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Bay Street Likely To Open On Positive Note

Canadian shares are likely to open higher on Thursday thanks to reports that the U.K. and EU have agreed on a draft Brexit deal.

A slew of economic data from the U.S. and corporate earnings reports will also set the trend for the market during the course of the session.

A drop in private sector jobs growth in Canada may weigh on sentiment and limit market's upside.

In economic news, ADP said private businesses in Canada hired 28.2 thousand workers in September of 2019 compared to 49.3 thousand in August and against market expectations of a 56.5 thousand hire.

Data released by Statistics Canada manufacturing sales in Canada went up 0.8% over a month earlier to C$ 57.6 billion in August of 2019, rebounding from a 1.3% decline in the previous month and compared with market forecasts of 0.6% increase.

On Wednesday, the benchmark S&P/TSX Composite Index ended with a gain of 8.79 points, or 0.05%, at 16,427.18. The index touched a high of 16,445.59 and a low of 16,408.73 in the session.

In company news, Barrick Gold Corp. (ABX.TO) said its full-year production is trending towards the upper end of its guidance for 5.1 million to 5.6 million ounces. The company said preliminary third quarter sales amounted to 1.32 million ounces of gold and 64 million pounds of copper, while production figures for the quarter totaled 1.31 million ounces of gold and 111 million pounds of silver.

Motor Coach Industries (MCI), a U.S. subsidiary of NFI Group Inc., (NFI.NTO), one of the world's largest independent global bus manufacturers, announced that it has bagged a five-year contract for Commuter Rapid Transit coaches from Valley Metro, Phoenix (Arizona).

Asian markets ended lower on weak U.S. retail sales data and on reports about the U.K. failing to get a Brexit deal through on Wednesday. However, Indian stocks, which closed much later, ended on a strong note after reports emerged that the U.K. and EU have agreed on a deal for Britain's exit from the EU.

European stocks were moving higher, buoyed by an announcement from the U.K. and EU that they have agreed on a deal for Britain's exit from the EU.

EU Commission President Jean-Claude Juncker said that member nations should back the Brexit deal and that the 27 member states are "best served by an orderly and amicable withdrawal of the United Kingdom from our Union."

In commodities, crude oil futures for November were declining $0.33, or 0.6%, at $53.03 a barrel.

Gold futures for December were down marginally at $1,493.50 an ounce.

Silver futures for December were rising $0.103, or 0.6%, at $17.530 an ounce, while Copper futures for December were gaining $0.0100, or 0.4%, at $2.5995 per pound.

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