标准普尔/多伦多证券交易所综合指数周五下跌1.2%，收于24768点，周跌幅约为3.6%，因预计美国借贷成本将长期居高不下，信用敏感型股票暴跌。一份强劲的美国就业报告强调了劳动力市场的韧性，支持了美联储谨慎的降息措施。金融权重股领跌，加拿大皇家银行（-2%）、布鲁克菲尔德银行（-5.7%）、加拿大帝国商业银行（-2.2%）和宏利银行（-2.6%）大幅下跌。科技领军企业也面临困境，Shopify和Constellation Software分别下跌3.7%和1%。在国内方面，加拿大12月增加了9.1万个工作岗位（+0.4%），而失业率小幅下降0.1个百分点至6.7%。

The S&P/TSX Composite Index fell 1.2% to close at 24,768 on Friday, adding to a sharp weekly decline of approximately 3.6% as credit-sensitive equities slumped amid expectations of prolonged high borrowing costs in the U.S. A stronger-than-expected U.S. jobs report underscored the resilience of the labor market, bolstering the Federal Reserve's cautious approach to rate cuts. Financial heavyweights led the losses, with RBC (-2%), Brookfield (-5.7%), CIBC (-2.2%), and Manulife (-2.6%) declining significantly. Tech leaders also struggled, with Shopify and Constellation Software falling 3.7% and 1%, respectively. On the domestic front, Canada added 91,000 jobs (+0.4%) in December, while the unemployment rate edged down by 0.1 percentage points to 6.7%.

周五，标准普尔/多伦多证交所综合指数下跌1.1%，至24820点以下，加上信贷敏感型股票因美国持续高借贷成本的预期而暴跌，每周跌幅约为3.5%。强于预期的美国就业报告突显了劳动力市场的弹性，强化了美联储在降息问题上的谨慎立场。大型电子商务巨头Shopify是最落后的，跌幅超过6%，因为借贷成本上升使其服务的需求前景黯淡，其次是同行Constellation Software，跌幅约为2.5%。其他明显下降的是金融机构，加拿大皇家银行、道明银行、布鲁克菲尔德银行、加拿大帝国商业银行和宏利银行的股价下跌了1.6%至4.3%。在经济方面，加拿大经济在12月创造了9.1万个工作岗位（+0.4%），失业率下降了0.1个百分点，降至6.7%。

The S&P/TSX Composite Index fell 1.1% to below the 24,820 mark on Friday, adding to a sharp weekly drop of around 3.5% as credit-sensitive equities plunged on expectations of sustained high borrowing costs in the US. Stronger-than-expected U.S. jobs report highlighted the resilience of the labor market, reinforcing the Federal Reserve's cautious stance on reducing interest rates. Mega-cap e-commerce giant Shopify was the top laggard shedding over 6% as higher borrowing costs dim the demand outlook for its services, followed by peer Constellation Software down around 2.5%. Other noticeable declines were posted by financial institutions with RBC, TD Bank, Brookfield, CIBC, and Manulife shedding between 1.6% and 4.3%. On the economic front, the Canadian economy created 91,000 jobs (+0.4%) in December and the unemployment rate declined 0.1 percentage points to 6.7%.

1月份，加拿大10年期政府债券收益率攀升至3.45%以上，创七周新高，因为投资者评估了国内劳动力市场数据，并追踪到美国就业数据强于预期，导致美国国债收益率大幅上升。加拿大12月失业率降至6.7%，低于6.9%的预测，但仍为2021年9月以来的第二高水平，反映出加拿大央行政策制定者强调的劳动力市场疲软。政治和财政的不确定性，包括赤字风险加剧和特鲁多总理辞职，增加了风险溢价。与此同时，美国10年期国债收益率创14个月新高，12月就业人数超过预期，为25.6万人，失业率意外降至4.1%，这增强了人们对美联储可能放缓降息步伐的预期。

Canada's 10-year government bond yield climbed above 3.45% in January, a seven-week high, as investors assessed domestic labor market data and tracked a sharp rise in US Treasury yields driven by stronger-than-expected US employment figures. Canada's unemployment rate eased to 6.7% in December, below forecasts of 6.9%, but remained the second highest since September 2021, reflecting labor market softening highlighted by Bank of Canada policymakers. Political and fiscal uncertainties, including heightened deficit risks and Prime Minister Trudeau's resignation, added to risk premiums. Meanwhile, the US 10-year Treasury yield hit a 14-month high as December payrolls exceeded expectations at 256K, and the unemployment rate fell unexpectedly to 4.1%, bolstering expectations that the Federal Reserve may slow its pace of rate cuts.

加元兑美元汇率保持在1.44左右，在1月3日从2016年1月低点1.445短暂反弹后回落，因为市场消化了劳动力市场疲软的劳动力数据。尽管12月的数据显示就业净增长9.1万人，失业率降至6.7%，但这仍然是自2021年9月以来的第二高读数，放大了对加拿大银行降息的预期。相比之下，美元仍受到美联储鹰派评论、债券收益率上升和地缘政治紧张局势的支撑，这些因素助长了避险需求。美联储的鹰派立场与中国银行的鸽派前景形成鲜明对比，突显出货币政策的分歧。此外，原油价格上涨往往会支撑与石油挂钩的加元，但在美国贸易政策的不确定性和全球风险偏好降低的情况下，原油价格的上涨只能提供有限的缓解。

The Canadian dollar held around 1.44 per USD, retreating after a brief rebound from the January 2016 low of 1.445 reached on January 3, as markets digested labor data signaling a softening labor market. While December figures revealed a robust net job gain of 91,000 and a decline in the unemployment rate to 6.7%, it remained the second-highest reading since September 2021, magnifying expectations for rate cuts by the Bank of Canada. In contrast, the US dollar remains supported by hawkish Federal Reserve commentary, elevated bond yields, and geopolitical tensions fueling safe-haven demand. The Fed's hawkish stance starkly contrasts with the BoC's dovish outlook, underscoring monetary policy divergence. Furthermore, rising crude oil prices, which often bolster the oil-linked Canadian dollar, have provided limited relief amid US trade policy uncertainties and reduced global risk appetite.