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Bay Street Seen Opening On Slightly Positive Note

Canadian shares are likely to open on a positive note, tracking higher commodity prices. Investors are also likely to pick up stocks, betting on more stimulus.

Investors will also be reacting to manufacturing and wholesale sales data. Worries about rising coronavirus cases and tight lockdown measures may limit market's upside.

Data on new motor vehicle sales, manufacturing sales and wholesale sales, all for the month of November, are due out at 8:30 AM ET.

The Canadian market ended modestly higher on Monday after a lackluster session. The benchmark S&P/TSX Composite Index ended with a gain of 35.85 points or 0.2% at 17,944.88 after moving between 17,889.41 and 17,967.70.

Pembina Pipeline Corporation (PPL.TO) announced today that PKM Cochin ULC and Pembina Cochin LLC have launched an open season to obtain binding commitments for the transport of light condensate on the Cochin Pipeline.

Asian stocks ended broadly higher on Tuesday as optimism about vaccine rollouts and government stimulus offset concerns over the worldwide spread of coronavirus. Investors looked ahead to comments from U.S. Treasury Secretary nominee Janet Yellen on U.S. stimulus at the Senate confirmation hearing, with her prepared remarks calling on the federal government to "act big".

European stocks are turning in a mixed performance, with investors reacting to earnings reports and other corporate news, and looking ahead to U.S. Treasury Secretary nominee Janet Yellen's speech at the Senate confirmation hearing.

In commodities, West Texas Intermediate Crude oil futures for February are up $0.13 or 0.25% at $52.49 a barrel.

Gold futures are rising $7.80 or 0.43% at $1,837.70 an ounce, while Silver futures are up $0.394 or 1.6% at $25.260 an ounce.

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