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Bay Street Likely To Open On Mixed Note

Canadian shares are likely to open on a mixed note Tuesday morning, tracking a recovery in Asian and European markets.

However, amid continued worries about the coronavirus outbreak outside China and fears about global slowdown, investors are likely to stay cautious and refrain from making significant moves.

According to reports, countries around the world stepped up efforts to prevent a pandemic, with the U.S. pledging $2.5 billion to fight the disease.

Activity may mostly remain stock specific with quarterly earnings announcements providing some direction.

On Monday, the S&P/TSX Composite Index ended down 280.79 points, or 1.57%, at 17,562.74, almost 100 points off the day's low of 17,463.11.

In company news, Bank of Montreal (BMO.TO) announced its intention to purchase for cancellation up to 12 million of its common shares under a normal course issuer bid.

Thomson Reuters Inc. (TRI.TO) reported fourth-quarter profit of US$1.32 billion or US$2.64 per diluted share, compared with a profit of nearly US$3.38 billion or US$6.13 per diluted share in the fourth quarter of 2018 when it sold its financial and risk The company also announced that Steve Hasker has been appointed as the next president and chief executive. He will replace Jim Smith, who will become chairman of the Thomson Reuters Foundation.

Bank of Nova Scotia (BNS.TO) reported a first-quarter profit of nearly $2.33 billion, up from nearly $2.25 billion in the same period a year earlier. The profit amounted to $1.84 per diluted share for the quarter ended Jan. 31, up from a profit of $1.71 per diluted share a year ago.

Aimia Inc. (AIM.TO) said it earned a profit of $4.9 million in its latest quarter compared with a loss of $126.2 million in the same quarter a year earlier.

Asian markets ended mixed on Tuesday with investors largely staying cautious even as the pace of new coronavirus infections slowed in China. South Korea said its aims to test more than 200,000 members of a church at the center of a surge in coronavirus cases.

European stocks are edging higher on bargain hunting after suffering their biggest slump since mid-2016 the previous day.

West Texas Intermediate crude oil futures for April are up marginally at $51.39 a barrel, recovering after recent steep declines.

Gold futures for April are declining $23.70, or 1.4%, at $1,652.90 an ounce.

Silver futures for March are down $0.491, or 1.6%, at $18.385 an ounce, while Copper futures for March are down slightly at $2.5755 per pound.

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