Daily Market Updates

21 July 2026 – Daily Market Updates Daily Market Briefing — Broad Update for Clients Market mood Risk appetite is firmer to start the day. US equity futures point higher, with tech hardware and AI-linked names leading. Europe is modestly in the green, and Asia finished broadly stronger. Mainland China equities outperformed after authorities widened support measures aimed at stabilizing sentiment, with tech-heavy indices rallying. Despite the positive tone, positioning remains cautious under the surface: short interest and downside hedges have grown even as benchmarks climbed, reflecting skepticism about the durability of the recent advance. Equities Semiconductors and AI-adjacent stocks are rebounding after a recent pullback, lifting broader tech and growth factors. A better tone in high-beta names is helping cyclicals, while defensives lag. In Europe, pharmaceuticals and consumer staples are steady, while financials and industrials are mixed as investors sift through earnings and guidance. Corporate actions remain a swing factor. Timelines and regulatory review are center stage for several large media and telecom transactions, keeping volatility elevated in those names. Policy and macro backdrop Trade tensions in North America have resurfaced, with renewed tariff rhetoric adding a headline risk for select industries. Markets will watch for scope, timing, and any reciprocal measures. A major European exchange plans to extend trading availability beyond traditional hours, pushing toward near‑continuous access. The initiative underscores the ongoing competition between traditional venues and 24/7 digital markets. Central bank uncertainty is front of mind. After a hawkish tilt earlier this month and then softer inflation prints, the path of US rates is less clear. Markets are toggling between a “higher-for-longer” stance and the possibility of a later, data‑dependent move. Rates, credit, and cash Front‑end rates remain sensitive to every data point and policy remark. Money market funds have been trimming portfolio maturities and keeping holdings very short to maximize flexibility while the policy outlook is in flux. IG credit spreads are broadly steady; primary issuance continues at a healthy clip as companies term out funding while windows are open. In sovereigns, curves are in a holding pattern: the front end is anchored by policy ambiguity, while the long end is toggling between growth momentum and supply dynamics. Ready to Access Global Markets? Trade across diverse asset classes and implement your portfolio strategies with our institutional-grade platforms. Open An Account Commodities and FX Crude is supported near recent highs as shipping risks in key Middle East corridors keep a geopolitical premium embedded. Several banks flag upside scenarios for oil if disruptions persist, even if that is not their base case. The US dollar is broadly stable against major peers. Commodity‑linked FX is tracking energy and metals, while low‑yielders are range‑bound pending fresh US data. Earnings and corporate news to watch Pre‑market: a cross‑section of US industrials, capital goods, aerospace/defense, homebuilders, business services, and brokers report. Energy services names are also in focus given the oil backdrop. After the close: select consumer finance, insurers, and alternative asset managers post results. Key themes: AI and cloud spending visibility; enterprise hardware demand; capex plans into year‑end; pricing power in healthcare; credit normalization at lenders; order books and margins at industrials. What could move markets today Data: Housing, manufacturing, and survey indicators through the week will refine the growth/inflation mix. Watch for any upside surprises that revive near-term hike odds, or downside misses that push cuts back onto the table. Fed speak: Any color on balance‑sheet runoff, the tolerance for above‑target inflation, or reaction functions to energy‑driven price pressures. Energy headlines: Developments around shipping lanes and inventories. China policy follow‑through: Signals of sustained support can extend the regional risk rally and ripple into global cyclicals. Strategy snapshot — questions for the week Can the rebound in semiconductors broaden market leadership, or will narrow participation reassert itself? Will policy support in China translate into durable foreign inflows, or is this a tactical bounce? How does an oil‑at‑risk scenario feed back into inflation expectations and the front end of the rates curve? Are earnings revisions bottoming in lagging sectors, enabling better breadth into month‑end? Portfolio considerations Balance growth exposure with quality and cash‑flow resilience; maintain diversification across styles given event risk and narrow leadership. In fixed income, many allocators are preferring short duration and high liquidity until the policy path clarifies; later, consider opportunistic extensions if volatility offers better entry points. Reassess hedges: with implied vol still reasonable in several indices and sectors, tail protection can be calibrated without overpaying. Key risks Policy surprises (tariffs, regulation, or central bank guidance) Geopolitical flare‑ups impacting energy and shipping Liquidity pockets outside US hours Earnings‑season guidance resets Need Tailored Portfolio Advice? Navigate market volatility and complex policy backdrops with our dedicated investment advisory team. Contact Our Experts 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 – July-21 July 21, 2026 21 July 2026 – Daily Market Updates Daily Market Briefing…

20 July 2026 – Daily Market Updates Daily Market Brief: AI payoffs in focus, private assets find new funding paths Overview Global risk appetite is firmer to start the week as investors look ahead to a heavy stretch of corporate results, with the largest US tech platforms set to detail whether aggressive artificial‑intelligence investments are translating into revenue and margin gains. European equities are modestly higher, US equity futures point up after recent softness in growth shares, oil is steady after a brief run‑up, and US Treasury yields are little changed. Market snapshot (as of 06:03 AM ET; subject to delays) S&P 500 futures up about 0.4% to 7,527 Nasdaq 100 futures up about 0.8% to 28,990 Stoxx Europe 600 up around 0.2% to 642.65 US 10‑year Treasury yield near 4.56% (+1 bp) Brent crude around $87.94 (-0.2%) Broad dollar gauge flat Big theme: Time to validate AI spending The coming two weeks bring a crucial check‑in on the AI investment cycle. Alphabet and Tesla report mid‑week, with Microsoft, Meta, Apple and Amazon to follow. Given their outsized index weights, guidance on data‑center buildouts, cloud profitability, and AI product monetization will help shape not just tech sentiment but broader market leadership. After a powerful multi‑quarter advance, the cohort of mega‑cap growth names has cooled relative to the broader market, and chip stocks have been volatile as investors debate how quickly spending on training transitions to monetizable inference demand. What to watch in mega cap updates Capital intensity and cash returns: Updated capex plans for data centers, power procurement, and networking; any changes to buyback/dividend pace. AI revenue clarity: Disclosures around AI‑related sales in cloud, advertising productivity tools, developer platforms, and device ecosystems. Margins and efficiency: Cloud EBIT trends, cost discipline in AI workloads, and commentary on unit economics. Supply chain and infrastructure: Evidence of bottlenecks shifting from compute to power and networking; lead times for key components. Semiconductors: Color on customer mix, backlog quality, and the balance between training and inference demand. Equities US: Futures indicate a rebound in growth shares after a three‑day slide, with the chip complex stabilizing in early trading following a sharp pullback from recent highs. Volatility around single‑name results is likely to remain elevated. Europe: Broad gains led by cyclicals and healthcare. Investors are weighing resilient services activity against softer manufacturing signals. Sector lens: Travel and leisure remain sensitive to fuel costs, with higher oil prices pressuring peak‑season pricing strategies and margins. Access Global Equity Markets Trade mega-cap tech and international shares seamlessly from the UAE. Explore Global Equities Rates and policy US: It’s a lighter data slate, keeping focus on earnings and Fed communication later in the month. The 10‑year yield is steady near mid‑4s as the market balances sticky components of inflation with signs of cooling momentum. Europe: The European Central Bank is widely expected to hold steady this week, preserving flexibility into late summer. Softer inflation prints and energy near recent planning assumptions reduce the urgency to act immediately. Global PMIs: Flash readings across major economies will update the services/manufacturing split and input‑cost trends. Commodities and FX Energy: Brent trades near $88 after briefly touching the highest levels since early June; geopolitical headlines remain a swing factor. Crack spreads and refinery maintenance schedules are in focus for product markets. Currencies: The dollar is broadly unchanged; ranges are tight ahead of data and central bank meetings. Differentiation across G10 likely hinges on relative growth and real‑rate paths. Private markets: New structures to unlock liquidity A growing toolkit is emerging to free up cash tied to private assets. Structures that pool interests in private credit and other funds and then tranche the cash flows into different risk buckets are drawing attention, particularly when paired with insurance or other forms of credit enhancement to reach investment‑grade ratings. For asset owners, these deals can create balance‑sheet flexibility; for insurers and pensions, they can provide yield with structural protections. Key considerations include complexity, model risk, correlation in a downturn, and secondary‑market liquidity. Institutional-Grade Brokerage Solutions Navigate complex markets with dedicated relationship coverage and advanced execution capabilities. Discover Institutional Services Asia watch Equity microstructure: Regional exchanges continue to evaluate trading‑hour alignment and other market‑structure tweaks to improve liquidity and global participation. AI competition: Model launches and capital‑raising plans underscore intensifying regional rivalry in generative AI, with implications for data‑center demand, power sourcing, and local chip supply chains. The week ahead: Key signposts US: Mega‑cap tech and consumer earnings; housing indicators; jobless claims. Europe: ECB decision and press conference; flash PMIs; country‑level inflation updates. UK: Policy priorities from the new government alongside inflation and activity data. Asia/EM: Inflation prints (including Japan and Mexico), PMIs, and trade updates. Portfolio considerations Expect cross‑asset volatility around earnings; consider maintaining diversified exposure rather than leaning on a single factor or theme. Focus on quality balance sheets and cash‑flow visibility where capex needs are rising. In fixed income, monitor duration and spread risk as policy paths diverge; high‑quality carry can cushion equity swings. For commodities, watch refinery runs and inventories for signals on demand resilience into late summer. 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

17 July 2026 – Daily Market Updates Morning Market Briefing: Tech-Led Pullback Tests AI Optimism; Oil Climbs; Bond Veterans Rethink Duration Overview Global equities are under pressure with the latest selloff led by semiconductor and AI-exposed names. Investors are reassessing whether heavy spending tied to artificial intelligence will deliver returns quickly enough to justify recent valuations. The move has been broad-based across regions and sectors, with cyclicals and highly valued growth shares taking the brunt. Across markets at a glance US equity futures: Lower, with tech-heavy benchmarks leading declines and semiconductor baskets notably weaker in premarket trading. Europe: Major indices are in the red, dragged by chip equipment and hardware suppliers. Asia: Tech-heavy benchmarks fell sharply overnight, with Japan slipping into correction territory and Taiwan posting its steepest drop in months. Bonds: US Treasury yields are little changed to slightly lower in early trade after a choppy week; the 10-year hovers around the mid‑4.5% area. Commodities: Crude oil advances, supported by heightened geopolitical tensions and slower shipping activity through a key Middle East chokepoint. What’s driving the move Positioning and valuation: After a strong year-to-date run, investors are trimming exposure to the most crowded trades. Concerns center on whether AI-driven capex will translate into profits on the timelines markets had priced in. Earnings season reality check: Select growth leaders have flagged slower top-line momentum, while some medtech names pointed to moderating procedure growth—both weighing on sentiment. Geopolitics and energy: Continued military activity in the Middle East and softer throughput in a vital shipping lane have pushed crude higher, adding an inflation watch-backdrop to a market already fretting about rates. Sector and stock themes to note Semiconductors and AI supply chain: Hardware, chip designers, and equipment makers are under pressure globally. Even positive company updates haven’t insulated the group as investors reduce exposure to the theme. Communication services/streaming: Shares of a large streaming platform slid after guiding to slower sales growth, underlining the market’s scrutiny of subscriber and content monetization trends. Health care equipment: A leading surgical robotics maker fell premarket after flagging the slowest growth in usage in several years, reminding investors that utilization trends matter as much as new system placements. Financials: US regional and diversified financials release results today; investors will focus on net interest margins, deposit dynamics, credit costs, fee income, and guidance for the second half. Fixed income: a notable shift in tone A prominent long-time supporter of long-duration US government bonds has turned cautious, citing a more challenging backdrop of persistent fiscal deficits and higher capital needs that could keep long-term yields elevated over time. The manager has significantly shortened portfolio duration. Elsewhere, some global bond funds are reallocating away from US duration toward European sovereigns and selective emerging markets. For investors, the message is clear: duration risk and curve positioning deserve renewed attention in portfolios. Institutional-Grade Brokerage Services Access seamless global markets, direct API connectivity, and dedicated relationship coverage tailored specifically for funds and family offices. Discover Institutional Services Energy and commodities Crude benchmarks are firmer, with Brent holding in the mid‑$80s and up roughly 1–2% on the day. The combination of risk premium from Middle East developments and resilient demand signals keeps energy in focus. Higher oil prices complicate the disinflation narrative and may influence rate expectations if sustained. Flows and sentiment Corporate insiders in the US have been selling shares at an accelerated clip in recent weeks. While insider activity can be driven by many factors, elevated selling during periods of stretched valuations often reinforces a more cautious risk tone. What to watch next Earnings: US banks and insurers report before the open; tech heavyweights are up in coming sessions. Watch capex commentary, AI-related spending plans, order backlogs, and margin outlooks. Macro: Supply dynamics in Treasuries, issuance calendars, and incoming inflation readings will shape rate expectations. In energy, developments around shipping lanes and inventories remain key. Market internals: Breadth, factor leadership, and credit spreads. Concentration risk has been a theme; rotation patterns will signal whether this is a short-term de-risking or something broader. Portfolio considerations Equities: Reassess concentration in AI/semiconductor exposures; ensure diversification across factors and regions. Quality balance sheets and stable cash flows tend to hold up better in risk-off phases. Fixed income: Consider the trade-off between yield pickup and duration risk. Some investors are favoring barbell approaches or selectively adding non-US sovereigns, while keeping an eye on liquidity. Commodities and hedging: Energy strength can pressure inflation expectations—review hedges and exposures accordingly. Risk management: Use this period to revisit stop-loss frameworks, rebalancing triggers, and scenario analyses for earnings and rates. Optimize Your Wealth Management Strategy Navigate market volatility with our tailored portfolio management and structured investment solutions designed to align perfectly with your risk profile. View Trading Products Disclaimer: Trading foreign exchange and/or contracts for difference on margin carries a high level of risk, and may not be suitable for all investors as you could sustain losses in excess of deposits. The products are intended for retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. The content of the Website must not be construed as personal advice. For retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. Rolling Spot Contracts and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78% of our retail client accounts lose money while trading with us. You should consider whether you understand how Rolling Spot Contracts and CFDs work, and whether you can afford to take the high risk of losing your money. Daily Market Updates – July-20 July 17, 2026 20 July 2026 – Daily

16 July 2026 – Daily Market Updates Daily Market Brief: AI keeps the engine running, eyes on streaming earnings, risk tone softens Overview Global markets are starting the day with a slightly defensive tilt. US equity futures are modestly lower, European shares are softer, and Treasury yields have nudged higher. Crude oil is easing after a sharp three-day climb, while the US dollar is steady and gold is little changed. Asia was mixed, with Korea under marked pressure amid fresh regulatory headlines. Theme of the day: Chips, capacity, and the durability of AI spending A leading semiconductor foundry reported results that topped already-robust expectations and lifted both revenue and capital-expenditure plans for the year, pointing to multi-year demand tied to artificial intelligence workloads. Management emphasized that advanced packaging and cutting‑edge nodes remain capacity constrained, and that customer buildouts are likely to stay elevated for several years. Even so, markets “sold the news” as investors weighed rich valuations, a year-to-date surge in chip stocks, and the risk of cyclical pauses if end demand normalizes. The debate now centers on: Are hyperscale cloud and enterprise customers overbuilding, or just front‑loading capacity to meet model complexity and AI inference at scale? How quickly will supply expand in high-bandwidth memory, advanced packaging, and leading-edge process nodes? Will non-AI end markets (smartphones, PCs, autos/industrial) reaccelerate enough to broaden earnings drivers? Watch for capex commentary across the supply chain (foundries, equipment makers, substrates, memory) over the next two weeks to test the “multi-year” AI thesis. Corporate highlights Streaming spotlight: A major streaming platform reports after the close in a closely watched update for the sector. Key issues: Engagement and churn trends as password-sharing enforcement tailwinds fade Advertising tier traction, ad load, and pricing power Content pipeline into year-end and any shifts toward live, sports, or gaming Operating margin and free‑cash‑flow guidance given content amortization and production timing Competitive dynamics and any commentary on M&A appetite Market sensitivity is high given the stock’s rerating over the past year and the sector’s broader pivot toward profitability. Consolidation in food delivery: A US ride‑hailing and delivery leader announced a deal to acquire a German delivery platform, extending its international footprint and raising integration and antitrust questions. Investors will parse synergy targets, regional overlaps, and capital allocation discipline. Korean market oversight: Regulators in South Korea paused new listings of single‑stock leveraged ETFs amid volatility in prominent chip and AI‑linked names. The move highlights authorities’ focus on product risk and retail flows in concentrated markets. Capital markets pulse: A major agri‑chem business is delaying a planned Hong Kong listing, citing sector conditions. Meanwhile, a satellite communications firm outlined plans for a sizable bond raise, underscoring that debt markets remain open even as equity issuance stays selective. Institutional Services for Funds & Family Offices Access global trading, risk management, and regulated advisory support in the UAE. Explore Institutional Solutions Commodities and rates Oil: Crude is pulling back after a swift rally driven by escalating Middle East tensions and supply risks. The forward curve remains in backwardation, consistent with tight physical balances, but price action is likely to remain headline‑sensitive. Watch weekly inventory data, OPEC+ discipline, and refinery margins into peak driving season. Rates and FX: Yields are edging higher as the market reassesses growth and inflation resilience into the second half. The dollar is broadly steady; cyclical and commodity‑linked currencies are tracking risk sentiment and oil. Moves and sectors to watch Airlines: Mixed updates and cost guidance are keeping the group choppy into peak travel season. Freight and logistics: A large US carrier delivered better‑than‑expected results, hinting at an early‑stage freight cycle recovery; watch commentary on contract renewals, spot rates, and intermodal volumes. Chinese tech ADRs: Firmer on listing structure developments and positioning into earnings. Health care, financials, and industrial REITs: Several marquee names report before the bell; a mix of managed care, banks, and logistics‑exposed real estate could set tone for factor leadership. After-hours: Streaming, aluminum, and medical robotics will headline the evening docket. The big picture Earnings season will test stretched multiples in AI‑exposed equities and could broaden leadership if results from banks, industrials, and health care continue to firm. Concentration risk remains elevated; index performance is sensitive to a handful of mega caps. Any guidance cuts or cautious capex outlooks could amplify volatility. Macro remains a tug‑of‑war between soft‑landing hopes and sticky services inflation. Central bank rhetoric is leaning data‑dependent; watch for any shift in balance-of-risks language. Positioning: After a strong first half, investors are selectively rotating toward quality cyclicals, maintaining exposure to profitable AI beneficiaries, and keeping some duration and commodity hedges as shock absorbers. What we’re watching today Management guidance on AI infrastructure spend across semis, equipment, memory, and substrates Streaming sector KPIs: net adds, engagement, ad ARPU, content spend, and margin cadence Credit markets’ appetite for new issuance and any widening in high‑beta spreads Policy headlines from Asia and Europe on market structure and retail investment products Geopolitical risk premium in energy and shipping Portfolio considerations Maintain balance: Pair structural growers (cash‑generative AI enablers) with quality cyclicals benefiting from freight, manufacturing, and services resilience. Be selective around earnings: Use implied volatility and risk‑reward skew to size positions; avoid chasing crowded trades into prints. Liquidity and risk control: Monitor exposure to leveraged and single‑name products; diversify across factors and regions. Hedging: Consider measured duration, gold, or option overlays to buffer against event risk, in line with risk tolerance. Global Market Access & Hedging Solutions Trade Futures, Options, and CFDs across global exchanges to navigate volatility and buffer against event risks. View Trading Products Disclaimer: Trading foreign exchange and/or contracts for difference on margin carries a high level of risk, and may not be suitable for all investors as you could sustain losses in excess of deposits. The products are intended for retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware

15 July 2026 – Daily Market Updates Daily Markets Briefing: Tech tailwinds, policy caution, and pockets of dislocation Overview A constructive tone is filtering through global equities with technology again setting the pace, supported by persistent demand for AI-related hardware and services. Futures point to a modestly firmer US open led by growth shares, European tech is outperforming after upbeat guidance from a major chip-equipment supplier, and parts of Asia are stabilizing after sharp swings. Rates are little changed overall, the dollar is steady, and crude is edging higher. Macro and policy Inflation progress but not victory: Softer recent US inflation prints have eased some pressure on risk assets, but policymakers continue to emphasize a data-dependent path. The message remains: disinflation helps, yet rate decisions will hinge on broader and more durable evidence. Growth mix: US activity data continue to point to a slower but still expanding economy, with services resilience offsetting goods softness. Abroad, Europe is showing tentative signs of stabilization while China’s policy support remains selective and sector-specific. Equities AI spending cycle remains the anchor: Semiconductor and equipment names are setting the tone after stronger guidance from a leading lithography supplier. Upstream beneficiaries in wafer fab tools and downstream players tied to data-center buildouts are bid on expectations that AI-driven capex stays elevated into next year. Fintech in focus: Headlines around a potential take-private proposal for a large US payments platform have reawakened animal spirits across the digital payments ecosystem, with the target’s shares sharply higher and sympathy bids in select peers. Earnings dispersion is back: One large-cap legacy tech name bounced after an outsized selloff tied to a revenue miss and shifting enterprise spend toward AI compute. In contrast, a water and filtration manufacturer guided down, underscoring that the earnings season will likely punish misses and reward visibility. Recently listed space and satellite operator: Shares of a high-profile debut have drifted back toward offer levels as lofty revenue multiples meet post-IPO supply dynamics and a staged lockup. This is not unusual; drawdowns in the first year of trading are common for new listings, particularly when valuation embeds ambitious growth. Trade Global Equities & ADRs Access US markets, tech growth shares, and international ETFs securely from the DIFC to capitalize on shifting market trends. View Trading Products Cross-border and EM lens Korea’s wild ride: Intense momentum in AI-linked names has given way to heavy two-way volatility. Leverage, structured products, and concentrated index weights are amplifying moves, prompting close attention from local policymakers. ADR vs. local shares: Select Asia tech ADRs are trading at unusually large premiums to their home listings, driven by conversion frictions, limited stock borrow, and strong investor demand for easier US access. Until arbitrage channels normalize, gaps can persist. China chips: A major domestic memory maker’s onshore listing plan highlights the country’s ongoing push to localize the semiconductor supply chain, with capital formation increasingly migrating to home markets. Rates, FX, and commodities Treasuries: The 10-year yield is hovering in the mid-4s, little changed as investors balance better inflation data with caution from the Fed. Curves are broadly steady. US dollar: Mixed-to-flat versus majors as rate differentials hold near recent ranges. Positioning remains an undercurrent, with some markets showing crowded trades against select currencies. Energy: Crude is grinding higher, supported by seasonal demand, ongoing supply discipline, and geopolitics. Refining margins and inventory trends remain key near-term drivers. Metals: Gold is steady as real yields and the dollar show limited movement; industrial metals sentiment is tied to China policy signals and global manufacturing orders. Corporate highlights to watch Semi/AI ecosystem updates: Any color on capacity expansion timetables, high-bandwidth memory availability, and lead times. Payments and fintech: Follow-through on potential M&A and the implications for sector multiples and competitive dynamics. Software and IT spending: Whether enterprise budgets are rotating further toward AI infrastructure and away from other categories. What’s next US data: Retail and housing indicators this week will shape the growth narrative, while manufacturing surveys set the tone for Q3. Central banks: Speeches and minutes may refine the path of policy into year-end; watch for any shift in balance-of-risks language. Earnings season: Guidance is king. Markets are rewarding credible visibility into 2025 capex cycles, margin durability, and cash return plans. Strategy takeaways Leadership: AI-linked hardware and the picks-and-shovels suppliers remain leadership groups, but expect higher day-to-day volatility as positioning is crowded. Quality bias: With rates still elevated, companies showing pricing power, solid balance sheets, and free cash flow discipline should remain in favor. Be selective in cyclicals: Discrete demand pockets exist, but misses are being harshly penalized, reinforcing the need for careful single-name work. Mind the dislocations: ADR/local share gaps and post-IPO trading patterns can create opportunities and risks; liquidity and borrow availability matter. Institutional Brokerage Solutions Empower your fund or family office with dedicated execution and custody support across all major global asset classes. Discover Institutional Services Disclaimer: Trading foreign exchange and/or contracts for difference on margin carries a high level of risk, and may not be suitable for all investors as you could sustain losses in excess of deposits. The products are intended for retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. The content of the Website must not be construed as personal advice. For retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. Rolling Spot Contracts and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78% of our retail client accounts lose money while trading with us. You should consider whether you understand how Rolling Spot Contracts and CFDs work, and whether you

14 July 2026 – Daily Market Updates Morning Markets Briefing: Policy Uncertainty Lifts Rate Odds, Oil Spike Rekindles Inflation Debate Overview Risk appetite is mixed to start the day. US equity futures are split with tech-leaning benchmarks firmer while broader gauges tread water. European stocks are softer. Treasury yields are steady near recent highs, the dollar is little changed, and crude has jumped into the mid-$80s as geopolitical tensions flare. With the next US policy meeting later this month, markets are treating the outcome as a near coin flip. A higher oil risk premium has pushed inflation back to the forefront just as investors brace for fresh price data and testimony from the new central bank chief on Capitol Hill. Today’s key drivers Policy watch: Traders have nudged up the odds of a rate increase at this month’s meeting to roughly even. The combination of a sharp move in energy and a still-firm core inflation trend has kept short-dated yields elevated. All eyes are on today’s consumer inflation report, with producer prices due tomorrow, and on the new Fed Chair’s first appearance before Congress. Energy shock: Crude has rallied on renewed strains in a key shipping corridor, fueling concerns about near-term inflation and growth. Higher input costs can lift headline inflation and support energy shares, while pressuring transportation, airlines, and select manufacturers. Earnings season begins: The largest US banks report before the open, setting the tone for second-quarter results. Focus areas include: Net interest margins as funding costs adjust and deposit mix shifts Trading and markets revenue after a volatile quarter Credit quality in consumer and commercial books Investment banking pipelines and issuance recovery Capital returns against evolving regulatory requirements Equities in focus: Semiconductor names are rebounding after a sharp selloff in memory-related stocks, while a major consumer-tech bellwether is softer following a broker downgrade on device demand. In Europe, a leading network equipment supplier fell after warning of margin pressure from higher component costs. Asia spotlight: Leverage lessons from Korea Newly launched single-stock leveraged ETFs tied to large-cap chip names in South Korea have suffered steep drawdowns in just weeks. The episode highlights: Daily rebalancing mechanics that can amplify swings, especially in choppy markets Compounding effects that make leveraged products poorly suited to long holding periods The importance of sizing, time horizon, and clear risk parameters when using geared vehicles For retail investors, these moves are a reminder that leverage can magnify both gains and losses and should be treated as a short-term trading tool, not a buy-and-hold proxy. Market snapshot (directional) US equity futures: mixed; tech-tilted indices outperform broad benchmarks Europe: modestly lower amid earnings and rate jitters US Treasuries: 10-year yield steady near the mid-4% area; front-end sensitive to policy odds US dollar: little changed on a trade-weighted basis Crude: Brent up sharply into the mid-$80s on supply risk headlines Trade Global Futures & Options Hedge risks and leverage market opportunities with advanced global derivatives access. View Trading Products What this means for portfolios Positioning and risk: With event risk clustered over the next 48 hours (CPI, PPI, testimony, bank earnings), consider trimming leverage and keeping dry powder for dislocations. Equities: Expect dispersion. Companies with pricing power and resilient cash flows remain favored amid cost pressures. Energy may see support on supply risk; rate-sensitive growth could stay volatile as front-end yields swing. Fixed income: A barbell or laddered approach can help manage duration risk into data. Short maturities remain most exposed to shifting policy expectations; monitor breakeven inflation as oil’s move filters through. Alternatives and commodities: Elevated geopolitical risk can sustain a higher risk premium in crude and refined products; hedging strategies may be warranted for energy-intensive sectors. Trading note on leverage: If using leveraged or inverse products, match tools to time horizon, set stop-losses, and monitor intraday tracking and rebalancing effects. What to watch Today: US CPI; testimony from the new Fed Chair; pre-market results from major US banks Tomorrow: US PPI and additional bank and financial earnings Later this month: Policy decision at the end-July meeting Bottom line Markets are walking a tightrope between firmer policy expectations and a fresh inflation impulse from oil. Earnings from the banking sector will offer an early read on the growth, credit, and capital backdrop. Until the data and testimony clarify the path, expect ranges to hold and volatility to cluster around headlines. Institutional-Grade Brokerage Solutions Secure, advanced execution and custody support across multi-asset classes for funds and family offices. Explore 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 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 – July-14 July 14, 2026 14 July 2026 – Daily Market Updates Morning Markets Briefing:… Read More Daily Market Updates – July-13 July 13, 2026 13 July 2026 – Daily Market Updates Morning Market Brief:… Read More Daily Market Updates – July-10 July 10, 2026 10 July 2026 – Daily Market Updates Morning

13 July 2026 – Daily Market Updates Morning Market Brief: Optimism Meets a Reality Check Global markets start the week with a cautious tone. Equities are softer as investors weigh upbeat profit expectations against higher energy costs, firm bond yields and ongoing geopolitical risks. Oil has pushed higher on renewed tensions in the Middle East, supporting energy shares but complicating the inflation outlook. Bond markets are signaling a higher-for-longer interest rate path, while the US dollar remains resilient, creating a push-pull for multi-asset portfolios. Top takeaways Risk appetite cools: Global stocks ease back, with technology shares leading declines while energy and defensives find support. Oil climbs: Geopolitical headlines keep crude bid, reinforcing near-term inflation concerns. Yields remain firm: Short-dated rates reflect persistent policy restraint; real yields stay elevated, tightening financial conditions. Dollar strength, bond pain: A sturdier greenback is attracting capital even as higher yields challenge duration-heavy strategies. Earnings season begins: Strong headline growth is expected, but guidance and margin commentary are likely to drive market reactions. Equities: Turning to earnings for direction US and Europe: Indexes hover near recent highs but show thinner breadth. Multiple expansion has done heavy lifting year-to-date; the next leg likely depends on earnings quality and visibility. Early focus is on large financials for read-through on credit, deposits and trading activity. Technology and AI complex: Profit expectations are robust for semis, software and cloud infrastructure, but investors are scrutinizing the pace and payoff of AI-related capital spending. Any signs of slower demand, delayed deployments or rising costs could spark outsized moves. Asia: Chip-exposed markets remain volatile as investors reassess memory pricing cycles and the pace of data-center buildouts. Domestic catalysts and cross-border listings add to dispersion within the region. Rates and policy: Higher for longer reasserts itself Nominal and real yields: Front-end yields remain elevated as markets price sticky inflation risks. Real yields near cycle highs tighten financial conditions and challenge high-duration assets. Inflation prints and central bank signals: US inflation data and Congressional testimony from central bank leadership will set the tone for the near-term policy path. Markets will watch for any shift in growth/inflation balance and hints on timing for eventual easing. Curve dynamics: A preference for the short end persists; long-end supply, term premium and inflation expectations keep curves choppy. Currencies: Dollar resilience complicates positioning Broad USD tone: The combination of higher real yields and relatively solid US growth underpins the dollar against low-yielding peers. Funding and carry: Divergent policy stances support carry trades, but elevated volatility argues for disciplined risk management. Commodities FX: Energy-linked currencies are steadier on firmer oil, while trade-sensitive pairs remain tied to the global growth pulse. Access Global Markets & Diverse Asset Classes Explore comprehensive trading solutions across global equities, fixed income, futures, and FX with a trusted DIFC broker. View Trading Products Commodities: Energy in focus Crude oil: Geopolitical risk premia and signs of steady demand keep prices supported. Higher fuel costs may slow disinflation progress and feed into rate expectations. Metals: Gold is range-bound as higher real yields offset safe-haven interest. Industrial metals remain sensitive to China growth signals and inventory trends. Earnings season: What will matter most Guidance over headlines: With valuations full in many segments, forward guidance, margin discipline and cash-flow conversion will likely drive share-price reactions more than top-line beats. Banks first: Look for commentary on net interest income durability, deposit trends, credit provisioning and capital return plans. AI spend and efficiency: Across mega-cap platforms and enterprise software, investors want clarity on capex intensity, monetization timelines and unit economics tied to AI workloads. Consumer and cyclicals: Watch pricing power, inventory health and elasticity as energy and financing costs ebb and flow. The week ahead: Key milestones US macro: Inflation updates and remarks from central bank leadership on Capitol Hill. Corporate results: Major US banks kick off reporting; tech, health care and consumer names follow through the week. Global watch: Policy decisions in parts of Asia, growth and credit data from China, and policy guidance out of Europe and the UK. What we’re watching Breadth and leadership: Can the rally broaden beyond a narrow group of large caps? Earnings-day reactions: Stocks that beat but guide cautiously may still struggle; the opposite also holds. Oil vs. inflation expectations: A sustained crude rally could nudge breakevens and delay easing timelines. Liquidity and volatility: Funding conditions and implied volatility into event risk. Portfolio considerations Balance growth with quality: Favor companies with durable margins, strong free cash flow and pricing power. Respect real yields: Keep duration exposure sized to your risk tolerance; consider barbell approaches if uncertainty rises. Diversification matters: Blend cyclicals with defensives; maintain exposure to energy and cash-flow-positive tech where fundamentals support it. Hedge thoughtfully: Dollar strength can cushion global portfolios but consider currency risk relative to liabilities and time horizon. Empower Your Institutional Investments Discover tailored wealth management, structured notes, and institutional brokerage services from PhillipCapital DIFC. Explore 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 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

10 July 2026 – Daily Market Updates Morning Briefing: Leverage lands on SK Hynix; banks step into the spotlight Market mood US equity futures edge lower into the weekend as investors trim risk. Nasdaq 100 contracts lead declines, with S&P 500 futures modestly softer. European equities are broadly flat. Treasury yields tick down, with the 10-year near 4.53% (-2 bps). Crude eases after a choppy week, while gold slips. Snapshot at about 6:00 a.m. ET: S&P 500 futures ~7,580 (-0.1%), Nasdaq 100 futures ~29,817 (-0.4%), Stoxx Europe 600 ~641 (flat), US 10-year ~4.53% (-0.02), Brent ~$76.1 (-0.2%), Gold ~$4,105 (-0.5%). Top story: US listing unlocks leverage on SK Hynix SK Hynix’s American depositary receipts made their US debut following a roughly $26.5 billion offering, one of the largest first-time listings by a non-US issuer. The new venue is opening the door for a wave of leveraged exchange-traded products tied to the ADRs. Multiple issuers are preparing 2x daily long exposure, with some also lining up inverse products, and launches could begin as soon as next week. Why it matters: In Korea and Hong Kong, highly traded leveraged vehicles around the chipmaker have already been influential flow drivers, at times magnifying intraday swings. Similar products in the US could increase headline sensitivity and deepen liquidity, but they also tend to amplify volatility due to daily compounding and rebalancing dynamics. What to watch: Trading volume and options activity in the ADRs as products list. How leveraged flows interact with news on AI memory demand, capex, and pricing. Liquidity, borrow availability, and tracking error once products are live. A reminder: Leveraged and inverse ETFs reset daily and may diverge from longer-term returns of the underlying. They’re generally designed for short-term trading and are not typically suitable for buy-and-hold strategies. Earnings on deck: Big banks crowd the calendar Five of the six largest US banks report on Tuesday, with the final money-center peer following on Wednesday. Expect a dense schedule of calls and guidance updates. Street setup: Equities trading revenue is positioned to be a standout given persistent cross-asset volatility; FICC trends look more mixed. Investment banking fee momentum and capital markets pipelines remain key swing factors. What matters most to investors: Net interest income and NIM trajectories as deposit betas normalize. Credit: card and auto delinquency trends, office and broader CRE provisioning, and reserve builds/releases. Expenses and operating leverage amid tech and risk spend. Capital and returns: CET1 cushions, buybacks/dividends, Basel “endgame” implementation timelines. The backdrop: The KBW Bank Index is up roughly 13% year to date, outpacing the S&P 500’s ~10% gain. Delivery on guidance and capital return plans will be critical to sustaining that outperformance. Elevate Your Institutional Trading Access global equities, derivatives, and tailored execution solutions designed for professional counterparties and funds. Explore Institutional Services Company and sector movers Airlines: Delta reports before the open. Watch unit revenue, fuel, and summer demand commentary. Media/streaming: Netflix trades firmer premarket after reports of efforts to address softer user engagement metrics. Software: CCC Intelligent Solutions jumps after reports it’s exploring strategic alternatives, including a potential sale. Consumer/industrials: WD-40 rallies on a stronger sales outlook. Telecoms: Vodafone surges in London as a major investor agrees to acquire a significant stake from an existing holder, signaling ongoing reshaping of Europe’s telecom landscape. Autos: A leading European carmaker is planning a substantial trim to its model lineup as part of a broader restructuring, a nod to margin discipline amid shifting EV economics and competition. Global themes to note Geopolitics: A fragile truce in the Middle East keeps energy and haven flows in focus; crude is softer into the weekend after a volatile stretch. Japan: Policymakers are encouraging large pension funds to tilt more toward domestic assets. The yen firmed from multi-decade lows and JGBs rallied on the headlines, a combination that can ripple into global carry trades and cross-border allocation. IPO pipeline: A large fast-fashion platform is advancing work toward a potential Hong Kong listing, a development that could add depth to the region’s deal calendar if market conditions hold. FX and rates Dollar-yen is more two-way as rate differentials clash with rising speculation of greater domestic allocation in Japan. Carry strategies remain a focus as wide policy gaps persist across major and select EM pairs; volatility and policy uncertainty are the principal risks. US rates are slightly lower on light data and pre-weekend positioning; front-end expectations remain tethered to the inflation path and upcoming earnings guidance on funding costs. Commodities Oil: Brent trades near $76 as supply signals and geopolitical risks vie with demand concerns and refinery maintenance. Gold: Prices are softer as real yields stabilize; dips continue to draw interest from longer-term allocators watching central bank purchases and currency diversification. The takeaway Near term: Expect choppy, headline-driven trading into the weekend with positioning lightening up. Next week: Micro takes the wheel. Bank earnings will set the tone for financials and broader risk appetite, while SK Hynix’s new US-linked leverage complex will be a live test of how flow mechanics can reshape trading in a high-profile AI beneficiary. Key risks we’re watching Leverage and liquidity: The interaction of new leveraged products with options and underlying order books. Credit cycle: Consumer and CRE normalization pacing. Policy: Any shift in rate-cut expectations, Japan’s asset allocation signals, and geopolitics. Trade Global Markets with Confidence Access global stocks, ETFs, FX, and futures to seamlessly diversify your portfolio across international asset classes. View Trading Products Disclaimer: Trading foreign exchange and/or contracts for difference on margin carries a high level of risk, and may not be suitable for all investors as you could sustain losses in excess of deposits. The products are intended for retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. The content of the Website must not be construed as personal advice.

09 July 2026 – Daily Market Updates Morning Markets Brief: Energy Costs Keep Inflation Risk On the Radar Global equities are firmer to start the day, with US futures pointing modestly higher and European benchmarks edging up. Asian markets closed mostly in the green, led by strength in technology shares. Oil is steady after a sharp midweek jump, while longer-dated government bond yields remain elevated but off recent highs. The US dollar is broadly stable; commodity-linked currencies are tracking crude. Why the focus is back on fuel Crude has been volatile on renewed geopolitical tensions near key shipping lanes in the Gulf. Even with headline oil prices below prior peaks, refined fuel costs have proven stickier. Elevated refining margins for gasoline and diesel point to tight global processing capacity and ongoing dislocations. That keeps transportation and logistics expenses firm, complicating the disinflation narrative. For policy makers, a second-round lift from fuel into services and freight can slow progress toward inflation targets. Markets have already nudged rate-cut expectations toward a slower, later path as inflation risks reprice. Macro and policy backdrop Recent central bank communications continue to emphasize data dependence and vigilance on price pressures. With yields holding higher ranges, rate-sensitive pockets of the market remain choppy. Investors are watching incoming labor, inflation, and activity data for confirmation that growth is cooling without tipping into contraction. A soft landing still anchors the consensus, but the margin for error narrows when energy costs rise. Geopolitics and commodities Shipping disruptions and risk premia tied to Middle East tensions are back in focus. Any prolonged constraint through critical waterways could keep refined product markets tight, even if crude supply remains adequate. Beyond geopolitics, maintenance schedules, sanction regimes, and uneven refinery restarts have limited spare processing capacity. That dynamic can create divergence between crude and pump prices, with direct implications for consumers and corporate margins. Energy equities and service providers have outperformed on days when supply risks dominate, while energy-intensive industries face relative pressure. Equities: what’s working Megacap tech leadership persists, aided by AI-related demand and resilient earnings visibility. Semiconductors and select hardware names continue to draw flows as capital spending plans remain robust. Cyclicals are mixed: industrials with pricing power and backlog support are faring better than energy-intensive manufacturers. Materials trade directionally with commodity moves. Defensives are a relative ballast, though consumer staples show dispersion as companies balance promotional activity against cost inflation. Early read-throughs from recent consumer company updates suggest shoppers remain value-conscious, with retailers leaning into smaller pack sizes, private label, and lower-ticket novelty to sustain traffic. Credit and rates Treasury yields are range-bound after climbing earlier in the week. The long end reflects both an improved growth outlook and modest inflation risk premium. Credit spreads are contained, but new issuance calendars are active. Demand for higher-quality paper remains healthy; lower-rated borrowers still find windows, though at more selective pricing. FX The dollar is steady as rate differentials persist. Safe-haven bids ebb and flow with headlines; commodity currencies are sensitive to oil and metals. Yen moves remain tethered to yield spreads and any signaling on domestic policy normalization. Earnings and corporate actions to watch The upcoming reporting stretch for global financials will set the tone for earnings season. Net interest income trends, fee pipelines, credit provisioning, and capital return plans are the key lines. Within technology, watch guidance on supply chains, AI capex visibility, and inventory normalization. Consumer companies’ commentary on elasticity, promotions, and freight/fuel surcharges will be read closely for margin durability into the back half of the year. Capital markets remain open for high-quality issuers; selective equity and convertible deals tied to growth themes continue to see strong interest. Portfolio considerations Revisit inflation resilience: businesses with pricing power, efficient supply chains, and strong balance sheets tend to navigate fuel-related cost spikes better. Duration stance: a barbell across short and intermediate maturities can help manage rate volatility while preserving optionality if growth slows. Diversification across commodities and regions can cushion idiosyncratic supply shocks. For investors employing hedges, energy-related instruments and broader commodity exposures may serve as partial offsets to fuel-driven CPI surprises. Maintain discipline on position sizing and liquidity; headline risk remains elevated. Optimize Your Portfolio for Market Volatility Access institutional-grade investment solutions and expert guidance to help navigate inflation risks and sector rotations. Explore Our Services What’s on the radar Inflation prints and inflation expectations surveys Labor market indicators and consumer spending data Central bank speakers and meeting minutes Energy market updates, including inventory data and shipping conditions The start of US and European bank earnings, followed by large-cap tech and consumer names Market snapshot (directional) US futures: modestly higher; tech leading Europe: broad gains, defensives lagging cyclicals Asia: tech strength buoyed major indexes Rates: long yields elevated but stable; curves little changed Commodities: oil steady after a jump; refined products firm; gold range-bound FX: USD stable; commodity FX tracks crude Bottom line Markets are attempting to look through short-term energy volatility, but persistently firm fuel costs keep inflation risks alive and could slow the path to easier policy. In the near term, earnings guidance and operating margin commentary will matter more than usual, especially for companies exposed to freight and input costs. Quality, balance sheet strength, and selective hedges remain sensible anchors while the macro picture evolves. Ready to Trade Global Markets? Capitalize on macro trends across global equities, FX, and commodities with our advanced platforms and competitive pricing. Connect With Our Team 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

08 July 2026 – Daily Market Updates Market Brief: Energy & Tech – Jul 8, 2026 Overview Global markets are starting the day on a cautious footing. US equity futures point lower, oil is firmer after renewed geopolitical tensions in the Middle East, and core European bond yields are edging up as traders reassess inflation and policy paths. Asia traded mixed, with strength in parts of Greater China offset by weakness in Korea’s tech-heavy benchmarks. Volatility remains elevated across semiconductors, energy, and select commodities. Top themes we’re watching Geopolitics lifts oil, reshapes leadership: Crude prices jumped as investors priced in a higher risk premium around Middle East supply. Energy equities are outperforming while rate-sensitive growth names lag. Rates drift higher in Europe: Sovereign bonds sold off as markets weighed stickier inflation risks and the possibility of fewer or later rate cuts. US Treasury yields are little changed to modestly higher into a busy macro calendar. Tech rotation deepens: Investors continue to shuffle exposure within semiconductors—taking profits in recent high-fliers and seeking value in segments tied to memory, storage, and lower-multiple hardware. Mega-cap AI: valuations cool, earnings don’t: A leading AI-chip maker has seen its multiple compress toward pre-mania levels despite consensus profit forecasts grinding higher. The market is rewarding “what’s next” in the supply chain (memory, networking, power, cooling) while digesting prior gains in compute leaders. Credit markets look more discerning: A large multi-tranche bond sale from a major e-commerce/cloud provider drew healthy but less frenzied demand than earlier this year, suggesting investor appetite for mega-cap tech debt is normalizing from peak enthusiasm. Equities US: Futures signal a lower open as higher oil and firmer yields weigh on duration-sensitive sectors. Energy, defense, and traditional value factors are in favor. Expect dispersion within technology: AI beneficiaries remain in demand, but the leadership baton continues to pass between GPUs, memory, and infrastructure plays. Europe: Stocks are mixed. Cyclicals tied to commodities and cash-generative defensives have the bid, while travel/leisure and some rate-sensitive growth underperform amid higher yields. Asia: Markets were uneven. Chinese internet platforms attracted dip buyers following a period of underperformance, while Korean equities extended declines from recent highs as investors rotated within semiconductors and trimmed richly valued names. Semis and AI check-in Momentum → mean reversion: After a powerful run, marquee AI-chip names are consolidating as money rotates toward components with improving pricing power (memory and storage) and into perceived laggards. Valuation vs. earnings: Multiple compression alongside rising earnings estimates has made some AI leaders look less stretched on forward metrics. Still, positioning is heavy and sentiment fragile, keeping swings sharp around headlines and guidance. Second-order beneficiaries: Watch suppliers in networking, power management, advanced packaging, cooling, and data-center real estate, where capex tailwinds remain robust. Fixed income Sovereigns: European yields pushed higher as oil’s jump rekindled inflation concerns. The US curve is slightly cheaper, with investors balancing growth resilience against the path of central bank easing. Credit: Primary issuance remains active. Order books are solid but more selective—higher-quality, shorter-duration paper is favored. Spreads are broadly stable, though vulnerable to any further rise in underlying rates. Commodities and FX Energy: Crude is higher on supply-risk repricing. Backwardation remains supportive for spot-linked plays, while refining margins and transport costs are in focus for downstream beneficiaries and consumers. Industrial and ags: Price action is choppy. A recent burst of volatility in softs underscores thin liquidity and weather sensitivity—position sizing and risk controls are key. FX: The dollar is steady against most majors, firming against higher-beta currencies on risk aversion and oil’s move. Commodity FX is mixed, tracking both terms-of-trade and broader risk tone. Today’s market drivers to monitor Headlines around geopolitical developments and energy supply. Rate expectations in Europe and the US as traders parse inflation signals and central-bank rhetoric. Tech earnings revisions versus price action—does improving profitability continue to meet a more disciplined multiple? Corporate bond calendars and order-book depth for large investment-grade deals. Portfolio considerations Rebalance risk: Oil strength and higher rates argue for revisiting factor exposure—ensure portfolios aren’t overconcentrated in long-duration equities. Barbell within tech: Pair secular AI winners with quality cyclicals and cash-flow compounds; within semis, diversify across compute, memory, and infrastructure. Quality in credit: With yields off the lows and demand more selective, lean into higher-quality issuers and manageable maturities; avoid stretching for the last basis point. Hedging: Consider dynamic hedges for energy-sensitive sectors and rate-exposed holdings; options can help manage event risk and elevated single-name volatility. Ready to Rebalance Your Portfolio? Navigate market volatility and adjust your factor exposure with strategic insights from our advisory team. Speak to an Advisor Looking ahead Earnings season will begin to set the tone for the back half of the year, particularly across financials and large-cap tech. Macro focus remains on inflation prints, labor data, and central-bank signaling. Any sustained move in oil could complicate disinflation narratives and near-term policy paths. Note This update is for information 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, risk tolerance, and current market conditions 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