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Bay Street Likely To Open Notably Lower

Canadian shares look headed for a lower start on Monday, tracking losses in Asian and European markets, and lower crude oil prices.

Rising coronavirus cases in the U.S. and across several other parts of the globe, and disagreement in the U.S. Senate over the over $1 trillion coronavirus response bill are likely to render the mood bearish.

Data on Canadian wholesale sales for the month of January is due out at 8:30 AM ET.

On Friday, the benchmark S&P/TSX Composite Index, which soared more than 500 points earlier in the day, ended the session with a loss of 318.71 points, or 2.62%, at 11,851.81, off the day's low of 11,809.40.

Loblaw Companies Ltd (L.TO) said on Saturday that its existing employees across stores will get a premium of two dollars per hour, retroactive to March 8, 2020.

"This premium is well deserved for these current frontline employees. It's an important recognition for the essential work of our grocery and pharmacy workers during this crisis," said UFCW Local 175 President Shawn Haggerty.

Stock markets across the Asia-Pacific region ended mostly lower on Monday. The Indian stock market was the worst hit, with its two benchmark indices Sensex and the Nifty both plunging more than 13%. Japan bucked the trend and ended sharply higher.

European stocks are tumbling and hovering around near seven-year lows, weighed by the continued spread of the coronavirus. Markets were also hit due to agreement in the U.S. Senate over a $1 trillion-plus coronavirus response bill.

In commodities, West Texas Intermediate crude oil futures for May are down $0.56, or 2.47%, at $22.07 a barrel.

Gold futures for April are gaining $12.15, or 0.8%, at $1,496.75 an ounce.

Silver futures for May are rising $0.170, or 1.34%, at $12.555 an ounce, while Copper futures for May are down $0.1020, or $4.67%, at $2.0700 per pound.

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