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Bay Street Seen Opening On Negative Note

Canadian shares are likely to open lower Thursday morning, tracking markets in Europe, where stocks are losing ground on profit taking after recent hefty gains.

Lower futures and crude oil prices also point to a negative start for the Canadian market.

Despite big stimulus announcements from global central banks and governments, rising new infections due to the coronavirus continue to remain a major concern. Also, the upcoming jobs claims data is likely to show a sharp surge in unemployment claims.

Meanwhile, the massive $2 trillion stimulus package was approved by the Senate yesterday. It will now go for a vote in the House of Representatives on Friday.

On Wednesday, the benchmark S&P/TSX Composite Index, which soared to 13,690.39, gaining more than 1,000 points at one stage, eventually ended the session with a gain of 568.15 points, or 4.52%, at 13,139.23. A day earlier, the index posted a near 12% gain.

Asian markets turned in a mixed performance on Thursday as investors booked some profits after recent gains.

European stocks are drifting lower as investors are booking some profits after recent big gains.

In commodities, West Texas Intermediate crude oil futures for May are down $0.72, or 2.94%, at $23.77 a barrel.

Gold futures for April are gaining $8.20, or 0.5%, at $1,641,60 an ounce.

Silver futures for May are down $0.113, or 0.76%, at $14.760 an ounce, while Copper futures for May are declining $0.0230, or 1.04%, at $2.1810 per pound.

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