欧元/加元 (EURCAD) 加自选

在巴黎，CAC 40指数周四下跌49点，跌幅0.60%。领跌的是Stellantis NV（-8.75%）、法国农业信贷银行（-4.92%）和法国兴业银行（-4.22%）。涨幅最大的是空客（2.54%）、ENGIE（1.17%）和Orange（0.67%）。

In Paris, the CAC 40 Index fell 49 points or 0.60 percent on Thursday. Leading the losses are Stellantis NV (-8.75%), Credit Agricole (-4.92%) and Societe Generale (-4.22%). Top gainers were Airbus (2.54%), ENGIE (1.17%) and Orange (0.67%).

加元兑美元汇率跌至1.4加元，因为越来越多的人押注美联储将在更长时间内保持更高的政策利率，导致美元走强，压倒了加拿大银行发出的任何短暂的鹰派信号。市场在很大程度上将中国央行最近的降息视为已消化，转而转向其依赖数据的指导方针，这缩小了进一步宽松的可能性，推高了国内收益率，但不足以弥补美元的强势。在国内，疲软的宏观背景加剧了压力，第二季度国内生产总值收缩约1.6%，劳动力市场疲软，尽管工资单增长了6万人，失业率接近7.1%，而通货膨胀率仍然居高不下，整体CPI同比约2.4%，央行削减的指标接近3.1%。疲软的大宗商品信号、挥之不去的美加贸易和关税摩擦，以及渥太华向亚洲拓展以实现关系多样化，使外部风险居高不下，并限制了加元的外部支持。

The Canadian dollar weakened toward C$1.4 per US dollar, as a firm US dollar driven by growing bets that the Federal Reserve will keep policy rates higher for longer overwhelmed any short-lived hawkish signals from the Bank of Canada. Markets largely treated the BoC’s recent cut as priced in and shifted instead to its data dependent guidance, which narrowed the odds of further accommodation and pushed domestic yields up but not enough to compensate for the dollar’s strength. At home a weak macro backdrop compounds the pressure with Q2 GDP contracting about 1.6% and the labour market softening despite a one off 60,000 payroll gain that left unemployment near 7.1%, while inflation remains elevated with headline CPI around 2.4% year on year and the Bank’s trimmed measure near 3.1%. Softer commodity signals and lingering US Canada trade and tariff frictions together with Ottawa’s outreach to Asia to diversify ties keep external risks elevated and limit the loonie’s external support.

标准普尔/多伦多证交所综合指数周四上涨约0.3%，收于30145点以上，主要矿商的强势抵消了央行更为强硬的信号。加拿大央行和美联储均降息25个基点，如果前景持续，中国央行将其举措视为宽松政策的结束，而美联储则淡化了12月进一步降息的可能性。Agnico Eagle领涨，在公布第三季度每股收益2.16美元（比预期高出0.21美元）和收入30.6亿美元后，涨幅超过3%，而预期为29.5亿美元。同行Wheaton Precious和Barrick分别上涨近3%和2.5%，金融和科技股也上涨。然而，在金属价格下跌后，铜价下跌，艾芬豪下跌超过4.5%，第一量子下跌约4%，泰克下跌约2%。在贸易方面，有关美中关税有限回落的报道与恢复大豆采购和放宽稀土限制有关，削减了避险需求，尽管市场仍对任何休战的持久性持怀疑态度。

The S&P/TSX Composite rose about 0.3% to above the 30,145 mark on Thursday, as strength among major miners offset firmer central-bank signals. The Bank of Canada and the Federal Reserve each cut rates by 25 basis points, with the BoC framing its move as likely the end of easing if the outlook holds, while the Fed downplayed the odds of further reductions in December. Agnico Eagle led the rally, climbing more than 3% after reporting Q3 EPS of $2.16 (beating estimates by $0.21) and revenue of $3.06bn versus $2.95bn expected. Peers Wheaton Precious and Barrick added nearly 3% and 2.5%, respectively, and financials and tech also traded higher. However, copper names lagged after metal prices slipped, Ivanhoe fell over 4.5%, First Quantum about 4% and Teck roughly 2%. On the trade front, reports of a limited US–China tariff rollback tied to resumed soybean purchases and eased rare-earth restrictions trimmed safe-haven demand, though markets remain sceptical about the durability of any truce.

周四，由于宏观经济数据疲软和企业业绩悲观，富时MIB指数下跌超过0.6%，跌至43000点以下。尽管预计意大利经济将略有扩张，但第三季度经济停滞不前，而欧元区GDP的总体扩张增加了欧元区的借贷成本。欧洲央行将利率维持在2%，重申未来的举措将取决于数据，而无需预先承诺政策路径。Stellantis股价下跌超过9%，此前其第三季度盈利报告强调了外汇逆风和强劲收入的潜在一次性费用。尽管第三季度业绩强劲，普睿司曼仍下跌4%，反映出对未来挑战的担忧。Amplifon在报告调整后净利润下降27.7%至5.633亿欧元后下跌2%。从好的方面来看，Campari在报告有机息税前利润增长19.5%后飙升超过10%，几乎是预测的两倍。

The FTSE MIB fell over 0.6% to below the 43,000 mark on Thursday amid weak macroeconomic data and pessimistic corporate results. Italy’s economy stagnated in Q3 despite expectations of a slight expansion, while an aggregate GDP expansion for the Eurozone increased borrowing costs for the bloc. The ECB kept rates at 2%, reiterating that future moves will be data-dependent without pre-committing to a policy path. Stellantis slumped over 9% after its third quarter earnings report highlighted FX headwinds and potential one-off charges against strong revenues. Prysmian fell 4% despite robust Q3 results, reflecting concerns over future challenges. Amplifon lost 2% after reporting a 27.7% drop in adjusted net profit to €563.3 million. On the upside, Campari surged over 10% after reporting organic EBIT growth of 19.5%, nearly double forecasts.