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Bay Street Likely To Open With Negative Bias

Canadian shares are likely to open on a cautious note with a negative bias due to lower crude oil prices. Investors will also be reacting to the GDP data for the month of April.

According to the data released by Statistics Canada a little while ago, Canada's GDP plunged by 11.6% in the month of April over the same month in the previous year. In March, Canada's economy saw a contraction of 7.2%.

On Monday, the market ended with a strong gain of 200.74 points or 1.32% at 15,389.72 as news about Gilead Sciences' plans to fix prices for its coronavirus drug remdesivir, and stronger than expected economic data from China and Eurozone somewhat offset concerns over surging coronavirus cases.

Cineplex Inc. (CGX.TO) reported a loss of $178.4-million or $2.82 per diluted shares for the first quarter of this financial year loss in the first quarter, compared with a loss of $7.36 million of 12 cents per share a year earlier. Revenues decreased 22.4% to $282.8 million from $364.6 million as attendance plunged to 10.7 million from nearly 15 million.

Alimentation Couche-Tard Inc. (ATD.B.TO) reported earnings of US$576.3 million or 52 cents per share for the fourth quarter ended April 26, compared with US$293.1 million or 26 cents per share a year earlier. Excluding one-time items, adjusted profits were $521 million or 47 cents per diluted share, up from $289 million or 26 cents per share a year earlier, the company said.

Asian stocks ended broadly higher on Tuesday as economic optimism prevailed despite a spike in global coronavirus cases. Data showing that China's manufacturing sector expanded more than expected in June bolstered sentiment.

European stocks are turning in a mixed performance with investors staying cautious amid worries over a surge in coronavirus cases. However, positive economic data from China appears to be limiting the downside in some markets.

In commodities, West Texas Intermediate Crude oil futures for August are down $0.73 or 1.84% at $38.97 a barrel.

Gold futures for August are lower by $1.70 or 0.1% at $1,779.50 an ounce.

Silver futures for September are gaining $0.140 or 0.78% at $18.120 an ounce, while Copper futures for September are up $0.0335 or 1.24% at $2.7260 per pound.

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