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Bay Street Likely To Open Slightly Higher

The Canadian stock market is likely to edge higher in early trades on Wednesday, riding on firm crude oil prices after data from American Petroleum Institute showed a significant drop in crude inventory last week.

The official data from Energy Information Administration is due at 10:30 AM ET.

However, the mood is likely to remain cautious amid disappointment in the U.S. that certain agricultural products including soybeans do not figure in the list of products that are exempted from Chinese tariffs.

On Tuesday, the benchmark S&P/TSX Composite index ended up 42.25 points, or 0.26%, at 16,537.34, after scaling a low of 16,459.40 and a high of 16,537.34 in the session.

In company news, Roots Corporation (ROOT.TO). reported a loss of nearly $9.7 million or $0.23 per basic share in the second quarter of 2019, compared to net loss of $4.1 million, or $0.10 per basis share in the second quarter of previous financial year.

Canopy Rivers Inc. (RIV.TO) has announced that it has formed a Strategic Advisory Board consisting of business leaders that will provide guidance to the company's executive team to help build and strengthen its global portfolio of leading cannabis companies.

SNC-Lavalin Group (SNC.TO) will be in focus on reports that a unit of Spain't Ferrovial S.A. has appealed against a Canadian court decision over SNC's former 10.01% stake in a toll highway.

Asian markets ended mixed on Wednesday as investors continued to tread cautiously ahead of the European Central Bank's monetary policy meeting on Thursday and resumption of U.S.-China trade talks next week.

European stocks were moving up with investors cheering signs of a thaw in the U.S.-China trade dispute after China announced that it would exempt 16 American-made products from tariffs as a sign of goodwill.

In commodities, crude oil futures for October were rising $0.41, or 0.71%, at $57.81 a barrel.

Gold futures for December were up marginally at $1,499.80 an ounce.

Silver futures for December were gaining $0.009, or 0.05%, at $18.195 an ounce, while Copper futures for December were declining $0.0070, or 0.27%, at $2.6210 per pound.

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