周四，标准普尔/多伦多证交所综合指数收盘上涨0.6%，创下27034点的新高，受对美国-越南贸易协定的乐观情绪和强劲的美国就业数据推动，科技和金融股上涨。加拿大科技巨头Shopify和Constellation Software分别上涨2.1%和1.1%，而金融巨头布鲁克菲尔德资产管理公司和蒙特利尔银行分别上涨2.7%和1.1%。随着全球金属价格走软，这些进步抵消了能源和贱金属矿商的下跌。在国内，加拿大统计局报告称，5月份商品出口增长1.1%，进口下降1.6%，贸易逆差收窄，但整体经济势头减弱。尽管越南暂缓征收20%的关税，但将美国惩罚性关税延长至7月9日最后期限之后的谈判仍未解决，这给资源出口商带来了持续的压力。6月美国非农就业人数14.7万人，强于预期，进一步提振了人们对北美经济增长的信心。

The S&P/TSX Composite closed 0.6% higher at a fresh record of 27,034 on Thursday, driven by gains in technology and financials amid optimism over a US–Vietnam trade agreement and robust US employment data. Canadian tech leaders Shopify and Constellation Software jumped 2.1% and 1.1%, respectively, while financial stalwarts Brookfield Asset Management and Bank of Montreal added 2.7% and 1.1%. Those advances more than offset declines in energy and base-metal miners as global metals prices softened. At home, Statistics Canada reported that May merchandise exports rose 1.1% and imports fell 1.6%, narrowing the trade deficit but leaving overall economic momentum muted. Talks to extend punitive US tariffs beyond the July 9th deadline remain unresolved despite Vietnam’s 20% reprieve, sustaining pressure on resource exporters. A stronger-than-expected 147,000 June US nonfarm payrolls print further bolstered confidence in North American growth.

周四，标准普尔/多伦多证交所综合指数上涨约0.3%，收于26900点以上，创下历史新高，科技和金融股领涨，抵消了大宗商品生产商的疲软。加拿大皇家银行、Shopify、布鲁克菲尔德、宏利和Open Text等大盘股均上涨0.5%至1.4%，追随美国劳动力市场走强后的美国同行，6月份令人惊讶的强劲就业人数为14.7万人，而预期为11万人，突显了美国经济的弹性。在国内，加拿大统计局报告称，5月份商品出口温和增长1.1%，进口下降1.6%，缩小了贸易逆差，但对应对更广泛的经济疲软几乎没有什么作用。与此同时，尽管越南达成了20%的协议，但关于7月9日截止日期后美国惩罚性关税的谈判仍未解决，这给加拿大的资源出口商带来了压力。

The S&P/TSX Composite Index climbed roughly 0.3% to above the 26,900 mark on Thursday, marking a fresh record high led by strength in technology and financial names that more than offset weakness among commodity producers. Mega-caps RBC, Shopify, Brookfield, Manulife and Open Text each gained between 0.5% and 1.4%, tracking US peers following firmer US labor market cues, June’s surprisingly robust payrolls print of 147,000 versus expectations of 110,000 underscored the resilience of the American economy. At home, Statistics Canada reported that May merchandise exports rose a modest 1.1% while imports fell 1.6%, narrowing the trade deficit but doing little to counter broader economic lethargy. Meanwhile, negotiations over punitive US tariffs beyond the July 9th deadline remain unresolved despite Vietnam’s 20% deal, maintaining pressure on Canada’s resource exporters.

2025年5月，加拿大的出口增长1.1%，达到608.1亿加元，从4月份11%的下降中反弹，标志着四个月来的首次增长。11个产品类别中有7个类别出现上涨，其中金属和非金属矿产品上涨15.1%，主要原因是未锻造黄金出口激增30.1%，主要是对英国的出口。消费品出口增长2.6%，受日本猪肉出口增加和海鲜产品大幅反弹（+52.9%）的支撑。尽管有所增长，消费品出口仍比1月份的峰值低18.5%。对美国的出口下降0.9%，在持续的关税影响下连续第四个月下降。能源出口下降5.6%，原油价格和产量下降4%。按实际价值计算，出口增长0.7%。

Canada’s exports rose 1.1% to C$60.81B in May 2025, rebounding from an 11% drop in April and marking the first increase in four months. Gains were recorded in 7 of 11 product categories, led by a 15.1% jump in metal and non-metallic mineral products, driven by a 30.1% surge in unwrought gold exports—mainly to the UK. Consumer goods exports rose 2.6%, supported by higher pork shipments to Japan and a sharp rebound in seafood products (+52.9%). Despite the gain, consumer goods exports remain 18.5% below January’s peak. Exports to the US fell 0.9%, declining for the fourth straight month amid ongoing tariff impacts. Energy exports dropped 5.6%, with crude oil down 4% on lower prices and volumes. In real terms, exports rose 0.7%.

2025年5月，加拿大进口总额较上月下降1.6%，至666.6亿加元，这是连续第三次下降，也是2024年11月以来的最低数字。下降的原因是金属和非金属矿产品的购买量减少（-16.8%），主要是原金、银和铂族金属（-43.2%），以及机动车和零部件（-5.3%）。加拿大6月初宣布，在美国将加拿大钢铁和铝的关税提高到50%后，加拿大决定推迟进一步报复，此后从美国的进口下降了1.2%。

Canada’s total imports fell 1.6% from the previous month to CAD 66.66 billion in May 2025, marking the third consecutive drop and the lowest figure since November 2024. The drop was driven by a decrease in purchases of metallic and non-metallic mineral products (-16.8%), mainly raw gold, silver and platinum group metals (-43.2%), and motor vehicles and parts (-5.3%). Imports from the United States fell by 1.2% after Canada announced in early June that it had decided to postpone further retaliation after the United States increased tariffs on Canadian steel and aluminum to 50%.