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Bay Street Likely To Open On Cautious Note

The Canadian stock market is likely to open on a cautious note on Thursday, tracking weak global markets and on worries about global economic slowdown.

Continued uncertainty about U.S.-China trade negotiations may also weigh on sentiment. However, higher crude oil and gold prices may push up energy and gold stocks and limit market's downside if any.

On the economic front, data on new housing price index for September is due out at 8.30 AM ET.

On the trade front, China is reportedly not agreeing to buy a specific quantum of agricultural products from China, although the Trump administration claims China had agreed to buy products worth about $50 billion.

On Wednesday, the benchmark S&P/TSX Composite Index ended up 48.61 points, or 0.29%, at 16.957.99, after scaling a low of 16,880.68 and a high of 16,987.29 in the session.

In company news, Canopy Growth Corporation (WEED.TO) reported a $374.6-million loss in its latest quarter as the company restructured its portfolio of cannabis softgels and oils. The loss amounted to $1.08 per share for the quarter ended September 30 compared with a loss of $330.6 million or $1.52 per share a year ago.

Asian markets ended mixed on Thursday as worries over U.S.-China trade war lingered and weak data from China and Japan stoked worries that a global slowdown is deepening.

European markets were edging lower in cautious trade on weak economic data from China and Germany.

In commodities, crude oil futures moved up $0.60, or about 1.05%, at $57.72 a barrel.

Gold futures for December are gaining $5.70, or 0.4%, at $1,469.00 an ounce.

Silver futures for December are up $0.072, or 0.43%, at $16.985 an ounce, while Copper futures for December are gaining $0.0070, or 0.25%, at $2.4650 per pound.

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