Daily Market Updates

Jan 09 – Daily Market Update

09 Jan 26 – Daily Market Updates Market at a glance (as of ~6:00 a.m. ET) US equity futures: slightly higher (about +0.1%) as traders position for key data Europe: broader benchmarks firmer (roughly +0.4% to +0.5%) Asia: Japan outperformed (up around +1.6%) with tech and exporters in the lead US dollar: modestly stronger versus major peers (about +0.2%) US 10-year Treasury yield: near 4.19%, up a couple of basis points What’s moving markets All eyes on the US labor report: Today’s payrolls, unemployment rate, and wage growth will help shape expectations for the next steps in monetary policy. A steady hiring pace with contained wage pressures would support a “hold and assess” stance from the Fed, while any upside surprise in wages or core employment could nudge yields higher and firm the dollar. Trade policy watch: A potential legal decision related to tariffs is on investors’ radar. Any shift that lowers import costs could buoy risk appetite, particularly for import-reliant industries, while also complicating the rates outlook if the growth impulse and fiscal math are perceived to worsen. Rotation under the surface: Early-year flows show renewed interest in equities, with investors balancing quality growth exposures against more cyclical, trade-sensitive areas. Defensive pockets (health care, staples) continue to draw interest as a ballast against policy and macro uncertainty. Equities United States: Futures are little changed to slightly positive ahead of the data. A soft-landing narrative remains intact but fragile—labor and wages will be the tie-breaker. Within sectors, trade-sensitive consumer names and capital goods could react most to any tariff-related headlines, while rate-sensitive groups (housing, utilities) will take their cue from the move in yields. Europe: Regional indices are firmer, supported by a blend of defensives and economically sensitive names. A stable dollar and incremental improvement in external demand hopes are helping exporters. Financials remain leveraged to the path of long-end yields and curve shape. Asia: Japan led gains as chip-adjacent names and exporters extended momentum amid a firmer risk tone. Elsewhere in the region, sentiment remains selective: China-linked assets are weighed by ongoing property-sector restructuring efforts, while broader Asia benefits from steady global tech demand. Fixed income and FX Rates: Treasuries are marking time into the data with the 10-year yield hovering around 4.18%–4.20%. A hotter wage print or strong headline jobs number could push yields higher and steepen the curve; a downside surprise may extend the recent range trade and take some pressure off real rates. Dollar: The greenback is slightly firmer, reflecting cautious pre-data positioning. A benign payrolls outcome could cap further dollar gains, while any upside wage surprise would likely support the currency versus low-yielders. Commodities Energy: Crude is steady within recent ranges as supply headlines and risk sentiment offset one another. Demand signals from global PMI data and US inventory trends remain the key swing factors. Metals: Industrial metals are underpinned by consolidation talk in the mining space and hopes for eventual stabilization in construction demand, tempered by ongoing balance-sheet repair in parts of China’s property sector. Gold is little changed, with moves in real yields and the dollar in the driver’s seat. Themes to watch Tariffs and margins: Any reduction or uncertainty around import levies could influence input costs and pricing power across retail, apparel, home goods, machinery, and select technology hardware. Market reaction may be uneven, with beneficiaries on the cost side but potential push-pull on rates. Housing and rates: Policy efforts aimed at supporting mortgage markets can be a near-term tailwind for housing activity and related equities, but the durability of any boost will depend on the path of long-term yields. Electric vehicles and capital discipline: Slower EV adoption in select markets is prompting reassessments of production schedules and investment timelines across the auto-battery supply chain. China property stabilization: Restructuring steps remain in focus. The pace and scope of policy support will be key for credit sentiment, commodities demand, and regional risk assets. Scenario map for today’s US jobs data Stronger jobs and wages: Equities mixed (cyclicals up, rate-sensitives down), yields up, dollar firmer. In-line report with contained wages: Risk assets supported, yields range-bound, dollar stable to softer. Weaker jobs or softer wages: Duration bid (yields lower), dollar eases, equities lean positive for long-duration growth but may see some cyclical underperformance. The day ahead United States: Nonfarm payrolls, unemployment rate, average hourly earnings. Also watching any developments on trade policy/legal rulings and Fed-speak for rate-path hints. Corporate: M&A chatter in natural resources remains a swing factor for global miners; ongoing updates from autos/EV and housing-related firms may steer sector dispersion. Risk considerations Policy path ambiguity (monetary, fiscal, and trade) Geopolitical and supply-chain frictions affecting energy and freight Earnings revision risk if growth cools faster than expected Liquidity conditions as issuance and buybacks restart into earnings season Risk considerations Policy path ambiguity (monetary, fiscal, and trade) Geopolitical and supply-chain frictions affecting energy and freight Earnings revision risk if growth cools faster than expected Liquidity conditions as issuance and buybacks restart into earnings season Markets are marking time into the labor report and potential policy headlines. A balanced stance—maintaining quality exposure while keeping an eye on rate sensitivity and trade-linked cyclicals—remains prudent until the data reset the macro narrative. This commentary is for information only and does not constitute investment advice or a recommendation to buy or sell any security. Market levels are approximate and subject to change. Disclaimer: Trading foreign exchange and/or contracts for difference on margin carries a high level of risk, and may not be suitable for all investors as you could sustain losses in excess of deposits. The products are intended for retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. The content of the Website must not be construed as personal advice. For retail, professional and eligible counterparty clients. Before deciding to trade any

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Jan 08 – Daily Market Update

08 Jan 26 – Daily Market Updates A broad market briefing As of 06:22 am ET Market snapshot S&P 500 futures: 6950.75 Stoxx Europe 600: 602.9 Nikkei 225: 51117.26 Bitcoin: 89977.04 Broad dollar gauge: 1207.84 Global wrap Asia: Equities retreated, led by Japan, as investors took profits in technology and cyclicals following a strong run into year-end. Semiconductor sentiment was mixed: optimism around AI-related demand persists, but positioning remains elevated and sensitive to policy headlines and supply-chain updates. Europe: Stocks are softer with defensives outperforming cyclicals. Energy is under pressure after a weaker quarter for some integrated oils, while select retailers lag on tepid holiday read‑throughs. Core rates are little changed ahead of a heavy sovereign supply slate. US pre-market: Futures are modestly lower as policy noise and valuation concerns stir a more selective tone. Recent social-media commentary around residential real estate investment and defense capital returns injected volatility across homebuilders and defense contractors, underscoring headline sensitivity at stretched multiples. Policy and macro Policy signaling remains a key swing factor. Markets are weighing potential curbs on institutional purchases of single-family homes, as well as proposed conditions on defense-sector payouts and spending. These headlines contributed to sector churn and a mild de‑risking in momentum pockets. Trade and tech: Reports that China may allow limited imports of advanced AI accelerators later this quarter supported sentiment around parts of the chip complex, though details and scope remain fluid. Rates backdrop: Robust primary issuance continues globally as issuers front‑load funding ahead of earnings blackouts and central-bank speak. Despite the deluge, credit spreads remain tight, highlighting sustained demand for high-quality paper and, increasingly, longer-dated maturities. Credit and rates Busiest start to the year for global bonds in recent memory, with US IG, euro IG, and selected sovereigns tapping markets at scale. New deals are generally meeting strong books and modest concessions, although a heavy calendar raises the risk of near-term indigestion. Treasury curve: Little net change pre‑open. Duration demand is firm from liability-driven buyers, while macro funds remain tactical into supply and data. Equities Technology: AI remains the dominant investment theme. Memory suppliers continue to benefit from data‑center demand and firmer pricing, though near-term consolidation is not surprising after outsized 2025 gains. Industrials/Defense: Policy proposals around buybacks/dividends and capex drove outsized moves. After-hours and cross‑region trading showed two-way flows as investors recalibrated for potential spending trajectories. Consumer: Select big-box and beverage names posted resilient holiday updates, contrasting with softer results from some European apparel and grocery chains. The divergence underscores a cautious consumer with a tilt toward value and staples. Financials: Card and co‑brand partnerships remain in focus with changes among large US banks and consumer-tech platforms. Funding costs and credit normalization are key watch items into earnings season. Commodities Crude: Range-bound as the market balances softening recent prices against geopolitical developments and any potential shifts in sanctioned barrels. Positioning is light into upcoming OPEC/non‑OPEC headlines. Industrial metals: Elevated activity in China’s onshore markets has fueled speculative interest in copper, nickel, and lithium. Fundamentals are improving but volatility is rising alongside leverage. Gold: Steady to slightly firmer on safe-haven interest and stable real yields. Currencies and digital assets US dollar: Fractionally stronger on haven flows and relative growth momentum. Most G10 pairs are confined to recent ranges. Crypto: Bitcoin is consolidating below the 90k mark after a strong multi-month run. Liquidity pockets around round numbers continue to drive short-term swings. Corporate highlights to watch Semiconductors/AI: Potential incremental access for advanced chips to China would be a notable demand tailwind for selected suppliers; clarity on compliance and volumes will matter. Hardware/Memory: A large Asian electronics leader reported a record quarter on AI server demand, reinforcing the memory upcycle narrative. Consumer finance: A major US bank is set to replace a rival as the issuing partner for a prominent tech company’s credit-card program, signaling continued shake-ups in co‑brand relationships. Energy majors: Trading updates flag softer Q4 oil marketing results amid declining crude prices; focus shifts to capex discipline and shareholder returns through earnings season. Key themes we’re tracking Valuation sensitivity: With broad US multiples above long-run averages, headlines that challenge “perfection” are producing outsized sector moves. Issuance wave: The combination of heavy corporate and sovereign supply with still-tight spreads is supportive near term, but leaves little cushion if growth or policy surprises materialize. AI capex cycle: Data-center buildouts and memory pricing underpin tech leadership, but the market will increasingly differentiate winners based on margins, supply response, and exposure to export regimes. Policy unpredictability: Rapid-fire proposals touching housing, defense, trade, and tariffs raise the risk premium and can compress risk appetite episodically. Market breadth: Leadership remains narrow; sustained rallies likely require broader participation from cyclicals and mid/small caps. The day ahead Focus: Central-bank speakers, primary market supply, and any incremental policy developments. Corporate pre-announcements and early earnings season guidance will set tone for margins and capex. Risk radar Policy shocks across trade/defence/housing Supply-driven hiccups in credit markets Geopolitical flare-ups affecting energy and shipping lanes Narrow market leadership and crowded positions in AI beneficiaries This material is provided for informational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Market data are subject to change. Past performance is not indicative of future results. Consider your objectives and risk tolerance before making investment decisions. 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

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Jan 07 – Daily Market Update

Leave a Comment / Market Updates, Daily Market Updates / PhillipCapital DIFC Research Team

07 Jan 26 – Daily Market Updates Markets Daily – Broad Market Briefing Global mood Risk appetite stayed resilient overnight. Asia extended its New Year upswing, led by Hong Kong, as investors rotated toward markets with lower valuations and improving growth signals. Europe opened slightly firmer, while US equity futures were broadly flat. The US dollar remains soft against major peers, a trend many investors expect could continue if global growth broadens and US rate differentials narrow. Crypto eased from recent highs, while industrial metals stayed supported. Macro and policy Washington signaled potential support for private-sector efforts to rebuild Venezuela’s oil sector following the recent change in leadership. Markets are assessing implications for heavy crude supply, US Gulf refiners, and the medium‑term path of sanctions policy. Beijing introduced tighter controls on shipments to Japan with potential military end‑use, keeping attention on supply-chain security in electronics and advanced manufacturing. Investor surveys continue to show optimism on US equities after multiple strong years, with growing debate about market leadership and the durability of AI‑related trades. Equities Asia: Rotational buying into North Asia and Hong Kong persisted, aided by discounted valuations and policy hopes. Mainland China shares were mixed, with defensives and exporters relatively steady. Europe: Stocks edged higher at the open, with miners and industrials benefiting from firm metals prices. Energy shares were supported by geopolitics and crude’s bid. US: Futures were little changed. Semiconductors remain in focus after updates from leading chipmakers on data‑center roadmaps and AI hardware competition. Select analog and embedded-chip names outperformed after upbeat guidance. M&A chatter in enterprise software added to single‑name dispersion. Commodities Copper extended its rally after clearing a major psychological threshold on the global benchmark, supported by tight refined supply, robust power-transition demand expectations, and talk of potential US trade measures on refined metal. The move has favored diversified miners and select smelter plays, while raising input‑cost questions for capital goods makers. Crude traded with a modest bid as markets weighed Venezuela headlines alongside ongoing shipping and geopolitical risks. Product cracks and heavy‑sour differentials remain areas to watch if flows shift. Gold was steady, balancing lower real yields against firmer risk sentiment. FX and rates The dollar drifted lower on a trade‑weighted basis. Higher‑beta FX and select Asia EM currencies benefited from improved risk tone and carry. Sovereign yields were little changed in early trading. Primary markets were active: global dollar bond issuance just posted its busiest session in roughly a year, signaling healthy risk appetite and favorable funding windows. Digital assets Bitcoin eased modestly after recent gains. Broader crypto performance was mixed, with market attention rotating to liquidity conditions and regulatory developments. Key themes we’re watching Leadership and breadth: Can cyclicals and non‑US markets take the baton if mega‑cap tech momentum cools? AI supply chain: Intensifying competition in accelerated computing, with implications for GPU vendors, memory, networking, and data‑center power infrastructure. Commodities tightness: Copper’s squeeze highlights the interplay of trade policy, inventories, and capex cycles across miners and manufacturers. Policy and geopolitics: Energy policy toward Venezuela, Asia export controls, and shipping lanes remain key swing factors for commodities and global trade. Funding conditions: A robust start for primary debt markets supports the soft‑landing narrative; watch for duration appetite and pricing as issuance continues. The day ahead Data and events: Focus remains on global PMIs, US labor and inflation updates later this week, and central bank speakers for guidance on the timing and pace of policy easing. Earnings: Early-cycle updates from chipmakers, cloud/data‑center suppliers, and select consumer names will inform views on 2026 growth and margins. Portfolio considerations Diversification across regions and factors can help if leadership rotates. For equities, watch the balance between quality growth and cyclicals tied to industrial activity and metals. In credit, strong new-issue demand favors active selection on structure and covenants as spreads remain tight. Commodity users may consider hedging strategies given copper and energy volatility. This material is provided for informational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security or financial instrument. Markets are volatile; past performance is not indicative of future results. Consider your objectives, risk tolerance, and seek professional advice before making investment decisions. Market levels referenced are indicative and subject to change. 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. Jan 07 – Daily Market Update January 7, 2026 07 Jan 26 – Daily Market Updates Markets Daily –… Read More Jan 06 – Daily Market Update January 6, 2026 06 Jan 26 – Daily Market Updates Global mood Risk… Read More Jan 05 – Daily Market Update January 5, 2026 05 Jan 26 – Daily Market Updates Markets Daily —… Read More Jan 02 – Daily Market Update January 2, 2026 Jan 02 – Daily Market Updates Markets Daily — Broad… Read More Dec 30 – Daily Market Update December 30,

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Jan 06 – Daily Market Update

Leave a Comment / Market Updates, Daily Market Updates / PhillipCapital DIFC Research Team

06 Jan 26 – Daily Market Updates Global mood Risk appetite stayed resilient overnight. Asia extended its New Year upswing, led by Hong Kong, as investors rotated toward markets with lower valuations and improving growth signals. Europe opened slightly firmer, while US equity futures were broadly flat. The US dollar remains soft against major peers, a trend many investors expect could continue if global growth broadens and US rate differentials narrow. Crypto eased from recent highs, while industrial metals stayed supported. Macro and policy Washington signaled potential support for private-sector efforts to rebuild Venezuela’s oil sector following the recent change in leadership. Markets are assessing implications for heavy crude supply, US Gulf refiners, and the medium‑term path of sanctions policy. Beijing introduced tighter controls on shipments to Japan with potential military end‑use, keeping attention on supply-chain security in electronics and advanced manufacturing. Investor surveys continue to show optimism on US equities after multiple strong years, with growing debate about market leadership and the durability of AI‑related trades. Equities Asia: Rotational buying into North Asia and Hong Kong persisted, aided by discounted valuations and policy hopes. Mainland China shares were mixed, with defensives and exporters relatively steady. Europe: Stocks edged higher at the open, with miners and industrials benefiting from firm metals prices. Energy shares were supported by geopolitics and crude’s bid. US: Futures were little changed. Semiconductors remain in focus after updates from leading chipmakers on data‑center roadmaps and AI hardware competition. Select analog and embedded-chip names outperformed after upbeat guidance. M&A chatter in enterprise software added to single‑name dispersion. Commodities Copper extended its rally after clearing a major psychological threshold on the global benchmark, supported by tight refined supply, robust power-transition demand expectations, and talk of potential US trade measures on refined metal. The move has favored diversified miners and select smelter plays, while raising input‑cost questions for capital goods makers. Crude traded with a modest bid as markets weighed Venezuela headlines alongside ongoing shipping and geopolitical risks. Product cracks and heavy‑sour differentials remain areas to watch if flows shift. Gold was steady, balancing lower real yields against firmer risk sentiment. FX and rates The dollar drifted lower on a trade‑weighted basis. Higher‑beta FX and select Asia EM currencies benefited from improved risk tone and carry. Sovereign yields were little changed in early trading. Primary markets were active: global dollar bond issuance just posted its busiest session in roughly a year, signaling healthy risk appetite and favorable funding windows. Digital assets Bitcoin eased modestly after recent gains. Broader crypto performance was mixed, with market attention rotating to liquidity conditions and regulatory developments. Key themes we’re watching Leadership and breadth: Can cyclicals and non‑US markets take the baton if mega‑cap tech momentum cools? AI supply chain: Intensifying competition in accelerated computing, with implications for GPU vendors, memory, networking, and data‑center power infrastructure. Commodities tightness: Copper’s squeeze highlights the interplay of trade policy, inventories, and capex cycles across miners and manufacturers. Policy and geopolitics: Energy policy toward Venezuela, Asia export controls, and shipping lanes remain key swing factors for commodities and global trade. Funding conditions: A robust start for primary debt markets supports the soft‑landing narrative; watch for duration appetite and pricing as issuance continues. The day ahead Data and events: Focus remains on global PMIs, US labor and inflation updates later this week, and central bank speakers for guidance on the timing and pace of policy easing. Earnings: Early-cycle updates from chipmakers, cloud/data‑center suppliers, and select consumer names will inform views on 2026 growth and margins. Portfolio considerations Diversification across regions and factors can help if leadership rotates. For equities, watch the balance between quality growth and cyclicals tied to industrial activity and metals. In credit, strong new-issue demand favors active selection on structure and covenants as spreads remain tight. Commodity users may consider hedging strategies given copper and energy volatility. This material is provided for informational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security or financial instrument. Markets are volatile; past performance is not indicative of future results. Consider your objectives, risk tolerance, and seek professional advice before making investment decisions. Market levels referenced are indicative and subject to change. 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. Jan 06 – Daily Market Update January 6, 2026 06 Jan 26 – Daily Market Updates Global mood Risk… Read More Jan 05 – Daily Market Update January 5, 2026 05 Jan 26 – Daily Market Updates Markets Daily —… Read More Jan 02 – Daily Market Update January 2, 2026 Jan 02 – Daily Market Updates Markets Daily — Broad… Read More Dec 30 – Daily Market Update December 30, 2025 Dec 30 – Daily Market Updates Markets Daily — Morning… Read More Dec 29 – Daily Market Update December 30, 2025 Dec 29 – Daily

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Jan 05 – Daily Market Update

Leave a Comment / Market Updates, Daily Market Updates / PhillipCapital DIFC Research Team

05 Jan 26 – Daily Market Updates Markets Daily — Broad Market Update Market snapshot (as of ~6:35 a.m. ET) US equity futures: higher; tech leading gains while broader benchmarks grind up US 10-year Treasury: yield modestly lower near the mid‑4.1% area as haven demand persists Crude oil: little changed, WTI hovering in the high‑$50s US dollar: firmer versus majors; safe‑haven tone evident Precious metals: gold and silver extend recent strength Overnight and early session A risk-on tone is carrying into the new week, with global equities advancing despite a concurrent bid for traditional havens. Investors appear to be balancing geopolitical headlines with resilient earnings expectations and ongoing enthusiasm around AI-related capex. The result: tech-heavy benchmarks are outpacing broader indices, while defensives and commodity-linked names also attract interest. Rates and policy US Treasuries: The long end is slightly richer as investors weigh geopolitical developments and upcoming labor-market data. The curve is broadly steady, with modest bull-flattening bias. Policy outlook: Markets remain data-dependent. Softening inflation trends and mixed growth signals keep the door open to incremental easing later this year, but timing and pace will hinge on jobs, wages, and services inflation in the weeks ahead. Equities Leadership: Semiconductors and AI-adjacent hardware continue to power gains on expectations of robust data center and memory demand. Defense and aerospace stocks are bid amid geopolitical tension. Select energy names are supported by potential upstream investment narratives even as spot crude remains range-bound. Breadth: Participation is improving, though leadership remains concentrated in tech and a handful of cyclicals tied to infrastructure and industrial automation. Earnings lens: Early preannouncements suggest a bifurcation—AI-driven capex beneficiaries and productivity enablers are guiding firmly, while consumer-exposed names are more mixed given uneven discretionary demand. Commodities Crude oil: Prices are steady as the market weighs supply risk headlines against ample spare capacity elsewhere and a still-gradual demand trajectory. Near-term balances look manageable, keeping volatility subdued unless supply disruptions broaden. Precious metals: Gold’s uptrend reflects a mix of geopolitical hedging, firm central-bank buying, and lower real yields. Silver is tracking higher alongside, aided by industrial demand themes. Currencies and crypto FX: The dollar is modestly stronger, aligned with a cautious global bid for safety and slightly softer non-US growth data. High-beta currencies are under pressure, with select Latin American FX volatile on regional political risk. Digital assets: Major tokens are firmer, with sentiment supported by risk appetite in tech and ongoing institutional interest, though day-to-day moves remain headline-sensitive. What’s driving the tape Geopolitics: Developments in Latin America have stoked haven flows without materially denting the global growth outlook. Markets are assessing whether the situation alters energy supply paths or financing conditions—so far, the impact looks contained. AI investment cycle: The multi-year infrastructure build (compute, memory, networking, power) continues to underpin tech multiples and capex visibility across the supply chain. Fed path: With inflation progress uneven but improving, investors are focused on the upcoming US labor data and services gauges to refine expectations for the timing of any policy easing. The week ahead: key catalysts to watch US: ISM manufacturing/services, JOLTS, ADP, factory orders, weekly jobless claims, and the December payrolls report plus wage growth and participation. Consumer confidence and housing indicators round out the macro picture. Europe: Country-level inflation updates, unemployment, producer prices, and industrial production will guide the ECB outlook. Watch Germany and France CPI prints and Eurozone confidence surveys. Asia: China CPI/PPI and trade-related readings for demand signals; Japan household spending and leading indicators; Taiwan and regional CPI releases. Events: A packed tech calendar around major industry showcases and company updates may influence sector positioning and supply-chain sentiment. Positioning and levels to monitor US 10-year yield: 4.0%–4.3% zone remains pivotal for risk appetite and equity multiples. Equities: Momentum favoring large-cap tech persists; watch whether breadth improves into payrolls. Pullbacks toward recent support have been well-bid. Oil: A sustained break from the mid‑$50s to low‑$60s range would likely require clearer evidence of supply disruption or demand acceleration. Risks to the outlook Geopolitical escalation that materially impacts energy supply or shipping lanes Upside surprises in services inflation or wages that push back rate-cut timelines Profit margin pressure from rising input or financing costs Liquidity pockets and year-start positioning amplifying volatility Markets are threading the needle between robust tech-driven earnings narratives and a cautious macro backdrop. Geopolitical uncertainty is lifting havens but hasn’t derailed the equity bid. This week’s US jobs and global inflation updates are the next major checkpoints for rates and risk assets. This publication is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any security. Market levels are approximate and subject to change. 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. Jan 05 – Daily Market Update January 5, 2026 05 Jan 26 – Daily Market Updates Markets Daily —… Read More Jan 02 – Daily Market Update

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Jan 02 – Daily Market Update

Leave a Comment / Market Updates, Daily Market Updates, Uncategorized / PhillipCapital DIFC Research Team

Jan 02 – Daily Market Updates Markets Daily — Broad Market Update Global risk appetite is firm to start the year, with technology leadership back in focus and commodities diverging. Below is a concise look at what’s moving markets and what to watch next. Market snapshot (as of 06:25 am ET) S&P 500 futures: 6936.2 Nasdaq 100 futures: 25736.25 US 10-year Treasury yield: 4.155% (-1 bp) Broad dollar index: +0.10% WTI crude (front-month): 57.40 What’s driving the tone Tech-led risk-on: Enthusiasm around artificial intelligence and semiconductor demand is lifting global equities. US futures are higher, and European benchmarks are testing new highs, while Asia’s session benefited from upbeat headlines tied to chips and AI infrastructure. Metals bid, oil softer: Precious metals are extending last year’s strong run, while industrial metals are firmer on hopes for improving manufacturing demand. Crude is weaker as ample supply and cautious demand expectations outweigh headline risks. Yields edge down: US Treasuries are slightly firmer in early trading, reflecting cooler inflation trends and expectations that major central banks will have room to ease later this year if growth moderates. Equities US: Mega-cap tech and semiconductor names are pacing gains in premarket trading, with data center suppliers and AI-adjacent hardware/software names outperforming. Cyclical sectors are mixed as investors balance the growth impulse from tech with still-tight valuations across parts of the market. Europe: Broad strength across large caps, with chip equipment, industrials, and select financials firm. A softer oil tape is a mild headwind for energy shares. Asia: High-beta tech and internet groups led advances. Select listings connected to AI chips and cloud infrastructure drew strong interest, underscoring ongoing capital expenditure plans tied to compute and networking. Rates and credit US Treasuries: The 10-year yield is hovering near 4.16%, down modestly on the session, with the curve little changed. Markets continue to price a gradual path toward easier policy later in 2026, contingent on labor and inflation data. Credit: Primary issuance is expected to reopen as the calendar turns, with spreads remaining tight versus long-run averages—a sign of healthy risk appetite but a reminder that compensation for credit risk is slim if growth disappoints. FX The dollar is marginally stronger versus a broad basket as rate differentials remain supportive. High-beta currencies are stable to firmer on improved equity sentiment, while commodity FX is capped by softer crude. Commodities Energy: Crude is under pressure amid signs of comfortable supply and uneven demand growth. Refining margins are mixed; product cracks vary by region as winter demand patterns take hold. Metals: Gold and silver extend gains, supported by lower real yields and ongoing diversification flows. Industrial metals such as copper and aluminum are firmer on hopes of steady capex in electrification, grid, and data center build-outs. Sectors and themes to watch AI and semiconductors: Momentum remains concentrated in compute, memory, and power/cooling infrastructure tied to data centers. Watch for updates on capacity expansions, supply constraints, and pricing power along the chip supply chain. EVs and autos: Delivery and production updates are in focus. Investors are watching how US and Chinese manufacturers navigate pricing, inventory, and model cycles, as well as how software/autonomy roadmaps influence valuation. Energy: Policy headlines and OPEC+ signals remain near-term catalysts, but physical balances and inventory trajectories are driving price action day to day. Macro and policy backdrop Inflation is trending lower from prior peaks, helping central banks pivot toward a more flexible stance. That said, policymakers remain data dependent, and the timing/scale of any rate cuts will likely hinge on labor market resilience. Fiscal support varies by region, with targeted measures aimed at growth and industrial policy. Trade frictions and regulatory shifts remain watchpoints for cross-border flows and supply chains. The day and week ahead Data: Manufacturing surveys, early reads on global PMIs, and high-frequency labor indicators will shape rate expectations. Later in the week, look for minutes and speeches from key central banks for guidance on the pace of any 2026 policy recalibration. Corporate: A steady stream of trading updates and guidance resets is expected as companies exit blackout windows. Watch capex commentary tied to AI infrastructure, grid upgrades, and logistics. Positioning thoughts Equities: Leadership remains narrow; consider balancing AI beneficiaries with quality cyclicals and defensives to mitigate concentration risk. Fixed income: With yields off the highs and inflation easing, selectively extending duration may improve portfolio ballast, while staying discerning in lower-quality credit where spreads are thin. Commodities and FX: Expect episodic volatility around policy and geopolitics; risk management and diversification remain key. This material is for information only and does not constitute investment advice or a solicitation to buy or sell any financial instrument. Markets are volatile and subject to change. Consider your objectives and risk tolerance before making investment decisions. 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. Jan 02 – Daily Market Update January 2, 2026 Jan 02 –

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Dec 30 – Daily Market Update

Leave a Comment / Market Updates, Daily Market Updates / PhillipCapital DIFC Research Team

Dec 30 – Daily Market Updates Markets Daily — Morning Briefing At a glance Equities: US stock futures were little changed in early trade, Europe opened modestly higher, and most Asian benchmarks advanced with Hong Kong outperforming. Bonds: The US 10-year yield held near the low 4% area, steady on light year-end volumes. Commodities: Precious metals firmed after recent volatility, while industrial metals extended gains on supply concerns. Energy prices were mixed. FX: The US dollar was broadly range-bound against major peers, with select Asian currencies edging higher. Market overview Global markets are navigating the final stretch of the year with subdued volatility and thin liquidity. With few fresh catalysts on the docket, price action is being driven largely by rebalancing, positioning clean-up, and year-end window-dressing. Equities are consolidating near recent highs, sovereign yields are stable, and commodities are finding support as investors reassess the growth and policy backdrop heading into the new year. Equities US: Futures indicate a flat open as investors balance resilient earnings expectations against lingering macro and geopolitical uncertainties. Leadership remains concentrated but breadth has been improving, with a gradual rotation into cyclicals and select defensives. Europe: Stocks edged higher, supported by financials and industrials. The region continues to benefit from cooling inflation trends and the prospect of easier policy later in the cycle, though growth differentials versus the US remain in focus. Asia: Markets were mixed to higher, with Hong Kong leading on strength in technology and health care. Mainland China sentiment is cautious but stabilizing; elsewhere in the region, export-oriented markets benefited from firmer semiconductor and AI-related demand. Fixed income Treasuries: The curve was little changed, with the 10-year yield hovering just above 4%. Rate volatility has eased notably compared with earlier in the year as investors coalesce around a gradual policy-easing narrative, though the timing and pace remain data-dependent. Global rates: Core European yields drifted lower, while UK gilts were steady. In credit, spreads are tight versus historical averages, reflecting improved risk appetite and limited new issuance late in the year. Currencies The dollar traded in narrow ranges. High-beta FX was mixed, while select Asian currencies ticked higher on improved risk sentiment. Markets continue to weigh the path of US policy easing versus divergent central bank stances elsewhere. Commodities Precious metals: Gold recovered after a recent pullback as real yields steadied and safe-haven demand persisted into year-end. Silver tracked the move higher. Industrial metals: Copper extended a multi-week advance amid ongoing supply concerns and resilient end-demand linked to electrical infrastructure and data center build-outs. Energy: Crude prices were range-bound, with participants monitoring inventories, OPEC+ discipline, and any year-end shipping or geopolitical disruptions. Macro and policy watch Growth and inflation: The US economy continues to slow from a strong pace while maintaining signs of underlying resilience. Disinflation progress has allowed markets to pencil in policy easing next year, but central banks have kept a data-dependent tone. Geopolitics: Headlines remain a swing factor for risk sentiment, particularly around Eastern Europe and the Middle East. Energy and shipping lanes are key watchpoints. Policy outlook: Markets are pricing a cautious shift toward lower policy rates over the coming quarters. Communication from major central banks will be scrutinized for any pushback against the pace of cuts implied by futures. Positioning and flows With liquidity thin, intraday moves can be exaggerated. Rebalancing from balanced and target-date funds, as well as tax-loss harvesting and performance-chasing into year-end winners, may influence closing prints this week. Investor tone remains moderately risk-on, supported by expectations for earnings growth and lower rates, but hedging activity has increased around key index levels. The day ahead Data: A light calendar into the holiday period; any surprises in labor, housing, or sentiment indicators could move rates and beta. Corporate news: The pipeline is quiet, though AI- and semiconductor-related updates continue to draw attention. Technicals: Major US indices are consolidating just below recent highs; dips have been shallow, with buyers stepping in near short-term moving averages. What we’re watching into the new year Earnings breadth: Whether profit growth broadens beyond mega-cap technology remains central to the durability of the rally. Policy timing: The start, speed, and magnitude of global rate cuts will shape cross-asset performance and sector rotation. Supply chains: Any renewed bottlenecks could support industrial metals and rekindle goods-price pressures. Credit conditions: Funding costs, default trends in high yield, and issuance windows are important late-cycle signals. Markets are ending the year in a constructive but cautious stance. Equities are holding gains, yields are stable, and commodities are firmer. With catalysts scarce in the final sessions, positioning and liquidity will likely dictate near-term moves. Looking ahead, the interplay of earnings, disinflation, and measured policy easing remains the core driver of cross-asset returns. Note: This publication is for information purposes only and does not constitute investment advice or a recommendation to buy or sell any security. Investing involves risk, including the possible loss of principal. 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

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Dec 29 – Daily Market Update

Leave a Comment / Market Updates, Daily Market Updates, Uncategorized / PhillipCapital DIFC Research Team

Dec 29 – Daily Market Updates Markets Daily — Broad Market Update As year-end approaches in a holiday-shortened week, global markets are trading with a risk-trimming tone. Liquidity is thinner than usual, rebalancing flows are active, and headline sensitivity remains elevated across rates, commodities, and mega-cap technology. Market snapshot (as of 05:35 am ET; data provider times may vary) S&P 500 Futures: 6964 Stoxx Europe 600: 588.6 Nikkei 225: 50526.92 Spot Silver: 75.2 Bitcoin: 87888.95 Note: Market data may be delayed. Levels are for illustration and not tradeable quotes. What’s driving the tone Equities: US equity futures are modestly softer, led by a pullback in large-cap growth after an extended multi-quarter run. Europe is little changed, and Japan eased as investors continue to assess the path of domestic policy normalization and currency dynamics. Commodities: Precious metals are volatile with silver giving back part of recent outsized gains as profit-taking and position squaring set in. Industrial metals remain broadly supported by tightness narratives and infrastructure demand expectations. Digital assets: Major tokens are firmer after a choppy December, with interest supported by ongoing institutional product development and year-end positioning. Policy backdrop: Investors are parsing central bank communications for early-2026 guidance. In the US, attention is on recent meeting minutes and incoming labor and manufacturing signals. In Asia, policy normalization debates continue to shape rate and FX expectations. Geopolitics: Ongoing developments in key regions continue to influence defense, energy, and safe-haven flows. Markets are quick to reprice sector exposures on new headlines. Asset class roundup US: Futures softer with tech-heavy segments underperforming pre-market; defensives mixed. Year-end rebalancing and tax considerations are adding noise to intraday moves. Europe: Benchmark indices are flat to slightly lower. Cyclicals are uneven; defense-related names and select resources are showing higher beta to headlines and commodity swings. Asia: Japan declined; broader Asia mixed. Currency-sensitive exporters and rate-sensitive domestic sectors are diverging as local bond yields and FX adjust. Rates and FX: Core yields are contained in subdued holiday trading; curve moves are modest. The dollar is broadly steady, with yen and euro traders focused on policy-path differentials and growth surprises. Commodities: Silver is retracing after a rapid ascent; copper remains resilient. Energy benchmarks are rangebound as traders weigh inventory trends against growth and geopolitical risk. Crypto: Price action is constructive but volatile into year-end; flows remain headline dependent and liquidity can be patchy around holidays. Today’s focus and near-term watchlist US: Pending home sales, regional manufacturing signals, and weekly energy inventories will help shape the near-term growth and inflation narrative. FOMC minutes later in the week are a key read for policy tone and balance-sheet nuances. Europe: Preliminary inflation and growth indicators continue to inform the pace and timing of 2026 policy adjustments. Asia: Manufacturing and services PMIs, along with select CPI prints, guide the discussion on domestic rate paths and currency stability. Market mechanics: Expect thinner liquidity, wider bid-ask spreads, and potentially outsized moves around the European and US session overlaps. Quarter- and year-end portfolio rebalancing can create transient price dislocations. The week ahead (holiday-adjusted) Early week: Housing and manufacturing readings in the US; select labor and inflation updates in Latin America and Europe. Mid-week: Major PMIs in Asia; US policy minutes; weekly jobless claims; several markets observing early closes. Late week: Regional manufacturing and retail data in Europe and Asia; most markets shut for New Year’s Day. Themes to monitor into 2026 Earnings durability vs. elevated valuations in mega-cap growth. The path of disinflation and real rates, and implications for duration and equity multiples. Supply-demand balances in key commodities after sharp fourth-quarter moves. Currency realignments as policy paths diverge. Liquidity conditions and the impact of tighter financial conditions on lower-quality credit. Risk management considerations Holiday trading can amplify volatility; use limit orders and be mindful of execution in thin markets. Diversification and position sizing are critical amid cross-asset correlations that can shift quickly. For longer-term investors, focus on fundamentals and cash-flow resilience rather than short-term price swings. Housekeeping and disclaimer This publication is a general market update intended for informational purposes only. It does not constitute investment advice or a recommendation to buy or sell any financial instrument. Market levels are indicative and subject to change. Consider your objectives, risk tolerance, and consult a qualified advisor before making investment decisions. 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. Dec 29 – Daily Market Update December 30, 2025 Dec 29 – Daily Market Updates Markets Daily — Broad… Read More Dec 24 – Daily Market Updates December 24, 2025 Dec 24 – Daily Market Updates Markets Daily — Broad… Read More Dec 23 – Daily Market Updates December 23, 2025 Dec 23 – Daily Market Updates Markets Daily: Broad Market… Read More Dec 22 – Daily Market Updates December 22, 2025 Dec 22 – Daily Market Updates Markets Daily | Broad… Read More Dec 19 –

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Dec 24 – Daily Market Updates

Leave a Comment / Market Updates, Daily Market Updates, Uncategorized / PhillipCapital DIFC Research Team

Dec 24 – Daily Market Updates Markets Daily — Broad Market Update Overview Global markets are treading lightly into the holiday period. Equity futures in the US are little changed after a strong year-to-date run, European benchmarks are marginally firmer in thin trading, and Asia was mixed with mainland China edging higher. Bond markets are calm as traders wind down risk and liquidity thins. The US dollar remains softer on the year, while precious metals are firm as investors balance geopolitics and the prospect of further policy easing in 2026. Several exchanges are operating on shortened schedules around Christmas. Equities US: Futures are flat to slightly lower as investors weigh year-end rebalancing, a lighter data calendar, and a strong seasonal backdrop. The broader index remains near record territory after multiple weeks of gains. Europe: Stocks are fractionally higher in holiday-thinned volumes. Defensive sectors and select financials are supported by stable yields; cyclical exposures are mixed. Asia: Mainland China stabilized with a modest uptick, while other regional markets delivered a mixed performance amid cautious risk-taking. Rates US Treasuries are steady with the curve little changed. With few catalysts before year-end, ranges may remain tight, though liquidity could amplify intraday swings. Core European yields are broadly stable; peripherals are tracking risk sentiment. Currencies The dollar index is lower year-to-date, reflecting a shift toward a gentler policy trajectory and improving risk appetite. High-beta and commodity-linked currencies have firmed on the margin, while safe-haven FX is subdued. Commodities Precious metals extended gains, supported by geopolitical unease, softer real yields, and continued diversification flows. Industrial metals are holding recent advances on improving supply-demand expectations into the new year. Crude prices are range-bound as supply dynamics and growth expectations offset each other into year-end. ETFs: A blockbuster year, with a note of caution US-listed ETFs are closing the year with standout net inflows, robust primary market activity, and elevated secondary trading. Product launches accelerated across both broad beta and thematic exposures. The backdrop—rising equities, easing-rate expectations, and active sector rotation—has been a tailwind for both equity and fixed income ETFs. Liquidity and tax efficiency continue to attract both retail and institutional users. Looking into next year, expect a more discerning environment: fee competition, product differentiation, and higher scrutiny on niche themes. If volatility picks up, flows may consolidate into core, low-cost exposures and high-quality bond sleeves. Corporate highlights (broad) Year-end dealmaking remains active with selective asset sales and bolt-on acquisitions across energy, healthcare, and infrastructure, underscoring ongoing portfolio optimization and balance-sheet discipline. Index changes and periodic reconstitutions are driving stock-specific flows. Buyback authorizations and insider purchases continue to offer signals on corporate confidence but effects are idiosyncratic. Geopolitics and regional themes Hopes for de-escalation in parts of Eastern Europe have supported regional assets, though positioning remains cautious given headline risk and uncertainty around the contours of any agreement. Developments in Latin America are contributing to commodity and FX volatility; policy continuity and fiscal signals will be closely watched in early 2026. Policy watch Debate around the appropriate inflation target framework has resurfaced in policy circles. While any formal change would be a multi-year process, markets are sensitive to signals on the tolerance band around inflation and the path for real rates. Into January, attention turns to the next set of inflation and labor data, and to central bank communications that could refine the pace and timing of potential rate cuts. What we’re watching next Liquidity and rebalancing effects through the final sessions of the year Early-January data on jobs, wages, and inflation expectations Q4 earnings season previews, with a focus on margins, capex discipline, and AI-related spend Credit market tone as new-issue windows reopen China’s policy signals and growth stabilization efforts Portfolio considerations (not investment advice) After a strong run for risk assets, consider balance across quality, duration, and liquidity. Core fixed income can provide ballast if growth slows more than expected. If volatility normalizes higher, systematic rebalancing and option-based hedges may help manage drawdowns. Within equities, earnings resilience and balance-sheet strength remain key differentiators; within credit, dispersion argues for careful issuer selection. Calendar (abridged) Holiday-shortened sessions in several major markets Light data slate into year-end; fuller macro calendar resumes in early January This publication is for information only and is not a recommendation or investment advice. Markets are volatile and subject to change. Please consider your objectives and risk tolerance and consult a licensed advisor before making investment decisions. 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. Dec 24 – Daily Market Updates December 24, 2025 Dec 24 – Daily Market Updates Markets Daily — Broad… Read More Dec 23 – Daily Market Updates December 23, 2025 Dec 23 – Daily Market Updates Markets Daily: Broad Market… Read More Dec 22 – Daily Market Updates December 22, 2025 Dec 22 – Daily Market Updates Markets Daily | Broad… Read More Dec 19 –

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Dec 23 – Daily Market Updates

Leave a Comment / Market Updates, Daily Market Updates, Uncategorized / PhillipCapital DIFC Research Team

Dec 23 – Daily Market Updates Markets Daily: Broad Market Update Overview US equity futures are flat to slightly higher after a strong recent stretch, with investors waiting on the next round of US growth and sentiment data. European equities are firmer in early trading, led by industrials and health care, while energy lags alongside softer crude. In Asia, performance was mixed: export- and tech-linked markets fared better, while Japan underperformed as the yen strengthened. The dollar is softer versus the yen following fresh signals from Japanese authorities about curbing disorderly currency moves. Gold remains well supported near record territory, while Bitcoin is modestly lower. Top themes shaping the session Data watch: Investors are focused on US growth revisions and consumer confidence for further clues on the timing and depth of 2025 rate cuts. Labor, housing, and spending data later this week will round out the macro picture into year-end. Cyclical rotation: Expectations for cooling inflation, potential policy easing, and relief from lower energy prices are encouraging a gradual shift toward economically sensitive areas such as financials, industrials, transport, and select consumer names. Leadership has broadened beyond mega-cap technology in recent weeks. Currency dynamics: The yen firmed after policymakers reiterated readiness to address excessive currency swings. With US yields consolidating and intervention risk top of mind, FX volatility could remain elevated into quarter-end. Policy and geopolitics: Traders continue to monitor headlines around trade, shipping routes, and regional tensions, all of which can influence energy, transport, and defense shares. Digital assets in focus: Institutional interest in crypto-related services is re-emerging as parts of the regulatory landscape take shape, even as spot prices consolidate. Equities United States: Futures suggest a cautious open as investors digest strong year-to-date gains and await macro catalysts. Breadth has improved, with cyclicals and small/mid caps catching a bid, while large-cap tech remains supported by earnings durability and AI demand. Participation may thin into the holiday period, raising the potential for outsized moves on incremental news. Europe: Broad gains led by industrials and health care. Retail and consumer discretionary are mixed, with balance sheets and holiday-season commentary in focus. Energy trails as crude eases. Asia-Pacific: Japan’s benchmarks slipped as a stronger yen weighed on exporters. Korea and Taiwan outperformed on continued demand along the AI and semiconductor supply chain. Hong Kong and mainland China were mixed, with policy support expectations offset by ongoing property and growth concerns. Rates US Treasuries are steady ahead of growth and sentiment prints. The front end continues to reflect expectations for rate reductions next year, while the long end consolidates after the autumn rally. Auction dynamics and year-end liquidity conditions are important near-term drivers. European sovereigns are little changed; traders are weighing softening inflation trends against cautious central bank guidance. Foreign exchange The dollar is broadly steady but weaker against the yen following official rhetoric about curbing excess volatility. The euro is range-bound. Emerging-market FX is mixed, tracking risk sentiment and commodity moves. Commodities Crude oil is modestly lower as supply resilience and demand worries offset geopolitical risk. Gold is firm near highs, supported by lower real yields, diversification flows, and geopolitical hedging. Industrial metals are mixed; China growth signals and global manufacturing trends remain the swing factors. Digital assets Bitcoin and major tokens are slightly lower, continuing a consolidation phase after a strong multi-month advance. Headlines around institutional participation and evolving regulation remain key to sentiment. Corporate and sector roundup Health care: Weight-management and metabolic therapies are again in focus following regulatory developments, supporting select pharma and biotech names. Renewables: Offshore wind projects remain under scrutiny amid permitting and regulatory reviews, weighing on some developers. Shipping and logistics: Deal interest and capacity discussions are buoying select carriers; transport and logistics also benefit from the cyclical rotation theme. Defence and aerospace: Contract wins and funding visibility continue to support the group against a backdrop of elevated geopolitical risk. Retail: Balance-sheet health and holiday traffic are under the microscope; credit conditions are diverging across traditional and online models. Financials: Banks and brokers are benefiting from improved risk appetite, steepening tendencies in the curve, and a potential pickup in trading activity. The day ahead: what we’re watching United States: Growth revision, consumer confidence, housing updates, energy inventories, and Treasury supply. Europe: Confidence surveys and central bank speakers. Asia: Inflation prints and policy commentary from Japan and China later in the week. Cross-asset: Year-end liquidity, rebalancing flows, and potential currency intervention headlines. Risk radar Policy path uncertainty: The pace and timing of rate cuts could shift with incoming data. Geopolitical developments: Energy supply routes and regional tensions may introduce episodic volatility. Liquidity conditions: Thinner year-end trading can amplify market moves. Currency swings: Elevated FX volatility—particularly in USD/JPY—can spill over into global risk assets. Desk view Market tone is constructive but selective. Participation is broadening beyond mega-cap leaders, with cyclicals drawing interest as disinflation progresses. We favor maintaining diversification across styles and regions, watching FX volatility and liquidity into the final trading days of the year. This material is provided for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any security. Markets are volatile and subject to change without notice. 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

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