周四，标准普尔/多伦多证交所综合指数微涨至29330点以上，因北美央行降息并暗示进一步宽松后，投资者谨慎行事。加拿大银行和美联储均将政策利率下调了25个基点，降低了贴现率，并提高了对期限敏感和以增长为导向的行业的估值。加拿大最近的指标显示，劳动力市场降温和经济增长放缓增加了进一步宽松的可能性，并促使投资者重新定价利率路径。Shopify和Brookfield等对利率敏感的科技和金融巨头是涨幅最大的股票之一，各上涨超过1%，而主要矿业股则限制了该指数的上涨，因为金价和铜价疲软给矿商带来了压力。

The S&P/TSX Composite edged marginally higher to above the 29,330 level on Thursday as investors tread cautiously after North American central banks cut rates and signalled further easing. Both the Bank of Canada and the US Federal Reserve reduced policy rates by 25 basis points, lowering discount rates and boosting valuations for duration sensitive and growth oriented sectors. Recent Canadian indicators showing a cooling labour market and slowing growth have increased the odds of more easing and prompted investors to reprice the path of interest rates. Rate sensitive tech and financial mega caps such as Shopify and Brookfield were among the top gainers, each adding more than 1 percent, while major mining equities capped the index’s rise as softer gold and copper prices weighed on miners.

加拿大CFIB商业晴雨表长期指数在2025年9月升至50.2，比8月份上升了2个点。涨幅来自交通运输（+3.5至51.0）、农业（+3.6至53.6）、制造业（+5.1至49.4）、零售业（+1.3至48.7）和信息、艺术与娱乐业（+1.0至54.5），而大多数其他行业略有下滑。信心仍然疲软，有7个省份的信心达到或超过50。新不伦瑞克省以58.8领先，其次是爱德华王子岛省，为55.8，而安大略省（48.1）、新斯科舍省（45.5）和不列颠哥伦比亚省（45.3）仍低于50，远低于历史平均水平。人事计划突显出劳动力市场疲软，18%的公司计划裁员，12%的公司计划招聘。价格和工资预期分别保持不变，分别为2.7%和2.2%。

Canada’s CFIB Business Barometer long-term index rose to 50.2 in September 2025, up two points from August. Gains came from transportation (+3.5 to 51.0), agriculture (+3.6 to 53.6), manufacturing (+5.1 to 49.4), retail (+1.3 to 48.7), and information, arts & recreation (+1.0 to 54.5), while most other sectors slipped slightly. Confidence remains weak, with seven provinces at or above 50. New Brunswick led at 58.8, followed by PEI at 55.8, while Ontario (48.1), Nova Scotia (45.5), and British Columbia (45.3) stayed below 50 and well under historical averages. Staffing plans highlight a soft labor market, with 18% of firms planning layoffs and 12% hiring. Price and wage expectations were unchanged at 2.7% and 2.2%, respectively.

中国银行按预期降息0.25%，仍有可能进一步降息。正如预期的那样，加拿大央行在9月份的决定中将利率从2.75%下调25个基点至2.50%，同时对下一步行动提供了最低限度的前瞻性指导。以下是CAD的反应。

BOC Cut Interest Rates by 0.25% As Expected, Further Cuts Still Likely.As expected, the Bank of Canada lowered interest rates by 25 basis points from 2.75% to 2.50% in their September decision while offering minimal forward guidance on next moves. Here's how CAD reacted.

标准普尔/多伦多证交所综合指数周三小幅上涨，收于29322点，投资者消化了加拿大银行和美联储普遍预期的25个基点的降息，并权衡了每家银行的前瞻性指引。在国内，新的数据表明劳动力市场疲软和经济增长放缓，强化了进一步宽松的预期，并促使市场为降低利率制定了更明确的路径。与此同时，美联储降息25个基点，其预测表明今年将再降息两次，但对实际增长、失业率下降和核心通胀上调的更强劲预测，缓和了对更陡峭宽松周期的押注。行业走势喜忧参半，矿商和银行领涨，巴里克矿业上涨约2.3%，道明银行上涨约0.8%，而星座软件下跌1.7%，加拿大太平洋和加拿大国民银行各下跌0.9%。

The S&P/TSX Composite edged marginally higher to close at 29,322 level on Wednesday as investors absorbed the widely expected 25 basis point cuts by both the Bank of Canada and the US Federal Reserve and weighed each bank's forward guidance. Domestically, fresh data pointing to a weakening labour market and slowing growth reinforced expectations of further easing and prompted markets to price a clearer path to lower rates. Meanwhile, the US Fed cut by 25 bps and its projections flagged two additional cuts this year, but stronger forecasts for real growth, a lower unemployment path and upward revisions to core inflation tempered bets on a steeper easing cycle. Sector moves were mixed with miners and banks leading gains, Barrick Mining up about 2.3% and TD Bank adding roughly 0.8%, while Constellation Software fell 1.7% and Canadian Pacific and Canadian National lost 0.9% each.