周二，加拿大标准普尔/多伦多证交所综合指数下跌0.4%，收于27824点，投资者权衡了低于预期的通胀数据和新的地缘政治发展。加拿大央行首选的通胀指标CPI微调均值在7月份保持在3.0%，而预期为3.1%，使市场预期向更宽松的政策立场倾斜。与此同时，特朗普总统与泽连斯基和欧洲领导人会晤的头条新闻指向了涉及普京的潜在三方后续行动，尽管细节仍不确定。科技股领跌，Celestica暴跌4.8%，Shopify下跌2.3%，而主要矿商Agnico Eagle和Wheaton Precious各下跌2.1%。加拿大太平洋航空和加拿大国民航空分别上涨2.2%和1.6%，抵消了部分疲软。在企业新闻中，加拿大航空公司与代表10400名空乘人员的工会达成了一项初步协议，旨在结束迫使数百人取消的罢工。

Canada’s S&P/TSX Composite Index slipped 0.4% to close at 27,824 on Tuesday as investors weighed softer-than-expected inflation data and fresh geopolitical developments. The Bank of Canada’s preferred inflation gauge, the CPI Trimmed-Mean, held at 3.0% in July against expectations of 3.1%, tilting market expectations toward a more accommodative policy stance. Meanwhile, headlines from President Trump’s meeting with Zelenskiy and European leaders pointed to a potential trilateral follow-up involving Putin, though details remain uncertain. Tech shares led the losses, with Celestica plunging 4.8% and Shopify down 2.3%, while major miners Agnico Eagle and Wheaton Precious each lost 2.1%. Offsetting some of the weakness, Canadian Pacific and Canadian National added 2.2% and 1.6%, respectively. In corporate news, Air Canada reached a tentative deal with the union representing 10,400 flight attendants, aiming to end the strike that had forced hundreds of cancellations.

随着投资者分析最新的通胀数据，加元兑美元汇率跌破1.38，接近7月31日的两个月低点1.386。主要受汽油价格下跌的推动，7月份整体通胀率放缓至1.7%，但中国央行的核心指标仍保持在目标区间的顶部附近，7月份的微调平均值保持在3.0%，而预期为3.1%，这推动市场向更宽松的加拿大银行靠拢。此外，7月份意外减少了41000个工作岗位，远低于分析师预测的13500个，失业率保持不变，为6.9%。使问题进一步复杂化的是，7月份美国生产者价格意外上涨，提高了美国收益率，并普遍走强了美元，这缩小了加拿大资产的相对利差优势。

The Canadian dollar weakened past 1.38 per US dollar, nearing the two-month low of 1.386 seen July 31st as investors parsed through the latest inflation data. Headline inflation slowed to 1.7% in July driven largely by lower gasoline, yet the BoC’s core gauges stayed near the top of the target band with the Trimmed-Mean stuck at 3.0% in July versus expectations of 3.1%, which pushed market odds toward a more accommodative Bank of Canada. This compounded with a surprise loss of 41,000 jobs in July, far worse than the 13,500 gain analysts had forecast, and an unchanged unemployment rate of 6.9%. To complicate matters further US producer prices surprised to the upside in July, lifting US yields and broadly strengthening the dollar which narrowed the relative carry advantage for Canadian assets.

周二，加拿大标准普尔/多伦多证交所综合指数在27925点附近持平，投资者消化了特朗普总统与泽连斯基和欧洲领导人会晤带来的低于预期的通胀和新的地缘政治。加拿大首选的通胀指标CPI微调平均值在7月份保持在3.0%，而预期为3.1%，这推动市场向更宽松的央行立场靠拢。与此同时，白宫会议的头条新闻包括可能涉及普京的三方后续行动，尽管细节尚不清楚，泽连斯基称之为“向前迈出的重要一步”。主要铁路运营商加拿大太平洋铁路公司和加拿大国家铁路公司领涨，各上涨约1%。另一方面，科技股抵消了这些涨幅，Celestica下跌超过3%，大型股Shopify下跌近1%。在企业新闻中，加拿大航空公司和代表10400名空乘人员的工会达成了一项初步协议，在数百架航班取消后结束罢工。

Canada’s S&P/TSX Composite Index hovered flat around the 27,925 mark on Tuesday as investors digested softer-than-expected inflation and fresh geopolitics from President Trump’s meeting with Zelenskiy and European leaders. Canada’s preferred inflation gauge, the CPI Trimmed-Mean, stuck at 3.0% in July versus expectations of 3.1%, which pushed market odds toward a more accommodative BoC stance. At the same time, headlines from the White House meeting included talk of a possible trilateral follow-up involving Putin, though details remain unclear, and Zelenskiy called it a "major step forward." Major railway operators Canadian Pacific and Canadian National led the upside with gains of around 1% each. Tech, on the other hand, offset those gains with Celestica tumbling over 3% and mega-cap Shopify surrendering nearly 1%. In corporate news, Air Canada and the union representing 10,400 flight attendants reached a tentative agreement to end the strike after hundreds of flight cancellations.

加拿大：7月份通货膨胀率下降，为进一步降息敞开大门。7月份的CPI通胀率为1.7%，较6月份的1.9%有所下降，低于1.8%的预期。

Canada: Inflation Moves Lower in July, Keeping Door Open for Further Rate Relief .Headline CPI inflation for July came in at 1.7% year-on-year (y/y), cooling from the 1.9% in June and below expectations for a 1.8% y/y print.