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Bay Street Likely To Open With Positive Bias

Canadian shares are likely to open with a positive bias Friday morning, tracking higher crude oil prices. Some strong quarterly earnings reports are expected to support the market.

Worries about the spread of coronavirus may weigh on sentiment and limit market's upside.

In economic news, car registrations in Canada decreased to 114,045 Units in December from 146,259 Units in November of 2019.

On Thursday, the benchmark S&P/TSX Composite Index ended down 11.68 points, or 0.07%, at 17,821.17, after having declined to a low of 17,750.78 earlier in the day.

In company news, Agnico-Eagle Mines Ltd (AEM.TO) reported fourth-quarter adjusted net income per share of $0.37 compared to a loss of $1.68 per share, in the previous year.

Enbridge Inc. (ENB.TO) reported fourth-quarter adjusted earnings of $1.23 billion, or 61 cents per share, compared with $1.17 billion, or 65 cents per share for the same quarter last year.

Fairfax Financial Holdings Limited (FFH.TO) reported net earnings of $2,004.1 million ($69.79 net earnings per diluted share) for fiscal year 2019 compared to fiscal year 2018 net earnings of $376.0 million ($11.65 net earnings per diluted share).

Aurora Cannabis (ACB.TO) reported net loss of $1.3 billion or $1.18 per share for the second quarter ended December 2019, compared with a loss of $239.6 million or 25 cents per share a year earlier. It earned $10.3 million in the first quarter.

Chorus Aviation Inc. (CHR.TO) reported a net profit of $36.6 million for the quarter ended December 2019, up 1.5% from a year ago.

Asian markets recovered after early losses and ended mixed on Friday. Fears about China's virus epidemic becoming more global contagion rendered the mood extremely cautious.

According to reports, nearly 64,000 people are recorded to have been infected by the virus in China, with the last two days showing a steep rise after a change in diagnostic methods.

Meanwhile, on the trade front, the U.S. and China have lowered tariffs on each other's goods today as part of the phase one trade agreement.

European markets are turning in a mixed performance with investors digesting the latest batch of economic data and news about the coronavirus spread in China.

The World Health Organization said there was no major shift in the coronavirus' pattern of mortality or severity, despite a dramatic increase in Hubei province.

In commodities, West Texas Intermediate Crude Oil futures for March are rising $0.75, or about 1.5%, at $52.17 a barrel.

Gold futures for April are down marginally at $1,578.60 an ounce.

Silver futures for March are gaining $0.051, or 0.29%, at $17.670 an ounce, while Copper futures for March are declining $0.0110, or 0.4%, at $2.6020 per pound.

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