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Bay Street Set To Open On Positive Note

Canadian shares are likely to open higher Thursday morning, tracking positive global cues, and on strong Canadian trade data and U.S. jobs figures.

In Canadian economic news, Canada's trade deficit narrowed sharply to C$ 0.68 billion in May 2020 from an upwardly revised C$ 4.27 billion in April.

Exports were up 6.7% in May at C$ 34.61 billion, mainly reflecting the resumption of production in the auto industry as well as higher crude oil prices. Meanwhile, imports decreased a further 3.9% to C$ 35.29 billion.

Meanwhile, employment in the U.S. spiked by 4.8 million jobs in June and unemployment rate dropped to 11.1%. Initial jobless claims dropped to 1.427 million in the week ended June 27th.

The market ended on a firm note on Tuesday, led by gains in materials section after gold prices hit near 9-year high. The benchmark S&P/TSX Composite Index closed up by 125.50 points or 0.82% at 15,515.22. The market remained shut on Wednesday for Canada Day.

Kinaxis Inc. (KXS.TO) today announced that it has closed the previously announced acquisition of Rubikloud, a disruptive, emerging provider of AI solutions that automate supply chain prescriptive analytics and decision-making in the retail and consumer packaged goods (CPG) industries.

Asian stocks ended mostly higher on Thursday on optimism about a potential coronavirus vaccine and amid signs that the global economy is emerging from the coronavirus lockdown.

European stocks are moving up fairly sharply on encouraging news about a potential vaccine for Covid-19 as well as upbeat manufacturing PMI data across the globe.

In commodities, West Texas Intermediate Crude oil futures for August are up $0.20 or 0.5% at $40.02 a barrel.

Gold futures for August are down $2.80 or 0.16% at $1,777.10 an ounce.

Silver futures for September are lower by $0.028 or 0.14% at $18.180 an ounce, while Copper futures for September are gaining $0.0125 or 0.47% at $2.7465 per pound.

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