周二，标准普尔/多伦多证交所综合指数上涨0.6%，收于28340点，蒙特利尔银行和丰业银行的利息收入增加和贷款损失准备金大幅下降，为财报季带来了强劲的开局，尽管面临更广泛的阻力，但金融业仍表现出色。蒙特利尔银行股价上涨4.7%，此前该行报告净收入增长17%，至23.3亿加元，主要受净利息收入55亿加元和信贷准备金降至7.97亿加元的推动，远低于去年和分析师的预期。丰业银行上涨6.9%，净利息收入增至54.9亿加元，利润增至25.2亿加元，反映出在贸易摩擦缓解的情况下，利润率提高，贷款表现改善。这些收益降低了信贷周期的不确定性，并帮助支撑了该指数，尽管有关美联储治理和油价疲软的问题给更广泛的市场带来了压力。

The S&P/TSX Composite climbed 0.6% to close at 28,340 on Tuesday as stronger interest income and sharply lower loan loss provisions at Bank of Montreal and Scotiabank delivered a robust start to earnings season and lifted the financial sector to outperform despite broader headwinds. BMO rose 4.7% after reporting net income up 17% to C$2.33 billion, driven by net interest income of C$5.5 billion and credit provisions slipping to C$797 million, well below last year and analysts' expectations. Scotiabank gained 6.9% as net interest income increased to C$5.49 billion and profit rose to C$2.52 billion, reflecting wider margins and improved loan performance amid easing trade frictions. Those earnings beats reduced uncertainty around the credit cycle and helped underpin the index even as questions about Federal Reserve governance and softer oil weighed on broader markets.

过去两天，加拿大10年期政府债券收益率攀升至3.47%以上，原因是美国通胀数据走强和经济活动数据走强，推低了短期政策宽松的可能性，提高了长期实际利率和通胀预期，而有关美联储的政治头条增加了短期波动性。在国内，由于预算公告的延迟和潜在的新支出，加拿大政府预计将在本财政年度超过其之前的债务发行记录。此外，加拿大央行自3月以来一直将政策利率维持在2.75%，尽管有人猜测可能降息，但央行尚未采取行动。此外，最近取消对美国商品的报复性关税可能被视为合作的标志，有可能减轻通胀压力，并为加拿大银行的货币政策提供更大的灵活性。

The yield on the Canadian 10 year government bond has climbed above 3.47% over the past two days as firmer US inflation prints and stronger activity data pushed back the odds of near term policy easing and lifted long run real rates and inflation expectations, while political headlines about the Federal Reserve added short term volatility. Domestically, Canada's government is projected to surpass its previous record for debt issuance this fiscal year, driven by delayed budget announcements and potential new spending. Additionally, the Bank of Canada has maintained its policy interest rate at 2.75% since March, and while there is speculation about potential rate cuts, the central bank has not yet acted. Furthermore, the recent removal of retaliatory tariffs on US goods could be seen as a sign of collaboration, potentially reducing inflationary pressures and providing the Bank of Canada with more flexibility in its monetary policy.

周二，标准普尔/多伦多证交所综合指数上涨0.2%，收于28200点以上，这得益于强于预期的银行盈利和杰克逊霍尔事件后市场的暂停，稳定了市场。蒙特利尔银行和加拿大丰业银行分别上涨了3%和4.5%以上，此前它们报告称，由于净利息收入和拨备减少，季度利润有所增长，尽管它们都对贸易收入疲软、贷款增长温和以及易受美国贸易措施影响的出口商的风险敞口提出了警告。收益重新评估恰逢政策可信度受到打击，此前白宫反对美联储理事的举动短暂助长了避险资金流动，并迫使交易员重新考虑美联储宽松政策的时机和独立性。抵消反弹的是，加拿大自然资源公司和森科尔公司各下跌1%以上，随着投资者远离周期性能源公司，涨幅受到限制。在包括英伟达收益、美国个人消费支出通胀和加拿大第二季度国内生产总值在内的繁忙日历之前，人们普遍持谨慎态度。

The S&P/TSX Composite rose 0.2% to above the 28,200 mark on Tuesday, supported by stronger-than-feared bank earnings and a pause in the post-Jackson Hole unwind steadied the market. BMO and Scotiabank climbed more than 3% and 4.5%, respectively, after reporting higher quarterly profits driven by net interest income and lower provisioning, though both cautioned on weaker trading revenues, modest loan growth, and exposure to exporters vulnerable to US trade measures. The earnings reassessment coincided with a blow to policy credibility after the White House move against a Fed governor briefly fueled safe-haven flows and forced traders to reconsider the timing and independence of Fed easing. Offsetting the rebound, Canadian Natural Resources and Suncor lost over 1% each, capping gains as investors rotated away from cyclical energy names. Caution prevailed ahead of a busy calendar including Nvidia earnings, the US PCE inflation print, and Canada’s Q2 GDP.

据初步估计，加拿大制造业销售额预计将在2025年7月增长1.8%，高于6月份的0.3%。运输设备以及石油和煤炭产品子行业引领增长。如果得到证实，这将是自2024年10月以来最强劲的月度增长，表明在经历了一段时间的疲软表现后，制造业活动出现了温和的好转。

Canada’s manufacturing sales are expected to rise 1.8% in July 2025, accelerating from a 0.3% gain in June, according to preliminary estimates. Growth was led by the transportation equipment and petroleum and coal product subsectors. If confirmed, this would represent the strongest monthly increase since October 2024, pointing to a modest turnaround in manufacturing activity after a period of sluggish performance.