Daily Market Updates

29 May 2026 – Daily Market Updates Market Brief: May’s Rally Defies Seasonal Weakness; Global Risk Appetite Broadens Overview The longstanding market adage that equities tend to struggle from May through summer has been upended this year. Major US benchmarks are hovering near record territory into month-end, with technology leadership intact and volatility muted. The advance has been supported by resilient earnings, accelerating investment in artificial intelligence infrastructure, and an improved geopolitical tone in the Middle East. Gains have not been confined to the US: European shares are edging toward highs, and parts of Asia have surged on semiconductor strength and upgraded growth prospects Equities United States: Large-cap indices are pacing for a robust May and a multiweek winning streak, with megacap tech continuing to anchor performance. Participation beyond the very largest names has improved modestly, though leadership remains concentrated in AI, chips, and compute infrastructure. Traders note that as new highs persist and realized volatility stays subdued, the conversation is shifting from hedging to how sidelined cash may re-enter on dips. Europe: Regional equities are firmer into month-end and within reach of prior peaks. A mix of defensive and cyclicals is participating, even as fresh inflation readings on the continent complicate the near-term policy outlook. Asia: North Asia is leading global gains. Semiconductor and hardware names tied to AI buildouts have driven sharp advances, particularly in Korea and Japan. Elsewhere, optimism around tech demand has underpinned brighter growth forecasts in parts of the region. Ready to Navigate Global Markets? Gain seamless access to global stocks, ETFs, and derivatives with our institutional and retail brokerage services. Explore Trading Products Rates and Credit US Treasuries: Yields are broadly steady in the belly and long end into month-end, with the 10-year hovering in the mid‑4% area. Markets are balancing firm activity data and sticky components of inflation with evidence of easing supply pressures and softer energy. The front end remains sensitive to incoming price readings and labor data. Europe and UK: Firmer inflation prints in select countries have nudged expectations toward tighter policy risks than previously assumed. Curves remain choppy as traders reassess the timing and extent of any additional moves from major central banks. Credit: Primary issuance has been active into the final stretch of May, helped by risk-on sentiment. Spreads are largely stable, with higher-beta segments outperforming on the week. Commodities Energy: Crude is lower into month-end despite lingering geopolitical risk, as supply expectations and improved cease-fire prospects dampen the war premium. Brent is trading around the low-$90s, on course for a sharp monthly decline after a strong run earlier in the spring. Metals: Industrial metals are mixed as investors weigh resilient demand against a firmer US dollar. Precious metals are steady to softer on improved risk appetite. Currencies and Digital Assets FX: The dollar is modestly stronger on the month, supported by relative US rate expectations. That said, improved risk sentiment and the prospect of relatively tighter policy paths outside the US limit follow-through. European currencies found some footing as traders repriced local inflation risks. Crypto: Major tokens have eased from recent highs, with sentiment tracking broader liquidity conditions rather than policy headlines. Corporate Highlights AI infrastructure remains the core equity narrative. Strong guidance and demand indicators from server and data-center suppliers have spilled across the hardware ecosystem globally, lifting related names in the US and Asia. Select consumer and retail names lagged after cautious updates on category demand and product mix. Capital commitments to next‑generation compute remain notable, with multi‑year investment plans in advanced technologies drawing investor interest. Key Themes We’re Watching Inflation trajectory: US core inflation progress, European price dynamics, and how energy’s recent pullback feeds into summer prints. Policy path: The balance between growth resilience and inflation persistence for the Fed, and whether European central banks tilt more hawkish on recent data. Earnings breadth: Signs that performance is expanding beyond megacap tech, and the durability of AI‑related capital spending. Geopolitics: Any durable de‑escalation in the Middle East and implications for energy and havens. Positioning and flows: Systematic re‑risking, buyback activity into blackout exits, and whether cash on the sidelines leans into dips or strength. Market Snapshot (as of early US morning, subject to change) US equity futures: Flat to slightly higher near records Europe: Broad indices firmer, approaching highs Asia: Strong gains led by Korea and Japan on chip strength US 10-year Treasury: Steady around the mid‑4% range Brent crude: Around the low-$90s, lower on the month USD: Modestly firmer in May versus majors Risk Considerations Concentrated leadership raises vulnerability to factor reversals. Reacceleration in inflation—particularly in services—or renewed energy spikes could pressure duration and risk assets. Geopolitical headlines remain a swing factor for oil, the dollar, and broader risk sentiment. Looking Ahead Upcoming inflation and labor data in the US and Europe Early June central-bank commentary Ongoing AI, semiconductor, and cloud spending updates from corporates Energy policy and producer guidance into the summer driving season Build a Resilient Investment Strategy Discover tailored wealth management solutions and structured products designed to optimize returns while aligning with your risk profile. Discover Wealth Management 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. 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28 May 2026 – Daily Market Updates Global Markets Morning Brief: May 28, 2026 Equities struggled while oil and government bond yields climbed as fresh tensions in the Middle East kept energy markets on edge and reignited inflation worries. Technology leadership remains intact but increasingly selective, with AI infrastructure names buoyed by tangible profit growth even as parts of software wobble on shifting demand and competitive dynamics. Market at a glance (early US hours) US equity futures: slightly lower; Europe softer; Asia mixed with Korea underperforming Oil: Brent near $96, up around 2%, on supply risk premium Rates: US 10-year Treasury yield hovering near 4.5%, edging higher alongside oil FX: Dollar mixed; China’s yuan firming on resilient high-tech exports Crypto: Bitcoin near $73,000, down about 2–3% Top theme: Earnings power vs. geopolitics AI’s heavy lifting is showing up in actual numbers. Memory-chip leaders tied to data center acceleration are seeing revenue and margins inflect higher, helping propel one US supplier to the trillion‑dollar club this year. The standout is not just the share price move but the scale of projected profit growth tied to high-bandwidth and next‑gen server demand. Valuation debate is alive: despite outsized year‑to‑date gains, some of these cyclicals still trade at discounts to mega‑cap peers on forward earnings, reflecting investor skepticism about how long the current upcycle can run. Counterweights to the growth narrative persist. Renewed Middle East risks are lifting crude and term yields, complicating the path for disinflation. Higher energy and potential weather‑related food pressures could keep headline inflation sticky even as core measures improve. Sector and stock dynamics to know Software bifurcation: A large enterprise applications provider telegraphed a cooler top‑line outlook, stoking concerns that AI is altering buying patterns and compressing traditional subscription growth. In contrast, select data‑platform names highlighted stronger pipelines tied to AI workloads and deepened hyperscaler partnerships. Hardware/infrastructure: PC/server and edge-compute suppliers drew support from fresh government and defense-related awards, reinforcing steady enterprise and public‑sector demand for compute and networking. Defense and drones: Unmanned-systems and related names caught a bid on chatter of expanded US funding interest, underscoring how geopolitics and fiscal priorities can drive thematic flows. Semicap/materials: A European wafer and materials provider surprised to the upside, extending a powerful year‑to‑date run as end‑markets for RF, power, and AI chips firm. Rates, FX, and commodities Treasuries: The back‑up in yields reflects a classic “growth-and-energy” mix—resilient activity plus higher oil. A sustained move higher in real yields would challenge long‑duration growth equities; a range‑bound drift would keep the current equity leadership intact. Currencies: The yuan’s steady appreciation streak highlights a shifting export mix in Asia toward higher‑value tech and AI‑related goods. Broader dollar direction remains data‑dependent as markets assess the timing and pace of any future policy easing. Energy: Crude’s grind higher is reintroducing margin pressure for rate‑sensitive and consumer‑exposed sectors while supporting cash flows across energy producers and services. Earnings in focus Financials: Major Canadian banks report today, offering a read on net interest margins, credit costs, and capital markets activity. Retail: Big‑box and specialty chains update on traffic, shrink, and discretionary demand ahead of mid‑year promotional periods. Technology: Cloud/data platforms, security, and infrastructure vendors detail AI‑related monetization, unit economics, and spending priorities into the second half. Staples and membership models: A large US warehouse retailer’s commentary on traffic and price perception remains a useful barometer of consumer resilience. Strategy snapshot The bull case: Earnings momentum is doing the heavy lifting. If a recession is avoided, aggregate forward P/E multiples in the low‑20s can be sustained, particularly with productivity gains from AI offsetting wage and cost pressures. The bear case: Higher-for-longer energy, renewed goods inflation, or an upside surprise in services could drive another leg up in yields, pressuring equity multiples—especially for duration‑sensitive growth stocks. Any cooling in AI infrastructure orders would also test sentiment after a powerful run. What to watch next: Corporate guidance around AI spending conversion to revenue, oil’s impact on inflation expectations and breakevens, and the tone from upcoming central bank speakers on the balance between patience and data dependency. Explore Wealth Management Solutions Tailored structured notes and investment strategies to align with your unique risk profile. Request a Consultation Risk radar Geopolitics: Developments near key shipping lanes and energy infrastructure Inflation mix: Energy and food volatility versus easing core goods Liquidity: Seasonal swings in issuance and central bank balance‑sheet dynamics Regulation: Ongoing scrutiny around data use, trading behavior, and AI deployment The bottom line Markets are navigating a familiar push‑pull: robust earnings—led by AI infrastructure and select cyclicals—versus higher oil and rates that complicate the disinflation path. For now, fundamentals are doing enough to support indices near highs, but leadership is narrowing and day‑to‑day tape action will likely key off crude, yields, and guidance quality. Access Global Trading Platforms Execute trades across global equities, futures, and FX with our award-winning brokerage services. Start Trading 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

27 May 2026 – Daily Market Updates Daily Market Briefing | 27 May 2026 Overview Risk appetite is holding up across major regions as enthusiasm around artificial intelligence and a pullback in crude prices support equities. Asia led overnight, with South Korea’s benchmark extending a striking year-to-date climb, while Europe opened firmer and US equity futures point to a modestly positive start. Government bond yields are a touch lower, and breadth and valuation remain central talking points as leadership stays concentrated in a handful of AI-linked winners. Market snapshot (approximate, at 06:35 a.m. ET; subject to change) South Korea equities: up a little over 2% on the session; the benchmark briefly doubled year-to-date at one point US S&P 500 futures: up around 0.3% Europe Stoxx 600: up about 0.5% China CSI 300: down just under 1% US 10-year Treasury yield: near 4.46%, a couple of basis points lower WTI crude: near $90, down roughly 4% Asia: Korea’s sprint, China softer South Korea’s market continues to be the standout in 2026. Gains remain heavily driven by AI infrastructure demand, with memory and high-bandwidth components doing the heavy lifting. At the same time, participation is uneven: while headline indices surge, a significant portion of constituents are lagging, highlighting narrow leadership. Valuation remains a differentiator. Korean equities still trade at a notable discount to major US benchmarks, a gap that has drawn interest from global managers seeking cyclical and restructuring exposure. Ongoing efforts to improve shareholder returns and modernize governance are a medium‑term catalyst. A potential upgrade in global index classification remains an important strategic objective for policymakers. Mainland China shares edged lower, with investors weighing a mixed domestic growth backdrop against incremental policy support and the global tech cycle. Europe: steady bid, policy caution European stocks are firmer, aided by the global tech updraft and relief from lower energy prices. Cyclicals are mixed, while rate‑sensitive pockets benefit from a small drift down in yields. Policymakers have flagged mounting signs of froth in certain asset classes, underscoring the tug‑of‑war between optimism on earnings and concerns around stretched valuations. That caution may keep dispersion high across sectors as investors differentiate on cash flow visibility and balance-sheet strength. US: AI momentum meets macro crosscurrents Futures signal a fifth straight up day as investors lean into the AI capex cycle. Semiconductor and hardware names tied to data center build‑outs remain in focus, while some software areas are choppier amid tighter spending signals and competitive dynamics. Lower crude prices are a tailwind for the growth narrative, easing headline inflation worries at the margin. However, the rates backdrop remains pivotal: Treasury yields have eased slightly, but the range remains elevated as markets parse resilient activity, sticky services inflation, and geopolitical risks. Street sentiment on the broad US equity outlook has improved alongside AI‑linked earnings revisions, though central bank and regulatory voices are reminding investors about late‑cycle vulnerabilities and the potential for sharper corrections if data or liquidity conditions deteriorate. The AI build-out is broadening Capital investment tied to AI continues to cascade through the ecosystem: from advanced memory and accelerators to optical networking, power, cooling, and edge connectivity. This has also revived interest in legacy communications and equipment providers whose products are integral to data transport and interconnects. In China, large internet platforms are evaluating substantial spending plans to compete in model training and inference, potentially accelerating regional supply chain orders and intensifying competition for high-spec components. Commodities and rates Oil: Crude slid sharply, with softer demand signals and improved supply expectations outweighing geopolitical risk premia for now. Energy equities and credit may remain volatile as curves adjust. Rates: The US 10‑year yield is a touch lower, with term premiums sensitive to fiscal dynamics, issuance, and global central bank paths. Any downside surprises in growth or a quicker disinflation path would support duration, while upside inflation risks or supply pressures could cap bond rallies. Earnings and corporate highlights Today’s docket spans North American banks, consumer discretionary names, and technology bellwethers across semiconductors and cloud software. Investors will be focused on: Guidance quality versus elevated expectations in AI‑exposed names Commentary on enterprise IT budgets, deal cycles, and pricing Inventory and capex signals across the chip supply chain Consumer demand resilience for discretionary categories Sector moves remain dispersed: space and satellite players have seen renewed interest on contract momentum, while some cybersecurity and infrastructure software names have come under pressure after softer outlooks. Key themes we’re watching Leadership concentration: Index gains remain reliant on a small cohort of mega‑cap and AI‑levered companies. Watch breadth, equal‑weight indices, and small/mid‑cap participation for signs of a healthier advance. Valuation vs. earnings power: Multiple expansion has outpaced fundamentals in several pockets. The durability of free cash flow and visibility of AI monetization will be critical to sustain premium pricing. Policy and liquidity: European and US policy signals will set the tone for risk premiums. Balance-sheet normalisation, Treasury issuance, and bank lending standards matter for financial conditions. Geopolitics and energy: Middle East tensions, supply disruptions, and OPEC+ decisions can quickly reprice the energy complex and feed into inflation expectations. Structural capex cycle: Data center power, grid upgrades, and optical capacity are emerging bottlenecks—and potential multi‑year revenue streams for select industrials, utilities, and communications suppliers. Portfolio considerations Maintain diversification across factors and regions to mitigate single‑theme risk. Emphasize quality: strong balance sheets, high return on invested capital, and cash generative models. In cyclicals, prioritize names with clear operating leverage to AI infrastructure or visible order backlogs; in defensives, focus on pricing power and regulated returns. Use volatility to adjust exposures rather than chase extended moves; consider staged entries and defined risk parameters. Explore Global Investment Opportunities Access a wide range of global equities, ETFs, and fixed-income securities tailored to your portfolio needs View Investment Solutions Calendar highlights (next 24–48 hours) Corporate: US/Canada banks, specialty retailers, semiconductors, and large-cap cloud and hardware updates Macro: Weekly labor data in the US; regional business surveys in Europe; official comments from central bank speakers across both regions Disclaimer: Trading

26 May 2026 – Daily Market Updates Daily Market Briefing: Momentum leadership meets macro crosscurrents Overview Equities are entering the session with risk appetite underpinned by powerful momentum and growth trends, led by the ongoing build-out of artificial intelligence infrastructure. The debate now is less about whether the rally has legs and more about how concentrated leadership, policy uncertainty, and energy-driven inflation pressures could shape the path from here. Bond markets remain sensitive to the trajectory of inflation and growth, commodities are reacting to shifting supply and weather dynamics, and investors continue to reassess factor exposures as crowding risk rises. Market at a glance Equities: Momentum and growth factors remain dominant. Market breadth is a key watchpoint as leadership narrows around AI-enabled themes and capital expenditure tied to compute, networking, power, and data centers. Periodic reversals are possible if macro data surprise or if positioning gets too crowded. Rates: Yields remain range-bound but volatile as markets balance sticky services inflation against signs of slower goods disinflation. The “higher for longer” vs. “growth normalization” tug-of-war continues to drive curve shape and term premium expectations. Credit: Primary issuance remains active, with solid demand for higher-quality paper. Spreads have been resilient but are sensitive to any wobble in earnings revisions or signs of softer labor demand. Commodities: Oil is supported by supply risks and seasonal demand, while power and natural gas markets are eyeing heat-related consumption. Industrial metals are responding to capex linked to electrification and AI-related build-outs. Currencies and digital assets: FX is range-trading around relative growth and rate differentials. Interest-sensitive and liquidity-sensitive assets remain most reactive to shifts in policy expectations. The big theme: Momentum’s powerful run What’s driving it: Persistent inflows to AI-linked ecosystems (semiconductors, equipment, cloud, power infrastructure) and systematic strategies that add to winners have reinforced trend persistence. The opportunity: Strong earnings delivery from cash-generative innovators, secular growth in compute demand, and productivity narratives continue to attract capital. The risk: Crowding can amplify drawdowns. Surprises in inflation or policy, guidance cuts from leaders, or a rotation toward cyclicals/value can trigger sharp but brief unwinds. How to navigate: Diversify factor exposure to avoid over-concentration in a narrow group of winners. Use disciplined risk controls (position sizing, staggered entries, and predefined exit levels). Focus on quality within growth: balance sheet strength, free cash flow, pricing power, and visibility of demand. Monitor earnings revisions and market breadth indicators for early signs of regime change. Capitalize on Global Megatrends Diversify your factor exposure across advanced tech ecosystems, semiconductors, and defensive growth themes with institutional-grade market access. Trade Global Equities Sectors and themes to watch Semiconductors and AI infrastructure: Demand visibility remains robust across advanced compute, memory, specialty analog, and the equipment supply chain. Watch lead times, capacity additions, and power availability as gating factors. Software and cybersecurity: Enterprises continue to rationalize spend toward automation, security, and AI enablement. Expect divergence between platforms showing durable net expansion and those facing deal scrutiny. Energy and utilities: Oil is reacting to supply headlines and seasonal draws; utilities and grid-adjacent names are leveraged to data center and electrification demand. Watch refined products and power price sensitivity to heat waves. Industrials and aerospace: Backlogs remain supportive in select sub-sectors. Space and satellite demand is benefiting from connectivity and earth observation use-cases, but valuations can be sentiment-driven. Consumer: Real wages, excess savings, and credit availability determine durability of discretionary categories. Confidence and labor indicators remain pivotal for near-term sales trajectories. Financials: Net interest margins depend on deposit beta and curve shape. Credit quality and reserve builds are key watchpoints as late-cycle dynamics evolve. Bonds and rates Policy path: Markets remain data-dependent, with inflation prints, labor trends, and energy costs guiding rate expectations. Communication from central banks will set the tone for front-end volatility. Curve dynamics: Curve shape reflects the push-pull between inflation persistence and growth normalization. Sudden repricing can occur if inflation expectations shift or if fiscal dynamics reprice term premium. Positioning: Consider laddered maturities or barbell approaches to balance reinvestment risk and carry. Credit selection matters as dispersion increases. Commodities Crude and products: Supply headlines and inventories are the swing factors. Higher energy costs can spill into headline inflation and freight. Power and gas: Weather is front and center. Prolonged heat can strain grids and bolster peak pricing; data center growth compounds baseline demand. Metals: Industrial metals are tied to grid expansion, EV adoption, and data center construction. Watch capex announcements, inventories, and policy incentives. What could move markets near term Growth and inflation: Consumer confidence, personal income and spending, core inflation gauges, jobless claims, and GDP updates. Business activity: Orders and shipments in durable goods and capital goods; corporate guidance on demand visibility, margins, and capex. Global signals: Confidence surveys, inflation prints across major economies, and policy remarks from central bankers. Earnings: Updates from large-cap technology, enterprise software, energy, and select consumer names for insight into end-market demand and pricing power. Geopolitics and weather: Any escalation that affects supply chains, energy logistics, or shipping lanes; heat waves with implications for power demand. Investor checklist Reassess concentration: If momentum and AI exposures have grown outsized, consider controlled rebalancing to align with risk tolerance. Emphasize quality: Favor firms with strong balance sheets, recurring revenue, and cash flow to weather rate or valuation shocks. Build resilience: Consider hedges or downside buffers around key event risk dates. Maintain liquidity for volatility-driven opportunities. Time horizons: Match allocations to time frames; avoid short-term decisions on long-term positions solely due to headline noise. Stay data-led: Track earnings revisions, breadth metrics, volatility trends, and credit spreads for early signals of regime shifts. Housekeeping Market levels change quickly. For live prices and tradeable data, please refer to your trading platform. This commentary is a general market update for informational purposes only and is not investment advice or a recommendation to buy or sell any security. Investing involves risk, including possible loss of principal. Consider your objectives and consult a licensed advisor before acting on this information. Hedge Macro Volatility with Multi-Asset Derivatives From energy

25 May 2026 – Daily Market Updates Daily Market Brief: Broad Update for Clients Risk mood Global markets are balancing three familiar forces: the path of inflation, the timing and depth of central bank policy moves, and the durability of corporate earnings. Cross-asset price action remains highly sensitive to incremental data surprises and guidance from policymakers, with sector rotation and dispersion across regions continuing to define performance. Market at a glance Equities: Investors continue to rotate between growth and value as rate expectations shift. Defensive sectors tend to find support when yields edge higher, while cyclicals benefit when soft-landing narratives firm up. Small caps remain more sensitive to financing conditions and domestic growth signals. Fixed income: Front-end yields move on policy repricing; the long end is trading the balance of term premium, supply, and growth expectations. Credit spreads are generally more stable than rates, but primary issuance windows and fund flows can create pockets of volatility. Foreign exchange: The dollar’s path is being set by interest-rate differentials and relative growth. The euro and sterling track policy guidance and energy dynamics, while the yen reacts to rate gaps and any signs of policy shifts. Select emerging-market currencies remain tied to commodity trends and risk appetite. Commodities: Oil trades a tug-of-war between supply discipline and evolving demand estimates. Gold remains inverse to real yields and the dollar, retaining a hedge role around geopolitical risk. Industrial metals are guided by global manufacturing momentum and China-sensitive demand. Volatility: Event risk around major data and central bank communications keeps implied volatility in a “reactive” regime—rising into catalysts, easing afterward if outcomes are close to expectations. Equities Earnings and guidance: Beat rates often look healthy early in reporting seasons but guidance and margins drive the second leg of the move. Pricing power, cost discipline, and AI-related productivity themes are frequent swing factors, especially in technology, communications, and select industrials. Sector dynamics: Technology and semiconductors ride multi-year capex cycles in data centers and edge computing, but remain yield-sensitive. Financials balance net interest margins with credit costs; fee-based models can cushion rate volatility. Energy tracks commodity curves and capital return frameworks. Healthcare and staples provide ballast when growth uncertainty rises. Flows and positioning: Buybacks and systematic rebalancing can underpin dips, while elevated dispersion rewards stock selection. Access Global Equity Markets Diversify your portfolio with seamless access to international stock markets and advanced trading solutions. Trade Global Equities Fixed income Government bonds: Markets are pricing a glide path for inflation toward targets but remain alert to stickiness in services and wages. The curve shape reflects the trade-off between policy timing at the front end and term premium at the long end. Auction sizes and demand from liability-driven investors can add technical noise. Credit: Investment grade: Generally resilient, with issuance windows used to term out debt at still-manageable coupons. High yield: More idiosyncratic; fundamentals hinge on refinancing timelines and sector exposures. Spread compensation remains a key lens given late-cycle debates. Duration and carry: Carry strategies are sensitive to volatility; duration hedges may be considered around major data drops or policy meetings. Foreign exchange Majors: USD: Supported by rate differentials and relative growth; retreats when data broadens outside the U.S. or if policy convergence is in view. EUR/GBP: Track inflation trajectories, wage trends, and any fiscal signals. Growth surprises matter for rate expectations. JPY: Focus on yield differentials and any evolution in domestic policy or market-functioning operations. EM FX: Commodity-linked currencies swing with oil and metals; higher-for-longer in developed markets can cap rallies, while supportive global growth can offset. Commodities Energy: Supply decisions, inventory data, and mobility indicators guide crude. Refined product cracks reflect seasonal patterns and capacity constraints. Precious metals: Real yields and the dollar remain the primary drivers for gold; central bank purchases and geopolitical hedging are secondary supports. Industrial metals: Sensitive to manufacturing PMIs, infrastructure pipelines, and housing activity. Stock levels and forward curves provide additional color. Navigate Futures & Options Trade confidently with global access to over 15 exchanges in commodities, FX, indices, and rates. Explore Trading Solutions Policy and macro Central banks: The debate centers on when and how fast to adjust policy as inflation cools and growth normalizes. Communication emphasizes data dependence; markets will parse labor-market prints, core inflation measures, and services prices for direction. Growth mix: Services resilience versus goods normalization continues, with housing and capex as swing variables. Productivity and investment in automation/AI are medium-term supports if sustained. What to watch next Inflation: Headline and core prints across major economies; components like shelter, services ex-energy, and wages. Labor markets: Payrolls, unemployment rates, participation, and wage growth to gauge demand-supply balance. Activity: PMIs/ISMs, retail sales, industrial production, and housing indicators for momentum checks. Policy signals: Central bank meetings, minutes, and speeches that refine the reaction function. Earnings: Guidance on demand, margins, capex, and buyback/dividend plans; watch commentary on input costs and inventory. Portfolio considerations Diversification: Cross-asset and cross-sector diversification can help manage dispersion and event risk. Quality bias: Balance cyclical exposure with balance-sheet strength and durable cash flows, especially if growth cools or financing costs stay elevated. Duration mix: Align interest-rate sensitivity with your risk tolerance; consider how front-end versus long-end exposure fits your macro view. Liquidity: Maintain appropriate liquidity for potential volatility around data and policy events. Risk management: Use position sizing, stop-loss discipline, and scenario planning ahead of known catalysts. Housekeeping for readers This update is intended as a broad market overview. It does not account for your specific objectives or financial situation and is not investment advice. Markets can move quickly around data releases and policy headlines. Consider reviewing allocations regularly and consult a qualified advisor before making 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

22 May 2026 – Daily Market Updates Daily Market Brief: AI-Led Gains, Narrow Breadth, Steady Yields Top takeaways Equity futures edge higher while global stocks firm up; leadership remains concentrated in mega-cap technology and AI-linked names. Government bond yields hover near recent highs as markets reassess the inflation path and the “higher-for-longer” policy backdrop. Oil holds a firm tone on ongoing supply and geopolitical risks; dollar broadly steady; Asia mixed with strength in Japan and steadier European trade. Breadth is thin: equal-weighted and many cyclical pockets continue to lag cap-weighted benchmarks. US markets will be closed Monday for a holiday; positioning and liquidity may be sensitive into the long weekend. The big picture Global risk appetite is still being carried by a small cohort of large, cash-rich technology platforms and semiconductor beneficiaries tied to the buildout of artificial intelligence. Strip those leaders out and the advance looks far less robust. Attempts at rotation into underperforming sectors have been brief, with investors repeatedly leaning back into profitable growth and balance-sheet quality. At the same time, the macro backdrop remains more complicated than headline indices suggest. Long-dated sovereign yields are elevated by a mix of resilient services inflation, sticky wage dynamics in developed markets, and energy’s contribution to headline prints. Markets are effectively repricing a longer plateau for policy rates, with cuts pushed out and path dependency tied to incoming data. That mix—narrow equity leadership alongside higher discount rates—keeps dispersion high beneath the surface. Equities US: Futures are modestly higher, paced by technology and communication services. Equal-weight and small/mid caps continue to trail, reflecting tighter financial conditions and valuation support concentrated at the top end of the market cap spectrum. Europe: Regional equities grind higher, aided by exporters and select industrials; defensives remain in demand with yields elevated. Asia: Japan outperforms on currency competitiveness and earnings momentum. Mainland China/Hong Kong trade is more mixed as authorities scrutinize speculative flows around new-economy themes. Rates and central banks Developed-market yields remain near recent highs, particularly in the long end, as term premia rebuild and inflation volatility stays in focus. Front-end curves reflect fewer or later rate cuts than were priced earlier this year. Central bank communication continues to emphasize data dependence, especially around services inflation and labor-market tightness. Credit spreads are broadly contained but bifurcated: higher-quality issuers retain strong primary-market access; lower-quality segments are more sensitive to rate and growth headlines. FX The dollar is broadly stable, supported by higher US yields and relative growth differentials. Yen softness persists amid wide rate differentials; intervention risk and policy guidance remain watchpoints. Commodity-linked currencies track energy and metals; select EM FX is mixed, with idiosyncratic policy and regulatory developments driving dispersion. Commodities Crude oil holds firm on ongoing geopolitical risk and supply discipline. A tighter physical market keeps upside risks alive even as macro uncertainty tempers demand optimism. Industrial metals are supported by data-center and electrification demand, though near-term moves remain sensitive to China growth signals. Gold consolidates at elevated levels as investors balance higher real yields against safe-haven and diversification demand. Navigate Global Markets with Confidence Access a wide range of institutional and retail brokerage services tailored to your investment needs with PhillipCapital DIFC. Explore Our Offerings Corporate pulse Enterprise software and cloud-related names have delivered better-than-feared updates in areas tied to automation and AI enablement. Communication and gaming names benefit from product catalysts and engagement trends. Select China ADRs remain volatile on the back of regulatory headlines, underlining the premium investors place on policy clarity. What to watch next Inflation and activity: Upcoming prints on prices, employment, and business surveys will steer policy expectations and rate volatility. Earnings and guidance: Commentary from chipmakers, cloud infrastructure, and power/thermal management suppliers remains market-moving given AI buildout dynamics. Policy and geopolitics: Any shifts that alter the energy balance or global trade flows could quickly reprice inflation and growth paths. Liquidity and seasonality: With a US market holiday Monday, watch for thinner liquidity and outsized moves around headlines. Portfolio considerations Concentration risk: With leadership narrow, consider how reliant performance is on a handful of names. Complement cap-weighted exposure with strategies that diversify by factor, sector, or size. Quality bias: Strong free-cash-flow, low leverage, and pricing power have been rewarded in higher-rate regimes. Rate sensitivity: Balance equity duration (growth exposure) against value/cyclicals that could benefit if yields stabilize or roll over. Hedges and ballast: Reassess duration as a portfolio hedge, and consider volatility or commodity overlays where appropriate for risk management. Discipline on entry points: Elevated dispersion creates opportunities, but also argues for staggered allocation and clear risk limits. Housekeeping US markets will be closed Monday for a public holiday. Expect lighter volumes into the long weekend and potential gaps on reopening. Optimize Your Portfolio Strategy Connect with our wealth management experts in Dubai to explore diversified asset classes and tailored investment solutions. 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

21 May 2026 – Daily Market Updates Daily Market Brief: Mega-listings back in focus as AI and rates steer sentiment Market overview Equities: US index futures are slightly softer after a choppy tech-led session, while Europe is edging lower on growth concerns. Asia outperformed overnight, with semiconductor and robotics-linked names leading gains. Rates and credit: US Treasury yields are a touch higher as investors reassess the “higher for longer” backdrop. Credit markets remain firm, with risk appetite still evident and high-yield spreads tight by historical standards. Commodities and FX: Crude is modestly lower as traders balance geopolitical risks with demand signals. The US dollar is steady against major peers; gold is little changed. Top theme: The mega-IPO window reopens Top theme: The mega-IPO window reopens A prominent private space and satellite company has taken a major step toward going public, signaling a potential reopening of the market for very large listings. The filing underlines three big ideas for investors: Scale and narrative drive demand: Companies with clear platforms (launch services, satellite connectivity, and adjacent technologies) can command attention even with mixed profitability as long as growth and addressable markets remain compelling. Founder control is back in view: Expect governance structures that keep long-term strategic direction anchored with original leadership. Investors will weigh that against minority protections and index eligibility. Retail access broadens: More blockbuster debuts are likely to include robust distribution through mainstream brokerages, expanding participation and potentially heightening first-day volatility. Why it matters: A successful float could unlock a pipeline of high-profile deals across AI, space, and software. For markets, that can: Support primary issuance and secondary liquidity. Reprice late-stage private valuations closer to public comps. Create fresh sector leaders for thematic funds and, over time, major indices. AI’s “next leg”: From data centers to devices and components A leading US chipmaker’s latest results reaffirmed strong demand, but market leadership is rotating beneath the surface. The focus is shifting toward the next bottlenecks in the AI buildout: Memory and advanced packaging: Capacity and supply discipline are central, benefiting suppliers of high-bandwidth memory and critical components. Robotics and automation: As AI moves from cloud to the physical world, beneficiaries may span sensors, power management, actuators, and industrial software. Edge compute: Connectivity, energy efficiency, and thermal design are increasingly important as inference moves closer to users and machines.  This helps explain the divergence between muted US futures and stronger gains across parts of Asia tied to the semiconductor supply chain. After recent pullbacks, dip-buyers targeted areas levered to capex cycles and component scarcity. Macro pulse: Growth, inflation, and policy Growth signals: Fresh business surveys in Europe point to softer activity, with energy costs and external demand acting as headwinds. In the US, activity remains uneven but resilient in services; housing and goods-sensitive pockets are more mixed. Inflation and policy: Central banks continue to emphasize data dependence. Market-implied paths show a shallow easing trajectory in developed markets, reinforcing a “higher for longer” rates narrative. Oil and geopolitics: Crude prices remain sensitive to headlines around the Middle East, shipping routes, and inventory trends. Earnings and sector moves to watch Consumer and retail: Big-box retailers, apparel, and discretionary names are updating on pricing power, inventory, and traffic trends as promotional intensity normalizes. Software and cloud: Investors are parsing guidance for AI monetization timelines, seat expansion, and margins post-investment cycles. Industrials and autos: Heavy equipment and auto-related suppliers are in focus for capex commentary and order backlogs tied to reshoring and automation. Media and gaming: Release slates and live-service engagement remain key for near-term revenue visibility. What this could mean for portfolios Liquidity and positioning: A wave of large IPOs can be supportive for trading activity but may crowd capital into headline names. Consider the balance between newly listed growth stories and established cash generators. Quality vs. cyclicality: With rates elevated and growth moderating in parts of Europe, quality balance sheets and durable cash flows may retain a premium—while selective cyclicals tied to AI capex and industrial automation can still offer upside. Credit vigilance: Tight spreads warrant careful security selection. Issuer fundamentals and refinancing timelines matter more if growth slows or rates stay sticky. The week ahead: Key things we’re tracking Global business surveys for updated growth signals and pricing pressures. US labor and housing data for confirmation on demand trends. Central bank speakers for any recalibration of guidance. Supply in government bond markets and its impact on term premia. Ongoing earnings for color on AI-related spend, inventory normalization, and margin trajectories. A marquee space-sector IPO is poised to test the market’s appetite for mega-deals and could usher in a broader slate of high-profile listings, including AI leaders. Under the surface, leadership is rotating toward the components and hardware needed to scale AI into the physical world. With rates elevated and growth mixed, investors are balancing fresh opportunities in primary markets against a disciplined approach to risk, quality, and cash flow. 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

20 May 2026 – Daily Market Updates Markets Morning Briefing: Tech bulls pin hopes on a pivotal chipmaker update Overview A steadier tone is creeping back into risk assets as the recent climb in long-term bond yields pauses. Equity futures are modestly higher, led by large-cap technology, with investors zeroed in on a marquee AI-chip earnings report after today’s close that could set the tone for the next leg of the market. Commodities are calmer after a volatile stretch, and the US 10-year yield has edged off recent highs, offering a bit of relief to rate‑sensitive corners of the market. Top themes to start the day All eyes on AI hardware: The after-hours earnings release from a leading US semiconductor designer at the center of the AI buildout is the week’s main event. The options market is pricing an outsized move in the stock and the broader chip complex, and the read-across to mega-cap tech and market breadth will be critical. Bonds take a breather: After pushing toward cycle highs, global long-dated yields are consolidating. In the US, the 10-year sits in the mid‑4.6% area, while curves remain steep as term premium rebuilds. Any further cooling in yields would ease pressure on small caps and high-duration equities. Macro meets micro: Elevated oil prices have tempered disinflation hopes, but crude is softer today after recent spikes tied to geopolitical risks. With growth still resilient and inflation progress uneven, policy path uncertainty continues to stoke cross-asset volatility. Market split persists: AI beneficiaries and cash-rich mega caps remain leadership groups, while rate- and commodity-sensitive segments—small caps, parts of consumer and industrials—have lagged. Hedging activity in smaller-company benchmarks has picked up, reflecting caution around financing costs and earnings leverage to energy. Supply chain watch: Labor tensions at a major Asian chip producer raise the risk of temporary supply noise. Any disruption headlines could inject short-term volatility into the semiconductor value chain. Why today’s AI-chip earnings matter Beyond headline numbers, markets will focus on: Data center momentum: Signals on order visibility, backlog quality and the pace of next‑gen accelerator ramps. Margins and mix: Commentary on component availability, networking constraints, and software/services attach that influence gross margin trajectory. Capex from hyperscalers: Updates on customer spending plans and how broadly AI infrastructure budgets extend across 2026–2027. Competitive dynamics: Progress by alternative chip suppliers and custom silicon efforts from large cloud players. Policy and geopolitics: Export controls, licensing, and how management is navigating regional demand shifts. Cash deployment: Inventory strategy, capex needs, and any capital return plans that might affect shareholder positioning. If results and guidance affirm durable AI demand, leadership could broaden back into semis and growth. A miss or cautious outlook could reinforce the market’s recent defensive tilt and lift volatility across tech. Equities US: Futures suggest a firmer open, with tech leading. Retailers and select industrials report before the bell; the AI bellwether, plus software and consumer growth names, follow after hours. Europe: Mixed trade as investors balance upbeat corporate updates against higher-for-longer rate concerns. Energy and defensive growth have been relative havens. Asia: Japan underperformed as higher global yields and a softer yen complicated the backdrop for domestic equities. China/Hong Kong were range‑bound amid subdued turnover. Capitalize on US Tech & AI Earnings Trade leading US stocks, tech ETFs, and ADRs with direct market access and competitive pricing from the UAE. Explore US Stocks & ETFs Rates US Treasuries are stabilizing after a sharp backup in yields. Auction supply and upcoming data could re-test ranges, but positioning is cleaner and term premium appears to be doing more of the lifting. Global bonds: Long-end yields in several developed markets remain elevated as fiscal dynamics and inflation expectations keep curves steep. Some managers see relative value in longer-dated paper where curves look excessively steep, but near-term volatility remains a risk. Commodities Crude: Easing this morning after recent spikes, but the geopolitical premium persists. Physical balances, inventory data, and any signs of demand softening will be closely watched into month-end. Metals: Copper has cooled after a strong run, with positioning stretched and macro impulses mixed. Gold is consolidating as real yields edge higher but remain below recent peaks. Currencies and digital assets The US dollar is mixed; cyclical FX tracks shifts in yields and oil. The yen remains sensitive to policy expectations and global rate differentials. Selected EM currencies face pressure where terms of trade have worsened. Major digital assets are range-bound, with realized volatility lower than earlier this quarter. The day ahead Earnings highlights: Pre‑market features large US retailers and select industrial/semiconductor suppliers. After the close, the flagship AI-chip report takes center stage, alongside software and consumer growth names. Data and policy: Watch housing indicators, PMIs and weekly labor data through the week. Central bank minutes and a full slate of Fed speakers could nudge rate expectations. US Treasury auctions may influence term premium near-term. What we’re watching next Market breadth around the AI print: Does strength extend beyond a handful of mega caps? Semiconductors and suppliers: Reaction across equipment, memory, networking and power components. Rate sensitivity: Small-cap and high‑beta factor moves if yields drift lower from here. Oil volatility: Options activity and inventory data as a gauge of how sticky the energy shock may be. Liquidity and volatility: Implieds around event risk, and whether any post‑earnings gap sustains into month‑end rebalancing. Portfolio considerations Balance AI exposure with earnings dispersion risk; consider diversified allocations across semis, software, and enablers rather than single‑name concentration. Maintain a quality tilt in smaller caps given financing costs and margin sensitivity. In fixed income, a barbell or laddered approach can help manage duration risk amid uncertain policy timing. Reassess hedges around known catalysts; skew and spreads remain dynamic into event risk. Institutional-Grade Execution & Hedging Navigate market volatility with secure, global multi-asset execution and dedicated relationship coverage for funds and family offices. Discover Institutional Solutions 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

19 May 2026 – Daily Market Updates Daily Market Brief: Yields Grind Higher as Inflation Pressures Extend Beyond Energy Overview Global markets opened on a cautious note as a renewed climb in long-dated government bond yields weighed on risk appetite. The move is no longer just about oil. Elevated inflation pressures, an intense investment cycle in digital infrastructure and power, and persistent fiscal deficits are pushing term premiums higher and keeping the “higher-for-longer” narrative in focus. At a glance (as of 06:39 AM ET; subject to change) Brent crude: around $110 (-1.8%) US 30-year Treasury yield: near 5.14% (+2 bps) US equity futures: S&P 500 softer (~-0.4%); Nasdaq 100 weaker (~-0.7%) Europe: Stoxx 600 firmer (~+0.8%) Asia: mixed; Korea under pressure (~-3.3%) Why bonds are under pressure Sticky inflation: Price pressures remain broad-based beyond energy, with services and wages still firm. Breakeven inflation and term premiums are being repriced higher. Investment upcycle: Heavy spending on AI infrastructure, data centers, and power generation is stoking demand for chips, equipment, and industrial inputs. That boosts growth potential but can add to near-term inflation and funding needs. Fiscal dynamics: Larger structural deficits and heavy sovereign issuance are meeting a market that demands more yield to absorb duration. Policy recalibration: Central banks are cautious about easing too quickly. Markets are shifting from “when” cuts arrive to “how far” they can ultimately go, especially if growth holds up. Supply/auction tone: Investors are scrutinizing long-end auctions and buyback plans; any soft bid-cover or higher tail outcomes can amplify volatility across curves. Equities: Rotation under the surface Leadership check: Growth and AI-adjacent names are giving back some recent gains as higher discount rates bite. Meanwhile, value, financials, and select cyclicals are steadier on steeper curves. Earnings lens: Management commentary around capex, compute needs, and power constraints remains a swing factor for technology hardware and utilities. Retail results will be read for signals on consumer resilience and pricing power. Breadth and positioning: After a strong run, positioning has become more extended in parts of tech. Even modest yield spikes can trigger sharp factor rotations. Expect choppier intraday tapes with macro headlines in the driver’s seat. Commodities and energy Crude: Prices eased but remain elevated, reflecting ongoing geopolitical risk and tightness in certain grades. Volatility around inventory data and headline risk remains high. Metals: Higher real yields are a headwind for precious metals, while the infrastructure and electrification cycles support medium-term demand for industrial metals. Near-term, macro risk appetite is the swing variable. Currencies US dollar: Bid on rate differentials and risk aversion. This keeps pressure on interest-rate-sensitive and import-reliant economies. Yen and euro: Sensitive to yield spreads; any signs of policy tweaks or intervention chatter can move crosses quickly. EM FX: Divergent performance—commodity exporters can find support from energy/metals, while high external funding needs remain a vulnerability when US yields rise. Master Market Volatility with Derivatives Hedge against inflation and interest rate shifts with our comprehensive Futures and Options trading solutions. Explore Trading Products What to watch next Sovereign supply: Results from long-end auctions and any changes in issuance calendars. Macro data: Upcoming inflation and activity prints, plus business surveys for signs of price and wage momentum. Policy remarks: Central bank speakers on the balance between disinflation progress and growth. Corporate guidance: Updates on AI-related capex, power availability, and capital allocation amid higher financing costs. Energy flow: Inventory reports and any escalatory geopolitical headlines that could reprice risk premia. Portfolio considerations (not investment advice) Rates: Keep duration disciplined while using yield spikes to selectively add at attractive levels. Consider a barbell or ladder to manage reinvestment risk. Inflation-linked bonds can hedge upside price surprises. Credit: Favor higher-quality issuers with manageable maturities. Monitor refinancing calendars as all-in yields reset higher. Equities: Maintain balance—quality cash flows, strong balance sheets, and pricing power tend to defend better when real yields rise. Expect faster rotations; diversify factor exposure. Liquidity: Cash yields remain competitive; staging entries can help manage volatility around data and auctions. Risk controls: Geopolitical developments can swing commodities and curves rapidly—size positions accordingly. The rise in yields reflects more than oil. A combination of sticky services inflation, robust investment needs, and fiscal realities is lifting the long end and challenging richly valued corners of the equity market. With curves adjusting and positioning extended in places, expect episodic volatility. Use it to upgrade quality, secure income at better yields, and keep dry powder for selective opportunities. Institutional-Grade Brokerage Solutions Secure global multi-asset execution, dedicated relationship coverage, and comprehensive hedging strategies tailored for professionals. 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 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 – may 19 May 19, 2026 19 May 2026 – Daily Market Updates Daily Market Brief:… Read More Daily Market Updates – may 18 May 18, 2026 18 May 2026 – Daily Market Updates Daily Market Brief:… Read More Daily Market Updates

18 May 2026 – Daily Market Updates Daily Market Brief: Rising yields challenge equity optimism Overview Global markets are navigating a tug-of-war between higher borrowing costs and still-solid corporate results. Government bond yields have climbed again, rekindling debate about equity valuations after a strong year-to-date run. Oil remains elevated amid persistent geopolitical risks, while recent data out of China point to cooling momentum. Despite the macro headwinds, dip-buying in select growth and quality names continues to appear when rates stabilise. Market pulse Equities: European benchmarks are softer and US equity futures are mixed as investors weigh higher rate expectations against resilient earnings. Energy and select cash-flow-generative sectors are better supported by the commodity backdrop, while rate-sensitive pockets such as parts of real estate and long-duration tech oscillate with moves in yields. Asian trading was mixed, with North Asia showing relative strength on ongoing interest in AI-linked supply chains. Rates: The recent bear-steepening in global curves reflects concerns that inflation progress could be uneven. Long-dated sovereign yields are hovering near recent highs, keeping equity risk premia tight. Volatility in rates remains a key swing factor for broad risk appetite. Credit: Investment-grade spreads are broadly steady, supported by healthy demand and manageable supply. High yield is modestly softer on rate volatility, though fundamentals remain anchored by low near-term refinancing needs. Commodities: Crude prices are firm on supply anxieties and geopolitical tension, supporting energy equities and inflation expectations. Industrial metals have eased as softer Chinese data feed through to demand expectations. Gold is range-bound as higher real yields offset haven demand. Currencies: The US dollar is firmer on rate differentials, with the yen under pressure and select emerging currencies mixed. Sterling and the euro trade around recent ranges ahead of this week’s inflation updates. Key themes we’re watching Yields vs. valuations: The rally in equities is increasingly contingent on earnings breadth and margin durability offsetting higher discount rates. Any further jump in long-end yields or a spike in rate volatility could pressure multiples and prompt a broader consolidation. Earnings resilience: Profit growth remains better than feared in several regions, with leadership still concentrated but gradually broadening. Guidance on pricing power, inventory levels, and AI-related capex remains central to investor positioning. Energy and inflation: Elevated crude sustains headline inflation risks and complicates the path toward easier policy. Watch breakevens and fuel-sensitive sectors for early signals of pass-through to consumers. China growth signals: Recent data showed slower momentum across production and spending, keeping the policy backdrop in focus. Commodity markets and export-oriented equities are sensitive to any incremental support measures. Liquidity and flows: Ongoing buybacks, steady retail participation, and systematic re-leveraging have cushioned pullbacks. Conversely, higher risk-free rates and rising T-bill supply may continue to compete for capital. The week ahead Policy and macro: Global: Flash manufacturing and services surveys will offer a timely read on demand, pricing, and supply chains. US: Housing indicators, jobless claims, and minutes from the latest central bank meeting will refine views on growth and policy duration. Europe/UK: Inflation updates and confidence gauges will test the disinflation narrative and rate-cut timelines. Asia: Japan activity data and inflation prints, plus updates from China’s policy channels, will inform views on regional growth. Corporate results: Consumer: Reports from major retailers and home-improvement chains will shed light on traffic, basket size, and discretionary vs. staples trends. Technology: A leading semiconductor and several hardware and software names will provide a pulse on AI demand, supply constraints, and capital intensity. Industrials/healthcare: Watch commentary on pricing, input costs, and labor availability. Tactical considerations Equities: Focus on balance-sheet strength and dependable free cash flow as rate volatility persists. A barbell of high-quality secular growers and cash-generative cyclicals can help navigate alternating growth and inflation impulses. Within defensives, differentiate by pricing power and earnings visibility rather than label alone. Fixed income: Keep an eye on duration risk; many investors are favoring shorter- to intermediate-maturity, higher-quality bonds for carry with less sensitivity to long-end moves. In credit, prioritize issuers with manageable maturities and robust interest coverage given the higher-for-longer rate backdrop. Commodities and FX: Elevated energy prices support sector earnings but may tighten financial conditions if sustained; consider diversification and risk limits. A firmer dollar can weigh on non-US assets; currency hedging remains an important tool for global allocations. Navigate Volatile Markets with Bespoke Wealth Solutions Build a resilient portfolio with tailored, multi-asset strategies. Explore Wealth Management Risk radar Re-acceleration in inflation or sticky services prices pushing yields higher Geopolitical flare-ups affecting energy supply and shipping routes Policy surprises from major central banks as they balance growth and inflation Liquidity pockets and seasonal issuance dynamics in rates and credit Growth disappointments from China or Europe feeding through to global trade The macro backdrop has become more demanding for richly valued assets, with higher real yields testing risk appetite. Still, solid earnings and ample liquidity have limited drawdowns. Near term, rate volatility and energy prices are likely to drive day-to-day moves. Maintaining quality bias, selective cyclicality, and disciplined duration exposure can help portfolios stay resilient while markets recalibrate. 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