标准普尔/多伦多证交所综合指数扭转早盘势头，周四收于30459点，下跌0.6%，从历史高点回落，主要金融和能源生产商拖累加拿大主要指数下跌。金融股领跌，加拿大皇家银行、道明银行、布鲁克菲尔德银行、蒙特利尔银行和丰业银行等大型股下跌0.8%至2.8%，因Zions Bancorp和Western Alliance在披露巨额贷款损失后暴跌，人们对银行信贷质量再次感到担忧。与此同时，能源巨头加拿大自然资源公司、森科尔公司、帝国石油公司和Cenovus股价下跌1.4%至3.2%，油价跌至5月以来的最低水平。另一方面，在高盛开始买入340美元的目标后，Celestica股价上涨3.7%，理由是人工智能基础设施需求强劲，并且能够扩展到超大规模数据中心。Agnico Eagle、Wheaton Precious、Barrick Mining和Franco Nevada表现优异，涨幅在2.8%至3.8%之间，金价继续创下新高。

The S&P/TSX Composite reversed early session momentum to close 0.6% lower at 30,459 on Thursday, stepping back from record highs as major financials and energy producers dragged Canada’s main index lower. Financials led the decline with mega-caps RBC, TD, Brookfield, BMO, and Scotiabank losing between 0.8% and 2.8% amid renewed worries about bank credit quality as Zions Bancorp and Western Alliance plunged after disclosing sizable loan losses. At the same time, energy giants Canadian Natural Resources, Suncor, Imperial Oil, and Cenovus tumbled between 1.4% and 3.2% as oil prices dropped to their lowest since May. On the other hand, Celestica gained 3.7% after Goldman Sachs started coverage with a Buy and $340 target, citing strong AI-infrastructure demand and its ability to scale for hyperscale data centers. Agnico Eagle, Wheaton Precious, Barrick Mining, and Franco-Nevada outperformed, adding between about 2.8% and 3.8% as gold prices continued to test new highs.

周四，标准普尔/多伦多证交所综合指数上涨约0.3%，首次突破30700点大关，受科技股强劲上涨和主要矿业股持续上涨的支撑，投资者监测到美中贸易紧张局势不断升级。Celestica表现最佳，在高盛（Goldman Sachs）以买入评级和340美元的目标价开始承保后，由于对人工智能基础设施的强劲需求，Celestica的股价上涨了近5%，理由是该公司有能力扩展到超大规模数据中心。Shopify上涨超过3%，得益于分析师目标的升级以及对商家增长和人工智能增强工具的重新乐观。Agnico Eagle、Barrick Mining和Franco Nevada表现优异，上涨约1%至2.5%，金价继续创下新高。与此同时，美国官员周三批评了中国更严格的稀土出口管制，并警告可能采取的反制措施，这一事态发展使具有风险意识的贸易商保持谨慎。

The S&P/TSX Composite rose around 0.3% to above the 30,700 mark for the first time on Thursday, supported by strong gains in tech and a continued rally among major mining equities as investors monitored escalating trade tensions between the US and China. Celestica was the top performer, adding nearly 5% on strong demand for AI infrastructure after Goldman Sachs initiated coverage with a Buy rating and a $340 target citing the company’s ability to scale for hyperscale data centers. Shopify added over 3%, benefiting from upgraded analyst targets and renewed optimism around merchant growth and AI-enhanced tools. Agnico Eagle, Barrick Mining, and Franco-Nevada outperformed, adding between about 1% and 2.5% as gold prices continued to test new highs. Meanwhile, US officials on Wednesday criticized China’s tighter rare-earth export controls and warned of potential countermeasures, a development that kept risk-aware traders cautious.

2025年9月，加拿大的房屋开工量从8月的244543套跃升至279234套，增长了14%，超过了市场预期的25.5万套。人口超过10000的中心的城市住房开工率增长了16%，达到每年254345套，而农村的开工率估计为24889套。六个月移动平均线上涨4.1%，至277147套。

Housing starts in Canada jumped 14% to 279,234 units in September 2025 from 244,543 in August, surpassing market expectations of 255,000. Urban housing starts in centres with populations above 10,000 rose 16% to an annual rate of 254,345 units, while rural starts were estimated at 24,889 units. The six-month moving average increased 4.1% to 277,147 units.

2025年10月，加拿大CFIB商业晴雨表长期指数下跌3.9点，至46.3点。大多数行业的信心减弱，其中建筑业（下降9.3点至43.2点）、运输业（下降8.6点至42.4点）、零售业（下降5.8点至42.6点）和制造业（下降4.1点至44.6点）领跌。只有卫生和教育（55.4）、农业（54.5）和专业服务（52.7）仍高于50。持续的美加贸易争端打压了市场情绪，72%的公司报告了负面影响，特别是在运输业（38%）、制造业（27%）和批发业（26%）。从地区来看，阿尔伯塔省的跌幅最大，下降9.9点至43.8点。劳动力市场状况持续疲软，计划裁员的雇主（19%）多于招聘（12%）。52%的受访者表示，需求不足仍然是业务和生产扩张的主要障碍。与此同时，阻碍增长的主要成本制约因素是保险（68%）、税收和监管费用（67%）以及工资成本（64%）。

Canada’s CFIB Business Barometer long-term index fell 3.9 points to 46.3 in October 2025. Confidence weakened across most sectors, led by construction (down 9.3 points to 43.2), transportation (-8.6 to 42.4), retail (-5.8 to 42.6), and manufacturing (-4.1 to 44.6). Only health and education (55.4), agriculture (54.5), and professional services (52.7) remained above 50. The ongoing US–Canada trade dispute weighed on sentiment, with 72% of firms reporting negative effects — particularly in transportation (38%), manufacturing (27%), and wholesale (26%). Regionally, Alberta saw the sharpest drop, down 9.9 points to 43.8. Labor market conditions continued to weaken, with more employers planning to cut staff (19%) than hire (12%). Insufficient demand remains the main barrier to business and production expansion, cited by 52% of respondents. Meanwhile, key cost constraints hindering growth are insurance (68%), tax and regulatory expenses (67%), and wage costs (64%).