This is the close brief for Thu, Jun 25, 2026. View latest

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Close Edition. Thursday, June 25, 2026

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$44.65
+0.21%

Headline

International developed markets lead XEQT higher as a Micron-driven AI rally lifts Japan to a record close

XEQT closed at $44.65, up 0.21%, as strength in international developed markets and Canada more than offset a modest decline in the U.S. sleeve. The dominant force was a Micron Technology earnings-driven rally in AI-related equities, which lifted Japan's Nikkei to a record closing high and pulled European technology stocks broadly higher. Canada benefited independently from rising commodity prices, while U.S. equities finished mixed as strong technology and industrials gains were countered by weakness in consumer discretionary and communication services. The result was a measured advance spread across three of four sleeves.

How large is today's move?

Typical day · Today's +0.21% move is 0.3× 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

    25.01% of XEQT

    • XIC.TO
    +0.38% +0.10 pts to XEQT

    Canada's sleeve rose 0.38%, contributing approximately 0.10 percentage points to XEQT. Materials led the advance, with gold prices rising 0.81% supporting that sector's 1.20% gain, while financials added steadily at 0.39%. Information technology was the session's detractor, slipping 1.24% among the sectors tracked, though its weight limited the damage.

    Canada market region icon

  • United States

    45.09% of XEQT

    • XTOT.TO
    • ITOT
    -0.14% -0.06 pts from XEQT

    The U.S. sleeve edged down 0.14%, subtracting roughly 0.06 percentage points from XEQT. Within the covered exposures, industrials rose 2.17% and technology gained 0.83%, but consumer discretionary fell 1.49% and communication services declined 0.90%, leaving the aggregate in slight negative territory. The session reflected genuinely mixed sector rotation rather than a broad directional move.

    United States market region icon

  • Intl Developed

    24.61% of XEQT

    • XEF.TO
    +0.49% +0.12 pts to XEQT

    The international developed sleeve gained 0.49% and was the largest single contributor to XEQT at 0.12 percentage points. Japan, which carries roughly a quarter of the sleeve's weight, rose 0.84% among the markets tracked after Micron's results sent AI-infrastructure stocks sharply higher, with the Nikkei recording a historic close. Germany advanced 1.28% and the UK gained 0.95% among the covered markets, with European technology and financials both cited as session drivers.

    Intl Developed market region icon

  • Emerging Mrkts

    5.01% of XEQT

    • XEC.TO
    +0.71% +0.04 pts to XEQT

    Emerging markets rose 0.71%, adding 0.04 percentage points to XEQT. South Korean equities surged 3.92% among the markets tracked, driven by renewed AI semiconductor confidence following Micron's forecast, and JP Morgan's raised KOSPI target added to the positive tone. That strength was partially offset by a 1.26% decline in China-related equities and a 3.63% drop in UAE-listed equities within the covered exposures.

    Emerging Markets market region icon

Colored bars represent biggest contributors to XEQT's move today (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

Three of the four sleeves advanced, yet today's net move of 0.21% registered at just 0.3 times the recent 20-day average absolute move of 0.73%, a reminder that even broad-based days can be modest in aggregate. The U.S. sleeve's small drag was absorbed almost entirely by gains in international developed and Canadian equities, illustrating how different regional cycles can temper each other without any single region dominating the result. For a long-term holder, the more telling detail is the depth of the AI-driven move in Japan and South Korea: strength concentrated in areas that struggled only days ago confirms that conviction in the semiconductor cycle, not just defensive positioning, is supporting the portfolio's international weight.

Signals

  • 01

    South Korea leads EM on AI chips

    South Korean equities surged 3.92% among the markets tracked within the emerging markets sleeve, their largest single-session move visible in recent data, fuelled by Micron's upbeat AI chip forecast reigniting semiconductor optimism. For a long-term XEQT holder, South Korea's roughly 17% weight inside a 5% sleeve means individual sessions like this move the needle modestly in aggregate, but the pattern of recurring AI-driven rallies in that market is worth tracking as a source of periodic emerging market volatility in both directions.

  • 02

    Commodity prices boost Canadian materials

    Copper rose 2.05% and WTI crude gained 1.85%, both commodity prices moving materially higher on the same session that Canadian materials advanced 1.20% among the sectors tracked. The alignment of multiple commodity signals on a single day reinforces Canada's role as the portfolio's primary commodity-sensitive sleeve, and today's materials-led advance helped Canada punch above its 25% weight inside XEQT.

  • 03

    U.S. sector rotation masks headline move

    The U.S. sleeve's mixed result masked a stark internal split: industrials and technology gained 2.17% and 0.83% respectively among the sectors tracked, while consumer discretionary fell 1.49% and communication services dropped 0.90%. This kind of sector rotation within a sleeve can produce a near-flat aggregate while masking meaningful underlying divergence, and it is worth watching as a signal of shifting investor preference within the U.S. market.

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May 29 to Jun 25 · $44.50 → $44.65

+0.35%