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Bay Street Likely To Open Lower

Canadian shares look headed for a weak start Tuesday morning, tracking sluggish bullion prices and amid uncertainty about the near term trend due to valuation concerns.

The focus will be on the Federal Reserve Chairman Jerome Powell's testimony before the Senate Banking Committee, due today.

The Canadian stock market ended modestly higher on Monday, supported by gains in energy and materials shares. The benchmark S&P/TSX Composite Index, which slid to 18,336.20 at the start, ended the session with a gain of 32.47 points or 0.18% at 18,416.74 after hitting a high of 18,467.33.

Thomson Reuters Corp. (TRI.TO) reported a fourth-quarter profit of US$562 million, that beat expectations. The company has also raised its quarterly dividend to 40.5 cents per share, up from 38 cents.

BMO Financial Group (BMO.TO) reported net income of $2,017 million for the first quarter, an increase of 27% over a year ago. Adjusted net income for the first quarter was $2,038 million, which was up 26% compared to the year-ago quarter.

Asian stocks ended mixed on Tuesday as prospects of more U.S. fiscal stimulus offset lingering concerns over an uptick in bond yields and worries over higher inflation affecting valuations.

European stocks are exhibiting weakness as investors make cautious moves as they look ahead to Fed Chair Powell's testimony. Most analysts expect Powell to reiterate the Fed's commitment to maintain a dovish policy.

In commodities, West Texas Intermediate Crude oil futures for April are up $0.47 or 0.75% at $62.15 a barrel.

Gold futures are down slightly at $1,808.10 an ounce, while Silver futures are down $0.060 or 0.21% at $28.025 an ounce.

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