This is the midday brief for Fri, Aug 7, 2026. View latest

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Midday Edition. Friday, August 7, 2026

Curated market context for passive investors.

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$45.99
+0.20%

Headline

Canadian materials drive a narrowing XEQT gain as a soft U.S. jobs report steadies markets midday

XEQT is trading at $45.99, up 0.20% on the session, with the gain having moderated since early trading. Canada is providing most of the lift, contributing roughly 0.11 percentage points to the fund's return, while the U.S. and international developed sleeves are adding modestly and emerging markets are a small drag. A weak U.S. July jobs report that showed the economy unexpectedly shed jobs has supported equities broadly, with market participants reducing expectations for a Federal Reserve rate increase at the September meeting.

How large is this afternoon's move?

Typical day · This afternoon's +0.20% move is 0.3× 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

    25.38% of XEQT

    • XIC.TO
    +0.42% +0.11 pts to XEQT

    The Canadian sleeve is up 0.42%, with materials accounting for nearly all of the advance. Gold's 2.30% rise is consistent with the outsized move in Canadian materials, which contributed roughly 0.64 percentage points within the sleeve. Financials and energy are both in negative territory, each pulling in the opposite direction, so the TSX gain remains concentrated rather than broad.

    Canada market region icon

  • United States

    45.43% of XEQT

    • XTOT.TO
    • ITOT
    +0.02% +0.01 pts to XEQT

    The U.S. sleeve is effectively flat at +0.02%, despite technology and consumer discretionary sectors posting solid gains among the areas tracked. The Canadian dollar strengthened 0.57% against the U.S. dollar, which translated the raw U.S. equity gain almost entirely away when measured in Canadian dollars. The jobs data reduced rate-hike pressure, but currency translation left the sleeve's contribution to XEQT at roughly 0.01 percentage points.

    United States market region icon

  • Intl Developed

    24.47% of XEQT

    • XEF.TO
    +0.27% +0.06 pts to XEQT

    XEF.TO is up 0.27%, contributing about 0.07 percentage points to XEQT. Among the markets tracked, Japan, Switzerland, the United Kingdom, and Germany all posted gains, with Japan's contribution the largest given its weight in the sleeve. The Nikkei ended marginally lower in local terms after a volatile session, with AI and chip-related stocks declining, though the sleeve's net return reflects broader European strength helping to offset that weakness.

    Intl Developed market region icon

  • Emerging Mrkts

    4.65% of XEQT

    • XEC.TO
    -0.14% -0.01 pts from XEQT

    The emerging markets sleeve is down 0.14%, a small drag on XEQT. Within the tracked markets, China and Taiwan were both positive and South Africa posted a sharp advance, but Brazil fell 1.20% and weighed meaningfully on the sleeve. Seoul shares declined for a second straight session on foreign selling, adding to the overall sleeve's modest negative reading.

    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

Canada's materials sector is doing considerable work today, masking a more complicated picture underneath: financials and energy are both negative within the sleeve, which means the TSX gain is narrower than the headline return suggests. The U.S. sleeve is essentially flat, with a strong Canadian dollar erasing nearly all of the raw U.S. equity gain. Gains of this modest scale, spread unevenly across sleeves, are unremarkable in the context of XEQT's three-month return of 7.03%. A quiet, slightly positive Friday is precisely the kind of session a passive investor can set aside.

Signals

  • 01

    Gold surges as copper falls

    Gold rose 2.30% on the session, consistent with a broad move into assets that investors treat as stores of value during uncertainty. That connection supports the Canadian materials sector's outsized gain, while copper fell 1.62%, suggesting the commodity-market picture is split rather than uniformly bullish.

  • 02

    CAD strength neutralizes U.S. gains

    The Canadian dollar strengthened 0.57% against the U.S. dollar, which is the primary reason the U.S. sleeve's contribution to XEQT is near zero despite technology and consumer discretionary sectors advancing among the areas tracked. For a Canadian-dollar investor, currency translation is eroding the session's U.S. equity returns in real time.

  • 03

    Jobs data pulls Treasury yields lower

    The U.S. 10-year Treasury yield, which reflects the market's expectation of future interest rates, fell 0.34% after the July jobs report showed unexpected job losses, reducing pressure on the Fed to raise rates. Among rate-sensitive sectors tracked within XEQT's Canadian sleeve, utilities and real estate edged into positive territory, consistent with yields easing.

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Jul 10 to Aug 7 · $45.35 → $45.99

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