加元/新加坡元 (CADSGD) 加自选

周二，标准普尔/多伦多证交所综合指数上涨0.2%，收于28200点以上，这得益于强于预期的银行盈利和杰克逊霍尔事件后市场的暂停，稳定了市场。蒙特利尔银行和加拿大丰业银行分别上涨了3%和4.5%以上，此前它们报告称，由于净利息收入和拨备减少，季度利润有所增长，尽管它们都对贸易收入疲软、贷款增长温和以及易受美国贸易措施影响的出口商的风险敞口提出了警告。收益重新评估恰逢政策可信度受到打击，此前白宫反对美联储理事的举动短暂助长了避险资金流动，并迫使交易员重新考虑美联储宽松政策的时机和独立性。抵消反弹的是，加拿大自然资源公司和森科尔公司各下跌1%以上，随着投资者远离周期性能源公司，涨幅受到限制。在包括英伟达收益、美国个人消费支出通胀和加拿大第二季度国内生产总值在内的繁忙日历之前，人们普遍持谨慎态度。

The S&P/TSX Composite rose 0.2% to above the 28,200 mark on Tuesday, supported by stronger-than-feared bank earnings and a pause in the post-Jackson Hole unwind steadied the market. BMO and Scotiabank climbed more than 3% and 4.5%, respectively, after reporting higher quarterly profits driven by net interest income and lower provisioning, though both cautioned on weaker trading revenues, modest loan growth, and exposure to exporters vulnerable to US trade measures. The earnings reassessment coincided with a blow to policy credibility after the White House move against a Fed governor briefly fueled safe-haven flows and forced traders to reconsider the timing and independence of Fed easing. Offsetting the rebound, Canadian Natural Resources and Suncor lost over 1% each, capping gains as investors rotated away from cyclical energy names. Caution prevailed ahead of a busy calendar including Nvidia earnings, the US PCE inflation print, and Canada’s Q2 GDP.

据初步估计，加拿大制造业销售额预计将在2025年7月增长1.8%，高于6月份的0.3%。运输设备以及石油和煤炭产品子行业引领增长。如果得到证实，这将是自2024年10月以来最强劲的月度增长，表明在经历了一段时间的疲软表现后，制造业活动出现了温和的好转。

Canada’s manufacturing sales are expected to rise 1.8% in July 2025, accelerating from a 0.3% gain in June, according to preliminary estimates. Growth was led by the transportation equipment and petroleum and coal product subsectors. If confirmed, this would represent the strongest monthly increase since October 2024, pointing to a modest turnaround in manufacturing activity after a period of sluggish performance.

2025年7月，加拿大批发销售可能环比增长1.3%，这是继6月增长0.7%之后的六个月来最强劲的增长。这一增长主要是由机动车及其零部件和配件的销售增长推动的。

Wholesale sales in Canada likely increased by 1.3% month-over-month in July 2025, marking the strongest rise in six months after a 0.7% gain in June. The growth was primarily driven by higher sales of motor vehicles and their parts and accessories.

2025年7月，新加坡制造业产量同比增长7.1%，与上月向下修正的数字相同。这一增长主要是由于电子产品（13.1%对6月的8.4%）、化学品（4.2%对1.2%）、运输工程（15.8%对13.1%）和精密工程（9.6%对7.8%）的产量增加。此外，一般制造业的产量下降速度较慢（-9.7%对-11.7%）。与此同时，生物医学制造业的活动显著放缓（0.2%对11.4%）。经季节性调整的月度数据显示，7月份制造业产出增长8.2%，为一年来最大增幅，从前一时期0.8%的跌幅反弹。

Singapore’s manufacturing production advanced by 7.1% year-on-year in July 2025, the same pace as in the previous month’s downwardly revised figure. The increase was mainly driven by a higher output in electronics (13.1% vs 8.4% in June), chemicals (4.2% vs 1.2%), transport engineering (15.8% vs 13.1%), and precision engineering (9.6% vs 7.8%). Additionally, production declined at a slower rate for general manufacturing industries (-9.7% vs -11.7%). Meanwhile, activity significantly slowed for biomedical manufacturing (0.2% vs 11.4%). On a seasonally adjusted monthly basis, manufacturing output climbed by 8.2% in July, the sharpest in a year, rebounding from a 0.8% drop in the preceding period.