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Bay Street Seen Opening Lower

Canadian shares are likely to open on a negative note on Monday on growth concerns amid continued rise in coronavirus cases across the world.

Lower crude oil and gold prices may also weigh on stocks. Optimism about coronavirus vaccines might help limit market's downside.

Data on Canadian producer prices, raw materials prices and building permits are also expected to provide some direction to the market.

The Canadian market ended on a positive note on Friday, extending gains to a seventh straight session. The benchmark S&P/TSX Composite Index ended with a gain of 45.22 points or 0.26% at 17,396.56, after scaling a low of 17,316.81 and a high of 17,410.99 in the session.

Aphria Inc. (APHA.TO) announced the company has closed the acquisition of SW Brewing Company, LLC. The unitholders of SweetWater received $250 million in cash and $50 million in Aphria stock at closing. Aphria financed the cash component of the purchase price under the agreement through available cash on hand, including the recently raised funds under its At-the-Market equity program.

Ritchie Bros Auctioneers Inc. (RBA.TO). conducted its largest Grande Prairie, AB auction ever, selling 4,900+ equipment items for CA$82+ million (US$63+ million)—surpassing the previous gross transaction value (GTV) record by 32%.

Asian stocks ended lower on Monday on worries over continued spikes in new coronavirus cases in the region and on reports that the Trump administration is considering blacklisting Chinese chipmaker SMIC as well as oil and gas producer CNOOC.

European stocks are turning in a mixed performance with investors largely making cautious moves amid concerns about rising coronavirus cases across the world. Reports that the coronavirus vaccine being developed by Pfizer-BioNTech will likely get regulators' nod soon aid sentiment a bit.

In commodities, West Texas Intermediate Crude oil futures are down $0.37 or 0.8% at $45.16 a barrel.

Gold futures are lower by $14.90 or 0.88% at $1,773.20 an ounce, while Silver futures are down $0.464 or 2.05% at $22.175 an ounce.

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