标准普尔/多伦多证交所综合指数周五下跌0.3%，收于27314点，从历史高点回落，原因是铁路和航空公司的严重亏损超过了能源和公用事业的强劲表现。加拿大太平洋堪萨斯城暴跌3.6%，加拿大国家航空公司下跌2.4%，领跌跌幅，此前两家公司都警告称，美国制造业活动疲软、多式联运量持平以及磷酸盐和钾肥出口疲软将导致年底货运量减少，加拿大交通部的数据证实了这一评估，显示粮食装卸量同比下降。在贸易方面，总理马克·卡尼已派遣特使前往华盛顿，在8月1日钢铁和铝关税最后期限之前与特朗普总统进行最后谈判，国际贸易部长曼尼德·西杜表示南方共同市场谈判取得进展，此举被视为使加拿大工业支柱免受迫在眉睫的关税影响的关键。尽管周五有所下跌，但该指数本周仍上涨1.1%。

The S&P/TSX Composite slipped 0.3% to close at 27,314 on Friday, retreating from record highs as heavy losses among railways and air carriers outweighed strength in energy and utilities. Canadian Pacific Kansas City plunged 3.6% and Canadian National tumbled 2.4%, leading the decline after both warned that softer US manufacturing activity, flat intermodal volumes and weaker phosphate and potash exports will shave freight tonnage into year-end, an assessment confirmed by Transport Canada’s data showing year-on-year declines in grain-handling traffic. On the trade front, Prime Minister Mark Carney has dispatched envoys to Washington for final talks with President Trump ahead of the August 1st steel and aluminum-tariff deadline, and International Trade Minister Maninder Sidhu signaled progress in Mercosur negotiations, moves seen as crucial to insulating Canada’s industrial backbone from looming duties. Despite Friday’s dip, the index still notched a 1.1% gain over the week.

加拿大商业情绪在早些时候恶化后，第二季度可能趋于稳定。加拿大银行周一的商业前景调查预计将显示，企业对第二季度未来销售、投入价格和招聘的预期将出现初步稳定迹象。

Canadian Business Sentiment Likely Stabilized in Q2 After Earlier Deterioration.The Bank of Canada's Business Outlook Survey on Monday is expected to show early signs of stabilization in businesses' expectations for future sales, input prices and hiring in Q2.

标准普尔/多伦多证交所综合指数周五小幅下跌至27370点以下，从历史高点回落，因为出口敏感铁路的损失超过了科技和能源巨头的收益。加拿大总理马克·卡尼已派遣一名贸易特使前往华盛顿，在8月1日35%的钢铁和铝关税最后期限之前与特朗普总统进行最后谈判，这让市场希望加拿大的关键工业投入可能仍然免关税。尽管如此，加拿大国家航空公司和加拿大太平洋航空公司均下跌超过1.5%，此前有警告称，美国制造业活动放缓、多式联运集装箱量疲软以及磷酸盐和钾肥运输量减少将侵蚀下半年的货运吨位，这一观点得到了加拿大交通部数据的证实，该数据显示粮食装卸量同比下降。相比之下，由于新的中东供应风险使原油价格保持上涨，能源股表现强劲。本周，多伦多证交所上涨约1.2%，再创历史新高。

The S&P/TSX Composite edged lower to below the 27,370 mark on Friday, easing from its record high as losses from export-sensitive railways outweighed gains from tech and energy giants. Prime Minister Mark Carney has dispatched a trade envoy to Washington for last-ditch talks with President Trump ahead of the August 1st deadline for 35% steel and aluminum tariffs, giving markets hope that key industrial inputs for Canada may remain tariff-free. Nevertheless, Canadian National and Canadian Pacific each slid more than 1.5% following warnings that slowing US manufacturing activity, softer intermodal container volumes and reduced phosphate and potash shipments would erode second-half freight tonnage, a view corroborated by Transport Canada data showing year-on-year declines in grain-handling traffic. By contrast, energy shares held up strongly as fresh Middle East supply risks kept crude prices buoyant. The week saw the Toronto exchange add around 1.2% and renewing record highs.

周四，标准普尔/多伦多证交所综合指数上涨0.9%，创下27387点的历史新高，受新贸易战发展推动，消费品和科技权重股大幅上涨。Alimentation Couche Tard在放弃对Seven&i的460亿美元收购后飙升8.3%，从而释放了资本以获得更多增值机会，而Shopify则因强劲的商家指标上涨了6.2%，尽管原材料股因大宗商品价格疲软而回落。与此同时，渥太华对自由贸易协定伙伴实施钢铁关税配额的举措，保留了USMCA豁免，让投资者放心，加拿大的钢铁行业将不受华盛顿50%关税的影响，美国零售销售的强劲和失业申请的弹性维持了对风险资产的需求。国内指标，5月份批发贸易增长0.1%，6月份房屋销售增长2.8%，进一步突显了加拿大经济势头的弹性。

The S&P/TSX Composite climbed 0.9% to a record high of 27,387 on Thursday, driven by standout gains in consumer staples and tech heavyweights amid fresh trade-war developments. Alimentation Couche-Tard surged 8.3% after abandoning its US $46 billion bid for Seven & i, thereby freeing up capital for more accretive opportunities, while Shopify jumped 6.2% on robust merchant metrics, even as materials stocks pulled back on softer commodity prices. Meanwhile, Ottawa’s move to impose steel-tariff quotas on FTA partners, with USMCA exemptions preserved, reassured investors that Canada’s steel industry will be insulated from Washington’s 50% duties, and firmer US retail sales and resilient jobless claims sustained demand for risk assets. Domestic indicators, a 0.1% uptick in May wholesale trade and a 2.8% June increase in home sales, further highlighted the resilience of Canada’s economic momentum.