This is the close brief for Thu, Apr 2, 2026. View latest

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Close Edition. Thursday, April 2, 2026

Market context for passive investors.

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$40.45
+0.12%

Headline

Markets recover early losses as Iran transit reports steady nerves

A late-session recovery driven by reports of an Iran-Oman plan to ease tanker transit through the Strait of Hormuz helped North American markets erase steep early losses, while European and Asian equity markets remained in the red by the close. Canada's energy-heavy TSX finished up roughly 0.5%, lending the largest positive contribution to XEQT, while international developed markets fell as ongoing uncertainty around the U.S.-Iran conflict weighed on European and Asian shares. The net effect on XEQT was a modest gain of 0.12%, with the portfolio's geographic spread cushioning the impact of uneven global moves.

The Regions

  • Canada

    26.33% of XEQT

    • XIC.TO
    +0.44% +0.12 pts to XEQT

    The TSX recovered from early losses to close roughly 0.5% higher, with energy producers including Canadian Natural and Suncor leading gains as crude oil prices surged, while precious metals names including Agnico Eagle and Wheaton Precious Metals declined, leaving XIC.TO up 0.44% on the day.

    Canada market region icon

  • United States

    43.28% of XEQT

    • XTOT.TO
    • ITOT
    +0.31% +0.13 pts to XEQT

    U.S. equities erased significant morning declines to close mixed, with the S&P 500 and Nasdaq finishing marginally positive after reports of an Iran-Oman arrangement to monitor Strait of Hormuz transit eased the worst fears from President Trump's late-Wednesday address, in which he vowed continued strikes on Iran with no clear exit timeline.

    United States market region icon

  • Intl Developed

    25.19% of XEQT

    • XEF.TO
    -0.48% -0.12 pts from XEQT

    European equities pared steep early losses but the STOXX 50 still closed down 0.7% and Japan's Nikkei fell 2.38%, as Trump's vow to strike Iran hard over the coming weeks prolonged concerns about energy supply disruption, leaving XEF.TO down 0.48% and contributing the largest drag on XEQT today.

    Intl Developed market region icon

  • Emerging Mrkts

    5.12% of XEQT

    • XEC.TO
    -0.81% -0.04 pts from XEQT

    Asian emerging market equities fell broadly, with South Korea's KOSPI dropping sharply and the MSCI EM Asia gauge declining as Trump's Iran address reversed earlier gains across the region, leaving XEC.TO down 0.81%, the weakest sleeve in today's session.

    Emerging Markets market region icon

The Hold Line

XEQT edged up 0.12% on Thursday, with North American energy tailwinds in the Canada and U.S. sleeves offsetting declines in international developed and emerging markets. The portfolio's broad diversification meant the competing forces largely cancelled out, and long-term holders ended the day essentially flat. Sessions like this one, defined more by noise than by lasting structural change, are precisely what a globally diversified strategy is built to absorb.

Signals

  • 01

    Oil near $110 per barrel

    WTI crude rose roughly 10% to near $110 per barrel on Thursday, lifted by uncertainty over Persian Gulf supply following Trump's address; energy is a meaningful weight in the TSX, which partly explains Canada's outperformance today, and no action is required for XEQT holders.

  • 02

    Iran war rhetoric escalates

    President Trump's late-Wednesday address pledged continued strikes on Iran over the next two to three weeks with no exit timeline, a development that rattled Asian and European markets at the open before a partial recovery; this is an evolving geopolitical situation but XEQT's diversification means no single region dominates the outcome.

  • 03

    TSX closed Good Friday

    The TSX will be closed Friday for Good Friday, meaning Thursday's session was the last Canadian trading day of the week; any weekend developments will next be reflected in Canadian prices on Monday, April 6.

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