This is the midday brief for Fri, Jul 3, 2026. View latest

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Midday Edition. Friday, July 3, 2026

Curated market context for passive investors.

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$45.54
+0.93%

Headline

International developed markets and emerging Asia offset U.S. weakness as holiday trading continues.

XEQT rose 0.93% in midday trading as gains in international developed markets and emerging markets more than offset weakness in the U.S. sleeve. International developed markets contributed 0.273 percentage points, led by Japan's 1.67% advance, while emerging markets added 0.195 percentage points driven by South Korea's 5.76% surge. Canada's 0.84% gain, buoyed by materials strength, contributed 0.209 percentage points. The U.S. sleeve declined 0.94%, reducing XEQT by 0.428 percentage points, with technology providing modest support through available Canadian-listed fallback instruments as primary U.S. markets remain closed for the holiday.

How large is this afternoon's move?

Larger-than-usual day · This afternoon's +0.93% 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

    24.86% of XEQT

    • XIC.TO
    +0.84% +0.21 pts to XEQT

    Canada's materials sector led the advance, gaining 2.09% as gold prices climbed on weaker-than-expected U.S. employment data, which eased expectations of near-term Federal Reserve rate hikes. Financials and industrials provided steady support, each contributing roughly 0.17 percentage points to the sleeve's 0.84% return. The pipeline proposal announcement added to the positive sentiment, broadening gains across the index.

    Canada market region icon

  • United States

    45.74% of XEQT

    • XTOT.TO
    -0.94% -0.43 pts from XEQT

    The U.S. sleeve declined 0.94%, dragging on XEQT despite modest strength in technology, which rose 0.68% through available Canadian-listed fallback instruments. The broader U.S. market weakness persisted through midday, with health care and consumer staples showing minimal support. With primary U.S. equity markets closed for Independence Day, complete price discovery remains limited, making today's data preliminary rather than definitive for American equities.

    United States market region icon

  • Intl Developed

    24.44% of XEQT

    • XEF.TO
    +1.12% +0.27 pts to XEQT

    Japan led international developed markets higher with a 1.67% gain, contributing 0.422 percentage points as yen weakness persisted and market sentiment improved. German and Dutch equities added to the sleeve's strength, with the DAX reaching new records and the Dutch AEX climbing 0.97%. Australia's 1.37% advance and Switzerland's modest 0.50% gain rounded out a broad-based rally across the developed world.

    Intl Developed market region icon

  • Emerging Mrkts

    4.81% of XEQT

    • XEC.TO
    +4.06% +0.20 pts to XEQT

    South Korea surged 5.76%, accounting for 1.168 percentage points of the emerging markets sleeve's 4.06% return as soft U.S. jobs data lifted sentiment and eased rate-hike concerns. China added modestly at 0.51%, while Brazil and South Africa each gained 0.96%, together contributing 0.066 percentage points. Taiwan's flat performance and Mexico's slight decline had minimal impact on the sleeve's strong midday showing.

    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

XEQT's modest gain masks a striking regional split: non-U.S. markets extended yesterday's momentum as easing rate-hike expectations lifted international equities and emerging markets, while weakness in the U.S. sleeve offset much of that strength. With U.S. markets closed for Independence Day, direct price data on American stocks is unavailable, leaving the U.S. technology sector showing only modest gains through fallback instruments. For a long-term holder, this pattern underscores how XEQT's diversification across geographies remains its primary stabilizer during periods of regional divergence.

Signals

  • 01

    U.S. jobs weakness eases rate-hike bets

    Weaker-than-expected U.S. employment data released before the holiday is reducing near-term Federal Reserve rate-hike expectations globally, lifting rate-sensitive equities across developed and emerging markets. For XEQT holders, this shift explains why non-U.S. markets advanced sharply despite U.S. weakness, suggesting easing financial conditions are supporting international equities more than the broader U.S. market momentum.

  • 02

    Gold gains lift Canadian materials

    Gold rose 1.36% as investors rotated into precious metals on softer rate-hike expectations, lifting Canada's materials sector 2.09% and contributing 0.345 percentage points to the Canadian sleeve's return. This commodity move is the primary driver behind Canada's outperformance relative to the U.S. sleeve within a midday session otherwise characterized by weakness in the larger American market.

  • 03

    Emerging markets led by concentrated South Korea rally

    South Korea's 5.76% surge alone accounts for more than half of the emerging markets sleeve's 4.06% gain, creating meaningful concentration within that smaller portfolio segment. While this regional bounce is welcome, the emerging markets sleeve remains outpacing XEQT YTD at 27.61%, a pattern that has persisted throughout the quarter and reflects the outsized contribution of a limited number of market segments to the fund's recent gains.

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Jun 5 to Jul 3 · $43.88 → $45.54

+3.78%