This is the midday brief for Wed, Sep 2, 2026. View latest

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Midday Edition. Wednesday, September 2, 2026

Curated market context for passive investors.

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$45.35
+0.07%

Headline

Canadian financials anchor XEQT's steady session as U.S. equities rebound from losses.

XEQT held steady at 0.07% as Canadian strength narrowly offset international weakness. Domestic financials and materials advanced on the heels of a Bank of Canada rate hold, while U.S. stocks recovered modestly from a three-day skid and oil prices stabilized. Japan and Australia contributed gains within the developed markets sleeve, though European weakness and emerging market losses dragged on global returns.

How large is this afternoon's move?

Typical day · This afternoon's +0.07% move is 0.2× 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
    +0.30% +0.08 pts to XEQT

    Canadian equities advanced 0.30% as the Bank of Canada held its benchmark rate steady at 2.25%, anchoring sentiment on a day of global turbulence. Financials delivered the largest contribution, rising 0.94%, while materials gained 1.28% despite energy's 0.58% decline. Information technology and consumer staples lagged, but the breadth of gains across cyclical sectors reflected domestic stability amid geopolitical crosswinds.

    Canada market region icon

  • United States

    45.03% of XEQT

    • XTOT.TO
    • ITOT
    -0.01% -0.00 pts from XEQT

    The U.S. sleeve barely moved at minus 0.01%, recovering after three consecutive sessions of declines as oil prices halted their advance. Communication services led with a gain of 1.94%, offset by technology's 0.18% decline. Financials, health care, and consumer staples all posted gains, demonstrating underlying sector resilience despite persistent yield pressures and geopolitical uncertainty.

    United States market region icon

  • Intl Developed

    24.41% of XEQT

    • XEF.TO
    -0.23% -0.06 pts from XEQT

    International developed markets declined 0.23%, pressured by rising bond yields and oil-driven inflation concerns across Europe. Japan's 0.59% gain and Australia's 0.99% advance provided support, while the UK and Germany posted modest losses. The Bank of Japan's signaling of rate-hike flexibility at every meeting offered modest encouragement within the region's otherwise cautious tone.

    Intl Developed market region icon

  • Emerging Mrkts

    4.78% of XEQT

    • XEC.TO
    -0.07% -0.00 pts from XEQT

    Emerging markets edged lower by 0.07% amid divergent regional performance. Taiwan fell 0.58% as crude-oil-price spikes stoked inflation fears, while South Korea gained 1.19% on relative resilience. Brazil surged 4.06% and India advanced 0.65%, though these gains could not fully offset weakness in Taiwan and moderate declines in Saudi Arabia and China.

    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 fund's Canadian exposure carried most of today's modest gain as financials and materials offset broad weakness elsewhere. Rising bond yields and geopolitical tensions continued to weigh on developed and emerging markets, though the U.S. sleeve stabilized after three consecutive days of losses. For a long-term holder, the near-flat session reflects typical daily churn within a resilient year-to-date framework.

Signals

  • 01

    Canadian dollar strength masks U.S. FX headwind

    The Canadian dollar strengthened 0.40% against the U.S. dollar, creating a notable FX headwind for U.S. equity returns translated into Canadian currency. A stronger loonie typically benefits Canadian exporters and domestic-focused investors, explaining part of why the U.S. sleeve stabilized despite ongoing international pressures.

  • 02

    Oil price stabilization eases inflation fears

    Oil prices halted a sharp advance after rising more than 1% in recent sessions, easing inflation concerns that had pressured equities throughout the week. The stabilization of crude allowed U.S. communication services and financials to post meaningful gains, supporting the sector-level rotation visible in the U.S. sleeve's recovery.

  • 03

    Emerging markets diverge by commodity exposure

    Brazil's constituent gained 4.06% within emerging markets while Taiwan fell 0.58%, revealing sharp regional divergence tied to geopolitical and commodity sensitivities. For a long-term XEQT holder, this dispersion underscores how emerging-market exposure spans vastly different growth and risk profiles that can move in opposite directions on a single day.

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Aug 6 to Sep 2 · $45.90 → $45.35

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