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Bay Street Likely To Open With Negative Bias

Canadian shares are likely to open on a cautious note with a somewhat negative bias Monday morning due to inflation concerns on continued optimism about a swift economic recovery amid a drop in new coronavirus cases and the faster momentum in vaccination rollouts.

The market ended notably higher on Friday. The benchmark S&P/TSX Composite Index ended with a gain of 110.20 points or 0.6% at 18,384.27, slightly off the day's high of 18,393.10. The index shed about 0.4% in the week.

CNOOC Limited (CNU.TO) announced Monday that the Company made a large-sized oil and gas discovery Bozhong 13-2 in Bohai Bay.

Asian stocks ended mostly lower on Monday amidst lingering worries about inflation and high valuations.

European stocks are languishing in negative territory despite coming off early lows. Concerns over rising bond yields and inflation appear to be prompting traders to stay cautious and refrain from creating fresh long positions.

In commodities, West Texas Intermediate Crude oil futures for March are up $0.62 or 1.05% percent at $59.86 a barrel.

Gold futures are rising $0.16 or 0.9% at $1,793.40 an ounce, while Silver futures are up $0.216 or 0.8% at $27.470 an ounce.

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