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

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Open Edition. Friday, July 3, 2026

Curated market context for passive investors.

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$45.45
+0.73%

Headline

Non-U.S. markets carry XEQT higher as U.S. markets close for Independence Day

XEQT was trading at $45.45, up 0.73%, in early trading on this abbreviated session with U.S. equity markets closed for Independence Day. International developed markets and Canada are leading, with emerging markets adding meaningful upside, together more than offsetting a drag from the U.S. sleeve, where only Canadian-listed fallback instruments are available. A softer-than-expected U.S. jobs report, which has eased expectations of a near-term Federal Reserve rate hike, appears to be supporting risk appetite across Asian and European markets. Live U.S. cash equity pricing is unavailable, so the U.S. sleeve return of -0.92% reflects limited instrument coverage rather than confirmed broad selling.

How large is this morning's move?

Typical day · This morning's +0.73% move is 1.0× 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 sleeve is up 0.84%, contributing +0.21 pp to XEQT. Materials are the standout among tracked sectors, rising 1.83%, consistent with gold's 1.30% advance on the day, while financials, the largest tracked sector, added a steady 0.57%. Energy edged up 0.54% despite crude oil being marginally lower, and consumer staples was the lone sector in the red among those tracked.

    Canada market region icon

  • United States

    45.74% of XEQT

    • XTOT.TO
    -0.92% -0.42 pts from XEQT

    With U.S. equity markets closed, the sleeve's -0.92% return is based on limited Canadian-listed instruments covering only about 39% of the sleeve and should not be read as a confirmed directional signal. Among tracked exposures, the U.S. technology segment rose 0.68%. Bank of America reported this week that U.S. equity funds recorded their largest outflows in over three months, a flow dynamic worth watching as markets reopen Tuesday.

    United States market region icon

  • Intl Developed

    24.44% of XEQT

    • XEF.TO
    +0.94% +0.23 pts to XEQT

    The international developed sleeve is up 0.94%, contributing +0.23 pp, the largest single positive contribution to XEQT in early trading. Japan is the dominant driver among tracked markets, rising 1.90%, supported by a bounce in beaten-down Asian tech shares. Germany's DAX reached a record high for a second consecutive session, with investor sentiment buoyed by domestic political confidence. The UK was essentially flat, meaning Japan and continental Europe account for the bulk of the sleeve's gain.

    Intl Developed market region icon

  • Emerging Mrkts

    4.81% of XEQT

    • XEC.TO
    +2.83% +0.14 pts to XEQT

    Emerging markets are the session's highest-returning sleeve at +2.83%, adding +0.14 pp to XEQT. South Korea is the standout, surging 5.76% as Samsung and SK Hynix led the KOSPI back above the 8,000 level in a sharp reversal of the prior session's losses. China rose modestly at 0.47%, Taiwan was near flat, and India edged slightly lower, so South Korea accounts for the overwhelming share of the sleeve's gain among tracked markets.

    Emerging Markets market region icon

Colored bars represent biggest contributors to XEQT's move this morning (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 four sleeves are advancing in early trading, with Canada, international developed markets, and emerging markets each contributing positively while the U.S. sleeve is effectively sidelined by the holiday. The breadth of gains across geographically distinct markets is notable: Japan, South Korea, Australia, and Canada are all moving higher, while the VIX, a gauge of expected equity volatility, is easing. With U.S. cash equity pricing unavailable, the full picture will sharpen when markets reopen Tuesday, but the non-U.S. portions of XEQT are carrying the session with conviction.

Signals

  • 01

    South Korea dominates EM sleeve return

    South Korea's 5.76% advance drove the emerging markets sleeve to +2.83% in early trading, its single-session move large enough to make the sleeve the top contributor relative to its 4.81% weight in XEQT. For a long-term XEQT holder, South Korea's outsized swings, both the prior session's drop and this morning's recovery, illustrate how a single concentrated market can dominate emerging market sleeve returns over short periods.

  • 02

    Soft jobs data lifts non-U.S. markets

    A softer-than-expected U.S. jobs report has eased expectations for a near-term Federal Reserve rate hike, lifting risk appetite across Asia and Europe and supporting gains in three of XEQT's four sleeves. The pattern is consistent with rate-sensitive global equities responding positively to reduced monetary tightening risk, and it helps explain why international developed and emerging market sleeves are advancing while U.S. cash markets are closed.

  • 03

    Gold and copper lift Canadian materials

    Gold rising 1.30% on the day, a move that gauges demand for assets perceived as stores of value during uncertainty, aligns with the 1.83% advance in Canadian materials among tracked sectors and helps explain why that sector led the TSX this morning. Copper also gained 0.73%, adding a secondary signal of resilience in commodity-sensitive parts of the market, which matters for both the Canadian sleeve and portions of emerging markets.

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Jun 5 to Jul 3 · $43.88 → $45.45

+3.58%