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Bay Street Likely To Open On Mixed Note

Canadian shares are likely to turn in a mixed performance Thursday morning with investors largely making cautious moves after the smart rebound witnessed in the previous session.

Energy stocks, which rose sharply on Wednesday, may remain a bit sluggish following a drop in crude oil prices. The weekly inventory data from U.S. Energy Information Administration may provide some direction to the sector later in the morning.

Investors will also be reacting to the ECB's monetary policy announcement and data on U.S. jobless claims.

The market ended on a strong note on Wednesday, snapping a three-day losing streak, after U.S. stocks staged a rebound. The benchmark S&P/TSX Composite Index ended with a gain of 284.08 points or 1.76% at 16,383.60, about 50 points off the day's high of 16,432.74.

Asian markets turned in a mixed performance on Thursday as investors made cautious moves as they awaited ECB's monetary policy decision.

European stocks are somewhat sluggish after scoring strong gains in the previous session. Investors are digesting European Central Bank's monetary policy announcement.

The ECB left its interest rate and stimulus program unchanged despite a stronger dollar putting some pressure on the central bank's policymakers.

ECB president Christine Lagarde said in the press conference a little while ago that the incoming economic data has shown a "strong rebound" in the eurozone economy, but activity levels are well below their levels before the pandemic.

Lagarde warned that there is significant uncertainty over how the recovery will play out. It is "highly dependent" on how the pandemic develops, and the success of containment policies, she said.

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