Daily Market Updates

Dec 05 – Daily Market Updates

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Dec-05 Daily Market Updates Markets Daily – Broad Market Update – As of 5:22 a.m. ET S&P 500 futures: 6,880 (+0.19%) Stoxx Europe 600: 580.28 (+0.25%) Nikkei 225: 50,491.87 (-1.05%) US 10-year Treasury yield: 4.10% (+0.8 bps) Broad dollar index: 1,213.06 (-0.09%) Global overview Equities: US futures are modestly higher, Europe is firmer, and Asia closed mixed. Japan fell as investors reassessed the path of domestic rates, while parts of Asia’s tech complex saw continued rotation within the AI supply chain. Rates and FX: The US 10-year yield is steady near 4.10% as markets weigh softening inflation trends against resilient growth. The dollar is slightly weaker, offering a mild tailwind to risk assets. Commodities: Industrial metals remain supported on improving demand expectations tied to data-center buildouts and electrification themes. Energy is mixed, while precious metals are steady. What’s driving sentiment Peak-rate narrative: Markets remain anchored to the view that major central banks are closer to easing in 2025, with investors watching incoming data and policy guidance for timing and pace cues. Stable long-end yields are supporting higher-beta equities and quality growth. Asia tech rotation: After an extended run in headline AI leaders, attention is broadening to component suppliers and enablers across Taiwan, Korea, Japan, and mainland China, reflecting a shift from model training to real-world deployment, cost efficiency, and diversified chip ecosystems. Corporate signals: Recent updates suggest a mixed picture—enterprise technology and cybersecurity face margin and spending scrutiny, while select consumer categories (notably beauty) show resilience. Operational glitches in digital infrastructure briefly weighed on related names, highlighting ongoing execution risk. Crypto cross-currents: While the largest token has stabilized, smaller coins have lagged amid tighter liquidity, shifting retail preferences, and a greater focus on fundamentals. Institutional flows remain selective. Policy watch: Debate continues around fiscal priorities and the use of sovereign assets in global funding discussions, adding a layer of geopolitical risk to year-end positioning. Sector snapshots Technology: Positioning is rotating within semiconductors and hardware vendors leveraged to memory, packaging, power, and advanced PCB needs tied to next-gen servers and edge computing. Software remains bifurcated as spending optimizes toward AI enablement and security outcomes. Consumer: Discretionary remains uneven; premium categories with brand power continue to perform better than lower-ticket, rate-sensitive segments. Financials: Stable long-end yields and a flatter curve keep focus on funding costs and fee income streams. Liquidity and capital return remain key differentiators. Industrials/materials: Beneficiaries of data-center build, grid upgrades, and onshoring are in favor. Metals linked to electrification and AI infrastructure stay supported. Bonds and currencies US Treasuries: Range-bound as investors await the next catalysts. The front end is most sensitive to policy repricing; the long end is driven by term premium dynamics and supply. Credit: Spreads remain tight, reflecting carry demand. New-issue windows are open but selective, with investors prioritizing balance-sheet discipline and clear free-cash-flow visibility. FX: A slightly softer dollar reflects improved risk appetite and narrower US growth differentials. Cross-currents from energy and trade balances persist. Commodities Industrial metals: Firm on structural demand narratives (AI infrastructure, EVs, grid). Watch inventories, Chinese demand indicators, and supply-side developments. Energy: Mixed trade as OPEC+ cohesion, non-OPEC supply, and demand seasonality offset each other. Precious metals: Sideways price action amid stable real yields and range-bound dollar moves Cross-asset themes to monitor AI deployment cycle: Shift from hype to unit economics—winners likely span efficiency, power, cooling, memory, and connectivity. Quality bias: Profitability, balance-sheet strength, and cash generation remain favored as cycle clarity improves. Liquidity and seasonality: Year-end conditions can magnify moves; watch fund flows and options positioning for potential volatility pockets. What’s ahead Data: Inflation, labor-market prints, and global PMIs will guide the policy path and earnings expectations. Central banks: Communication from major central banks remains pivotal for timing of any 2025 adjustments. Earnings: Updates from cloud, security, and consumer names will refine views on IT budgets and household spending. Key risks Policy missteps or communication shocks around rates. Supply-chain or infrastructure disruptions in AI and cloud buildouts. Geopolitical developments affecting energy and trade. Liquidity squeezes into year-end. Note: Market levels are indicative and may have changed after publication.This material is for information only and does not constitute investment advice or a recommendation to buy or sell any security. All investments involve risk, including 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 CFDs work, and whether you can afford to take the high risk of losing your money. Dec 05 – Daily Market Updates December 5, 2025 Dec-05 Daily Market Updates Markets Daily – Broad Market Update… Read More Nov 28 – Daily Market Updates November 28, 2025 Nov 28 – Daily Market Updates Markets Daily: Cautious Tone… Read More Nov 27 – Daily Market Updates November 27, 2025 Nov 27 – Daily Market Updates Market overview Global markets… Read More Nov 26 – Daily Market Updates November 26, 2025 Nov 26 – Daily Market Updates Market snapshot (as of… Read More Nov 25 – Daily Market Updates November 25,

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Nov 28 – Daily Market Updates

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Nov 28 – Daily Market Updates Markets Daily: Cautious Tone as Liquidity Disruption, Month-End Flows Shape Trade Overview Global markets are treading carefully into the final stretch of the month. US equity futures edged higher in early trade, European benchmarks were little changed to slightly lower, the dollar firmed modestly, and the US 10-year Treasury yield hovered near the 4% area. Crude continued to soften ahead of a closely watched producer group meeting this weekend, while gold was steady. Turnover and price discovery were complicated by a multi-hour interruption at a major US derivatives venue overnight, and the holiday-shortened US session typically concentrates activity into narrower windows, magnifying moves. Key takeaways Liquidity hiccup: A technical problem at a leading US futures and options platform paused trading for several hours, disrupting hedging, cross-asset signals, and month-end roll activity. Expect some catch-up volatility as trading normalizes and participants reestablish pricing across equity, rates, FX, and commodities. Equities mixed: US futures were slightly positive and pointing to a muted open, while European stocks were broadly flat with mild weakness. After a choppy November, major US indices head into month-end with modest changes on the month and tighter intraday ranges of late. Bonds and dollar: Treasury yields were little changed, with the long end anchored near recent levels. The dollar strengthened slightly versus major peers as risk appetite cooled and traders reduced exposure into the weekend. Energy: Oil extended its multi-week slide as markets await policy signals from key producers. Ongoing concerns around supply discipline and uneven demand have weighed on prices into month-end. China watch: Renewed stress in the mainland property sector pressured related shares and credit after a large developer sought to push out a local bond repayment. Sentiment remains cautious as investors assess potential policy responses and funding conditions. What’s moving Exchanges and market plumbing: Exchange operators and market infrastructure names may see attention after the overnight outage highlighted their central role in global price discovery and risk management. Travel and airlines: US carriers are in focus following temporary air traffic stoppages at several busy airports during the peak holiday period. Operational updates and demand commentary will be watched. European consumer and luxury: Select stocks moved on broker rating changes and outlook revisions, with mixed performance across fashion and discretionary names. Cannabis: A notable producer dropped after announcing a reverse split, underscoring continued volatility across the sector. Macro and market context Month-end mechanics: Position rolls and portfolio rebalancing can amplify intraday swings, especially following a period of interrupted futures trading and a shortened US session. Liquidity pockets may be uneven; spreads can widen unexpectedly. Volatility picture: Headline volatility remains subdued versus earlier in the year, but event risk is elevated into the weekend given producer policy meetings, ongoing geopolitical developments, and potential residual effects from the exchange disruption. Flows and breadth: While a handful of large-cap growth names continue to dominate index-level performance, breadth has been variable. Any incremental shift in rates or energy can quickly rotate leadership across sectors. Looking ahead Data and policy: The upcoming calendar features manufacturing surveys, labor market indicators, and inflation updates that will inform the interest-rate path and growth outlook into year-end. Earnings and guidance: With most of the reporting season behind us, pre-announcements and guidance tweaks may drive stock-specific moves. Watch commentary on inventories, pricing power, and capex—particularly in energy, industrials, and consumer. Year-end positioning: Many investors are balancing participation in any late-year rally with capital preservation. Expect demand for high-quality balance sheets, resilient cash flows, and visibility on 2025 earnings. Trading considerations Expect patchy liquidity across time zones after the futures outage and during the abbreviated US session; use limit orders and be mindful of wider bid-ask spreads. For hedgers rolling positions, review execution windows and consider staging orders to mitigate slippage. Cross-asset signals may be less reliable intraday; confirm levels across cash, futures, and ETFs where possible. This material is provided for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any security or strategy. Markets are volatile; 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. Nov 27 – Daily Market Updates Admin PhillipCapitalDIFCNovember 27, 2025 Nov 27 – Daily Market Updates Market overview Global markets… Read More Nov 26 – Daily Market Updates Admin PhillipCapitalDIFCNovember 26, 2025 Nov 26 – Daily Market Updates Market snapshot (as of… Read More Nov 25 – Daily Market Updates Admin PhillipCapitalDIFCNovember 25, 2025 Nov 25 – Daily Market Updates Market snapshot (as of… Read More Nov 24 – Daily Market Updates Admin PhillipCapitalDIFCNovember 24, 2025 Nov 24 – Daily Market Updates Market snapshot (as of… Read More Weekly Global Market News – Nov 24 Admin PhillipCapitalDIFCNovember 24, 2025 Weekly Global market Updates Nov 24 Week Ahead Playbook: Budgets,… Read More

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Nov 27 – Daily Market Updates

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Nov 27 – Daily Market Updates Market overview Global markets are trading in a balanced tone as investors weigh moderating inflation against signs of slower growth. Equities are oscillating within recent ranges, government bond yields are steady after a volatile stretch, and the dollar holds near recent levels. Commodities are mixed, with energy and precious metals largely driven by rate expectations and geopolitics. Equities United States: Large-cap technology and quality growth remain market anchors, while cyclical sectors continue to respond to shifts in yields and economic data. Defensive groups such as healthcare and consumer staples are seeing selective interest as investors balance risk. Europe: Indices reflect a tug-of-war between exporters benefiting from currency dynamics and domestic sectors that are sensitive to local demand and policy expectations. Industrials and luxury names remain tied to the global growth narrative. Asia-Pacific: Japanese shares are supported by corporate reforms and a competitive currency, though rate normalization prospects are a watchpoint. Mainland China and Hong Kong are stabilizing, with policy support and property headlines shaping sentiment. Australia tracks commodities; India remains underpinned by domestic demand and earnings resilience. Fixed income Sovereign bonds: Front-end yields remain anchored by central bank policy rates, while the long end is responsive to supply, inflation expectations, and term-premium shifts. Yield curves are still compressed by historical standards, though incremental steepening has appeared during risk-off episodes. Credit markets: Investment-grade issuance remains active, taking advantage of stable funding conditions. High-yield spreads are contained but show dispersion by sector, with interest-rate sensitive and highly levered issuers facing a higher bar. Overall liquidity conditions are orderly. Foreign exchange The US dollar is range-bound, with moves driven by relative growth, interest-rate differentials, and safe-haven flows. Euro and pound are influenced by inflation trends, wage dynamics, and policy signaling from the ECB and BoE. Upside in both tends to be capped when rate differentials widen against them. The yen remains sensitive to policy normalization prospects and any shift in global yields. Intervention risk perceptions can dampen volatility. Select emerging market currencies move on local inflation paths, current account balances, and commodity trends, producing a patchwork of performance. Commodities Oil: Prices trade in the middle of recent bands. Supply discipline and geopolitical risks are offset by non-OPEC production and questions around global demand. Inventory data and export schedules remain near-term drivers. Gold: Consolidates as real rates and the dollar set the tone; central bank purchases and geopolitical hedging provide a floor when growth uncertainty rises. Industrials: Copper and other base metals react to China’s activity indicators, inventory movements, and energy costs; volatility persists around policy headlines and global manufacturing signals. Agriculture: Weather patterns, logistics, and trade flows continue to shape price action across grains and softs. Macro landscape Central banks: Markets continue to debate the timing and pace of rate adjustments as inflation cools in many regions but remains uneven across components like services and wages. Forward guidance and meeting minutes are key for gauging tolerance for slower growth against the goal of restoring price stability. Inflation and growth: Headline inflation has eased from peaks, while core measures are gradually moderating. Growth appears uneven—resilient services offset softer manufacturing in several economies. Labor markets show signs of rebalancing, with wage growth normalizing from elevated levels. Policy and geopolitics: Fiscal discussions, election timelines, trade policy, and shipping routes are recurring sources of event risk. Markets are quick to reprice on headlines that affect supply chains or energy markets. Corporate trends Earnings season: Focus remains on guidance and margins rather than backward-looking results. Key themes include AI and cloud-related investment cycles, consumer price sensitivity, inventory normalization in goods sectors, and banks’ net interest margins alongside credit quality. Balance sheets: Many companies continue to emphasize cost discipline and selective capital expenditure, with buybacks and dividends remaining an element of shareholder returns where cash flow allows. M&A: Deal activity is selective and tends to cluster in technology, healthcare, and energy transition, influenced by funding costs and regulatory visibility. What to watch next Inflation updates across major economies, with attention on services prices and shelter components. Labor market releases for signals on wage momentum and participation. Business surveys and PMIs to gauge demand, pricing, and backlog trends. Central bank speakers and minutes for clues on reaction functions. Energy inventory reports and shipping developments that may impact transport costs and supply chains. Portfolio considerations Maintain diversification across asset classes and regions; dispersion within sectors and styles remains elevated. Be mindful of event risk around data releases and policy communications; consider hedging where appropriate. Quality balance sheets and durable cash flows tend to be favored when growth is uneven and financing costs remain above pre-pandemic norms. For income-focused investors, laddered maturities and attention to credit fundamentals can help manage reinvestment and spread risk. Housekeeping note This publication is a general market commentary for informational purposes only. It does not constitute investment advice or a recommendation to buy or sell any security or strategy. Market conditions can change quickly; consider consulting 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

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Nov 26 – Daily Market Updates

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Nov 26 – Daily Market Updates Market snapshot (as of 06:40 am ET) S&P 500 futures: 6,803 (+0.32%) Nasdaq 100 futures: 25,206.25 (+0.48%) US 10-year Treasury yield: 4.00% (+0.6 bps) Dollar Spot Index: 1,222.78 (-0.02%) GBP/USD: 1.32 (-0.09%) The big picture US equity futures are pointing higher, extending a multi-session upswing as investors lean into a softer-rate narrative and calmer macro conditions into the holiday period. Treasury yields are holding near 4% at the long end, the dollar is a touch softer, and risk appetite remains constructive with large-cap tech providing a backbone to sentiment. Liquidity is thinning ahead of the US market holiday, which can amplify intraday moves. What’s driving markets Policy path: Markets are increasingly discounting the prospect of rate relief over the coming months, with traders penciling in multiple cuts through 2026. Recent public remarks from policymakers have acknowledged cooling in parts of the labor market and tighter financial conditions, supporting the case for a gradual pivot. Debate remains within the central bank, so the near-term cadence of easing is still conditional on incoming inflation and employment data. Earnings tone: The results calendar is winding down, but updates from select hardware, software, and consumer names continue to shape sector leadership. Guidance sensitivity is high: companies tied to AI infrastructure, enterprise IT spending, and US consumer demand remain in focus. Global policy watch: In the UK, a closely watched fiscal update is due, with gilt markets attentive to issuance signals and the credibility of the medium-term framework. Investors remember the turbulence from prior policy missteps and will scrutinize funding needs alongside growth assumptions. China property overhang: Renewed stress among large developers underscores a still-fragile recovery in Chinese real estate. Any incremental support measures will be assessed for spillovers to credit markets, commodities, and regional growth. Equities US: Futures suggest a positive open led by growth and tech, with cyclicals tracking higher on improved sentiment. Within tech, AI-linked capital expenditure remains a key narrative, though leadership is rotating as investors reassess competitive dynamics in chips, software, and cloud services. Europe: Stocks are mixed to firmer, with defensives steady and rate-sensitive sectors catching a bid on stable yields. UK domestics are poised for headline-driven moves around the budget. Sectors to watch today: Semiconductors and AI infrastructure (capex visibility, supply dynamics) Enterprise software (pipeline commentary and margins) Consumer discretionary and specialty retail (holiday season read-throughs) Airlines and travel (record holiday passenger volumes, capacity/ops updates) Rates and credit US Treasuries: The curve is little changed, with the 10-year hovering around 4%. A softer dollar and stable breakevens reflect a market comfortable with disinflation progress, but thin pre-holiday liquidity may exaggerate moves. Gilts: Modestly weaker into the UK budget as investors await details on borrowing, growth, and issuance. Term premium and supply outlook remain the swing factors. Credit: Primary issuance is slowing into the holiday. Spreads are broadly stable; higher-quality paper retains a funding cost advantage as markets price an easier policy path next year. FX and commodities FX: The dollar is fractionally lower as rate-cut expectations firm. Sterling is slightly softer ahead of UK fiscal headlines. Watch EUR and GBP for post-announcement volatility. Commodities: Precious metals are firmer on the softer-dollar backdrop and steady real yields. Energy is range-bound with attention on supply discipline and year-end demand. Today’s setup US calendar: A lighter docket into the holiday; liquidity likely to taper through the session. US markets are closed Thursday for Thanksgiving and reopen Friday on an abbreviated schedule. Event risk: UK budget details and issuance guidance; any surprise in global policy commentary or major corporate pre-announcements. Market mechanics: Seasonal factors and reduced depth can widen bid-ask spreads; consider execution strategies accordingly. How to position tactically (not investment advice) Maintain flexibility: With liquidity thin and news-driven swings likely, staggered orders and defined risk parameters can help manage slippage. Watch leadership breadth: Continued participation beyond mega-cap tech would strengthen the durability of the rally; monitor cyclicals and small/mid-caps for confirmation. Data dependency: Near-term moves hinge on the next prints for inflation and employment; keep an eye on revisions as they’ve been market-moving in recent months. Key takeaways Risk tone is constructive into the holiday with futures higher, yields steady, and the dollar slightly softer. Markets are leaning toward a gentler policy path, but internal policy debate and data dependency argue for measured expectations. UK fiscal announcements and China property headlines remain the main global swing factors today. Important information This publication is for informational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security or financial instrument. Market levels are indicative and subject to change. Consider your objectives, financial situation, and risk tolerance before making any 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. All Posts Market Updates Nov 26 – Daily Market Updates November 26, 2025 Nov 26 – Daily

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Nov 25 – Daily Market Updates

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Nov 25 – Daily Market Updates Market snapshot (as of 6:33 a.m. ET) S&P 500 futures: 6,710.25 (-0.16%) Nasdaq 100 futures: 24,871.25 (-0.31%) US 10-year Treasury yield: 4.029% (+0.6 bps) Dollar Spot Index: 1,225.87 (-0.07%) Bitcoin: 87,359.7 (-1.58%) Five things to know 1) Stocks take a breather: US equity futures eased following a tech-led run-up as traders brace for fresh reads on the economy. Retail sales and producer prices due today will help shape expectations for a potential Fed rate cut next month. 2) AI hardware rivalry intensifies: The market’s AI leaders are no longer moving in lockstep. Google and Nvidia are in focus as investors assess whether Google’s in-house chips can provide a credible alternative to Nvidia’s dominance in AI compute. 3) SoftBank under pressure: Shares fell sharply for a second session as investors weighed whether a stronger push from Google’s Gemini could dent OpenAI’s momentum—an important exposure for SoftBank’s portfolio. 4) Crypto’s selling pressure cools: The recent wave of Bitcoin liquidation appears to be slowing, stoking hopes the drawdown is stabilizing. The token is hovering around the $88,000 mark. 5) Geopolitics on the tape: President Donald Trump held calls with leaders in China and Japan amid heightened tension over Taiwan. Equities in Hong Kong and mainland China welcomed signs of engagement. Context matters: Why GPUs won: Nvidia’s graphics processors, built for parallel workloads, proved ideal for training large AI models. Nvidia then layered a deep software ecosystem on top, creating a powerful moat. Why TPUs are catching on: Google’s seventh-generation TPUs reportedly deliver stronger performance-per-watt and improved efficiency for certain AI tasks, especially at hyperscale, while reducing energy draw—a growing cost center for AI operators. What this isn’t: An overnight replacement. Even Google isn’t attempting to phase out GPUs entirely. The AI buildout is expanding so quickly that many players will coexist, but any real customer diversification is enough to shake confidence in a single-supplier narrative. Investor takeaway: The AI stack is evolving rapidly—from chips to models to applications. Leadership can rotate within segments even as AI remains the primary engine behind US equity strength. If you believe the cycle continues, be careful exiting the winners too soon, but watch for signs of spend rationalization and second-order beneficiaries (power, networking, memory, and cooling). On the move Zoom +4.4% premarket: Revenue topped expectations, highlighting traction across its enterprise toolkit beyond video conferencing. SanDisk +2.3%: Set to enter the S&P 500, replacing Interpublic, pending index rebalancing. Spotify +3.3%: Reported plans to lift US subscription prices in Q1, signaling continued pricing power. Alibaba ADRs +4.2%: Beat on revenue as China’s AI and cloud investments underpin growth. On deck before the bell: Abercrombie & Fitch, Best Buy, Dick’s Sporting Goods, Kohl’s. After the close: Autodesk, Dell Technologies, HP Inc., Workday, Zscaler. Copper: the prize everyone wants Copper has rallied roughly 23% year-to-date, with supply expected to run tight for years. That backdrop is driving bold corporate maneuvers: BHP’s last-minute play: The world’s largest miner made a late push to acquire Anglo American in an effort to block Anglo’s roughly $60 billion combination with Teck Resources, according to reporting. Talks fizzled within days, but the move underscored how coveted tier-one copper assets in South America have become. Why the urgency: Structural demand from grid upgrades, EVs, AI data centers, and renewable buildouts is colliding with constrained project pipelines and permitting delays. For diversified miners, scale copper exposure is increasingly strategic. Investor lens: Expect continued M&A noise, premium pricing for quality ore bodies, and focus on capital discipline. Operating execution and jurisdictional risk will be key differentiators. Policy and risk Private markets debate: Apollo’s Marc Rowan pushed back on claims that integrating private assets into retirement and insurance portfolios creates systemic risk, arguing that sensational headlines have outpaced substance. Scrutiny has intensified following distress at a handful of sponsor-backed credits. Geopolitics: Diplomatic outreach between the US, China, and Japan may steady nerves, but Taiwan-related flashpoints remain a key risk for supply chains and Asia equities. Crypto corner Flows: About $6 billion has exited global crypto exchange-traded products so far this month—the largest monthly outflow on record since 2018. Composition matters: US spot Bitcoin ETFs have seen redemptions totaling only about 3% of their roughly $110 billion in assets, suggesting stickier capital among core holders despite volatility. Price action: Selling pressure appears to be abating, with BTC near $88,000. Watch liquidity conditions into month-end and any large creation/redemption activity as cues for near-term direction. Day ahead US: Retail sales; Producer Price Index; multiple big-box and specialty retailers report premarket; enterprise software and PC hardware after the close. Rates: 10-year Treasury yield hovering near 4.03%—a pivotal level for equity valuation support. FX/commodities: Softer dollar lends a modest tailwind to risk; copper remains bid on supply tightness. The AI trade is broadening beneath the surface, crypto stress looks to be moderating, and copper’s long-cycle story is pulling strategy and capital into the pit. Near-term, today’s inflation and consumer data will set the tone for the Fed-path narrative and determine whether the recent equity momentum has room to run. Important disclosures This material is for informational purposes only and is not investment advice or a recommendation to buy or sell any security or asset. Market data is subject to change. Past performance is not indicative of future results. Consider your objectives, risk tolerance, and costs before investing. 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

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Nov 24 – Daily Market Updates

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Nov 24 – Daily Market Updates Market snapshot (as of 06:27 a.m. ET; levels may have changed) S&P 500 futures: 6,629.5 (+0.14%) Nasdaq 100 futures: 24,390.5 (+0.35%) S. 10-year Treasury yield: 4.048% (-1.5 bps) Dollar Spot Index: 1,226.17 (-0.02%) Bitcoin: 86,004 (-2.24%) Top things to know today Crypto under pressure: After a brief weekend bounce, Bitcoin resumed its slide, slipping back below 86,000 as traders brace for continued outflows and tighter risk management into year-end. Tech stocks, however, are pacing early gains in U.S. futures. China AI app momentum: Alibaba’s revamped Qwen app reportedly drew more than 10 million downloads in the first week after relaunch, supporting its longer-term push to build a mass-market AI assistant. Shares advanced in Hong Kong trading. Europe’s defense trade cools: European defense names retreated on signs of movement in talks seeking Kyiv’s backing for a U.S.-supported peace path, while Ukraine dollar bonds rallied and select Eastern European currencies firmed. Mega-miner recalibration: BHP has stepped back from another tilt at Anglo American, removing a potential obstacle to Anglo’s planned combination with Teck Resources’ steelmaking coal assets in Canada. Retail leadership change: Kohl’s is expected to appoint Michael Bender as permanent CEO as soon as today, according to reports, ahead of Tuesday’s earnings and after a turbulent leadership stretch. Deep dive: Crypto’s latest gut check The crypto market’s hallmark whipsaws are back, but this episode stands out for how quickly positioning has flipped. A multi-week downdraft has erased roughly half a trillion dollars from Bitcoin’s market value from the peak, with altcoins faring worse. Unlike prior crashes driven by systemic failures, today’s stress reflects a broader, more institutional investor base. Key dynamics: ETF flows matter: New spot Bitcoin ETFs have seen sizable redemptions this month, introducing a daily liquidity channel that didn’t exist in past cycles. When momentum falters, those flows can amplify moves. Corporate treasuries reconsider: Token-holding vehicles and crypto-treasury strategies are facing tougher scrutiny as investors question the pure-hold model in a higher-rate, higher-volatility environment. Institutional rebalancing: Professional investors tend to trim winners and control risk into drawdowns, which can pressure prices as volatility spikes. Sentiment reset: A popular “fear and greed” gauge for digital assets fell into deep “extreme fear” territory late last week (low teens on a 0–100 scale), underscoring the capitulation tone. What to watch next: ETF net flows and borrowing rates across major venues Stablecoin market cap trends as a proxy for on-chain liquidity Funding rates and basis for signs of short-term positioning extremes Cross-market risk appetite in tech and high beta equities On the move Baidu rose premarket after a major broker upgraded the stock to overweight, citing improving prospects in cloud and AI services. Alphabet extended last week’s rally as investors price in enthusiasm around the latest Gemini AI releases. Bayer jumped after announcing positive late-stage results for an experimental stroke-prevention therapy. Ubisoft surged after finalizing an investment transaction with Tencent tied to Vantage Studios, the new home for several flagship gaming franchises. The week ahead United States Data catch-up: September retail sales and durable goods orders are due, alongside the Fed’s Beige Book for a read on regional conditions. Thanksgiving: U.S. markets closed Thursday; expect lighter liquidity around the holiday. Earnings highlights: Alibaba, Dell Technologies, Workday, HP, Best Buy, Kohl’s, Dick’s Sporting Goods (Tue); Deere (Wed). Europe/UK UK Autumn Budget (Wed): Chancellor Rachel Reeves presents the fiscal plan amid debate over tax measures and growth priorities. ECB: Financial Stability Review (Wed); minutes and consumer confidence indicators later in the week. Asia-Pacific Japan: 40-year JGB auction (Wed); data Friday include unemployment, industrial production and retail sales. Australia: Monthly CPI (Wed). New Zealand: RBNZ rate decision (Wed). China: Industrial profits (Thu). Retail watch: Holiday hopes meet cautious consumers Recent big-box results suggest the U.S. shopper is turning more value-conscious heading into peak season. Signals include: Price-led traffic: One major discounter leaned harder into price cuts, sacrificing margin as customers trim spending on apparel and home goods. Deferred projects: A leading home improvement chain reduced guidance as higher rates and inflation dampen big-ticket demand. Grocery-led growth: Even the sector’s top performer emphasized strength in food and bargain-seeking among mid-tier households—classic signs of caution. Affluent fatigue: Higher-income consumers, a pillar of 2025 spending resilience, are showing more selectivity. Implications: Sales may rely on sharper promotions, pressuring gross margins. Inventory and markdown discipline will be central to Q4 earnings quality. Watch guidance from electronics and sporting goods retailers this week for read-throughs on discretionary demand. Disclosures : This publication is for information only and is not investment advice or a solicitation to buy or sell any security or digital asset. Markets move quickly; quotes and levels are subject to change. All company names and trademarks belong to their respective owners. Questions or feedback? Contact your brokerage representative or our editorial desk. Have a productive trading day. 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. 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