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Bay Street Likely To Open On Positive Note

Canadian shares are likely to open with a positive bias Monday morning, tracking gains in European markets and on higher crude oil prices.

Investors are also likely to react positively to the latest batch of economic data, released a little while ago.

Worries about rising coronavirus cases may hurt sentiment and limit market's upside. According to data from Johns Hopkins University, the number of coronavirus cases worldwide has surpassed 10 million, while the global death toll from the pandemic rose to more than 500,000.

In economic news, producer prices in Canada fell 4.9% in the month of May 2020, over the same month in the previous year.

The industrial product price index increased 1.2% month-over-month in May of 2020, after falling 2.3% in the previous month which was the largest decrease since December of 2008.

The raw materials price index in Canada rose 16.4% on a monthly basis in May of 2020, after four straight months of decline,

Meanwhile, the value of building permits in Canada jumped 20.2% from a month earlier to C$ 7.4 billion in May 2020, following a 15.4% plunge in the previous month.

On Friday, the benchmark S&P/TSX Composite Index, which plunged to a low of 15,167.59, sliding gradually after a weak start, ended the day with a loss of 257.16 points or 1.66% at 15,188.98. The index shed 1.82% in the week.

Aurora Cannabis Inc. (ACB.TO), the Canadian company defining the future of cannabinoids worldwide, today announced that Co-Founder Terry Booth has retired from his role as Director of the Company, effective June 26, 2020. Mr. Booth was the Chief Executive Officer of Aurora from December 2014 through February 2020 and served on Aurora's Board of Directors since December 2014.

Asian stocks fell on Monday as a continued rise in cases of the novel coronavirus worldwide deepened fears of further economic pain.

European stocks rebounded after a fall from higher levels and are firmly up in positive territory, despite worries about a surge in new coronavirus cases over the weekend.

In commodities, West Texas Intermediate crude oil futures for August are gaining $0.51 or 1.3% at $39.00 a barrel.

Gold futures for August are rising $3.70 or 0.21% at $1.784.00 an ounce.

Silver futures for July are gaining $0.025 or 0.14% at $18.060 an ounce, while Copper futures for July are up $0.0205 or 0.77% at $2.6995 per pound.

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