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Bay Street Seen Opening On Firm Note

Firm commodity prices and positive cues from Asian and European markets point to a higher opening for Canadian shares Thursday morning.

Traders are also likely to bet on hopes top firms will come out with strong earnings updates.

Data on Canada's manufacturing sales for the month of August is due out at 8:30 AM ET.

Aritzia Inc (ATZ.TO) reported adjusted net income of $0.39 per diluted shares for the third quarter of this fiscal, compared to $0.01 per diluted share in the second quarter, and $0.18 share in the third quarter of the previous financial year.

Despite suffering a mild setback around mid morning, the Canadian market ended on a firm note on Wednesday as materials and information technology rose sharply on sustained buying interest.

The benchmark S&P/TSX Composite Index ended with a gain of 181.35 points or 0.89% at 20,618.47, slightly off the day's high of 20,621.13. The index had drifted down to a low of 20,427.38 earlier in the day.

Asian stocks ended broadly higher on Thursday amid growing optimism about the state of the economic recovery and earnings improvement.

European stocks are up firmly in positive territory Thursday afternoon, extending gains from the previous session with expectations of a strong earnings season outweighing concerns about inflation and policy tapering by the Federal Reserve.

In commodities, West Texas Intermediate Crude oil futures for November are gaining $0.87 or 1.08% at $81.31 a barrel.

Gold futures are up $5.00 or 0.28% at $1,799.70 an ounce, while Silver futures are rising $0.185 or 0.8% at $23.355 an ounce.

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