This is the midday brief for Tue, May 5, 2026. View latest

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Midday Edition. Tuesday, May 5, 2026

Market context for passive investors.

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$42.50
+0.78%

Headline

South Korea surges as XEQT climbs 0.78% at midday.

XEQT is trading at $42.50 midway through the session, up 0.78%, lifted by broad strength across three of its four sleeves. The international developed sleeve is contributing the most in absolute terms, up 1.22%, but the emerging markets sleeve is posting the sharpest gain at 2.04%, driven by a striking advance in South Korean equities. The U.S. sleeve is adding meaningfully at 0.88%, with technology the clear engine, while Canada is essentially flat, dragged lower by a steep drop in domestic information technology shares.

How large is this afternoon's move?

Larger-than-usual day · This afternoon's +0.78% move is 1.3× the 20-day average move.

This scale measures size, not what to do. Larger moves are a normal part of holding a global all-equity fund.

The Regions

  • Canada

    25.72% of XEQT

    • XIC.TO
    -0.07% -0.02 pts from XEQT

    The Canadian sleeve is down a marginal 0.07%, masking a sharp internal split. Energy, financials, and materials are all advancing, collectively contributing roughly 0.65 pp within the sleeve, but Canadian information technology shares have fallen 3.98%, erasing those gains and leaving the sleeve just below flat. The BNN report on late-morning TSX trading noted strength in base metals and financials, which the sector data confirms.

    Canada market region icon

  • United States

    44.30% of XEQT

    • XTOT.TO
    • ITOT
    +0.88% +0.39 pts to XEQT

    The U.S. sleeve is up 0.88%, with technology shares rising 2.21% and providing the dominant lift. Industrials also contributed positively, while communication services and financials edged lower. A fragile ceasefire in the Middle East has eased some tension, consistent with oil prices pulling back sharply and U.S. equities bouncing from Monday's uncertainty.

    United States market region icon

  • Intl Developed

    24.39% of XEQT

    • XEF.TO
    +1.22% +0.30 pts to XEQT

    International developed markets are the largest contributor to XEQT's gain at +0.298 pp, with continental Europe broadly strong. Germany, the Netherlands, Spain, and Italy are all up more than 2% among the markets tracked, with France close behind at 1.89%. Japan is adding solidly at 1.18% given its size in the sleeve. The UK is the lone holdout, slipping 0.10%, consistent with oil-weighted indices facing headwinds from crude's 4% decline.

    Intl Developed market region icon

  • Emerging Mrkts

    5.42% of XEQT

    • XEC.TO
    +2.04% +0.11 pts to XEQT

    South Korean equities have surged 6.57% among the markets tracked here, by far the standout move in the portfolio. The Kospi has been rallying sharply, and with South Korea representing nearly 19% of the EM sleeve, that move alone is driving most of the sleeve's 2.04% advance. Taiwan-related equities are also up 2.65%, and India is contributing positively at 1.06%. China is essentially unchanged on the session.

    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

Three of four sleeves are advancing, and the geographic breadth of the gains is worth noting: Europe, Asia, and the U.S. are all participating, even as Canada's information technology sector pulls in the opposite direction. At 1.3 times the recent average daily move, this is a more active session than most, but XEQT remains 0.8% below its 52-week high. The year-to-date gain stands at 5.83%, a reminder that the month's accumulation matters far more than any single midday print.

Signals

  • 01

    South Korea's outsized single-session move

    South Korean equities rose 6.57% among the markets tracked, an unusually large single-session advance that is driving the entire EM sleeve's outperformance. For XEQT holders, South Korea represents roughly 1% of total portfolio weight, so the contribution is meaningful but contained; the move is worth monitoring for follow-through rather than reading as a portfolio-altering event.

  • 02

    WTI crude drops 4% amid ceasefire

    WTI crude oil, which tracks the price of a benchmark barrel of U.S. oil and broadly influences energy sector earnings, is down 4.00% on reports of a Middle East ceasefire holding. This is directly visible in the UK sleeve's underperformance within developed markets and in Canadian energy's muted contribution relative to the broader TSX, even as energy shares themselves are up 1.41%.

  • 03

    Canadian IT diverges sharply from peers

    Canadian information technology shares are down 3.98% while U.S. technology is up 2.21%, a divergence of more than six percentage points within the same sector on the same day. That gap is transforming what would have been a modestly positive Canadian session into a flat one, and underscores a structural concentration risk specific to the domestic sleeve.

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