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Bay Street Likely To Open Weak

Canadian shares are likely to open lower on Monday, tracking weak crude oil prices and on worries about a surge in coronavirus cases in several countries, including China, and tighter restrictions on movements in many places across the world.

According to reports, health authorities across Canada are warning that they are running short of COVID-19 vaccines.

The Canadian market ended with a small gain on Friday, after hitting a new all-time high. The benchmark S&P/TSX Composite Index ended up 14.50 points or 0.08% at 18,042.07, after advancing to 18,058.61. The index gained about 3.5% in the week.

Asian stocks turned in a mixed performance on Monday, with investors largely making cautious moves amid worries over the continued rise in coronavirus cases in several countries across the world. The Indian market, however, gained in strength, led by gains in technology stocks after TCS reported upbeat results for the third quarter of financial year 2020-21.

European markets are weak, weighed down by reports showing spikes in coronavirus cases across the globe.

In commodities, West Texas Intermediate Crude oil futures are down $0.33 or 0.59% at $51.91 a barrel.

Gold futures are gaining $8.40 or 0.47% at $1,843.80 an ounce, while Silver futures are up $0.310 or 1.27% at $24.947 an ounce.

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