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Bay Street Likely To Open Higher

Canadian shares look headed for a positive start on Friday, tracking cues from Asian and European markets where shares moved higher on strong Chinese economic data. Energy and materials shares may move up on higher crude oil and gold prices.

On Thursday, the benchmark S&P/TSX Composite Index ended up 69.60 points, or 0.4%, at $17,484.77, slightly off a new all-time high of 17,489.56.

Asian stocks rose on Friday as investors cheered more signs of resilience in the world's second-largest economy.

Chinese GDP data came in line with expectations and there was growth in industrial output and retail sales, suggesting the world's second-biggest economy ended the year on a firmer note.

European stocks advanced on Friday as Chinese GDP numbers came in line with analyst estimates and Phil Hogan, the EU trade commissioner, said that U.S. threats to put tariffs on European autos did not come up during talks this week with American trade officials in Washington.

In commodities, crude oil futures are rising $0.27, or 0.46%, at $58.79 a barrel.

Gold futures are gaining $10.00, or 0.63%, at $1,560.50 an ounce.

Silver futures are rising $0.186, or 1.04%, at $18.125 an ounce, while Copper futures are up $0.0125, or 0.44%, at $2.8595 per pound.

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