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Open Edition. Friday, August 7, 2026

Curated market context for passive investors.

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$46.06
+0.35%

Headline

XEQT rises 0.35% as Canadian materials surge and international equities gain ground.

XEQT rose 0.35% in early trading, supported by gains in Canada, international developed markets, and emerging markets, while the U.S. sleeve remained essentially flat. Canada's advance was driven by a sharp 5.17% surge in materials, which contributed 0.87 percentage points to the sleeve, offsetting declines across energy, financials, and technology. International developed markets, the second-largest sleeve, gained 0.64%, led by Japan's 1.65% rise and solid gains in Switzerland and Germany. Emerging markets advanced 0.58%, with strength distributed across Taiwan, South Korea, and China, though the moves remain modest in absolute terms.

How large is this morning's move?

Typical day · This morning's +0.35% 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

    25.33% of XEQT

    • XIC.TO
    +0.52% +0.13 pts to XEQT

    Canada outpaced the broader portfolio with a 0.52% gain, driven almost entirely by materials, which jumped 5.17% and accounted for 0.87 percentage points of the sleeve's return. Energy slipped 1.56%, reflecting modest weakness in crude, while financials and technology declined fractionally. The dominance of a single sector—materials gained more than the entire sleeve advanced—underscores today's narrowness within Canada, even as the country led XEQT.

    Canada market region icon

  • United States

    45.34% of XEQT

    • XTOT.TO
    • ITOT
    +0.03% +0.01 pts to XEQT

    The U.S. sleeve barely moved, up 0.03%, as strength in technology and consumer discretionary offset losses in energy, financials, and communication services. Technology rose 1.20% and contributed 0.42 percentage points, while consumer discretionary gained 1.44%, yet broader weakness in rate-sensitive sectors and energy kept gains modest. Currency effects, with the Canadian dollar strengthening 0.48%, further dampened the translated return from a USD perspective.

    United States market region icon

  • Intl Developed

    24.50% of XEQT

    • XEF.TO
    +0.64% +0.16 pts to XEQT

    International developed markets rose 0.64%, benefiting from gains across Japan, Switzerland, Germany, and the United Kingdom. Japan contributed 0.42 percentage points with a 1.65% advance, while Germany and Switzerland each added roughly 0.10 percentage points. Weakness in U.S. employment data and falling Treasury yields supported rate-sensitive markets in Europe and Japan, reinforcing the rotation away from higher-for-longer rate expectations.

    Intl Developed market region icon

  • Emerging Mrkts

    4.68% of XEQT

    • XEC.TO
    +0.58% +0.03 pts to XEQT

    Emerging markets gained 0.58%, with broad-based strength in Taiwan, South Korea, and China offsetting modest weakness in the United Arab Emirates. South Korea contributed 0.21 percentage points on a 1.12% rise, while Taiwan added 0.25 percentage points despite a closing decline of 0.38%, reflecting earlier-session strength. South Africa's 4.51% surge added 0.15 percentage points, though the contribution of smaller markets remains limited.

    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

The early session shows balanced portfolio behavior: three sleeves positive, one near neutral, and no single region dominating the move. This breadth, even at modest magnitude, reflects a market still digesting overnight shifts in rate expectations and Middle East sentiment rather than a concentrated sector or regional storm. For a long-term holder, a 0.35% gain composed equally across geographies is a reminder that quiet sessions often precede clarity.

Signals

  • 01

    Softer U.S. jobs data eases rate concerns

    U.S. employment fell unexpectedly by 23,000 jobs in July, well below the 83,000 forecast, sending Treasury yields lower and cooling expectations for near-term rate hikes. This shift in rate outlook supported equities globally, particularly in bond-proxy sectors like utilities and real estate, and likely contributed to Japan and Europe's outperformance despite ongoing Middle East tensions.

  • 02

    Canadian materials lead domestic strength

    Canadian materials surged 5.17%, contributing nearly 0.87 percentage points to the Canadian sleeve's 0.52% return. Gold prices rose 2.77%, aligning with the strength, and the breadth of the commodity rally suggests renewed confidence in growth and inflation protection rather than flight-to-safety positioning.

  • 03

    Loonie strength caps U.S. returns

    The Canadian dollar strengthened 0.48% against the U.S. dollar, translating to a 0.48 percentage point headwind for USD-denominated equities when converted back to CAD. This currency move explains why the U.S. sleeve remained flat despite underlying tech and discretionary strength, a dynamic worth monitoring if the loonie continues to firm.

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Jul 10 to Aug 7 · $45.35 → $46.06

+1.57%