Daily Market Updates

January 30 – Daily Market Update

30 January 2026 – Daily Market Updates Markets Daily: Risk-off tone as dollar firms, futures dip, commodities retreat Overview Global markets are starting the day on the back foot. A stronger US dollar and a reset in interest-rate expectations are pressuring risk assets, with equity futures softer, metals giving back gains, and crypto trading lower. Investors are weighing policy signals, ongoing fiscal negotiations in Washington, and a busy stretch of earnings. Market snapshot (as of 06:00 a.m. ET; levels subject to change) S&P 500 futures: -0.74% Hang Seng Index: 27387.1 (-2.08%) Bitcoin: 82667.37 (-2.02%) Spot gold: 5111.4 (-4.79%) Macro and policy Rates and the dollar: The greenback’s advance reflects a market leaning toward fewer or shallower rate cuts than previously assumed. Higher real yields and a firmer dollar are tightening financial conditions at the margin and weighing on rate‑sensitive segments. Washington watch: Lawmakers appear close to a short-term funding arrangement to avoid a prolonged government shutdown. Timing remains tight, so a brief disruption can’t be ruled out, but the base case is for a temporary extension. Global growth signals: Recent data show the euro area holding up a touch better than feared into year‑end despite trade frictions. In Asia, growth-sensitive assets remain choppy as investors assess China demand and policy support. Equities Futures and sectors: US equity futures are lower, with a defensive bias evident after a volatile week for large-cap tech and cyclicals. Higher discount rates continue to pressure parts of the growth complex. Earnings pulse: The season remains in focus with results across energy, telecoms, financials, consumer staples, and payments. Guidance on pricing power, capex (especially AI- and infrastructure-related), and inventory normalization remains the key swing factor for multiples. Single‑stock themes: Hardware and select apparel names have outperformed on stronger revenue and upgraded outlooks, while precious‑metals miners are under pressure alongside bullion. Mega-cap tech remains volatile as investors balance heavy investment plans with near‑term growth trajectories. Asia/Europe: Hong Kong equities lagged on risk aversion and commodity softness. In Europe, pockets of consumer discretionary strength contrast with weakness in materials. Commodities and crypto Metals: After an exceptional run earlier in the week, industrial metals have cooled as USD strength and profit taking set in. Copper has retreated from record territory, while precious metals are consolidating on higher real yields. Energy: Crude is range‑bound as supply headlines offset demand concerns. The stronger dollar is a modest headwind for commodities broadly. Digital assets: Bitcoin is lower, underperforming metals amid a rotation into hard‑asset exposures tied to real‑economy demand. Correlations to macro factors remain fluid, with dollar strength and rates repricing exerting near‑term pressure. Fixed income and FX Bonds: Treasury yields are edging up as markets reprice the policy path. Curves remain sensitive to any shift in perceived central‑bank reaction functions and incoming inflation data. Currencies: The dollar’s bid is broad‑based, pressuring Asia and commodity‑linked FX. Cross-asset volatility may remain elevated while policy and growth narratives recalibrate. What we’re watching Policy signals: Any updates on central‑bank leadership and guidance that could shift the expected cadence of rate cuts. Fiscal timeline: Progress on temporary US government funding to limit shutdown risk. Data lineup: Upcoming reads on labor markets, consumer spending, and inflation that could validate or challenge the current rates repricing. Earnings: Management commentary on demand elasticity, cost discipline, and capex plans, with an eye on AI and supply‑chain investment. Portfolio considerations Reassess duration and rate sensitivity given firmer real yields. Review USD exposure and hedging as the currency bid broadens. Expect continued factor rotation; balance defensives with quality cyclicals tied to resilient end‑markets. Use elevated single‑name dispersion around earnings to be selective on entries and exits. Note: This communication is for information purposes only and does not constitute investment advice or a recommendation to buy or sell any security or asset. Market data 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. January 30 – Daily Market Update January 30, 2026 30 January 2026 – Daily Market Updates Markets Daily: Risk-off… Read More January 29 – Daily Market Update January 29, 2026 29 January 2026- Daily Market Updates Quick take Metals rally… Read More January 28 – Daily Market Update January 28, 2026 28 January 2026 Daily Market Updates Markets Daily: Global Risk… Read More January 27 – Daily Market Update January 27, 2026 27 january 2026 – Daily Market Updates Market overview Equities:… Read More January 26 – Daily Market Update January 26, 2026 26 January 2026 – Daily Market Updates Markets Daily –… Read More January 23 – Daily Market Update January 23, 2026 23 January 2026 – Daily Market Updates Markets Daily |… Read More January 22 – Daily Market Update January 22, 2026 22 January 2026 – Daily Market Updates Market snapshot (as… Read More January 21 – Daily Market Update January 21, 2026 21 january 2026 – Daily Market Updates

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January 29 – Daily Market Update

29 January 2026- Daily Market Updates Quick take Metals rally extends: Precious and industrial metals pushed to fresh highs as investors rotate toward hard assets and supply narratives tighten. Tech earnings split the tape: AI-related capital spending remains the common thread, but the market is rewarding clear monetization paths and punishing slower cloud growth or vague payoffs. US futures modestly firmer; Europe in the green; Asian equities mixed with mainland China stronger. Policy watch: Progress reported in US government funding discussions; investors remain attentive to headline risk. Dollar little changed; sovereign yields drift as safe-haven flows and growth expectations tug in opposite directions. Market overview Equities US equity futures indicate a cautious positive open as investors digest a heavy earnings slate from megacaps and industrial bellwethers. Europe trades higher, led by technology and cyclicals, while defensives lag. Asia was mixed overnight: mainland Chinese benchmarks advanced, while parts of North Asia underperformed on tech volatility. Commodities Gold notched another record, aided by softer real yields, haven demand, and ongoing diversification by asset allocators. Silver and copper extended gains. Copper’s move has been amplified by positioning dynamics and optimism around electrification demand, alongside pockets of supply constraint. Energy prices were range-bound as markets balanced geopolitical risk with signs of resilient supply. FX and rates The US dollar index was broadly steady, with modest strength against high-beta currencies offset by stability in Europe and Asia FX. US Treasury yields were little changed to softer at the front end, with the curve showing a mild flattening bias as markets calibrate growth, inflation, and the rate path. Earnings and corporate highlights Big Tech: Investor reaction remains uneven. Firms articulating clearer near-term revenue lift from AI and software subscriptions outperformed, while those showing decelerating cloud metrics or heavier near-term spend faced pressure. Semiconductors and equipment: Select chip-tool makers beat expectations on orders tied to memory and advanced nodes, reinforcing a multiyear capex upcycle. Enterprise software: A strong report from a US large-cap name contrasted with a sharp selloff in a European peer after softer cloud backlog commentary. Consumer and industrials: A major casino operator missed on Asia operations; machinery and aerospace names are in focus with results across the tape. EVs and automation: A leading EV maker outlined elevated investment plans aimed at simplifying its vehicle lineup and accelerating robotics/AI initiatives, underscoring the sector’s pivot beyond autos. Macro and policy developments US fiscal negotiations: Reports suggest incremental progress toward averting a shutdown; timing and details remain fluid, keeping a mild risk premium in the backdrop. Asia policy and flows: China tightened parameters on a cross-border investment program amid strong demand; Indonesian equities were volatile after an index provider raised market accessibility concerns, with authorities signaling steps to address them. Critical minerals: Shares across the rare-earths space softened after indications the US may not proceed with certain price-support mechanisms. Digital assets: Policymakers and industry participants held discussions on the path forward for crypto legislation, highlighting regulatory momentum even as details remain unsettled. Metals in focus: what’s driving the move Macro hedging: With uncertainties around growth, deficits, and the rate path, investors have sought ballast in precious metals. Supply and capex: Years of underinvestment are colliding with demand from electrification and infrastructure, supporting industrial metals. Positioning: Momentum and speculative flows can amplify moves in both directions; volatility risk is rising alongside prices. What we’re watching Earnings: Pre-open and post-close updates from large-cap tech, payments, industrials, and defense. Guidance on AI spend, cloud demand, consumer resilience, and margin trajectories will be pivotal. Data and central banks: Inflation trends, labor-market signals, and any shifts in central bank rhetoric that could recalibrate the rate-cut timeline. Market breadth and leadership: Can participation broaden beyond a handful of megacaps as earnings season progresses? Positioning and liquidity: Elevated single-name dispersion and options activity into results windows can increase intraday swings. Strategy considerations Keep time horizons clear around AI: Distinguish between near-term monetization and longer-dated platform bets when assessing valuation support. Metals exposure: Consider the potential for sharp pullbacks in extended trends; risk controls matter as positioning builds. Quality and cash flow: In a choppy tape, balance sheet strength and visibility on free cash flow remain favored characteristics. Diversification: Cross-asset moves remain tightly linked; ensure portfolios are not implicitly concentrated in the same macro factor. Calendar highlights (next 24–48 hours) US: Heavy earnings slate across technology, payments, consumer, and industrials; assorted confidence and housing indicators. Europe/UK: Corporate results and sentiment surveys. Asia: Policy headlines, China activity gauges, and tech supply-chain updates. 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. 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. January 29 – Daily Market Update January 29, 2026 29 January 2026- Daily Market

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January 28 – Daily Market Update

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

28 January 2026 Daily Market Updates Markets Daily: Global Risk Tone Mixed as Investors Await Central Bank Signals and Big Tech Earnings Overview Global markets are starting the week split between optimism in Asia and caution in Europe, while US equity futures edge higher ahead of a heavy earnings slate and a closely watched central bank decision. The dollar is firmer, gold continues to climb, and bond yields are steady in a tight range. Leadership remains concentrated in technology and AI-linked supply chains, with notable rotation toward semiconductor equipment and memory producers across Asia and Europe. Market at a glance US: Equity futures are modestly higher, led by tech and chips, with traders focused on results from mega-cap names and policy guidance from the central bank. Europe: Benchmarks are softer amid uneven earnings updates; luxury and select consumer shares lag, while semiconductor suppliers outperform. Asia: Hong Kong and South Korea led gains on strength in hardware, semis, and supply-chain beneficiaries; Japan was mixed, China steady-to-better on policy support signals. FX: The dollar index is up, reflecting relative growth and rate differentials; the euro and yen are modestly weaker; commodity FX is mixed. Rates: US Treasury yields are little changed across the curve ahead of today’s decision; volatility is subdued and the curve is broadly stable. Commodities: Gold extends its advance as investors hedge policy and geopolitical risks; crude trades in a tight band, with OPEC+ dynamics and US supply holding prices range-bound; industrial metals are steady. Key drivers today Policy in focus: The Federal Reserve is widely expected to leave interest rates unchanged. Markets will parse the statement and press conference for clues on timing and pace of any eventual easing, balance-sheet runoff, and the assessment of growth and inflation risks. Traders are sensitive to any shift in the reaction function that could influence front-end rates and risk appetite. Earnings heavyweights: Mega-cap tech and AI bellwethers report today and this week. Beyond the headline prints, investors want clarity on cloud demand, AI infrastructure spending, capital intensity, and monetization timelines. Guidance and capex plans will likely matter more than backward-looking results. AI supply chain leadership: Robust order books at chip-equipment makers and strength in memory and storage continue to validate the capex cycle around AI infrastructure. This has supported outperformance in select European and Asian technology shares, even as US mega-cap valuations remain elevated. Cross-asset positioning: With equities near highs and volatility low, positioning feels extended in favored themes. Month-end and central bank communications could catalyze rebalancing across equities, duration, and FX, particularly if guidance diverges from current market pricing. Equities United States: Futures point to a firmer open for the S&P 500 and Nasdaq. Pre-market tone is constructive in semiconductors and hardware, while software and communication services are in focus given upcoming reports. Financials and defensives are mixed as yields tread water. Europe: The region trades lower with dispersion across sectors. Luxury and discretionary names are soft after cautious holiday updates, while semiconductor equipment and select industrial technology outperform on improving demand signals. Banks are broadly steady. Asia-Pacific: Hong Kong and South Korea outperformed on technology leadership and continued interest in AI-linked exporters. Taiwan supply-chain names were bid, while Japan saw a more balanced session with gains in chips offset by consolidation in cyclicals. Fixed income US Treasuries are flat-to-slightly softer, with the front end anchored into the policy decision and the long end holding recent ranges. Any hawkish inflection in guidance could nudge terminal-rate expectations higher and weigh on risk assets; dovish-leaning language would likely support duration and higher-beta credit. European sovereigns are mixed, with core yields marginally higher and peripherals stable. Supply dynamics and upcoming inflation prints remain key near-term catalysts. Currencies The dollar is modestly stronger versus G10 peers. The euro is softer on mixed data and cautious risk tone, while the yen remains sensitive to yield differentials and policy expectations. Emerging-market FX is mixed, with higher-beta currencies tracking equities and commodities. Commodities Gold advances as investors seek portfolio ballast amid policy uncertainty and geopolitical risks. Real yields and the dollar will remain the key near-term drivers. Oil is range-bound, balancing steady demand expectations against ample non-OPEC supply and OPEC+ discipline. Time spreads and inventory trends suggest a well-supplied but not oversupplied market. Industrial metals are steady, supported by infrastructure demand and policy support signals, offset by inventory normalization. The day ahead Policy: Federal Reserve rate decision and press conference. Markets will watch for commentary on inflation progress, labor-market cooling, and the threshold for considering rate cuts or balance-sheet adjustments. Earnings: A busy slate featuring mega-cap technology, alongside major industrials, telecom, and consumer names. Watch guidance on AI-related capex, margins, and cost discipline. Data: A light-to-moderate macro calendar in the US and Europe, with attention on growth, confidence, and labor indicators that can shape near-term rate expectations. Themes to monitor Guidance over beats: With valuations full in leadership groups, forward guidance on capex, AI monetization, and margins will likely drive stock reactions more than headline beats. Broadening leadership: Continued outperformance in global semiconductor equipment, memory, and storage suggests AI’s benefits are spreading across regions and sub-industries. Policy path and liquidity: The balance between disinflation progress and growth resilience will influence the timing and pace of any easing cycle, shaping cross-asset correlations and liquidity conditions. Earnings dispersion: Expect wider single-stock moves as results and guidance diverge, particularly in sectors tied to AI spend, consumer demand, and China exposure. Risk radar Policy miscommunication or a shift in reaction function that reprices the rate path Earnings or guidance disappointments from AI and cloud bellwethers Geopolitical flare-ups affecting energy and supply chains Liquidity pockets into month-end and during blackout periods This publication is for information purposes only and is not investment advice or a solicitation to buy or sell any financial instrument. Market conditions can change quickly; consider confirming levels with live data before making decisions. If you have questions or wish to discuss positioning and risk management, please contact your account representative. Disclaimer: Trading foreign exchange and/or contracts

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January 27 – Daily Market Update

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

27 january 2026 – Daily Market Updates Market overview Equities: Global stocks are edging higher, with major benchmarks hovering near record territory. Technology shares continue to set the tone as earnings season ramps up, while cyclicals are mixed. Rates: Treasury yields are firmer at the front end and choppy out the curve as traders reassess the pace and timing of central bank easing. Debate around curve steepening versus long-duration opportunities remains front and center. FX: The dollar is softer on the margins against a basket of majors, with traders leaning into risk assets and weighing divergent policy paths. Commodities: Precious metals remain bid amid persistent macro uncertainty and robust investor demand; energy is range-bound as supply headlines offset growth concerns. Digital assets: Crypto markets are consolidating, with volumes subdued and flows mixed as investors favor equities and hard assets in the near term. Overnight and pre-market movers Mega-cap tech and AI-adjacent names continue to lead in early trading, supported by resilient demand for compute, software, and memory. Managed care stocks are under pressure after a preliminary policy update suggested a less favorable reimbursement backdrop for next year. Airlines are trimming schedules as winter weather disrupts key hubs; the sector remains sensitive to fuel costs and operational headlines. Select European consumer and sportswear shares are active on corporate ownership developments. Silver and gold-linked equities are firmer alongside strength in spot metals. Earnings snapshot A heavy slate of results is in focus today and through the week. Investors are watching: Transportation and logistics for read-throughs on parcel volumes, pricing power, and cost discipline. Autos for commentary on inventories, EV adoption, and capital allocation. Airlines and aerospace for unit revenue trends, capacity plans, and production updates. Semiconductors and cloud/software for AI-related demand, supply normalization, and margin trajectory. Macro and policy Central banks: Markets largely expect policy rates to stay on hold near term as inflation progress proves uneven. The path and pace of easing remain data-dependent, keeping front-end rates sensitive to incoming prints. Trade and geopolitics: Ongoing tariff chatter and trade negotiations are in the background; investors are parsing potential knock-on effects to supply chains, currency moves, and sector winners/losers. Credit conditions: Primary issuance is steady and funding costs have eased from last year’s peaks, but pockets of leverage and tighter spreads warrant close monitoring. Fixed income US Treasuries: Long-end yields approached levels that historically attract duration buyers, drawing in some contrarian interest. Others prefer carry at the front end given policy uncertainty. Expect continued two-way flow into this week’s auctions and data. Europe and UK: Core curves are marginally higher in yield with inflation-linked pricing stable. Peripheral spreads are contained. Credit: High-grade remains well-supported by demand and light net supply; high-yield is firm but increasingly idiosyncratic as dispersion rises with earnings. FX The dollar is modestly weaker, reflecting firmer risk appetite and shifting rate differentials. Euro and commodity-linked currencies are slightly higher, while the yen trades in a narrow range amid ongoing policy recalibration in Japan. EM FX performance is mixed, with current-account buffers and local inflation dynamics driving differentiation. Commodities Gold extends gains as real yields fluctuate and demand for portfolio hedges persists. Silver is outperforming on both safe-haven interest and industrial use narratives. Oil is range-bound; supply developments and inventory data are being weighed against growth expectations and refined product demand trends. Industrial metals are steady to higher on incremental signs of capex resilience in AI-related infrastructure and selective restocking. Digital assets Bitcoin and peers are consolidating despite ongoing strength in equities and precious metals. ETF flows have turned more selective, and volatility has compressed, leaving the complex sensitive to macro surprises and regulatory headlines. Sectors to watch Technology: AI infrastructure, cloud software, and memory continue to attract flows; guidance on capex, gross margins, and supply visibility is critical. Health care: Managed care under pressure on reimbursement outlook; drug distributors and biotech remain idiosyncratic into results. Industrials: Logistics, autos, and aerospace in focus for demand trends, pricing, and supply-chain normalization. Materials: Precious metals miners outperform with metals strength; watch cost inflation and grade mix commentary. What to watch today Corporate earnings and guidance across transport, autos, airlines, aerospace, semis, and software US consumer and housing indicators for signs of demand resilience Treasury auctions and dealer positioning Energy and metals inventory data Central-bank speakers for clues on the policy reaction function Strategy considerations Cross-asset: With equities near highs and policy trajectories uncertain, investors continue to balance carry and quality exposures, favoring strong balance sheets and visible cash flows. Rates: Duration decisions hinge on inflation progress and growth durability; many are mixing barbell approaches with selective curve views. Commodities and FX: Hedging remains in focus given event risk and geopolitical noise; correlation regimes can shift quickly around data and earnings. This publication is for information purposes only and does not constitute investment advice or a recommendation to buy or sell any security or strategy. Market conditions can change rapidly; please 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

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January 26 – Daily Market Update

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26 January 2026 – Daily Market Updates Markets Daily – Broad Market Update Overview Risk appetite softened to start the week as investors balanced haven demand with a busy slate of central bank meetings and corporate earnings. Precious metals rallied, natural gas spiked on extreme weather, the dollar eased, and Japanese equities underperformed following recent volatility in local rates. Market snapshot (as of 05:11 am ET; levels subject to change) Spot gold: 5084.96 (+1.95%) NYMEX natural gas: 6.21 (+17.74%) S&P 500 futures: 6928.5 (-0.25%) Nikkei 225: 52885.25 (-1.79%) What’s driving markets Haven bid lifts gold: Bullion’s latest surge reflects a mix of softer dollar, ongoing geopolitical unease, and demand for portfolio hedges amid uncertain policy paths. Lower real yields and continued diversification flows from global reserve managers have also supported prices. Energy price spike: US natural gas jumped on widespread cold weather, stronger heating demand, and pockets of supply disruption. The move puts utilities, independent gas producers, and weather‑sensitive industries in focus, while airlines monitor operational impacts. Dollar retreats, yen firms: The greenback slipped for a third session as traders assessed interest‑rate differentials and potential policy signaling. The yen’s rebound keeps markets attentive to possible official measures to curb excessive FX volatility. Equities tread carefully: US equity futures are slightly lower as investors await mega‑cap tech results and key policy decisions. In Asia, Japan lagged amid rate‑market swings; broader regional performance was mixed. European trade opened cautiously with defensive tilts evident. Policy and politics: A US government funding deadline looms, adding another layer of near‑term uncertainty to the macro backdrop. This week’s key events Central banks: The Federal Reserve is widely expected to leave rates unchanged, with guidance on balance‑sheet policy and the path of cuts in focus. Other decisions and updates are due across Canada, Brazil, and parts of Asia and Europe. Data watch: Global releases include measures of consumer confidence, manufacturing activity, inflation, labor conditions, trade, and orders. In the US, durable goods, jobless claims, producer prices, and regional manufacturing surveys will help refine growth and inflation narratives. Earnings: A heavy reporting calendar spans technology, financials, industrials, and consumer sectors. Results and guidance from large‑cap platforms and payments networks will help set the tone for profit growth, capex, and AI‑related demand through mid‑year. Asset class highlights Commodities: Gold’s momentum underscores ongoing demand for hedges. The natural gas rally tightens winter margins and could add short‑term volatility to power markets. Industrial metals remain sensitive to AI‑driven demand expectations and China growth signals. Currencies: A softer dollar aided commodities and select EM FX, while the yen’s strength and intervention watch dominated G10 headlines. FX volatility remains elevated into central bank meetings. Rates: Sovereign curves are choppy as investors weigh policy paths against growth risks. Moves in Japanese government bonds continue to ripple across global duration, reinforcing the need to monitor cross‑market correlations. Credit: Primary issuance remains active, with spreads broadly stable. Any sustained uptick in rates volatility or shutdown headlines could test risk appetite near‑term. Sectors to watch Precious metals miners on bullion strength. Energy: natural gas‑levered producers and utilities; weather risk for airlines and logistics. Technology and semiconductors ahead of major earnings. Defense, aerospace, and industrials tied to order backlogs and supply‑chain normalization. Consumer discretionary for signs of demand resilience into spring. Risk considerations Policy uncertainty around US funding and fiscal negotiations. Rate‑sensitive volatility tied to central bank decisions and guidance. Weather‑related disruptions affecting energy and transportation. Geopolitical developments and FX intervention risk. House view With policy, earnings, and macro data colliding in a single week, expect higher‑than‑usual headline sensitivity. Many investors are emphasizing liquidity buffers, diversified hedges, and disciplined rebalancing while awaiting clearer signals on growth, inflation, and the timing of rate cuts. Important information This material is for informational purposes only and is not investment advice or a recommendation to buy or sell any security or strategy. Market prices and data are subject to change. Consider your financial circumstances and objectives 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. January 26 – Daily Market Update January 26, 2026 26 January 2026 – Daily Market Updates Markets Daily –… Read More January 23 – Daily Market Update January 23, 2026 23 January 2026 – Daily Market Updates Markets Daily |… Read More January 22 – Daily Market Update January 22, 2026 22 January 2026 – Daily Market Updates Market snapshot (as… Read More January 21 – Daily Market Update January 21, 2026 21 january 2026 – Daily Market Updates Daily Markets Briefing… Read More January 20 – Daily Market Update January 20, 2026 20 January 2026 – Daily Market Updates Daily Market Briefing… Read More January 19 – Daily Market Update January 19, 2026 19 January 2026 – Daily Market Updates Markets Daily: Risk… Read More January 16 – Daily Market Update January 16, 2026 16 January 26 – Daily Market Updates

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January 23 – Daily Market Update

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

23 January 2026 – Daily Market Updates Markets Daily | Global Morning Brief As of 06:17 am ET S&P 500 futures: 6939.5 (-0.08%) Stoxx Europe 600: 607.46 (-0.23%) Nikkei 225: 53846.87 (+0.29%) Spot silver: 98.56 (+2.40%) Bitcoin: 89105.96 (-0.07%) Overnight and early-session tone Equities: US futures ease slightly, Europe is softer, and Asia finished mixed. The S&P 500 is tracking a second straight weekly pullback as investors digest earnings and shifting rate expectations. Currencies: The yen strengthened notably versus the dollar after a volatile week in Japanese assets, keeping FX volatility in focus and weighing on broader dollar sentiment. Rates: Yield curves have been steepening in several major markets as longer-dated bonds underperform. That reflects ongoing debate over fiscal paths and policy normalization timelines. Commodities: Precious metals remain firm, with silver extending gains and gold holding near recent highs as investors seek ballast amid policy and geopolitical uncertainty. Digital assets: Bitcoin is little changed, consolidating after recent swings. What’s moving the tape Rotation under the surface: Flows continue to show a bid for non-US risk, with emerging-market equities and hard assets attracting attention while some US-focused funds see outflows. Diversification away from concentrated exposures remains a recurring theme this month. Japan in focus: A rapid repricing in Japanese government bonds has challenged the long-held “low-for-long” narrative. Higher yields and currency strength are reverberating across global rate markets and equities tied to Japan’s growth and export dynamics. Curve trades reappear: With long-end yields leading, investors have revisited strategies that benefit from a steeper curve. The move underscores sensitivity to deficits, supply, and the path of policy rates across regions. Sector dispersion: Equipment and hardware names are seeing disparate results around earnings updates and guidance, while select health-tech and telecom-equipment reports point to resilient demand in core segments. Defense-related listings in Europe drew strong interest, highlighting ongoing support for that theme. Today’s key drivers to watch Earnings: Another heavy slate across tech, industrials, financials, and energy. Commentary on capex, AI-related spending, supply chains, and pricing power will be key for margins and guidance. Macro: US and European data drops on growth and inflation remain in focus ahead of major central bank meetings. Market-implied paths for policy continue to shift as incoming data challenge the pace and depth of any future rate moves. Policy and geopolitics: Headlines around trade, supply chains, and regional tensions are feeding into currency and commodity volatility. Stay mindful of headline risk into the weekend. Portfolio considerations Duration and curve: With long-end rates more volatile, consider how portfolio duration and curve exposure align with risk tolerance. Hedging rate sensitivity and stress-testing scenarios remains prudent. Diversification: Cross-asset moves this month have rewarded diversified exposures across regions and factors. Keep an eye on concentration risk, particularly within mega-cap tech and single-factor tilts. Liquidity: Elevated intraday swings in FX, rates, and commodities argue for maintaining ample liquidity and disciplined rebalancing protocols. Market wrap at a glance Equities: Cautious tone, modest declines in US/Europe, Asia mixed. FX: Dollar softer on the week; yen strength notable. Rates: Long-end under pressure; global curves steeper. Commodities: Precious metals bid; energy mixed. Crypto: Consolidation mode. Note: Market levels are indicative and subject to change Important disclosures This material is provided for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any securities. Markets involve risk, including the possible loss of principal. Consider your objectives, risk tolerance, and consult a qualified financial professional before making investment decisions. Market data may be delayed or updated 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 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. January 23 – Daily Market Update January 23, 2026 23 January 2026 – Daily Market Updates Markets Daily |… Read More January 22 – Daily Market Update January 22, 2026 22 January 2026 – Daily Market Updates Market snapshot (as… Read More January 21 – Daily Market Update January 21, 2026 21 january 2026 – Daily Market Updates Daily Markets Briefing… Read More January 20 – Daily Market Update January 20, 2026 20 January 2026 – Daily Market Updates Daily Market Briefing… Read More January 19 – Daily Market Update January 19, 2026 19 January 2026 – Daily Market Updates Markets Daily: Risk… Read More January 16 – Daily Market Update January 16, 2026 16 January 26 – Daily Market Updates Markets Daily |… Read More january 15 – Daily Market Update January 15, 2026 15 January 26 – Daily Market Updates Markets Daily —… Read More january 14 – Daily Market Update January 14, 2026 14 January 26 – Daily Market Updates Market snapshot (as… Read More january 13 – Daily Market Update January 13, 2026 13 January 26 – Daily Market Updates Markets Daily—Broad Market… Read More Jan 12 – Daily Market Update January 12, 2026 12 Jan 26 – Daily Market Updates Markets Daily Your… Read More Jan 09 – Daily Market

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January 22 – Daily Market Update

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22 January 2026 – Daily Market Updates Market snapshot (as of 06:21 am ET; pricing may be delayed) S&P 500 futures: 6953.5 (+0.63%) Stoxx Europe 600: 609.96 (+1.21%) Nikkei 225: 53688.89 (+1.73%) Spot gold: 4828.54 (-0.06%) Bitcoin: 89878.29 (-0.34%) Global overview Risk appetite improved across regions, with equity markets extending gains and leadership concentrated in technology, semiconductors, and other AI‑linked beneficiaries. European benchmarks advanced broadly, while Japan’s main equity index outperformed in Asia amid ongoing enthusiasm for capex tied to data center build-outs and next‑generation compute. US equity futures point to a firmer open, continuing a rebound that began earlier in the week. Under the surface, the tone remains selective. Growth and quality factors are in favor, while defensive areas lag. Price action continues to be driven by expectations for a resilient global demand backdrop, tempered by elevated rates volatility following recent swings in long‑dated sovereign bonds. Equities US: Futures suggest a second straight session of gains, led by large‑cap tech and hardware suppliers leveraged to cloud and AI infrastructure. Earnings season is in focus, with investors scrutinizing guidance on margins, inventory, and capex plans. Watch commentary on supply chain normalization, the pace of enterprise IT spending, and the durability of pricing power. Europe: The region outperformed with cyclicals (autos, industrials) and technology ahead, while select consumer and healthcare names traded mixed on stock‑specific news. The breadth of the move improved versus earlier in the month, a constructive sign for risk appetite if sustained. Asia: Japanese equities rallied, supported by exporters and manufacturers tied to semiconductor equipment and components. Elsewhere in the region, performance was uneven as investors balanced supportive policy signals against concerns about growth differentials. Rates and FX Sovereign bonds: Following a bout of volatility in parts of the global rates complex, yields were little changed to slightly lower in early US trading. Curves remain modestly steeper versus recent tights, reflecting uncertainty around the timing and extent of policy easing this year. Liquidity and positioning in longer‑dated maturities bear watching after recent outsized moves. Currencies: The dollar traded mixed, modestly softer against pro‑cyclical peers and steadier versus traditional havens. The yen remained choppy as rate differentials and bond market dynamics offset each other. The euro ticked higher alongside firmer European risk assets. Commodities Precious metals: Gold consolidated near recent highs, holding the bulk of its multi‑week advance despite calmer headlines. Support continues to stem from central‑bank purchases, portfolio diversification flows, and lingering macro hedging demand. Energy: Crude was range‑bound, with traders weighing supply developments against signs of steady demand. Refining margins and inventory data remain near-term catalysts. Natural gas pricing was mixed as seasonal patterns meet variable weather forecasts. Industrial metals: Copper and related metals were mixed, reflecting a tug‑of‑war between constructive medium‑term electrification trends and near‑term growth and inventory considerations. Digital assets Crypto prices were slightly softer in early dealings. Flows into major tokens have moderated, with market depth and implied volatility stabilizing after recent bouts of activity. Correlations to equities remain episodic and sector‑specific rather than market‑wide. Themes to watch AI‑driven capex cycle: Hardware suppliers across memory, storage, networking, and power components continue to benefit from sustained orders tied to data centers and edge compute. Investors are watching for evidence that demand is broadening beyond hyperscalers into enterprise and telecom verticals. Earnings quality over quantity: With valuations elevated in select segments, guidance on free cash flow conversion, pricing discipline, and working‑capital management may matter as much as headline beats. Expect dispersion to remain high. Rates path and liquidity: Markets are reassessing the glide path for global policy rates. Any renewed stress in long‑maturity bonds could spill over into risk assets and FX, making auction outcomes and central‑bank communication particularly important in the weeks ahead. Market breadth: Participation outside mega‑cap leadership is improving but remains inconsistent. Sustained breadth would bolster the durability of the rally. Today’s calendar and catalysts Corporate earnings: A heavy slate from technology, industrials, materials, and consumer staples. Focus on demand outlooks, backlog health, and 2026 capex intentions. Data and policy: Later‑week releases on growth and labor, plus appearances from central‑bank officials, will help refine expectations for the policy path. Auction schedules in major bond markets are also on the radar. Positioning lens Sentiment: Short‑term sentiment indicators have moved back toward neutral from cautious, with downside hedging demand easing. That said, the options market still prices meaningful event risk around earnings. Flows: ETFs tied to technology and broad beta saw net inflows, while defensive sector funds experienced modest outflows. Credit markets remain orderly with healthy primary issuance. Bottom line Markets are leaning risk‑on, powered by ongoing optimism around the multi‑year investment cycle in AI infrastructure and a still‑constructive growth backdrop. The main pivots for direction near term are corporate guidance, the evolution of rate expectations, and the stability of longer‑dated bond markets. Maintaining diversification across factors and regions remains prudent as cross‑asset volatility ebbs and flows. Important notice: This content is provided for information only and does not constitute investment advice or an offer to buy or sell any securities. Market prices are illustrative, may be delayed, and are 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

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January 21 – Daily Market Update

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21 january 2026 – Daily Market Updates Daily Markets Briefing Market Snapshot (as of 06:16 am EST; values may be delayed) S&P 500 Futures: 6842 (+0.18%) Stoxx Europe 600: 600.03 (-0.46%) US 10-Year Treasury Yield: 4.281% (down ~0.01) Nikkei 225: 52774.64 (-0.41%) Spot Gold: 4866.3 (+2.16%) Overview US equity futures are stabilizing after a sharp risk-off session, while Europe trades softer and Asia finished mixed. Government bond yields are easing at the margin as investors reassess growth and policy expectations, and safe-haven bids remain evident in precious metals. Weather-driven energy dynamics and a busy corporate earnings slate are in focus. Equities United States: Futures indicate a modest rebound following the largest S&P 500 pullback in several months. The tone remains headline-sensitive with investors weighing earnings updates, policy chatter from global forums, and the path for growth-sensitive sectors. Market breadth and factor rotations bear watching after a burst of volatility. Europe: The region’s benchmark is lower, led by consumer and health care laggards, while select luxury and industrial names outperform on company-specific updates. Energy and utilities see support from higher fuel price expectations into a colder weather pattern. Asia: Japanese stocks slipped as recent rate and currency volatility kept risk appetite in check, though losses were contained by a pullback in long-dated yields. Other major regional markets were mixed, with pockets of strength in technology and internet names. Rates and Credit US Treasuries: The 10-year yield is edging lower, reflecting a small bid for duration after yesterday’s equity selloff. The curve remains sensitive to incoming growth data, earnings guidance on capex and labor, and evolving central-bank rhetoric. Global sovereigns: Longer-maturity Japanese bonds recovered some ground after a volatile stretch, helping to soothe broader rate jitters. European core yields are steady to slightly lower, with peripheral spreads broadly contained. Credit: Investment-grade and high-yield spreads widened modestly with the equity drawdown but remain within recent ranges. Primary issuance is active into earnings season, with investors selective on leverage and interest coverage profiles. FX and Commodities Gold: The metal extends gains on haven demand and lower real-yield impulses. Flows into precious metals remain supported by diversification and geopolitical hedging. Energy: Natural gas prices are elevated as forecasts point to an intense cold spell across key North American demand and production hubs. Winter reliability and storage draws are back in focus for utilities and upstream names. Crude is firmer but range-bound as supply discipline and demand seasonality offset growth and policy uncertainties. FX: The dollar is mixed against majors, with rate differentials and risk sentiment driving intraday swings. Yen and select European currencies are stable after the latest moves in global bonds. Corporate Highlights Airlines: A leading US carrier posted better-than-expected quarterly results, lifting the group on improving revenue trends and disciplined capacity plans. Investors are watching commentary on business travel and fuel hedging into late winter. Media and Streaming: A major streaming platform is under pressure premarket after issuing a cautious outlook and pausing buybacks amid higher content and integration spending. Markets are parsing visibility on subscriber growth, pricing, and cash-flow timing. Consumer Staples: A large packaged-food company is weaker after a significant shareholder registered stock for potential sale, reviving focus on portfolio mix, pricing power, and margins. Health Care, Financials, Insurance: Several bellwethers report before the US open. Watch loan growth and deposit costs for financials, medical device and pharma pipelines in health care, and catastrophe loss trends for insurers. Europe: A diagnostics firm rallied on reports of strategic review considerations, while a UK luxury brand gained after signs of early progress in a turnaround plan. Key Drivers to Watch Earnings season: Guidance on 2026 capex, AI-related spend, operating leverage, and margin durability is likely to set the tone for sector rotations. Macro and policy: Remarks from global policy gatherings, central-bank speakers, and upcoming data on growth and inflation will shape rate expectations and the risk premium across assets. Weather and infrastructure: The impending cold snap may ripple through energy markets, midstream logistics, and short-term industrial output. Market structure: Elevated options activity and systematic flows can amplify intraday volatility; monitor positioning, skew, and realized vs. implied vol. Takeaways for Investors Quality bias and liquidity discipline remain important as markets navigate cross-currents from policy headlines, earnings dispersion, and winter energy dynamics. Balance duration and equity risk: modest duration exposure can buffer equity drawdowns if growth scares resurface, while selective cyclical exposure can benefit from resilient demand pockets. Focus on cash flow visibility: companies demonstrating pricing power, cost control, and clear capital-return frameworks may be rewarded as the bar for guidance rises. Calendar (near term) US corporate earnings: Health care, financials, industrials, and tech updates throughout the week. Global data: Preliminary manufacturing and services readings, housing indicators, and weekly labor prints in the US. Policy watch: Central-bank commentary and fiscal headlines from global forums. Disclosure This material is provided for information purposes only and does not constitute investment advice, a solicitation, or a recommendation to buy or sell any security or strategy. Market data are subject to change and may be delayed. 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

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January 20 – Daily Market Update

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20 January 2026 – Daily Market Updates Daily Market Briefing Risk tone softened across global markets this morning as government bond yields climbed and investors reassessed growth, policy, and geopolitical risks. Equities in the US and Europe are lower ahead of the New York open, with higher rates pressuring longer-duration assets and more cyclical corners of the market. Haven demand is evident in precious metals, while digital assets continue to retrace recent gains. Top themes today Higher-for-longer yields: Long-dated Japanese government bond yields surged again, with the super-long end moving above 4% for the first time in decades. The move is filtering through global rates, helping push US 10-year yields toward the mid‑4% area and lifting European benchmarks. A mix of domestic policy proposals, rising issuance needs, and ebbing deflation dynamics in Japan is drawing capital back onshore and tightening global financial conditions at the margin. Repricing growth and policy risk: Investors are weighing renewed trade and tariff rhetoric alongside ongoing fiscal and industrial policy initiatives in major economies. Concern that frictions could nudge inflation and funding costs higher is tempering risk appetite, especially after an extended run-up in equities and a strong stretch of risk-on positioning. Commodities and havens bid: Gold vaulted to fresh record territory and silver advanced as investors sought ballast against rate and geopolitical uncertainty. Energy is more mixed, with supply headlines and growth concerns offsetting each other. Rotations under the hood: High-beta pockets such as crypto-related equities, semiconductors, and other momentum areas are under pressure in early trading. By contrast, precious‑metals miners and selected defensives are finding support from the shift toward safety and rising metals prices. Earnings and deal flow: The reporting calendar remains active. Homebuilders, airlines, and large-cap media/tech are in focus today and after the close, offering read-throughs on housing demand, travel trends, and streaming/advertising fundamentals. Health care saw fresh M&A activity, underscoring ongoing interest in late‑stage pipelines and specialty treatments. Markets at a glance (early US hours) Equities: US index futures are lower, with broad-based weakness led by tech hardware, chips, and other rate-sensitive growth names. Europe’s main benchmark is down roughly 1%–1.5%, with cyclicals lagging. Asia was mixed overnight. Rates: US Treasury yields are higher across the curve, led by the long end. European core yields are up as well. Japan’s 30‑ and 40‑year yields jumped, echoing a multi-month trend of normalization in the country’s rate structure. Currencies: The dollar is firmer on rate differentials and risk aversion. The yen’s path remains tied to the sharp move in domestic yields and evolving Bank of Japan expectations. Commodities: Gold is at record levels; silver firmer. Oil is range‑bound as demand worries offset supply considerations. Digital assets: Bitcoin and peers are softer, extending a recent pullback as tighter financial conditions dent appetite for higher‑volatility assets. What to watch Policy signals: Any official commentary on trade, tariffs, or fiscal priorities that could affect inflation and bond supply expectations. Central bank tone: Remarks from major central bank officials on the growth–inflation mix and balance sheet paths, particularly amid the move higher in global yields. Primary issuance: Corporate and sovereign supply remains elevated; concession levels and order books will be a useful barometer of risk appetite. Earnings: Housing, travel, and streaming/advertising updates could sway sector leadership and broader sentiment. Positioning and volatility: After an extended period of optimism and light hedging, markets may remain sensitive to negative surprises; watch skew and term structure in options for signals of stress or stabilization. Strategy considerations Duration and curve: With long-end yields pushing higher globally, duration risk remains front and center. Some investors may prefer to keep duration moderate and consider gradual laddering or barbell approaches while liquidity is solid. Quality and balance sheets: Elevated rates continue to favor companies with robust cash flow, manageable leverage, and pricing power. Balance-sheet strength can help buffer against funding-cost uncertainty. Diversification: Maintain a mix that balances cyclical exposure with defensives and real assets. Precious metals can help diversify equity and rate risk, though they bring their own volatility. Hedging: Reassess equity and credit hedges given shifting correlations and the pickup in realized volatility. Currency hedges may be relevant where rate differentials are moving quickly. Calendar highlights (today) US corporates: Homebuilding, airlines, and large-cap media/technology reports Global: Ongoing sovereign and investment-grade issuance; selected macro releases across housing and industry This publication is for information purposes only and does not constitute investment advice or a recommendation to buy or sell any security. Market levels and performance references reflect conditions in early US trading and may 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. January 20 – Daily Market Update January 20, 2026 20 January 2026 – Daily Market Updates Daily Market Briefing… Read More January 19 – Daily Market Update January 19, 2026 19 January 2026 – Daily Market Updates Markets Daily: Risk… Read More January 16 – Daily Market

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January 19 – Daily Market Update

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19 January 2026 – Daily Market Updates Markets Daily: Risk appetite cools as trade tensions resurface; earnings and central banks in focus At a glance Equities: European benchmarks slipped and US equity futures tracked lower; Asia finished mixed with Japan softer. Rates and FX: Short-dated core yields eased; haven currencies outperformed while the dollar was little changed on balance. Commodities: Precious metals advanced to new highs; energy prices were range-bound. Global overview A cautious tone gripped markets to start the week as investors weighed renewed trade rhetoric between the US and Europe alongside uneven global growth signals. With US cash equities closed for the Martin Luther King Jr. holiday, price action was led by Europe and Asia. Cyclical pockets most exposed to transatlantic trade—autos, luxury and select industrials—lagged, while defensives and commodity-linked names found support. The bid for safety was evident in firmer precious metals, modest strength in the Swiss franc, and a small rally in front-end European government bonds. Credit risk gauges ticked wider, reflecting a tentative pullback in risk appetite rather than broad stress. Regional highlights Europe: Stocks declined broadly, led by export-heavy sectors. A handful of company-specific downgrades and cautious outlooks added to pressure in consumer discretionary. Semicap equipment outperformed after strong order indications from one supplier, bucking the tech-sector drift. US: Futures pointed lower with volumes thinner into the holiday. Earnings season accelerates this week, and guidance tone will be key given elevated valuation starting points. Asia: Japan underperformed on political headlines and higher-rate concerns ahead of the central bank meeting later in the week. China-related assets were mixed after data signaled slower momentum into year-end, reinforcing the picture of uneven domestic demand. Policy and macro Trade: European officials signaled they are preparing responses should broad new US import levies materialize. Markets are watching for any move from rhetoric to policy that could ripple through supply chains and margins. Growth: Recent Chinese figures showed moderation, consistent with a gradual, bumpy post-pandemic normalization amid global protectionism. In Japan, a snap election call injected uncertainty into the policy outlook, with bonds softening on the risk of looser fiscal settings. Central banks: The Bank of Japan meets Friday with markets parsing any tweaks to guidance. Several smaller central banks in Europe and Asia also decide policy this week. Earnings lens The next leg of the rally hinges on delivery. With indices near highs, there’s less room for earnings misses or cautious outlooks. Focus areas: Top-line resilience vs. FX headwinds in Europe Margin trends in consumer and industrials given input-cost normalization AI- and cloud-driven capex durability for semis and software Credit quality and deposit dynamics for US regional banks Week ahead: key markers to watch Monday: US markets closed (MLK Day); Canada inflation. Tuesday: Euro-area and Germany surveys; UK labor data; early US bank and travel/streaming results. Wednesday: UK inflation; US housing and construction indicators; high-profile policy and corporate appearances at the annual business forum in Switzerland. Thursday: US GDP (advance), personal income and PCE inflation; labor-market claims; multiple EM/DM rate decisions. Friday: Japan CPI and policy decision; preliminary PMIs across major economies; UK and Canada retail updates; US consumer sentiment. Cross-asset moves Equities: Pullback concentrated in trade-sensitive sectors; defensives and selected commodity names fared better. Expect positioning to rebalance around earnings beats/misses and guidance. Rates: Front-end core yields dipped as growth and policy uncertainty nudged duration buyers back in; long-end moves were contained. FX: Dollar mixed; CHF and JPY found support on haven demand; high-beta FX lagged. Commodities: Gold and silver extended gains on geopolitical and policy hedging; oil held in a tight band as supply risks met soft demand signals. What matters from here Policy path vs. rhetoric: Concrete steps on tariffs would have broader implications for inflation, margins and central bank reaction functions; headlines alone can keep volatility elevated. Earnings credibility: With lofty multiples, guidance for 2026 profit trajectories may steer leadership more than backward-looking beats. Liquidity and flows: Recent months have seen strong inflows into US equity funds, cushioning dips; a reversal would amplify any earnings disappointments. Credit as a canary: Monitoring spread moves in sub-investment grade as a real-time gauge of risk tolerance. The market is treating trade salvos as a tail risk rather than a base case, but pricing in a higher risk premium across trade-exposed equities and credit. Near term, earnings and central bank messaging are likely to dominate. Expect choppy trading around guidance, with quality balance sheets and visible cash flows better positioned if volatility persists. This publication is for information only and does not constitute investment advice or a recommendation to buy or sell any security. Markets are volatile and past performance is not indicative of future results. Consider your objectives and risk tolerance 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. January 19 – Daily Market Update January 19, 2026 19 January 2026 –

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