标准普尔全球加拿大制造业采购经理人指数较上月下降0.4点，至2024年4月的49.4，加拿大工厂活动连续第十二个月保持收缩趋势，并显著偏离50.2的扩张预期。产量和新订单又连续一个月下降，导致经营状况进一步收缩。需求疲软，特别是来自全球市场的需求疲软，导致新订单和出口订单下降，企业相应地降低了生产水平。尽管环境充满挑战，但随着公司寻求管理工作量，就业率略有增加。然而，投入成本继续上升，导致通货膨胀压力，尽管由于市场竞争和需求疲软，定价能力仍然有限。展望未来，尽管制造商对未来产量表示乐观，但对高利率对市场活动的影响仍存在担忧。

The S&P Global Canada Manufacturing PMI decreased by 0.4 points from the previous month to 49.4 in April 2024, continuing a contractionary trend for the twelfth consecutive month in Canadian factory activity and significantly deviating from estimates of an expansion at 50.2. Both output and new orders declined for another month, leading to a further contraction in operating conditions. Weak demand, particularly from global markets, contributed to the decline in new orders and export orders, with firms reducing production levels accordingly. Despite the challenging environment, employment saw a marginal increase as firms sought to manage workloads. However, input costs continued to rise, leading to inflationary pressures, although pricing power remained limited due to market competition and subdued demand. Looking ahead, while manufacturers expressed some optimism about future output, concerns persist regarding the impact of high interest rates on market activity.

标普/多伦多证券交易所综合指数周三下跌0.3%，至21650点以下，受能源相关股票疲软的推动，投资者评估了最新制造业数据。原油价格连续第三个交易日下跌，给能源行业带来压力，能源行业平均下跌0.7%，森科尔和加拿大天然气公司分别以1%和0.9%的跌幅领跌。然而，Cenovus逆势而上，得益于超出预期的季度业绩，其股价持平。相反，巴里克黄金公司的报告令投资者失望，导致股价下跌1.1%。与此同时，由于经济放缓的迹象以及最新的采购经理人指数数据，市场对中国央行在6月会议上下调隔夜基准利率的预期增加，市场情绪增强。加拿大工厂活动进一步下降至49.4，与预期的50.2相比，市场意外下跌。

The S&P/TSX Composite index declined by 0.3% to below the 21,650 level on Wednesday, driven by weakness in energy-related stocks while investors assessed the latest manufacturing sector data. Crude oil prices fell for the third consecutive session, exerting pressure on the energy sector, which declined by an average of 0.7%, with Suncor and Canadian Natural leading the losses with declines of 1% and 0.9%, respectively. However, Cenovus bucked the trend, benefiting from quarterly results that exceeded expectations, with its shares trading flat. Conversely, Barrick Gold disappointed investors with its report, resulting in a 1.1% decline in shares. Meanwhile, market sentiment strengthened as expectations grew for the BoC to cut its benchmark overnight interest rate in its June meeting, fueled by signs of a slowing economy compounded by the latest PMI data. Canadian factory activity declined further to 49.4, surprising markets to the downside compared to the expected expansion at 50.2.

受大宗商品相关股票下跌的推动，标准普尔/多伦多证券交易所综合指数周二下跌1.35%，收于217314点。在美国劳动力成本数据强劲后，金价下跌，支持了美联储的鹰派前景，并增加了艾芬豪矿业公司的压力，该公司在季度业绩令人失望后下跌9.65%。Barrick Gold下跌3.42%，Agnico Eagle下跌3.07%，Wheaton Precious Metals下跌2.02%。波动的油价也推动了加拿大能源行业的抛售，Cenovus以3.91%的跌幅领跌，森科尔以3.17%的跌幅紧随其后，加拿大天然气公司以2.35%的跌幅紧随。此外，科技板块扭转了早盘涨幅，大型股Shopify下跌2.4%。与此同时，加拿大的国内生产总值预计将在3月份停滞不前，此前2月份略有增长，低于早些时候的估计，这表明经济疲软，并可能推动加拿大银行放宽借贷条件。

The S&P/TSX Composite index fell by 1.35% to close at 21,7314 on Tuesday, driven by declines in commodity-linked stocks. Gold prices dropped following robust labor cost data in the US, bolstering a hawkish Fed outlook and adding pressure on Ivanhoe Mines, which fell by 9.65% after disappointing quarterly results. Barrick Gold declined by 3.42%, Agnico Eagle by 3.07%, and Wheaton Precious Metals by 2.02%. Volatile oil prices also contributed to selling in the Canadian energy sector, with Cenovus leading the losses at 3.91%, followed by Suncor at 3.17%, and Canadian Natural at 2.35%. Additionally, the tech sector reversed early session gains, with mega-cap Shopify dropping by 2.4%. Meanwhile, Canada's GDP is expected to have stagnated in March, following a slight expansion in February, which fell short of earlier estimates, suggesting a sluggish economy and potentially pushing the Bank of Canada towards looser borrowing conditions.

加元兑美元汇率跌破1.37，接近4月16日创下的1.38的五个月低点，因为加拿大经济数据给加拿大银行带来压力，要求其在美联储之前考虑降息。加拿大GDP增长疲软，报告为0.2%，而预期为0.3%，加上价格压力持续疲软，引发了人们对经济前景的担忧，并引发了人们的猜测，即加拿大银行可能会更早考虑降息。与此同时，由于交易员考虑到加拿大降息的可能性，美联储的前景变得越来越强硬，因为乐观的美国就业成本带来了进一步的通胀压力，提振了美元。

The Canadian dollar weakened past 1.37 per USD, nearing a five-month low of 1.38 per USD recorded on April 16th, as Canadian economic data puts pressure on the Bank of Canada to consider interest rate cuts ahead of the US Fed. Weak Canadian GDP growth, reported at 0.2% compared to expectations of 0.3%, coupled with consistently softening price pressures, has raised concerns about the economic outlook and prompted speculation that the Bank of Canada may consider interest rate cuts sooner. Meanwhile, as traders factored in the possibility of rate cuts in Canada, the outlook for the US Fed became increasingly hawkish as further inflation pressures were seen in upbeat US employment costs, lifting the greenback.