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Bay Street Likely To Open On Mixed Note

Canadian shares are likely to open on mixed note Thursday morning with investors looking ahead to news about the progress in U.S.-China trade negotiations.

Higher crude oil prices may push up energy stocks and support the market a bit.

On Wednesday, the benchmark S&P/TSX Composite Index ended up 85.92 points, or 0.53%, at 16,379.87, after rising to a high of 16,409.10 in the session.

In company news, Rogers Communications (RCI.B.TO) said it is introducing Rogers Pro On-the-Go, a new personalized retail service that makes buying a device more convenient and easy. Within hours of ordering, a connected solutions pro will meet a customer at their time and location of choice with their device and set it up based on their preferences.

This follows the move by California-based Enjoy Technology Inc., which brings its mobile technology retail service to Canada's largest city later this month through an exclusive partnership with Rogers Communications Inc.

On the economic front, Canada new home prices rose 0.1% in August of 2019, following three consecutive months of declines while markets had forecast prices to remain unchanged.

In trade news, according to a report in the South China Morning Post, the deputy-level U.S.-China trade talks did not progress any significantly. The high-level talks are set to commence today and will last just a day as the Chinese delegation will leave the U.S. a day earlier.

However, the White House has reportedly said that Chinese Vice Premier Liu He is still scheduled to leave only on Friday evening.

Liu He is scheduled to meet with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin later in the day. If reports that came out on Wednesday are any indication, the two countries may at least find an interim solution to their trade dispute.

Asian stocks turned in a mixed performance on Thursday as investors reacted cautiously to conflicting reports on the progress in the ongoing U.S.-China trade talks.

European markets were mostly lower amid cautious moves by investors ahead of high-level U.S.-China trade talks.

In commodities, crude oil futures for November were up $0.44, or 0.84%, at $53.03 a barrel.

Gold futures for December were down marginally at $1,512.50 an ounce.

Silver futures for December were declining $0.30, or about 0.2%, at $17.780 an ounce, while Copper futures for December were up $0.0246, or 1.07%, at $2.5955 per pound.

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