周二，多伦多证交所下跌0.4%，收于26904点，外部压力和国内疲软的趋同动摇了加拿大股市的领导地位。黄金大幅下跌后，矿商首当其冲，Agnico Eagle、Wheaton Precious Metals、Barrick和Franco Nevada各下跌4.0-6.2%，铜生产商也因较低的贱金属基准而回落，因为交易员担心特朗普总统即将出台的8月1日关税措施可能会抑制全球工业活动。相比之下，能源行业提供了适度的支撑，石油基准从最近的低点回升以提供支撑。然而，在IVEY采购经理人指数意外下跌至53.3，远低于2024年6月的62.5后，工业类股表现不佳，突显出私营部门增长普遍放缓。

The TSX slipped 0.4% to finish at 26,904 on Tuesday, as a convergence of external pressures and domestic softness unsettled Canada’s equity leadership. Miners bore the brunt of the downturn after gold retreated sharply—Agnico Eagle, Wheaton Precious Metals, Barrick, and Franco-Nevada each surrendered 4.0–6.2%—and copper producers also pulled back on weaker base-metal benchmarks, as traders fretted that President Trump’s looming August 1st tariff measures could dampen global industrial activity. In contrast, the energy sector provided a modest floor, with oil benchmarks recovering from recent lows to lend support. Yet the industrials group faltered after the IVEY Purchasing Managers Index surprised on the downside at 53.3, far below June 2024’s 62.5, underscoring a broad slowdown in private-sector growth.

加拿大Ivey采购经理人指数从5月份的48.9升至2025年6月的53.3，高于市场预期的49.1，这标志着经济三个月来首次扩张。然而，基本指标显示出喜忧参半的信号。库存指数从54.9降至50.6，而价格指数从66.9攀升至70.2，表明投入成本上升。就业指数从51.1降至49.5，低于中性点，表明招聘略有收缩。供应商交付进一步放缓，该指数从47.5降至44.7。

The Ivey Purchasing Managers Index in Canada rose to 53.3 in June 2025, up from 48.9 in May and above market expectations of 49.1, signaling economic expansion for the first time in three months. However, underlying indicators showed mixed signals. The inventories index declined to 50.6 from 54.9, while the price index climbed to 70.2 from 66.9, indicating rising input costs. The employment index fell below the neutral mark to 49.5 from 51.1, suggesting a slight contraction in hiring. Supplier deliveries slowed further, with the index dropping to 44.7 from 47.5.

周二，标准普尔/多伦多证交所综合指数在27020点附近持平，交易员分析了特朗普总统的最新关税法令，14个国家现在从8月1日起面临更高的关税，尽管进一步延期以换取实质性提案的承诺缓解了加拿大出口商的直接压力。在周一的下滑之后，这一缓刑稳定了大宗商品生产商，而渥太华取消对美国科技的数字服务税的举措以及在7月21日前达成协议的努力突显了保护国内产业的努力。财政部长François-Philippe Champagne关于寻求预算节约并将资金重新分配给关键基础设施的指示进一步向市场保证，渥太华正在准备应对持续的贸易摩擦。加拿大重量级铁路公司加拿大太平洋铁路公司和加拿大国家铁路公司领涨，各上涨1%以上，而金融、科技和更广泛的大宗商品行业的表现则喜忧参半。

The S&P/TSX Composite hovered flat around the 27,020 mark on Tuesday as traders parsed President Trump’s latest tariff edict, 14 nations now face steeper duties from August 1st, though the promise of further extensions in exchange for substantive proposals has eased the immediate pressure on Canada’s exporters. That reprieve steadied commodity producers after Monday’s slide, while Ottawa’s move to scrap its digital services tax on US tech and its push to clinch a deal by July 21st underscore efforts to shield domestic industry. Finance Minister François-Philippe Champagne’s directive to find budget savings and reallocate funds to key infrastructure has further reassured markets that Ottawa is preparing to counter extended trade frictions. Canada’s heavyweight railways, Canadian Pacific and Canadian National, led the advance, each up more than 1%, while the financials, technology and broader commodity sectors produced a more mixed showing.

周一，由于投资者在新的贸易不确定性与支持性大宗商品和国内数据之间取得平衡，多伦多证券交易所削减了早盘的大部分跌幅，收于27020点。该指数最初因对特朗普总统即将到来的关税最后期限的持续担忧而下跌，现在推迟到8月？第一，对金属出口商征收50%关税的威胁，这对资源名称造成了压力。然而，在金价小幅上涨以及避险资金流动不会完全扰乱黄金需求的预期的推动下，黄金矿商在早盘大幅下跌后反弹。与此同时，由于出口走强，6月份的贸易逆差略有收窄，加拿大7月份的房地产市场指数保持在接近六个月高点的水平，共同强化了国内增长仍然不平衡，但远未崩溃——即使贸易紧张局势依然存在。

The TSX pared most of its early-session losses to finish marginally lower at 27,020 mark on Monday as investors balanced fresh trade uncertainty against supportive commodity and domestic data. The index initially sold off on lingering concerns over President Trump’s looming tariff deadline—now delayed to August?1st—and threats of 50% duties on metals exporters, which weighed on resource names. However, gold miners rebounded after steep early declines, buoyed by a modest rise in gold prices and expectations that safe-haven flows would not disrupt bullion demand entirely. Meanwhile, June’s trade deficit narrowed slightly on firmer exports, and Canada’s July housing market index held near its six-month high, together reinforcing that domestic growth remains uneven but far from collapsing—even as trade tensions linger.