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Bay Street Likely To Open On Mixed Note

Canadian stocks are likely to open on a mixed note on Friday with investors digesting the latest batch of economic data and reacting to conflicting reports on tariffs rollback by the Trump administration.

Lower crude oil prices may trigger a sell-off in the energy section.

Although both China and the U.S. have agreed to reduce tariffs, several advisers of Trump are reportedly against tariff cuts.

On the economic front, data released by Statistics Canada showed employment in Canada decreased by 1.80 thousand in October 2019. Full-time employment in Canada decreased by 16.10 thousand in the month, while part time employment increased to 14.30 Thousand in October from -16.30 thousand in September 2019.

Meanwhile, the unemployment rate in Canada came in at 5.5% in October 2019, unchanged form the previous month and in line with market expectations.

Another report from Statistics Canada said the value of building permits in Canada declined 6.5% from a year earlier to C$ 8.3 billion in September 2019, following a downwardly revised 5.6% rise in the previous month and more than an expected 2% fall.

According to data released by Canada Mortgage and Housing Corporation, housing Starts in Canada decreased to 201.97 Thousand units in October from 221.14 Thousand units in September of 2019.

On Thursday, the benchmark S&P/TSX Composite Index ended up 60.11 points, or 0.36%, at 16,805.75.

In company news, Enbridge Inc. (ENB.TO) reported adjusted earnings of $1.12 billion, or 56 cents per share, for the quarter ending September 30, up from $933 million, or 55 cents per share last year.

Magna International (MG.TO) expects net income attributable to company in a range of $1.8 billion to $1.9 billion, on total sales between $38.7 billion and $39.8 billion for fiscal 2019. Previously, the company expected net income attributable to company in a range of $1.9 billion to $2.1 billion, on total sales between $38.9 billion and $41.1 billion.

Canopy Growth Corp. (WEED.TO) said Thursday that it will launch a new cannabis wellness company with Canadian rapper Drake in his hometown of Toronto. The new company, named More Life Growth Co., will be a fully licensed producer of cannabis.

On the economic front, a report on consumer sentiment and data on wholesale trade are due out at 10 AM ET.

Data showing Germany's exports to have seen the biggest increase in six months in September and a report showing continued expansion in France's industrial production may help ease concerns about global economy and limit market's downside if any.

Asian markets ended mixed as investors made cautious moves amid uncertainty about tariff cuts by the U.S.

European markets were edging lower with investors looking for some concrete news on U.S.-China trade negotiations.

In commodities, West Texas Intermediate Crude oil futures for December were down $0.78, or 1.37%, at $56.37 a barrel.

Gold futures for December were declining $6.10, or 0.41%, at $1,4460.30 an ounce, while Silver futures for December were lower by $0.185, or 1.1%, at $16.825 an ounce.

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