木 (Lumber) 加自选

3月份的数据将为加拿大在关税下的经济提供早期线索。下周五3月的初步零售和制造业销售将提供早期但重要的线索，说明加拿大经济在美国关税下的表现。

March Data to Give Early Clues About Canada's Economy Under Tariffs.Preliminary retail and manufacturing sales for March next week Friday will offer early, but important clues on how the Canadian economy has fared under U.S. tariffs.

周五，新西兰元稳定在0.597美元左右，暂停了七天的连胜，因为对新西兰储备银行进一步宽松的预期削弱了这一势头。尽管第一季度消费者通胀数据强于预期，但核心通胀指标有所缓解。由于价格压力得到控制，仍在新西兰储备银行的目标范围内，市场继续预计5月份将降息，到年底现金利率将降至2.75%。与此同时，投资者正密切关注美国贸易政策的发展，因为新西兰有着强大的出口关系，尤其是与最大的贸易伙伴中国的关系。特朗普总统周四表示相信，与中国的贸易协议可能会在三到四周内敲定。新西兰元有望连续第二周上涨。

The New Zealand dollar held steady around $0.597 on Friday, pausing a seven-day winning streak, as expectations of further easing by the Reserve Bank of New Zealand sapped the momentum. This came despite stronger-than-expected consumer inflation data in Q1, while core inflation measures eased. With price pressures contained and still within the RBNZ’s target range, markets continue to anticipate a rate cut in May and a reduction of the cash rate to 2.75% by year-end. Meanwhile, investors are closely monitoring US trade policy developments, given New Zealand’s strong export ties—especially with China, its largest trading partner. President Trump expressed confidence on Thursday that a trade deal with China could be finalized within three to four weeks. The Kiwi is on track for its second consecutive weekly gain.

周四，Ibovespa扭转早盘跌幅，收于129650点，上涨1%，将假期缩短一周的涨幅扩大至1.5%。投资者在对美国与日本官员的关税谈判和油价飙升的乐观情绪与持续存在的美中贸易紧张局势和美联储关于关税可能抑制全球增长的警告之间取得了平衡。在国内方面，在提出一项延长低收入家庭电费豁免的提案后，对财政可持续性和监管风险的担忧再次出现，最初估计该提案耗资44.5亿雷亚尔。其中，Ambev上涨1.5%，Eletrobras上涨3%，Companhia Sanea上涨1.5%。圣保罗交易所将于4月22日重新开放。

The Ibovespa reversed early-session losses to close 1% higher at 129,650 on Thursday, extending gains for the holiday-shortened week to 1.5%. Investors balanced optimism over U.S. tariff negotiations with Japanese officials and a surge in oil prices—driven by fresh U.S. sanctions on Iran and ongoing OPEC production cuts—against lingering U.S.–China trade tensions and Federal Reserve warnings that tariffs could dampen global growth. On the domestic front, concerns resurfaced over fiscal sustainability and regulatory risk after a proposal was introduced to extend electricity-bill exemptions for low-income households, initially estimated to cost R$4.45 billion. Among notable movers, Ambev rose 1.5%, Eletrobras gained 3%, and Companhia Sanea added 1.5%. The São Paulo exchange will reopen on April 22nd.

周四，标准普尔/多伦多证交所综合指数上涨0.4%，收于24193点，受能源股走强的推动，尽管贸易政策的不确定性挥之不去，使整体情绪保持谨慎。加拿大天然气公司、森科尔公司、帝国石油公司和Cenovus公司领涨，由于美国对伊朗石油出口的新制裁导致原油价格上涨，引发了人们对全球供应紧张的担忧，这些公司的股价均上涨了2%至3.7%。与此同时，美国对铜、半导体、药品和木材征收潜在关税的不确定性依然存在，在与日本进行预期的贸易谈判之前没有官方确认。特朗普总统对美联储主席鲍威尔的批评进一步扰乱了市场神经，此前鲍威尔警告称，关税可能会抑制经济增长并重新加速通货膨胀。尽管如此，该指数在假期缩短的一周结束时仍上涨2.5%，标志着尽管地缘政治不利，但每周表现稳健。

The S&P/TSX Composite Index rose 0.4% to close at 24,193 on Thursday, buoyed by strength in energy stocks, though lingering trade policy uncertainty kept broader sentiment cautious. Leading the gains were Canadian Natural, Suncor, Imperial Oil, and Cenovus, each rising between 2% and 3.7% as crude prices climbed in response to new U.S. sanctions on Iranian oil exports, stoking concerns over tightening global supply. Meanwhile, uncertainty over potential U.S. tariffs on copper, semiconductors, pharmaceuticals, and lumber persisted, with no official confirmation ahead of anticipated trade negotiations with Japan. Market nerves were further rattled by President Trump’s criticism of Fed Chair Powell, following Powell’s warning that tariffs could dampen growth and reaccelerate inflation. Still, the index ended the holiday-shortened week up 2.5%, marking a solid weekly performance despite geopolitical headwinds.