This is the midday brief for Fri, Jul 10, 2026. View latest

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Midday Edition. Friday, July 10, 2026

Curated market context for passive investors.

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$45.25
+0.04%

Headline

XEQT hovers near flat at midday as Japan and Taiwan offset North American losses.

XEQT was trading at $45.25, up 0.04% at midday, as strength in international developed markets and emerging Asia offset weakness in the United States and a pullback in Canada from earlier gains. Japan and Taiwan drove most of the fund's support, with gains of 1.14% and 1.10% respectively within their regional sleeves, while U.S. health care and energy held back U.S. performance. A strengthening Canadian dollar, up 0.30% against the U.S. currency, pressured the translation of U.S. returns. The session reflects a shift in momentum from the open, when all four sleeves were contributing positively.

How large is this afternoon's move?

Typical day · This afternoon's +0.04% move is <0.1× 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

    25.06% of XEQT

    • XIC.TO
    +0.08% +0.02 pts to XEQT

    The TSX was up 0.08% at midday, with financials and technology providing support. Strength in financial services offset weakness across materials and energy, which declined 0.60% and 0.32% respectively within the sleeve. The Canadian dollar's gain against the U.S. currency added some headwind to the broader session.

    Canada market region icon

  • United States

    45.65% of XEQT

    • XTOT.TO
    • ITOT
    -0.10% -0.04 pts from XEQT

    U.S. equities slipped 0.10% by midday as technology and consumer discretionary gains proved insufficient to offset a sharp 1.01% decline in health care. Energy and materials weakness added to the drag. The SK Hynix listing boosted sentiment around semiconductors, but broader market momentum remained subdued amid geopolitical caution and mixed sentiment toward the broad equity market.

    United States market region icon

  • Intl Developed

    24.30% of XEQT

    • XEF.TO
    +0.23% +0.06 pts to XEQT

    Japan's Nikkei surged 1.14%, driving nearly half the international developed sleeve's contribution, buoyed by chip rally enthusiasm and a firming yen. Australia also gained 1.15%, while the United Kingdom and France posted modest advances. London's FTSE 100 rose 0.08% on deal-driven activity, though Middle East tensions remained a check on broader strength.

    Intl Developed market region icon

  • Emerging Mrkts

    4.88% of XEQT

    • XEC.TO
    +0.07% +0.00 pts to XEQT

    Emerging markets advanced 0.07% as Taiwan surged 1.10%, offsetting a 0.60% decline in South Korea. Brazil and India gained 2.77% and 0.64% respectively, supported by broad appetite for commodity and growth plays. The SK Hynix listing on Wall Street lifted regional semiconductor and technology sentiment despite weak overall U.S. market signals.

    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 remains in positive territory for the session despite reversals in U.S. and Canadian equities from the open. The fund's ability to stay near flat owes largely to strength in Japan and Taiwan within the international developed and emerging markets sleeves, which have more than offset losses in North American materials and health care. For a long-term holder, this pattern reflects the diversifying effect of geographic balance on a day when regional leadership has shifted notably.

Signals

  • 01

    Japan leads Intl Developed amid chip optimism

    Japan's 1.14% gain within the international developed sleeve, combined with a modest 0.23% move in the broader sleeve, shows a concentrated outperformance driven by chip strength and a strengthening yen. For XEQT, this concentration underscores that geographic diversification can mask uneven regional leadership; the fund benefits when dominant holdings advance, but their gains are disproportionate to the sleeve's overall contribution.

  • 02

    CAD strength pares U.S. sleeve gains

    The Canadian dollar strengthened 0.30% against the U.S. dollar, a material move that reduced the CAD-adjusted return of U.S. assets despite underlying strength in some U.S. sectors. For a Canadian investor, currency appreciation is a headwind to foreign returns; XEQT's muted session reflects this translation effect overlaying a mixed U.S. market.

  • 03

    Tech gains narrow as health care struggles

    Health care declined 1.01% within the U.S. sleeve while technology managed only a 0.17% gain, despite broad enthusiasm around SK Hynix and semiconductors. This divergence suggests that chip-related optimism remains concentrated in narrow holdings rather than driving a broad tech rally, and that rate-sensitive sectors like health care are resisting gains on a day when the 10-year Treasury yield rose 0.40%.

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Jun 12 to Jul 10 · $44.68 → $45.25

+1.28%