2025年7月，加拿大Ivey采购经理人指数从6月的53.3升至55.8，高于市场预期的55.2，这表明经济连续第二个月扩张，随着就业指数（51.2对49.5）和供应商交付（50.2对44.7）转向增长，经济增速加快，而价格指数有所回落（68.5对70.2）。另一方面，库存指数下降至收缩（48.7比50.6）。

The Ivey Purchasing Managers Index in Canada rose to 55.8 in July 2025, up from 53.3 in June and above market expectations of 55.2, signaling economic expansion for the second consecutive month and at an accelerated pace as the employment index (51.2 vs. 49.5), and supplier deliveries (50.2 vs. 44.7) swinging to growth, while the price index eased (68.5 vs. 70.2). On the other hand, the inventories index fell to contraction (48.7 vs. 50.6).

周四，标准普尔/多伦多证交所综合指数徘徊在27920点的水平线之上，投资者权衡了美国对加拿大商品征收35%关税的可能性，因为企业盈利喜忧参半和资源价格反弹在一定程度上超过了贸易战的担忧。能源生产商Cenovus上涨约2%，引领该行业走高，因为油价停止了最近的暴跌。同样，在金价走强的背景下，巴里克矿业以近2%的涨幅领涨矿业股。另一方面，金融巨头宏利在第二季度财报令人失望后下跌超过2%。同样，Nutrien在第二季度表现不佳后下跌了3%以上。在其他地方，Shopify在昨日飙升21.5%后出现获利回吐，跌幅约为1%。在经济方面，加拿大经济活动连续第二个月增长，增速为一年来最快，7月份Ivey PMI为55.8，超出预期的55.2。

The S&P/TSX Composite hovered above the flatline at the 27,920 mark on Thursday, as investors weighed the onset of a 35% US tariff on Canadian goods as mixed corporate earnings and a rebound in resource prices somewhat outweighed trade-war concerns. Energy producer Cenovus added around 2% to lead the sector higher as oil prices halted their recent plunge. Similarly, Barrick Mining led the miners higher with nearly 2% on the back of stronger bullion prices. On the other hand, financial heavyweight Manulife dropped over 2% after a disappointing second quarter earnings report. Similarly, Nutrien lost over 3% after a lackluster performance in Q2. Elsewhere, Shopify dropped around 1% amid profit taking after yesterday’s 21.5% surge. Economically, Canada saw a second consecutive month of growing economic activity and at the fastest pace in a year as the Ivey PMI came in at 55.8 in July, beating expectations of 55.2.

周三，标准普尔/多伦多证交所综合指数上涨1.3%，收于27921点，创下历史新高，因为投资者在上周因对9月美联储降息的重新希望以及强劲的大宗商品和收益消息而抛售后买入了下跌的股票。Shopify在公布第二季度收入同比增长31%和营业收入增长17%后，以21.5%的涨幅领涨涨幅，均超预期，并将第三季度收入增长引导至20%的中高区间。尽管油价下跌拖累能源同行，森科尔股价仍下跌0.3%，超出预期。汤森路透股价暴跌10.1%，此前第二季度收入17.85亿美元，低于17.92亿美元的共识，原因是收购和处置拖累了5%，尽管每股收益超过分析师，核心增长仍然强劲，但这削弱了人们的信心。7月份，加拿大私营部门采购经理人指数（PMI）连续第八个月保持收缩，从6月份的44.0上升至48.7，制造业降至46.1，服务业降至49.3。

The S&P/TSX Composite jumped 1.3% to close at 27,921 on Wednesday, setting fresh record highs as investors bought the dip after last week’s selloff on renewed hopes for a September Fed rate cut and robust commodity and earnings news. Shopify led the rally with a surge of 21.5% after reporting Q2 revenue up 31% year-over-year and operating income rising 17%, both ahead of forecasts, and guiding Q3 revenue growth to the mid-to-high 20% range. Suncor slid 0.3% despite beating estimates as falling oil prices dragged down energy peers. Thomson Reuters shares plunged 10.1% after Q2 revenue of 1.785 billion missed the 1.792 billion consensus due to a 5% drag from acquisitions and disposals, undermining confidence even as EPS beat analysts and core growth remained strong. Canada’s private-sector PMI stayed in contraction for its eighth month at 48.7 in July, up from 44.0 in June, with manufacturing easing to 46.1 and services to 49.3.

标准普尔全球加拿大服务业采购经理人指数从6月份的44.3升至2025年7月的49.3，表明加拿大服务业的收缩步伐要温和得多。这是连续第八个月下降，但是当前序列中最慢的。由于企业表示美国关税和全球市场不确定性的持续影响，活动和新订单均以较低的速度下降。在就业方面，连续第三个月创造了就业机会，尽管增长幅度很小，而且比6月份疲软。由于关税和工资上涨，投入价格通胀仍然急剧上升，但放缓至六个月来的最低水平，低于系列平均水平。作为回应，服务提供商连续第三个月以显著的速度提高了销售价格。最后，商业信心增强至六个月高点，这得益于对更稳定的市场状况和新项目的希望，尽管不确定性和关税继续打压市场情绪。

The S&P Global Canada Services PMI rose to 49.3 in July 2025 from 44.3 in June, pointing to a much softer pace of contraction in the Canadian services sector. This was the eighth consecutive month of decline, but the slowest in the current sequence. Activity and new orders both fell at weaker rates, as firms cited the continued impact of US tariffs and global market uncertainty. On the employment front, job creation was recorded for the third consecutive month, though the increase was marginal and softer than in June. Input price inflation remained sharp due to tariffs and higher wages, yet slowed to the weakest pace in six months and below the series average. In response, service providers raised selling prices at a marked pace for the third month in a row. Finally, business confidence strengthened to a six-month high, supported by hopes for more stable market conditions and new projects, although uncertainty and tariffs continued to weigh on sentiment.