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Bay Street Seen Opening Higher

Canadian shares are likely to open on a positive note on Friday, amid continued optimism about U.S.-China trade negotiations and easing worries about Brexit.

The market will also find support from higher oil prices. Data on Canadian employment for the month of September will also make an impact on price movements.

On Thursday, the benchmark S&P/TSX Composite Index ended up 42.81 points, or 0.26%, at 16,422.68, after scaling a low of 16,358.10 and a high of 16,444.35 in the session.

In company news, Pattern Energy Group Inc. (PEGI.TO) today announced agreements to acquire ownership interests in two operating wind power facilities, the Henvey Inlet Wind facility in Ontario and the Grady Wind facility in New Mexico. The Company has also entered into an agreement for a $260 million private placement of perpetual preferred stock with certain institutional investors and intends to use a portion of the net proceeds to finance the two acquisitions.

MTY Food Group Inc. (MTY.TO) announced that its third-quarter net income attributable to shareholders increased to $22.9 million, or $0.91 per share ($0.91 per diluted share), when compared to $22.1 million, or $0.88 per share ($0.88 per diluted share), for the same period last year.

Asian markets ended higher on Friday after U.S. President Donald Trump hinted at progress in his high-stakes trade battle with China and Chinese news agency Xinhua reported that Beijing was willing to reach an agreement to avoid further escalation.

European stocks are moving up sharply, extending gains from the previous session amid easing worries over Brexit and on optimism about the U.S. and China reaching some sort of a partial trade deal.

In commodities, crude oil prices were rising $0.72, or 1.34%, at $54.27 amid tensions in the Middle East following reports of an Iranian tanker explosion in the Red Sea. According to reports, the tanker was hit by missiles launched from the Saudi Arabian port of Jeddah.

Gold futures for December were down $12.10, or 0.8%, at $1,488.80 an ounce.

Silver futures for December were declining $0.107, or 0.61%, at $17.495 an ounce, while Copper futures for December were up $0.0055, or 0.21%, at $2.6190 per pound.

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