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Bay Street May Open With Positive Bias

Canadian shares are likely to open with a positive bias Thursday morning, riding on recent strength. However, a lack of fresh triggers and sluggish crude oil prices may render the mood a bit cautious at higher levels.

On Wednesday, the benchmark S&P/TSX Composite ended up 62.27 points, or 0.36%, at 17,415.17 a record closing high.

In company news, Magna International Inc. (MG.TO) said its expects sales in 2020 to fall compared to 2019 due to a stronger U.S. dollar, the sale of its fluid pressure and controls business and lower expected light vehicle production in Europe. The company said it expects total sales between $38 billion and $40 billion this year. Net income attributable to the company for the year is expected to be between $1.8 billion and $2.0 billion.

Bombardier Inc (BBD.B.TO) said it expects full-year results to be lower than previously forecast, hurt partly by challenging rail projects.

Barrick Gold Corp (ABX.TO) announced that it expects fourth quarter gold production to be higher than the third quarter thanks to strong output from its Turquoise Ridge gold mine in Nevada.

Asian stocks ended broadly higher on Thursday, though overall gains remained limited as market reaction appeared muted to the signing of a partial trade deal between the United States and China.

Chinese stocks slipped and the yuan held steady as the U.S.-China trade deal left numerous thorny issues unresolved.

European stocks are exhibiting weakness with investors shifting their focus to corporate earnings season. Although the phase one trade deal signed by the U.S. and China yesterday has helped ease worries about trade war, investors are refraining from making significant moves.

In commodities, crude oil futures are down $0.08, or 0.16%, at $57.71 a barrel.

Gold futures are gaining $1..80, or 0.12%, at $1,555.80 an ounce.

Silver futures are up $0.017, or 0.01%, at $18.005 an ounce, while Copper futures for are rising $0.0165, or 0.55%, at $2.8825 per pound.

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