周二，标准普尔/多伦多证交所综合指数微涨0.2%，收于25279点，此前特鲁多总理证实，美国对加拿大商品的关税将暂停至少30天。这一延迟缓解了人们对贸易中断的直接担忧，由于担心出口需求疲软和外汇流入减少，贸易中断给加拿大股市带来了压力。Shopify、加拿大太平洋铁路、加拿大国家铁路和加拿大帝国商业银行领涨，涨幅在1.1%至2.5%之间。能源行业也出现反弹，尽管油价下跌，但加拿大自然资源公司仍上涨了约2%，因为加拿大最大的石油出口目的地表明了贸易条款谈判的空间。与此同时，金融业表现滞后，加拿大皇家银行、布鲁克菲尔德银行和蒙特利尔银行的股价下跌了1.8%至3.1%。

The S&P/TSX Composite Index edged up 0.2% to close at 25,279 on Tuesday after Prime Minister Trudeau confirmed that U.S. tariffs on Canadian goods would be paused for at least 30 days. The delay eased immediate concerns over trade disruptions, which had pressured Canadian equities amid fears of weaker export demand and reduced foreign exchange inflows. Shopify, Canadian Pacific Railway, Canadian National Railway, and CIBC led the gains, rising between 1.1% and 2.5%. The energy sector also rebounded, with Canadian Natural Resources climbing around 2%, despite lower oil prices, as Canada’s top oil export destination signaled room for negotiating trade terms. Meanwhile, the financial sector lagged, with RBC, Brookfield, and BMO declining between 1.8% and 3.1%.

随着市场复苏，加元重返熟悉的领域。周二，在市场情绪从一轮关税担忧中恢复后，加元（CAD）飙升，使加元在经历了20年低点的短暂考验后，刚好回到熟悉的盘整区域。 

Canadian Dollar slams back into familiar territory as markets recover.The Canadian Dollar (CAD) surged on Tuesday after market sentiment recovered from a bout of tariff fears, sending the Canadian Dollar just high enough to crash back into familiar consolidation territory after a brief test of two-decade lows. 

加拿大10年期政府债券收益率稳定在3.04%左右，在达到七周低点后停止下跌，因为特鲁多总理确认美国对加拿大商品的关税将暂停至少30天后，避险需求有所缓解。这一延迟缓解了人们对潜在贸易中断的直接担忧，这加剧了人们对加拿大出口需求减少和外汇流入有限的担忧所引发的风险规避。然而，加拿大央行采取了越来越温和的立场，标志着其量化紧缩计划的结束，限制了对收益率的支持。中国银行最近将利率下调25个基点至3%，并计划从3月开始恢复资产购买。最初，这些购买将通过回购计划进行，随后通过拍卖收购加拿大政府票据，中国银行的目标是在2026年底前恢复二级市场债券购买。

Canada’s 10-year government bond yield stabilized at around 3.04%, halting its decline after reaching seven-week lows, as safe-haven demand eased following Prime Minister Trudeau’s confirmation that U.S. tariffs on Canadian goods would be paused for at least 30 days. This delay alleviated immediate concerns over potential trade disruptions, which had fueled risk aversion stemming from fears of reduced demand for Canadian exports and limited foreign exchange inflows. However, the Bank of Canada has taken an increasingly dovish stance, marking the conclusion of its quantitative tightening program, limiting support for yields. The BoC’s recent 25 basis point rate cut to 3% was accompanied by plans to resume asset purchases starting in March. Initially, these purchases will occur through the repo program, followed by the acquisition of Government of Canada bills via auctions, with the BoC targeting a return to secondary market bond purchases by the end of 2026.

周二，标准普尔/多伦多证交所综合指数上涨0.5%，收于25380点以上，此前特鲁多总理证实，美国对加拿大商品的关税将暂停至少30天。这一延迟缓解了人们对贸易中断的直接担忧，由于担心出口需求疲软和外汇流入减少，贸易中断对加拿大股市造成了压力。Shopify、加拿大太平洋铁路和加拿大帝国商业银行领涨，涨幅在1.3%至1.8%之间。此外，能源行业反弹，权重股加拿大自然资源公司飙升约2%，尽管油价暴跌，因为加拿大主要石油出口目的地的信号减少了贸易条款的谈判空间。

The S&P/TSX Composite Index rose 0.5% to above the 25,380 mark on Tuesday, after Prime Minister Trudeau confirmed that U.S. tariffs on Canadian goods would be paused for at least 30 days. This delay eased immediate concerns over trade disruptions that had weighed on Canadian equities amid fears of weaker export demand and reduced foreign exchange inflows. Leading the gains, Shopify, Canadian Pacific Railway, and CIBC climbed between 1.3% and 1.8%. Additionally, the energy sector rebounded with heavyweight Canadian Natural Resources surging around 2%, despite plunging oil prices as Canada’s major oil export destination signals reduced room for negotiating terms of trade.