标准普尔/多伦多证交所综合指数周二上涨0.2%，收于26426点，略低于上周的历史高点，这得益于对美中贸易紧张局势可能缓和的乐观情绪。投资者对伦敦出口管制谈判进展顺利的报道表示欢迎，据报道，华盛顿正在考虑放宽半导体限制，以换取加快稀土运输。供应链摩擦减少的希望提振了全球贸易情绪，并增强了加拿大大宗商品出口基地的需求前景。加拿大自然资源公司、森科尔公司、帝国石油公司和Cenovus的股价上涨1.6%至2.4%，能源股领涨。电子商务巨头Shopify也表现出色，上涨2.2%。

The S&P/TSX Composite Index rose 0.2% to close at 26,426 on Tuesday, just shy of last week’s record high, supported by optimism over a potential thaw in US–China trade tensions. Investors welcomed reports that export-control talks in London were progressing smoothly, with Washington reportedly weighing an easing of semiconductor restrictions in exchange for accelerated rare-earth shipments. Hopes of reduced supply-chain friction boosted global trade sentiment and strengthened demand prospects for Canada’s commodity-heavy export base. Gains were broad-based, led by energy, as shares of Canadian Natural Resources, Suncor, Imperial Oil, and Cenovus rose between 1.6% and 2.4%. E-commerce giant Shopify also outperformed, adding 2.2%.

标准普尔/多伦多证交所综合指数周二上涨约0.3%，突破26440点大关，创下历史新高，这得益于人们对世界两大经济体之间达成更有利于贸易的解决方案的希望。投资者对有关美中在伦敦的出口管制谈判进展顺利的报道做出了积极回应，据报道，华盛顿正在考虑放宽半导体限制，以换取稀土运输的加速。供应链摩擦减少的前景提振了全球贸易情绪，并增强了对加拿大大宗商品出口基地的需求预期。涨幅广泛，能源板块领涨，加拿大自然资源、森科尔、帝国石油和Cenovus股价上涨1.2%至1.6%。

The S&P/TSX Composite Index rose about 0.3% to surpass the 26,440 mark on Tuesday, testing new record highs buoyed by hopes for a more trade-friendly resolution between the world’s two largest economies. Investors responded positively to reports that US–China export-control talks in London were progressing smoothly, with Washington reportedly considering easing semiconductor restrictions in return for accelerated rare-earth shipments. The prospect of reduced supply-chain friction lifted sentiment around global trade and reinforced demand expectations for Canada’s commodity-heavy export base. Gains were broad-based, with the energy sector leading the advance as shares of Canadian Natural Resources, Suncor, Imperial Oil, and Cenovus climbed between 1.2% and 1.6%.

加元势头减弱，Loonie在近期上涨后继续买入。上周，加元兑美元汇率再次创下八个月新高，目前正在喘息。在过去的15个连续交易日中，除了4个交易日外，加元兑美元汇率在所有交易日都有所上涨或保持稳定，加拿大央行（Bank of Canada）的最新利率控制结束了连续七次降息，为加元竞标者提供了新的立足点。

Canadian Dollar momentum fizzles, Loonie digs in after recent gains.The Canadian Dollar (CAD) is taking a breather following a fresh push into eight-month highs against the US Dollar (USD) last week. The Loonie has gained ground or held steady against the Greenback for all but four of the last 15 consecutive sessions, and the latest rate hold by the Bank of Canada (BoC) snapped a seven-straight rate cut streak, giving CAD bidders fresh legs to stand on.

加拿大10年期政府债券收益率攀升至约3.4%，接近五个月高点，这是由于国内和全球力量的趋同推动利率预期上升。在国内，核心通胀率居高不下（削减后的平均值超过2%）和4月份意外的零售额激增说服加拿大央行将政策利率维持在2.75%，这强化了货币宽松政策仍未出台的观点。与此同时，渥太华持续的预算赤字迫使大量长期债务发行，在养老基金等传统买家寻求其他地方更高收益率之际，基准债券供应不断膨胀。在国外，美国国债收益率因强劲的就业数据和美中贸易紧张局势的重新爆发而上升，导致加拿大国债收益率随之走高，钢铁和铝关税的持续不确定性迫使投资者坚持要求为持有加拿大国债增加溢价。

The yield on the Canadian 10-year government bond climbed to about 3.4%, a near five-month high, driven by a convergence of domestic and global forces that have pushed interest-rate expectations higher. At home, stubbornly elevated core inflation (with trimmed-mean readings above 2%) and April’s unexpected retail-sales surge persuaded the Bank of Canada to maintain its policy rate at 2.75%, reinforcing the view that monetary accommodation remains off the table. Meanwhile, Ottawa’s sustained budget deficits have necessitated hefty long-term debt issuance, swelling benchmark bond supply just as traditional buyers such as pension funds seek richer yields elsewhere. Abroad, US Treasury yields have risen on strong jobs data and renewed US–China trade tensions, dragging Canadian yields higher in their wake, and persistent uncertainty over steel and aluminum tariffs, has compelled investors to insist on an added premium for holding Canadian duration.