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Bay Street Likely To Open On Positive Note

Canadian shares are likely to open higher, tracking firm crude oil prices, and amid hopes the Fed's interest rate move at its September meeting will be less aggressive thanks to fairly encouraging inflation data.

Activity may well remain stock specific with investors reacting to quarterly earnings announcements.

Pan American Silver Corp. (PAAS.TO) reported a second quarter net loss of $173.6 million or $0.83 per basic share, compared to net income of $71.24 million or $0.34 per basic share in the prior year.

Africa Oil Corp. (AOI.TO) reported that its second quarter net income dropped to $5.65 million or $0.01 per share from $38.38 million or $0.08 per share in the prior year.

Primo Water Corp. (PRMW.TO) reported second-quarter net loss of $23 million or $0.14 per share, wider than last year's net loss of $8 million or $0.05 per share.

Brookfield Asset Management Inc. (BAM) announced that its second -quarter net income attributable to common shareholders was $590 million, compared to $816 million a year ago. Net income per share was $0.34, down from $0.49 last year.

Canadian Tire Corporation Limited (CTC.TO) reported net income of $177.6 million for the second quarter of the current financial year, down from $395.2 million in the year-ago quarter.

The Canadian market ended sharply higher on Wednesday as investors picked up stocks across the board, reacting positively to data from U.S. Labor Department that showed consumer prices came in flat in the month of July. The tamer than expected inflation data has led to speculation that the Federal Reserve will slow the pace of interest rate hikes at its September meeting.

The benchmark S&P/TSX Composite Index with a gain of 307.64 points or 1.57% at 19,885.94, slightly off the day's high of 19,911.02.

Asian stocks followed Wall Street higher on Thursday, buoyed by data showing U.S. inflation cooled more than expected in July. Japanese markets were closed for a holiday.

European stocks are turning in a mixed performance with investors digesting the latest batch of earnings announcements, and assessing U.S. inflation data.

In commodities trading, West Texas Intermediate Crude oil futures are up $0.95 or 1.02% at $92.88 a barrel.

Gold futures are down $1.10 or 0.06% at $1,812.60 an ounce, while Silver futures are down $0.147 or 0.71% at $20.595 an ounce.

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