Daily Market Updates – September-14

Market Updates, Daily Market Updates / PhillipCapital DIFC Research Team

14 September 2026 – Daily Market Updates Daily Market Briefing: Tech Jitters, Oil Spike, Yields Hover Near 5% Global markets opened on a cautious note as investors weighed three powerful forces at once: softer sentiment toward the near-term pace of artificial intelligence development, a fresh jump in crude prices on supply disruptions, and US Treasury yields lingering just shy of 5%. The combination is pressuring equity risk appetite, particularly in growth-exposed areas, while boosting energy shares and defensive positioning. Market snapshot (approx. 6:15 a.m. ET; subject to change) Brent crude: $107.66 (+2.9%) S&P 500 futures: 7,665 (-0.8%) Nasdaq 100 futures: 29,151 (-1.8%) Stoxx Europe 600: 637.50 (-0.3%) South Korea KOSPI: 6,684.37 (-3.3%) US 10-year Treasury yield: 4.96% (-1 bp) What’s driving the tape AI enthusiasm cools at the margin: Headlines suggesting a slower cadence for AI model advancement are prompting investors to reassess timelines for monetization and capex paybacks. Hardware and memory names are leading declines, while some software and “AI-disruption‑exposed” names are catching a relative bid as perceived competitive pressures ease. Expect elevated dispersion within tech as investors rotate between compute suppliers, downstream adopters, and legacy incumbents. Oil surges on supply headlines: Crude is higher after reports of a key pipeline disruption and delayed regional talks tied to a major shipping lane. Higher energy costs reintroduce inflation uncertainty just as central banks gather, raising questions about margins for energy-intensive industries and discretionary demand into year-end. Rates stay elevated: The 10-year Treasury remains just under 5%. There’s nothing magical about the round number, but such levels can become behavioral thresholds for asset allocators. Higher real rates tighten financial conditions, weigh on long-duration equities, and increase borrowing costs across mortgages, autos, and corporate credit. Risk-off tone but not disorderly: Weakness is most pronounced across semiconductors and select Asian markets, while Europe is modestly lower. US equity futures are pointing to a softer open as traders trim risk ahead of a heavy central-bank calendar. Central banks in focus this week Federal Reserve (Wednesday): After a recent upside surprise in core inflation, markets are leaning toward tighter-for-longer. The policy statement, dot plot (if provided), and chair’s press conference will shape expectations on both the terminal rate and the persistence of restrictive settings. Bank of England (Thursday): Sticky services inflation and wage dynamics keep the tightening debate alive. Watch the vote split and guidance on balance-sheet runoff. Bank of Japan (Friday): With yen depreciation and upward pressure on global yields, any adjustments to yield-curve settings or forward guidance could reverberate across global duration and FX. Equities Tech and chips: Profit-taking continues in AI-levered hardware and memory names as investors reassess near-term demand and capex intensity. Expect positioning to remain sensitive to headlines around model roadmaps, compute availability, and data-center buildouts. Energy: Outperforming on higher crude, with integrateds and select upstreams bid. Refiners’ margins will hinge on product spreads; volatility likely persists as supply headlines ebb and flow. Defensive tilt: Staples, utilities, and health care show relative resilience as rates and geopolitics inject uncertainty. Quality balance sheets and dependable cash flows are in favor when funding costs rise. M&A/IPO pulse: Deal flow remains selective but active, particularly in financial services and energy infrastructure. Listings and strategic transactions can offer idiosyncratic opportunities amid macro-driven volatility. Fixed income US Treasuries: 10-year near 5% keeps equity valuations under pressure. Term premium has rebuilt, reflecting supply, inflation risk, and policy uncertainty. Front-end remains anchored by Fed trajectory; back-end sensitive to growth/inflation path and global demand. Credit: Wider spreads are possible if yields push through key thresholds. Higher carry still attracts buyers in short-duration, high-quality paper; weaker balance sheets face refinancing headwinds as coupons reset higher. Commodities and FX Oil: Elevated on supply risk and geopolitics. Watch for inventory data, OPEC+ signaling, and any updates on shipping flows. Gold: Range-bound as higher real yields offset haven demand; moves will track the Fed and the dollar. Currencies: The dollar stays broadly supported by rate differentials. Yen remains sensitive to any BOJ policy nuance; sterling to BOE guidance and UK inflation prints. Higher oil can challenge select energy-importing EM FX. Navigate Market Volatility with Advanced Derivatives Manage rate risks and energy exposure through our DFSA-regulated institutional futures and options trading desk. Explore Futures & Options Why 5% on the 10-year matters Valuations: Discount rates rise as yields climb, compressing multiples for long-duration equities, especially high-growth tech. Financing costs: Corporates face higher interest expense on new issuance and refinancings; households see dearer mortgages and consumer loans. Asset allocation: Round numbers often prompt rebalancing—some allocators may shift toward cash and short-duration bonds when yields become compelling on a risk-adjusted basis. The setup from here Key catalysts: Fed/BOE/BOJ decisions and pressers, energy supply headlines, and high-frequency inflation/labor data. Market tone: Elevated headline sensitivity and factor rotations within tech likely continue. Expect liquidity pockets around key levels in rates and major equity indices. Portfolio considerations Stay diversified across styles and regions; avoid single-theme concentration. Reassess duration: Consider laddered or short-intermediate exposures to manage rate volatility. Emphasize quality: Strong cash flows, pricing power, and conservative leverage tend to fare better when funding costs rise. Use volatility to rebalance: Be disciplined with target weights rather than chasing momentum. Energy hedges: Where appropriate, consider exposures that can offset input-cost risk. Institutional Brokerage for Professional Counterparties Access seamless global execution and portfolio solutions tailored for funds, family offices, and proprietary trading desks. 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

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Weekly Global Market News-September-Week 3

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

Weekly Global Market News – September – Week 3 The Week Ahead: Central-bank triple play, an inflation flurry, and Russia heads to the polls Date range: Week of 14–20 September 2026 Market narrative at a glance Policy in focus: The US Federal Reserve, Bank of England and Bank of Japan all set rates this week, a rare cluster that could reset global risk appetite, yield curves and FX trends into Q4. Inflation pulse: Fresh CPI/HICP/WPI readings from the EU, UK, France, India, Canada and Japan will test the “sticky services” narrative and shape terminal-rate expectations. Politics and geopolitics: Russia holds its first State Duma election since the full-scale invasion of Ukraine. While financial markets expect limited direct impact, any hint of instability could feed into energy risk premia and safe‑haven flows. Micro meets macro: A lighter earnings slate still offers signals from retailers and homebuilders on consumer resilience, pricing power and housing demand. Why this week matters for portfolios Rates: A cautious or hawkish Fed would reinforce higher-for-longer front-end pricing and keep term premia elevated. Conversely, any nod to disinflation traction could steepen curves. FX: The USD will take its cue from the Fed’s tone on growth and inflation. Sterling hinges on UK CPI/services inflation and BoE guidance. The yen is vulnerable to BoJ surprises and any tweak in the inflation-risk balance. Equities: Retailers’ updates (UK and North America) will spotlight volume vs margin trade‑offs. Homebuilder commentary will gauge mortgage-rate sensitivity and backlog quality. Japan’s policy path remains a key driver for Topix sector leadership. Credit: Wider rate volatility argues for selectivity; watch primary issuance windows around the central-bank decisions. Central banks: what to watch Federal Reserve (Wed): Markets face a high bar after stronger-than-expected August payrolls and a rise in Treasury borrowing costs. The committee held in July; investors will parse the statement and press conference for: Assessment of the growth–inflation trade‑off Any shift in balance-sheet runoff language How officials characterise recent term-premium moves Bank of England (Thu): Softer UK activity argues for a hold, but upside inflation risks (from energy, geopolitics and extreme weather effects on food) keep a hike in play later this year. Focus on: Vote split and updated guidance on data dependence Services CPI and wage growth as the swing variables Market pricing now implying more tightening over 12 months versus a week ago Bank of Japan (Fri): Markets lean toward another step up in the policy rate (around 1.25%), following a hawkish tilt in recent communications. Key tells: Language on upside inflation risks Guidance on the path for further normalisation this year Any comments on market functioning and JGB purchases Capitalize on Central Bank Volatility with CFDs Trade global indices, currencies, and commodities with flexible margins. Take long or short positions as the Fed, BoE, and BoJ announce their critical rate decisions. Explore CFD Trading Data and events calendar (selected) Monday, 14 Sep Canada: August CPI India: August wholesale price inflation Switzerland: August PPI UK: Zoopla quarterly Rental Market Report Earnings: MP Evans Group (HY), GlobalData (HY), Greencoat Renewables (HY) Tuesday, 15 Sep China: August new home prices; retail sales France: Final August CPI UK: Labour market report (employment, wages) BoE: Speech by Carolyn Wilkins (FPC external member) Earnings: City of London Investment Group (FY), Everplay Group (HY), MJ Gleeson (FY), Kier (FY), Princes Group (HY), Trustpilot (HY), Wickes (HY) Wednesday, 16 Sep US: FOMC rate decision and press conference UK: August CPI and PPI Corporate events: Mitie shareholder meeting on proposed sale to OCS Tech hardware: Snap to unveil next-gen SPECS AR device Earnings: Barratt Redrow (FY), Bolloré (HY), Dollarama (Q2), WHSmith (pre‑close) Thursday, 17 Sep EU: August HICP (final) UK: BoE rate decision ECB: Philip Lane speaks at the annual research conference (Frankfurt) Earnings: Galliford Try (FY), Helvetia Baloise (HY), Lennar (Q3), LPP (HY), Next (HY) Friday, 18 Sep Japan: BoJ rate decision; August CPI UK: August retail sales (Great Britain) US: Conference Board Leading Index; state employment/unemployment Tech hardware: Apple iPhone 18 Pro/Pro Max on sale Earnings: Wolford (HY) The Russia angle: limited direct flows, watch second-order effects Baseline: A choreographed Duma election outcome is widely expected. Direct market impact is likely muted. What to monitor: Any surprise turnout narrative or localised unrest that nudges crude and European gas higher Fresh sanctions chatter or supply disruptions Safe‑haven bid in USD and gold if geopolitical risk jumps Company highlights Next (Thu): A bellwether for UK discretionary spending and store/online mix. Watch like‑for‑like sales, margin guidance, cost inflation and inventory discipline. Lennar (Thu): Housing affordability vs builder incentives. Orders, cancellation rates and backlog ASPs are key to assessing US housing resilience at higher mortgage rates. Dollarama (Wed): Pricing power, traffic trends and trade‑down dynamics amid real‑income pressures. WHSmith (Wed): Travel vs high-street performance split and international footprint momentum. Barratt Redrow (Wed): UK housing consolidation lens—synergies, land bank quality and capital-return policies. Cheat sheet: indicators that move markets this week US: Core services inflation within CPI; labour-cost indicators in the Fed’s language; any nod to term-premium dynamics. UK: Services CPI and private-sector regular pay growth as the BoE’s swing factors; retail sales volumes vs value for demand signals. Euro area: HICP momentum and dispersion across core vs periphery. Japan: BoJ statement language on inflation risks and any change in rate path signalling. China: Retail sales breadth (autos, catering, online) and new-home price declines as a property‑stabilisation barometer. Cross asset setup Rates: Curve shape into and out of the Fed—watch 2s/10s. Gilts to take cue from UK CPI and BoE vote split. JGB volatility around BoJ. FX: USD sensitivity to Fed tone; GBP to UK data/BoE; JPY to BoJ surprise risk. EUR reacts to finalized HICP and ECB-speak. Equities: Defensive vs cyclical leadership will pivot on policy tone; retailers/homebuilders are high‑beta datapoints. In Japan, further normalisation supports financials relative to duration‑sensitive growth names. Commodities: Any geopolitical premium would support crude; keep an eye on European gas on Russia headlines and on strikes/weather. Risk monitor Upside risks: Broad disinflation beats; dovish nuances from one or

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Daily Market Updates – September-11

Market Updates, Daily Market Updates / PhillipCapital DIFC Research Team

11 September 2026 – Daily Market Updates Daily Market Brief: Bonds Under Pressure as 10-year Nears 5%; Can Equities Hold the Line? Market at a glance (as of 06:45 AM ET; subject to change) US 10-year Treasury yield: ~4.94% (down ~2 bps on the session; up roughly 20 bps this week) Brent crude: about $103.6 (down ~3.8% intraday) US equity futures: broadly higher (~0.6%) Europe: Stoxx 600 up ~0.6% Asia: Japan’s Nikkei down ~1.9%; Korea’s Kospi down ~1.8% The morning narrative Government bonds remain the epicenter of market risk with the US 10-year drifting toward the 5% threshold, a zone last seen in the mid-2000s. The week’s climb in yields has spilled into global fixed income, tightening financial conditions and sharpening focus on today’s US inflation update. The immediate debate: will sticky price pressures and higher fuel costs force another policy move, or can policymakers stay patient and lean on restrictive settings already in place? Interest-rate expectations reflect an elevated chance of another hike, while many forecasters think a pause is still plausible. Either way, the bar for “higher for longer” has risen. Energy’s two-way pull Crude is softer this morning, easing some near-term pressure on inflation expectations, but the broader energy backdrop remains hot. US diesel prices pushing above $6 a gallon raise cost pressures for transportation, agriculture, and manufacturing—feeding directly into core goods and services. Expect inflation watchers to parse the CPI’s energy components against underlying core trends. Equities: constructive open, fragile footing Stocks are attempting to build on yesterday’s bounce as oil moderates and investors await the inflation print. The bigger question is durability: as long yields approach 5%, equity multiples face a higher discount rate, and rate-sensitive pockets—housing, small caps, unprofitable tech—remain vulnerable. History suggests that a persistent tightening campaign (not a one-off move) would pose the greater threat to the bull case, especially if growth slows while real yields stay elevated. Navigate Market Volatility with Confidence Explore our comprehensive trading products and secure access to global markets across equities, fixed income, and derivatives. Discover Our Products Single-stock and sector color Software and AI: Earnings and guidance tied to cloud/AI spending continue to sort winners from laggards, with notable dispersion after results and outlooks. Autos/marketplaces: Deal activity in online vehicle platforms is adding momentum to M&A-sensitive names. Home furnishings: Better-than-feared results highlight ongoing cost control and resilient premium demand despite housing headwinds. European healthcare: Select large-cap pharma under pressure following broker downgrades. Staples/retail: A major US grocer reports before the bell; input costs and traffic trends are in focus. Rates, credit, and the Fed Treasuries: The curve remains relatively flat in the belly/long end; watch 5% on the 10-year as a psychological and technical marker. Auction dynamics and term premium are front and center. Credit: Investment-grade spreads remain contained but are edging wider in high yield; refinancing calendars into year-end bear watching if rates stay elevated. Policy: The CPI print at 8:30 a.m. ET is the day’s swing factor. Markets will key on core services ex-housing, supercore momentum, and any sign that energy is passing through more broadly. Global roundup Europe: Equities firmer on the open; mixed macro with ongoing fiscal scrutiny in parts of the euro area and a better growth signal out of the UK. Asia: Risk-off tone overnight with Japan and Korea weaker; a firmer yen keeps carry-trade dynamics on the radar for global equities. Commodities: Oil’s pullback helps sentiment, but refined products strength complicates the inflation picture. Industrial metals remain range-bound as growth signals stay uneven. Key levels and Key things to watch today US CPI (8:30 a.m. ET): Headline vs. core trajectory, services inflation stickiness, and energy pass-through. Rate expectations: Fed-dated OIS and the path into year-end; any repricing after CPI will likely set the tone for risk assets. Market internals: Equity breadth, factor leadership (quality, value, profitability), and volatility term structure. Credit and funding: High-yield ETF flows, primary issuance, and front-end funding costs. Strategy snapshot Equities: Elevated yields argue for discipline on valuation and balance-sheet quality. Consider a barbell of cash-generative cyclicals and defensive growth, with an eye on earnings revisions. Fixed income: For investors adding duration, staggered entry points and curve diversification can help manage volatility around key data. Short-duration credit and high-quality IG remain core ballast for many multi-asset portfolios. Alternatives/real assets: Energy price swings favor active risk management; consider the role of commodities as an inflation hedge, sized appropriately to volatility. Risk management: Keep an eye on rate vol (MOVE) and equity vol (VIX). Elevated cross-asset correlation can magnify drawdowns; hedges may be more cost-effective before event risk. Bottom line Markets are walking a narrow path: softer oil offers a breather, but long-end yields near 5% keep pressure on valuations and financing conditions. Today’s inflation report is pivotal for the policy path—and for whether the equity rally can broaden or fades into a rates-led wobble. Ready to Secure Institutional-Grade Brokerage? Partner with a globally trusted broker for seamless execution, deep liquidity, and dedicated support in the DIFC. Contact Our Experts 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

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Daily Market Updates – September-10

Market Updates, Daily Market Updates / PhillipCapital DIFC Research Team

10 September 2026 – Daily Market Updates Daily Market Briefing: Yields Keep Climbing, AI Spending Under the Microscope Overview Global markets are opening to a familiar mix: firmer long-end government yields, oil holding at elevated levels, and a cautious bid in equities. The backdrop remains dominated by three forces—persistent deficit worries, geopolitics-driven energy strength, and a late‑cycle push from central banks to keep inflation expectations anchored. Risk sentiment is steady but selective, with investors rewarding balance-sheet strength and clear cash‑flow visibility. Rates and macro US Treasuries: Long maturities extended their recent selloff after a buyback announcement intended to steady the curve failed to meaningfully cap yields. Traders appear unconvinced that signaling alone can offset structural supply, fiscal concerns, and a higher term premium. The 10‑year benchmark is hovering near multi‑year highs, with curve steepening pressure evident. Policy signaling vs. market pricing: The initial market verdict on efforts associated with Scott Bessent to lean against rising yields has been skeptical. In the absence of materially lower net issuance, clearer inflation progress, or definitive balance-sheet shifts, rallies remain vulnerable to supply and term‑premium repricing. Europe: The European Central Bank is poised to stay restrictive as inflation remains above target, complicated by higher energy costs. Guidance on the policy path, reinvestments, and growth risks will be as important as the rate move itself. FX: A firm US dollar reflects the yield advantage and risk hedging. The euro is range‑bound ahead of the ECB, while yen dynamics remain sensitive to policy differentials and any sign of official discomfort with currency weakness. Commodities and shipping Crude oil: Benchmarks remain elevated on supply risks and heightened Middle East tensions. The physical market is tight, with indications of strain also showing up in shipping—tanker rates have surged, underscoring logistical bottlenecks and reinforcing the risk premium embedded in energy. Precious metals: Gold is subdued as real yields grind higher; dips continue to attract interest as a portfolio hedge, but carry headwinds are notable. Industrial inputs: Sentiment is mixed as China’s growth pulse remains uneven, keeping a lid on broad-based upside in base metals. Equities US: Futures are modestly firmer after a choppy stretch. Higher yields continue to pressure duration‑sensitive pockets (software, certain long-duration growth names), while cash‑generative value, selected financials, and energy remain comparatively resilient. Europe and Asia: European indices are little changed into the ECB. Mainland China and Hong Kong trade with a cautious tone amid property and credit concerns; Japan is mixed, with exporters supported by FX. Corporate moves: Recent single‑stock action has been driven by earnings misses in consumer and healthcare niches, selective upgrades in mega-cap tech, and ongoing rotation toward companies with visible free cash flow and pricing power. Diversify Your Portfolio Today Explore our comprehensive global trading products, including US Stocks, ETFs, and GCC Equities to leverage current market dynamics. Explore Trading Products Earnings in focus: Oracle as an AI barometer Why it matters: Oracle’s update is a key read-through for the economics of the AI infrastructure buildout—capacity additions, cloud bookings tied to AI workloads, and the cadence from pilot projects to production at large customers. What investors want to see: Demand: Evidence that AI-driven cloud and database demand is translating into sustained backlog and revenue rather than one‑off bursts. Profitability: Margin resilience amid heavy compute, networking, and data‑center spend; clarity on the path from elevated capex to free-cash-flow expansion. Balance sheet: Comfort on leverage and refinancing needs as funding costs have risen across credit markets. The broader theme: Markets are increasingly discriminating between “AI spend” and “AI returns.” Strong disclosures on utilization, customer adoption, and payback periods could help narrow the valuation gap for capital‑intensive AI platforms. What to watch next Central banks: ECB decision and press conference today; subsequent guidance from other G10 central banks will shape rate‑volatility and FX trends. US supply and data: Treasury auctions and high‑frequency US releases on prices, labor, and inventories could sway the front end and risk appetite. Geopolitics: Any escalation that tightens energy balances or shipping lanes further would reinforce the current commodity bid and complicate the disinflation path. Positioning themes we hear from clients Quality bias: Favor stronger balance sheets, high free cash flow, and pricing power as higher real rates test weaker capital structures. Earnings visibility: Reward firms converting AI or automation investments into measurable revenue and margin traction rather than narrative alone. Duration management: Consider rate hedges or barbell strategies in multi‑asset portfolios to reduce sensitivity to another leg up in long-end yields. Liquidity awareness: Elevated rate volatility argues for disciplined position sizing and a focus on tradable liquidity. Key levels and markers US 10‑year yield: Near recent cycle highs; sustained break higher would pressure equity multiples and rate‑sensitive sectors. Oil: Elevated and volatile; watch refining margins and inventory trends for clues on demand elasticity. Dollar: Firm; shifts in rate differentials or policy rhetoric could prompt sharp FX rotations. Bottom line Markets are testing the line between policy guidance and fundamental constraints. With deficits large, energy tight, and central banks vigilant, investors are likely to keep paying up for clarity on cash flows and the timing of returns from large-scale AI and infrastructure spending. Ready to Navigate Market Volatility? Connect with our expert advisors in Dubai to structure resilient investment strategies and access multi-asset 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

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Daily Market Updates – September-9

Market Updates, Daily Market Updates / PhillipCapital DIFC Research Team

9 September 2026 – Daily Market Updates Daily Market Brief: Oil crosses triple digits as bond yields grind higher; policy signals stir FX, while earnings revisions stay supportive Overview Global markets opened on a cautious note as energy prices extended gains, sovereign yields hovered near recent highs, and currency markets braced for potential policy action in Asia. Despite the macro headwinds, the corporate earnings backdrop remains a key pillar for risk assets, with analysts continuing to lift profit forecasts across major regions. Markets at a glance Equities: Asian benchmarks were mixed with tech-led strength in North Asia, while European shares softened into the session. US equity futures point to a mildly risk-off open as investors weigh inflation risks and higher rates against resilient earnings momentum. Rates: US Treasury yields are near cycle highs along the curve, with the 10-year edging up. European government bond yields continue to firm, reflecting stickier inflation and supply dynamics. Commodities: Brent crude moved above $100, supported by supply risks and a renewed geopolitical premium. Higher oil is rekindling inflation concerns and complicating central bank paths. FX: The yen remains in focus amid heightened rhetoric around potential intervention and shifting rate differentials. The dollar is broadly steady against major peers, with commodity-linked currencies firmer on oil strength. Credit: Primary markets are active, with global investment-grade borrowers tapping sterling and euro venues. High-yield and leveraged finance pipelines are building as issuers move ahead of year-end windows. Macro and policy watch US rates and liquidity: The US Treasury is set to expand buyback operations, part of a broader effort to smooth market functioning and manage term premium dynamics. Investors are assessing implications for curve shape and auction demand. Asia FX: Policymakers have signaled a lower tolerance for excessive currency volatility. Markets are attentive to any steps that could anchor the yen and the potential spillovers to broader Asia FX. Trade developments: US–Canada trade frictions have ticked higher following fresh restrictions and tariff measures. Watch for sector-specific effects in industrials, autos, and agriculture supply chains. Inflation lens: Energy’s surge is pushing up near-term inflation expectations. The path of disinflation may prove bumpier, keeping rate vol elevated into upcoming data releases. Equities: earnings doing the heavy lifting Upward revisions: Corporate profit estimates continue to drift higher in the US, Europe, and emerging markets, with particular strength in segments tied to AI infrastructure, semiconductors, and select services. This trend has helped offset valuation pressure from higher discount rates. Factor mix: Quality and large-cap growth remain supported by earnings visibility, while cyclicals are more sensitive to rates and energy. Momentum leadership has wavered, increasing dispersion at the single-stock level. Sector takeaways: Tech and comm services: Benefiting from positive estimate revisions and product cycles; event risk around major hardware launches could add volatility. Energy: Solid cash flows on higher crude, though beta to oil price swings has risen. Consumer and luxury: Mixed tone amid cautious broker updates and FX headwinds. Industrials: Watching cost pass-through and order books as rates stay elevated. Rates and FX US Treasuries: Term premium remains the swing factor as supply, growth resilience, and inflation uncertainty keep yields buoyant. Curve shape is sensitive to policy signaling and buyback details. Europe: Higher core yields narrow the relative-income appeal of regional equities versus bonds; dividend strategies may face stiffer competition from risk-free rates. Yen watch: Any official steps to stabilize the currency would interact with global rate spreads; positioning risk is elevated around policy headlines. Commodities Oil: The move above $100 reflects supply constraints and geopolitical risk, amplifying headline inflation and freight/fuel cost concerns. Backwardation signals tight near-term balances. Broad commodities: Industrial metals are range-bound on mixed China data and stronger dollar levels; gold is steady as higher real yields cap upside, with haven demand offering a floor. Diversify Your Portfolio Today Explore global commodities, equities, and futures to navigate current market conditions. Discover Trading Products Credit Primary supply: Blue-chip issuers are taking advantage of receptive windows in sterling and euros, extending duration and diversifying funding bases. Spreads: Investment-grade spreads are contained, while high-yield remains bifurcated—higher-quality BBs holding in, lower-rated paper more rate- and liquidity-sensitive. Leveraged finance: A larger pipeline of buyout-related financing is set to test risk appetite into the autumn issuance season. Key themes we’re watching Energy pass-through: How quickly higher oil feeds into transportation, logistics, and core goods/services. Policy signals: Details on US Treasury buybacks and any FX stabilization measures in Asia. Earnings breadth: Whether estimate upgrades broaden beyond mega-cap leaders into mid-cap cyclicals. Liquidity and vol: Cross-asset volatility around data prints, policy headlines, and large primary issuance. Portfolio considerations Equity: Balance growth exposure supported by rising earnings with selective cyclicals tied to energy and infrastructure. Emphasize quality balance sheets and pricing power. Fixed income: Consider barbell or laddered approaches to manage duration risk; maintain flexibility for bouts of rate volatility. Shorter-dated IG remains a carry anchor. FX: Elevated event risk in JPY argues for measured hedging strategies; commodity FX may retain a bid if oil stays firm. Credit: Favor up-in-quality positioning in HY; in IG, look for new-issue concessions and relative-value opportunities across USD/GBP/EUR curves. Alternatives/real assets: Energy-linked assets and infrastructure can provide partial inflation buffers; monitor valuation sensitivity to rates. The day ahead Data and policy: Focus stays on inflation readings, labor market signals, and any central bank communication. Auction schedules and buyback details may influence the rates complex. Corporate calendar: Hardware product unveilings and select earnings updates could drive single-name volatility; active primary issuance continues across currencies. Discuss Your Strategy With Our Experts Let our experienced team help you navigate market volatility and build a resilient investment approach. 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

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Daily Market Updates – September-8

Market Updates, Daily Market Updates / PhillipCapital DIFC Research Team

8 September 2026 – Daily Market Updates Daily Markets Briefing: Volatility Returns as Summer Calm Fades Overview After a relatively quiet August, cross-asset volatility is ticking higher. Commodities are firming, government bond yields are edging up, and equities are wobbling as markets reassess the path of inflation and interest rates into year-end. Energy and industrial metals are leading the move in raw materials, while rate-sensitive growth shares and parts of healthcare are on the back foot. The backdrop: stickier price pressures, heavy corporate bond issuance, and a dense central-bank calendar. Market at a glance (indicative, early US hours) Equities: US futures slightly softer; European benchmarks modestly lower; Japan under pressure after recent gains. Rates: US 10-year Treasury yield hovering in the high-4% area; core European yields firmer; UK gilts volatile. Commodities: Brent crude approaching the $100 mark; base metals broadly supported; European natural gas elevated. FX: The dollar mixed; the yen is firmer toward its year-to-date highs; sterling and euro sensitive to rate and fiscal headlines. Key drivers we’re watching 1) Commodities and inflation impulse Oil’s climb and strength in industrial metals are reviving concerns that headline inflation could re-accelerate or prove slower to fall. Elevated European gas prices ahead of winter add another layer to the inflation outlook, particularly for the region’s energy-intensive sectors. 2) Rates repricing and term premium Benchmark yields are grinding higher as markets weigh persistent inflation against still-solid growth pockets. A major European investment bank cautioned that investors may be underestimating how far policy rates need to go if price pressures don’t ease, implying either inflation must cool further or yields may need to adjust higher. If that happens, portions of the equity and credit complex could need to reprice. 3) Policy calendar turns heavy Central banks are back in focus with the European Central Bank this week and the Federal Reserve and Bank of Japan on deck soon after. Even small surprises on guidance, balance-sheet plans, or vote splits could move rates, FX, and equities. Inflation prints in the US and Europe are near-term catalysts. A firmer CPI would likely keep pressure on front-end rates and term premium. 4) Fiscal and political crosscurrents The UK’s funding outlook and gilt volatility are in the spotlight ahead of the autumn budget, with spillovers to sterling. France’s fiscal trajectory and politics remain a theme in European spreads. Trade frictions and broader geopolitical risks are reasserting themselves and feeding into commodity markets and supply-chain sentiment. 5) Primary markets and liquidity Corporate borrowers are taking advantage of post-summer liquidity, front-loading issuance into September. A heavy slate can cheapen spreads at the margin and pull yields higher, especially if concessions rise to clear deals. Equities: what’s working and what’s not Leadership: Energy and select materials are benefiting from commodity strength. Value and quality factors are holding up better than high-duration growth. Laggards: Rate-sensitive tech pockets, parts of biotech and other long-duration segments are under relative pressure as yields climb. Regional tone: Europe is mixed-to-lower with defensives cushioning the downside; Japan saw profit-taking after a strong year-to-date run; US futures point to a cautious open. Fixed income: takeaways The back end of curves remains sensitive to supply, term premium, and policy uncertainty. A sustained move higher in real yields would challenge equity multiples. Credit remains resilient but vulnerable to a rates-led shock; heavy new issuance can widen spreads tactically even amid healthy demand. FX and commodities Dollar-yen is drifting lower as the yen firms; policy path expectations and any hint of adjustment from Tokyo remain key. Sterling and euro trade off rate differentials and fiscal headlines. Oil’s uptrend is supported by supply discipline and geopolitics; volatility around inventory data and producer guidance remains elevated. What’s next Central banks: ECB decision and press conference this week; Fed and BOJ meetings follow shortly. Data: US CPI and retail sales; European inflation revisions and sentiment surveys. Supply: Busy corporate bond calendar; watch Treasury and syndicated sovereign supply for term-premium moves. Geopolitics: Energy headlines and trade developments remain potential catalysts. Portfolio considerations (not investment advice) Rebalance duration risk: Consider whether equity and credit exposure are appropriately sized for higher-for-longer rates and elevated real yields. Quality and cash flow: Emphasize balance-sheet strength and pricing power; rising input costs can compress margins where pricing power is weak. Hedges and ballast: Review downside protection in equities, duration hedges in rate-sensitive allocations, and FX hedges where currency swings can impact returns. Income positioning: Laddered maturities or short-duration credit may help manage reinvestment and rate risk; inflation-linked bonds can offset upside CPI surprises. Commodities linkage: For investors with energy/materials exposure, monitor factor concentration and the potential for mean reversion if policy tightens. Bottom line The post-summer pickup in volatility is being driven by firm commodities, persistent inflation risks, and an active policy and issuance calendar. Markets are testing how high yields need to go to tame prices without derailing growth. In this environment, disciplined risk management, attention to quality, and selective hedging are front and center. Tailored Institutional Solutions Discuss your hedging, duration risk, and execution needs with our dedicated team of market professionals. Contact Our Experts 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

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Daily Market Updates – September-7

Market Updates, Daily Market Updates / PhillipCapital DIFC Research Team

7 September 2026 – Daily Market Updates Daily Market Briefing: Risk Appetite Holds as Yields Grind Higher Overview Global markets are starting the week with a notable split: government bond yields continue to climb, yet investors are still bidding up growth-oriented assets. Technology-led gains across Asia and a resilient tone in credit stand in contrast to heavier pressure on longer-dated European bonds. Energy remains a key swing factor, with crude firm and natural gas elevated as geopolitical and supply headlines keep a risk premium in the mix. North American equity markets are closed today for a holiday, which may dampen liquidity and amplify moves elsewhere. Global equities Asia: Stocks advanced broadly, led by technology shares. South Korea outperformed with a mid-single-digit jump as enthusiasm around memory and AI-related demand resurfaced, even as recent volatility has been high. Europe: Major benchmarks were little changed in early trade. Ongoing rate repricing and energy costs are tempering risk appetite, particularly in rate-sensitive sectors. US: Futures were mixed ahead of key inflation data later in the week. With cash markets shut today, positioning and headlines may drive outsized moves in futures. Diversify with Global Equities Access top-performing international markets and diversify your portfolio with deliverable equities. Explore Trading Products Rates and central banks Sovereigns: The global selloff in bonds continues to reprice the cost of capital. Notably, longer maturities in Europe have borne the brunt as investors weigh elevated inflation risks and larger fiscal needs. Europe: The European Central Bank is widely expected to raise rates again this week. Markets will focus on guidance for the coming meetings and any nuance around the inflation outlook given persistent energy pressures. US: Producer and consumer price reports arriving later in the week will shape expectations for the next Federal Reserve decision. Recent labor data supported the case for restrictive policy to stay in place, keeping yields under upward pressure. Market functioning: While rate volatility is elevated—especially in core government bonds—equity markets and corporate credit spreads remain comparatively steady, suggesting the shock has been largely contained within rates for now. Currencies The yen strengthened notably against the dollar, extending recent gains amid shifting rate differentials and policy expectations. Broader G10 moves were more muted, with commodity-linked currencies taking their cue from energy prices. Commodities Crude oil: Prices remain firm in the upper-$90s per barrel, sensitive to headlines around maritime security and supply management. Any de-escalation or credible shipping arrangements could ease the risk premium, while further disruptions would likely push prices higher. Natural gas and refined products: Elevated and volatile, with European benchmarks particularly sensitive to geopolitical developments and inventory signals. Metals: Gold is broadly stable as higher yields compete with safe-haven demand; industrial metals are steady to slightly firmer on improved risk appetite. Policy and macro developments in Asia China: Authorities are moving to reinforce the financial system by adding capital to large lenders and insurers. The aim is to sustain credit growth and backstop confidence as the economy navigates a slower patch. Equity reactions may be mixed near term given dilution concerns versus the longer-term support to balance sheets. Digital assets Sentiment is cautious after another large-scale exploit on a blockchain tied to several trading venues. Price action across major tokens remains headline-driven, with liquidity thinner on holiday-affected trading days. Energy and geopolitics Shipping and security developments in key Middle Eastern lanes continue to influence energy markets. Progress toward risk management in these corridors could reduce volatility, but the path remains uncertain and prone to headline shocks. The week ahead Central banks: ECB rate decision and press conference in focus. Inflation: US PPI and CPI prints will be pivotal for near-term Fed expectations. Earnings: A handful of large-cap software and retail names report later in the week, offering an updated read on enterprise and consumer demand. Portfolio considerations Duration: Ongoing yield repricing argues for careful interest-rate risk management and attention to curve positioning. Credit quality: Spreads remain tight; selection and liquidity discipline matter if rate volatility persists. Equity positioning: Tech leadership is intact in Asia, but European rate sensitivity and energy costs may shape sector performance. Maintain a focus on balance-sheet strength and pricing power. FX and hedging: The yen’s recovery underscores the value of currency risk management when policy paths diverge. Commodities: Elevated energy price volatility supports a thoughtful approach to risk controls and scenario planning across portfolios. Trade Global Commodities with Confidence Capitalize on global market opportunities and manage energy price volatility with DGCX Futures. Trade DGCX Products 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-7 September 7, 2026 7 September 2026 – Daily Market Updates Daily Market Briefing:… Read More Daily Market Updates – September- 4 September 4, 2026 4 September 2026 – Daily Market Updates Daily Market Briefing… Read More Daily Market Updates – September- 3 September 3, 2026 3 September 2026 – Daily

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Weekly Global Market News-September-Week 2

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

Weekly Global Market News – September – Week 2 The Week Ahead: Central banks in focus, US politics returns, and key inflation checks A brisk start to September trading lies ahead. The US comes back from Labor Day to a four‑day Wall Street week, Europe eyes a pivotal European Central Bank meeting, and political risk swings back onto the radar with Republicans convening in Dallas. Energy markets get fresh direction from Opec and the IEA, while a dense slate of inflation and growth figures will reset macro narratives into month‑end. Top themes to watch ECB decision and global rates The ECB meets with markets largely expecting another quarter‑point increase. Messaging around the growth–inflation trade‑off and any tweaks to guidance on balance sheet reduction will matter as much as the move itself for EUR rates and the euro. Turkey also sets policy this week; the lira and local rates remain prone to outsized moves around the announcement. From Asia, a Bank of Japan policy board member speaks in Fukui; any nuance on wage dynamics or inflation persistence will be parsed for hints on the BoJ’s normalization path. In the UK, the Bank of England governor and MPC members testify to Parliament, giving sterling traders fresh cues on policy appetite. Inflation, growth and the health of the consumer The US publishes August producer prices (Thu) and consumer prices (Fri) alongside real earnings, offering a timely check on disinflation and household purchasing power. China’s August CPI and PPI (Wed) will update the debate around domestic demand and pricing pressure after a summer of uneven data. Europe, the UK and Japan release second‑quarter GDP updates; the UK also prints monthly GDP, construction output and trade (Fri). Japan’s corporate goods price data (Fri) provide another read on pipeline inflation. Politics, policy and global events The Republican National Committee holds a pre‑midterm gathering in Dallas, with headline speeches slated to frame GOP priorities ahead of November’s vote. Markets will watch for tax, spending and trade talking points that could shape sector winners and losers into year‑end. Sweden votes on Sunday, a closely watched test for Europe’s evolving policy mix on growth, borders and the green transition. Energy diplomacy and balances remain in focus with Opec’s monthly report (Thu) and the IEA’s outlook (Fri). Friday marks 25 years since the 9/11 attacks—a moment of remembrance that can also bring elevated newsflow around security and policy. Equities and credit setup Mega‑cap tech and hardware Apple’s product showcase (Wed) is the first under new leadership at the helm. Beyond devices, listen for guidance on AI features, on‑device processing, services growth and any supply chain color—all potential catalysts for Apple, key suppliers and the AI hardware ecosystem. Software and AI spend Adobe (Thu) and Oracle (Thu) will be probed for enterprise AI monetization, cloud workload trends and margin durability. Watch commentary on GenAI deployments, pricing and deal cycles for broader read‑through to software peers. Global retail pulse US: Macy’s (Thu) and Kroger (Fri) offer a split‑screen on discretionary vs staples demand, inventory discipline and shrink. Europe/UK: Inditex (Wed), The Gym Group (Wed), Currys (Thu) and the John Lewis Partnership (Thu) provide fresh evidence on European consumer resilience, cost control and promotional intensity. Industrials and autos adjacencies Copart (Thu) is a useful bellwether for used‑car pricing, salvage flows and claims inflation, with implications for insurers and autos. Select UK names Associated British Foods trading update (Thu) could shed light on Primark’s momentum, input costs and FX. Fevertree (Thu) and Genus (Thu) round out a varied UK mid‑cap slate. Trade US Stocks & ETFs Gain access to leading US companies and global markets with PhillipCapital DIFC’s secure custody and execution. Explore US Equities Rates, FX and commodities takeaways Rates and FX A hawkish ECB tone with soft European activity data would flatten curves and could support EUR initially; a dovish tilt would likely weigh on EUR and steepen curves. US CPI/PPI surprises will swing Fed‑cut probabilities, with immediate impacts on the dollar, front‑end Treasuries and rate‑sensitive equities. BoE testimony that leans “higher for longer” could underpin GBP, while any signs of growth concerns may cap gains. Energy Opec/IEA assessments, alongside US inventory trends, arrive as Brent consolidates. Any supply guidance tweaks or demand downgrades will ripple through oil, energy equities and inflation breakevens. Precious and base metals Real yields post‑CPI will steer gold. China’s price data and growth prints will color sentiment for copper and industrial metals. The week, day by day Monday Macro: China FX reserves; EU Q2 productivity/GDP estimates; UK Lloyds House Price Index UK: KPMG/REC Report on Jobs US: Labor Day (markets closed) Earnings: Ashmore (FY), Burkhalter (HY), Gamma Communications (HY), SigmaRoc (Q2/HY), Standard Life (HY) Tuesday Policy: BoE governor and MPC members testify to the Treasury Committee Macro: Japan revised Q2 GDP; UK BRC Retail Sales Monitor Earnings: ABM Industries (Q3), Braze (Q2), Computacenter (HY), Dunelm (FY), Funding Circle (HY), James Fisher (HY), Rubis (Q2/HY), Theon (HY), Uniphar (HY), United Natural Foods (Q4) Wednesday Corporate: Apple product event (Cupertino) Macro: China August CPI/PPI; Japan money stock Earnings: Academy Sports + Outdoors (Q2), AeroVironment (Q1), American Eagle (Q2), Casey’s (Q1), Chewy (Q2), Cooper Companies (Q3), D’Ieteren (HY), The Gym Group (HY), Inditex (HY), Navan (Q2), SailPoint (Q2), Signet Jewelers (Q2) Thursday Policy/energy: Bank of Japan board member speech (Fukui); Opec monthly report; ECB rate decision; Turkey rate decision Macro: US August PPI Earnings/updates: Adobe (Q3), Associated British Foods (TU), Copart (Q4), Currys (AGM/TU), Fevertree Drinks (HY), Genus (FY), John Lewis Partnership (HY), Macy’s (Q2), Oracle (Q1), Playtech (HY) Friday Energy: IEA oil market report Macro: Japan corporate goods price index; UK July GDP, construction output and trade; US August CPI and real earnings Earnings: Kroger (Q2) Global diary highlights Canada: Labor Day (Mon) OECD: Global PISA release (Tue) US: Republican National Committee convention begins in Dallas (Wed–Thu) France: International Space Summit (Wed–Thu) Latvia: Rīga Conference on transatlantic security (Thu) US: New York Fashion Week opens (Thu) Religious/civic: Rosh Hashanah begins (Fri evening); 25th anniversary of the 9/11 attacks

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Daily Market Updates – September- 4

Market Updates, Daily Market Updates / PhillipCapital DIFC Research Team

4 September 2026 – Daily Market Updates Daily Market Briefing Global markets are in a holding pattern ahead of the US employment report, with risk appetite steady, Treasury yields edging lower and the dollar broadly firmer against the yen. Asian equities outperformed led by Japan, Europe is little changed, and US equity futures are modestly higher. Commodities remain in focus as crude extends a strong weekly rally while gold consolidates near recent highs. Top themes Rates: US government bonds are catching a small bid into the jobs data, tempering this week’s rise in yields. The backdrop remains one of elevated term premiums amid persistent deficits, sticky inflation components and heavy primary issuance from investment-grade corporates. Equities: Futures point to a mildly positive US open following a mixed tech-led session. In Europe, auto shares outperformed on restructuring headlines, while select US consumer and software names are moving on guidance updates. Factor-wise, quality cash generators and energy continue to find support; rate sensitivity is a drag for some long-duration growth names. FX: The yen is firmer as crowded carry trades unwind ahead of the Bank of Japan’s next decision. The dollar is mixed elsewhere. Oil-linked currencies are underpinned by the crude rally. Commodities: Brent crude is tracking its strongest week since mid-summer, trading in the mid-$90s on renewed geopolitical risk and supply concerns. Gold is broadly steady after an earlier pullback, with longer-term holders citing diversification and inflation hedging even as higher yields pose a near-term headwind. Fixed income focus A major sovereign investor signaled it may trim government bond exposure and broaden into higher-yielding fixed-income segments. Any reallocation of that size would likely touch US Treasuries at the margin, though the buyer base remains deep and diverse. The bigger drivers for yields continue to be domestic fiscal dynamics, inflation progress and the pace of corporate supply. US high-grade corporate bond yields are back above the mid‑5% area, encouraging issuers to accelerate funding plans before potential further increases in borrowing costs. Primary markets remain open with healthy order books, but concessions are creeping wider in pockets of the curve. Equities in brief Europe: An iconic German automaker rallied after its board backed a sweeping streamlining plan that includes a smaller model lineup and a leaner industrial footprint. US premarket: An athleisure brand sold off sharply after cutting profit guidance again. A leading e-signature platform rose on stronger-than-expected results and an upgraded outlook, while a work management software name fell on a softer guide. Credit bureaus came under pressure following fresh regulatory criticism of industry pricing. An industrial IoT/fleet telematics provider jumped after raising revenue targets. AI ecosystem: Deal activity remains robust, with a top semiconductor firm agreeing to acquire a prominent AI platform for a low‑teens‑billion dollar price tag, underscoring ongoing consolidation across the model and tooling stack. Gold watch Large asset managers reportedly added to bullion after the recent dip, arguing that long-duration portfolios benefit from gold’s hedging properties amid policy and geopolitical uncertainty. Near-term, higher real yields can dampen enthusiasm, keeping flows tactical until there’s clearer guidance on the policy path. Discover World-Class Trading Solutions Access global equities, fixed income, and derivatives with a trusted, DFSA-regulated broker. Explore Our Services What could move markets today US labor market: Headline job additions, unemployment rate and wage growth will set the tone for rates and risk assets. A cooler print would likely relax near-term tightening fears; a hot report could reprice policy expectations. Central banks: The BOJ remains a volatility risk for USD/JPY and global rate differentials. Markets will parse any tweaks to guidance and bond purchase operations. Energy/geopolitics: Any escalation in Middle East tensions or supply disruptions would reinforce the bid in crude and inflation breakevens. Issuance window: Watch for another active day in US IG primary if conditions remain supportive post-data. Positioning considerations Liquidity and duration: Into key data, many portfolios are keeping dry powder and avoiding extreme duration bets. Laddering and barbell exposures remain common to balance carry with rate risk. Equity rotation: Elevated valuations in select mega-cap growth keep the spotlight on earnings durability and cash generation. Investors continue to explore beneficiaries across energy, industrial tech, and parts of Asia tied to the AI supply chain. Currencies: Elevated USD/JPY volatility argues for cautious hedging around event risk; commodity-linked FX is tracking oil. The takeaway Markets are balanced between resilient growth signals and a higher-for-longer rate regime. Today’s labor print will help refine that balance. Beyond the headline, supply dynamics in both sovereign and corporate bonds, plus ongoing cross-currents in energy and AI-related dealmaking, are setting the agenda for September. Ready to Navigate the Global Markets? Connect with our expert team at PhillipCapital DIFC for tailored investment solutions and personalized insights. 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 – September- 4 September 4, 2026 3 September 2026 – Daily Market Updates

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Daily Market Updates – September- 3

Market Updates, Daily Market Updates / PhillipCapital DIFC Research Team

3 September 2026 – Daily Market Updates Daily Market Brief: Policy Chatter Keeps Volatility Elevated, Dollar Positioning in Focus Overview Global markets are trading nervously as policy headlines and the prospect of direct market support continue to drive sharp, fast moves—especially in currencies. US equity futures are broadly steady after a mixed tech-led session; Asia ended mostly softer while Europe opened cautiously. Crude oil extends gains on tight supply dynamics; gold is firmer as investors seek hedges amid cross-asset choppiness. The dollar is uneven across majors; the yen strengthened notably as traders price shifting policy expectations and remain alert to potential official activity. Top themes driving sentiment 1) Intervention watch and policy signals Growing expectations for changing rate dynamics in Japan, alongside vigilance for potential official market actions, have amplified FX volatility. Sudden bursts in the yen are feeding through to global risk appetite and positioning across Asia hours. More broadly, markets remain highly sensitive to the perception that authorities could step in—whether in FX, rates, or energy—creating outsized short-term moves even when longer-term fundamentals are unchanged. 2) Dollar exposure and hedging Some large real-money investors globally appear to be running with lighter currency hedges on US assets than in recent years. This leaves portfolios more exposed to swings in the greenback and raises the risk that any sentiment turn could accelerate dollar moves. For markets, that can mean quicker, larger adjustments in cross-border flows and relative performance between domestic and foreign holdings. 3) Energy firmness and inflation watch Diesel benchmarks in the US have pushed to multi‑year highs, reflecting constrained refining capacity and uneven global supplies. Persistently elevated transport fuel costs can filter into freight, agriculture, and consumer goods pricing, complicating the disinflation path. Crude prices are bid as supply remains tight and inventories are monitored closely. The interplay between higher energy input costs and growth expectations is again a focal point for equity and rates traders. 4) Earnings and tech leadership The AI and semiconductor complex remains volatile as companies recalibrate outlooks after a powerful run. Some software names are benefiting from demand for data and AI tools, while parts of hardware and networking lag when results miss lofty expectations. Healthcare and biotech show idiosyncratic swings on clinical updates. After-hours reports from select software, cybersecurity, and apparel names could add to single-stock dispersion. Markets at a glance Equities: US futures are little changed after a mixed tech session; Asia was uneven with Japan-related FX moves in focus; Europe starts cautiously. Positioning remains crowded in select mega-cap growth, increasing sensitivity to guidance. FX: The yen rallied sharply on shifting rate expectations and intervention vigilance; the dollar is mixed elsewhere. EM FX performance is diverging, with oil importers under relative pressure. Rates: Core yields are range-bound to slightly softer as growth vs. inflation narratives tug in opposite directions. Policy path uncertainty keeps curves choppy. Commodities: Oil extends gains on tight supply; refined products strength is in focus. Gold edges higher as investors balance real yields with hedge demand; industrial metals are mixed. Elevate Your Derivatives Strategy Navigate market volatility with comprehensive solutions for Futures and Options across global exchanges. Trade Futures & Options What we’re watching next Central bank communication across Asia and Europe for clues on the pace and sequencing of policy normalization. US macro prints and labor indicators for signs of demand resilience versus sticky services inflation. Energy market updates—including inventory trends and any producer guidance—given the renewed move higher in refined products. Corporate guidance from software, cybersecurity, and consumer discretionary names as investors test the durability of AI- and services-led demand. Portfolio considerations (information only) Volatility management: Headline risk around policy and FX can produce sudden gaps, particularly in thinner liquidity windows. Diversification and predefined risk limits can help reduce unintended concentration. Currency sensitivity: With lighter aggregate hedging among some institutions, portfolio returns may swing more with the dollar. Periodic FX exposure reviews and scenario testing can clarify potential drawdowns. Energy pass-through: Elevated diesel and fuel costs can affect margins in transport-heavy and consumer-facing sectors; conversely, energy producers and select industrials may see tailwinds. Key takeaways Policy chatter and the prospect of official action are amplifying short-term market swings, notably in USD/JPY. Reduced currency hedging by some global investors raises the odds of larger dollar moves if sentiment shifts. Energy strength is back on the macro radar, complicating the inflation outlook and sector performance. Earnings remain a stock-by-stock driver as markets digest whether guidance can keep up with elevated expectations. Diversify Your Portfolio with GCC Equities Access leading companies across the GCC and gain actual ownership of shares. Start trading Tadawul, DFM, and ADX stocks today. Explore GCC Equities 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- 3 September 3, 2026 3 September 2026 – Daily Market Updates Daily Market Brief:… Read More Daily Market Updates – September- 2 September

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