随着碳税的结束，加拿大4月份的通货膨胀率可能大幅下降。周二加拿大4月份的通胀数据将再次被税收变化扭曲，因为本月初取消了能源产品的消费者碳税。这建立在2024年12月至2025年2月期间联邦商品及服务税减免造成的先前扭曲之上。

Canadian Inflation in April Likely Saw a Big Drop as the Carbon Tax Ended.April's inflation reading for Canada on Tuesday will be distorted again by tax changes with the removal of the consumer carbon tax on energy products at the start of the month. This builds upon previous distortions caused by the federal GST tax break between December 2024 and February 2025.

标准普尔/多伦多证交所综合指数周五下跌约0.2%，至25870点以下，从历史高点略有回落，周涨幅降至约2%，主要矿业股的下跌掩盖了全球贸易紧张局势缓解和美国通胀数据疲软带来的更广泛乐观情绪。随着金价下跌，包括Agnico Eagle、Wheaton Precious Metals、Barrick gold和Franco Nevada在内的重量级金矿商下跌了1.6%至1.9%。相比之下，电子商务巨头Shopify表现优异，涨幅超过1.5%，而能源生产商的强势也提供了一些支持。在经济方面，加拿大统计局报告称，加拿大投资者在3月份收购了156亿加元的外国证券，而外国投资者继续减少对加拿大资产的敞口，同期撤资42亿加元。

The S&P/TSX Composite Index slipped around 0.2% to below the 25,870 mark on Friday, retreating slightly from record highs and trimming weekly gains to approximately 2%, as declines in major mining stocks overshadowed broader optimism driven by easing global trade tensions and softer US inflation data. Heavyweight gold miners including Agnico Eagle, Wheaton Precious Metals, Barrick Gold, and Franco-Nevada fell between 1.6% and 1.9%, as gold prices dropped. In contrast, e-commerce giant Shopify outperformed, rising over 1.5%, while strength in energy producers also provided some support. On the economic front, Statistics Canada reported that Canadian investors acquired C$15.6 billion in foreign securities in March, while foreign investors continued to reduce their exposure to Canadian assets, divesting C$4.2 billion during the same period.

继2月份净下降104亿加元后，外国投资者在2025年3月将加拿大证券的敞口减少了42亿加元，与市场预期的52亿加元流入形成鲜明对比。这一下降主要是由于非居民撤资120亿加元，在美国关税的不确定性及其对全球增长的影响下，全球风险资产继续出现更广泛的抛售。相比之下，债务证券净流入87亿加元。与此同时，加拿大投资者在同一时期净收购了价值156亿加元的外国证券。

Foreign investors reduced their exposure to Canadian securities by a net CAD 4.2 billion in March 2025, following the downwardly revised net decline of CAD 10.4 billion in February and contrasting with market expectations of a CAD 5.2 billion inflow. The decline was driven primarily by a CAD 12 billion divestment in equities by non-residents, continuing a broader global sell-off in risk assets amid US tariff uncertainty and its effects on global growth. In contrast, debt securities saw net inflows of CAD 8.7 billion. Meanwhile, Canadian investors acquired a net CAD 15.6 billion worth of foreign securities during the same period.

周四，标准普尔/多伦多证交所综合指数上涨0.8%，收于25898点，连续第八个交易日上涨，创历史新高，此前矿业和金融业的强劲抵消了能源的疲软。与黄金相关的股票领涨：Agnico Eagle、Wheaton Precious Metals、Barrick Gold和Franco Nevada均上涨1.6%至2.9%，金价反弹。与此同时，加拿大皇家银行大盘股贡献了1.7%，支撑了更广泛的金融业势头。然而，能源权重股的大幅下跌限制了反弹的上行空间——加拿大自然资源公司、森科尔公司、帝国石油公司和Cenovus公司都在石油基准疲软的情况下下跌了1.1%至1.7%。在经济方面，4月份的房屋开工量从3月份的214205套跃升30%，至278606套，这表明住宅建设再次上升，尽管3月份的制造业销售额因初级金属、石油和煤炭产品行业的拖累而下降了1.4%。

The S&P/TSX Composite Index rose 0.8% to close at 25,898 on Thursday—its eighth consecutive session of gains and a fresh all-time high—after strength in mining and financials counterbalanced weakness in energy. Gold-related names spearheaded the advance: Agnico Eagle, Wheaton Precious Metals, Barrick Gold and Franco-Nevada each climbed between 1.6% and 2.9% as bullion prices rebounded. Meanwhile, mega-cap RBC contributed an additional 1.7%, underpinning broader financial-sector momentum. However, the rally’s upside was capped by steep declines among energy heavyweights—Canadian Natural Resources, Suncor, Imperial Oil and Cenovus all retreated between 1.1% and 1.7% amid softening oil benchmarks. On the economic front, April housing starts jumped 30% to 278,606 units from March’s 214,205, signalling a renewed upswing in residential construction, even as March manufacturing sales dipped 1.4%, dragged lower by the primary metals and petroleum-and-coal-products industries.