Daily Market Updates –October-02

Market Updates, Daily Market Updates / PhillipCapital DIFC Research Team

02 October 2026 – Daily Market Updates Daily Market Brief: Rising Yields Squeeze Equities; French Fiscal Strains Deepen At a glance Government bond yields remain elevated, keeping financial conditions tight and pressuring rate‑sensitive pockets of the equity market. Equity index resilience continues to mask weak breadth; leadership is concentrated in a handful of large tech and AI beneficiaries. Oil eased after flirting with the $100 mark, easing some near‑term inflation anxiety but leaving the broader “higher-for-longer” narrative intact. The US labor market update is due today and will shape expectations for the policy path and year‑end risk appetite. In Europe, France’s funding premium over Germany has widened, weighing on the euro and reviving discussion of potential spillovers across the region. Global markets Equities: Major US equity benchmarks are holding near highs, but the undercurrent is uneven. Smaller companies, banks, utilities, real estate and other interest‑rate‑sensitive groups have lagged as borrowing costs bite. Cyclical areas tied to capital spending continue to hinge on the durability of the AI build‑out and broader earnings momentum. Europe opened firmer, while Asia was mixed to softer amid the global rates backdrop. Rates: Longer‑dated US Treasury yields are hovering above the 5% area for the 10‑year, reflecting sticky growth and inflation expectations as well as heavier supply. Yield curves remain relatively flat, signaling tighter financial conditions even as near‑term policy expectations fluctuate around incoming data. Core European yields rose, with French bonds underperforming. Credit: Primary markets remain active, but the cost of financing has moved up and investor selectivity has increased. Large, high‑profile deals are absorbing liquidity and exposing weaker balance sheets, leading to wider dispersion in spreads between higher‑ and lower‑quality issuers. Commodities: Crude retreated after edging toward triple‑digits, as traders balanced tight supply with concerns that elevated rates could temper demand. Industrial metals were mixed, reflecting cross‑currents between manufacturing softness and energy‑related cost pressures. Currencies: The US dollar stayed firm alongside high US yields. The euro slipped to multi‑month lows, pressured by France’s widening spread to German bunds and uneven regional growth. Yen watchers remain alert for policy or verbal pushback if FX volatility accelerates. Focus: What higher yields mean for stocks now Narrow leadership: Market gains remain concentrated in a small group of mega‑caps tied to secular AI and cloud themes. Outside that cohort, the average stock has softened as higher discount rates compress valuations and raise the hurdle for earnings surprises. Earnings math: Higher real yields challenge elevated multiples unless profit growth remains robust. Companies with durable cash generation, strong balance sheets, and pricing power still command a premium; levered and long‑duration stories face a tougher backdrop. Positioning: Flows continue to favor quality and cash‑rich franchises. Long/short dispersion has increased, creating a more idiosyncratic, earnings‑driven tape into year‑end. Europe watch: France’s risk premium widens The spread between French government bonds and German bunds has climbed to the widest in years, reflecting investor concern over fiscal trajectories and political constraints. While still far from crisis territory, persistent underperformance raises questions about knock‑on effects for regional risk sentiment, bank funding costs, and the euro. What to monitor next: Budget progress and guidance, rating‑agency updates, EU fiscal rule discussions, and demand at upcoming auctions. A sustained widening could tighten financial conditions across parts of the bloc. The day ahead US employment report: Markets are looking for signs that hiring and wage growth are cooling enough to support a slower policy path without tipping into a sharper slowdown. A downside surprise could ease yields and broaden the equity bid; an upside beat may reinforce higher‑for‑longer expectations. Central bank speakers and supply: Any guidance on balance sheet plans and term premiums will be in focus, as will the tone around future issuance calendars. Investment considerations Quality over leverage: Favor balance‑sheet strength and consistent free cash flow as financing costs rise. Earnings resilience: Prioritize firms with pricing power and visible demand, particularly where earnings revisions remain positive. Duration balance: In multi‑asset portfolios, reassess interest‑rate exposure and consider barbell approaches to manage volatility. Liquidity matters: Elevated yields and episodic risk‑off moves argue for maintaining ample liquidity and being selective in lower‑quality credit. Diversification: Concentration risk is elevated; ensure exposures are not overly dependent on a single theme or region. Bottom line Higher long‑term yields are doing what they usually do—tightening financial conditions and pressuring the most rate‑sensitive corners of the market—while headline indices hold up on the back of narrow leadership. Today’s US labor data and Europe’s evolving fiscal picture will help determine whether markets can broaden out into year‑end or remain reliant on a small set of winners. Disclaimer: Trading foreign exchange and/or contracts for difference on margin carries a high level of risk, and may not be suitable for all investors as you could sustain losses in excess of deposits. The products are intended for retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. The content of the Website must not be construed as personal advice. For retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. Rolling Spot Contracts and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78% of our retail client accounts lose money while trading with us. You should consider whether you understand how Rolling Spot Contracts and CFDs work, and whether you can afford to take the high risk of losing your money. Daily Market Updates –October-02 October 2, 2026 02 October 2026 – Daily Market Updates Daily Market Brief:… Read More Daily Market Updates –October-01 September 28, 2026 01 October 2026 – Daily Market Updates Daily Market Brief:… Read More Daily Market

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Daily Market Updates –October-01

Market Updates, Daily Market Updates / PhillipCapital DIFC Research Team

01 October 2026 – Daily Market Updates Daily Market Brief: Strong Growth, Higher Yields, Mixed Equities Overview Global markets are starting the new quarter with a familiar theme: government bond yields are grinding higher as growth proves resilient and energy prices stay elevated. Equities are uneven across regions, the US dollar is firmer, and commodities continue to feed the inflation narrative. Asia’s major benchmarks outperformed, US equity futures point modestly higher led by tech, and Europe is softer with France lagging on renewed fiscal and political worries. Top takeaways Rates: Benchmark yields in the US and UK have pushed to multi‑year highs. The move reflects firm economic activity, ongoing inflation pressures from energy, larger sovereign issuance needs, and a rebuilding term premium. Volatility around auctions remains elevated. Equities: US tech and semiconductor names are buoyed by AI and cloud demand trends, while rate‑sensitive groups remain under pressure. Europe trades lower, with France underperforming on fiscal concerns. Japan gains on technology strength. Commodities: Crude holds near triple‑digit levels, keeping pressure on inflation expectations and input costs. Agricultural prices have also jumped, adding to the cost backdrop. Currencies: The dollar index advances as US yields outpace peers. The euro is softer amid euro-area growth worries and France-specific risk premia. EM FX is mixed. Why yields keep rising Economic resilience: Recent US data point to solid consumer spending and still‑healthy labor demand. With activity holding up, investors demand higher compensation to hold longer‑dated bonds. Inflation mix: Energy and freight fuel a stickier services/transport cost profile, complicating the disinflation path even as some core measures cool. Supply and term premium: Larger fiscal deficits and quantitative tightening have shifted the balance between supply and demand for safe assets, lifting term premia. Global spillovers: Higher developed‑market yields and stronger USD tighten global financial conditions and transmit to other sovereign curves. Equities: AI strength vs. rate sensitivity Technology: The AI build‑out continues to support select chipmakers, cloud infrastructure providers, and partners across the ecosystem. Guidance tied to data center demand remains a bright spot, though companies also cite higher operating and capital costs. Energy and utilities: Higher oil prices underpin cash flows for producers, while long‑dated contract activity in power markets highlights stable demand for reliable baseload generation. Healthcare: Partnerships and co‑development agreements are a tailwind for select large‑cap names focused on immunology and specialty therapies. Consumer and financials: Stronger rates and fuel costs are a headwind for rate‑sensitive and transport‑exposed segments. Credit quality and funding costs are key watch points into year‑end. Europe watch: France’s valuation discount widens Political backdrop: Ongoing parliamentary fragmentation and budget debates have weighed on confidence. The fiscal consolidation roadmap includes spending restraint and revenue measures, but investors remain cautious until execution is clearer. Bonds and spreads: France’s risk premium over German benchmarks has widened to multi‑year highs, lifting funding costs and complicating deficit reduction. Equities: The country’s shares trade at a discount to the broader region after historically commanding a premium, reflecting policy uncertainty and softer domestic sentiment. Policy and macro radar United States: Recent spending data signal firm demand while progress on underlying inflation is gradual. Focus ahead is on labor indicators, ISM surveys, JOLTS, and upcoming Treasury auctions. United Kingdom: Long‑dated yields have approached levels not seen in decades as markets reassess the path of policy and supply. Watch BoE communications and inflation prints. Central banks and market structure: Policymakers are increasingly attentive to concentration and froth in AI‑linked assets, as well as broader financial stability considerations as rates stay high for longer. What this could mean for portfolios (not investment advice) Fixed income: Duration risk remains elevated as term premia rebuild. Investors seeking income may prefer staggered maturities or a barbell approach; high‑quality short to intermediate credit offers carry but requires careful issuer selection. Equities: With rates higher, cash generation, pricing power, and balance‑sheet strength matter more. Energy and select quality growth tied to secular capex (AI, digital infrastructure) have relative support; rate‑sensitive segments may remain choppy. Commodities and inflation hedges: Elevated energy tightens the inflation floor, but sustained triple‑digit crude also raises demand‑destruction risk. Position sizing and risk controls are essential. Currencies: A stronger dollar tends to favor exporters in some regions while tightening financial conditions for dollar‑funded borrowers. Hedging policies should be reviewed given rate differentials. What to watch next US: Labor market data through the week, ISM/PMI surveys, and the next round of Treasury supply. Europe: National budget milestones, especially in higher‑deficit countries; ECB speakers on inflation persistence. Corporate: Early Q4 pre‑announcements and results from large‑cap tech, consumer, and services names; management commentary on energy costs and capex plans. Risk reminders Higher-for-longer rates can pressure valuations and funding costs across assets. Energy shocks can slow growth even as they lift inflation, complicating policy responses. Liquidity can thin around data releases and auctions, amplifying moves. Need Assistance with Your Portfolio? Speak to our experienced team in Dubai to discuss structured products and advanced trading solutions tailored to your financial goals. Contact Us Disclaimer: Trading foreign exchange and/or contracts for difference on margin carries a high level of risk, and may not be suitable for all investors as you could sustain losses in excess of deposits. The products are intended for retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. The content of the Website must not be construed as personal advice. For retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. Rolling Spot Contracts and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78% of our retail client accounts lose money while trading with us. You

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Weekly Global Market News-September-Week 5

Market Updates, Weekly Global Market Update / PhillipCapital DIFC Research Team

Weekly Global Market News – September – Week 5 The Week Ahead: Politics, policy and prints that could move markets Period covered: 27 September – 4 October 2026 Overview A dense week lies ahead across politics, macro and earnings. In the UK, conference season reaches a climax with fiscal signals from the chancellor and a first party-conference address from the prime minister. North American trade frictions escalate as fresh US measures on Canadian goods take effect. In South America, Brazil heads to the polls against a backdrop of renewed US trade action. Macro releases include US jobs, Eurozone flash inflation and a global run of PMIs, plus Australia CPI/RBA and minutes from the Bank of Japan. Corporate highlights feature Nike, Micron and a slate of UK consumer names. Top themes and market implications 1) UK party conference signals What’s happening: The chancellor is expected to outline the contours of next month’s Budget while the prime minister delivers his first conference keynote. Later in the week, the Greens and Plaid Cymru convene; the Conservative conference opens on Sunday. Why it matters: Any steer on spending rules, tax thresholds, infrastructure priorities or utility policy could move gilts, sterling, and domestically focused equities (housebuilders, water/utilities, banks, infrastructure contractors). What to watch Hints on the fiscal stance and debt targets ahead of the 28 October statement. Housing supply measures and planning reform timelines. Utilities/water regulation and potential ownership discussions. Public pay, NHS and local government funding trajectories. 2) US–Canada trade spat intensifies What’s happening: Additional US restrictions on selected Canadian imports are due to take effect on Tuesday. Why it matters: Tariffs raise input costs, can nudge near‑term inflation and may shift flows in specific categories (agri-food, select consumer goods, motorcycles and beverages) on both sides of the border. Market lens CAD: Sensitivity to headlines and Canada’s monthly GDP print. Canadian equities: Domestic consumer and industrial names with US exposure; logistics and retailers with cross‑border supply chains. US rates/inflation: Marginally hawkish if price effects filter through, but duration impact depends on Friday’s jobs data. 3) Brazil votes amid trade noise What’s happening: Brazilians elect a president and new Congress on Sunday. The US has flagged new trade measures targeting select Brazilian exports. Why it matters: Policy continuity vs. change will shape fiscal paths, privatization, and commodity strategy. Trade pressure complicates the near‑term mix for exporters. Market lens BRL and local rates: Expect weekend‑risk pricing and Monday open gap risk. Equities: State‑linked firms, utilities, consumer credit names and commodity producers most sensitive. Commodities: Watch softs and metals for any signal effects. 4) Macro: jobs, inflation and growth United States Friday’s payrolls report anchors the week; Tuesday’s JOLTS offers an earlier read on labour demand. The final Q2 GDP estimate and consumer confidence round out the growth picture. Scenario map: Strong payrolls/wage growth would firm “higher for longer” rate expectations and support the dollar; a softer print revives cut timing debates and could steepen curves. Eurozone/UK Eurozone flash HICP (Fri) tests disinflation momentum; manufacturing PMIs (Thu) give breadth. The UK publishes a Q2 GDP revision and a Nationwide house price update. Gilts/GBP: Extra sensitive given conference headlines plus housing data. Asia Australia: CPI (Wed) ahead of the RBA decision (Tue) frames the path of policy; AUD likely reactive. Japan: BoJ minutes (Mon) and the summary of opinions (Thu) are parsed for balance‑sheet and yield‑curve guidance; JPY volatility risk remains two‑sided. China: Official PMI set (Wed) provides another check on early‑Q4 momentum. 5) Earnings and corporate updates to watch Global/US Nike (Thu): Focus on direct-to-consumer reset, wholesale relationships, inventories, China demand and margin recapture. Recent board changes add interest to long‑term brand and channel strategy. Micron (Wed): AI memory cycle durability, pricing, supply discipline and capex outlook. Accenture (Thu): Bookings mix (public/federal vs. enterprise), gen‑AI services traction and FY guidance tone. Jefferies (Mon): Investment banking fee momentum and trading revenue mix into year‑end. CarMax (Tue): Used‑car affordability, financing spreads, credit performance. UK/Europe JD Wetherspoon (Fri): Cost inflation vs. pricing power, volumes, and cash returns in a still‑tight consumer backdrop. Greggs (Wed trading update): Store rollout cadence, input cost trends, breakfast/daypart expansion. Close Brothers (Tue): Funding costs, impairment charges and capital buffers. Segro (Mon): Shareholder meeting on the proposed Prologis transaction; logistics real‑estate valuations and development pipeline in view. Additional reporters include Jabil, Progress Software, Saga, Spire Healthcare, James Halstead and others. Elevate Your Institutional Trading Strategy Access global markets, liquidity venues, and multi-asset execution with our institutional brokerage solutions. Discover Institutional Services The calendar at a glance Monday, 28 Sep UK: Chancellor’s address at Labour Party conference Japan: BoJ July meeting minutes; services PPI Corporate: Jefferies (Q3), Tullow Oil (HY), Segro shareholder vote on proposed Prologis deal Tuesday, 29 Sep US: Conference Board consumer confidence; JOLTS Canada: Monthly GDP estimate; US measures on selected Canadian imports take effect Australia: RBA policy decision Corporate: CarMax (Q2), Close Brothers (Q4/FY), AG Barr (HY), Card Factory (HY) Wednesday, 30 Sep US: Final Q2 GDP UK: Q2 GDP revision France: September CPI China: Official manufacturing and services PMIs Australia: CPI Corporate: Micron (Q4), Jabil (Q4), Greggs (Q3 TU), Spire Healthcare (HY) Thursday, 1 Oct Global: Manufacturing PMIs (major economies) EU: Unemployment; House Price Index (Q2) Switzerland: CPI UK: Nationwide house price index; UK vaping levy begins Corporate: Accenture (Q4), Nike (Q1), Stolt‑Nielsen (Q3) Friday, 2 Oct Eurozone: Flash HICP US: Non‑farm payrolls; unemployment rate; wages Corporate: JD Wetherspoon (FY), Kernel (FY), Skillcast (HY) Weekend and notable events Sunday: Brazil presidential and legislative elections; OPEC+ monthly meeting (online); UK Conservative conference opens in Birmingham Weeklong: UK party conferences (Labour concluding; Greens/Plaid meetings), Paris Fashion Week, Canada’s National Day for Truth and Reconciliation (Wed) US: G20 trade ministers meet mid‑week Quick positioning dashboard (not investment advice) Rates US Treasuries: Payrolls skew dominates. Stronger data likely pressures the long end; softer data could support duration and curve steepening. Gilts: Elevated headline risk from conference signals; watch auction calendar and DMO remit chatter. Bunds: Eurozone HICP sets the tone; core vs. periphery spread moves

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Daily Market Updates – September-25

Market Updates, Daily Market Updates / PhillipCapital DIFC Research Team

25 September 2026 – Daily Market Updates Daily Market Brief: A New Rate Reality, Steadier Risk Tone Overnight tone Government bond yields eased from recent highs, taking some pressure off equities to end the week on a firmer footing. Crude oil slipped as traders weighed the prospect of improved supply dynamics alongside softer demand signals. European stocks advanced, US equity futures were modestly higher, and most major Asian indices finished in the green. The dollar stayed firm on interest-rate differentials; emerging-market currencies were mixed. Digital assets were broadly steady. Macro and rates: Investing in a 5% world A generation of market participants is navigating something they’ve scarcely experienced: policy rates and long-dated yields that are elevated and proving sticky. The drivers are multifold—persistent core inflation, resilient labor markets, heavy sovereign issuance, large-scale investment in energy and digital infrastructure, and a central-bank stance that prioritizes price stability over rapid growth. What it means for portfolios: Income is back. High-quality cash and short-dated bonds are delivering yields that, for many, rival historical equity returns. That changes asset-allocation math and the opportunity cost of risk. Duration cuts both ways. Elevated yields create attractive entry points, but rate volatility remains high. Laddering approaches and balanced duration can help manage reinvestment and mark-to-market risk. Credit quality matters. Funding costs have risen and refinancing walls are approaching for parts of the corporate landscape. Spreads have been orderly, but selectivity and balance sheet strength are back in focus. Curve dynamics. Term premia have re-emerged, and the front end remains sensitive to each inflation and employment print. Expect rallies to be tactical until a clearer disinflation trend is secured. Equities: Growth leadership with broadened participation Global stocks found support as yields edged down. Leadership still skews toward cash-generative, mega-cap platforms tied to productivity and AI themes, where product rollouts and ecosystem effects continue to underpin sentiment. At the same time: Rate-sensitive pockets (small caps, housing-adjacent names) tend to breathe easier when long yields dip, though higher-for-longer rates keep a lid on multiples. Industrials and select energy infrastructure remain in focus amid capex cycles for power, grid, and data centers. Market breadth has been improving in phases, but remains uneven; earnings revisions and guidance tone will drive the next leg. Access Global Investment Products Diversify your portfolio with US, GCC, and Indian equities through PhillipCapital DIFC’s seamless trading solutions View Investment Solutions Energy and commodities: Easing but fragile Crude prices pulled back as traders weighed the potential for supply relief and calmer shipping conditions in key chokepoints. Distillate markets remain relatively tight ahead of seasonal demand, while refined product inventories are being watched closely. Industrial metals were mixed on a tug-of-war between manufacturing softness and investment in electrification. Gold hovered in a narrow range as higher real yields cap safe-haven bids absent fresh macro shocks. Currencies and digital assets The dollar maintained a bid on the view that US rates may stay elevated relative to peers. European currencies were little changed; Asia FX performance was mixed. Crypto prices were range-bound, with liquidity pockets concentrated around major tokens and derivatives activity steady. Housing pulse Mortgage rates in the US remain in the low-7% area, continuing to pressure affordability. Sellers have been more willing to adjust pricing, and builders are leaning on incentives to sustain absorption. Regional dynamics vary, with inventory still tight in select metros. Corporate currents Continued momentum in AI-related infrastructure is spurring long-term compute and networking commitments, benefiting select cloud, semiconductor, and edge-network providers. M&A chatter in media and entertainment underscores the value of scaled content libraries and distribution. Water and waste-handling assets tied to energy production remain active as operators seek vertical integration and cost efficiencies. Transportation and project-finance-heavy companies are navigating higher borrowing costs, putting capital structure discipline in the spotlight. The big picture: Risks and signposts Inflation path: Services inflation and wage dynamics remain the swing factors for the “how long” in higher-for-longer. Fiscal and supply: Sovereign issuance calendars and auction results are immediate checks on term premia and market depth. Geopolitics: Any shift in energy supply routes or de-escalation headlines can quickly alter crude’s trajectory and, by extension, inflation expectations. Growth mix: Watch global PMIs, job openings, and consumer spending for signs of cooling or reacceleration. Thought starters (not advice) Income sleeve: Staggered maturities across high-quality cash, T-bills, and short/intermediate bonds to balance yield and reinvestment risk. Quality bias in credit: Favor resilient free-cash-flow profiles and manageable near-term maturities. Equity balance: Blend secular compounders with cyclicals tied to infrastructure and efficiency themes; remain valuation-aware given rate sensitivity. Risk management: Consider scenario testing for rate shocks, energy price spikes, and FX moves; maintain liquidity buffers. What’s next Central bank speakers and upcoming inflation and employment readings will steer near-term rate expectations. Sovereign and investment-grade issuance will test demand at current yield levels. Corporate updates on capex, AI monetization, and inventory management will shape earnings revisions into year-end. Disclaimer: Trading foreign exchange and/or contracts for difference on margin carries a high level of risk, and may not be suitable for all investors as you could sustain losses in excess of deposits. The products are intended for retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. The content of the Website must not be construed as personal advice. For retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. Rolling Spot Contracts and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78% of our retail client accounts lose money while trading with us. You should consider whether you understand how Rolling Spot Contracts and CFDs work, and whether

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Daily Market Updates – September-24

Market Updates, Daily Market Updates / PhillipCapital DIFC Research Team

24 September 2026 – Daily Market Updates Daily Market Brief: Why Bond Yields Keep Climbing, and What Cybersecurity’s Rally Says About Risk Markets continue to wrestle with a higher-for-longer interest rate backdrop, a firm energy complex, and a powerful bid for select tech niches—especially cybersecurity. Here’s a concise rundown of what’s driving price action and how investors are adapting. Market overview Rates: Government bond yields have been pushing to cycle highs across major economies as investors price stickier inflation and fewer rate cuts ahead. Equities: Global stocks are mixed, with growth/long-duration names sensitive to rate moves while cash-flow generative and defensive sectors hold up better. Tech leadership remains uneven beneath the surface. Commodities: Crude oil is firm on supply discipline and geopolitics, complicating the inflation outlook. Currencies: The dollar generally finds support when US yields rise; rate differentials and policy divergence are in focus. Why bond yields keep rising Multiple forces are pulling in the same direction. The mix is macro, policy, and micro-technical: 1) Slower disinflation than hoped Services prices and wages remain resilient, and energy’s rebound feeds headline inflation and expectations. That nudges investors to demand more compensation for inflation risk. 2) Growth resilience Activity indicators point to steady demand and tight labor markets in many economies. A hotter real economy often pairs with firmer real yields. 3) Higher-for-longer policy Central banks continue to signal caution on cutting prematurely. Fewer rate cuts and a longer plateau push up the front end and keep pressure on the curve. 4) Term premium is rebuilding Years of quantitative easing compressed the extra yield investors demand for holding longer maturities. With balance sheets shrinking and uncertainty elevated, that premium is normalizing higher. 5) Heavier sovereign issuance Larger fiscal deficits, infrastructure and defense outlays, and refinancing needs mean more bonds to absorb. When auctions clear with softer demand, yields back up to entice buyers. 6) Less price-insensitive buying With central banks not accumulating duration and commercial banks more balance-sheet constrained, the market relies on real-money and foreign buyers who are more valuation-sensitive. 7) Global spillovers Shifts in policy abroad matter. If Japanese yields edge up or hedging costs stay elevated, foreign demand for US and European duration can ebb, nudging global yields higher together. 8) Energy and geopolitics Oil near elevated levels and friction in key shipping lanes reinforce an inflation risk premium, particularly at the long end. 9) Investment and capex cycles Re-shoring, digital infrastructure, energy transition and defense spending can be inflationary at the margin, lifting neutral-rate estimates and term premium. 10) Positioning and momentum Systematic investors and macro funds often amplify trends. As yields breach prior ranges, mechanical selling can extend the move. What higher yields mean across assets Equities: Rising real yields compress valuation multiples, especially for long-duration growth stocks. Companies with strong free cash flow, pricing power, and visible earnings tend to be more resilient. Financials can benefit from a steeper curve, but credit costs and market volatility are swing factors. Credit: Investment-grade spreads have been relatively contained, but elevated rate volatility can widen spreads and complicate primary issuance windows. High yield is more sensitive if growth slows. Housing and rate-sensitives: Higher mortgage and corporate borrowing costs cool interest-rate–exposed sectors. Currencies: Rate differentials favor currencies backed by higher real yields; low-yielders can see pressure unless supported by policy action. Commodities: Sustained energy strength feeds headline inflation and can keep the policy stance restrictive for longer. What to watch next Inflation updates: Headline vs core, services vs goods, and wage trends. Growth signals: Business surveys, retail activity, and labor market prints for signs of cooling or re-acceleration. Sovereign supply: Mid- and long-dated auctions across major markets for demand/term-premium signals. Central bank communication: How policymakers frame “higher-for-longer,” balance-sheet runoff, and data dependence. Energy supply headlines: Ongoing guidance from key producers and any shifts in geopolitical risk. Sector focus: Cybersecurity’s surge Why it’s working Demand durability: Security remains a top budget priority even in tighter IT spending cycles as attack volumes and regulatory scrutiny rise. Expanding attack surface: Cloud migration, distributed work, and connected devices increase complexity, pushing enterprises to consolidate tools and adopt managed offerings. AI tailwinds (and headwinds): Adversaries and defenders alike are using AI. This arms race supports spending on threat detection, identity, and data protection. Consolidation: Platform vendors are cross-selling into larger installed bases, improving net retention and margins. What to watch Quality of growth: Billings, remaining performance obligations, net retention, and free cash flow conversion matter more than headline revenue. Profitability path: Can operating leverage persist as customer acquisition costs normalize and cloud costs rise? Valuation risk: After strong gains, multiples embed high expectations. Any slowdown in deal cycles or pricing could trigger sharper pullbacks, especially in a higher-rate tape. Government and regulated verticals: Procurement cycles can be lumpy; sustained growth depends on execution across both enterprise and public sector. Investor considerations Rates and duration Consider diversified rate exposure (laddered maturities or barbell approaches) to balance reinvestment and price risk. Shorter-duration or floating-rate instruments can dampen volatility; long-duration hedges may help if growth slows abruptly. Equities Emphasize balance-sheet strength, cash generation, and pricing power. Be selective with long-duration growth; quality and reasonable valuation matter more as real yields climb. For cybersecurity exposure, staged entries or diversified vehicles can help manage single-name risk and valuation sensitivity. Credit Prioritize quality, covenant strength, and manageable near-term maturities. Maintain liquidity to take advantage of episodic spread widening. Portfolio risk Keep an eye on rate volatility (MOVE), equity volatility (VIX), and liquidity conditions. Use pullbacks me Bottom line The rise in bond yields reflects a durable mix of firmer growth, sticky inflation components, heavier issuance, and a rebuilt term premium. That keeps financial conditions tighter and the bar higher for richly valued assets. Security software remains a rare area of secular growth, but expectations are elevated—execution and cash flow will be the differentiators. Stay diversified, keep duration intentional, and let data—not headlines—drive positioning. Refine Your Investment Strategy Today Connect with the PhillipCapital DIFC team to discuss how rising rates and

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Daily Market Updates – September-23

Market Updates, Daily Market Updates / PhillipCapital DIFC Research Team

23 September 2026 – Daily Market Updates Daily Market Briefing: Broad Update for Investors Market overview Equities: US index futures are fractionally higher after a choppy session that saw growth shares extend leadership while cyclical sectors lagged. Europe is modestly softer, and Asia finished mixed with weakness in Hong Kong offset by steadier moves elsewhere. Rates: US long-dated Treasury yields hover near cycle highs, easing slightly after the latest run-up. Curves remain relatively flat at elevated levels, reflecting persistent term-premium and fiscal concerns. Commodities: Crude oil is holding near recent peaks, with supply dynamics and geopolitics keeping a firm floor under prices. Industrial metals are mixed; gold is steady. Currencies and digital assets: The dollar is broadly firm against majors. Major cryptocurrencies are a touch weaker following recent gains. Big picture Tech-led momentum: Enthusiasm around artificial intelligence continues to buoy large-cap growth and select software and semiconductor names. Investor focus has broadened from infrastructure and chips to real-world applications, with expectations for productivity gains across consumer and enterprise use cases. The AI agent debate: Growing adoption of digital assistants and automated tools is sharpening attention on business models that rely on recurring fees, opaque pricing, or add-ons. While the technology may expand total addressable markets for some platforms, it could also compress margins for segments of financial services, travel, telecom, and other consumer-facing industries. Expect ongoing volatility as investors reprice potential winners and losers. Higher-for-longer rates: With long maturities near levels last seen decades ago, some asset managers are reassessing duration exposure as inflation-adjusted yields improve. At the same time, questions around deficits and supply of government debt remain a counterweight, keeping risk premia elevated. Global growth pulse: Recent business surveys in Europe point to firmer services activity even as manufacturing remains uneven. In the US, resilient labor conditions and cooling but sticky inflation continue to anchor a gradual path toward policy normalization. Asia’s outlook is mixed, with policy support and currency considerations in focus. Equities Leadership and laggards: Mega-cap tech and quality growth continue to lead on earnings visibility and secular tailwinds. More cyclical and rate-sensitive corners of the market—financials, parts of consumer discretionary, and small caps—have underperformed on the back of higher funding costs and margin concerns. Earnings lens: Guidance around AI-enabled productivity, cost control, and pricing power is driving dispersion. Companies demonstrating durable free cash flow and balance-sheet discipline are being rewarded, while levered or subscription-heavy models tied to consumer inertia face closer scrutiny. Flows and positioning: Factor leadership remains tilted toward quality, profitability, and large-cap growth. Value and high-beta cohorts have struggled as real yields rose and term premia widened. Fixed income Treasuries: Long-end yields are near multi-year highs, enticing some investors to reduce underweights in duration. Still, supply dynamics, term premium, and fiscal debate argue for continued volatility. Laddering and active curve management remain common approaches. Credit: Spreads are broadly range-bound, with investment grade supported by all-in yields near cycle highs. High yield issuance has been selective; refinancing activity is manageable but sensitive to moves in base rates and risk appetite. Private credit remains in focus as some vehicles adjust liquidity terms and underwriting standards. Explore Global Markets Trade across equities, fixed income, and commodities with our comprehensive investment products. View Trading Products Commodities Energy: Oil is consolidating near recent highs as supply risks and steady demand offset growth concerns. Elevated fuel prices are filtering into transportation and logistics cost projections, a watch item for margins in the quarters ahead. Metals: Industrial metals reflect mixed growth signals; precious metals are steady amid a firm dollar and higher real yields. Currencies and digital assets FX: The US dollar is underpinned by rate differentials and safe-haven demand. European currencies are range-bound as the region’s data stabilize, while select Asian currencies remain sensitive to policy and capital flows. Crypto: Major tokens are slightly softer after a strong year-to-date run; positioning remains momentum-driven and highly sensitive to liquidity conditions. Policy and macro calendar US: Upcoming releases include housing, confidence, and labor market indicators, alongside remarks from central bank officials. Markets will parse any hints on the path of policy normalization and balance-sheet plans. Europe: Inflation prints and updated surveys will help gauge the breadth of the services recovery and the outlook for rates. Asia: Policy support measures, currency management, and trade data remain key watch points. Strategy considerations (not investment advice) Balance sheets matter: Favor firms with strong free cash flow, manageable leverage, and pricing power as financing costs stay elevated. Duration with discipline: With long-end yields attractive versus recent history, some investors are selectively extending duration while maintaining liquidity and diversification. Quality over cyclicality: In equities, a barbell of secular growth and defensive quality can help navigate rate volatility and uneven global growth. Risk management: Elevated cross-asset volatility argues for careful position sizing, hedging where appropriate, and attention to liquidity. Risk radar Policy and fiscal dynamics: Attempts to influence long-term rates may have limited durability without broader fiscal consolidation—keep an eye on issuance, deficits, and term premium. AI disruption path: Adoption of AI tools could reshape fee structures and customer acquisition costs across multiple industries, with uneven effects on profitability. Energy shock risk: A sustained oil spike would test disinflation progress and pressure rate-sensitive assets. Liquidity pockets: Shifts in redemption terms or funding costs in private markets can spill over to public credit sentiment. Connect With Our Experts Navigate market volatility and discuss tailored strategy considerations with our team. Contact Us Disclaimer: Trading foreign exchange and/or contracts for difference on margin carries a high level of risk, and may not be suitable for all investors as you could sustain losses in excess of deposits. The products are intended for retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. The content of the Website must not be construed as personal advice. For retail,

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Daily Market Updates – September-22

Market Updates, Daily Market Updates / PhillipCapital DIFC Research Team

22 September 2026 – Daily Market Updates Daily Market Brief: Valuation Reset in AI Leaders, Crypto Reawakens Global markets are steady to slightly firmer as investors digest a mix of AI-driven equity momentum, softer oil, and a modest pullback in Treasury yields. Risk appetite has improved, but positioning remains cautious as participants weigh earnings durability against elevated macro uncertainty. Market at a glance Equities: Asia and Europe held on to recent gains led by large-cap tech and AI beneficiaries. US equity futures were broadly flat into the open, signaling a calmer session after sharp sector rotations earlier in the week. Rates: US Treasury yields edged lower at the long end, while curves were little changed overall. Markets remain sensitive to incoming growth and inflation signals as well as supply dynamics. Commodities: Crude extended its decline, with traders eyeing signs of supply normalization and weaker near-term demand. Precious metals were range-bound. FX: The dollar was mixed; yen firmed slightly as rate differentials and policy signals stay in focus. Digital assets: Bitcoin cooled after a brisk multi-day rebound, holding most of its recent gains as broader risk sentiment improved. Top themes 1) AI leaders face a valuation reality check The flagship name in AI hardware has seen a notable compression in its earnings multiple from peak levels in prior cycles. The market is recalibrating how much it’s willing to pay for very strong near-term earnings against questions about the longevity of extraordinary growth, rising competition, and capital intensity. The bull case: even after the reset, growth expectations remain robust and the multiple may be undemanding if revenue visibility holds and the product roadmap converts to sustained free cash flow. The bear case: normalization in data center spending, increasing capacity from rivals, and potential pricing pressure could challenge margins and limit re‑rating. What to watch: order backlogs, lead times, supply chain bottlenecks (especially advanced packaging), competitive launches, and commentary around total cost of ownership for next‑gen compute. 2) Crypto rallies with risk-on mood Bitcoin’s bounce has tracked other high-beta trades rather than acting as a defensive hedge, underscoring its sensitivity to liquidity and equity market momentum. Flows into listed products and improving breadth across digital assets support the move, though it’s unclear how much is short covering versus fresh capital. What to watch: spot and derivatives positioning, funding rates, and whether crypto can sustain gains independently of tech equity swings. 3) Oil eases as supply headlines improve Crude prices fell for a fifth session amid indications of supply normalization and lingering questions about demand growth into year-end. For portfolios: cheaper energy can relieve input costs for transport and manufacturing, while pressuring energy sector earnings if the downtrend persists. 4) Credit markets stay open—at a price Primary markets remain active, including sizable high-yield transactions attracting strong preliminary interest. Healthy demand speaks to liquidity, but pricing power has shifted toward investors, especially for lower-quality borrowers. Keep an eye on refinancing activity, coupon step-ups, and covenants as indicators of late-cycle credit discipline. 5) Commercial real estate stress is sticky Office-related delinquencies remain elevated, with lenders showing less tolerance for “extend and pretend.” Markets are differentiating by property type and location; industrial and select residential continue to outpace challenged office footprints. Watch special servicing trends, maturity walls, and valuation marks in securitized products. Positioning thoughts Equities: Within AI and semiconductors, earnings revision breadth and capital return policies are likely to drive dispersion. Consider balancing secular growers with cyclical beneficiaries of softer energy and stable rates. Quality balance sheets and cash flow visibility remain at a premium. Fixed income: With long-end yields oscillating, barbell strategies and selective high-quality spread product can help manage duration risk. In high yield, favor issuers with near-term refinancing clarity. Commodities: Energy’s pullback can be an opportunity for hedgers; directional traders should watch inventory trends and OPEC+ signals. Currencies: USD/JPY remains a function of yield differentials and policy expectations—carry appeal versus potential volatility spikes. Digital assets: Momentum is back, but correlation to high-beta equities means position sizing and risk controls are paramount. Catalysts on the radar Macro: Inflation updates, labor market data, and global PMIs for fresh reads on growth and pricing power. Policy: Central bank speakers on the path for rates and balance sheets. Micro: AI hardware and cloud spending commentary, semiconductor supply updates, and earnings guidance across software and internet platforms. Credit: Pace and pricing of new issuance; watch for any signs of fatigue in risk appetite. Bottom line Risk appetite has improved, but the market’s message is clear: strong fundamentals still need valuation support. In AI, a multiple reset creates room for upside if execution stays flawless; in crypto, momentum is back but still tethered to broader liquidity. Keep portfolios balanced, emphasize quality, and let data—not headlines—drive adjustments. Disclaimer: Trading foreign exchange and/or contracts for difference on margin carries a high level of risk, and may not be suitable for all investors as you could sustain losses in excess of deposits. The products are intended for retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. The content of the Website must not be construed as personal advice. For retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. Rolling Spot Contracts and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78% of our retail client accounts lose money while trading with us. You should consider whether you understand how Rolling Spot Contracts and CFDs work, and whether you can afford to take the high risk of losing your money. Daily Market Updates – September-22 September 22, 2026 21 September 2026 – Daily

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Daily Market Updates – September-21

Market Updates, Daily Market Updates / PhillipCapital DIFC Research Team

21 September 2026 – Daily Market Updates Global Markets Morning Brief Risk appetite improved to start the week. Equity futures point to a firmer open, benchmark government yields are a touch lower, and oil prices are easing after recent strength. European shares advanced and most major Asian indices finished higher. The US dollar is steady, while major cryptocurrencies are firmer. Overnight at a glance Equities: Futures indicate modest gains for US stocks; Europe and Asia broadly positive with cyclicals and tech in focus. Rates: Longer-dated government bond yields are slightly lower as investors reassess growth and policy paths. Commodities: Crude is softer after a sharp run-up; refined product prices remain elevated, keeping an eye on transport and logistics costs. FX/Crypto: Dollar mixed versus majors; cryptocurrencies continue to trade with a constructive tone. Big theme: AI’s outsized footprint and portfolio construction Market leadership remains concentrated in companies tied to next‑gen computing, data infrastructure, and software automation. This has boosted indices but raised concentration risk. Policy, regulatory, and capital-expenditure trends are pivotal. Three broad scenarios: Continued rapid adoption: Capital spending on compute, power, and data ramps; leadership broadens to beneficiaries in semis, equipment, power infrastructure, and select software and services. Moderation: Growth persists but normalizes; quality and cash‑flow durability matter more; dispersion rises within “AI plays.” Pause or tighter rules: Funding costs and approvals slow projects; defensives, cash, and balance‑sheet strength outperform. Portfolio considerations: Diversify AI exposure across the stack (hardware, infrastructure, applications) rather than a few mega‑caps. Pair growth with quality income (profitability, free cash flow, manageable leverage). Balance with cyclicals tied to capex and grid upgrades, while stress‑testing for demand pauses. Navigate Volatility with Institutional Insight Discover how our comprehensive institutional brokerage solutions can help you manage fixed income and global equities effectively. Explore Institutional Services Macro and policy watch US–China engagement: Markets are monitoring headline risks around trade, technology access, and tariffs. Any signal of de-escalation could support cyclicals and global supply chains; tougher rhetoric would favor defensives. Energy: Crude’s pullback offers relief, but refined products like diesel remain high, pressuring freight, agriculture, and consumer goods margins. Labor and industry: Restructuring headlines in European autos highlight margin pressures from EV transitions and global competition; watch suppliers and credit spreads in the sector. Inflation mix: Goods disinflation continues to offset sticky services in many economies. The path of core services and shelter costs remains central for rate expectations. Emerging markets focus: Turkey Heightened volatility in Turkish equities followed scrutiny of local funds with large positions in thinly traded shares. Authorities have stepped up oversight. Key watchpoints: liquidity in small/mid caps, redemption dynamics in domestic funds, currency stability, and any spillovers to regional risk sentiment. Credit and funding Primary markets remain active as companies term out debt and fund strategic capex, including digital and infrastructure projects. High-yield and leveraged loans have reopened for better-quality issuers, but tighter windows and elevated coupons favor firms with resilient cash flows. For bond investors: short-to-intermediate duration continues to offer attractive carry; laddering can help manage reinvestment risk. Elevate Your Institutional Trading Strategy Access global execution, direct API, and algorithmic trading connectivity tailored for professional counterparties and funds. Discover Institutional Services Commodities Oil: Softer to begin the week as supply headlines and demand concerns intersect; curve dynamics still reflect tightness in some tenors. Industrial metals: Sentiment improves on incremental signs of manufacturing stabilization; inventories and China policy remain swing factors. Ags: Weather and logistics continue to drive price action; freight costs bear watching given refined fuel dynamics. The week ahead Data: Global PMIs, housing indicators, and inflation updates in select economies. Market sensitivity is high to any sign of services price relief. Policy: Central bank speakers across major economies; watch guidance on balance sheet runoff and the bar for future moves. Earnings: A lighter slate featuring household names in staples, retail, and apparel; insights into consumer demand, pricing power, and inventory are key. Supply: Government bond auctions in core markets; corporate issuance windows remain opportunistic. What we’re watching Breadth and leadership rotation within equities as momentum cools from peak levels. Capital expenditure signals from cloud, semiconductor, and utilities around compute and power capacity. Freight and logistics costs as diesel remains elevated. Credit conditions for small and mid-sized firms as lending standards and funding costs evolve. FX moves in higher‑beta currencies tied to commodities and global growth. Volatility term structure for signs of event risk repricing. Strategy snapshot Equities: Maintain a barbell of quality growth and defensives; selectively add cyclicals with exposure to infrastructure and grid upgrades. Consider equal‑weight or factor tilts to mitigate concentration. Fixed income: Favor 1–5 year high‑quality bonds for carry and flexibility; add selectively in BBB/BB with strong interest coverage. Keep some dry powder for spread widening. Alternatives/real assets: Infrastructure and energy transition names can hedge inflation and benefit from capex cycles; size positions prudently. Cash: Elevated yields make cash a useful tool for optionality around data and policy events. Risk management: Use position sizing and stop‑loss disciplines; consider collars or put spreads into known catalysts. Risk radar Policy surprises on trade and technology. Persistent services inflation delaying policy easing. Energy supply disruptions that re‑ignite headline inflation. Liquidity stress in pockets of EM and small‑cap markets. Earnings downgrades if pricing power fades faster than costs. Ready to Access Global Markets? Trade seamlessly across major asset classes with Dubai’s most reliable and secure global brokerage. Contact Us Disclaimer: Trading foreign exchange and/or contracts for difference on margin carries a high level of risk, and may not be suitable for all investors as you could sustain losses in excess of deposits. The products are intended for retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. The content of the Website must not be construed as personal advice. For retail, professional and eligible counterparty clients. Before deciding to trade any

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Weekly Global Market News-September-Week 4

Market Updates, Weekly Global Market Update / PhillipCapital DIFC Research Team

Weekly Global Market News – September – Week 4 Weekly Market Briefing — The Week Ahead for Investors Top themes to watch Global diplomacy in focus: The UN General Assembly draws heads of government to New York, while a scheduled US–China state visit in Washington later in the week could shift the narrative on trade, technology controls and investment flows. Markets will key off any signals on tariffs, export licensing, AI cooperation and national security safeguards. European politics: Germany’s chancellery faces pressure following weekend regional votes in Berlin and Mecklenburg-Vorpommern. Any leadership noise or coalition strain could influence bunds, the euro and German cyclicals. Central bankers on stage: A dense slate of speeches from the Fed, Bank of Canada, Reserve Bank of Australia and Bank of England arrives just as investors digest earlier inflation prints. Guidance around “higher for longer,” growth resilience and transmission lags will be market-moving for curves and FX. Hard data returns via PMIs: Flash manufacturing and services PMIs across the US, UK, eurozone, Germany, France and India set the tone for growth expectations into Q4. Germany’s Ifo, Australia’s labour report and UK public finance and sentiment updates round out the macro picture. Tech and earnings catalysts: Meta’s developer conference is the marquee event for AI, AR/VR and monetisation roadmaps. Results from retailers, industrials and tech (including Costco, H&M, BlackBerry, Paychex, Cintas, JD Sports, Raspberry Pi and others) provide read-through on demand, labour costs and inventory discipline. Macro, policy and market closures UN General Assembly, New York: Speeches and bilateral meetings throughout the week; UN secretary-general succession manoeuvring is in focus. US–China engagement, Washington: A state visit and White House meetings are expected to cover trade, AI, export controls and security. UK politics: Liberal Democrat conference concludes Tuesday; Labour conference opens Sunday in Liverpool. The UK prime minister is seeking facetime with the US administration. Market closures and holidays: Israel: Yom Kippur (Monday). Markets closed. Japan: Respect for the Aged Day (Monday), Bridge holiday (Tuesday), Autumnal Equinox Day (Wednesday). Markets closed. China/Hong Kong: Mid-Autumn Festival (Friday), with festivities across Hong Kong. Central bank and policymaker diary Federal Reserve: Chicago Fed’s Austan Goolsbee (Mon), New York Fed’s John Williams (Tue and Fri), Richmond Fed’s Thomas Barkin (Thu). Bank of Canada: Governor Tiff Macklem speaks (Mon). Reserve Bank of Australia: Governor Michele Bullock in a fireside chat (Tue). Bank of England: Deputy Governor Clare Lombardelli at a macro policy conference (Thu). IMF: Managing director Kristalina Georgieva at the IMF Legal Department’s 80th anniversary (Mon). Economic data to bookmark Global flash PMIs (Wed): Eurozone, Germany, France, UK, US, India. Japan’s PMIs arrive Thursday due to local holidays. Germany: Ifo business climate (Thu). Australia: Labour force survey (Thu). UK: Public sector finances (Tue), BRC Consumer Sentiment Monitor (Thu), GfK Consumer Confidence (Fri). France: Retail sales (Tue), OECD Interim Economic Outlook (Wed). US: University of Michigan consumer sentiment (Fri). Corporate calendar and tech catalysts Tech platforms and devices Meta Connect developer conference (Wed): AI assistants, on-device models, AR/VR device pipeline, monetisation and ad tools. Watch ad-tech peers and AI infrastructure names for sympathy moves. Earnings highlights Tue: AutoZone, Kingfisher, Origin Enterprises, Exor, MillerKnoll, Thor Industries, Tui (pre-close), Henry Boot, PureTech. Wed: Paychex, Cintas, Renishaw, JD Sports, Manchester United, OVS, Elixirr, Worthington Enterprises. Thu: Costco, H&M, Darden Restaurants, TD SYNNEX, BlackBerry, Raspberry Pi, CVS Health, Scholastic, Vistry Group. Fri: Selena. Corporate actions and listings Hong Kong IPO: Ligent Technologies targets roughly HK$5.67bn (Tue). M&A: Pinewood.AI shareholder vote on a recommended takeover (Fri). What it could mean for markets • Rates and FX A hawkish tilt from Fed speakers would likely support front-end yields and the US dollar, particularly if US PMIs re-accelerate relative to Europe. Softer eurozone and German prints could keep EUR on the defensive versus USD and GBP; Germany’s Ifo will be a credibility test for a late-year uptick. AUD sensitivity is high around Thursday’s jobs report; a firm print would cushion AUD into the next RBA meeting. Gilts remain a two-way trade: weak UK confidence data would argue for lower yields, but sticky services readings would limit duration rallies. • Equities US mega-cap tech volatility tends to rise into and out of developer conferences; updates on AI monetisation and device roadmaps are the swing factors for sentiment. Retail and consumer bellwethers (Costco, H&M, Darden) offer a clean read on discretionary demand, traffic, and wage/food cost dynamics heading into holidays. Cybersecurity and enterprise software watch: BlackBerry’s results and outlook on QNX/IoT and security contracts can drive small-cap tech sentiment. UK mid-caps and European cyclicals are sensitive to PMIs and any UK conference-season policy headlines. • Credit Primary issuance may slow midweek around headline risk and holidays; watch for spread drift if PMIs disappoint. Quality bias remains prevalent given late-cycle angst. • Commodities Any easing in US–China tensions would be supportive for industrial metals; conversely, a harder line on tech export controls could cap risk appetite. FX-driven moves may dominate energy and metals in a light fundamental-data week outside PMIs. The week by day Monday IMF’s Georgieva speaks; Chicago Fed’s Goolsbee Q&A. BoC Governor Macklem remarks. Market closures: Israel; Japan. UK: S&P Global consumer sentiment indicator. Earnings: Abivax (HY), Remgro (FY). Tuesday New York Fed’s John Williams at the US Treasury Markets Conference. RBA Governor Bullock fireside chat. France retail sales; UK public finances. Japan holiday (markets closed). Hong Kong IPO: Ligent Technologies. Earnings: AutoZone, Exor, Kingfisher, Origin Enterprises, MillerKnoll, Thor Industries, Tui (pre-close), Henry Boot, PureTech. Wednesday Meta Connect keynote (Mark Zuckerberg). Flash PMIs: eurozone, Germany, France, UK, US, India. Japan holiday (markets closed). Earnings: Cintas, Paychex, Renishaw, JD Sports, Manchester United, OVS, Elixirr, Worthington Enterprises. Thursday BoE’s Lombardelli; Richmond Fed’s Barkin. Australia labour force survey; Germany Ifo; Japan flash PMIs; UK BRC sentiment. White House hosts Chinese leadership for state visit/meetings. Earnings: Costco, H&M, Darden, TD SYNNEX, BlackBerry, Raspberry Pi, CVS Health, Scholastic, Vistry Group. Friday New York Fed’s Williams speaks again (Monetary Economics Conference). China/Hong Kong: Mid-Autumn Festival. UK GfK confidence; US University of Michigan sentiment. Pinewood.AI shareholder

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Daily Market Updates – September-18

Market Updates, Daily Market Updates / PhillipCapital DIFC Research Team

18 September 2026 – Daily Market Updates Daily Market Brief: Income Cushions Volatility As Yields Climb Overview Global markets are trying to steady into week’s end with mixed regional equity performance, a stronger US dollar, and government bond yields hovering near multi‑year highs. Technology shares continue to act as a support for broader indices, while energy’s pullback has eased some pressure on risk sentiment. In rates, higher coupons are beginning to offset price declines, making fixed income more compelling for long‑horizon investors despite ongoing volatility. Macro and central banks Policy divergence remains the defining macro theme. A recent rate increase by a major Asian central bank underlined its shift away from ultra‑loose policy, yet the local currency weakened as investors interpreted the path ahead as gradual. Elsewhere, developed‑market central banks remain focused on inflation durability, with markets debating the timing and magnitude of any 2026–27 easing cycles. Trade policy is back on the radar. Headlines suggest the possibility of delayed trade actions between the world’s two largest economies pending high‑level diplomatic meetings. Markets typically respond to clarity; until then, expect periodic swings in cyclicals and global exporters. Growth vs. inflation: Softer oil prices this week provided a modest relief valve for inflation expectations, even as supply risks keep the medium‑term outlook uncertain. Rates and bonds: the return of carry Higher starting yields change the math. With benchmark sovereign yields around cycle highs, the “income” component (carry) is doing more work to cushion price moves. For investors who can tolerate mark‑to‑market swings, locking in elevated coupons can help offset duration risk over time. What to consider: Laddering: Stagger maturities to reduce reinvestment risk and smooth volatility. Quality tilt: Favor high‑quality sovereigns and investment‑grade credit as a core, complemented by selective spread product. Duration balance: Pair intermediate‑term exposure (the sweet spot for carry vs. rate risk) with short‑dated instruments for liquidity. Tax awareness: For taxable investors, evaluate after‑tax yields across corporates, municipals (where applicable), and Treasuries. Credit markets: Spreads remain range‑bound overall, but dispersion is elevated. Strong balance sheets and consistent cash flows are being rewarded; leverage‑heavy capital structures continue to face a higher hurdle in a world with a real cost of capital. Navigate Volatility with Institutional Insight Discover how our comprehensive institutional brokerage solutions can help you manage fixed income and global equities effectively. Explore Institutional Services Private credit: mind the definitions Reports continue to highlight rising stress in parts of the private lending ecosystem. An important caveat: default rates vary widely depending on how “default” is defined and how the universe is weighted (by loan count vs. loan size). Limited transparency and differing methodologies can lead to conflicting headlines. Investor takeaways: Diversify across managers, vintages, and sectors. Scrutinize documentation and covenants; structures differ meaningfully. Consider liquidity needs carefully; many vehicles are not built for frequent redemptions. Use private credit as a complement, not a substitute, for core liquid fixed income. Equities: leadership narrows, then broadens Tech resilience: Growth and AI‑linked names continue to underpin US and Asian benchmarks, aided by the pullback in energy prices and stable earnings guidance from select software and semiconductor ecosystems. Regional tone: Japan outperformed as policy normalization remains measured; Europe traded softer amid rate and growth cross‑currents; US futures were modestly firmer with mega‑cap tech lifting the tape. Style and sector thoughts: Quality growth with visible cash flows remains favored while rates stay elevated. Rate‑sensitive defensives (utilities, REITs) are stabilizing but remain tied to yield path. Energy cooled alongside crude; watch supply developments and inventory data for the next move. Industrials and exporters will be sensitive to trade headlines and currency moves. Currencies and commodities The dollar advanced against the yen after the policy shift mentioned above, reflecting expectations for a slow normalization path in Japan versus still‑restrictive policy elsewhere. Oil eased this week, tempering inflation concerns and offering relief to transport‑heavy sectors. That said, geopolitical risks and supply dynamics keep the range wide; volatility in energy remains a key macro swing factor. Gold is tracking real yields and the dollar; sustained moves will likely require a decisive shift in rate expectations or a meaningful uptick in risk aversion. What we’re watching Inflation updates across major economies for signs that services price pressures are moderating. Business activity surveys (PMIs), particularly new orders and employment components. Housing and consumer data for read‑throughs on the impact of higher rates. Central bank communications for guidance on balance sheet policies and the sequencing of any future rate cuts. Corporate commentary as pre‑earnings season chatter ramps up, especially on margins and capex plans. Portfolio considerations For savers and income seekers: Blend short‑term cash instruments with intermediate‑maturity high‑quality bonds to enhance yield while maintaining flexibility. Revisit bond ladders; higher coupons can help offset interim price volatility and improve total return potential over a multi‑year horizon. For balanced investors: Maintain a core allocation to quality equities with durable earnings, complemented by cyclicals tactically where growth data hold up. Use drawdowns in investment‑grade credit to add selectively; keep high yield exposure disciplined and diversified. For risk management: Consider hedge overlays where appropriate (rate hedges for liability‑matched portfolios; FX hedges for non‑USD exposures). Keep adequate liquidity for opportunistic rebalancing; elevated dispersion is creating entry points across asset classes. Bottom line Higher yields have been uncomfortable for bond prices, but they are finally offering meaningful income that can cushion portfolios and improve long‑term return prospects. Equities remain uneven, led by technology while other sectors oscillate with rates and commodities. With policy divergence, shifting trade dynamics, and mixed growth signals in the background, a disciplined, quality‑focused, and income‑aware stance continues to make sense. Disclaimer: Trading foreign exchange and/or contracts for difference on margin carries a high level of risk, and may not be suitable for all investors as you could sustain losses in excess of deposits. The products are intended for retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should

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