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Bay Street Seen Opening Higher

Canadian shares look headed for a positive start Wednesday morning, tracking higher gold and crude oil prices. Worries about the surge in coronavirus cases and fears of another widespread lockdown may hurt sentiment and limit market's upside.

The focus will be on the Federal Reserve's monetary policy announcement, due later in the day.

On Tuesday, the benchmark S&P/TSX Composite Index ended down 40.01 points or 0.25% at 16,121.32, after scaling a low of 16,085.26 and a high of 16,189.48 intraday.

Enbridge Inc. (ENB.TO) reported second quarter adjusted earnings per share of C$0.56, compared to C$0.67, prior year. For 2020, the company still expects to generate a distributable cash flow of C$4.50 to $4.80 per share, which is within its original guidance range.

Cameco Corp. (CCO.TO) on Wednesday reported attributable net loss for the second quarter that widened to C$53 million or C$0.13 per share from net loss of C$23 million or C$0.06 per share in the year-ago period. Excluding items, adjusted net loss was C$0.16 per share, compared to adjusted net loss of C$0.04 per share in the prior-year quarter, the company said.

Asian stocks ended mixed on Wednesday as investors awaited updates on a U.S. coronavirus relief bill and looked ahead to a Federal Reserve meeting for clues on the outlook for monetary policy.

European stocks are modestly higher in cautious trade despite uncertainty around the coronavirus outbreak and a possible second wave of lockdowns. Investors are looking ahead to the Fed's monetary policy statement and tracking the developments on U.S. relief package talks.

In commodities, West Texas Intermediate Crude oil futures are up $0.41 or 1% at $41.45 a barrel.

Gold futures for August are rising $4.50 or 0.25% at $1,949.10 an ounce.

Silver futures for September are gaining $0.120 or about 0.5% at $24.420 an ounce, while Copper futures for September are up $0.0010 or 0.03% at $2.9185 per pound.

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