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Open Edition. Friday, July 31, 2026

Curated market context for passive investors.

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$44.63
-0.32%

Headline

XEQT slips 0.32% as Japan-led international decline offsets emerging market gains.

XEQT traded at $44.63, down 0.32% in early trading as international developed markets delivered the bulk of the decline. The Intl Developed sleeve shed 0.75%, accounting for 56% of XEQT's loss, with Japan and Australia leading losses among the tracked countries. Canada slipped 0.42%, driven by steep declines in materials and information technology, though financials and energy provided modest support. The U.S. sleeve held relatively steady at minus 0.03%, buoyed by strength in consumer discretionary despite technology sector pressure. Emerging markets edged up 0.48% on Taiwan's strong 1.95% gain, partially offsetting weakness in South Korea.

How large is this morning's move?

Typical day · This morning's -0.32% move is 0.5× 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

    25.55% of XEQT

    • XIC.TO
    -0.42% -0.11 pts from XEQT

    The Canadian sleeve retreated 0.42% early in the session. Materials suffered the steepest loss, falling 2.49% and erasing roughly a third of the sleeve's move, while information technology dropped 2.06%. Financials and energy provided balance, gaining 0.52% and 0.80% respectively, with consumer staples also posting a small advance. The decline remains measured relative to the broader market pressure seen internationally.

    Canada market region icon

  • United States

    44.95% of XEQT

    • XTOT.TO
    • ITOT
    -0.03% -0.01 pts from XEQT

    The U.S. sleeve declined just 0.03%, held steady by consumer discretionary strength of 2.62% that offset technology weakness. Technology fell 1.43%, health care retreated 0.75%, and communication services edged lower, yet industrials and energy provided minor support. The modest net loss reflects relative resilience in a market where earnings momentum has tempered recent AI-sector concerns.

    United States market region icon

  • Intl Developed

    24.77% of XEQT

    • XEF.TO
    -0.75% -0.19 pts from XEQT

    Japan's 1.54% decline drove the Intl Developed sleeve to minus 0.75%, the session's sharpest regional loss. Australia fell 1.96%, Switzerland retreated 1.29%, and the UK slipped 0.69%, reflecting broad pressure across the tracked developed markets. These declines appear consistent with caution around central bank monetary policy and persistent uncertainty in international equities.

    Intl Developed market region icon

  • Emerging Mrkts

    4.64% of XEQT

    • XEC.TO
    +0.48% +0.02 pts to XEQT

    The Emerging Markets sleeve gained 0.48% as Taiwan surged 1.95%, lifting the entire sleeve with a contribution exceeding 0.50 percentage points. South Korea declined 2.53%, the steepest loss within the sleeve, yet was outweighed by Taiwan's strength. China and India posted modest gains, while Brazil and Mexico also advanced, creating a mixed but net-positive picture within the tracked emerging exposures.

    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

International developed markets bore the heaviest weight today, pulling XEQT lower despite scattered strength elsewhere. Japan's 1.54% decline contributed nearly two-fifths of the sleeve's loss, reflecting broader uncertainty around the Bank of Japan's cautious rate stance. Within the Canadian sleeve, materials and technology sectors fell sharply, offset partially by gains in financials and energy. Emerging markets posted a modest gain on Taiwan's 1.95% rise, yet this bright spot could not counterbalance international weakness. The session illustrates how a downturn concentrated in a single sleeve can dominate the fund's direction even when other regions show resilience.

Signals

  • 01

    Volatility gauge ticks higher amid uneven markets

    The VIX, a gauge of expected short-term equity volatility, rose 3.45% to 17.68 early in the session. This modest uptick suggests investors are reassessing risk but remain relatively calm, consistent with the narrow decline across most sleeves today.

  • 02

    Currency effects remain modest in U.S. sleeve

    Within the U.S. sleeve, the FX translation of the USD-listed component (ITOT) into Canadian dollars narrowed the CAD-adjusted return gap to just 0.19 percentage points versus the CAD-listed component (XTOT), a typical spread. The Canadian dollar weakened slightly against the U.S. dollar, providing a small tailwind to dollar-denominated holdings when expressed in CAD terms.

  • 03

    Japan's decline drives Intl Developed pullback

    Japan accounts for roughly one-quarter of the Intl Developed sleeve, and its 1.54% loss is responsible for approximately one-third of the entire sleeve's decline. This concentrated geographic drag illustrates how a downturn in a single large market within a broadly diversified sleeve can still measurably affect the overall fund.

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Jul 6 to Jul 31 · $45.55 → $44.64

-2.01%