标准普尔/多伦多证交所综合指数周三上涨0.9%，收于30637点，创下历史新高，美联储主席杰罗姆·鲍威尔的鸽派信号超过了美中贸易摩擦的再次爆发，提振了矿商、对利率敏感的科技和金融股份。随着金价创下新高，Agnico Eagle和Barrick股价上涨超过4%。对利率敏感的技术公司表现优异，Shopify上涨2.1%，Celestica飙升约9%，此前BMO Capital将目标价格从230美元上调至300美元，预计该公司将在2027年之前在博通和OpenAI人工智能基础设施建设方面取得重大进展。随着美国银行开始强劲盈利，加拿大金融股上涨，加拿大皇家银行和道明银行各上涨略高于1%。尽管如此，在特朗普总统在会议晚些时候威胁要对食用油实施禁运以回应北京不购买美国大豆的决定后，市场仍对贸易头条保持警惕。

The S&P/TSX Composite rose 0.9% to a record close of 30,637 on Wednesday as dovish signals from Federal Reserve Chair Jerome Powell outweighed renewed US-China trade frictions, lifting miners, rate sensitive tech and financials. Agnico Eagle and Barrick jumped more than 4% as bullion pushed to fresh highs. Rate sensitive technology names outperformed, with Shopify up 2.1% and Celestica surging about 9% after BMO Capital raised its price target from 230 to 300 dollars on expectations the company will capture significant work on Broadcom and OpenAI AI infrastructure buildouts through 2027. With US banks starting earnings strongly, Canadian financials rallied and RBC and TD each added just over 1%. Markets nonetheless remained watchful of trade headlines after President Trump threatened a cooking oil embargo late in the session in response to Beijing’s decision not to buy US soybeans.

10月中旬，加元兑美元汇率跌破1.4，跌至六个月低点，受到原油价格疲软、国内数据放缓以及加拿大央行政策利率下调预期的压力。加拿大最大的出口产品石油已跌至五个月低点，原因是美中贸易持续紧张、供应增加以及预期的美国库存增加，引发了对供应过剩和需求疲软的担忧，并消除了对加元的关键支撑。与此同时，广泛的经济指标表明国内势头降温，GDP增长放缓，核心通胀接近央行目标的下限，工资涨幅适中，降低了提高借贷成本的必要性。中国银行最近的沟通加强了降息或暂停的可能性，进一步降低了持有加拿大资产相对于美国的预期回报。

The Canadian dollar weakened past 1.4 per US dollar in mid-October to six-month lows, pressured by softer crude prices, slowing domestic data, and expectations of lower Bank of Canada policy rates. Oil, Canada’s largest export, has dropped to five-month lows amid persistent US-China trade tensions, rising supply, and anticipated US inventory builds, raising fears of oversupply and weaker demand and removing a key support for the currency. At the same time, broad economic indicators point to cooling domestic momentum, with GDP growth slowing, core inflation near the lower end of the BoC’s target, and modest wage gains, reducing the case for higher borrowing costs. Recent BoC communications reinforce the likelihood of a rate cut or pause, further diminishing expected returns from holding Canadian assets relative to the US.

周三，标准普尔/多伦多证交所综合指数上涨近1%，首次突破30600点大关，美联储主席杰罗姆·鲍威尔的鸽派信号超过了持续的美中贸易紧张局势，并提振了科技股和主要矿业股。随着金价创下新高，Agnico Eagle和Barrick各上涨约2.5%。对利率敏感的科技股表现优异，Shopify上涨超过1%，Celestica飙升超过4%。随着美国财报季以主要银行的强劲表现拉开帷幕，加拿大金融股交易坚挺，乐观情绪蔓延到国内银行股。在其他地方，市场仍对美中之间的贸易争端保持警惕，此前唐纳德·特朗普总统在会议晚些时候威胁要对食用油实施禁运，以报复北京不购买美国大豆的决定。

The S&P/TSX Composite rose nearly 1% to above the 30,600 mark for the first time on Wednesday, as dovish signals from Fed Chair Jerome Powell outweighed ongoing US–China trade tensions and lifted both tech and major mining equities. Agnico Eagle and Barrick each added roughly 2.5% as bullion pushed to fresh highs. Rate-sensitive techs outperformed with Shopify rising over 1% and Celestica surged more than 4%. With the US earnings season kicking off on a strong note with major banks, Canadian financials traded firmly higher as optimism spilled over into domestic bank stocks. Elsewhere, markets remained watchful of the trade spat between the US and China after President Donald Trump threatened a cooking-oil embargo late in the session in retaliation for Beijing’s decision not to buy US soybeans.

加拿大制造业销售额在7月份增长2.5%后，在2025年8月下降1.0%，至694亿美元，略好于市场预期的1.5%的下降。运输设备销售额下降5.7%，至107亿美元，此前7月份强劲增长7.7%，主要受航空航天产品和零部件产量下降（-8.6%）、机动车零部件下降（-5.2%）和机动车下降（-3.3%）的影响。食品子行业也下跌1.9%，至129亿美元，连续第二个月下跌。一次金属价格上涨3.6%，连续第二年上涨，抵消了部分跌幅。六个省份的销售额下降，魁北克省（-1.6%）和安大略省（-0.8%）领跌。今年迄今为止，制造业总销售额下降了1.0%。

Canada’s manufacturing sales fell 1.0% to $69.4 billion in August 2025, after a 2.5% gain in July, performing slightly better than market expectations of a 1.5% decline. Sales of transportation equipment dropped 5.7% to $10.7 billion, following a strong 7.7% rise in July, weighed by lower production of aerospace products and parts (-8.6%), motor vehicle parts (-5.2%), and motor vehicles (-3.3%). The food subsector also fell 1.9% to $12.9 billion, marking its second straight monthly decrease. Offsetting some of the declines, primary metals rose 3.6%, posting a second consecutive gain. Sales decreased in six provinces, led by Quebec (-1.6%) and Ontario (-0.8%). Year-to-date, total manufacturing sales were down 1.0%.