8月，加拿大10年期政府债券收益率攀升至3.44%以上，创两周新高，因为美国收益率在生产者价格高于预期后走高，降低了美联储近期降息的紧迫性。在国内，6月份的经济活动比人们担心的要强劲，石油、煤炭和食品的制造业销售额增长了0.3%，而批发贸易增长了0.7%，达到847亿加元，这表明经济增长即将停滞。通胀有所降温，但并未“完成任务”，因为中国央行首选的通胀指标——经调整的平均值——在6月份停滞在仍然较高的3%，这使得加拿大央行几乎没有动力加快削减。该行7月份的决定和会议纪要强化了这一立场。它将政策利率下调至2.75%，但鉴于持续的服务价格惯性以及评估关税和需求降温的反对力量的必要性，发誓要谨慎行事，这促使投资者将长期收益率重新定价上调。

The yield on the Canadian 10-year government bond climbed above 3.44% in August to a two-week high as US yields moved higher after hotter-than-expected producer prices, reducing urgency for near-term Fed cuts. Domestically, June activity came in firmer than feared, manufacturing sales rose 0.3% on petroleum, coal and food, while wholesale trade climbed 0.7% to C$84.7 billion, which argues against an imminent growth stall. Inflation is cooler but not “mission accomplished” as the BoC’s preferred inflation gauge, the trimmed mean, stalled at a still-elevated 3% in June, leaving the Bank of Canada little incentive to accelerate cuts. The Bank’s July decision and minutes reinforced that stance. It trimmed the policy rate to 2.75% but vowed to proceed carefully given persistent service-price inertia and the need to assess opposing forces from tariffs and cooling demand, prompting investors to reprice longer-term yields upward.

在消费者支出具有弹性的情况下，加拿大的通货膨胀预计将保持稳定。但是，政策制定者将密切关注细节，因为4月份大多数省份取消消费者碳税继续人为地降低整体通胀。今年的基本趋势出人意料地上升，部分原因是食品和汽车等产品的关税影响，也因为国内服务价格上涨。

Inflation Expected to Hold Steady in Canada Amid Resilient Consumer Spending.But, the details will be closely monitored by policymakers as the removal of the consumer carbon tax from most provinces in April continues to artificially lower headline inflation. Underlying trends have surprised upward this year, partly due to tariff impacts on products like food and vehicles, but also from higher prices for domestic services.

周五，加拿大标准普尔/多伦多证交所综合指数徘徊在27920点的水平线以下，投资者关注即将举行的高风险美俄峰会，讨论结束乌克兰战争的可能性，同时分析一批国内经济数据。主要矿商领跌，Agnico Eagle和Wheaton Precious下跌超过0.5%，大型股Shopify下跌约0.5%，而软件权重股Constellation software表现优异，上涨略高于2%，汤森路透上涨近1%。在经济方面，制造业销售额增长0.3%，批发销售额增长0.7%，达到847亿加元，这是有选择性的强势迹象，有助于控制亏损。本周，多伦多证交所有望以约0.6%的温和涨幅收盘。

Canada’s S&P/TSX Composite Index hovered below the flatline at the 27,920 mark on Friday, as investors focused on upcoming high-stakes US–Russia summit to discuss a potential end to the war in Ukraine, while also parsing a batch of domestic economic data. Major miners led the downside with Agnico Eagle and Wheaton Precious down more than 0.5% and mega-cap Shopify trimming about 0.5%, while software heavyweight Constellation Software outperformed, rising just over 2%, and Thomson Reuters added nearly 1%. Economically, manufacturing sales rose 0.3% and wholesale sales gained 0.7% to C$84.7bn, signs of selective strength that helped cap losses. For the week the Toronto exchange was poised to finish with a modest advance of roughly 0.6%.

2025年6月，加拿大批发销售额较上月增长0.7%，达到847亿加元，增速高于5月的持平。七个子行业中有四个子行业的销售额增长，占批发贸易总额的54.2%。涨幅最大的是食品、饮料和烟草（+1.7%，达到156亿加元）和杂项商品（+2.4%，达到107亿加元）。调查指出，6月份33.6%的批发商受到加拿大和美国贸易紧张局势的影响，所有子行业都报告了影响。机械、设备和用品在受影响企业中所占比例最高，主要是由于价格上涨和需求变化。批发比去年同期增长3.2%。按数量计算，6月份批发销售额增长了0.6%。

Canada’s wholesale sales rose 0.7% to C$84.7 billion in June 2025 from the prior month, accelerating from a flat reading in May. Sales increased in four of the seven subsectors, accounting for 54.2% of total wholesale trade. The largest gains came from food, beverage and tobacco (+1.7% to C$15.6 billion) and miscellaneous goods (+2.4% to C$10.7 billion). The survey noted that 33.6% of wholesalers were affected by Canada–US trade tensions in June, with all subsectors reporting impacts. Machinery, equipment and supplies recorded the highest share of affected businesses, mainly due to price increases and shifts in demand. Wholesales were 3.2% higher than a year earlier. In volume terms, wholesale sales grew 0.6% in June.