Daily Market Updates

February 12 – Daily Market Update 

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12 February 2026 – Daily Market Updates Markets Daily — Broad Market Update Overview Global equities are starting the day with a constructive tone as gains in Europe and across much of Asia set the stage for a modestly higher US open. Leadership continues to broaden beyond the US, with several Asian markets and select Latin American benchmarks outpacing major US indices so far this year. A softer dollar and steady credit conditions are supporting risk appetite, while investors continue to rotate toward cyclicals and rate‑sensitive areas alongside ongoing interest in AI‑linked beneficiaries. Equities US: Futures signal a firmer open, with breadth improving beyond mega-cap tech. Transports, industrials and select financials have shown relative strength as freight volumes, travel demand, and capital spending expectations stabilize. Software and certain ad-tech names remain more mixed as investors sort through AI-related competitive dynamics. Europe: Regional indices are higher on a wave of company updates, with beats and improved guidance out of several sectors helping sentiment. Defensives remain well bid, but cyclical groups tied to logistics, travel, and manufacturing have led recent outperformance. Asia: Markets broadly advanced, with North Asia continuing to benefit from demand across the semiconductor and AI supply chains. Corporate reforms and shareholder-return initiatives remain supportive in parts of the region. ASEAN and India trade mixed as valuations and policy outlooks are reassessed following a strong multi‑year run. Style and factors: Momentum has cooled at the very top of US tech while value, quality, and income factors gain traction. Earnings revision breadth is improving outside the US, adding to the case for regional diversification. Rates and Credit Sovereigns: US Treasury yields are little changed in early trade, with the curve holding recent ranges as markets await the next round of inflation and activity data. European core yields are steady to slightly higher alongside firmer risk sentiment. Credit: Investment-grade spreads remain tight and high-yield risk premiums are stable. Primary issuance is active, with healthy order books pointing to robust demand for carry. Currencies The dollar index is edging lower, aiding risk assets and commodities. High-beta FX is firmer on the back of stronger global growth expectations, while the yen remains sensitive to policy signaling and rate differentials. Select EM currencies are steady, with idiosyncratic drivers continuing to dominate. Commodities Energy: Crude is rangebound as supply developments offset demand optimism tied to improved growth signals in Asia. Refining margins and inventory trends remain in focus. Metals: Industrial metals are mixed; copper and aluminum find support on infrastructure and data-center buildout demand, while near-term macro uncertainty caps rallies. Precious: Gold is steady, with real yields and dollar moves remaining the key drivers. Digital Assets Major tokens are modestly higher. Liquidity thins into weekends and during off-hours, which can amplify moves; positioning and options expiries remain important near-term catalysts. Corporate and Deal Flow Themes Asset management consolidation continues to gather pace as firms seek scale, distribution reach, and technology investment. AI remains a capital magnet, with large private funding rounds underscoring investor conviction in foundational models and enterprise adoption. Health care news flow is active, with leadership changes and regulatory milestones producing outsized single‑stock moves. Payments and fintech updates highlight a recalibration of revenue growth expectations; unit economics and international expansion are key differentiators. Consumer staples and food brands are under scrutiny as portfolio reshaping and pricing power normalize post‑pandemic. Travel, logistics, and freight have re-rated higher on improving demand data and efficiency gains. Key Themes We’re Watching Regional rotation: Outperformance outside the US suggests a broader leadership handoff. Valuations, earnings revisions, and currency dynamics support a case for diversified exposure. Cyclicals vs. secular growth: AI-related beneficiaries remain core to long-term tech spending, but cyclical groups tied to transport, capital goods, and travel are capturing incremental flows as growth expectations stabilize. Policy path: Central bank communication and incoming inflation prints remain pivotal for duration, rate-sensitive equities, and FX trends. Liquidity and market structure: Thinner trading conditions during off-hours can exacerbate swings in crypto and smaller-cap equities; be mindful of leverage and key technical levels. Earnings quality over headlines: Cash flow durability, pricing power, and balance sheet strength are being rewarded more consistently than top-line beats alone. What’s Ahead Macro: Inflation, retail sales, and housing updates across major economies; central bank speakers and minutes. Micro: A busy earnings slate across airlines, payments, semiconductors, travel platforms, and select industrials. Guidance on 2026 capex, AI monetization, and margin trajectories will be in focus. Portfolio Considerations Diversification: Rebalance US-heavy allocations to include select Asia and Europe exposures where earnings revisions and policy tailwinds look favorable. Quality bias: Favor companies with strong free cash flow, resilient margins, and reasonable leverage. Balance secular and cyclical: Pair AI and cloud infrastructure beneficiaries with transportation, logistics, and other economically sensitive names showing improving demand. Currency: Consider hedging where dollar softness or volatility could materially impact returns. Risk management: Use disciplined position sizing and stop‑loss protocols, especially into low‑liquidity windows. This material is for information purposes only and is not investment advice or a solicitation to buy or sell any financial instrument. Markets are volatile; consider your objectives and risk tolerance before making investment dec 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

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February 11 – Daily Market Update

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11 February 2026 – Daily Market Updates Markets Daily — Broad Market Update Market snapshot (as of 6:06 a.m. ET) US equity futures: flat to slightly lower (S&P 500 futures near 6961, -0.01%) Europe: Stoxx 600 around 619.6, -0.22% Asia: Hang Seng closed up roughly 0.3% near 27266 US dollar: softer by about 0.3% on a broad trade-weighted basis Bitcoin: near $66600, down roughly 2.9% US Treasuries: yields edging lower across the curve Macro and policy “Bad news is good news” is back in focus. Softer data have reinforced expectations that major central banks, led by the Fed, could begin easing later this year. Markets are leaning toward multiple rate cuts in 2026, though timing remains data-dependent. Today’s US labor-market update will be pivotal. Traders will watch headline payrolls, the unemployment rate, participation, average hourly earnings, and—critically—revisions to prior months. A cooler set of numbers would bolster the case for earlier policy support; an upside surprise could push back those timelines. Global growth signals are mixed: Europe continues to show uneven momentum, while Asia’s tech‑heavy markets have benefited from the weaker dollar and ongoing demand for semiconductors and AI infrastructure. Equities US: Index futures are steady as investors balance resilient mega-cap tech leadership with late‑cycle dynamics favoring quality balance sheets and cash flow. Rate‑sensitive segments tend to benefit when yields fall, while small caps remain more volatile around macro surprises. Europe: Modest declines in early trade as investors digest earnings, cost‑reduction plans, and guidance resets. Defensive pockets (utilities, staples, healthcare) are finding support when bond yields ease, while cyclicals trade more on growth and China‑linked headlines. Asia: Mixed session. Tech‑oriented markets continue to attract flows on AI hardware demand, while parts of Greater China remain range‑bound amid policy and property‑sector uncertainty. Rates and credit US Treasuries are firmer, with the belly of the curve leading on softer growth signals. A cool employment print would likely extend the rally and favor a bull‑steepening bias; a hotter release risks a reversal with front‑end yields most sensitive. Investment‑grade credit spreads are broadly stable; high yield trades in a tight range but remains sensitive to earnings surprises and any pickup in default chatter. Currencies The dollar is easing for a fourth session as rate‑cut probabilities firm. A benign wage‑inflation number would likely keep the pressure on the greenback; stronger earnings growth could flip the script. G10: Euro and pound are firmer against the dollar; yen steadies as US yields dip. Select commodity currencies are consolidating after recent gains. Commodities and crypto Oil: Range‑bound as supply risks and inventory dynamics offset growth concerns. Positioning remains cautious ahead of key macro prints. Gold: Supported by lower real yields and a softer dollar; ETF flows remain the swing factor. Digital assets: Bitcoin is retracing after a strong multi‑week run; intra‑day volatility remains elevated around liquidity pockets and risk sentiment. Theme to watch: The AI dispersion Markets are recalibrating winners and potential laggards from rapid AI adoption. Hardware beneficiaries and energy‑efficient infrastructure remain in focus, while parts of software, services, and select financial niches face headline‑driven volatility. Expect continued differentiation at the single‑name level as business models adapt and pricing power is tested. Event radar US labor market report: headline jobs, unemployment rate, participation, average hourly earnings, and prior‑month revisions Central bank speakers and minutes across major economies Corporate earnings: watch forward‑guidance language, cost discipline, AI investment pacing, and capital‑return updates Trading lens: What could move markets today Weaker‑than‑expected jobs/wage data: likely bullish duration, softer dollar, supportive for rate‑sensitives and quality growth Stronger‑than‑expected jobs/wage data: potential bear‑flattening in rates, dollar bounce, factor rotation toward cyclical/value and financials Big revisions: could meaningfully reshape the narrative even if the headline meets estimates House view highlights Macro remains a tug‑of‑war between cooling growth and prospective policy support. Near term, data beats/misses will likely drive sharp, factor‑level rotations more than index‑directional trends. Stay selective within equities, with an emphasis on quality balance sheets and durable cash flow. In fixed income, carry remains attractive, but duration should be sized with event risk in mind. Important information This material is for information only and does not constitute investment advice or a recommendation to buy or sell any security or strategy. Markets are volatile and can move quickly around economic releases and company news. Consider your objectives, risk tolerance, and local regulations before making investment decisions. Market levels and performance figures referenced above are indicative and subject to change. Disclaimer: Trading foreign exchange and/or contracts for difference on margin carries a high level of risk, and may not be suitable for all investors as you could sustain losses in excess of deposits. The products are intended for retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. The content of the Website must not be construed as personal advice. For retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. Rolling Spot Contracts and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78% of our retail client accounts lose money while trading with us. You should consider whether you understand how Rolling Spot Contracts and CFDs work, and whether you can afford to take the high risk of losing your money. February 11 – Daily Market Update February 11, 2026 11 February 2026 – Daily Market Updates Markets Daily —… Read More February 10 – Daily Market Update February 10, 2026 10 February 2026 – Daily Market Updates Markets Daily: Caution… Read More February 4 – Daily Market Update February 4, 2026 4 february 2026 – Daily Market Updates Markets Daily: Broad… Read More February 3 –

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February 10 – Daily Market Update

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10 February 2026 – Daily Market Updates Markets Daily: Caution returns as rates nudge higher, Japan surges, and AI-driven dispersion deepens Global markets are mixed to start the day, with a guarded tone across risk assets as investors weigh shifting rate expectations, fresh politics in Japan, and a still-evolving narrative around artificial intelligence and software Market snapshot US equity futures: slightly lower, pointing to a softer Wall Street open after last week’s late rebound Europe: little changed overall, with sector rotation rather than clear index direction Rates: US 10-year Treasury yields are edging up, reflecting a modest back-up in real rates into a heavy data week Asia: Japan’s major equity benchmark leapt to new highs following a strong electoral outcome that reinforced policy continuity and reform momentum Commodities: gold is firmer after recent volatility; crude is steady ahead of industry outlooks due later in the week FX: the dollar is broadly steady; sterling remains sensitive to UK political headlines Top themes today Higher-for-longer jitters creep back in: A small rise in Treasury yields is keeping risk appetite in check. With key US data approaching, investors are reluctant to chase equities after last week’s swift recovery. Implied equity volatility remains above its recent average, a sign that hedging demand persists. AI is no longer a tide that lifts all boats: The market’s AI trade is becoming more selective. Instead of a broad-based lift across software and tech, leadership is narrowing to firms with clear monetization paths, defensible data, or infrastructure advantages. This is creating wider performance gaps both within tech and across adjacent sectors exposed to automation themes. Japan’s equity momentum strengthens: A decisive political result has bolstered expectations for continued pro-growth policy, corporate governance improvements, and capital efficiency gains. Earnings revisions and buyback activity remain key supports. Currency dynamics and the domestic rate path are additional levers to watch. China’s gradual reserve diversification draws muted market reaction: Reports that Chinese authorities are encouraging banks to trim concentrations in US government debt elicited only a modest move in Treasuries. The long-running trend of diversified reserve management has been offset over time by buying from other foreign investors and domestic demand, helping contain market impact. Commodities and positioning: Gold’s sharp swings last week underlined how crowded positioning and macro hedging can amplify moves. Oil traders will look to upcoming producer and agency reports for fresh guidance on balances, non-OPEC supply, and demand resilience. US session setup Equities: Futures point to a consolidation day. Under the surface, factor and sector dispersion remains elevated, with short covering having contributed to last week’s rebound in some of the most volatile names. Turnover trends suggest investors are adding selectively rather than re-risking broadly. Credit: Primary markets remain open, but rate volatility argues for opportunistic issuance windows and continued focus on balance-sheet quality. Rates: The modest bear-steepening bias into data is consistent with cautious duration positioning. FX: The dollar is stable; idiosyncratic political risks keep select European currencies on watch. The week ahead: data, policy, and earnings to watch Monday: Mexico inflation prints; comments expected from US and European central bank officials. Tuesday: US retail sales, small business sentiment, and employment cost data will provide a read on the consumer and wage trends; several large-cap companies in banking, beverages, autos, and media report results. Wednesday: China inflation data and producer prices; US nonfarm payrolls, jobless rate, and the federal budget update; energy market outlook from producers. Corporate updates include hospitality and enterprise tech. Thursday: Inflation releases from parts of Asia and Europe; UK growth and industrial production; US jobless claims and existing home sales; additional central bank speakers; global oil market outlook from international agencies; select crypto and fintech earnings. Friday: China home-price data; euro-area growth and country-level inflation updates; US consumer inflation—the key macro highlight into the weekend. What we’re watching Breadth and leadership: Can cyclical sectors and small/mid caps participate, or does performance remain concentrated in a handful of mega-cap and infrastructure plays? Earnings guidance vs. multiples: With rates elevated, the bar for richly valued names is higher. Watch free-cash-flow trajectories and margin commentary. Labor-market signals: Wage metrics and participation will help shape the path of services inflation and central-bank reaction functions. Duration and curve: A hotter CPI would likely keep the front end anchored higher-for-longer while challenging longer maturities; a cooler print could revive soft-landing positioning. FX spillovers: Political headlines and relative growth surprises may drive cross-currency volatility even if the broad dollar remains range-bound. Portfolio considerations (not investment advice) Quality bias: Favor stronger balance sheets, consistent cash generation, and pricing power while rates remain elevated. Diversify AI exposure: Consider a balanced approach across infrastructure, enablers, and proven applications rather than a blanket sector bet. Manage rate risk: For fixed income, a staggered-duration or barbell approach can help navigate data volatility. Hedging discipline: Elevated dispersion argues for keeping risk controls and hedges in place around major macro releases. Global mix: Japan’s reform and shareholder-return story remains a constructive long-term theme; monitor currency and policy dynamics. Key risks Upside inflation surprises or stickier services inflation Policy miscommunication amid a crowded central-bank speaker slate Geopolitical or election-related volatility spilling into rates and FX Liquidity pockets and mechanically driven flows (e.g., systematic or passive rebalancing) amplifying short-term swings This material is provided for information only and does not constitute investment advice or a recommendation to buy or sell any security, sector, or strategy. Markets are volatile and past performance is not indicative of future results. 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

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February 4 – Daily Market Update

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4 february 2026 – Daily Market Updates Markets Daily: Broad Markets Steady, Rotation Theme Persists Market overview US equity futures are mixed in early trade as investors balance resilient economic data with a busy stretch of corporate results. Large-cap benchmarks are little changed overall, with growth-oriented indexes lagging value and cyclical segments. Treasury yields are hovering near recent ranges as markets reassess the timing and pace of potential policy easing this year. Rate-sensitive sectors remain choppy while financials and industrials show relative stability. The US dollar is firmer against most major peers, reflecting cautious risk sentiment and interest-rate differentials. Commodity-linked currencies are uneven. Commodities are broadly supported. Crude is up for a second session on ongoing geopolitical tensions and supply headlines, while gold extends its rebound amid a mix of haven demand and currency moves. Themes in focus Rotation toward cash-generative, economically sensitive companies has continued. Staples, energy, and select materials have outperformed high-multiple growth shares at the margin, helped by solid nominal growth and rising capital discipline across cyclicals. Software and some richly valued technology pockets remain volatile as investors scrutinize monetization timelines and profit leverage around artificial intelligence spending. Hardware and infrastructure providers tied to AI demand are seeing more differentiation based on guidance and capacity plans. Healthcare is in the spotlight as competitive dynamics intensify across certain therapy categories, with pricing and market-share expectations being recalibrated. Dispersion within the group remains high. M&A chatter and strategic portfolio moves are picking up into earnings season, adding stock-specific swings without altering the broader macro tone. Rates, FX, and credit Front-end yields reflect a later start and shallower path for policy easing compared with earlier expectations, while longer maturities are anchored by stable inflation breakevens. The curve remains relatively flat. Credit markets are orderly. Investment-grade spreads are steady and high-yield risk appetite is selective, with quality continuing to command a premium. Primary issuance remains active when windows are open. Commodities Oil prices are supported by geopolitical risk and cautious supply expectations. Any confirmed changes in export flows or shipping routes could inject additional volatility. Precious metals are bid as investors seek diversification and as real yields consolidate. Flows into hedging and allocation strategies remain a driver alongside currency moves. Industrial metals are mixed, reflecting a tug-of-war between inventory normalization and uneven global manufactuing data. Earnings landscape The heart of reporting season is delivering wide dispersion. Companies beating on both revenue and margins are being rewarded, while cautious outlooks are drawing outsized reactions. Mega-cap technology, chipmakers tied to AI infrastructure, select consumer names, and large-cap healthcare feature prominently this week. Guidance around capital expenditure, pricing, and cost control remains the dominant catalyst for single-stock moves. Digital assets Major cryptocurrencies are softer overall, with leverage and liquidity conditions amplifying moves. Correlations with risk assets remain inconsistent day to day, but macro headlines and dollar strength continue to influence direction. What to watch next Corporate guidance: Commentary on AI-related spending, inventory management, and demand elasticity across consumer categories will shape sector leadership. Inflation and growth signals: Upcoming labor and services activity data, along with central bank remarks, will inform the path of rates and the durability of the current rotation. Positioning and liquidity: With volatility clustering around earnings and geopolitical headlines, intraday liquidity can vary; expect wider moves on stock-specific news. Portfolio considerations Maintain balance between quality growth and resilient value exposures; emphasize free cash flow, pricing power, and healthy balance sheets. In fixed income, a laddered approach can help navigate path uncertainty for policy rates, while maintaining attention to credit quality. Consider risk management tools where appropriate, as dispersion remains elevated and headline sensitivity can produce abrupt swings. This commentary is a general market update intended for informational purposes only and does not constitute investment advice, a recommendation, or a solicitation to buy or sell any security. Markets are fluid and conditions may change without notice. Clients should assess their individual circumstances and consult a financial professional before making investment decisions. Disclaimer: Trading foreign exchange and/or contracts for difference on margin carries a high level of risk, and may not be suitable for all investors as you could sustain losses in excess of deposits. The products are intended for retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. The content of the Website must not be construed as personal advice. For retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. Rolling Spot Contracts and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78% of our retail client accounts lose money while trading with us. You should consider whether you understand how Rolling Spot Contracts and CFDs work, and whether you can afford to take the high risk of losing your money. February 4 – Daily Market Update February 4, 2026 4 february 2026 – Daily Market Updates Markets Daily: Broad… Read More February 3 – Daily Market Update  February 3, 2026 3 February 2026 – Daily Market Updates Market snapshot (as… Read More February 2 – Daily Market Update February 2, 2026 2 February 2026 – Daily Market Updates Markets Daily: Volatility… Read More January 30 – Daily Market Update  January 30, 2026 30 January 2026 – Daily Market Updates Markets Daily: Risk-off… Read More January 29 – Daily Market Update January 29, 2026 29 January 2026- Daily Market Updates Quick take Metals rally… Read More January 28 – Daily Market Update January 28, 2026 28 January 2026 Daily Market Updates Markets Daily: Global Risk… Read More January 27 – Daily Market Update January 27, 2026 27 january 2026 – Daily Market

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February 3 – Daily Market Update 

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3 February 2026 – Daily Market Updates Market snapshot (as of 6:49 a.m. ET; market data may be delayed) S&P 500 Futures: 7008.25 (+0.08%) Nasdaq 100 Futures: 25938.5 (+0.34%) US 10-Year Treasury Yield: 4.285% (+0.8 bps) Gold: 4,908.37 (+5.30%) Morning rundown Risk appetite is stabilizing after a volatile stretch. US equity futures are firmer, led by technology, while core yields edge higher and the dollar eases. Precious metals are rebounding sharply, reversing part of the previous session’s slide. The tone across Asia was broadly constructive, with Korea leading gains and semiconductors among the standouts. Europe opened higher, echoing the recovery in cyclicals and AI-linked names. Commodities Precious metals: Gold and silver are bouncing as bargain-hunters and short-covering meet ongoing longer-term interest from asset allocators. The speed of the move underscores how leveraged positioning can amplify swings in both directions. Energy and industrial metals: A modest risk-on mood is supporting pro-cyclical commodities, though traders remain sensitive to macro headlines and policy signals. Equities US: Futures point to gains with the AI/data-center complex back in focus. Investors are watching whether beaten-down groups from the prior selloff extend their recovery and whether earnings guidance validates recent multiple expansion. Asia: Major benchmarks advanced, with Korea outperforming on a broad tech rally. Japan and Hong Kong saw more measured rebounds as investors weigh currency dynamics and policy uncertainty. Europe: Early strength is broad-based, with defensives participating alongside cyclicals. Market depth remains thinner than usual around headline risk, keeping intraday volatility elevated. Rates and FX Sovereigns: The 10-year Treasury yield is little changed, holding near recent ranges as markets balance resilient growth indicators with sticky services inflation. Curves remain biased toward slight bear-steepening on any upside data surprises. Currencies: The dollar is marginally softer against a basket of peers. Cross-asset correlations suggest a modest reversion to risk-taking, with higher-beta FX stabilizing. Central banks: A major Asia-Pacific central bank lifted its policy rate, the first notable developed-market hike of the year, citing persistent price pressures. Markets are reassessing the global policy path, with timing and pace of eventual easing remaining data-dependent. Corporate calendar and flows Earnings: A busy slate spans consumer staples, healthcare, payments, and restaurants before and after the US market close. Key themes to monitor: pricing power, volume elasticity, cost discipline, and AI-related capex/commentary from enterprise-facing firms. Deal and listing watch: Headlines around a prominent private space-and-AI combination are fueling discussion of a potential landmark listing later this year. Any formal timeline or structure could influence sentiment in growth equities and late-stage private markets. Credit: Investment-grade spreads remain tight by historical standards, reflecting strong technicals. With valuations rich, investors are attentive to any wobble in AI-led growth narratives or earnings misses that could widen risk premia. What to watch next Macro: Upcoming labor, inflation, and activity data across major economies will frame the near-term path for yields and the dollar. Micro: Guidance from AI-adjacent hardware, cloud, and semiconductor supply chains will be scrutinized for signs of demand normalization versus continued buildout. Positioning: After outsized moves in metals and tech, liquidity pockets and options flows may continue to amplify intraday swings. House view summary Near-term tone: Cautiously risk-on, but fragile given tight credit spreads and elevated expectations. Key swing factors: Central bank communication, earnings quality, and the durability of AI-driven capex. Portfolio considerations: Diversification and attention to liquidity remain prudent amid fast-moving cross-asset rotations. Notes All market levels are for information only and subject to change. This commentary is not investment advice or a solicitation to buy or sell any security. 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. February 3 – Daily Market Update  February 3, 2026 3 February 2026 – Daily Market Updates Market snapshot (as… Read More February 2 – Daily Market Update February 2, 2026 2 February 2026 – Daily Market Updates Markets Daily: Volatility… Read More January 30 – Daily Market Update  January 30, 2026 30 January 2026 – Daily Market Updates Markets Daily: Risk-off… Read More January 29 – Daily Market Update January 29, 2026 29 January 2026- Daily Market Updates Quick take Metals rally… Read More January 28 – Daily Market Update January 28, 2026 28 January 2026 Daily Market Updates Markets Daily: Global Risk… Read More January 27 – Daily Market Update January 27, 2026 27 january 2026 – Daily Market Updates Market overview Equities:… Read More January 26 – Daily Market Update January 26, 2026 26 January 2026 – Daily Market Updates Markets Daily –… Read More January 23 – Daily Market Update January 23, 2026 23 January 2026 – Daily Market Updates Markets Daily |… Read More January 22 – Daily Market Update  January 22, 2026 22 January 2026 – Daily Market Updates Market snapshot (as… Read More January 21 – Daily Market Update January 21, 2026 21 january 2026 – Daily Market Updates Daily Markets Briefing… Read More January 20 – Daily Market

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February 2 – Daily Market Update

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2 February 2026 – Daily Market Updates Markets Daily: Volatility returns as crowded trades reset; central banks and jobs data in focus Market Snapshot (as of 06:52 am ET) S&P 500 Futures: 6933.5 (-0.46%) Nasdaq 100 Futures: 25466.25 (-0.79%) Bitcoin: 77851.5 (+1.86%) Gold: 4774.16 (-2.45%) Opening take Risk appetite softened to start the week as investors trimmed popular long positions across equities and commodities. US equity futures point lower for a fourth session, the dollar is little changed, and rate markets are steady ahead of a dense macro calendar that includes major central bank decisions in Europe and the US January employment report. The notable outlier is crypto, where prices stabilized after a volatile weekend. Today’s key themes Commodities swing: Precious metals and energy retreated sharply, reflecting a combination of profit-taking, position de-risking, and idiosyncratic liquidity stresses in parts of Asia. Intraday moves have been wide, a hallmark of thin conditions into regional holidays and tighter margins for leveraged positions. Dip-buying interest is emerging in physical markets, but price discovery remains unsettled. Tech-led equity pullback: After a strong run, high-beta segments—particularly AI-adjacent semiconductor names in Asia—saw outsized declines, with spillovers to Europe and US futures. The catalyst mix includes lofty positioning, shifting expectations around capex plans, and a broader “take profits first, ask questions later” mindset into the macro-heavy week. Crypto steadies: Digital assets found a footing after recent losses, trading more in line with broader risk tone rather than in isolation. Correlations with high-growth equities remain elevated, and crypto-exposed equities are seeing pressure in premarket trade despite the rebound in headline tokens. FX and rates: The dollar is marginally softer against majors, with yields largely unchanged as investors await guidance from the ECB and BoE and Friday’s US jobs report. Expect limited directional conviction until those catalysts land. Across regions Asia: Equities weakened, led by technology hardware and semiconductors. A combination of profit-taking and local market liquidity dynamics amplified the moves. Commodity-related shares lagged amid the metals pullback. Europe: Stocks opened mixed-to-lower, with miners and energy underperforming. Defensive sectors held up better as investors positioned for Thursday’s central bank decisions. Sovereign bonds were steady. US: Futures are lower, with cyclical and momentum cohorts indicated down more than the broader tape. Volatility is ticking up from subdued levels as options markets price wider ranges into Friday’s payrolls. Corporate and sector highlights Metals and mining: Gold and silver volatility weighed on producers; beta to spot prices remains high after a strong year-to-date run. Position-sensitive names are seeing outsized moves. Energy: Crude softness and headline risk around geopolitics dragged the complex. Integrateds and E&Ps are indicated lower premarket. AI and cloud: A large enterprise software provider flagged sizable funding plans to expand cloud/AI infrastructure capacity, underscoring the ongoing capex race. Markets continue to debate the durability and timing of returns on hyperscale spend. Media and consumer: A prominent media conglomerate’s leadership planning remains in focus alongside earnings. Consumer and staples bellwethers will offer read-throughs on pricing power and volumes this week. Crypto-linked equities: Miners, exchanges, and infrastructure plays are under pressure despite stabilization in major tokens, reflecting sensitivity to recent drawdowns and hash-price dynamics. The week ahead: macro diary Monday: Global manufacturing PMIs; selected central bank speakers. Earnings from large-cap consumer, entertainment, and software names. Tuesday: Australia policy decision; Eurozone bank lending survey; France/South Korea/Turkey CPI; Spain unemployment; US JOLTS and vehicle sales. US earnings heavy in payments, beverages, pharma, and semis. Wednesday: Services PMIs (selected regions); US ADP employment and ISM services; US Treasury financing outlook. Earnings include a major US search/advertising platform and a global bank. Thursday: Policy decisions from the ECB, BoE, and Mexico; Germany factory orders; France industrial production; US initial jobless claims. Private equity, energy, and ecommerce names report. Friday: US nonfarm payrolls, unemployment rate, and consumer sentiment; Canada jobs; Germany industrial production; India policy decision; Japan household spending and leading index. What we’re watching next Crowding unwind: The rotation out of year-to-date winners suggests positioning rather than macro alone is driving price action. Watch for signs of stabilization in flows before chasing reversals. Central bank tone: Any updates on balance sheet plans and inflation assessment from the ECB/BoE could steer duration and FX into the weekend. US payrolls: After resilient labor prints, any shift in wage growth or participation could influence the timing and magnitude of rate-cut expectations. Earnings breadth: Guideposts from mega-cap tech, semis, payments, and energy will shape the narrative on AI monetization, consumer health, and capex cycles. Risk management considerations Elevated intraday swings in commodities and high-beta equities argue for disciplined sizing and wider stop tolerances. Into Friday’s data, consider scenario planning around labor-market surprises and the knock-on to front-end rates, tech multiples, and USD direction. For hedgers, skew in index options has richened modestly; cross-asset hedges (gold, USD, duration) have been inconsistent—diversification across hedges may be prudent. This material is provided for information only and does not constitute investment advice or a solicitation to buy or sell any financial instrument. Markets are volatile and subject to change. Consider your objectives, risk tolerance, and local regulations before making investment decisions. Disclaimer: Trading foreign exchange and/or contracts for difference on margin carries a high level of risk, and may not be suitable for all investors as you could sustain losses in excess of deposits. The products are intended for retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. The content of the Website must not be construed as personal advice. For retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. Rolling Spot Contracts and CFDs are complex instruments and come with a high

February 2 – Daily Market Update Read More »

January 30 – Daily Market Update 

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30 January 2026 – Daily Market Updates Markets Daily: Risk-off tone as dollar firms, futures dip, commodities retreat Overview Global markets are starting the day on the back foot. A stronger US dollar and a reset in interest-rate expectations are pressuring risk assets, with equity futures softer, metals giving back gains, and crypto trading lower. Investors are weighing policy signals, ongoing fiscal negotiations in Washington, and a busy stretch of earnings. Market snapshot (as of 06:00 a.m. ET; levels subject to change) S&P 500 futures: -0.74% Hang Seng Index: 27387.1 (-2.08%) Bitcoin: 82667.37 (-2.02%) Spot gold: 5111.4 (-4.79%) Macro and policy Rates and the dollar: The greenback’s advance reflects a market leaning toward fewer or shallower rate cuts than previously assumed. Higher real yields and a firmer dollar are tightening financial conditions at the margin and weighing on rate‑sensitive segments. Washington watch: Lawmakers appear close to a short-term funding arrangement to avoid a prolonged government shutdown. Timing remains tight, so a brief disruption can’t be ruled out, but the base case is for a temporary extension. Global growth signals: Recent data show the euro area holding up a touch better than feared into year‑end despite trade frictions. In Asia, growth-sensitive assets remain choppy as investors assess China demand and policy support. Equities Futures and sectors: US equity futures are lower, with a defensive bias evident after a volatile week for large-cap tech and cyclicals. Higher discount rates continue to pressure parts of the growth complex. Earnings pulse: The season remains in focus with results across energy, telecoms, financials, consumer staples, and payments. Guidance on pricing power, capex (especially AI- and infrastructure-related), and inventory normalization remains the key swing factor for multiples. Single‑stock themes: Hardware and select apparel names have outperformed on stronger revenue and upgraded outlooks, while precious‑metals miners are under pressure alongside bullion. Mega-cap tech remains volatile as investors balance heavy investment plans with near‑term growth trajectories. Asia/Europe: Hong Kong equities lagged on risk aversion and commodity softness. In Europe, pockets of consumer discretionary strength contrast with weakness in materials. Commodities and crypto Metals: After an exceptional run earlier in the week, industrial metals have cooled as USD strength and profit taking set in. Copper has retreated from record territory, while precious metals are consolidating on higher real yields. Energy: Crude is range‑bound as supply headlines offset demand concerns. The stronger dollar is a modest headwind for commodities broadly. Digital assets: Bitcoin is lower, underperforming metals amid a rotation into hard‑asset exposures tied to real‑economy demand. Correlations to macro factors remain fluid, with dollar strength and rates repricing exerting near‑term pressure. Fixed income and FX Bonds: Treasury yields are edging up as markets reprice the policy path. Curves remain sensitive to any shift in perceived central‑bank reaction functions and incoming inflation data. Currencies: The dollar’s bid is broad‑based, pressuring Asia and commodity‑linked FX. Cross-asset volatility may remain elevated while policy and growth narratives recalibrate. What we’re watching Policy signals: Any updates on central‑bank leadership and guidance that could shift the expected cadence of rate cuts. Fiscal timeline: Progress on temporary US government funding to limit shutdown risk. Data lineup: Upcoming reads on labor markets, consumer spending, and inflation that could validate or challenge the current rates repricing. Earnings: Management commentary on demand elasticity, cost discipline, and capex plans, with an eye on AI and supply‑chain investment. Portfolio considerations Reassess duration and rate sensitivity given firmer real yields. Review USD exposure and hedging as the currency bid broadens. Expect continued factor rotation; balance defensives with quality cyclicals tied to resilient end‑markets. Use elevated single‑name dispersion around earnings to be selective on entries and exits.  Note: This communication is for information purposes only and does not constitute investment advice or a recommendation to buy or sell any security or asset. Market data are indicative and subject to change. Disclaimer: Trading foreign exchange and/or contracts for difference on margin carries a high level of risk, and may not be suitable for all investors as you could sustain losses in excess of deposits. The products are intended for retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. The content of the Website must not be construed as personal advice. For retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. Rolling Spot Contracts and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78% of our retail client accounts lose money while trading with us. You should consider whether you understand how Rolling Spot Contracts and CFDs work, and whether you can afford to take the high risk of losing your money. January 30 – Daily Market Update  January 30, 2026 30 January 2026 – Daily Market Updates Markets Daily: Risk-off… Read More January 29 – Daily Market Update January 29, 2026 29 January 2026- Daily Market Updates Quick take Metals rally… Read More January 28 – Daily Market Update January 28, 2026 28 January 2026 Daily Market Updates Markets Daily: Global Risk… Read More January 27 – Daily Market Update January 27, 2026 27 january 2026 – Daily Market Updates Market overview Equities:… Read More January 26 – Daily Market Update January 26, 2026 26 January 2026 – Daily Market Updates Markets Daily –… Read More January 23 – Daily Market Update January 23, 2026 23 January 2026 – Daily Market Updates Markets Daily |… Read More January 22 – Daily Market Update  January 22, 2026 22 January 2026 – Daily Market Updates Market snapshot (as… Read More January 21 – Daily Market Update January 21, 2026 21 january 2026 – Daily Market Updates

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January 29 – Daily Market Update

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29 January 2026- Daily Market Updates Quick take Metals rally extends: Precious and industrial metals pushed to fresh highs as investors rotate toward hard assets and supply narratives tighten. Tech earnings split the tape: AI-related capital spending remains the common thread, but the market is rewarding clear monetization paths and punishing slower cloud growth or vague payoffs. US futures modestly firmer; Europe in the green; Asian equities mixed with mainland China stronger. Policy watch: Progress reported in US government funding discussions; investors remain attentive to headline risk. Dollar little changed; sovereign yields drift as safe-haven flows and growth expectations tug in opposite directions. Market overview Equities US equity futures indicate a cautious positive open as investors digest a heavy earnings slate from megacaps and industrial bellwethers. Europe trades higher, led by technology and cyclicals, while defensives lag. Asia was mixed overnight: mainland Chinese benchmarks advanced, while parts of North Asia underperformed on tech volatility. Commodities Gold notched another record, aided by softer real yields, haven demand, and ongoing diversification by asset allocators. Silver and copper extended gains. Copper’s move has been amplified by positioning dynamics and optimism around electrification demand, alongside pockets of supply constraint. Energy prices were range-bound as markets balanced geopolitical risk with signs of resilient supply. FX and rates The US dollar index was broadly steady, with modest strength against high-beta currencies offset by stability in Europe and Asia FX. US Treasury yields were little changed to softer at the front end, with the curve showing a mild flattening bias as markets calibrate growth, inflation, and the rate path. Earnings and corporate highlights Big Tech: Investor reaction remains uneven. Firms articulating clearer near-term revenue lift from AI and software subscriptions outperformed, while those showing decelerating cloud metrics or heavier near-term spend faced pressure. Semiconductors and equipment: Select chip-tool makers beat expectations on orders tied to memory and advanced nodes, reinforcing a multiyear capex upcycle. Enterprise software: A strong report from a US large-cap name contrasted with a sharp selloff in a European peer after softer cloud backlog commentary. Consumer and industrials: A major casino operator missed on Asia operations; machinery and aerospace names are in focus with results across the tape. EVs and automation: A leading EV maker outlined elevated investment plans aimed at simplifying its vehicle lineup and accelerating robotics/AI initiatives, underscoring the sector’s pivot beyond autos. Macro and policy developments US fiscal negotiations: Reports suggest incremental progress toward averting a shutdown; timing and details remain fluid, keeping a mild risk premium in the backdrop. Asia policy and flows: China tightened parameters on a cross-border investment program amid strong demand; Indonesian equities were volatile after an index provider raised market accessibility concerns, with authorities signaling steps to address them. Critical minerals: Shares across the rare-earths space softened after indications the US may not proceed with certain price-support mechanisms. Digital assets: Policymakers and industry participants held discussions on the path forward for crypto legislation, highlighting regulatory momentum even as details remain unsettled. Metals in focus: what’s driving the move Macro hedging: With uncertainties around growth, deficits, and the rate path, investors have sought ballast in precious metals. Supply and capex: Years of underinvestment are colliding with demand from electrification and infrastructure, supporting industrial metals. Positioning: Momentum and speculative flows can amplify moves in both directions; volatility risk is rising alongside prices. What we’re watching Earnings: Pre-open and post-close updates from large-cap tech, payments, industrials, and defense. Guidance on AI spend, cloud demand, consumer resilience, and margin trajectories will be pivotal. Data and central banks: Inflation trends, labor-market signals, and any shifts in central bank rhetoric that could recalibrate the rate-cut timeline. Market breadth and leadership: Can participation broaden beyond a handful of megacaps as earnings season progresses? Positioning and liquidity: Elevated single-name dispersion and options activity into results windows can increase intraday swings. Strategy considerations Keep time horizons clear around AI: Distinguish between near-term monetization and longer-dated platform bets when assessing valuation support. Metals exposure: Consider the potential for sharp pullbacks in extended trends; risk controls matter as positioning builds. Quality and cash flow: In a choppy tape, balance sheet strength and visibility on free cash flow remain favored characteristics. Diversification: Cross-asset moves remain tightly linked; ensure portfolios are not implicitly concentrated in the same macro factor. Calendar highlights (next 24–48 hours) US: Heavy earnings slate across technology, payments, consumer, and industrials; assorted confidence and housing indicators. Europe/UK: Corporate results and sentiment surveys. Asia: Policy headlines, China activity gauges, and tech supply-chain updates. This material is provided for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any security. Markets are volatile and subject to change. Consider your objectives and risk tolerance before making investment decisions. Disclaimer: Trading foreign exchange and/or contracts for difference on margin carries a high level of risk, and may not be suitable for all investors as you could sustain losses in excess of deposits. The products are intended for retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. The content of the Website must not be construed as personal advice. For retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. Rolling Spot Contracts and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78% of our retail client accounts lose money while trading with us. You should consider whether you understand how Rolling Spot Contracts and CFDs work, and whether you can afford to take the high risk of losing your money. January 29 – Daily Market Update January 29, 2026 29 January 2026- Daily Market

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January 28 – Daily Market Update

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

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January 27 – Daily Market Update

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27 january 2026 – Daily Market Updates Market overview Equities: Global stocks are edging higher, with major benchmarks hovering near record territory. Technology shares continue to set the tone as earnings season ramps up, while cyclicals are mixed. Rates: Treasury yields are firmer at the front end and choppy out the curve as traders reassess the pace and timing of central bank easing. Debate around curve steepening versus long-duration opportunities remains front and center. FX: The dollar is softer on the margins against a basket of majors, with traders leaning into risk assets and weighing divergent policy paths. Commodities: Precious metals remain bid amid persistent macro uncertainty and robust investor demand; energy is range-bound as supply headlines offset growth concerns. Digital assets: Crypto markets are consolidating, with volumes subdued and flows mixed as investors favor equities and hard assets in the near term. Overnight and pre-market movers Mega-cap tech and AI-adjacent names continue to lead in early trading, supported by resilient demand for compute, software, and memory. Managed care stocks are under pressure after a preliminary policy update suggested a less favorable reimbursement backdrop for next year. Airlines are trimming schedules as winter weather disrupts key hubs; the sector remains sensitive to fuel costs and operational headlines. Select European consumer and sportswear shares are active on corporate ownership developments. Silver and gold-linked equities are firmer alongside strength in spot metals. Earnings snapshot A heavy slate of results is in focus today and through the week. Investors are watching: Transportation and logistics for read-throughs on parcel volumes, pricing power, and cost discipline. Autos for commentary on inventories, EV adoption, and capital allocation. Airlines and aerospace for unit revenue trends, capacity plans, and production updates. Semiconductors and cloud/software for AI-related demand, supply normalization, and margin trajectory. Macro and policy Central banks: Markets largely expect policy rates to stay on hold near term as inflation progress proves uneven. The path and pace of easing remain data-dependent, keeping front-end rates sensitive to incoming prints. Trade and geopolitics: Ongoing tariff chatter and trade negotiations are in the background; investors are parsing potential knock-on effects to supply chains, currency moves, and sector winners/losers. Credit conditions: Primary issuance is steady and funding costs have eased from last year’s peaks, but pockets of leverage and tighter spreads warrant close monitoring. Fixed income US Treasuries: Long-end yields approached levels that historically attract duration buyers, drawing in some contrarian interest. Others prefer carry at the front end given policy uncertainty. Expect continued two-way flow into this week’s auctions and data. Europe and UK: Core curves are marginally higher in yield with inflation-linked pricing stable. Peripheral spreads are contained. Credit: High-grade remains well-supported by demand and light net supply; high-yield is firm but increasingly idiosyncratic as dispersion rises with earnings. FX The dollar is modestly weaker, reflecting firmer risk appetite and shifting rate differentials. Euro and commodity-linked currencies are slightly higher, while the yen trades in a narrow range amid ongoing policy recalibration in Japan. EM FX performance is mixed, with current-account buffers and local inflation dynamics driving differentiation. Commodities Gold extends gains as real yields fluctuate and demand for portfolio hedges persists. Silver is outperforming on both safe-haven interest and industrial use narratives. Oil is range-bound; supply developments and inventory data are being weighed against growth expectations and refined product demand trends. Industrial metals are steady to higher on incremental signs of capex resilience in AI-related infrastructure and selective restocking. Digital assets Bitcoin and peers are consolidating despite ongoing strength in equities and precious metals. ETF flows have turned more selective, and volatility has compressed, leaving the complex sensitive to macro surprises and regulatory headlines. Sectors to watch Technology: AI infrastructure, cloud software, and memory continue to attract flows; guidance on capex, gross margins, and supply visibility is critical. Health care: Managed care under pressure on reimbursement outlook; drug distributors and biotech remain idiosyncratic into results. Industrials: Logistics, autos, and aerospace in focus for demand trends, pricing, and supply-chain normalization. Materials: Precious metals miners outperform with metals strength; watch cost inflation and grade mix commentary. What to watch today Corporate earnings and guidance across transport, autos, airlines, aerospace, semis, and software US consumer and housing indicators for signs of demand resilience Treasury auctions and dealer positioning Energy and metals inventory data Central-bank speakers for clues on the policy reaction function Strategy considerations Cross-asset: With equities near highs and policy trajectories uncertain, investors continue to balance carry and quality exposures, favoring strong balance sheets and visible cash flows. Rates: Duration decisions hinge on inflation progress and growth durability; many are mixing barbell approaches with selective curve views. Commodities and FX: Hedging remains in focus given event risk and geopolitical noise; correlation regimes can shift quickly around data and earnings. This publication is for information purposes only and does not constitute investment advice or a recommendation to buy or sell any security or strategy. Market conditions can change rapidly; please consider your objectives and risk tolerance before making investment decisions. Disclaimer: Trading foreign exchange and/or contracts for difference on margin carries a high level of risk, and may not be suitable for all investors as you could sustain losses in excess of deposits. The products are intended for retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. The content of the Website must not be construed as personal advice. For retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. Rolling Spot Contracts and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78% of our retail client accounts lose money while trading with

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