This is the midday brief for Tue, Sep 1, 2026. View latest

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Midday Edition. Tuesday, September 1, 2026

Curated market context for passive investors.

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$45.36
-0.59%

Headline

XEQT declines 0.59% as rising yields and oil prices weigh on developed markets.

XEQT was trading at $45.36 in midday trading, down 0.59% and roughly 1.7 times the recent 20-day average move. Canadian equities led the decline, dragged lower by weakness in materials and technology, while the U.S. sleeve resisted somewhat as oil prices climbed to multiyear highs. Across all regions, rising bond yields pressured rate-sensitive sectors and weighed on international developed markets. Emerging markets gave ground as well, though Taiwan's 2.11% gain provided partial offset to declines elsewhere in the region.

How large is this afternoon's move?

Larger-than-usual day · This afternoon's -0.59% 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

    25.64% of XEQT

    • XIC.TO
    -1.09% -0.28 pts from XEQT

    Canada's sleeve fell 1.09%, the steepest decline among the four regions. Materials dropped 2.45% and information technology fell 2.64%, accounting for much of the sleeve's weakness as rising bond yields pressured growth-oriented sectors. Energy gained 2.04% as oil climbed above 89 dollars per barrel, offsetting losses elsewhere but not enough to stabilize the overall Canadian equity picture.

    Canada market region icon

  • United States

    45.03% of XEQT

    • XTOT.TO
    • ITOT
    -0.48% -0.22 pts from XEQT

    The U.S. sleeve declined 0.48%, held back primarily by technology sector losses of 1.40% alongside weakness in industrials and consumer discretionary. Health care and consumer staples posted modest gains, providing some ballast. The Canadian dollar's weakness relative to the U.S. dollar provided meaningful support to the sleeve's return when translated to CAD, softening what would otherwise have been a larger decline.

    United States market region icon

  • Intl Developed

    24.41% of XEQT

    • XEF.TO
    -0.42% -0.10 pts from XEQT

    International developed markets declined 0.42% as rising bond yields dampened valuations across the region. Germany fell 1.45%, the Netherlands 1.51%, and France 0.75%, all pressured by inflation concerns and higher interest rates. Japan's modest 0.35% decline reflected resilience despite its benchmark 10-year yield hitting a 30-year high, while Australia and other markets contributed smaller drags to the overall regional performance.

    Intl Developed market region icon

  • Emerging Mrkts

    4.78% of XEQT

    • XEC.TO
    +0.18% +0.01 pts to XEQT

    Emerging markets rose 0.18%, supported by a 2.11% surge in Taiwan-related equities that more than offset declines elsewhere. South Korea fell 1.85% and China retreated 0.37%, while India and Brazil posted minor losses. Taiwan's strength, which contributed 0.58 percentage points to the sleeve's modest gain, highlighted the region's internal divergence as major developed-economy concerns about yields had less immediate bearing on Asian growth stories.

    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

XEQT's -0.59% move reflects a classic risk-off session: bond yields rose sharply on inflation fears and rising oil, creating broad headwinds across developed and Canadian equities. Emerging markets held up better, led by Taiwan's outperformance, but could not offset weakness in the other three sleeves. For a long-term holder, this session is well within normal ranges and does not alter the fund's positive year-to-date trajectory.

Signals

  • 01

    Oil surge splits market by sector exposure

    Oil prices climbed 4.31% to 89.46 dollars per barrel, a move that typically benefits energy producers. This rise helped offset Canadian energy sector losses, which still gained 2.04% despite the energy-heavy sleeve's overall 1.09% decline. The oil rally reflects geopolitical premium and inflation expectations, creating a crosswind: energy benefits while rate-sensitive sectors and growth equities suffer.

  • 02

    Weaker CAD softens U.S. sleeve impact

    The Canadian dollar weakened 0.37% against the U.S. dollar, translating into a 0.37 percentage point currency boost for the U.S. sleeve when reported in CAD. This currency tailwind offset a steeper underlying U.S. equity decline and will likely reverse if the dollar strengthens in the coming sessions. For a XEQT holder, this masks the true weakness in U.S. equities and highlights why currency effects matter on cross-border multi-sleeve portfolios.

  • 03

    Bond yields rise to multiyear highs globally

    Bond yields rose sharply across developed markets, with the 10-year U.S. Treasury yield climbing 0.46 percentage points to 4.78% and Japan's 10-year yield hitting 3%, a 30-year high. This yield surge pressured rate-sensitive sectors globally, particularly technology, utilities, and financials. The combination of inflation fears, oil-driven price pressures, and expectations for higher interest rates suggests this headwind may persist, worth monitoring as a structural shift rather than a one-day aberration.

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Aug 5 to Sep 1 · $45.97 → $45.36

-1.33%