周四，标准普尔/多伦多证交所综合指数上涨0.6%，收于28916点的历史新高，连续第七年创下历史新高，科技、金融和矿业股领涨，而投资者正在等待加拿大和美国的关键就业报告。Shopify领涨3.8%，Brookfield上涨2.1%，主要矿业股普遍上涨。在宏观方面，加拿大7月份的贸易逆差为49亿加元，比6月份修订后的60亿加元缺口窄，但略高于47.5亿加元的共识，这是四个月来的最小缺口。与此同时，8月份私营部门综合采购经理人指数从7月份的48.7降至48.4，这是今年第二强劲的指数，但仍预示着连续第九个月出现收缩。

The S&P/TSX Composite rose 0.6% to close at a record high of 28,916 on Thursday, extending its streak toward a seventh consecutive all-time high as tech, financials, and miners drove gains while investors awaited key employment reports in Canada and the US. Shopify led advances with a 3.8% jump, Brookfield added 2.1%, and major miners traded broadly higher. On the macro front, Canada posted a July trade deficit of C$4.9 billion, narrower than June’s revised C$6.0 billion shortfall but slightly above the C$4.75 billion consensus, marking the smallest gap in four months. Meanwhile, the private-sector composite PMI eased to 48.4 in August from 48.7 in July, the second-strongest reading this year yet still signaling a ninth straight month of contraction.

标准普尔全球加拿大服务业PMI商业活动指数从7月份的49.3降至2025年8月的48.6，标志着连续第八个月收缩。需求疲软和关税的不确定性严重影响了服务业，由于全球客户推迟承诺，新出口销售额出现了自4月以来的最大跌幅。对前景的信心减弱，仍低于长期平均水平，尽管一些乐观情绪与降低利率的希望有关。公司仍然连续第四个月增加员工来管理工作量，有助于减少积压。在价格方面，关税和工资压力使成本居高不下，但通货膨胀率降至1月以来的最低水平。

The S&P Global Canada Services PMI Business Activity Index slipped to 48.6 in August 2025 from 49.3 in July, marking an eighth consecutive month of contraction. Weak demand and tariff uncertainty weighed heavily on services, with new export sales posting the steepest drop since April as global clients delayed commitments. Confidence in the outlook weakened, staying below its long-term average, though some optimism was tied to hopes of lower interest rates. Firms still added staff for a fourth month to manage workloads, helping reduce backlogs. On the price front, tariffs and wage pressures kept costs high, but inflation eased to its lowest since January.

周四，标准普尔/多伦多证交所综合指数上涨约0.3%，收于28800点以上，连续第七个交易日创下历史新高，科技、金融和矿商股领涨，而市场正在等待加拿大和美国的关键就业报告。电子商务巨头Shopify领涨，涨幅超过1%，巴里克矿业上涨近1%，主要银行股价稳步上涨。在宏观方面，加拿大公布了7月份49亿加元的贸易逆差，比6月份修订后的60亿加元缺口窄，但比47.5亿加元的共识略宽，这是四个月来的最小缺口。与此同时，8月份私营部门活动综合采购经理人指数从7月份的48.7降至48.4，这是今年迄今为止的第二好读数，但仍标志着连续第九个月出现收缩。

The S&P/TSX Composite rose around 0.3% to above the 28,800 level on Thursday, pushing toward a seventh straight session of record highs as tech, financials and miners provided the lift while markets awaited key employment reports in Canada and the US. E-commerce giant Shopify led gains, adding more than 1%, Barrick Mining climbed nearly 1% and major banks traded firmly higher. On the macro front Canada posted a July trade deficit of C$4.9 billion, narrower than June’s revised C$6.0 billion shortfall but a touch wider than the C$4.75 billion consensus, the smallest gap in four months. Meanwhile the private-sector activity composite PMI fell to 48.4 in August from 48.7 in July, the second-best reading so far this year but still marks a ninth consecutive month of contraction.

标准普尔全球加拿大综合采购经理人指数在2025年8月录得48.4，低于7月的48.7，这是今年迄今为止的第二好数据，尽管仍标志着私营部门活动连续第九个月收缩。制造业（48.3比46.1）和服务业（48.6比49.3）均出现疲软下滑，新订单继续下降，但速度不如7月份明显。积压的工作再次减少，降幅为4月以来最大。就业稳定，私营部门的数字基本不变。商业信心放缓，仍远低于其长期趋势。在价格方面，投入成本通胀降至七个月低点，而产出费用通胀放缓至四个月来的最低水平，尽管仍在上升。

The S&P Global Canada Composite PMI recorded 48.4 in August 2025, down from 48.7 in July, the second best so far this year, although still marking the ninth consecutive monthly contraction in private-sector activity. Both the manufacturing (48.3 vs 46.1) and services (48.6 vs 49.3) sectors posted softer downturns, with new orders continuing to fall but at a less pronounced pace than in July. Backlogs of work decreased again, with a sharp reduction that was the steepest since April. Employment stabilised, with numbers broadly unchanged across the private sector. Business confidence moderated and remained well below its long-term trend. On the price front, input-cost inflation softened to a seven-month low, while output-charge inflation slowed to its weakest pace in four months, though still registering a rise.