周四，标准普尔/多伦多证交所综合指数上涨0.3%，收于26616点，再创历史新高，因投资者对美国经济数据疲软和地缘政治风险上升做出反应。美国劳动力市场降温的迹象，以及低于预期的CPI和PPI数据，增加了市场对美联储最早于9月降息的预期，目前预计2025年将降息50个基点。在地缘政治方面，在伊朗威胁美国基地后，美国命令驻巴格达大使馆工作人员，特朗普总统宣布即将对主要合作伙伴征收单边关税，推动避险资金流入黄金后，紧张局势加剧。黄金矿商——Agnico Eagle、Wheaton Precious Metals、Barrick Gold和Franco Nevada——因金价上涨上涨超过1%，而能源股在石油小幅回落的情况下减少了早盘跌幅。

The S&P/TSX Composite Index rose 0.3% to close at 26,616 mark on Thursday, renewing its record high as investors reacted to softer US economic data and rising geopolitical risks. Signs of a cooling US labor market, along with weaker-than-expected CPI and PPI data, increased market expectations of a Federal Reserve rate cut as early as September, with 50 basis points of easing now priced in for 2025. On the geopolitical front, tensions intensified after the US ordered embassy staff from Baghdad following Iranian threats against American bases and President Trump announced forthcoming unilateral tariffs to key partners, driving safe-haven flows into bullion. Gold miners—Agnico Eagle, Wheaton Precious Metals, Barrick Gold and Franco-Nevada—rose over 1% on higher gold prices, while energy names pared early losses amid a modest pullback in oil.

加元在美元疲软的情况下跌至新高。周四，加元兑美元汇率跌至八个月新高，将美元兑加元汇率推至去年10月以来的最低水平，并测试了1.3600区域。5月份美国生产者价格指数（PPI）通胀数据低于预期，消除了对关税引发的通胀火花的担忧，并促使投资者更加坚定地押注美联储（Fed）9月份降息。

Canadian Dollar lurches into new highs amid Greenback weakness.The Canadian Dollar (CAD) lurched into fresh eight-month highs against the US Dollar (USD) on Thursday, pushing the USD/CAD pair to its lowest levels since last October and testing the 1.3600 region. US Producer Price Index (PPI) inflation figures came in softer than expected in May, pushing out fears of tariff-fueled inflation sparks and pushing investors into firmer bets for a Federal Reserve (Fed) rate cut in September.

6月，加元兑美元汇率升至约1.36，为8个月来最高，主要原因是美国通胀低于预期和美联储政策重新定价导致美元普遍疲软。5月份的CPI同比仅上涨2.4%，导致国债收益率下降，削弱了美元的套利吸引力。在国内，加拿大央行6月份决定保持利率稳定，同时放弃紧缩政策，这突显了向中性的转变，缩小了与美联储的政策差异，并提高了加元。4月工业产出小幅回升，就业保持稳定，表明经济可以吸收更渐进的美国利率路径。在贸易方面，美中重新谈判，最终承诺恢复日内瓦框架并取消稀土限制，缓解了曾经笼罩在加拿大出口部门的全球关税担忧。最后，强劲的油价提振了加拿大的贸易条件，并进一步支撑了加元的升值。

The Canadian dollar advanced to roughly 1.36 per USD in June, its strongest in eight months, primarily on broad US dollar weakness driven by softer-than-expected US inflation and a repricing of Fed policy. May’s CPI printed just 2.4% year-on-year, which sent Treasury yields lower and eroded the greenback’s carry appeal. Domestically, the Bank of Canada’s June decision to hold rates steady while dropping its tightening bias underscored a shift toward neutral, narrowing the policy differential with the Fed and lifting the loonie. April’s industrial output ticked up modestly and employment remains firm, suggesting the economy can absorb a more gradual US rate path. On the trade front, renewed US–China negotiations, culminating in pledges to revive the Geneva framework and lift rare-earth curbs, have dampened global tariff fears that once hung over Canada’s export sectors. Finally, strong oil prices have buoyed Canada’s terms of trade and further supported the currency’s advance.

周四，标准普尔/多伦多证交所综合指数下跌约0.2%，至26500点以下，从历史高点回落，因为油价下跌、贸易希望破灭和地缘政治风险加剧给加拿大市场带来了压力。原油价格下跌拖累加拿大天然气公司、森科尔公司和Cenovus公司下跌0.9%至1.5%，而金融和科技股也出现了强劲的下跌。特朗普总统宣布他将在未来几周内向主要贸易伙伴发出单方面关税函，这进一步给依赖出口的行业的前景蒙上了阴影。在这种背景下，中东紧张局势的升级刺激了避险股的轮动，结束了多伦多证券交易所总体上谨慎的交易日。

The S&P/TSX Composite Index dropped around 0.2% to below the 26,500 mark on Thursday, pulling back from its record high as retreating oil prices, faltering trade hopes and heightened geopolitical risks weighed on Canada’s markets. A slide in crude dragged Canadian Natural, Suncor and Cenovus down between 0.9% and 1.5%, while financial and technology stocks also traded firmly in the red. President Trump’s announcement that he will dispatch unilateral tariff letters to major trading partners in the coming weeks further clouded the outlook for export-reliant sectors. Against this backdrop, escalating tensions in the Middle East spurred a rotation into safe-havens, capping what was overall a cautious session for the TSX.