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Bay Street Likely To Open Slightly Higher

Canadian shares look headed for a slightly positive start Wednesday morning, tracking higher futures ahead of the signing of U.S.-China phase one trade deal. Firm gold prices may trigger strong buying in the materials space and help support market's uptick.

However, reports that the U.S. will leave tariffs on Chinese goods at current levels for a longer duration may weigh on sentiment and render the mood cautious.

On Tuesday, the benchmark S&P/TSX Composite posted new intraday and closing highs as the mood remained positive for much of the trading session. The index ended up 59.48 points, or 0.34%, at 17,352.90, slightly off a new high of 17,356.47.

In company news, Cogeco Communications Inc. (CCA.TO) said its revenue increased by 1.8% in the first quarter of 2020 compared to the same period of the prior year to reach $586.8 million. Adjusted EBITDA was $282.1 million in the first quarter, an increase of 5.3% over the year-ago quarter, the company said.

Asian stocks turned in a mixed performance on Wednesday as investors awaited the signing of a phase one trade deal between the U.S. and China at 11:30 a.m. ET.

Markets became less enthusiastic after a top U.S. official said tariffs on China would stay until a Phase 2 deal is completed.

European markets are a bit subdued ahead of the the signing of the U.S.-China trade deal, with investors appearing a bit concerned after it emerged that the United States will keep billions of dollars of tariffs on Chinese goods in place until after the 2020 election.

In commodities, West Texas Crude oil futures are down marginally at $58.19 a barrel.

Gold futures are gaining $6.00, or about 0.4%, at $1,550.60 an ounce.

Silver futures are up $0.66, or 0.37%, at $17.808 an ounce, while Copper futures are down $0.0225, or 0.8%, at $2.8510 per pound.

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