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Bay Street Seen Opening Higher

Higher stock futures and crude oil prices point to a positive start for Canadian shares Monday morning.

China's interest rate reforms, renewed optimism about trade talks and positive comments from U.S. President Donald Trump about the U.S. economy are also likely to aid sentiment.

On Friday, the Canadian benchmark S&P/TSX Composite Index ended up 137.26 points, or 0.86%, at 16,149.79.

In company news, Precision Drilling Corp. (PD.TO) lowered its 2019 capital expenditure plan to approximately C$144 million, from previously stated budget of C$169 million. The company said it remains firmly committed to its deleveraging strategy and reaffirmed debt reduction target for 2019, and for long-term.

CannTrust Holdings Inc. (TRST.TO) said the Ontario government's cannabis retailer is returning all of the company's products it has because they do not conform with the terms of its master cannabis supply agreement. The company said the total value of the products is about $2.9 million.

Aurora Cannabis Inc. (ACB.TO) announced it has completed the acquisition of Hempco Food and Fiber Inc. (HEMP). Following this, Hempco is now a wholly-owned subsidiary of Aurora.

Husky Energy (HSE.TO) announced on Friday that it will resume full production at its White Rose field, which was shut down last November after an oil spill.

Asian markets closed on a firm note on Monday as investors reacted positively to new fiscal measures announced by China and Germany to counter a possible recession. Mild optimism about U.S.-China trade negotiations helped as well.

European markets were moving higher with investors cheering reports of China interest rate reforms as well as German fiscal stimulus.

In commodities, crude oil futures for September were gaining $0.30, or 0.5%, at $55.17 a barrel.

Gold futures for December were declining $16.00, or 1.07%, at $1,507.60 an ounce.

Silver futures for September were down $0.227, or 1.33%, at $16.895 an ounce, while Copper futures for September were up $0.0215, or 0.82%, at $2.6165 per pound.

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