周二，标准普尔/多伦多证交所综合指数上涨0.2%，收于28616点的历史高点，表现优于全球同行，因为资源丰富的多伦多交易所受到原油和黄金价格上涨的支撑。矿业巨头Agnico Eagle、Wheaton Precious Metals、Barrick和Franco-Nevada上涨1.4%至2.8%，金价创下历史新高，而能源生产商Canadian Natural和Cenovus分别上涨1.4%和2.5%。相比之下，科技股拖累了该指数，Shopify下跌1.2%，因为投资者在对人工智能相关软件和硬件估值过高的担忧再次出现后，削减了增长风险，并利用获利回吐的势头。除科技股外，更广泛的回落反映了在加拿大和美国主要劳工报告预计将指导加拿大银行和美联储货币政策之前的谨慎态度。在国内，8月份的制造业采购经理人指数从7月份的46.1升至48.3，但连续第七个月低于50。

The S&P/TSX Composite rose 0.2% to close at a record high of 28,616 on Tuesday, outperforming global peers as the resource-heavy Toronto exchange drew support from higher crude and gold prices. Mining giants Agnico Eagle, Wheaton Precious Metals, Barrick, and Franco-Nevada advanced between 1.4% and 2.8% as gold reached fresh record highs, while energy producers Canadian Natural and Cenovus added 1.4% and 2.5%, respectively. By contrast, technology stocks weighed on the index, with Shopify falling 1.2% as investors pared growth exposures following renewed concerns over stretched valuations in AI-related software and hardware and used the momentum for profit-taking. Beyond tech, the broader pullback reflected caution ahead of key Canadian and US labor reports expected to guide monetary policy at the Bank of Canada and the Federal Reserve. Domestically, August’s manufacturing PMI rose to 48.3 from 46.1 in July but remained below the 50 mark for a seventh consecutive month.

加元因新的避险情绪而下跌。周二，加元（CAD）兑美元（USD）再次倒退，随着风险偏好的减弱，加元坚定地进入熊市，正式拉开了9月市场窗口的序幕。

Canadian Dollar backslides on fresh risk aversion.The Canadian Dollar (CAD) took another backstep against the US Dollar (USD) on Tuesday, officially kicking off the September market window with a firm step into the bearish side as risk appetite withers.

标准普尔/多伦多证交所综合指数周二下跌约0.6%，至28420点以下，随着风险较高、估值较高的行业降温，投资者重新权衡新的宏观数据点，该指数放弃了长周末前创下的历史新高。科技股领跌，Shopify下跌超过2%，因为交易员在周末削减了增长股的头寸，这再次引发了人们对人工智能软件和硬件公司市盈率过高的质疑，并为获利回吐留下了空间。在科技股之外，市场的回落反映了本周加拿大和美国劳工报告之前的谨慎定位，这将影响加拿大央行和美联储的政策计算。在国内，8月份的制造业采购经理人指数从7月份的46.1升至48.3，但连续第七个月低于50的扩张门槛，突显出工厂持续疲软，市场参与者认为这与外部需求疲软、贸易摩擦和投入成本上升有关。

The S&P/TSX Composite slipped about 0.6% to below the 28,420 level on Tuesday, relinquishing the record highs struck before the long weekend as riskier, richly valued sectors cooled and investors returned to weigh fresh macro data points. Tech led the weakness, Shopify fell more than 2%, as traders pared positions in growth names after a weekend that revived questions around stretched multiples for AI-exposed software and hardware companies and left room for profit-taking. Outside tech, the market’s pullback reflected cautious positioning ahead of this week’s Canadian and US labour reports that will influence the Bank of Canada’s and Federal Reserve’s policy calculus. Domestically, August’s manufacturing PMI improved to 48.3 from 46.1 in July but remained below the 50 threshold for expansion for a seventh straight month, underscoring persistent factory weakness that market participants link to softer external demand, trade frictions and elevated input costs.

标准普尔全球加拿大制造业采购经理人指数从上个月的46.1升至2025年8月的48.3，但继续反映出加拿大私营部门工厂活动的收缩。这是制造业连续第七个月下降，受到美国对加拿大商品征收的一系列关税和国内报复性征税的压力。新订单和产出都出现了明显的收缩，尽管在加拿大最大贸易伙伴的需求下降的情况下，收缩速度明显低于7月份。对产能的需求促使企业连续第七个月减少人员编制，尽管失业率降至4月以来的最低水平。尽管如此，投入通胀仍升至三个月来的最高水平，使成本压力居高不下。展望未来，由于政策变化不稳定，企业继续表示前景不确定，尽管信心有所改善，达到七个月高点，仍远低于趋势水平。

The S&P Global Canada Manufacturing PMI rose to 48.3 in August 2025 from 46.1 in the previous month, but continued to reflect a contraction in the Canadian private-sector factory activity. It was the seventh consecutive month of decline in manufacturing, pressured by the series of tariffs slapped by the United States on Canadian goods and domestic retaliatory levies. Marked contractions took place both for new orders and output, albeit at a noticeably slower pace than those observed in July, amid lower demand from Canada's largest trading partner. The demand for capacity drove firms to reduce staffing levels for the seventh straight month, though the pace of job losses eased to the weakest rate since April. Still, input inflation rose to its highest level in three months, keeping cost pressures elevated. Looking ahead, firms continued to cite uncertain outlooks due to volatile policy changes, although confidence improved to a seven-month high and remained well below trend.