关注加拿大商业调查和美国CPI中的通货膨胀趋势。下周的数据将受到密切关注，以了解贸易逆风对加拿大和美国价格的影响，此前最近公布了关税公告，市场情绪数据逐渐疲软。

Focus on Inflation Trends in Canadian Business Survey and U.S. CPI.Data in the coming week will be watched closely for impact from trade headwinds to prices in Canada and the U.S., following recent tariff announcements and progressively softening sentiment data.

周五，标准普尔/多伦多证交所综合指数下跌4.7%，收于23194点，在贸易争端加剧和国内经济挑战加剧的情况下，其抛售延续至数月低点。美国重新征收关税、汽车关税豁免的不确定性以及中国即将征收34%的报复性关税，引发了人们对经济衰退的担忧，并引发了广泛的市场抛售。这种加剧的风险规避促使原油价格急剧下跌至2021年8月以来的最低水平，这反过来又削弱了能源股。加拿大能源巨头遭受了巨大损失，加拿大自然石油公司下跌6.7%，森科尔公司下跌8.8%，帝国石油公司下跌6.7%，Cenovus暴跌11.9%。此外，Shopify（-5.6%）、Brookfield（-7.2%）和Wheaton Precious（-8.8%）等权重科技、金融和矿业股也出现大幅下跌。在经济方面，3月份失业率攀升至6.7%，导致32600人失业，进一步暴露了加拿大经济的脆弱性。

The S&P/TSX Composite Index tumbled 4.7% to close at 23,194 on Friday, extending its selloff to a multi-month low amid intensifying trade disputes and mounting domestic economic challenges. Renewed US tariffs, uncertainties over auto tariff exemptions, and China’s imminent 34% retaliatory levy have stoked recession fears and triggered a widespread market selloff. This heightened risk aversion precipitated a sharp decline in crude oil prices to their lowest levels since August 2021, which in turn undermined energy stocks. Canadian energy giants suffered steep losses, with Canadian Natural dropping 6.7%, Suncor falling 8.8%, Imperial Oil down 6.7%, and Cenovus plunging 11.9%. Moreover, heavyweight tech, financial, and mining equities such as Shopify (-5.6%), Brookfield (-7.2%), and Wheaton Precious (-8.8%) also recorded significant declines. Economically, 32,600 jobs were lost in March as unemployment climbed to 6.7%, further exposing vulnerabilities in the Canadian economy.

加拿大10年期政府债券收益率跌至2.85%，接近3月初创下的两年低点2.83%，因为投资者在全球和国内压力加剧的情况下转向避险资产。由于特朗普总统对所有进口商品征收10%的全面关税，以及中国即将对美国商品征收34%的报复性关税，贸易紧张局势不断升级，加剧了人们对全球经济衰退的担忧。在国内方面，3月份失去32600个工作岗位，失业率上升至6.7%，突显出劳动力市场疲软，加深了人们对加拿大经济轨迹的担忧。随着油价暴跌7%以上，主要出口产品面临新的贸易壁垒，增长压力越来越大。随着加拿大央行为4月16日的政策会议做准备，市场越来越期望鸽派立场能够持续下去，以应对不断恶化的形势。

The yield on the Canadian 10-year government bond fell toward 2.85%, nearing the two-year low of 2.83% recorded in early March, as investors moved into safe-haven assets amid intensifying global and domestic pressures. Escalating trade tensions—driven by President Trump’s sweeping 10% tariff on all imports and China’s impending 34% retaliatory levy on U.S. goods—have heightened fears of a global recession. On the domestic front, the loss of 32,600 jobs in March and the rise in the unemployment rate to 6.7% underscore a weakening labor market, deepening concerns about Canada’s economic trajectory. With oil prices plunging over 7% and key exports facing new trade barriers, pressure on growth has mounted. As the Bank of Canada prepares for its April 16 policy meeting, markets increasingly expect a dovish stance to persist in response to deteriorating conditions.

周五，标准普尔/多伦多证交所综合指数暴跌超过3%，跌破23600点大关，在国内经济挑战加剧和贸易争端加剧的情况下，其抛售延续至数月低点。加拿大就业数据显示，3月份失业人数减少32600人，失业率上升至6.7%，突显出经济的脆弱性。原油价格大幅下跌加剧了这一下跌，下跌幅度超过7%，达到2021年8月以来的最高水平，破坏了能源股的命运。美国重新征收关税、汽车关税豁免的不确定性以及中国即将从4月10日开始征收34%的报复性关税，进一步给市场带来了压力。能源巨头领跌，加拿大天然气公司（-7.2%）、森科尔公司（-7.2.%）、帝国石油公司（5.4%）和Cenovus公司（-9.5%）均暴跌。此外，权重科技、金融和矿业股也出现大幅下跌，Shopify（-7.8%）、Brookfield（-5.2%）和Wheaton Precious（-3.8%）领跌各自板块。

The S&P/TSX Composite Index tumbled over 3% to fall below the 23,600 mark on Friday, extending its selloff to a multi-month low amid mounting domestic economic challenges and intensifying trade disputes. Canadian employment data showed a loss of 32,600 jobs in March with the unemployment rate rising to 6.7%, underscoring vulnerabilities in the economy. This decline was compounded by a sharp drop in crude oil prices—over 7% lower to levels not seen since August 2021—undermining the fortunes of energy stocks. Renewed US tariffs, uncertainties over auto tariff exemptions, and China’s imminent 34% retaliatory levy starting April 10th, further pressured the market. Energy giants led the decline with Canadian Natural (-7.2%), Suncor (-7.2%), Imperial Oil (5.4%), and Cenovus (-9.5%) all plunging. Additionally, heavyweight tech, financial, and mining equities also saw sharp losses with Shopify (-7.8%), Brookfield (-5.2%), and Wheaton Precious (-3.8%) leading their respective sector’s decline.