周四，标准普尔/多伦多证交所综合指数上涨1.3%，收于25808点的历史高点，大宗商品为主的多伦多交易所受益于接近创纪录的金价，而油价则停止下跌。主要矿业股领涨，Agnico Eagle、Barrick Gold、Wheaton Precious Metals和Franco-Nevada飙升4.2%至5.2%。加拿大皇家银行、Shopify和布鲁克菲尔德等大型股也支持该指数，分别上涨1.5%、2.4%和3%。与此同时，加拿大太平洋铁路公司也表现优异，在第四季度报告好于预期后上涨1.7%。投资者继续消化加拿大央行25个基点的降息，旨在保护经济免受美国潜在关税相关衰退的影响。此外，央行结束了量化紧缩计划，并宣布计划在3月初恢复资产购买。

The S&P/TSX Composite Index rose 1.3% to close at a record high of 25,808 on Thursday, as the commodity-heavy Toronto exchange benefited from near-record gold prices, while oil prices halted their decline. Major mining stocks led the gains, with Agnico Eagle, Barrick Gold, Wheaton Precious Metals, and Franco-Nevada surging between 4.2% and 5.2%. Mega caps RBC, Shopify, and Brookfield also supported the index, rising 1.5%, 2.4%, and 3%, respectively. Meanwhile, Canadian Pacific Railway also outperformed, adding 1.7% after a better-than-expected fourth-quarter report. Investors continued to digest the Bank of Canada’s 25bps rate cut, aimed at shielding the economy from potential U.S. tariff-related downturns. Additionally, the central bank ended its quantitative tightening program and announced plans to resume asset purchases in early March.

加拿大1月份10年期政府债券收益率保持在3.17%，创下六周新低，此前加拿大央行的立场越来越温和，与美联储更为谨慎的做法不同。中国银行将利率下调25个基点至3%，自2024年6月以来共降息200个基点，同时量化紧缩政策结束，计划从3月开始购买资产，这增强了人们对宽松货币政策的预期。这与美联储不愿发出即将削减的信号形成鲜明对比，维持更紧缩的金融环境。此外，低于预期的美国GDP增长和贸易关税担忧增加了市场的不确定性，促使人们转向更安全的资产，进一步支持了对加拿大债券的需求，并降低了收益率。

Canada's 10-year government bond yield held at 3.17% in January, marking a six-week low, following the Bank of Canada’s increasingly dovish stance, diverging from the U.S. Federal Reserve’s more cautious approach. The BoC’s 25bps rate cut to 3%, totaling 200bps since June 2024, along with the end of quantitative tightening and planned asset purchases starting in March, reinforced expectations of looser monetary policy. This contrasts with the Fed’s reluctance to signal imminent cuts, maintaining tighter financial conditions. Additionally, weaker-than-expected U.S. GDP growth and trade tariff concerns increased market uncertainty, prompting a shift toward safer assets, further supporting demand for Canadian bonds and lowering yields.

随着市场对美国混合数据的考虑，加元居中。周四，加元（CAD）的走势并不快，兑美元（USD）汇率在1.4400左右波动。加拿大央行（Bank of Canada）最近一次降息后，加元市场持平，再次降息25个基点，美国总统唐纳德·特朗普（Donald Trump）对加拿大征收25%关税的迫在眉睫的威胁，据称将于2月1日生效，这对市场流动产生了寒蝉效应。

Canadian Dollar middles as markets mull over mixed US data.The Canadian Dollar (CAD) went nowhere fast on Thursday, cycling near the 1.4400 handle against the US Dollar (USD). Loonie markets have gone flat after the Bank of Canada's (BoC) latest rate cut, adding another 25 bps rate trim to the pile, and looming threats of 25% tariffs on Canada from US President Donald Trump, set to allegedly take effect on February 1, are having a chilling effect on market flows.

周四，标准普尔/多伦多证交所综合指数上涨1%，收于25700点以上，徘徊在历史高点，因为大宗商品为主的多伦多交易所因接近历史最高水平的金价而上涨，而油价则停止下跌。主要矿业股领涨，Agnico Eagle、Barrick Gold、Wheaton Precious Metals和Franco Nevada上涨1.5%至2.3%。加拿大太平洋铁路公司表现突出，在第四季度报告好于预期后上涨了3%以上。投资者继续消化加拿大央行25个基点的降息，旨在保护经济免受美国潜在关税相关衰退的影响。此外，央行结束了量化紧缩计划，宣布计划在3月初恢复资产购买。

The S&P/TSX Composite Index rose 1% to above the 25,700 mark on Thursday hovering at record highs as the commodity-heavy Toronto exchange was lifted by near-record gold prices, while oil prices halted their decline. Major mining stocks led the gains, with Agnico Eagle, Barrick Gold, Wheaton Precious Metals, and Franco-Nevada rising between 1.5% and 2.3%. Canadian Pacific Railway stood out, adding over 3% after a better-than-expected fourth-quarter report. Investors continued to digest the Bank of Canada’s 25bps rate cut, aimed at protecting the economy from potential U.S. tariff-related downturns. Additionally, the central bank concluded its quantitative tightening program, announcing plans to resume asset purchases in early March.