标准普尔/多伦多证交所综合指数在周三触及历史高点后，连续第二个交易日小幅下跌，因为强劲的经济数据巩固了人们对加拿大央行下周将不会降息的押注。今年第一季度，加拿大国内生产总值年化增长2.2%，远超1.7%的预期增长。尽管如此，在出口和商业库存激增的情况下，由于国内需求因经济不确定性和加拿大银行高利率的滞后效应而保持疲软，美国提前承担关税风险的举措支撑了经济增长。缺乏下行意外促使利率交易员增持头寸，这反映了央行下周会议的搁置。银行在本周盈利后喜忧参半，加拿大皇家银行和加拿大丰业银行上涨约0.5%，而道明银行和加拿大帝国商业银行小幅下跌。与此同时，由于金价回落，Agnico Eagle下跌超过1%。

The S&P/TSX Composite edged lower for a second session after touching its record-high on Wednesday, as strong economic data consolidated bets that the Bank of Canada will refrain from cutting interest rates next week. The Canadian GDP expanded by an annualized 2.2% in the first quarter of the year, well ahead of expectations of a 1.7% growth. Still, growth was underpinned by moves to front-load the risk of tariffs from the US amid the jump in exports and business inventories, as domestic demand remained muted to economic uncertainty and lagged effects of the Bank of Canada's high interest rates. The lack of downside surprises drove rate traders to pile on positions that reflect a hold for the central bank's meeting next week. Banks were mixed after their earnings-filled week, with RBC and Scotiabank around 0.5% higher, while TD Bank and CIBC edged lower. In the meantime, Agnico Eagle fell over 1% on the pullback for gold prices.

预计2025年4月，加拿大经济可能增长0.1%，与3月持平，因为采矿、采石、石油和天然气开采以及金融和保险的增长被制造业的下降部分抵消。考虑到3月份，受采矿、采石、石油和天然气开采2.2%的反弹以及建筑业0.5%的增长推动，商品生产行业上涨0.2%，三个月来第二次引领增长。服务业微涨0.1%，零售贸易（0.8%）、运输和仓储（0.8%）以及住宿和餐饮服务（1.4%）增长。考虑到第一季度，加拿大国内生产总值增长了0.5%，与2024年第四季度持平。商品出口推动了2025年第一季度的增长，其次是商业非农产品库存的积累。进口增加和住宅结构转售活动疲软抑制了第一季度的整体增长。

The Canadian economy likely expanded 0.1% in April 2025, the same as in March, as increases in mining, quarrying, and oil and gas extraction and finance and insurance were partially offset by decreases in manufacturing, advance estimates showed. Considering the March month, the goods-producing industries went up 0.2%, and led the growth for the second time in three months, driven by a 2.2% rebound in the mining, quarrying, and oil and gas extraction and a 0.5% gain in construction. The services-producing industries edged up 0.1% on increases in retail trade (0.8%), transportation and warehousing (0.8%) and accommodation and food services (1.4%). Considering Q1, the Canadian GDP increased 0.5%, matching Q4 2024. Exports of goods drove the growth in the first quarter of 2025, followed by accumulations of business non-farm inventories. Higher imports and weak residential structure resale activity tempered overall growth in the first quarter.

加拿大3月份GDP增长0.1%，4月份又增长0.1%。加拿大3月份GDP环比增长0.1%，符合市场预期。商品生产行业的实力继续支撑着整体产出。

Canada GDP expands 0.1% mom in March, another 0.1% mom in April.Canada's GDP grew by 0.1% mom in March, in line with market expectations. Strength in goods-producing industries continued to support overall output.

加拿大第一季度实际GDP增长2.2%，而预期增长1.7%。加拿大统计局周五报告称，加拿大第一季度实际国内生产总值（GDP）季度增长0.5%。这一数据与2024年最后一个季度0.5%的增长率相吻合。

Canada real GDP grows 2.2% in first quarter vs. 1.7% expected.Canada's real Gross Domestic Product (GDP) grew by 0.5% on a quarterly basis in the first quarter, Statistics Canada reported on Friday. This reading matched the 0.5% expansion recorded in the last quarter of 2024.