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Bay Street Seen Opening On Cautious Note With Positive Bias

The Canadian stock market is likely to open on cautious note with a positive bias on Wednesday. Investors will be looking for news from the trade front for direction.

Strong results from a few top notch miners are likely to trigger buying in the materials space.

On the economic front, the IVEY Purchasing Managers Index is due out at 10 AM ET.

On Tuesday, the benchmark S&P/TSX Composite Index ended up 12.11 points, or 0.1%, at 16,681.29, after spending the day bouncing back and forth across the unchanged line.

In company news, CGI Inc. (GIB.A.TO) reported net earnings of $324.1 million for the fourth quarter, an increase of 10.4% over the year-ago quarter. Fourth quarter revenue was $2.96 billion, an increase of $160.3 million or 5.7% compared with the same period last year.

ATS Automation Tooling Systems Inc. (ATA.TO) reported adjusted net income of $19.3 million for the quarter ended September 29, 2019, compared to $10.8 million in the year-ago quarter. Adjusted basic earnings per share for the latest quarter was $0.29, compared to $0.17 a year ago.

B2Gold Corp (BTO.TO) reported net income of $56 million ($0.05 per share) compared to $11 million ($0.01 per share) in the prior-year quarter.

Barrick Gold Corporation (ABX.TO) said its adjusted net profit for the latest quarter tripled compared to the year-ago period thanks to higher gold output and surge in gold prices.

Asian stocks ended mixed in cautious trade on Wednesday after reports suggested that Beijing wants Washington to lift punitive tariffs as part of a truce in a trade war.

European stocks were edging higher with investors making cautious moves, tracking corporate earnings reports and following the developments on the trade front.

In commodities, crude oil futures for December were down $0.36, or 0.63%, at 56.87 a barrel.

Gold futrues for December were gaining $3.60, or 0.25%, at $1,487.30 an ounce.

Silver futures for December were down $0.083, or 0.47%, at $17.485 an ounce, while Copper futures for December were declining $0.0110, or 0.41%, at $2.6895 per pound.

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