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Bay Street Likely To Open On Positive Note

Higher Canadian and U.S. stocks futures and firm commodity prices point to a positive start for Canadian shares on Tuesday.

A firm trend in European markets in the wake of fairly upbeat Chinese industrial production and retail sales data and a report showing a notable improvement in German business confidence are likely to aid sentiment.

On Monday, the benchmark S&P/TSX Composite Index ended with a gain of 137.68 points or 0.85% at 16,360.14.

Cineplex Inc. (CGX.TO) is set to be removed from Canada's benchmark S&P/TSX Composite Index on Friday. The company had recent begun phasing re-opening of its cinemas which were shuttered by the coronavirus pandemic.

HEXO Corp. (HEXO.TO) announced yesterday that it has hired Trent MacDonald to join the Company in the role of Chief Financial Officer. He will succeed Stephen Burwash, who will remain on as Chief Financial Officer through the transition period.

In economic news, manufacturing sales in Canada were up for a second straight month, rising 7% in July to C$ 53.1 billion, after rising an upwardly revised record 23% a month earlier. The climbe in July was below market expectations of an 8.7% gain.

Meanwhile, new motor vehicles sales in Canada rose to 158,000 in July, after coming in at 149,000 a month earlier.

West Texas Intermediate Crude oil futures for October are up $0.52 or 1.34% at $37.78 a barrel, after rising to $38.02 a barrel earlier this morning.

Gold futures for December are up $14.00 or 0.71% at $1,977.70 an ounce.

Silver futures for December are gaining $0.385 or 1.4% at $27.740 an ounce, while Copper futures for December are up $0.0122 or 0.4% at $3.0802 per pound.

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