This is the midday brief for Mon, May 25, 2026. View latest

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Midday Edition. Monday, May 25, 2026

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$44.79
+1.84%

Headline

Iran peace optimism drives XEQT up 1.84%, a broad global advance on a quiet U.S. holiday.

XEQT is trading at $44.79 midday, up 1.84%, roughly 2.7 times its recent average daily move and a new 52-week intraday high of $45.00. With U.S. markets closed for Memorial Day, the session's momentum came from international developed markets and Canada, each contributing meaningfully to the fund's advance. Reports that U.S.-Iran negotiations on ending the war are progressing sent equity markets broadly higher and pulled oil prices sharply lower, reshaping the relative performance across sleeves. All four regional sleeves are positive on the day.

How large is this afternoon's move?

Notable day · This afternoon's +1.84% move is 2.7× 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

    25.28% of XEQT

    • XIC.TO
    +0.96% +0.24 pts to XEQT

    The S&P/TSX is up sharply, with XIC contributing 0.24 percentage points to XEQT. The session's standout was materials, which rose 3.89% and accounted for most of the sleeve's gain. Canadian energy fell 2.75%, consistent with the sharp drop in oil prices tied to Iran peace optimism, but the strength in materials and a solid 0.86% advance in financials more than offset that drag.

    Canada market region icon

  • United States

    45.29% of XEQT

    • XTOT.TO
    +1.16% +0.53 pts to XEQT

    U.S. markets are closed, yet XTOT is showing a 1.16% gain, contributing 0.53 percentage points to XEQT. Among the Canadian-listed sector fallbacks tracked, industrials rose 2.46% and were the clearest positive contributor, while energy and technology were slightly negative. The 31% of the sleeve not tracked in sector detail leaves the full picture incomplete, and the sleeve's truth-layer return remains the authoritative figure.

    United States market region icon

  • Intl Developed

    24.46% of XEQT

    • XEF.TO
    +1.96% +0.48 pts to XEQT

    XEF is up 1.96%, contributing 0.48 percentage points, the largest single-sleeve driver in absolute terms. Japan surged, with the Nikkei topping the 65,000 level for the first time, fueled by expectations that Middle East tensions would ease. Europe advanced broadly: Germany's DAX rose 2.01%, France's CAC 40 gained 1.76%, and Spain added 2.24% among the markets tracked here.

    Intl Developed market region icon

  • Emerging Mrkts

    4.86% of XEQT

    • XEC.TO
    +2.75% +0.13 pts to XEQT

    XEC is up 2.75%, the strongest sleeve by percentage, though its 4.86% weight limits its contribution to 0.13 percentage points. Taiwan was the dominant force among tracked markets, rising 3.26%, with AI-related chip demand cited as a reinforcing tailwind alongside the broader geopolitical lift. China and India each gained under 1%, while Brazil added a modest 0.30%.

    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.

The Hold Line

A move of this magnitude, 2.7 times the recent daily average, is notable but not structurally unusual when a single geopolitical catalyst reaches multiple markets simultaneously. What is worth noting is that the advance arrived on a day when the world's largest equity market was closed: the breadth came from regions that collectively represent just over half of XEQT's weight, yet the fund still moved decisively. Emerging markets are up 23.75% year-to-date against XEQT's 12.28%, a gap that illustrates why the global blend has outpaced any single developed-market sleeve. The long-term holder's task remains unchanged: the portfolio is doing what it was designed to do.

Signals

  • 01

    Oil price drop drives sector split

    WTI crude is flat in today's reported data, but news of U.S.-Iran negotiations sent oil sharply lower in physical markets, consistent with Canadian energy falling 2.75% while Canadian materials surged 3.89%. For a long-term XEQT holder, the split is a reminder that sector rotation within a sleeve can matter as much as the headline index move.

  • 02

    Holiday session amplifies non-U.S. weight

    With U.S. markets closed, the international developed and Canadian sleeves together account for the majority of the day's identifiable price discovery, a structural inversion of normal trading where the 45%-weighted U.S. sleeve usually dominates. The U.S. sleeve's truth-layer gain of 1.16% likely reflects Friday's close carried forward, meaning non-U.S. markets are effectively driving XEQT's direction on this session.

  • 03

    Emerging markets YTD gap widens

    XEC is up 2.75% on the session and sits at +23.75% year-to-date, nearly double XEQT's 12.28% YTD return, with Taiwan's AI-driven strength a recurring contributor. Despite representing less than 5% of XEQT's weight, emerging markets have been a consistent return enhancer this year, and the fund's global blend has captured that gain proportionally without requiring any single-region concentration.

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