标准普尔/多伦多证交所综合指数周三上涨约0.3%，收于28630点以上，试图刷新历史新高，主要金融和矿商领涨指数，投资者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的货币政策之前变得谨慎。加拿大皇家银行超级股领涨金融股，涨幅超过0.5%，而Agnico Eagle领涨矿业板块，涨幅近1%。在其他地方，能源行业表现不佳，因为油价在供应增加的新迹象下暴跌。报告显示，欧佩克+集团正在考虑在即将到来的周末会议上提高石油产量，这令市场感到意外，此前市场大多预计产量水平不变。

The S&P/TSX Composite rose around 0.3% to above the 28,630 level on Wednesday, attempting to renew its record high as major financials and miners led the index higher, with investors turning cautious ahead of key Canadian and US labor reports expected to guide monetary policy at the Bank of Canada and the Federal Reserve. Mega-cap RBC led the financials, adding over 0.5%, while Agnico Eagle led the mining sector with gains of nearly 1%. Elsewhere, the energy sector underperformed as oil prices tumbled amid fresh signs of higher supply. Reports indicated that the OPEC+ group is considering raising its oil output at its meeting over the upcoming weekend, surprising markets that had mostly expected an unchanged level of production.

加拿大企业劳动生产率在2025年第二季度下降1.0%，此前第一季度修正后下降0.1%，低于0.2%的增长预期。这是自2022年第四季度以来的最大跌幅（-1.1%），因为围绕国际贸易的不确定性导致企业七个季度以来首次减产，而工作时间继续增加，但速度是上一季度的一半。公用事业（-4.0%）、批发贸易（-2.6%）和制造业（-2.1%）出现显著下降，而建筑业小幅下降0.1%。此外，小时工资下降了0.5%，这是自2021年初以来的首次下降，推动单位劳动力成本上涨了0.5%。

Canadian business labor productivity fell 1.0% in Q2 2025, following a revised 0.1% fall in Q1 and missing expectations of 0.2% growth. It was the sharpest drop since Q4 2022 (-1.1%), as uncertainty surrounding international trade led businesses to reduce their output for the first time in seven quarters while hours worked continued to increase but at half the pace of the previous quarter. Notable declines were seen in utilities (-4.0%), wholesale trade (-2.6%), and manufacturing (-2.1%), while construction edged down 0.1%. Also, hourly compensation fell 0.5%, its first decline since early 2021, pushing unit labor costs up 0.5%.

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.