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Bay Street Likely To Open Lower

Canadian shares look set for a weak start Thursday morning due to rising concerns about surging new coronavirus infections in the U.S. and several other parts across the globe, and on worries about growth after the IMF came out with a downbeat outlook for the global economy for the current year.

Weak crude oil prices may also weigh on sentiment.

On Wednesday, the market ended sharply lower despite paring some early losses. The benchmark S&P/TSX Composite Index ended down 270.37 points or 1.74% at 15,294.30, around 150 points off the day's low of 15,144.42.

Blackberry Ltd. (BB.TO) reported a net loss of US$636 million or US$1.14 per share for the first quarter ended May 31. That included a $594-million goodwill impairment primarily related to its BlackBerry Spark reporting unit, which provides tailored cybersecurity options for enterprises.

In economic news, average weekly wages in Canada increased 9.1% in April of 2020 over the same month in the previous year. In March, weekly average earnings had increased by a revised 3.2%.

Asian stocks ended lower on Thursday amid concerns that a spike in new coronavirus cases in several U.S. states and elsewhere could derail efforts by governments to reopen economies and ease lockdown restrictions. The downbeat global growth forecast from the IMF, and U.S.-China trade tensions further hurt sentiment.

European markets recovered after early weakness, but are still mostly seen struggling to move into positive territory as investors continue to make cautious moves amid concerns about surging coronavirus cases across the world and on weak global economic outlook.

In commodities, West Texas Intermediate Crude oil futures for August are down $0.73 or 1.9% at $37.28 a barrel.

Gold futures for August are down $8.00 or 0.47% at $1,767.10 an ounce, while Silver futures are lower by $0.140 or 0.82% at $17.530 per pound.

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