This is the midday brief for Mon, Jul 13, 2026. View latest

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Midday Edition. Monday, July 13, 2026

Curated market context for passive investors.

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$45.00
-0.77%

Headline

XEQT slides 0.77% at midday as U.S.-Iran escalation drives broad four-sleeve decline

XEQT was trading at $45.00 at midday, down 0.77% on the session, a loss that has deepened since the earlier snapshot this morning. Renewed U.S.-Iran hostilities, including airstrikes and retaliation, pushed WTI crude oil up more than 5% and sent risk sentiment lower across global equities. All four regional sleeves are in negative territory, with the U.S. contributing the largest drag in absolute terms and emerging markets producing the sharpest percentage decline. Energy is a notable exception on both sides of the border, rising with oil prices, but that gain has not been enough to offset broad weakness in technology and financials.

How large is this afternoon's move?

Larger-than-usual day · This afternoon's -0.77% move is 1.7× 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

    25.06% of XEQT

    • XIC.TO
    -0.09% -0.02 pts from XEQT

    Canada's sleeve is nearly flat, down just 0.09%, masking significant internal tension. Among the sectors tracked, energy surged 2.86% on the crude oil spike, contributing meaningfully to the upside, while materials fell 2.52% as gold dropped sharply and financials slipped 0.50%. Those two sectors offset nearly all of energy's gain, leaving the sleeve fractionally negative.

    Canada market region icon

  • United States

    45.61% of XEQT

    • XTOT.TO
    • ITOT
    -0.74% -0.34 pts from XEQT

    The U.S. sleeve is down 0.74% and is the largest single contributor to XEQT's decline, accounting for roughly 0.34 percentage points of drag. Technology, which represents a substantial portion of the tracked sleeve, fell 2.26% and drove most of the loss. U.S. energy rose 2.75%, and financials, health care, and communication services each edged higher, but these gains were not large enough to offset technology's weight.

    United States market region icon

  • Intl Developed

    24.33% of XEQT

    • XEF.TO
    -0.96% -0.23 pts from XEQT

    International developed markets are the second-largest drag, with XEF.TO down 0.96%. Among the markets tracked, Japan fell 1.80%, reflecting the broader Asia risk-off move, while the Netherlands declined 1.61%. European markets were more contained: Germany edged down 0.46% and the UK fell 0.72%, with German equities moving largely sideways despite the geopolitical pressure as oil's rise weighed on sentiment.

    Intl Developed market region icon

  • Emerging Mrkts

    4.87% of XEQT

    • XEC.TO
    -3.33% -0.16 pts from XEQT

    Emerging markets are the worst-performing sleeve, down 3.33%, though their smaller 4.87% weight in XEQT limits the total damage. South Korean equities fell 8.34% among the markets tracked, as chip stocks including SK Hynix reversed sharply after Friday's ADR debut rally. Taiwan-related equities dropped 3.83%. The semiconductor-driven reversal raises questions about whether the sharp run-up in both markets has run its course.

    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 session like this, broad declines across all four sleeves with the move running at 1.7 times the recent daily average, reveals how geopolitical shocks transmit through a globally diversified fund simultaneously. The concentrated damage in South Korean and Taiwanese equities within emerging markets is notable, given that sleeve's 20%-plus year-to-date run had been the fund's strongest performer. Energy's sharp gain in both Canada and the U.S. offered partial offset, a reminder that commodity-linked holdings can cushion risk-off moves when oil is the catalyst. The underlying structure of XEQT remains intact; the session reflects the event, not the fund.

Signals

  • 01

    VIX jumps 11% on escalation

    The VIX, a measure of expected near-term volatility in U.S. equities, has risen nearly 11% on the session, consistent with a genuine risk-off shift rather than a routine pullback. For XEQT holders, the move corroborates the broad sleeve weakness and helps explain why declines are appearing simultaneously across geographically distinct markets.

  • 02

    Energy offsets broad tech weakness

    WTI crude oil has surged more than 5%, creating a split within the same session: energy sectors in both Canada and the U.S. are among the few tracked areas rising, while most other sectors decline. This divergence within sleeves is worth watching; it limits the fund's total loss but concentrates the session's story around a single commodity shock.

  • 03

    Korean chip reversal tests EM rally

    South Korean equities fell more than 8% among the markets tracked, erasing a substantial portion of the emerging markets sleeve's 20%-plus year-to-date lead. The reversal follows SK Hynix's sharp U.S. debut rally, and analysts are questioning whether the semiconductor trade that drove this year's gains has peaked, which would bear directly on the emerging markets sleeve's future contribution to XEQT.

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Jun 15 to Jul 13 · $45.28 → $45.00

-0.62%