Daily Market Updates

24 June 2026 – Daily Market Updates Daily Market Briefing: AI enthusiasm meets a choppier tape Overview Equity markets are stabilizing after a sharp, tech-led reversal, with US index futures modestly higher and Asia rebounding, led by semiconductor-heavy benchmarks. European shares are mixed to flat. Rates are edging lower at the long end as investors reassess growth and inflation momentum. The US dollar is firm against major peers. Crude oil is softer, while refined fuel prices have eased—an incremental relief for headline inflation and freight costs. The AI trade: momentum, crowding and bigger swings A long stretch of gains in chipmakers and AI-linked leaders has left positioning elevated across many investor types. When a popular theme becomes crowded, day-to-day moves can amplify as leveraged strategies, derivatives hedging and ETF rebalancing reinforce direction. That dynamic cuts both ways: rallies can be powerful, but air pockets emerge when sentiment turns or when headlines challenge the prevailing narrative. Practical takeaway: concentration risk matters. Investors are increasingly weighing a blend of quality growth exposure with cash flow resilience, plus selective hedges, to navigate larger intraday ranges. Earnings spotlight: a bellwether for AI infrastructure A leading US memory-chip producer reports after the close. Because advanced memory sits at the heart of AI server buildouts, its demand outlook and capital spending commentary are viewed as a proxy for the broader AI supply chain. What to listen for: backlog durability, pricing power for high-bandwidth products, capacity expansion timelines, supply discipline across the industry, and customer capex visibility from cloud and enterprise buyers. Options markets are signaling heightened implied volatility into the event, underscoring how one update can sway sentiment across the semiconductor complex. Regional and sector pulse US: Futures point to a tentative rebound in growth-heavy segments after Monday’s slide. Market breadth remains a focal point as investors gauge whether leadership can broaden beyond a narrow set of mega-cap winners. Asia: Chip-centric markets bounced following the prior session’s slump. Some regional manufacturers continue to explore capital-raising avenues to fund capacity and tap deeper pools of investors. Europe: Indices are little changed, with defensives providing ballast while cyclicals track commodity and rates moves. Sectors: Semiconductors and AI infrastructure remain the volatility epicenter. Energy underperforms alongside softer crude. Transportation and select industrials are in focus on cost trends and trade flows. Travel and leisure names watch demand indicators into peak season. Rates, commodities and FX Bonds: Long-dated government yields are slightly lower as markets balance cooling goods inflation against sticky services components and steady labor conditions. Any shift in growth expectations or central-bank guidance could reprice the curve quickly given thin summer liquidity. Commodities: Oil extends recent declines amid signs of smoother tanker flows and adequate supply. Softer diesel and gasoline prices provide incremental relief to logistics, though refining margins and inventories bear watching. Currencies: The dollar is supported by yield differentials and safe-haven demand on risk-off days. Commodity-linked and cyclical currencies track the moves in energy and global growth sentiment. What could move markets next Corporate earnings: AI and cloud supply-chain reports, along with updates from transportation, software and consumer names, will help test whether profit growth can keep pace with elevated multiples. Macro catalysts: Upcoming global inflation and growth releases, as well as remarks from central-bank officials, may influence rate-cut timelines and risk appetite. Flows and technicals: End-of-month and quarter rebalancing, plus systematic and volatility-targeting strategies, can add to intraday swings. Watch market breadth, leadership rotations and credit spreads for confirmation. Investment considerations Balance enthusiasm with discipline: Pair structurally attractive AI and automation themes with cash-generative companies, diversified factor exposure and defined risk limits. Manage concentration: Consider position-sizing frameworks, scenario analysis around key earnings prints, and selective hedging where correlations rise. Liquidity awareness: Use staged entries/exits and avoid chasing gap moves in thin conditions. Navigate Market Volatility with Confidence Access a wide range of global equities, futures, and structured notes to build a resilient and diversified portfolio today. Explore Investment Products Disclaimer: Trading foreign exchange and/or contracts for difference on margin carries a high level of risk, and may not be suitable for all investors as you could sustain losses in excess of deposits. The products are intended for retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. The content of the Website must not be construed as personal advice. For retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. Rolling Spot Contracts and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78% of our retail client accounts lose money while trading with us. You should consider whether you understand how Rolling Spot Contracts and CFDs work, and whether you can afford to take the high risk of losing your money. 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23 June 2026 – Daily Market Updates Daily Market Briefing: Risk Appetite Cools as AI Leaders Retreat Overview A risk-off tone is sweeping through global markets, led by pronounced weakness in high-growth technology and semiconductor names. After a powerful multi-month advance anchored to artificial intelligence themes, investors are reassessing how much capital spending, power demand, and margin pressure the ecosystem can absorb in the near term. With policy uncertainty lingering and rates still elevated, dip-buying has been tentative. Across regions Asia: Tech-heavy markets led declines, with memory and chip supply chains underperforming. Korea and Taiwan saw the sharpest swings as investors trimmed crowded positions tied to the AI buildout. Chinese shares listed in Hong Kong extended recent underperformance, reflecting ongoing concerns about growth momentum and earnings visibility. Europe: Regional equities opened softer. Cyclicals and autos lagged as trade frictions and weaker demand in key end-markets weigh on outlooks. Consumer staples were mixed after company-specific leadership updates and restructuring signals. US: Equity futures indicated a weaker open, with the tech complex leading losses. Profit-taking has been most visible in semiconductors, storage, and AI-adjacent hardware, while a handful of legacy tech and software names showed relative resilience on rotation into perceived quality. Credit and financing Investors are preparing for a sizable bond sale from a prominent private space-and-satellite company closely associated with reusable launch systems and global connectivity. That the market appears receptive to investment-grade debt tied to a capital-intensive, fast-expanding platform underscores how growth narratives have migrated from equities into credit. The transaction will be an important barometer of appetite for long-duration capex stories amid tighter financial conditions. More broadly, primary markets remain active, but selectivity is high. Investment-grade issuance continues to clear with concessions, while pockets of private credit face renewed scrutiny around liquidity management as some retail-oriented vehicles moderate redemption flows. Rates, FX, and commodities Sovereign yields are little changed to modestly lower as investors weigh sticky inflation against softer activity signals. The curve remains relatively flat by historical standards, reflecting uncertainty around the timing and pace of future policy easing. The dollar is firmer on haven demand and interest-rate differentials, pressuring export-sensitive regions. Gold eased alongside a stronger dollar and higher real yields, while oil traded steady-to-softer on demand concerns and position unwinds. Earnings and corporate updates to watch US results today include a major cruise operator before the open and housing/logistics bellwethers after the close. Later this week, an AI-linked memory manufacturer reports, with investors focused on supply discipline, pricing, and capex plans for data center demand. In Europe, automakers and luxury brands continue to reassess model strategies and capital allocation as tariffs and China demand dynamics evolve. Select consumer names moved on leadership changes aimed at accelerating turnarounds. What’s driving the tech pullback Positioning: AI beneficiaries have been consensus overweight for institutions, leaving limited room for positive surprises and making the group vulnerable to bouts of profit-taking. Capex intensity: The multi-year investment cycle in compute, memory, networking, and power is immense. Any sign that spending will be phased more gradually can spark sharp reversals. Rates and discounting: Elevated real yields weigh most on long-duration cash flows typical of secular growth names. Buy-the-dip behavior: For now, bargain hunting is cautious; investors appear to want clearer validation from upcoming earnings and guidance. Navigate Tech Volatility with US Equities Access global markets to seamlessly trade US-listed technology stocks, ETFs, and ADRs. Trade US Stocks Trade US Stocks The week ahead: key signposts Micro: AI supply chain earnings; logistics/housing read-throughs for goods demand; management commentary on pricing power and inventories. Macro: Housing, consumer confidence, and inflation gauges later in the week will refine views on the growth/inflation mix and rate paths across major economies. Policy: Central bank speakers remain in focus for any hints on reaction functions, while FX watchers monitor authorities’ tolerance for currency volatility in Asia. Portfolio considerations Equities: Expect higher day-to-day volatility in AI-exposed names. Emphasize balance between quality growth and cash-generative defensives; within semis, differentiate by end-market exposure (memory vs. logic vs. storage) and capex discipline. Fixed income: In investment-grade credit, robust demand continues for resilient cash flows, but be mindful of duration and new-issue concessions. In private credit, ensure alignment between liquidity terms and portfolio assets. Alternatives and commodities: A stronger USD can cap upside near-term; stagger entry points and consider diversification to manage currency and rate sensitivity. Bottom line After an exceptional run, the AI complex is encountering its first meaningful reality check of this leg higher. The underlying secular story hasn’t changed, but the market is insisting on cleaner proof of earnings durability and capex returns. Until that arrives, expect choppier trading, narrower leadership, and a higher bar for positive surprises. Capitalize on Market Shifts with CFDs Maintain flexibility in a changing market by trading global indices, forex, and commodities. Explore CFD Trading 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.

22 June 2026 – Daily Market Updates Market Brief: Dollar Strength Reasserts Itself as Policy Tone Tightens Global markets are easing back into trade with a cautious tone as investors weigh a softer inflation pulse, resilient growth signals, and shifting sector leadership. Equities are mixed to slightly softer in early trade, sovereign yields are edging higher as traders reassess the path of policy rates, and crude is lower on improved supply dynamics. Foreign exchange is relatively steady, with modest strength in select European currencies. Global overview Equities: After a strong run in select technology bellwethers, leadership is broadening. Europe is drawing renewed interest as energy costs ease and growth expectations stabilize. US futures are mixed, with investors rotating within sectors rather than making big directional bets. Asia was uneven, reflecting ongoing regulatory and policy headlines. Rates: Longer-dated yields are a touch higher as markets recalibrate to “higher-for-longer” rhetoric and await fresh inflation data. Curves remain flatter than average, keeping duration risk in focus. Commodities: Oil is softer as near-term supply disruptions appear less acute, easing one of the key stagflation worries from earlier in the year. Softer crude takes some pressure off input costs for transport, industrials, and consumer sectors. Currencies: The dollar is range-bound; European FX has firmed on improved growth sentiment and fading tail risks. Spotlight: Europe’s relative appeal rises Investors are revisiting the “own more Europe” narrative as the ingredients that hampered the region earlier this year—elevated energy prices and sticky inflation—have moderated. With oil off recent highs and macro indicators stabilizing, cyclical pockets look better supported. What’s driving the shift: Cooling energy prices: Lower input costs help margins for manufacturers, autos, travel, and consumer names. Healthier growth mix: Business surveys suggest stabilization, reducing fears of a stagflationary backdrop. Valuation and concentration: Europe’s benchmarks carry less mega-cap AI concentration risk, which can be attractive as investors question the durability of a one-sided tech trade. Sector rotation: Banks, consumer cyclicals, and select industrials are benefiting from steeper curves at the margin and improving earnings visibility. Counterpoints remain: Fiscal uncertainty in parts of the region, geopolitical risks, and uneven domestic demand could cap outperformance. But on balance, the macro setup has improved versus the start of the year. Rates, credit, and volatility Policy watch: Markets continue to map out a slower pace of easing among major central banks. Any upside surprise in US inflation gauges could nudge terminal-rate expectations higher again. Credit: Spreads are broadly stable; carry remains compelling but select pockets of private debt and structured credit are seeing greater dispersion as financing costs bite. Volatility: Index-level volatility remains subdued compared with macro uncertainty, leaving room for abrupt swings around data and policy events. Corporate pulse Deal and listing activity: A steady trickle of M&A and capital markets headlines continues across healthcare, consumer, and technology, with buyers prioritizing strategic tuck-ins and IP acquisition over larger leveraged deals. Earnings-in-brief: Company updates this week should shed light on inventory normalization, pricing power in consumer categories, cloud and AI spending intentions, and capex plans into year-end. The week ahead: data and events to watch North America: Personal income and the PCE price index; durable goods; GDP updates; weekly labor indicators; large-cap earnings from tech and logistics. Europe: Flash and final manufacturing readings; confidence surveys; inflation expectations; select GDP releases. UK: Business sentiment and housing indicators; watch gilts and sterling for policy-path repricing around data. Asia: Industrial production and trade figures from North Asia; confidence surveys; policy commentary as authorities balance growth support with financial stability. Central banks and policy: Stress test results for major US banks; multiple Fed and ECB appearances that could recalibrate rate-cut timelines. AI and the future of wealth management Artificial intelligence is accelerating the shift toward scalable, personalized financial guidance. For mass-affluent clients, digital tools are already delivering portfolio construction, tax-loss harvesting, and goal tracking at lower cost and with faster iteration. That raises the bar for human advisors, who will increasingly concentrate on complex planning—succession, liquidity events, concentrated-stock diversification, cross-border issues—and the behavioral and family-dynamics coaching that algorithms don’t address. The likely end state is a blended model: AI handling routine analytics and monitoring, with advisors focusing on judgment, context, and high-stakes decisions. Strategy thoughts Rebalance concentration: Consider whether equity exposure is overly reliant on a narrow set of growth leaders. Adding cyclicals, quality value, and international developed markets can reduce single-theme risk. Mind the rate path: Duration remains a two-way risk. Laddering or blending short and intermediate exposures can help manage uncertainty around policy timing. Earnings over narratives: With macro tail risks easing, fundamentals—free cash flow durability, pricing power, and balance-sheet strength—should drive dispersion within and across regions. Keep hedges pragmatic: With volatility subdued, options-based protection or disciplined stop-loss frameworks can be cost-effective ways to guard against data shocks or geopolitical headlines. Diversify Your Portfolio with Global Equities Access international markets and rebalance your concentration risk with our institutional-grade brokerage solutions. Explore Institutional Services Risks to monitor Geopolitics and energy supply routes The trajectory of services inflation and wage growth Liquidity conditions around month- and quarter-end Weather-related disruptions that could affect agricultural and energy markets Regulation of leveraged products in select markets, with potential impacts on retail-driven flows Bottom line Leadership is broadening as inflation anxiety ebbs and energy pressures cool. Europe’s improving backdrop is drawing attention, while US markets digest an extraordinary run in a handful of megacaps. With multiple data catalysts ahead, balance and diversification remain essential. 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

19 June 2026 – Daily Market Updates Market Brief: Dollar Strength Reasserts Itself as Policy Tone Tightens Overview A firmer US policy stance has reset expectations across global markets. The dollar extended its advance, global equities paused after a strong run, and front‑end rates edged higher as investors reprice the path of monetary policy. With major centers observing holidays, liquidity is thinner than usual, amplifying intraday swings. Top takeaways Stronger dollar, weaker risk appetite: A more restrictive tone from US policymakers lifted the greenback broadly and pressured carry trades and parts of emerging markets. Yields grind higher at the short end: Markets are leaning toward tighter-for-longer, pushing up front-end rates and real yields, a headwind for gold and longer-duration growth assets. Equities cool after a hot streak: Tech leadership remains intact, but breadth is uneven and volumes are lighter. Europe is flat, Japan modestly firmer, and US futures point to a softer open. Commodities mixed: Crude is steady in the mid‑$70s, with supply discipline offsetting growth concerns. Precious metals soften on a stronger dollar; base metals trade mixed. Political and policy headlines add noise: Select bond markets saw pressure amid domestic political developments, while cross‑border technology and trade tensions remain a watchpoint. Equities United States: After a strong year-to-date climb led by AI beneficiaries and quality growth, equities are consolidating. Participation remains narrow, and lighter holiday volumes can exaggerate moves. Valuations in leadership groups are full, increasing sensitivity to earnings guidance and macro surprises. Europe: Benchmarks are little changed, with defensive sectors and select industrials holding up better than cyclicals. UK yields moving higher has weighed on rate‑sensitive pockets. Asia: Japan outperformed modestly on continued earnings upgrades linked to digital infrastructure demand. Other regional markets were mixed, with exporters benefiting from currency trends. Institutional-Grade Global Equity Trading Trade global equities across US, European, and Asian markets with secure execution and dedicated local support in the DIFC. Explore Global Equities Currencies US dollar: Broadly stronger as markets reprice the policy path toward tighter-for-longer. Higher US real yields and attractive short‑dated carry are drawing capital. Euro and pound: Softer versus the dollar amid rate differentials and localized political risk. Focus remains on upcoming activity data and inflation prints. Yen: Under pressure near multi‑decade weak levels. Verbal guidance from officials is a risk to one‑way positioning, but rate differentials remain the dominant driver. Emerging markets FX: Mixed to weaker. Higher US yields challenge local‑currency carry, especially where external balances are stretched. Rates and credit Sovereigns: Front-end Treasury yields edged up as markets push back on the timing of potential easing. Curves are somewhat flatter. Select European bond markets underperformed on domestic headlines and global rate repricing. Credit: Spreads remain contained, supported by solid corporate fundamentals and healthy primary market access. Higher all‑in yields continue to attract demand, but issuance windows remain tactical. Commodities Oil: Range‑bound around the mid‑$70s as supply management and inventory dynamics offset demand uncertainties. Volatility remains contained. Gold: Eases as the dollar strengthens and real yields firm. Medium‑term support still tied to diversification flows and central‑bank buying. Industrial metals: Mixed performance, with China growth signals and inventory trends the key swing factors. Diversify Across Global Asset Classes Navigate market shifts with our comprehensive suite of multi-asset solutions, spanning global equities, fixed income, forex, and commodities. View Trading Products Emerging markets Local rates and FX face renewed headwinds from a stronger dollar and higher US real yields. Hard‑currency credit is more resilient given carry and supportive technicals, but country selection is critical. Watch for policy responses where currencies have moved quickly. What’s on the radar Global PMIs and regional inflation updates that will refine the growth/inflation mix into quarter‑end. Central bank speakers and minutes for color on reaction functions and tolerance for currency strength. US labor trends and housing indicators for signs of cooling or re‑acceleration. Energy market updates, inventories, and any guidance from producers on supply strategy. Corporate guidance: Capex plans tied to AI, cloud, and infrastructure remain key for equity leadership durability. Portfolio considerations Quality bias: Strong balance sheets and consistent cash flows tend to fare better when real yields rise. Duration discipline: Reassess rate sensitivity across equity and bond allocations; consider staggered maturities in fixed income. FX risk management: Stronger dollar phases can pressure unhedged international exposures and EM assets. Diversification: Maintain balance across growth/defensive sectors and across credit qualities; avoid concentration in a single macro narrative. Liquidity: Thinner holiday trading can widen bid‑ask spreads; use limit orders and be patient on entries/exits. Data snapshot Equities: US futures tilt modestly lower; Europe flat; Japan slightly higher. FX: Dollar firm across majors; yen weakest among G10. Rates: Front‑end yields up; curves a touch flatter. Commodities: WTI around the mid‑$70s; gold softer; base metals mixed. Disclaimer: Trading foreign exchange and/or contracts for difference on margin carries a high level of risk, and may not be suitable for all investors as you could sustain losses in excess of deposits. The products are intended for retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. The content of the Website must not be construed as personal advice. For retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. Rolling Spot Contracts and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78% of our retail client accounts lose money while trading with us. You should consider whether you understand how Rolling Spot Contracts and CFDs work, and whether you can afford to take the high risk of losing your money. Daily Market Updates – June 19 June 19, 2026 19 June 2026 – Daily Market

18 June 2026 – Daily Market Updates Daily Market Briefing: A firmer Fed tone, softer oil, and mixed global risk appetite Overview Markets are recalibrating after the new Federal Reserve chair underscored a no-compromise stance on inflation. Short-dated US yields jumped as traders pulled forward the probability of another policy move, while equity sentiment has stabilized alongside a sharp pullback in crude. European stocks are modestly lower, Asia closed mixed with China underperforming, and the US dollar is firmer against most peers. Top themes today Fed signals resolve: In his first press conference as chair, Kevin Warsh emphasized that sustained price pressures won’t be tolerated. Front-end Treasuries sold off, with two‑year yields leaping by the most in over a year to a touch above 4.1%. Longer maturities rose more moderately, leaving the curve a bit flatter. Energy relief as tensions ease: Signs of de-escalation in the Middle East and early movements through key shipping lanes have knocked oil lower, with US benchmarks sliding into the mid‑$70s. US retail fuel prices are edging down, offering a potential tailwind to headline inflation in coming prints. Equities steady to higher in the US: Futures are pointing up, helped by the combination of lower oil and resilient tech leadership. Europe is softer ahead of a Bank of England decision widely expected to keep rates on hold. Norway and Switzerland left policy unchanged earlier, keeping a cautious tone on inflation. China’s tech slump contrasts with AI leaders elsewhere: Mainland- and Hong Kong‑listed internet and consumer names continue to lag peers in Taiwan and South Korea that are more leveraged to AI hardware demand. Softer domestic consumption and intense competition are weighing on sentiment. FX and rates: The dollar index is a bit stronger; the yen remains under pressure near multi‑decade lows, keeping intervention risk on the radar. Global sovereign curves are biased higher in yield at the front end after the Fed’s stance. What the Fed message means for bonds and risk assets Rates: Markets are pricing an increased chance of a rate hike in the near term if inflation data fail to ease. Two‑year yields have adjusted swiftly; 10s and 30s could grind higher if term premia rise with policy uncertainty, though a flatter curve remains a risk if growth headwinds reappear. Credit: High‑grade spreads are largely steady, supported by solid balance sheets. Lower‑quality credit is more sensitive to funding costs—watch for dispersion as refinancing windows tighten. Equities: Rate‑sensitive pockets (small caps, real estate, long‑duration growth ex‑profit) may remain choppy. Earnings resilience and cash generation continue to support mega‑cap tech. Falling oil relieves input‑cost pressure for transports and consumers but weighs on energy producers. Commodities: Crude’s decline eases inflation anxiety and could temper the most hawkish policy outcomes if it persists. Industrial metals remain tied to China growth signals and US investment trends. Global snapshot (indicative, subject to change) US: Two‑year yields marginally above 4.2%; S&P 500 futures firmer by roughly 1%. Europe: Region‑wide equities modestly lower; core yields little changed ahead of the BoE. Asia: Hong Kong underperformed; Japan mixed; Taiwan and Korea steady with semiconductor strength. Commodities: WTI in the mid‑$70s; Brent softer; gold little changed. FX: Dollar broadly higher; yen weak; euro and sterling range‑bound pre‑BoE. Energy and geopolitics: what to watch Shipping normalization through critical straits would help rebuild crude supply chains and ease risk premia embedded in oil. Follow inventories, refinery utilization, and product crack spreads for confirmation that the energy shock is fading. Central banks United Kingdom: The BoE is expected to hold, keeping options open while it assesses services inflation and wage dynamics. Switzerland and Norway: Both paused, reiterating vigilance on domestic price trends and, in Switzerland’s case, currency dynamics. China and North Asia divergence China: Internet and consumer platforms are investing in AI, but near‑term monetization remains uncertain amid subdued household demand and elevated competition. North Asia ex‑China: Hardware‑centric markets continue to benefit from AI infrastructure spending, lifting earnings revisions and supporting valuations. Explore Investment Products Access global equities, derivatives, and wealth management solutions tailored to your strategy. Explore Investment Products Scenarios to monitor for US long bonds (10s/30s) Sticky inflation, firm growth: Bear‑steepening risk as markets price a higher terminal rate and some term premium rebuild; long yields can drift higher. Cooling inflation, slower growth: Bull‑flattening risk; front‑end rallies more than the long end as hike odds fade. Oil sustains below recent peaks: Eases headline CPI path, reducing the need for aggressive tightening; could cap the upside in long yields. Positioning considerations for diversified investors Duration: Neutral to modestly short duration until inflation momentum cools decisively. Consider barbell exposures to manage curve uncertainty. Equities: Emphasize quality balance sheets, cash flow, and pricing power. Stay selective in cyclicals; energy under pressure while crude retrenches. Credit: Favor investment grade over high yield given financing costs and dispersion. Maintain liquidity buffers. Alternatives: For inflation hedging, consider a balanced mix rather than relying solely on energy beta. The day ahead Central bank: Bank of England rate decision and minutes. US data: High‑frequency indicators on labor and housing; watch business surveys for price‑paid components. Earnings: Large‑cap consulting and major retailers report—color on enterprise IT spend and US consumer health will be in focus. Key takeaways The Fed’s new leadership has reinforced an inflation‑first framework, pushing front‑end yields higher. Softer oil is a welcome offset for risk assets and inflation expectations. China’s tech remains an outlier to the global AI rally, keeping regional dispersion elevated. Stay nimble on duration and focus on quality across equities and credit while policy and growth paths recalibrate. Institutional-Grade Execution Advanced connectivity, multi-asset clearing, and dedicated support for funds and family offices. Discover Institutional Services Disclaimer: Trading foreign exchange and/or contracts for difference on margin carries a high level of risk, and may not be suitable for all investors as you could sustain losses in excess of deposits. The products are intended for retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider

17 June 2026 – Daily Market Updates Daily Market Briefing: Why Elevated Yields May Stick Around Overview Here’s a broad look at what’s moving markets and what it could mean for portfolios as investors weigh policy decisions, inflation dynamics, and shifting geopolitics. Market pulse Equities: Global stocks were mixed, with mega-cap tech leadership intact while more rate‑sensitive sectors lagged. European shares were choppy as autos and industrials digested softer demand signals. Asian benchmarks found support from selective policy optimism and a steadier commodities backdrop. Rates: Government bonds firmed modestly after a recent back‑up in yields. The longer end remains under pressure relative to the front as markets reassess growth, inflation persistence, and the scale of sovereign issuance. Currencies: The dollar held a mild bias versus peers, driven by relative growth and carry. Select high-yielding currencies benefited from rate differentials, while funding currencies were range‑bound. Commodities: Crude traded in a tight band as supply headlines offset uneven demand indicators. Industrial metals were steady, supported by infrastructure and data-center spending themes, even as manufacturing surveys remain mixed. Deep dive: The case for persistently higher bond yields Even as energy costs cool and some geopolitical risks ease, several slow-moving forces point to a higher floor for yields than in the pre-2020 era: Heavier public borrowing needs: Larger fiscal deficits and ongoing refinancing raise the supply of long‑dated debt, rebuilding the term premium that was compressed during years of central bank balance‑sheet expansion. Investment super-cycle: Defense, infrastructure, re‑shoring, and the energy transition collectively elevate real investment demand, lifting equilibrium real rates even if headline inflation moderates. Demographics and savings: Aging populations in advanced economies can shift savings patterns, narrowing the global savings surplus that helped anchor yields. Less central bank demand: Quantitative tightening and a reduced official buyer base mean more duration must be absorbed by private investors at a higher clearing yield. Sticky services inflation: Goods disinflation has progressed, but services prices and wages remain slower to cool, complicating the path to policy easing. Risk premia repricing: Greater macro and geopolitical uncertainty argues for structurally higher compensation to hold long maturities. Navigate High Yields with Expert Guidance Protect and grow your wealth in a shifting market with tailored wealth management and structured product solutions. Explore Wealth Management & Structured Notes What this means across assets Sovereigns: Curves may remain biased toward bear steepening on supply and growth capex. Rally attempts can fade if inflation progress stalls or issuance exceeds expectations. Investment-grade credit: Fundamentals are sound, but all‑in yields embed more interest‑rate than credit risk. Extension risk matters; intermediate tenors balance carry and volatility. High yield and loans: Financing windows are open, yet refinancing at higher coupons will gradually pressure interest coverage. Quality dispersion is likely to widen. Equities: Higher discount rates keep valuation discipline front and center. Firms with durable cash flow, pricing power, and modest leverage remain better placed. Financials’ net interest benefits depend on curve shape and deposit dynamics; real‑asset plays hinge on financing costs and rental growth. Real assets/alternatives: Income-oriented strategies benefit from higher baselines, but sensitivities to funding costs and cap rates warrant careful underwriting. Currencies: Rate differentials and growth resilience support carry, but episodes of risk aversion can whipsaw high‑beta FX. Hedging remains prudent for unhedged international exposures. Emerging markets: Countries with credible policy, manageable external balances, and commodity support are better insulated; rate‑cut cycles will be staggered and data‑dependent. Central bank watch Major central banks are signaling patience. Markets expect a gradual—rather than rapid—normalization path, with cuts paced by incoming inflation and labor data. Communication will matter as policymakers balance disinflation progress against the risk of easing too soon. Keep an eye on: Core inflation trends, wage growth, services price pressures, and revised estimates of the neutral rate. Shifts in balance‑sheet runoff plans could also influence term premia. Corporate landscape Tech and AI-linked ecosystems continue to command premium multiples, but execution and supply‑chain resilience are under scrutiny. Global autos face uneven demand and competitive pricing, particularly where exposure to slower markets is elevated. Consumer-facing sectors are seeing a more discerning shopper: trade‑downs continue in some categories while premium niches hold up where brand power is strong. Industrials: Backlogs remain supportive, though order cadence is normalizing; input costs and wage trends are key watchpoints. Commodities and energy Oil: Range‑bound price action reflects offsetting forces—supply management and geopolitical risk versus moderate global growth and rising efficiency. Metals: Long‑dated demand from grid upgrades, electrification, and data infrastructure supports the medium‑term case, but near‑term prices track manufacturing PMIs and inventory cycles. Agriculture: Weather patterns and shipping conditions remain the primary swing factors for price volatility. What we’re watching next Inflation prints across major economies for confirmation that services disinflation is taking hold. Labor-market updates for signs of cooling in wage momentum without a sharp deterioration in hiring. Global PMIs and retail sales for a read on demand resilience. Sovereign issuance calendars and auction demand metrics to gauge term‑premium pressures. Policy communications from major central banks and any signals on the balance between rate paths and balance‑sheet plans. Portfolio considerations in a higher yield regime Fixed income: Laddered bonds between short and intermediate maturities to blend carry with rate flexibility. Maintain some dry powder in high-quality short-term instruments to deploy on volatility. Consider a core-plus approach: add selective securitized and high-quality credit for incremental spread, sized to risk tolerance. Use inflation‑linked bonds as a hedge where appropriate. Equities: Tilt toward businesses with strong free cash flow, pricing power, and sensible balance sheets. Diversify factor exposures—quality, profitability, and reasonable growth—rather than leaning solely on duration‑sensitive growth. Revisit geographic diversification; consider currency hedging where rate differentials are material. Alternatives and income: For yield, evaluate short-duration, investment‑grade income strategies; be mindful of call and liquidity features. In real assets, underwrite conservatively to higher cap rates and financing costs. Risk management: Stress‑test portfolios for +100 bps rate shocks and a steepening curve. Rebalance systematically to manage drift after strong single‑sector runs. Keep an eye on liquidity buckets; avoid overconcentration in crowded trades. Bottom line The

16 June 2026 – Daily Market Updates Daily Market Brief: A softer Fed tone, a louder bond market Overview Equity futures point to a mixed US open after a steady session in Europe and uneven trading in Asia. The tone is cautious ahead of this week’s central bank updates. Government bond yields are slightly lower and the curve remains sensitive to data surprises. Rate volatility has firmed from recent lows. Crude oil is softer as traders weigh supply-route headlines against demand concerns. The US dollar is broadly stable; gold is holding a bid amid persistent haven demand. Top theme: If guidance cools, volatility can warm Investors are preparing for the possibility that the Federal Reserve trims back its forward guidance. For years, detailed signaling helped markets “pre-price” policy moves and dampen surprises. A shift toward fewer hints and a tighter message would push price discovery back onto incoming data and scheduled meetings. Why that matters: Rates: With less signposting, rate markets tend to move more around each data release. That can lift term premia and increase volatility, particularly in the 2–10 year sector where policy expectations concentrate. Curve shape: The front end becomes more data-dependent; the belly can reprice more abruptly. Expect larger, faster moves around jobs, inflation, and spending prints. Liquidity: Auction outcomes and dealer positioning take on outsized importance when the path of policy is less explicit, potentially widening intraday ranges. Credit: Wider swings in risk-free rates can translate into choppier spread moves, even if fundamentals are unchanged. Issuers may be more opportunistic about tapping primary markets. Equities: Rate-sensitive segments (long-duration growth, real estate) can see valuation multiples fluctuate more with every macro print, while financials react to the interplay of funding costs and loan growth. FX and commodities: A less predictable US policy path can add two-way risk to the dollar, which in turn influences commodities priced in USD. Global snapshot US: Stocks are pausing near recent highs as investors await the policy decision and fresh reads on the consumer and housing. Options markets are pricing a pick-up in short-dated volatility around this week’s events. Europe: Broad indices are modestly higher, led by cyclicals and select financials. Policy divergence with the US remains a key driver for regional rates and the euro. Asia: Markets were mixed. Policy normalization in Japan and uneven growth signals from China keep regional FX and equities in a push-pull between external demand and domestic momentum. Commodities: Oil trades heavy amid shifting expectations for supply routes and output plans, while refined product cracks remain range-bound. Gold is underpinned by central-bank buying and geopolitical hedging. Rates and credit: Practical takeaways Duration: Consider a barbell (short-dated cash-like instruments plus intermediate Treasuries) to manage carry while keeping flexibility. Elevated rate vol argues for avoiding overly concentrated exposures in the belly. Optionality: With macro surprises more likely, maintaining some convexity via options or structured hedges can reduce drawdown risk around data days. Inflation: Keep an eye on breakevens. If growth cools faster than inflation, real yields can swing; a partial allocation to inflation-linked bonds can help diversify. Credit: Quality still matters. Investment grade issuers continue to enjoy solid demand when issuance windows open, but lower-quality credits may face more episodic access and higher refinancing costs. Favor resilient balance sheets and manageable maturities. Elevate Your Institutional Strategy Navigate market volatility with our global execution capabilities and dedicated relationship coverage tailored for professional counterparties. Discover Institutional Services Equities: Rotation risks and opportunities Growth vs value: If policy communication tightens and yields chop, expect intermittent multiple compression in long-duration growth. Pullbacks there can be sharp but short-lived if earnings remain robust. Financials: Net interest margins and credit quality are the swing factors. A steeper curve helps, but watch funding costs and provisioning trends. Defensives: Stable cash flows (staples, healthcare services, select utilities) can act as ballast if macro volatility rises. Cyclicals/industrials: Global trade and capex indicators are mixed; focus on companies with pricing power and diversified end-markets. FX and commodities USD: Range-bound but reactive. Softer guidance from the Fed without a material change in the data tends to keep the dollar in ranges, with breakouts more likely on inflation/employment surprises. JPY and EUR: Sensitive to relative policy paths. Any sign of further normalization in Japan or a slower easing cadence in Europe could unleash larger moves. Oil: Supply-route headlines and inventory data are the near-term catalysts. Positioning has lightened; headline risk remains high. Gold: Central-bank demand and hedging needs continue to provide support on dips. What to watch this week US: Retail sales, industrial production, housing starts/permits, jobless claims, and the Fed decision/statement. Treasury auctions may offer a read on term premia and demand. Europe/UK: Inflation prints, PMI flashes, and policy remarks from regional central bankers. Asia: Policy commentary from Japan and growth/credit indicators from China. Trade data and tech supply-chain updates remain key for regional equities. Corporate: A steady slate of investment-grade issuance when windows are open; earnings from select consumer, financial, and tech names will color guidance for 2H. Portfolio considerations Rebalance interest-rate risk: Avoid clustering maturities around a single tenor; stagger exposures to reduce event-day swings. Stay liquid: In periods of higher macro volatility, favor instruments with reliable secondary-market depth. Hedge the tails: Consider cost-effective hedges into major data/decision days rather than after moves occur. Quality tilt in credit and equities: Strong free cash flow, healthy coverage ratios, and flexible cost structures tend to outperform through choppier macro regimes. Diversification: Maintain a mix across regions, factors, and asset classes to buffer dispersion as central-bank communication evolves. Risk radar Policy surprise risk rises if forward guidance recedes; data dependency magnifies each macro print. Geopolitics and shipping lanes can abruptly affect energy and freight costs. Seasonal liquidity can exacerbate intraday swings; mind gap risk around market opens. China’s growth path and property-related stress remain key swing variables for commodities and Asian risk assets. We’re here to help For a deeper discussion of positioning and risk management around this week’s policy decision and data releases, reach out to your

15 June 2026 – Daily Market Updates Global Market Briefing | Monday, June 15, 2026 Overview Risk appetite is firm at the start of the week. A thaw in Middle East tensions has eased supply fears, pushing crude lower and lifting equities and government bonds. The focus now shifts from last week’s IPO fireworks to a heavy central-bank calendar headlined by the Federal Reserve midweek. Cross-asset snapshot Equities: US equity futures point higher and Europe is in the green, with cyclical areas outperforming while energy lags on softer oil. Asia finished strongly, led by North Asia. Rates: Core government bonds are bid and yields are a touch lower across the curve as markets lean into a calmer inflation impulse from cheaper energy. Credit: Spreads are a shade tighter alongside the risk-on tone; primary markets remain active into quarter-end. FX: Pro-growth currencies are firmer versus the dollar, while haven FX is mixed. The euro edges up, sterling steady ahead of UK data, and select Asian currencies gain on improved sentiment. Commodities: Oil retreats on de-escalation hopes and improved shipping outlooks; gold consolidates; industrial metals catch a tailwind from the cyclical bid. What’s driving the move Geopolitics: Signs of progress toward reduced friction in the Middle East have taken the edge off the recent energy risk premium, helping equities and duration simultaneously. Liquidity and sentiment: A strong reopening of the new-issue window and healthy risk appetite are broadening market participation beyond mega-cap leaders. Inflation path: A pullback in fuel prices, if sustained, could filter into headline inflation and freight costs over the coming weeks, supporting the “soft-landing” narrative. Equities Leadership: Travel and leisure, consumer discretionary, and select materials/mining names are catching a bid. Energy, and to a lesser extent utilities, trail the tape as oil slips. Tech and listings: Enthusiasm around AI infrastructure and recent high-profile listings remains a tone-setter, but attention is rotating back to macro and policy this week. Breadth and flows: Futures positioning suggests improved breadth with small- and mid-caps participating; watch whether that extends beyond the open and into the close. Fixed income US Treasuries: Yields are a few basis points lower in early trade, with modest bull-flattening as front-end stays tethered to policy expectations while the long end benefits from growth/inflation relief. Europe: Core and semi-core sovereigns firm; periphery stable with spreads slightly tighter. UK gilts in focus ahead of inflation data and the BoE. Credit: Investment-grade supply remains steady; high yield benefits from the risk-on tone, though dispersion is elevated in energy. FX USD: Slightly softer against a basket as yield differentials narrow. Focus turns to the Fed’s guidance and any shift in dots or balance-sheet language. EUR/GBP: Euro edges up on improving risk tone; sterling steady before CPI and the BoE. JPY/Asia FX: Yen mixed as rate differentials still matter; Asia FX firmer on the combination of calmer oil and stronger regional equities. Commodities Crude: Prices are lower on reduced geopolitical risk and improved shipping outlooks. A sustained dip would temper headline inflation and support consumer spending power. Precious metals: Gold is little changed to softer on higher equity appetite and marginally firmer real yields. Base metals: Copper and peers gain with the pro-cyclical tone and hopes for steadier industrial demand. Trade Global Futures & Options Manage risk and leverage opportunities across global asset classes with confidence on a DFSA-regulated platform. Explore Futures & Options The policy week ahead Federal Reserve (Wed): The base case is no change in rates. Markets will parse the statement and press conference for any tilt toward renewed inflation vigilance versus patience as energy eases. Europe/UK: The BoE is expected to hold while signaling data dependence; Switzerland, Norway, and Sweden also meet, with guidance the key swing factor for FX. Asia/EM: Several regional central banks are on deck; the balance between currency stability and growth support remains central. Data to watch US: Retail sales, industrial production, housing starts/permits, jobless claims. An upside surprise in retail sales alongside easing gasoline prices would reinforce resilient consumption. Euro area/UK: Eurozone inflation updates and wage trackers; UK CPI and labor market prints ahead of the BoE. Asia: China activity gauges and property data; Japan machinery orders and trade. Note: US markets are closed on Friday for the Juneteenth holiday, which could pull activity forward into the first half of the week. Key themes we’re monitoring Energy pass-through: The speed at which lower fuel costs filter into freight, airfare, and goods prices. Market breadth: Whether cyclical participation persists beyond a geopolitical relief rally. Curve dynamics: Any renewed bear-steepening if growth data firm, versus bull-flattening if inflation momentum cools. Listings pipeline: The cadence of upcoming offerings as risk appetite and valuations remain supportive. Positioning considerations discussed by market participants A tilt toward cyclicals and travel-sensitive names when energy costs fall, balanced against defensives in case geopolitics re-escalate. Gradual duration add-ons on rate back-ups, with an eye on Fed messaging and supply. Active sector rotation within equities as earnings revisions and input-cost dynamics evolve. Risk reminders Geopolitical headlines can change quickly and reprice energy and shipping. A hot inflation or wage print could reawaken rate-hike fears and pressure duration and long-duration equities. Liquidity may thin into the US holiday, amplifying intraday moves. Institutional-Grade Brokerage Solutions Empower your fund or family office with multi-asset execution, API connectivity, and dedicated relationship coverage. View Institutional Services Disclaimer: Trading foreign exchange and/or contracts for difference on margin carries a high level of risk, and may not be suitable for all investors as you could sustain losses in excess of deposits. The products are intended for retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. The content of the Website must not be construed as personal advice. 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12 June 2026 – Daily Market Updates Daily Markets Briefing Overview Risk appetite is firm heading into the US open. Equity index futures are in the green, led by tech-heavy benchmarks, while the dollar is broadly steady. Crude oil is retreating after headlines pointing to potential de-escalation in the Middle East, and crypto is slightly higher. Bond markets are quiet as investors look ahead to next week’s central bank decisions. Key themes today Equities: US futures point to modest gains, with Nasdaq-100 contracts up around half a percent. Europe is higher across most sectors, led by technology and travel. Defensive pockets are lagging. Commodities: Oil is down roughly 4% from recent levels as traders price in a lower risk premium tied to geopolitical developments. Softer energy prices are supporting airlines and select consumer groups while weighing on energy producers and services. Currencies and crypto: The broad US dollar gauge is little changed in early trade. Major pairs are rangebound. Bitcoin is marginally firmer after a choppy week. Rates: Core yields are broadly stable as markets await fresh guidance from the Federal Reserve next week. IPO watch A high-profile US listing in the space, satellite and AI arena is set to begin trading today, drawing intense attention from both institutions and retail investors. Indications from grey-market activity suggest a strong opening premium relative to the offer price. Beyond first-day moves, investors will focus on: Execution across multiple businesses (launch services, broadband constellations, and AI-related initiatives) Capital intensity and cash-flow path as growth projects scale Governance considerations given substantial founder voting control and overlapping executive roles Competitive dynamics and regulatory oversight across defense, telecom and space Capitalize on Global Equity Markets & Futures Stay ahead of the curve with direct access to US, European, and Asian equities, plus global futures and options. Explore Trading Products Macro and policy United States: Fixed income desks will parse next week’s Federal Reserve meeting for any shifts in tone under new leadership and for clues on the path of balance sheet policy and rate cuts. Smaller tweaks in communication could translate into bigger market swings given tight positioning. Europe: An ECB Governing Council member signaled willingness to tighten again if warranted by external shocks. Markets still price a shallow path ahead, leaving data and geopolitical headlines as swing factors for rates and the euro. China liquidity: Authorities have reportedly asked major state-owned banks to dial back interbank lending to curb excess cash and stabilize short-term rates. The move underscores the balancing act between supporting growth and preventing financial imbalances. Sectors and single-name color Tech and chips: After a powerful year-to-date rally, several prime brokers are said to be trimming leverage extended to hedge funds in select Asian semiconductor names, aiming to cool volatility. Expect wider intraday ranges and more dispersion. Software: One large-cap software name is weaker premarket after a leadership change in the finance function. Investors will watch for continuity in capital allocation and AI monetization plans at the upcoming earnings update. Housing: A major US homebuilder guided cautiously on orders and deliveries, citing persistent affordability headwinds. Lower mortgage rates would help, but lot and labor costs remain constraints. Energy, airlines and transport: Energy equities are softer alongside crude. Airlines and other fuel-sensitive groups are catching a bid on the prospect of cheaper jet fuel and reduced geopolitical risk. Space-related equities: Peers in launch, satellites and space infrastructure are higher in premarket trade ahead of today’s marquee listing. Global equity flow watch Retail participation in the US remains elevated around high-profile offerings, though the mechanics differ meaningfully from Asia, where some markets still see very large retail order books due to listing frameworks that can favor outsized first-day moves. For US investors, allocation sizes, lockups and stabilization practices will influence aftermarket liquidity and volatility. What to watch next US: Preliminary June sentiment, inflation expectations and any company pre-announcements into quarter-end Central banks: Federal Reserve meeting next week; follow-through commentary from ECB officials Energy: Any concrete steps toward de-escalation in the Middle East and the knock-on to crude term structure Asia: Signals from China’s liquidity management and any incremental growth support measures Portfolio considerations Stay disciplined on position sizing around new listings. Early trading can be headline-driven with wide bid-ask spreads. In equities, lower oil supports travel and consumer subsectors but can pressure energy; consider hedges if exposures are concentrated. For rates, keep an eye on term premium and front-end volatility into the Fed. Options or barbell strategies can help manage event risk. In semiconductors, tighter leverage may amplify swings; focus on balance sheet strength and end-market diversity. Market snapshot (early US morning, indicative) US equity futures: modestly higher, tech leading European equities: broadly firmer Oil: down roughly 4% from recent levels US dollar: little changed on a trade-weighted basis Bitcoin: slightly higher Institutional-Grade Brokerage for Funds & Family Offices Protect your capital and optimize your portfolio with dedicated relationship coverage and global execution across all major asset classes. Discover Institutional Services Disclaimer: Trading foreign exchange and/or contracts for difference on margin carries a high level of risk, and may not be suitable for all investors as you could sustain losses in excess of deposits. The products are intended for retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. The content of the Website must not be construed as personal advice. For retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. Rolling Spot Contracts and CFDs 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

11 June 2026 – Daily Market Updates Daily Market Brief: AI Ambitions, Policy Shifts, and a Wall of Worry A constructive risk tone is back this morning. US equity futures are pointing higher with tech leading, European benchmarks are firmer, Treasury yields are a touch lower across the curve, and crude has eased after recent strength. Under the surface, investors are balancing optimism around artificial intelligence with concerns about costs, credit quality, and the path of interest rates. Market overview Equities: Tech-heavy futures are outperforming as investors lean into growth and productivity themes. European stocks are broadly higher; Asia finished mixed amid regulatory headlines in China. Rates: US yields are modestly lower ahead of key central bank decisions abroad. European government bonds are steady to slightly weaker into a widely expected policy move. Commodities: Oil is off earlier highs but remains elevated versus recent averages, keeping inflation sensitivity in focus. Industrial metals are steady; gold is rangebound. FX: The dollar is mixed; the euro is steady as traders await policy signals, while the yen remains sensitive to global rate differentials. Credit: Primary markets remain active, though there’s growing discussion about a gradual turn in the credit cycle and the importance of balance-sheet strength. Big picture: AI is the catalyst—and the question AI continues to shape cross-asset narratives: Capital intensity vs. payoff: Rising data center and infrastructure spending is supporting semiconductor equipment and related suppliers. At the same time, higher capex can pressure margins and free cash flow for companies still proving out AI returns. Dispersion ahead: Well-capitalized leaders may benefit from scale, access to compute, and power. More leveraged firms chasing the same opportunity set could face tighter financing conditions if growth underdelivers. Valuation vs. fundamentals: Investor enthusiasm remains strong, including around high-profile listings linked to space, satellites, and next-gen connectivity. Expect higher day-one volatility where retail participation is large and lockups vary. Policy watch: Europe takes the first step Euro area: Markets widely expect a rate increase as policymakers respond to persistent inflation pressures exacerbated by higher energy costs. Guidance on the path beyond today will matter more than the move itself. United States: Softer recent core inflation gives the Fed room to remain patient, but traders continue to hedge for the possibility of another hike later this year if price pressures re-accelerate. United Kingdom: Attention turns to incoming data and communication from policymakers as services inflation and wage dynamics remain sticky. Explore Global Investment Solutions Access multi-asset global markets with expert institutional and retail brokerage services. Discover Our Products Geopolitics and energy Ongoing Middle East tensions keep a floor under crude, but near-term price action reflects position squaring and shifting demand expectations. The broader takeaway for portfolios: headline risk remains high, and energy’s pass-through to inflation is still a watchpoint for rates and growth. Sectors and themes in focus Semicap strength: Equipment makers and AI-adjacent hardware continue to benefit from expanding capacity plans across hyperscale, enterprise, and sovereign compute. Software and housing: Earnings and guidance from large-cap software and US homebuilders will offer clues on enterprise budgets, AI monetization timelines, orders, and consumer rate sensitivity. Consumer and luxury: Corporate activity chatter is lending support in select names; watch for margin commentary given FX and input costs. China internet: Regulatory scrutiny around marketing and pricing practices is adding volatility to major platforms; sentiment remains headline-driven. What we’re watching next European Central Bank decision and press conference US data: labor market indicators and producer inflation Corporate earnings: updates from large-cap software, housing, and payments/commerce ecosystems Energy reports: supply/demand balances and inventory trends US Treasury auctions and global policy remarks that could shift rate expectations Portfolio considerations (not investment advice) Quality first: Favor stronger balance sheets and consistent cash generators as the credit cycle matures. Stay selective in AI: Balance secular beneficiaries (infrastructure, semicap, power) with scrutiny on end-demand and monetization. Rate risk: With inflation still uneven, consider diversified duration exposure rather than a single big bet on long-end stabilization. Risk control: Maintain hedges around energy and volatility; event risk remains elevated across policy, geopolitics, and earnings. Ready to Elevate Your Portfolio? Speak with our experts to tailor strategies for your unique financial goals. Contact Us Today 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. 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