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Bay Street Seen Opening Higher

Canadian shares look headed for a positive start Tuesday morning, tracking higher crude oil and bullion prices.

U.S. President-elect Joe Biden's pledge to come out with a big economic stimulus is likely to aid sentiment, while concerns about rising coronavirus cases and strict lockdown restrictions in several countries may limit market's upside.

The Canadian market ended notably lower on Monday, as profit taking and worries about rising coronavirus cases and tighter restrictions on movements in several countries weighed on stocks. The benchmark S&P/TSX Composite Index ended with a loss of 107.62 points or 0.6% at 17,934.45.

Lightspeed POS Inc. (LSPD.TO) said it is expanding its business to include suppliers, aiming to compete with dominant retailers like Amazon. Lightspeed, which makes cloud software for retailers and restaurants to manage their cash registers and checkout systems, is launching a new arm of its business to help retailers restock their inventory.

Corus Entertainment Inc. (CJR.B.TO) reported first-quarter net income of $76.7 million or 37 cents per share compared with a profit of $78.1 million or 37 cents per share in the same quarter a year ago.

Asian stocks ended mixed on Tuesday as U.S. Democrats moved quickly to impeach Donald Trump for an historic second time and investors watched for details of President-elect Joe Biden's proposed economic stimulus plan. Concerns over a highly infectious Covid-19 strain and fears of fresh global lockdowns also kept underlying sentiment cautious.

After a fairly positive start, European stocks are edging lower early afternoon with investors turning cautious amid concerns the surge in coronavirus cases and tighter lockdown measures might slow down the pace of economic recovery in the region.

In commodities, West Texas Intermediate Crude oil futures for February are rising $0.77 or 1.47% at $53.02 a barrel.

Gold futures are rising $8.50 or 0.5% at $1,859.30 an ounce, while Silver futures are up $0.210 or 0.8% at $25.494 an ounce.

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