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Bay Street Likely To Open Higher

Canadian shares are set to open on a firm note Monday morning, tracking gains in gold and crude oil prices.

Worries about U.S.-China tensions and the economic impact of the coronavirus pandemic may limit market's upside.

On Friday, stocks recovered from an early setback and ended with a modest loss. The benchmark S&P/TSX Composite Index, which slipped to 15,928.42 early on in the session ended with a loss of 21.59 points or 0.13% at 15,997.06.

In company news, Vermilion Energy Inc. (VET.TO) reported a net loss of $71.3 million in its second quarter on a 55% decrease in sales from a year earlier due mainly to the impact of the COVID-19 pandemic. The loss amounted to 45 cents per share for the three month period that ended June 30, compared with a one cent per share or $2 million increase in the second quarter of 2019, the company said.

The Calgary-based company says the loss amounted to 45 cents per share for the three month period that ended June 30, compared with a one cent per share or $2 million increase in the second quarter of 2019.

Asian stocks turned in a mixed performance on Monday amid signs coronavirus infections may be slowing and hopes for a new stimulus deal in Washington offset simmering U.S.-China tensions. The Chinese market ended higher thanks to data showing a faster pace of increase in the country's industrial profits.

European stocks are turning in a mixed performance as investors continued to react to rising tensions between the U.S. and China. News about quarentine measures announced by the U.K. government on people returning from Spain triggered a sell-off in travel stocks, weighing on overall sentiment in the market.

In commodities, West Texas Intermediate Crude oil futures for September are gaining $0.25 or 0.6% at $41.54 a barrel.

Gold futures for August are up $29.20 or 1.54% at $1,926.70 an ounce.

Silver futures for September are rising $1.460 or 6.4% at $24.310 an ounce, while Copper futures for September are down marginally at $2.8910 per pound.

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