This is the midday brief for Mon, Aug 24, 2026. View latest

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Midday Edition. Monday, August 24, 2026

Curated market context for passive investors.

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$45.65
+0.15%

Headline

U.S. communications and consumer stocks lift XEQT to midday gains.

XEQT gained 0.15% in midday trading as U.S. and international developed markets moved into positive territory. The U.S. sleeve, the fund's largest component, rose 0.33%, led by strength in communication services and consumer staples despite a broad technology retreat that fell 1.50%. International developed equities climbed 0.32%, supported by the UK market's modest advance, while Canada edged lower at negative 0.14% amid energy and industrials weakness. Emerging markets pared steeper morning losses to negative 0.75%, though South Korea faced particular pressure after Samsung's shareholder return plan disappointed investors.

How large is this afternoon's move?

Typical day · This afternoon's +0.15% 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

    25.92% of XEQT

    • XIC.TO
    -0.14% -0.04 pts from XEQT

    Canadian equities fell 0.14% as tariffs on roughly $28 billion of Canadian goods weighed on sentiment. Energy declined 1.20% and industrials fell 1.78%, offsetting modest gains in materials and consumer staples. The Canadian dollar weakened sharply, declining 0.61% against the U.S. currency as trade tensions escalated, creating cross-currents for the sleeve that held the fund back early in the session.

    Canada market region icon

  • United States

    44.80% of XEQT

    • XTOT.TO
    • ITOT
    +0.33% +0.15 pts to XEQT

    U.S. equities rose 0.33% as communication services and consumer staples drove gains, each contributing over 0.10 percentage points to the sleeve. Financials also advanced 0.95%, providing support despite technology's 1.50% decline. The CAD dollar weakness against the USD added 0.61 percentage points of FX translation benefit to U.S. assets, amplifying the sleeve's contribution to the fund's modest advance.

    United States market region icon

  • Intl Developed

    24.42% of XEQT

    • XEF.TO
    +0.32% +0.08 pts to XEQT

    Developed markets outside North America rose 0.32% as selective strength in the UK and Spain offset declines across much of continental Europe and Japan. The UK market gained 0.26% while Spain advanced 0.45%, providing modest ballast, but Japan fell 0.41%, France declined 0.29%, and Switzerland slipped 0.28% amid caution over Iran tensions and economic data expectations.

    Intl Developed market region icon

  • Emerging Mrkts

    4.74% of XEQT

    • XEC.TO
    -0.75% -0.04 pts from XEQT

    Emerging markets fell 0.75% as weakness in South Korea, Taiwan, and China outweighed gains in Saudi Arabia and Brazil. South Korea tumbled 2.45% after Samsung's shareholder return announcement disappointed investors, while Taiwan declined 1.00% and China fell 1.37%. India slipped 0.62% as regional uncertainty around Iran sanctions kept investors cautious despite modest support from Middle Eastern and Latin American holdings.

    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

The session shows a shift since the open as North America and developed markets found footing while emerging Asia stumbled. U.S. strength across communications, consumer staples, and financials offset technology weakness that had dragged heavily earlier. For a long-term XEQT holder, the modest 0.15% gain reflects genuine cross-sleeve complexity: tariff headwinds on Canada and geopolitical uncertainty on emerging markets are being partially absorbed by steady gains in the larger developed sleeves. This is typical portfolio behavior during periods of mixed sentiment.

Signals

  • 01

    CAD weakness amplifies U.S. sleeve contribution

    The U.S. dollar weakened 0.61% against the Canadian dollar today, translating U.S. equity gains into larger CAD-denominated returns for the 44.80% sleeve. This currency tailwind added 0.61 percentage points of translation benefit to ITOT holdings, creating a meaningful boost to XEQT on a day when U.S. equities themselves advanced modestly. For a Canadian investor in XEQT, foreign currency moves can shift the effective sleeve contribution meaningfully even when underlying equity markets move more modestly.

  • 02

    Defensive sectors offset technology weakness

    Technology retreated 1.50% in the U.S. sleeve and declined sharply across Asia, yet the overall U.S. sleeve still gained 0.33% thanks to strength in communication services, consumer staples, and financials. This breadth across defensive and economically sensitive sectors signals that the morning's weakness reflected sector-specific disappointment rather than broad risk aversion. For a diversified XEQT holder, today's pattern shows the value of sectoral balance when individual segments face headwinds.

  • 03

    Samsung disappoints, geopolitical worry lingers

    Emerging markets fell 0.75%, dragged primarily by a 2.45% collapse in South Korea following Samsung's shareholder return plan and a 1.00% slide in Taiwan. Geopolitical uncertainty around Iran sanctions continues to weigh on appetite for higher-risk assets globally. The modest resilience in Saudi Arabia and Brazil is being outweighed by concentrated losses in the largest emerging market exposures, making the sleeve's drag material even though it represents only 4.74% of XEQT.

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Jul 27 to Aug 24 · $44.79 → $45.65

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