Daily Market Updates – August 24

Market Updates, Daily Market Updates / PhillipCapital DIFC Research Team

24 August 2026 – Daily Market Updates Daily Markets Brief: Carry Momentum, Policy Signals, and a Packed Earnings Slate Overview Global markets are starting the week in a cautious mood. Equity futures are mixed, longer-dated US yields have eased a touch, and haven assets are firmer. The macro backdrop remains dominated by policy efforts to stabilize the bond market, a softening US dollar tone, and renewed interest in strategies that benefit from rate differentials. Add in a heavy calendar of tech mega-cap earnings and a key central bank speech late in the week, and volatility clusters around data and headlines remain likely. Market at a glance US equity futures: mixed to slightly lower, with growth-led indices lagging Rates: US Treasury yields a bit softer after a recent climb Dollar: softer vs. high-yielders; funding currencies remain heavy Commodities: gold firmer; oil easing as traders await policy clarity Digital assets: crypto tone constructive amid improving risk appetite Theme of the day: The carry tide What it is: Investors borrow in low-yielding “funding” currencies and deploy into higher-yielding markets to capture interest differentials. Why now: Efforts to curb bond-market stress and nudge down yields have taken some steam out of the dollar, while rate gaps remain wide. That combination supports income-oriented trades across select emerging markets and higher-yielding developed-market assets. What to watch: Currency volatility: Carry thrives on calm; sudden swings can unwind returns quickly. Policy surprises: Shifts in rate paths, capital controls, or liquidity operations can change the math fast. Hedging and liquidity: Use risk controls, mind position sizing, and avoid concentrated exposure to a single currency or market. Macro and policy Bond market focus: Policy actions aimed at easing long-end yields remain in the spotlight. Market depth, issuance dynamics, and growth/inflation expectations will determine how durable any relief is. Central banks: Investors will parse remarks from the Federal Reserve’s leadership later this week for hints on the reaction function and the balance between inflation control and financial-stability concerns. Trade tensions: North American trade frictions have resurfaced. Sector-wise, materials and select industrials are sensitive to tariff chatter and counter-measures. Earnings and sectors to watch Semiconductors and AI: A top chipmaker’s report midweek will serve as a key barometer for AI demand, capex visibility, and supply-chain bottlenecks. Enterprise software and cybersecurity: Results from major cloud and security names will update spend intentions and margin resilience in a slower growth setting. US value retail and electronics: Discounters and big-box retailers will offer a read on consumer elasticity, inventory discipline, and promotional intensity. China/Hong Kong listings: Large fundraisings and prospective IPOs highlight capital-market reopening themes, but valuation sensitivity remains high. Diversify Your Portfolio Across Global Markets Explore our wide range of investment products, from global stocks and ETFs to fixed income, futures, and structured notes. Explore Trading Products Commodities and crypto Energy: Crude is softer as traders await details on potential policy steps affecting supply and trade flows. Positioning into year-end remains sensitive to demand revisions and geopolitics. Precious metals: Gold is supported by retreating real yields and demand for diversification. Digital assets: Crypto sentiment has improved alongside broader risk appetite, though momentum remains headline-driven. Positioning considerations Balance carry with caution: For investors using yield-differential strategies, diversify across currencies and consider partial hedges to mitigate tail risks. Quality bias: In equities, focus on balance-sheet strength and pricing power as earnings dispersion widens. Duration as ballast: A measured allocation to high-quality duration can help offset equity volatility if growth cools and yields drift lower. Liquidity first: With a busy macro and earnings calendar, prioritize instruments with ample depth and transparent pricing. The week ahead: Key signposts Midweek US inflation gauge: The PCE price index will test the “disinflation with growth” narrative. Mega-cap tech earnings: Guidance on AI monetization, data-center spend, and supply chains could steer market leadership. Fed chair remarks: The Jackson Hole keynote may outline where policy lands between inflation vigilance and market-functioning concerns. Trade headlines: Any new tariff or counter-tariff details could drive sector rotations. Bottom line The near-term setup favors selective risk-taking supported by easier yields and a softer dollar, but the path is headline-sensitive. Investors leaning into carry and growth themes should keep an eye on currency swings, policy signals, and earnings quality. Stay diversified, keep hedges ready, and be prepared for quick shifts as data and guidance roll in. Important notice This commentary is for informational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Markets are volatile and involve risk, including loss of principal. Consider your objectives, risk tolerance, and consult a qualified advisor before investing. Ready to Take the Next Step in Your Investment Journey? Connect with our experts at PhillipCapital DIFC to access secure, regulated, and advanced global 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 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

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Weekly Global Market News-August-Week 4

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

Weekly Global Market News – August, Week 4 Week Ahead: Jackson Hole takes center stage, Nvidia’s results loom, and inflation updates roll in A busy late-August stretch awaits markets, with central-bank chatter from Wyoming, a marquee chipmaker’s earnings, and a fresh round of inflation and confidence data likely to set the tone for rates, equities and FX. Top themes to watch Jackson Hole and the policy path: Federal Reserve chair Kevin Warsh is slated to deliver the headline address at the annual economic symposium in Jackson Hole on Friday. With the September FOMC meeting approaching, investors will parse his language on growth resilience, inflation stickiness and the balance between easing financial conditions and maintaining price stability. AI bellwether on deck: Nvidia reports on Wednesday after the US close. Management has already guided strongly; the key question is whether data-center momentum, networking supply, and AI software economics can exceed high expectations and sustain broader enthusiasm across semiconductors and Big Tech. Inflation pulse and growth checks: Price updates arrive from Australia and Japan, while the US releases July personal income and outlays, including the PCE price index, alongside a second estimate of Q2 GDP. Shifts in core services inflation and revisions to growth will influence front-end yields and rate-cut timelines. Confidence and the consumer: Sentiment readings from the US and Germany will test the durability of household demand as higher rates and uneven real income gains persist. Retail earnings later in the week add micro detail. Geopolitics and global events: Ukraine’s Independence Day arrives Monday with an address expected from President Volodymyr Zelenskyy amid a complicated wartime and domestic political backdrop. Over the weekend, Iceland is scheduled to vote on whether to resume EU accession talks, and a partial lunar eclipse closes the week. Market implications at a glance Rates: Any hint from Jackson Hole that policy will stay restrictive for longer could push front-end yields higher and flatten curves. A cooler US core PCE would do the opposite. Equities: Nvidia’s print and outlook may sway the AI trade, factor leadership and risk appetite into month-end. Retail and software updates provide signals on margins and enterprise demand. FX: AUD is sensitive to Australia’s CPI; JPY to BoJ commentary and Japan’s price data; EUR to German business sentiment and labor figures; CAD to Q2 GDP. Commodities: Energy headlines from the ONS conference and any guidance from integrated oil executives could nudge crude sentiment; gold will track real yields and Fed rhetoric. Explore Global Market Opportunities Diversify your portfolio by accessing US, GCC, and International equities. Invest in Global Equities The calendar Monday Energy and infrastructure: Shell CEO Wael Sawan is scheduled to speak at the Offshore Northern Seas (ONS) conference in Norway. Nuclear industry: The Nuclear Energy Conference & Expo (NECX) opens in Dallas, convening utilities, advanced reactor developers, regulators and investors (through Thursday). Inflation: Singapore July CPI. World events: Ukraine marks Independence Day with a national address expected; Jordan’s King Abdullah II concludes a visit to China; US jury selection begins in the Lockerbie bombing case; Silk Road Finance and Technology Forum starts in Tashkent (through Wednesday). Tuesday Trade and growth: EU Q2 trade data (including US/China flows); Germany August ifo Business Climate; Germany Q2 GDP estimate. US consumer: Conference Board consumer confidence. Earnings: Gold Fields (HY), Heico (Q3), Intuit (Q4/FY), Lego (HY), Zoom (Q2). World events: Scottish Fiscal Commission fiscal update; South Carolina special Republican primary run-off to fill a US Senate seat. Wednesday Central banks: Richmond Fed President Thomas Barkin participates in a Greensboro, NC business panel. Inflation: Australia July CPI; Japan July services PPI. US macro: July personal income and outlays (with PCE inflation); Q2 GDP, second estimate. Earnings: Abercrombie & Fitch (Q2), Agilent (Q3), CrowdStrike (Q2), HP (Q3), Nvidia (Q2, after market), Okta (Q2), Salesforce (Q2), J.M. Smucker (Q1), Synopsys (Q3), Williams‑Sonoma (Q2). World events: Spain’s La Tomatina festival. Thursday Central banks: BoJ Deputy Governor Ryozo Himino speaks in Saitama. Europe/UK data: Germany Q2 real earnings; UK July capital markets issuance statistics. Earnings: Autodesk (Q2), Best Buy (Q2), CIBC (Q3), Delivery Hero (Q2 trading update), Dollar General (Q2), Dollar Tree (Q2), Gap (Q2), Harmony Gold (FY), Hormel (Q3), Marvell Technology (Q2), Pernod Ricard (Q4/FY), Prudential (HY), Qantas (FY), Royal Bank of Canada (Q3). World events: Jackson Hole economic policy symposium opens (through Saturday). Friday Growth and labor: Canada Q2 GDP; Germany August labor market statistics. Earnings: Asda (Q2 update), Bank of China (HY), Bertelsmann (HY), Northam Platinum (FY). World events: Partial lunar eclipse visible across parts of the Americas, Europe, Africa and western Asia; UK Home Office publishes immigration statistics. Saturday World events: Iceland votes on whether to restart EU accession negotiations; Notting Hill Carnival opens in London (family day). Sunday World events: Guinea‑Bissau referendum on presidential powers; NASA’s Nancy Grace Roman Space Telescope launch planned on a Falcon Heavy; US Open tennis begins in New York. Company and sector watchpoints Semiconductors and AI: Nvidia and Marvell will shape sentiment on data-center capex, AI inference vs training demand, networking bottlenecks and inventory health across the supply chain. Software and cybersecurity: Salesforce, CrowdStrike, Okta, Synopsys offer read-throughs on enterprise IT budgets, deal cycles and AI monetization. Retail and consumer: Best Buy, Dollar General, Dollar Tree, Gap, Williams‑Sonoma, Abercrombie & Fitch test discretionary resilience, category mix, shrink dynamics and promotional intensity. Industrials/healthcare: Agilent’s orders and China exposure; Heico’s aerospace demand indicators. Energy and materials: Shell remarks at ONS and Harmony Gold’s results provide signals on capex discipline, cost inflation and commodity price sensitivity. Beverages and travel: Pernod Ricard on premium spirits demand; Qantas on capacity, yields and international recovery. Questions investors are asking Does Jackson Hole rhetoric point to restrictive policy for longer, or a conditional pivot tied to softer services inflation and cooling labor demand? Can Nvidia’s data-center revenues, gross margins and supply outlook surpass already-elevated expectations and keep the AI trade’s breadth intact? Will US core PCE confirm disinflation progress without undermining growth, and do revisions to GDP alter the “soft-landing” narrative? How sensitive are AUD and

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Daily Market Updates – August 21

Market Updates, Daily Market Updates / PhillipCapital DIFC Research Team

21 August 2026 – Daily Market Updates Morning Markets Brief: Real assets catch a bid as policy-mix debate heats up; Europe shows quiet strength Overview A bid for inflation hedges is back in focus. Gold and Bitcoin are rallying, the dollar is softer, and long-end US yields have edged lower as investors parse the implications of expanded Treasury debt buybacks and a still-loose fiscal stance. Equities are firmer into the open, Europe is holding up better than headlines suggest, and oil is easing after a multi-day advance. Market snapshot (as of 05:19 AM ET; subject to change) US 10-year Treasury yield: 4.68% (-2 bps) Nasdaq 100 futures: 29,416 (+0.4%) Stoxx Europe 600: 652.11 (+0.3%) Bitcoin: $77,753 (+7.0%) Brent crude (front month): $92.90 (-0.9%) Gold (spot): +1.8% Macro and FX: The “policy mix” trade Expanded US debt repurchases aimed at calming the long end are being interpreted by many as a signal that fiscal consolidation remains a lower priority near term. That combination—easier financial conditions with elevated deficits—tends to pressure the currency and support scarce, real assets. The greenback has slipped modestly year-to-date, but the narrative has shifted: investors are more alert to currency dilution risks if policy leans easier for longer. Any fresh fiscal measures to push borrowing costs down will be scrutinized for their impact on term premium, breakevens, and credibility. Big picture: Dollar downshifts can be supportive for commodities and non-US risk assets. Still, moves have been measured so far, and follow-through depends on incoming policy details and inflation dynamics. Commodities and crypto: Hedging demand resurfaces Gold is advancing as real-rate sensitivity and defensive portfolio demand return. While still below prior peaks, the metal is benefiting from the softer-dollar backdrop and revived hedging flows. Bitcoin is outperforming with a sharp weekly gain, lifting crypto-exposed equities. The driver set looks familiar: liquidity-friendly policy talk, momentum, and diversification demand. Volatility remains high; position sizing and risk controls are key. Oil is consolidating after a five-session climb. A modest pullback helps broader risk sentiment by easing near-term inflation anxiety, though supply discipline and resilient demand keep the medium-term balance tight. Ready to Navigate Global Markets? Gain access to diverse international asset classes and advanced trading tools. Explore Trading Products Equities: Constructive tone into the open US: Futures are higher, with cyclicals and growth both participating. Retail remains in focus after upbeat guidance from a major off-price chain, while crypto-linked names extend gains alongside digital assets. More consumer updates land before the bell, giving a read on discretionary demand and pricing power. Europe: Despite flirting with its longest losing streak in a decade, regional equities are quietly logging another solid year. Earnings have broadly topped expectations, macro indicators are stabilizing, and Europe’s deep bench of industrials is capturing AI-related capex tailwinds. Strategists remain cautious in year-end targets, but the earnings revision trend has improved. Asia/semis: Memory and broader chip names are reassessing leadership as “AI infrastructure” winners rotate and some “smart money” trims. Separately, leading hardware names are stepping up capital returns, sharing AI windfalls with investors—supportive for sentiment but a reminder that cycle sensitivity persists. Credit and rates: Edges lower, but vigilance on spreads The 10-year is a touch firmer as buyback chatter filters through the curve. The key watchpoint is whether term premium compresses sustainably without reigniting inflation concerns. In credit, valuations have richened. Several seasoned managers caution against stretching for yield late-cycle; carry remains attractive, but selection and liquidity discipline matter. Corporate and deal flow: Capital returns and consolidation A top South Korean tech leader outlined a large, multi-year shareholder return framework, echoing peers riding AI-driven cash generation. In Italy, a state-influenced lender is exploring sizable acquisitions to fortify its position and deter consolidation by rivals—a reminder that European bank M&A could re-accelerate as balance sheets strengthen and cost synergies beckon. Positioning Asset managers are running their highest equity overweight in nearly five years, even as many flag the risk of a “disorderly” move higher in bond yields. The takeaway: dips have been bought, but rate shocks remain the swing factor for multiples. What we’re watching Any additional US fiscal initiatives and details on Treasury operations that could shift the curve or the dollar path. Real yields versus gold and crypto flows—confirmation that the “real asset” bid has legs. European earnings revisions and guidance from industrials and exporters as the currency backdrop evolves. Oil’s path after the recent pullback and its feedback loop into inflation expectations. Key takeaways Real-asset demand is re-emerging as investors reassess the policy mix and currency outlook. Equities remain resilient, with Europe’s fundamentals improving beneath the surface. Credit looks full; carry is still there, but security selection is paramount. Near-term catalysts hinge on US policy signals and the durability of lower real yields. Require Expert Institutional Brokerage? Connect with PhillipCapital DIFC for secure and regulated trading solutions in Dubai. 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 should consider whether you understand how Rolling Spot Contracts and CFDs work, and whether you can afford to take the

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Daily Market Updates – August 20

Market Updates, Daily Market Updates / PhillipCapital DIFC Research Team

20 August 2026 – Daily Market Updates Daily Market Briefing: Bonds in the Driver’s Seat as Cross Asset Moves Build Overview Global markets are taking their cue from the bond market. A sharp swing in longer-dated government yields has rippled across equities, currencies, commodities and crypto. Investors are balancing signs of policy support on debt management with persistent concerns about inflation, fiscal deficits and the growth outlook. The result: choppy trading, rapid factor rotations and an elevated focus on liquidity. Macro Pulse Rates: The long end led a rally earlier in the week on signals of stepped-up debt management activity, but follow-through is tentative as markets weigh still-sticky inflation and heavy supply needs. Curves remain relatively steep by recent standards, keeping funding costs in focus for households, corporates and governments. Currencies: The dollar eased as yields dipped, with higher-beta and several emerging-market currencies finding support. Any rebound in US real yields could re-tighten financial conditions quickly, so FX remains sensitive to rate repricing and policy headlines. Equities: Index futures are mixed with sector dispersion pronounced. Interest-rate sensitives (software, homebuilders, utilities) generally track moves in the long end, while energy and parts of industrials hold up on stable demand and supply dynamics. Earnings and guidance remain key catalysts. Commodities: Gold oscillates with real yields and the path of the dollar; oil is range-bound as supply discipline offsets uneven demand signals; industrial metals remain supported by capex tied to electrification and data infrastructure. Digital assets: Crypto extended gains amid a positioning squeeze and improving risk appetite, with short covering amplifying the move. Volatility is elevated; liquidity conditions matter. Policy and Fiscal Watch Debt and deficits: Investors continue to debate the sustainability of higher-for-longer rates alongside rising public borrowing needs. Recent milestones in US government debt underscore the importance of issuance strategy, buyback mechanics and auction demand—especially at the long end. Central banks: Recent minutes and public remarks reinforce a bias to keep policy restrictive until inflation is clearly on a path to target, with some officials open to further action if progress stalls. Markets will parse incoming data for confirmation on disinflation and growth resilience. Trade and geopolitics: Headlines around tariff adjustments and regional trade coordination in North America have marginally eased friction in select sectors. Broader geopolitical risks remain a background volatility source. Regional Roundup US: Stocks are consolidating after a rates-driven rebound. Investors are watching retail and industrial bellwethers for signals on the consumer, inventory trends and capex plans, and scanning margins for any impact from wage and financing costs. Europe: Equities are steady to softer as bond volatility tempers risk appetite. Country spreads remain a focus into election cycles and budget season. Banks track the yield curve; luxury and discretionary names face uneven demand patterns. Asia: Tech-heavy markets outperformed on chip and AI-related flows, while China-sensitive consumer names continue to reflect a patchy recovery. Policymakers remain active with targeted measures to stabilize growth and markets. Earnings and Corporate Highlights Big-box retail and home improvement: Updates on traffic, pricing, shrink and private-label mix will inform views on the US consumer and elasticity. Industrials and machinery: Orders, backlog conversion and commentary on end markets (construction, agriculture, energy) are in focus. Internet and platforms: Ad spend, cloud demand and AI infrastructure costs remain the swing factors. Watch capital intensity and buyback cadence. Financials and payments: Credit normalization and net interest income trends continue to be key; look for signals on deposit betas and fee growth. Data and Events to Watch US: Jobless claims, PMIs, housing indicators, and upcoming Treasury auctions at the long end. Europe: Flash PMIs, country CPI prints, and fiscal updates. Asia: Trade, credit, and policy lending rate settings. Central bank speakers across regions with potential to move rates and FX. Strategy Snapshot Duration: Consider a nimble approach. Tactical exposure to the intermediate part of the curve can help balance carry with volatility, while long-end exposure is sensitive to supply and term-premium swings. Equities: Maintain a barbell—quality growth with solid free cash flow on one side, cyclicals tied to capex/AI buildout and infrastructure on the other. Watch crowded trades; use pullbacks to upgrade quality. Credit: Investment grade remains a core ballast; be selective in high yield with an eye on refinancing timelines and interest coverage. Diversifiers and hedges: Gold and cash-like instruments continue to serve as shock absorbers. Options can help manage event risk around data and auctions. Liquidity: With cross-asset vol elevated, prioritize position sizing, stop-loss discipline and staggered entry points. Trade Global Markets with Confidence Explore tailored wealth management and secure global trading solutions with our expert relationship team in Dubai. Contact Now Key Themes We’re Tracking Can debt-management steps stabilize long-end yields, or will supply and inflation expectations reassert upward pressure? How quickly does disinflation resume, and what does that mean for “higher for longer” versus a gradual easing path? Are AI-related capex and data-center buildouts spilling over into broader industrial demand, or remaining concentrated? Is consumer resilience fading at the margin as student-loan, rent and credit costs accumulate? Market microstructure: Dealer balance sheets, auction tails and basis dynamics are increasingly important in short-term price action. What Could Move Markets Next Surprise in US labor or inflation data that shifts rate-cut or rate-hike probabilities. Results and guidance from retail and industrial leaders that reshape earnings trajectories for 2H. Outcomes of long-end government bond auctions and buyback operations. Geopolitical developments that affect energy, shipping routes or global trade flows. House View in One Line Rates set the tone; stay flexible, favor quality, and lean on diversification while letting data and auction outcomes guide risk-taking. Important information This publication is for informational purposes only and is not investment advice or a recommendation to buy or sell any security, asset class or strategy. Market conditions can change quickly. Past performance is not indicative of future results. Consider your objectives, risk tolerance and local regulations before making investment decisions. Institutional Brokerage & Wealth Solutions Get dedicated support for execution, custody, and technology integrations tailored to funds and family offices. Discover

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Daily Market Updates – August 19

Market Updates, Daily Market Updates / PhillipCapital DIFC Research Team

19 August 2026 – Daily Market Updates Daily Market Briefing: Cautious risk tone, steady equities, and a tilt toward shorter bonds Overview Global markets opened on a guarded note as rate volatility, elevated energy prices, and heavy corporate funding needs kept investors selective. US equity futures were broadly steady, major benchmarks remain close to recent peaks, and sector leadership continues to rotate toward quality cash-flow names. Asian technology shares saw outsized pressure, while Europe traded mixed. The most notable cross-asset shift remains in fixed income: investors are favoring shorter maturities as a way to reduce interest-rate sensitivity, capture attractive carry, and keep optionality amid uncertain inflation and growth paths. Rates and fixed income Duration-light positioning is in favor. Short-dated government and investment-grade corporate bonds have generally outperformed longer maturities this year as yield swings at the long end pressure prices. Drivers: Rate path uncertainty as inflation progress proves uneven and policy makers emphasize data dependence. Term-premium rebuilding at the back end of curves, increasing compensation demanded for longer-dated risk. Resilient nominal growth and firm energy costs complicate the disinflation narrative. Credit markets remain active. High-grade and high-yield borrowers continue to tap primary markets, with investors demanding healthier concessions on longer tenors. We see strong interest in 1–5 year corporate paper, where carry is competitive and downside from rate moves is more contained. Equities Indices have held up better than the headlines might suggest, with broad benchmarks hovering near highs even as speculative corners of tech lag. Earnings resilience and robust free-cash-flow profiles are supporting quality large caps. Under the surface: Defensive growth and cash-generative cyclicals are showing relative strength. Higher-for-longer yields are testing long-duration equity valuations, prompting a rotation within tech toward profitable leaders and away from early-stage concepts. Asia’s chip and hardware complex has been volatile, reflecting both profit-taking and sensitivity to global demand and funding costs. Commodities and FX Crude remains firm on supply discipline and geopolitics, sustaining an inflation risk premium and reinforcing the bid for shorter-duration assets. Gold is range-bound as real yields offset haven demand; dips continue to draw strategic interest. The dollar is supported by rate differentials and safe-haven flows, keeping pressure on select import-reliant and high-beta currencies. Access Global Markets Today Discover our comprehensive institutional and retail trading solutions for equities, bonds, and derivatives. View Trading Products Theme to watch: Robotics and the frontier of automation Investor attention around humanoid and industrial robotics is rising as capital allocators look for the next wave of automation tied to AI. A recent high-profile debut of a humanoid robotics maker underscored enthusiasm—and valuation risk—in this early-stage area. Takeaway: The long-term addressable market is compelling, but business models, unit economics, and competitive moats are still forming. Position sizing, valuation discipline, and diversification are essential in this theme. Corporate funding and AI infrastructure Large, cash-rich companies continue to raise longer-term capital to fund data centers and AI infrastructure, even at higher coupons. The supply is being met with selective demand—particularly for intermediate maturities—while investors scrutinize leverage, capex efficiency, and payoff timelines. What could move markets next Economic data: Inflation updates, consumer spending, and labor-market readings that refine views on the policy path. Central-bank signals: Speeches and minutes that indicate tolerance for slower disinflation or thresholds for easing. Bond supply: Government auctions and corporate issuance that test demand at the long end. Energy: Inventory trends and any shifts in producer guidance that affect the inflation outlook. Earnings: Guidance on margins, pricing power, and AI-related capex from bellwether companies. Portfolio considerations Bonds: Favor a barbell—core exposure in short-dated high-quality bonds for carry and flexibility, complemented by selective intermediate duration and inflation-linked securities as hedges. Equities: Tilt toward quality—strong balance sheets, consistent cash flows, and pricing power. Within technology, prioritize firms with clear profitability and durable demand rather than speculative growth. Diversifiers: Maintain some exposure to real assets and commodities as insurance against sticky inflation, and consider systematic hedges to manage tail risks. Liquidity: Elevated cash yields make dry powder valuable; keep room to add on volatility. Bottom line Markets are balancing solid corporate fundamentals against higher funding costs and lingering inflation risks. Until rate visibility improves, the preference for shorter-duration fixed income, quality equities, and disciplined risk management is likely to persist. This material is for information only and is not investment advice or a recommendation to buy or sell any security. Markets are volatile and past performance is not indicative of future results. Consider your objectives and risk tolerance, and consult a qualified advisor before making investment decisions. Discuss Your Portfolio Strategy Connect with our dedicated relationship team to tailor an investment strategy that meets 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 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 – August 19 August 19, 2026 19 August 2026 – Daily Market Updates Daily Market Briefing:… Read More Daily Market Updates – August 18 August 18,

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Daily Market Updates – August 18

Market Updates, Daily Market Updates / PhillipCapital DIFC Research Team

18 August 2026 – Daily Market Updates Daily Market Brief: Yields Climb, Risk Appetite Softens, Tech Dispersion Widens Overview Global markets are grappling with a renewed upswing in long‑dated government borrowing costs, a firmer energy backdrop, and widening performance gaps across large-cap technology. The combination of higher term premiums, persistent inflation concerns, and heavy sovereign and corporate supply has pressured duration and tempered demand for risk-sensitive assets. Equities are mixed to weaker, rate volatility remains elevated, and cross‑asset correlations are shifting back toward a more traditional “rates up, stocks down” pattern. Key themes today Long-end rates at multi‑year peaks: 20–30‑year government yields across major economies continue to grind higher as investors demand more compensation for inflation uncertainty, fiscal deficits, and diminished official buying. Curves are bear‑steepening in several markets as short rates anchor near peak policy settings while the long end absorbs larger issuance. Oil stays firm, real yields bite: Crude’s resilience is reinforcing inflation risk premia and lifting real yields, a headwind for precious metals and long-duration equities. Megacap dispersion returns: Investors are rewarding companies perceived to be direct beneficiaries of the AI infrastructure build, while others face tougher comparisons and strategy scrutiny. One high-profile device maker has lagged peers as markets debate its approach to AI investment and the outlook for its hardware cycle. Positioning is stretched: Survey and flow indicators suggest equity exposure has risen notably this summer. With rates elevated and volatility edging up, the bar for positive earnings surprises is higher and pullbacks can be sharper. Central banks in focus: Markets are recalibrating the path from “higher for longer” to “how long is higher,” with incoming inflation prints, PMIs, and official remarks likely to steer near‑term rate expectations. Equities Global stocks are softer as higher discount rates compress multiples at the margin. Rate‑sensitive pockets (utilities, REITs, unprofitable growth) remain under pressure. Within technology, performance is increasingly selective. Firms tied to cloud, semiconductors, and AI infrastructure continue to attract flows, while names with lighter AI capex or slower monetization narratives have underperformed from recent highs. Energy and select financials have been relative bright spots amid firmer oil and steeper curves, while consumer areas show wider dispersion tied to pricing power and balance-sheet strength. Fixed income Duration remains the pressure point. The long end is absorbing heavier sovereign calendars and a pickup in corporate supply linked to capex and refinancing. Term premia are rebuilding from suppressed levels. Curves: Bear‑steepening dominates in the US, UK, and parts of Europe. In Japan, long maturities remain sensitive to any hint of policy normalization and reduced yield-curve control. Credit: Spreads are modestly wider, with primary markets active. Higher underlying yields mean all‑in coupons are attractive, but interest‑rate volatility is dampening demand at longer maturities. Trade Global Markets with Ease Access global equities, commodities, and fixed income securely with a trusted DFSA-regulated broker in the DIFC. Open an Account Commodities Oil: Supported by constrained supply, inventory dynamics, and ongoing geopolitical risk. Higher energy costs are feeding into inflation expectations and complicating the disinflation trend. Gold: Softer as real yields rise and the dollar firms, though dips continue to attract strategic interest from diversification‑minded investors. Industrial metals: Mixed, balancing uneven global manufacturing data against capex tied to electrification and data centers. Currencies The dollar is broadly resilient on rate differentials and safe‑haven demand during equity drawdowns. The yen remains sensitive to rate spreads and policy signals; authorities’ rhetoric bears watching. Sterling and the euro trade on relative growth and inflation surprises. Select EM FX faces pressure from higher developed‑market yields and a stronger dollar; idiosyncratic stories and carry still drive dispersion. What we’re watching Inflation gauges and PMIs across the US, euro area, and UK for signs that services disinflation is taking hold. Sovereign auctions at the long end as a litmus test for investor appetite and term premia. Central bank speeches and minutes for any shift in the balance of risks between inflation persistence and growth cooling. Tech earnings and guidance on AI capex, monetization timelines, and cloud demand durability. Energy market developments, including inventory trends and supply headlines that could influence inflation expectations. Portfolio considerations Quality bias: In equities, favor durable cash flows, strong balance sheets, and pricing power while rate volatility is elevated. Duration discipline: In fixed income, laddered maturities and selective exposure to front‑ to intermediate‑tenor bonds can help manage reinvestment and rate risks; consider active duration hedging where appropriate. Diversification: Maintain balance across cyclicals and defensives; for commodities, recognize that higher energy can lift inflation beta while higher real yields can weigh on precious metals. Risk management: With positioning elevated, consider using volatility tools and prudent stop‑loss frameworks to navigate headline‑driven swings. Calendar highlights Upcoming: Inflation updates, business surveys, jobless claims, and scheduled appearances from major central bank officials. Long‑tenor sovereign supply is a near‑term focal point. This material is a general market update for information purposes only and does not constitute investment advice or a recommendation to buy or sell any security. All market views are subject to change without notice Institutional-Grade Brokerage Solutions Empower your funds and family offices with advanced global trading solutions and robust market access. Discover Institutional Services 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

Daily Market Updates – August 18 Read More »

Daily Market Updates – August 17

Market Updates, Daily Market Updates / PhillipCapital DIFC Research Team

17 August 2026 – Daily Market Updates Daily Market Brief: Borrowing Wave Meets “Higher-for-Longer” Yields Overview Risk appetite is firmer to start the week, with US equity futures pointing higher and tech once again leading sentiment. Under the surface, the rates backdrop remains a dominant force: long-dated US Treasury yields are still hovering near cycle highs as heavy public- and private-sector issuance competes for capital. A softer dollar and firmer precious metals hint at a market that welcomes cooling US inflation but isn’t fully relaxing on macro or geopolitical risks. Europe is steady, while Asia remains mixed as weaker activity data from China keeps policy expectations in focus. Equities US: Futures indicate a positive open led by large-cap tech, chips, and AI-adjacent plays. The latest earnings season broadly validated profit resilience, with many investors leaning into growth themes while staying mindful of stretched positioning. Europe: Broad indices hover around flat, with strength in semis and select health care offset by energy input costs and lingering growth concerns. Asia: Mixed session. Mainland and regional markets continue to grapple with softer growth signals out of China, keeping hopes alive for additional, targeted policy support. Rates and Credit US Treasuries: Long-end yields remain elevated. Beyond shifting Fed expectations, the supply picture is doing a lot of the work. Substantial government borrowing alongside robust corporate funding needs—especially tied to data-center buildouts, chips, and broader AI infrastructure—are increasing the competition for investor dollars and keeping term premia sticky. Credit markets: Investment-grade issuance has been running hot this year. While spreads are contained, all-in yields remain historically attractive for issuers and investors alike, and deal calendars are being well absorbed—albeit at yields that reflect a higher base-rate regime. Policy watch: With recent US inflation readings easing, markets have tempered expectations of near-term rate hikes. Minutes from the latest Federal Reserve meeting midweek may clarify how quickly officials think inflation is normalizing and how they weigh growth risks versus lingering price pressures. Explore Institutional Brokerage Solutions Access global markets, direct API connectivity, and dedicated relationship coverage tailored for funds and family offices. Learn More Currencies The dollar has eased as traders dial back the odds of additional Fed tightening in the near term. A gentler dollar backdrop supports risk assets at the margin and helps commodity importers, while offering some relief to non-US earnings translation. Commodities Energy: Crude is firmer, supported by ongoing supply discipline and fresh geopolitical tensions in the Middle East. Any escalation that threatens flows could keep a floor under prices even as global manufacturing remains uneven. Precious metals: Gold is extending gains, aided by the weaker dollar and still-elevated real-rate uncertainty. With investors debating the durability of disinflation and geopolitical risk, the metal’s role as a portfolio diversifier remains in focus. Industrials: Base metals are rangebound as markets weigh patchy Chinese demand against medium-term supply constraints and secular electrification trends. Macro and Geopolitics US: The “goldilocks” narrative—cooling inflation with stable growth—has brightened risk sentiment, but elevated long-end yields are an important counterweight for valuations, housing, and capex. Europe: Activity remains subdued, with services holding up better than manufacturing. The policy path will hinge on whether disinflation continues without a sharp growth trade-off. China: Recent data showed a slower start to the second half across production, consumption, and investment, keeping the door open for incremental stimulus. Markets are sensitive to any signs of property stabilization and consumer support. Geopolitics: Renewed friction in the Middle East raises tail risks for energy markets and risk sentiment. Headline risk remains elevated. Earnings and Events This Week US retail focus: Major US retailers report over the next few days, offering a read on consumer demand, pricing power, inventory levels, and shrink. Commentary on back-to-school trends and holiday planning will be closely watched. Central banks: The Federal Reserve’s latest meeting minutes (Wednesday) may shed light on participants’ tolerance for slower progress on inflation, balance-sheet runoff views, and how they are thinking about term premium dynamics. Strategy Snapshot Equity positioning: With benchmarks near highs and leadership concentrated, some investors are balancing cyclical exposure with quality growth and cash-generative defensives. Watch for potential rotations if yields or oil move abruptly. Hedging when it’s calm: Implied equity volatility has drifted lower, historically an environment when portfolio insurance can be more cost-effective. With seasonally choppier months ahead, investors are reassessing downside buffers and correlation shocks. Fixed income mix: Elevated starting yields keep bond carry attractive, but the long end is sensitive to supply, term premium, and fiscal dynamics. Many investors are blending short/intermediate duration for carry with selective long-duration exposure for diversification, while staying discerning in credit. Key Things We’re Watching US: Fed minutes; jobless claims; housing data; PMIs; Treasury auctions at the long end. Europe/UK: Flash PMIs; energy price developments; any guidance shifts from policymakers. Asia: China high-frequency indicators; policy signals on consumption and property; Japan inflation dynamics and policy commentary. Bottom Line A resilient risk tone meets a stubbornly expensive cost of capital. Heavy issuance tied to both public needs and private investment—especially around data infrastructure—continues to anchor long-term rates. For now, easing US inflation and a softer dollar support equities and gold, while oil’s risk premium is creeping higher on geopolitics. The balance between robust earnings and tight financial conditions remains the market’s central tension into the autumn. Important: This commentary is for information purposes only and does not constitute investment advice or a recommendation. Markets are volatile and subject to change. Consider your objectives and risk tolerance before making investment decisions. Start Your Investment Journey Get expert insights and personalized services tailored to your financial goals with our global trading solutions. 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

Daily Market Updates – August 17 Read More »

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Weekly Global Market News-August-Week 3

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

Weekly Global Market News – August, Week 3 Markets Week Ahead: Tariff brinkmanship, Japan’s growth check, UK inflation, Fed minutes, and US retail earnings Welcome to the new trading week. Below is your concise guide to the catalysts most likely to move markets, across macro, earnings and policy. Use it to frame risk, refine entries, and spot potential rotations. What matters for portfolios this week US–Canada trade flare-up: A proposed 50% US tariff on a broad range of Canadian imports could take effect on Wednesday. Media reports suggest exemptions may include energy, potash, seafood and critical minerals. Expect headline risk and FX volatility (USD/CAD), with knock-on effects for autos, agriculture, beverages, and select industrial supply chains. Watch for last-minute negotiations and any phased implementation. Japan growth and inflation: Q2 GDP arrives Monday, followed by July CPI on Friday. A firmer growth print and sticky services inflation would keep pressure on the Bank of Japan’s gradual normalization path, supporting JPY and lifting JGB yields. A soft outcome would do the reverse. UK price data: Wednesday’s CPI and PPI are pivotal for the BoE path. Sticky core/services would challenge near‑term cut expectations; a faster disinflation pulse would bolster gilts and weigh on GBP. Friday’s retail sales and public finance numbers add color on demand and fiscal space. Fed minutes: Thursday’s release from the latest FOMC meeting should clarify how confident policymakers are about disinflation, the balance of risks, and how they’re thinking about “higher for longer” vs. a gradual easing bias. Sensitivity highest in front-end rates, breakevens and the dollar. US consumer health via retail earnings: Big-box and specialty retailers report through the week (Walmart, Target, Home Depot, Lowe’s, Ross Stores, plus Deere as a capex bellwether). Look for signals on traffic vs. ticket, trade‑down, shrink, inventory discipline, and promo cadence as goods disinflation meets steady services inflation. Macro and policy snapshot by region United States Data/events: Import/export price indices (Tue), FOMC minutes (Wed), Conference Board Leading Index (Thu), S&P Global flash PMIs and state labor data (Fri). Market read‑through: A “still-cautious” Fed tone would cap the front end but keep term premia supported. Resilient PMIs would favor cyclicals; a downside surprise would aid long duration and defensives. United Kingdom Data/events: CPI/PPI (Wed); Blue Book GDP revisions and consumer sentiment (Thu); retail sales and public finances (Fri). Market read‑through: Services CPI remains the swing factor for GBP and short gilts. Softer retail sales would underscore real income dynamics and margin pressure for discretionary names. Euro area Data/events: Final July HICP and job vacancies (Wed), Germany PPI (Thu), flash PMIs (Fri). ECB President Christine Lagarde appears on a global outlook panel Wednesday. Market read‑through: Another subdued inflation print and soft PMIs reinforce a gradual easing bias into the autumn, supportive for periphery spreads and rate‑sensitive equities. Japan Data/events: Q2 GDP (Mon), CPI (Fri). Market read‑through: Evidence of capex rebound or firm services inflation strengthens the case for further BoJ fine‑tuning, favoring banks and domestic cyclicals; weaker prints support exporters via a softer JPY. China Data/events: July industrial output (Mon), policy rate decision (Thu). Market read‑through: Any incremental policy support and steadier production would help materials and Asian cyclicals. Markets remain sensitive to property headlines and consumption momentum. Australia and Canada Australia: Labor force survey (Thu). Strength would buoy AUD and support a stickier‑rates narrative. Canada: July CPI (Mon) and tariff headlines (Wed). A firmer CPI alongside tariff risk could lift front-end Canadian yields and pressure CAD crosses; exemptions or delays would likely reverse some moves. Earnings spotlight US retail and consumer: Walmart (Thu), Target (Wed), Home Depot (Tue), Lowe’s (Wed), Ross Stores (Thu). Focus on traffic trends, private‑label share, wage/benefits headwinds, and 2H guidance. Global tech and platforms: Alibaba (Thu), Baidu (Tue), NetEase (Thu), Xiaomi (Tue), Klarna (Tue). Watch cloud, AI monetization, domestic demand, and cross‑border logistics. Industrials/commodities: BHP (Tue), Fortescue (Thu), Deere & Co (Thu), Exxaro (Thu), Qube (Thu). Iron ore/steel spreads, miner capex discipline, and precision ag demand are in focus. Consumer/health/other: Estée Lauder (Wed), Carlsberg (Wed), Geberit (Wed), AIA (Thu), HKEX (Wed), Ithaca Energy (Wed), Evolution Mining (Wed), Santos (Wed), Viking (Wed), Ping An (Fri), Aurizon (Mon), NAB trading update (Mon), Challenger (Tue), Cochlear (Tue), Mercury Systems (Tue), Analog Devices (Wed), Hays (Thu). Trade Global Markets & Earnings Volatility Capitalize on corporate earnings and macro events with regulated Futures and Options. Explore Futures & Options Trading The week at a glance (all times local; selection) Monday Japan: Q2 GDP estimate China: July industrial production Canada: July CPI UK: Labor market surveys Speakers: ECB’s Philip Lane on Europe’s defence build‑up and macro/financial stability Earnings: Aurizon (FY), NAB (Q3 update) Tuesday UK: Labor market data (incl. flash productivity) Germany/Switzerland: Q2 labor metrics US: Import/export prices Earnings: Home Depot, BHP, Baidu, Amer Sports, Cochlear, Challenger, Keysight, Klarna, Mercury Systems, Xiaomi Wednesday Euro area: July HICP (final) and Q2 job vacancies UK: July CPI/PPI US: FOMC minutes Speakers: ECB President Lagarde on the global outlook Potential US 50% tariffs on a wide set of Canadian imports (watch for scope/exemptions) Earnings: Target, Lowe’s, Estée Lauder, Analog Devices, Carlsberg, Geberit, HKEX, Ithaca Energy, Evolution Mining, Santos, Viking Thursday China: Policy rate decision Australia: Labor force report Germany: PPI UK: Blue Book national accounts update; consumer sentiment US: Conference Board Leading Index Earnings: Walmart, Alibaba, Deere, Ross Stores, NetEase, AIA, Fortescue, Hays, Exxaro, Qube Friday Global: S&P Global flash PMIs (Australia, euro area, France, Germany, India, Japan, UK, US) Japan: July CPI UK: Retail sales and public finances France: Retail sales and services output US: State employment and unemployment Earnings: Ping An Asset-class takeaways FX USD/CAD: Highly sensitive to tariff headlines. Enactment without broad carve‑outs likely lifts USD/CAD; delay/softening likely reverses. Watch Canada CPI for BoC pricing. GBP: Core/services CPI the key swing factor; sticky prints support GBP on rates, soft prints weigh. JPY: Stronger Japan data and whiff of BoJ normalization support JPY; weak prints keep carry attractive. Rates US: Minutes that emphasize patience over pre‑emptive cuts support a flatter curve bias; any dovish nuance

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Daily Market Updates – August 14

Market Updates, Daily Market Updates / PhillipCapital DIFC Research Team

14 August 2026 – Daily Market Updates Daily Market Brief: Rates Stay Sticky, Risk Appetite Holds Market tone Equities: US stock futures edge modestly higher after a record-setting run, with mega-cap tech steady and cyclicals mixed. Europe is little changed, while Asia closed broadly mixed as profit-taking in growth names offset strength in financials. Bonds: Long-dated government yields remain elevated as investors digest another week of heavy sovereign supply. The curve is a touch steeper, reflecting firmer term premia and persistent inflation uncertainty. Currencies: The dollar is softer against most majors, with commodity-linked FX firmer on steadier energy prices. The yen remains sensitive to policy headlines and rate differentials. Commodities: Crude extends recent gains on signs of resilient demand and ongoing supply discipline. Gold is range-bound as higher real yields cap upside while geopolitical risks offer a floor. Industrial metals are mixed. Big picture Higher-for-longer meets heavier supply: Investors continue to demand greater compensation to hold long-dated sovereign debt amid a backdrop of still-above-target inflation, ongoing quantitative tightening, and larger fiscal borrowing needs. That combination has pushed term yields higher and tightened financial conditions at the margin, with mortgage rates, corporate funding costs, and equity discount rates all feeling the knock-on effects. Earnings digestion: With reporting season in its later stages, beats in cash-rich tech and AI-exposed franchises are being rewarded, but guidance sensitivity is high across semiconductors, software, consumer discretionary, and industrials. Margin commentary points to easing input costs, offset by wage stickiness and selective pricing pressure. Positioning and flows: Broad risk appetite remains constructive, but leadership continues to rotate beneath the surface. Financials and energy have benefitted from the recent rate and commodity backdrop, while more speculative growth pockets show signs of fatigue. Trade Global Commodities and FX Access a wide range of global commodities and FX CFDs to take advantage of current market volatility and shifting currency dynamics. Start Trading CFDs Credit and rates Sovereign auctions are in focus as investors weigh concession needs for longer tenors. Watch bid quality and indirect participation as gauges of underlying demand. In credit, high-grade spreads are steady with solid primary issuance reception. High-yield remains supported by light net supply and healthy interest coverage, though dispersion is increasing around earnings misses and leveraged balance sheets. Digital assets Exchanges are broadening beyond pure crypto trading as liquidity concentrates in the largest tokens and institutional activity migrates toward use-cases like payments, collateral, and tokenized real-world assets. Multi-asset platforms that add equities, derivatives, and commodities are seeking to diversify revenue and smooth volatility through the cycle. Near term, lower altcoin activity and tighter liquidity conditions keep headline turnover subdued. Sectors to watch Financials: Benefitting from loan growth normalization, healthy net interest income relative to expectations, and rising fee pools tied to capital markets and AI-related financing needs. Credit quality remains stable but is being monitored in commercial real estate and consumer buckets. Technology: AI infrastructure spend continues, but investors are increasingly selective on backlog visibility, data center utilization, and power availability. Semiconductors face a higher bar after a strong year-to-date run. Industrials and shipping: Freight and logistics names react to evolving trade policies and capacity dynamics. Supply-chain normalization is mostly complete, shifting focus to pricing discipline and operating leverage. Consumer: Demand bifurcation persists as higher borrowing costs and student loan dynamics weigh on lower-income cohorts, while premium categories and travel/leisure remain resilient. What we’re watching next Sovereign supply and term premium: Additional long-dated auctions and syndications across major economies. Inflation and growth prints: Key CPI/PPI releases, retail sales, and labor-market data for signals on disinflation momentum and real activity. Central bank communication: Speech calendars and minutes for clues on balance-sheet policy, neutral rate estimates, and tolerance for upside inflation surprises. Corporate updates: Guidance revisions, capex plans tied to AI and energy transition, and commentary on pricing power and inventories. Geopolitics and trade: Headlines around tariffs, sanctions, and shipping routes that could influence commodity flows and risk sentiment. Portfolio considerations Higher real yields argue for a careful look at duration exposure and rate sensitivity across equities and credit. Quality balance sheets and consistent free-cash-flow generation remain in favor. Within equities, maintain diversification across growth and cyclicals, with attention to earnings durability and pricing power. In credit, elevated all-in yields are compelling, but emphasize up-in-quality positioning and robust covenants given late-cycle dynamics. For digital assets, focus on liquidity, counterparty risk, and clear use-cases, acknowledging that activity remains uneven outside the largest tokens. Calendar highlights (week ahead) Inflation: Major-economy CPI/PPI releases Growth: US retail sales, housing indicators; global PMIs Policy: Multiple central bank speakers; meeting minutes Auctions: Mid- and long-dated government supply in the US and Europe Earnings: Ongoing reports from tech, retail, and industrial bellwethers Invest in US Equities Strengthen your portfolio with direct access to US stocks, ETFs, and ADRs amidst ongoing corporate updates and earning season adjustments. Trade US Stocks 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

Daily Market Updates – August 14 Read More »

Daily Market Updates – August 13

Market Updates, Daily Market Updates / PhillipCapital DIFC Research Team

13 August 2026 – Daily Market Updates Daily Market Brief: Global Equities Lean Risk-On as Asia Leads, Earnings Underpin the US Overview Global stocks opened on a constructive note, with Asia setting the pace and Europe following higher. The tone remains broadly risk-on as investors digest resilient earnings, elevated but stable bond yields, and softer energy prices. In the background, policy signals from major central banks and a heavy US Treasury supply week continue to anchor rate expectations. Asia-Pacific Korea staged a powerful rebound, led by large-cap technology and semiconductor names tied to data-center and AI infrastructure demand. The recovery follows a sharp summer drawdown and coincides with local steps to temper speculative use of leveraged exchange-traded products. With leverage reduced, price action has been steadier even as participation broadens beyond a handful of mega caps. Japan equities were mixed as attention turned to potential next steps from the central bank. Hints of a faster move away from ultra-accommodative settings have kept currency and rate volatility in focus. The yen was little changed versus the US dollar in early trading. In Greater China, corporate updates in technology hardware and consumer internet drove idiosyncratic moves. Select hardware makers rallied on stronger-than-expected AI-related orders, while some high-growth names faced profit-taking after recent outperformance. Europe, Middle East and Africa European benchmarks edged higher, supported by cyclicals and quality growth. A better-than-expected UK monthly output print pointed to firmer services activity and weather-related boosts to hospitality, adding to a picture of steady, if uneven, momentum. Energy equities lagged as crude prices eased, reflecting improved supply expectations and a modestly stronger risk tone across assets. Rate-sensitive names were mixed as core yields hovered near recent highs. US Outlook US equity futures were modestly green, with megacap tech steady and breadth improving across industrials and financials. The latest reporting season has delivered a sizable upside surprise versus consensus, led by AI-linked spending and margin discipline. While investors debate whether growth is “as good as it gets,” the combination of strong profits and largely sideways index moves since late spring has helped bring headline valuation multiples closer to their recent averages. Key risks into late summer include: sticky services inflation, elevated fiscal issuance keeping term premia firm, and geopolitical uncertainty. Conversely, catalysts for further upside include continued earnings resilience, easing supply-chain frictions in AI infrastructure, and any moderation in long-dated yields. Institutional Brokerage Solutions Explore comprehensive execution and clearing services designed for professional funds and family offices. Learn More Rates and Currencies Treasury yields remain elevated near cycle highs after a solid 10-year auction and ahead of longer-dated supply. Higher term premiums, robust growth, and inflation still running above long-run targets have limited the downside in yields despite calmer near-term CPI readings. The dollar was broadly stable. Dollar/yen hovered near recent levels as rate differentials continued to dominate the cross. Sterling held firm after the UK data beat, while the euro inched higher alongside risk sentiment. Commodities Crude oil softened as supply dynamics improved and broader risk appetite supported a pullback in precautionary pricing. Lower energy costs, if sustained, would be a welcome input for headline inflation into the autumn. Industrial metals were mixed, with copper steady on balanced signals from China property headlines and global manufacturing orders. Gold was range-bound as real yields stayed firm. Corporate Highlights Network and infrastructure providers were active after outlook updates tied to AI data-center spending. Markets differentiated sharply between firms with clear near-term conversion of backlog into revenue and those signaling a slower ramp. Select PC and device makers rallied on stronger top-line trends linked to AI-enabled upgrades, while a few high-growth hardware names fell on guidance that pointed to lumpier demand. In earnings ahead, investors are focused on semiconductors and large consumer internet platforms for read-throughs on capex intentions, inventory normalization, and the durability of cloud and advertising demand. Korea in Focus: Momentum with Fewer Excesses The Korean market has re-accelerated as the AI theme regained traction, with heavyweight chipmakers acting as proxies for global data-center investment. Unlike earlier episodes, the backdrop now includes stricter local rules around leveraged single-stock and thematic products, which appear to have curbed some of the most destabilizing flows. That may not eliminate volatility, but it can reduce forced unwinds and support healthier market function. Sustainability from here likely depends on: Evidence that AI-related capex remains durable into year-end Signs of stabilization in global long-term yields Continued progress by local authorities in balancing investor access with prudent risk controls US Equities: An Earnings-Led Case Stateside, the argument for further gains rests less on multiple expansion and more on profits. Delivered results have broadly topped expectations, particularly in tech, software-adjacent services, and logistics beneficiaries of AI investment. With major indices consolidating, valuation metrics have drifted back toward recent norms. If earnings forecasts hold and macro data avoid sharp downside surprises, modest multiple mean-reversion alone could support additional upside. Offsets include the risk of profit growth decelerating from a very strong base and the constraint of higher-for-longer real rates on richly valued segments. What We’re Watching Central bank signals: Any guidance shifts from major central banks around the path of rates and balance sheets US Treasury supply: Auction outcomes across the curve and their impact on term premia and risk appetite Earnings cadence: Semiconductors, cloud infrastructure, and consumer demand updates for clues on capex and margins Energy dynamics: Oil’s path and its pass-through to inflation expectations Portfolio Considerations Equities: Maintain balance between quality growth (cash-generative tech and software services) and cyclicals with improving operating leverage. Favor companies benefiting from AI-driven productivity rather than solely AI narratives. Fixed income: Neutral to modest duration, recognizing elevated yields but persistent term risk. Consider barbell approaches and maintain quality in credit as carry remains attractive but spreads are tight. Currencies/hedging: For USD-based investors with foreign equity exposure, consider partial currency hedges given rate differentials. Use options selectively to manage event risk. Alternatives and commodities: Energy price softness tempers near-term inflation risk, but diversification via real assets can help

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