木 (Lumber) 加自选

前瞻性指引：加拿大工业数据显示贸易敏感行业趋于稳定。自春季以来，制造业首当其冲地受到美国关税的负面影响。第二季度产量年化收缩9%。

Forward Guidance: Canada's Industry Data to Show Stabilization in Trade Exposed Sectors.Manufacturing has borne the brunt of the negative fallout from U.S. tariffs since spring. Production contracted an annualized 9% in Q2.

周五，Ibovespa指数小幅上涨，收于153938点的历史新高，市场在宏观经济背景改善的希望下评估了一批企业收益。10月份，国内生产者价格指数一年多来首次下跌，这增加了人们的希望，即消费者的通货紧缩可能会使央行明年开始降息。随着长期基准利率的下降，银行收盘走高，Itau、Bradesco和Santander Brasil的涨幅在2%至0.5%之间。随着原油价格的反弹，能源股也大幅上涨，Prio、Vibra和Ultrapar的涨幅均超过4%。与此同时，巴西国家石油公司在公布本季度利润增长后上涨了3.4%，因为原油产量的增加抵消了欧佩克+成员国一系列增产导致的基准价格在此期间的下滑。

The Ibovespa edged higher to close at a record high of 153,938 on Friday as markets assessed a batch of corporate earnings amid hopes of an improving macroeconomic backdrop. Domestic producer prices fell for the first time in over one year in October, raising hopes that disinflation for consumers may allow the central bank to start cutting interest rates next year. Banks closed higher as long-dated benchmark rates dropped, with Itau, Bradesco, and Santander Brasil adding between 2% and 0.5%. Energy stocks also surged amid the rebound in crude oil prices, with Prio, Vibra, and Ultrapar adding more than 4% each. Meanwhile, Petrobras rose 3.4% after posting a growth in profit for the quarter, as an increase in crude oil production offset the slide in benchmark prices in the period due to a series of output hikes by OPEC+ members.

周五，标准普尔/多伦多证交所综合指数抹去跌幅，收于29912点，上涨0.5%，投资者评估了企业盈利和强劲的劳动力数据。国内失业率意外降至6.9%，而就业人数激增，工资增长增加，这进一步表明中国央行的宽松周期不太可能继续下去。大宗商品巨头领涨，黄金和油价本周收高，加拿大自然、巴里克黄金、惠顿和TC能源上涨4%至2%。与此同时，Enbridge收盘上涨1%，尽管其每股收益为0.46加元，低于0.54加元的预期。此外，Shopify下跌2.4%，因市场继续向押注人工智能的公司施压，要求其高估估值。

The S&P/TSX Composite erased losses to close 0.5% higher at 29,912 on Friday as investors assessed corporate earnings and strong labor data. The domestic unemployment rate unexpectedly dropped to 6.9%, while employment surged and wage growth increased, reinforcing signs that the BoC’s easing cycle is unlikely to continue. Commodity giants led the gains as gold and oil prices ended the week higher, with Canadian Natural, Barrick Gold, Wheaton, and TC Energy advancing between 4% and 2%. Meanwhile, Enbridge closed 1% higher despite reporting an EPS of C$0.46, below forecasts of C$0.54. Also, Shopify fell 2.4% as markets continued to pressure companies with bets on AI for exaggerated valuations.

2025年9月，阿根廷工业生产同比下降0.7%，较8月份的4.4%有所缓解。16个制造业部门中有7个部门出现下降，其中纺织品（-20.5%）、服装、皮革和鞋类（-14.0%）、金属制品（-11.8%）以及橡胶和塑料制品（-11.1%）领跌。非金属矿产（-6.0%）、机动车和零部件（-2.5%）以及基本金属（-1.0%）的产量也有所下降。相比之下，其他运输设备（16.4%）、精炼石油和核燃料（7.6%）、机械和设备（4.5%）、化学品（2.2%）以及食品和饮料（0.7%）的增长。按月计算，工业产出在8月份增长0.7%后下滑0.1%。

Argentina’s industrial production fell 0.7% year-on-year in September 2025, easing from a 4.4% drop in August. Seven of sixteen manufacturing divisions recorded declines, led by textiles (-20.5%), clothing, leather and footwear (-14.0%), metal products (-11.8%), and rubber and plastic products (-11.1%). Output also fell for non-metallic minerals (-6.0%), motor vehicles and parts (-2.5%), and basic metals (-1.0%). In contrast, growth was seen in other transport equipment (16.4%), refined petroleum and nuclear fuel (7.6%), machinery and equipment (4.5%), chemicals (2.2%), and food and beverages (0.7%). On a monthly basis, industrial output slipped 0.1% after a 0.7% gain in August.