This is the midday brief for Mon, Apr 20, 2026. View latest

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Midday Edition. Monday, April 20, 2026

Market context for passive investors.

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$42.46
-0.66%

Headline

International developed and emerging markets pull XEQT lower at midday.

XEQT is down 0.66% through the first half of trading on Monday, sitting at $42.46. The dominant drag is coming from outside North America: the international developed sleeve is off 1.09% and emerging markets are down 1.27%, together accounting for roughly 0.34 percentage points of the fund's decline. The U.S. sleeve is contributing an additional 0.22 pp to the downside, while Canada is nearly flat, limiting further damage.

The Regions

  • Canada

    25.91% of XEQT

    • XIC.TO
    -0.09% -0.02 pts from XEQT

    XIC.TO is essentially unchanged at -0.09%, with sector performance running in opposite directions. Materials are the clear weak spot, falling 1.85% and pulling meaningfully against a sleeve that is otherwise holding up through gains in energy, industrials, and information technology, each of which is up roughly 0.86% to 1.02% among the sectors tracked.

    Canada market region icon

  • United States

    43.57% of XEQT

    • XTOT.TO
    • ITOT
    -0.51% -0.22 pts from XEQT

    The U.S. sleeve is down 0.51%, with consumer discretionary off 0.84% and health care down 0.51% among the sectors tracked. Technology, the sleeve's largest component, is modestly lower at -0.31%. Financials and energy are providing partial offsets, but not enough to move the needle at the sleeve level.

    United States market region icon

  • Intl Developed

    25.06% of XEQT

    • XEF.TO
    -1.09% -0.27 pts from XEQT

    XEF.TO is the single largest contributor to XEQT's decline so far, down 1.09% and responsible for 0.274 pp of the fund's move. Every major market tracked is in negative territory. Japan, the sleeve's largest weight, is down 1.15%; Spain is off 1.13%; France and Germany are each down roughly 0.84% to 0.85%. Hong Kong is the lone exception, edging up 0.15% among the markets represented here.

    Intl Developed market region icon

  • Emerging Mrkts

    5.34% of XEQT

    • XEC.TO
    -1.27% -0.07 pts from XEQT

    XEC.TO is down 1.27%, though its smaller 5.34% weight in XEQT limits the sleeve's contribution to 0.068 pp. South Korea has fallen 1.76%, India 1.61%, and South Africa 1.66% among the markets tracked, accounting for most of the sleeve's weakness. Taiwan and Brazil are both slightly positive, providing a modest offset within the covered exposures.

    Emerging Markets market region icon

Colored bars represent biggest contributors to XEQT's move this afternoon (threshold = ±0.1 percentage points). Returns are daily ETF price moves for tracked regional or sector categories and may differ slightly from raw index movements.

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The Hold Line

A move of 0.66% is below XEQT's recent 20-day average absolute daily swing of 0.84%, which puts the session's magnitude in its proper context. More telling is the broader frame: XEQT is up 5.73% year-to-date and 9.40% over the past month, sitting less than 1% off its 52-week high. The breadth of weakness across developed and emerging markets today reflects a broad session rather than a fund-specific concern. Nothing in the data changes the underlying case for holding a globally diversified all-equity portfolio.

Signals

  • 01

    Developed markets lead the decline

    Every tracked developed market outside Hong Kong is lower in the session, with Japan and Spain both down more than 1%, suggesting broad-based softness across the EAFE universe. For an XEQT holder, the international developed sleeve at roughly 25% of the fund means days like this carry real but bounded weight on overall returns.

  • 02

    South Korea and India pressure EM sleeve

    South Korea is down 1.76% and India is down 1.61% among the markets tracked, together representing the bulk of the emerging markets sleeve's 1.27% decline. Taiwan's slight gain of 0.20% within the covered exposures is insufficient to offset the pressure coming from those two larger weights.

  • 03

    Canadian materials diverge from energy

    Within the Canadian sleeve, materials are off 1.85% while energy is up 0.86%, a divergence that is keeping the overall sleeve nearly flat despite one sector exerting meaningful downward pull. This split within a single sleeve illustrates how sector composition can matter as much as country-level moves on any given day.

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