold futures for December were gaining $6.50, or 0.41%, at $1,515.00 an ounce.

Silver futures for September were up $0.029, or 0.17%, at 16.960 an ounce, while Copper futures for September were gaining $0.0035, or 0.14%, at $2.5925 per pound.

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