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Bay Street Likely To Open On Firm Note

Canadian shares look headed for a firm start Tuesday morning, tracking cues from Asian and European markets, where stock prices surged higher amid slightly easing worries about the coronavirus outbreak.

Energy stocks are likely to see some brisk buying thanks to a rebound in crude oil prices.

On Monday, the benchmark S&P/TSX Composite Index ended up 85.08 points, or 0.48%, at 17,470.57.

In company news, Aecon Group Inc. (ARE.TO) announced today that Fraser Crossing Partners has reached financial close on the Pattullo Bridge Replacement Project in British Columbia. The total contract is valued at $967.5 million.

Asian markets ended higher on Tuesday after Chinese President Xi Jinping pledged to win the fight against the coronavirus outbreak, and on hopes of fresh stimulus to boost growth.

European markets are gaining in strength following Chinese President pledging to win the fight against the coronavirus outbreak, and on fairly strong earnings and recent economic data out of the U.S.

In commodities, West Texas Intermediate Crude oil futures for March are rising $0.90 or 1.81%, at $50.47 a barrel.

Gold futures for April are declining $7.00, or 0.44%, at $1,572.50 an ounce.

Silver futures for March are down $0.065, or 0.37%, at $17.710 an ounce, while Copper futures for March are up $0.0295, or 1.16%, at $2.5800 per pound.

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