Daily Market Updates

10 June 2026 – Daily Market Updates Daily Market Brief: Cautious Tone Ahead of Inflation Test Markets are set for a softer open as investors brace for a pivotal US inflation update and another heavy slate of supply in government bonds. After a whipsaw session to start the week—marked by sharp rotations within mega-cap technology and AI-adjacent names—risk appetite looks more measured. European equities are broadly weaker, US equity futures point lower, and Asian markets closed mixed as traders reassess the path of policy and growth. Macro and policy All eyes on inflation: This week’s US consumer price data will help determine whether the “higher-for-longer” rates narrative hardens or eases. A sticky core print would reinforce expectations that policy stays restrictive for longer, while any cooling could reopen discussion of eventual rate relief. Rates repricing: Treasury yields are holding near recent highs as markets shift from debating the timing of cuts to weighing the risk of additional tightening if inflation proves persistent. Elevated sovereign issuance and firmer real yields continue to pressure duration. Global backdrop: Geopolitical tensions remain a background risk and are contributing to periodic haven flows. Meanwhile, major central banks outside the US face their own trade-offs between stubborn inflation and slowing activity, keeping cross-asset correlations fluid. Equities Tech-led volatility: The rally leaders of the year—semiconductors, AI infrastructure, and high-growth software—have shown larger intraday swings as investors digest capital-raising plans, changing order visibility, and valuation stretch. Positioning remains crowded in select themes, amplifying reversals. Cyclical vs. defensives: With yields elevated, defensives and cash-generative quality franchises have provided relative ballast, while domestically oriented cyclicals are trading more on incoming macro data than on micro news. Expect factor leadership to hinge on the inflation print and rate path signals. Earnings in focus: Results from consumer internet, software, and select industrial technology names will offer fresh reads on demand durability, margins, and capex tied to AI buildouts. Guidance around back-half growth and pricing power will be closely watched. Fixed income Sovereign supply front and center: Governments have been active issuers, and the supply calendar remains busy. Higher term premiums and concession needs are keeping a lid on bond rallies into auctions. Credit steady but selective: Investment-grade spreads are contained, reflecting healthy corporate balance sheets. In high yield, dispersion is increasing as refinancing windows remain open for stronger issuers but more challenging for weaker capital structures if yields stay elevated. Navigate Global Markets with Confidence Access global equities, fixed income, futures, and structured notes with a DFSA-regulated broker. Explore Our Trading Products Commodities Oil steady: Crude is treading water as supply discipline counters demand concerns. Any surprise in inflation or growth data could sway near-term direction via the dollar and risk sentiment. Gold under pressure: Firmer real yields and a stronger dollar have weighed on precious metals. Physical demand and central bank buying remain supportive on pullbacks, but near-term price action is chiefly a rates story. Industrial metals mixed: Signals from manufacturing PMIs and China activity data remain key drivers. Positioning is cautious pending clearer visibility on global growth into the second half. Digital assets Crypto’s bounce looks tentative: After a sharp slide last week, the major coin has recovered some ground but faces a tougher macro tape. Rising real yields and tighter liquidity typically compress risk premiums across speculative assets. Flows and positioning: Spot product flows have softened recently, and derivatives metrics suggest limited conviction for a durable upturn. Option skews imply demand for downside protection remains elevated relative to interest in longer-dated upside. Key swing factors: Macro liquidity, regulatory headlines, and techncial levels around prior support zones. Without a sustained improvement in broader risk appetite, rallies may struggle to extend. Private markets and deal flow Exit environment: The backlog of private equity exits is still sizable. With financing costs normalizing higher and public multiples uneven across sectors, sponsors are weighing longer holds against valuation resets. Capital raising: Companies tied to AI infrastructure and next-gen computing continue to tap markets to fund expansion, leading to episodic equity volatility. Investors are scrutinizing dilution, payback periods, and visibility on orders. What to watch US inflation report: Headline, core, and supercore trends; shelter disinflation pace; goods vs. services split. Central bank signaling: Updated projections and any language around balance sheet runoff and term premiums. Sovereign auctions: Bid-to-cover dynamics and tail sizes as tests of demand at current yield levels. Earnings: Updates from consumer, cloud/software, and industrial tech for clues on pricing power and AI-driven capex. Geopolitics: Any escalation that could impact energy markets, shipping routes, or safe-haven flows. Bottom Line Markets are entering an event-heavy stretch with tighter financial conditions already doing some of the Fed’s work. A benign inflation surprise could extend the soft-landing narrative and ease pressure on duration and high-multiple growth. A hotter print would likely reinforce higher real yields, favor quality balance sheets, and keep pressure on gold and crypto. Stay nimble, mind liquidity, and focus on balance-sheet strength, cash flow visibility, and pricing power until the macro path clarifies. Institutional-Grade Brokerage Solutions Comprehensive multi-asset execution, API connectivity, and clearing services tailored for funds and family offices. Discover Institutional Services Disclaimer: Trading foreign exchange and/or contracts for difference on margin carries a high level of risk, and may not be suitable for all investors as you could sustain losses in excess of deposits. The products are intended for retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider 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

9 June 2026 – Daily Market Updates Daily Market Briefing: AI Momentum Lifts Risk Appetite, Rates Stay Firm, Oil Softens Overview Global markets are opening on a constructive note, with equities buoyed by renewed enthusiasm around artificial intelligence and digital infrastructure. Government bond yields remain elevated after strong recent data reset interest-rate expectations, while crude oil is slipping as supply concerns ease and geopolitical risk premiums fade. Crypto remains volatile after last week’s sharp drawdown. Equities US: Futures point higher, led by mega-cap tech and semiconductor names as investors rotate back into AI beneficiaries following a brief pause. Early strength is broadening modestly into software and select cyclicals tied to enterprise spending. Europe: Stocks are mixed to higher, with technology and health care outperforming while energy lags alongside softer crude. Exporters remain sensitive to currency moves as the dollar steadies. Asia: Regional benchmarks mostly advanced. Hardware, foundry, and cloud-exposed names outperformed on expectations for sustained AI capex, while travel and leisure underperformed on company-specific guidance updates. Rates and Currencies US Treasuries: Two-year and five-year yields are holding near recent highs as markets price the possibility of tighter policy or a longer hold amid resilient growth and sticky services inflation. The curve remains relatively flat, reflecting cautious optimism on growth and a slower path toward inflation normalization. Global rates: Select emerging-market central banks are leaning more hawkish to stabilize currencies and stem portfolio outflows, highlighting divergent policy paths versus major developed markets. FX: The dollar is firm against a broad basket on higher US yields. Pro-cyclical currencies are steady to softer; safe havens are range-bound. Commodities and Crypto Energy: Oil prices are retreating as supply appears adequate and headline risks ease. Crack spreads are mixed; backwardation has narrowed, reflecting improved near-term balances. Metals: Gold is consolidating as higher real yields offset safe-haven demand. Industrial metals are supported on hopes for incremental policy support in large manufacturing economies. Digital assets: Crypto is stabilizing after a sizable weekly market-cap decline. Liquidity is thinner and volatility elevated; derivatives positioning suggests a cautious tone with selective dip-buying in large-cap tokens. Corporate and Deal Flow Primary markets: The listing window is reopening, led by high-profile technology and infrastructure names tied to AI, data centers, and next-gen connectivity. Interest is robust, though investors remain sensitive to valuation, governance, and lockup dynamics. M&A: Health care deal activity underscores the premium for late-stage pipelines and targeted oncology. Across tech, partnerships and long-dated capacity commitments continue to anchor the buildout of compute and power. Theme to Watch: Building the Next Industrial Platform Investors are focusing on the convergence of space, AI, communications, and software into integrated platforms. The potential prize is vast—global connectivity, compute at the edge, and data-rich applications—yet the model introduces execution complexity: Pros: Diversified revenue streams, vertical integration, and powerful network effects across hardware, software, and services. Cons: Capital intensity, regulatory scrutiny, cross-entity dependencies, and the challenge of transparent segment reporting. What to watch: Unit economics in launch and broadband, AI model monetization, utilization rates for data centers, and capital allocation discipline. Early trading in landmark listings often brings volatility; disciplined position sizing and staggered entry points can help manage risk. Strategy Thoughts Equities: Emphasize quality growth with strong free cash flow, pricing power, and balance-sheet resilience. Within AI, balance “picks and shovels” (semis, power, cooling, optical, infrastructure software) with selectively owned application-layer exposure. Fixed income: Maintain a neutral-to-slightly short duration bias given upside risks to policy rates; consider barbell approaches to capture carry while preserving flexibility. IG credit with solid coverage remains attractive; be selective in HY. Commodities: With oil softer, reassess hedges and sensitivity to refined-product margins. Gold remains a portfolio diversifier but is sensitive to real yields. Alternatives and crypto: Expect elevated realized volatility. Favor institutional-grade vehicles with robust liquidity terms; avoid leverage concentration and monitor counterparty risk. Risk management: Use options to express views around event risk; employ stop-loss discipline in early-stage listings; diversify across regions and factors as leadership narrows. Optimize Your Portfolio for the AI Era Leverage our tailored wealth management strategies to navigate market volatility and capture high-quality growth opportunities. Explore Wealth Management The Day Ahead Macro: Inflation prints, jobless claims, and sentiment surveys will set the tone for rates and growth expectations. Watch policy remarks from central bank officials for guidance on the reaction function. Micro: AI infrastructure updates, capacity leases, and cloud spending intentions from large customers are key for semis and data-center ecosystems. Energy and metals: Inventory data and any fresh indications on supply policy from producers could sway crude and refined products; industrial metals watch for incremental stimulus signals. Risks to Monitor Re-acceleration in services inflation or wage growth pushing rate expectations higher Tightening financial conditions spilling into credit Geopolitical flare-ups that reprice energy and shipping Power constraints and equipment lead times slowing AI deployment IPO lockup expiries and insider sales adding supply to markets Bottom Line Risk tone is constructive, but higher-for-longer rates and busy primary markets argue for selectivity. Lean on quality, maintain liquidity, and be disciplined on valuation—especially in areas where narratives are strongest and price discovery is still underway. Trade Global Markets with Precision Access advanced execution services and broad asset class coverage tailored for institutional and sophisticated investors. Discover Institutional Brokerage 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

8 June 2026 – Daily Market Updates Daily Market Brief: Bulls Make Their Case as Risks Stack Up Overview Equities are attempting to stabilize after a sharp, tech-led setback late last week. Early U.S. futures point modestly higher, even as investors weigh a mix of headwinds: a jump in energy prices, firmer rate expectations, and a pause in the most crowded parts of the AI trade. European stocks are softer, while Asia saw broad declines led by technology-heavy markets. Energy shares are catching a bid on the oil surge, and bond yields are nudging up as inflation anxiety edges higher. What’s driving the tape Energy shock back in focus: Crude extended gains toward the mid-$90s amid heightened geopolitical tensions and supply concerns. Higher fuel costs are filtering through to inflation expectations and pressuring rate-sensitive assets, while lifting oil & gas equities. Rates repricing: Markets are leaning toward a longer stretch of restrictive policy in the U.S. and a more hawkish tone from major central banks abroad. The European Central Bank is in the spotlight this week, with investors debating how far it will go as growth stays uneven and energy costs climb. AI and semis cool off: After months of outperformance, profit-taking hit AI-linked names and high-multiple tech. The longer-term capex cycle around advanced chips and data infrastructure remains a key bull pillar, but near-term valuations are being reassessed. Geopolitics and volatility: An escalation in the Middle East is lifting commodities and volatility. Cross-asset correlations have risen, amplifying moves across equities, rates, and FX. Market snapshot (early U.S. session) U.S. equity futures: Firmer after Friday’s selloff, with megacaps stabilizing and energy leading. Europe: Broad indices softer, cyclicals mixed; energy stronger, rate-sensitive sectors lagging. Asia: Regional benchmarks fell, led by technology and semiconductor names; Korea underperformed. Bonds and FX: Sovereign yields higher across major markets; the dollar broadly supported on rate differentials. Commodities: Oil up sharply on supply/geopolitical risk; gold steady to slightly higher as a defensive hedge. Diversify Your Portfolio with Global Market Access Trade across international equities, futures, and fixed income with institutional-grade tools and dedicated support. Explore Trading Products Why bulls still see a path higher Earnings resilience: Corporate results and guidance in several sectors have outpaced cautious expectations, keeping forward estimates trending up. Investment cycle intact: Multi-year spend on automation, cloud/AI infrastructure, and energy security continues, supporting profit and productivity themes beyond quarter-to-quarter noise. Healthy reset: A pullback in crowded leaders can broaden participation if quality cyclicals and defensives re-rate, reducing concentration risk. Consumer and balance sheets: Household and corporate balance sheets, while mixed, remain reasonably solid in aggregate, offering a buffer if growth slows but avoids a hard landing. Key risks to monitor Sticky inflation from energy: A sustained oil spike risks re-accelerating headline inflation and delaying any policy easing. Policy error: Quick tightening into a soft patch could pressure credit, housing, and capex—particularly in Europe. Valuation sensitivity: High-duration equities remain vulnerable to rate spikes and earnings downgrades. Geopolitical flare-ups: Any disruption to energy flows, trade routes, or supply chains could hit margins and growth expectations. The week ahead: What matters for markets Central banks and policy Europe: ECB decision and press conference. Markets will parse guidance on inflation persistence vs. growth risks. North America: A Canada rate decision and U.S. policy rhetoric ahead of key data may sway front-end rates. Inflation and activity data U.S.: Consumer price inflation and sentiment; housing and inventory updates. Europe: CPI reads across core economies; industrial production snapshots. Asia: China inflation and trade; regional PMIs for demand signals. Sector and micro drivers Energy: Ongoing OPEC commentary and inventory trends vs. geopolitical risk. Tech: Developer conferences and chip-supply headlines; index rebalancing flows later this month. Corporate activity: Consolidation in European banking and selective biopharma partnerships remain themes. Positioning considerations (not investment advice) Diversification: Balance growth and value, with attention to cash-flow durability and pricing power in an energy-up, rates-up tape. Rate sensitivity: Reassess duration across equities and fixed income; consider the impact of higher real yields on long-duration assets. Quality bias: Strong balance sheets and consistent free cash flow can cushion drawdowns if volatility persists. Risk management: Use liquidity windows to review hedges, position sizes, and correlation assumptions as cross-asset swings pick up. Bottom line Markets are recalibrating after an exceptional run, with energy prices and rates doing the heavy lifting on risk premia. Bulls argue the reset can be constructive if earnings and investment cycles hold. The next leg likely hinges on this week’s inflation prints and central-bank signals—clarity there could decide whether the current bounce has legs or gives way to a broader consolidation. Expert Investment Advisory for Volatile Markets Protect and grow your wealth with customized portfolio management and structured solutions tailored to your risk profile. Schedule a Consultation Disclaimer: Trading foreign exchange and/or contracts for difference on margin carries a high level of risk, and may not be suitable for all investors as you could sustain losses in excess of deposits. The products are intended for retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. The content of the Website must not be construed as personal advice. For retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. Rolling Spot Contracts and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78% of our retail client accounts lose money while trading with us. You should consider whether you understand how Rolling Spot Contracts and CFDs work, and whether you can afford to take the high risk of losing your money. Daily Market Updates – June 8 June 8, 2026

5 June 2026 – Daily Market Updates Daily Market Brief: Caution Builds Ahead of US Jobs Data Overview Markets are treading carefully into the end of the week as investors brace for the latest US employment report. Rates traders are focused on whether hiring and wage trends confirm a cooling economy or extend the “higher-for-longer” interest-rate narrative. Equity futures are softer, led by growth and semiconductor names following an exceptional multi-quarter run. In commodities, crude is holding near recent highs, and digital assets remain choppy. Macro and rates All eyes on payrolls: A softer read on job creation and wage momentum would likely lift Treasuries and ease front-end rate expectations, while a firmer print could nudge yields higher and reinforce the case for restrictive policy a bit longer. The setup: After months of repricing toward tighter policy amid sticky inflation and elevated energy prices, the balance of risks is more two-sided. Oil has stabilized, and several high-frequency indicators point to moderating labor demand. That combination increases the odds of a bond-market rally if the data underwhelm. What matters most: Beyond the headline jobs change, watch average hourly earnings, labor-force participation, and revisions. A benign wage trend alongside steady participation would be especially supportive for duration. Equities US: Futures point lower before the bell, with mega-cap tech and chip-related shares giving back ground after an outsized advance year-to-date. Investors are rotating selectively, reassessing crowded trades tied to artificial intelligence and high-performance computing. Europe: Stocks are mixed to lower, with defensives holding up better than cyclicals ahead of the US data. Rate-sensitive pockets such as real estate and parts of consumer discretionary are under pressure. Asia: Sentiment was fragile. South Korea’s market saw pronounced swings this week as foreign flows reversed and breadth narrowed, underscoring how dependent some benchmarks have become on a handful of leaders. Hedge Your Portfolio with Global Derivatives Access futures and options across 15+ global exchanges to manage risk and capitalize on market volatility. Explore Derivatives Trading Credit and funding Primary issuance remains steady for investment grade borrowers, though many deals are being front-loaded around key data. In high yield, new supply is more selective with a premium for balance-sheet resilience. Spreads are broadly range-bound, but dispersion is increasing across sectors most exposed to rates, input costs, and AI-related capex cycles. Commodities Energy: Crude is little changed near recent peaks as supply dynamics and demand expectations offset each other. Refining margins remain supportive into peak driving season, but macro headlines are dictating day-to-day moves. Metals: Gold is holding firm as investors weigh real yields against haven demand. Industrial metals are consolidating recent gains amid mixed signals from global manufacturing. Currencies and digital assets FX: The dollar is slightly firmer heading into the data, with traders hesitant to take large positions ahead of payrolls. A soft US print would typically pressure the greenback against G10 peers; a beat would likely do the opposite. Crypto: Major tokens are under pressure this week amid broader risk aversion and deleveraging. Price action remains highly sensitive to liquidity conditions and headline risk. What to watch today US employment report: headline payrolls, unemployment rate, wage growth, participation, and prior-month revisions. Rates reaction function: front-end yields and the 2s/10s curve for guidance on policy-path repricing. Equity leadership: whether any post-data bounce broadens beyond a narrow set of winners. Positioning thoughts (not investment advice) Rates: Consider that asymmetry may favor duration on a downside surprise to jobs and wages; conversely, a hot print could keep the front end vulnerable. Equities: Maintain a balanced stance. Quality balance sheets and consistent cash flow remain in favor as markets reassess elevated expectations in select growth themes. Risk management: Into event risk, focus on liquidity buffers and hedging, especially for portfolios concentrated in high-beta technology and rate-sensitive sectors. Data note: Market levels and moves referenced are as of early US morning and are subject to change. Institutional-Grade Execution for Complex Markets Discover bespoke brokerage solutions, API connectivity, and multi-asset coverage tailored for funds, family offices, and professional traders. View Institutional Services Disclaimer: Trading foreign exchange and/or contracts for difference on margin carries a high level of risk, and may not be suitable for all investors as you could sustain losses in excess of deposits. The products are intended for retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. The content of the Website must not be construed as personal advice. For retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. Rolling Spot Contracts and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78% of our retail client accounts lose money while trading with us. You should consider whether you understand how Rolling Spot Contracts and CFDs work, and whether you can afford to take the high risk of losing your money. Daily Market Updates – June 5 June 5, 2026 5 June 2026 – Daily Market Updates Daily Market Brief:… Read More Daily Market Updates – June 4 June 4, 2026 4 June 2026 – Daily Market Updates Markets Morning Briefing… Read More Daily Market Updates – June 3 June 3, 2026 3 June 2026 – Daily Market Updates Markets Morning Briefing:… Read More Daily Market Updates – June 2 June 2, 2026 2 June 2026 – Daily Market Updates Global Markets Morning… Read More Daily Market Updates – June 1 June 1, 2026 1 June 2026 – Daily Market Updates Morning Markets Brief:… Read More Daily Market Updates – May 29 May 29, 2026 29 May 2026 – Daily Market Updates Market Brief: May’s… Read More Daily Market Updates

4 June 2026 – Daily Market Updates Markets Morning Briefing Big picture Risk tone softened overnight as tech hardware led global equities lower. US equity futures point to a weaker open, with growth and semiconductor-linked names under pressure. European stocks are tracking the move, while most Asian benchmarks finished in the red. Sovereign yields are little changed to fractionally lower as investors rotate toward safety. The US dollar is broadly steady against majors but firmer versus several Asian currencies. Crude oil is easing after a strong multi-week run, while gold is broadly flat. Digital assets are softer alongside the broader de-risking. What’s driving the tape AI enthusiasm vs. earnings reality: A prominent chip and infrastructure supplier offered a cautious near-term revenue outlook for AI-related hardware, prompting a pullback across the AI ecosystem. The theme remains intact longer term, but expectations and positioning are being recalibrated. Capacity constraints linger: Industry leaders continue to signal that advanced semiconductor production will remain tight relative to AI-driven demand for an extended period, keeping capex and supply-chain bottlenecks in focus. Deal calendar heats up: Investor education is picking up for several marquee listings across space and AI. A robust pipeline would bolster equity capital markets activity and bank fee pools, but it also introduces fresh supply for equities to absorb. Central bank watch: In Japan, speculation is building that policymakers could take another small step toward normalization in the months ahead, supporting the yen at the margin and stirring volatility across local rates. Elsewhere, US Treasury moves remain data-dependent with inflation still the swing factor. Geopolitics: Ongoing tensions in the Middle East are adding a layer of headline risk to energy and broader risk appetite. Regional and asset-class snapshot United States: Futures indicate a tech-led pullback. Defensive sectors (health care, utilities, staples) look relatively resilient pre-market. Traders are eyeing labor-market updates and services activity data for clues on growth and inflation momentum. Europe: Risk-off open with cyclicals and luxury names lagging; banks mixed as curves flatten modestly. Country-level inflation revisions and central-bank commentary are in focus. Asia: North Asia underperformed as semiconductor and hardware exposure weighed on benchmarks. Policymakers in parts of the region reiterated readiness to manage currency volatility. Rates: US 10-year yields hover near recent ranges; curves marginally flatter. In Europe, core yields are steady with peripheral spreads slightly wider. UK gilts remain sensitive to supply and domestic growth signals amid talk of broadening household participation in government bonds. Commodities: Oil slips on risk sentiment and position squaring after recent gains; refined products follow. Industrial metals consolidate amid uneven China demand signals. Precious metals are little changed as real yields and the dollar hold steady. FX: Dollar index is stable; yen trades firm on policy speculation; sterling is range-bound ahead of domestic data; select EM Asia FX under pressure as authorities emphasize vigilance. Crypto: Prices are lower with elevated realized volatility; positioning remains sensitive to macro liquidity and regulatory headlines. Expand Your Global Market Access Navigate international stock markets and secure tailored wealth management solutions backed by our local DIFC expertise. Discover Our Services Earnings and events to watch Corporate updates: A busy slate from software, cybersecurity, hardware, and consumer discretionary names will add micro drivers to a macro-led session. Data: US jobless claims, services/activity gauges, and productivity/costs updates are key for assessing the growth-inflation mix. Global PMI revisions and central-bank speakers may sway rates and FX. Themes for investors AI dispersion: The long-term AI buildout continues, but near-term winners and losers will be driven by supply constraints, customer mix, and power/compute availability. Expect periodic shakeouts around guidance. Quality vs. cyclicality: With rates elevated and growth moderating, balance-sheet strength and cash flow remain in favor, while deep cyclicals may trade more tactically. Duration balance: Treasuries retain hedging value on risk-off days, but sticky services inflation keeps the path of policy and term premia uncertain. Energy and volatility: Crude’s pullback follows a strong run; options markets imply continued two-way risk as geopolitics and inventories intersect. What’s next Focus tightens on the upcoming US inflation prints and any hints of policy shifts from major central banks. Watch the equity calendar: High-profile listings can lift sentiment but also test risk appetite as supply returns to primary markets. Monitor semiconductor headlines for updates on lead times, capacity additions, and power constraints that could shape the sector’s next leg. Trade Futures & Options on Regulated Exchanges Hedge against volatility and maximize capital efficiency with our expert-backed derivatives trading platforms. Explore 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 – June 4 June 4, 2026 3 June 2026 – Daily Market Updates Markets Morning Briefing:… Read More Daily Market Updates – June 3 June 3, 2026 3 June 2026 – Daily Market Updates Markets Morning Briefing:… Read More Daily Market Updates – June 2 June 2, 2026 2 June 2026 – Daily

3 June 2026 – Daily Market Updates Markets Morning Briefing: Rotation in Asia, Oil Rebound, Policy Uncertainty Back in Focus Global markets are mixed as oil extends its advance, policy risks resurface, and investors continue to rotate within equities. Early price action shows a modest risk-off tone in stocks, firmer bond yields, and a stronger energy complex. Market at a glance (as of about 06:44 a.m. ET; levels are indicative) Brent crude: ~$98.50 (+2.6% on the session) S&P 500 futures: slightly lower Stoxx Europe 600: -0.4% Hang Seng: -1.6% Bitcoin: ~$67,200 (-0.4%) US 10-year Treasury yield: ~4.48% (+4 bps) Top themes we’re watching Energy-led reflation risk: Crude’s climb, aided by fresh geopolitical tensions in the Middle East, has pushed Brent closer to the psychological $100 mark. Sustained strength here can filter into inflation prints, cost pressures for energy-intensive industries, and renewed debate about the timing and pace of any future policy easing. Trade policy uncertainty: Fresh US tariff proposals aimed broadly across trading partners raise questions around supply chains, input costs, and currency moves. Export-heavy markets and cyclical manufacturers could see near-term volatility as details emerge. Asia equity rotation: Despite strong year-to-date gains in chip-centric benchmarks in Korea and Taiwan, recent cross-border flows indicate investors are favoring Japan. Drivers include market breadth, ongoing governance reforms, healthy buyback momentum, and currency dynamics. The concentration risk in a handful of semiconductor leaders remains a talking point for Korea/Taiwan, even as longer-term AI capital spending trends are still supportive. Liquidity in private markets: Reports of redemption gates and capped withdrawals at certain evergreen private credit and private equity vehicles highlight the persistent liquidity mismatch in less-frequented asset classes. Expect continued scrutiny of fund structures, NAV marks, and cash management practices. Global growth path: Forecast scenarios from multilateral institutions underscore that a prolonged geopolitical shock into next year could pressure world growth and push some economies toward the brink of recession. That keeps policy optionality, fiscal backstops, and commodity markets squarely in focus. Equities US: Futures point to a pause after recent record-setting runs. The AI supply chain remains the market’s structural leadership group, but earnings execution and cash flow durability are front and center for the next leg. Several large-cap technology, cybersecurity, healthcare, and travel/leisure names report today and after the close, which may set the tone for factor leadership this week. Europe: A softer open as energy strength meets broader multiple fatigue. Consumer and industrial bellwethers are trading on idiosyncratic catalysts, including deal activity and guidance updates. Asia: Japan remains the regional bright spot for foreign allocation given breadth and reform tailwinds. Select ASEAN markets are contending with currency weakness and outflows, while Greater China sentiment is cautious amid property and growth concerns. Rates and FX US Treasury yields are nudging higher alongside oil, reflecting a modest reappraisal of near-term inflation risk and term premium. The long end remains sensitive to supply dynamics and growth resilience. The dollar is firm on policy and growth differentials. Yen moves remain a swing factor for Japan equities and buyback math. In EM, pockets of currency pressure persist where external balances are tighter and terms of trade are less favorable. Commodities Oil: The bid in crude is being driven by supply-risk headlines and positioning. A sustained push above recent ranges would likely rekindle discussions about headline CPI stickiness and margin compression outside of energy producers. Metals: Gold and base metals are range-bound early; watch real rates and China growth signals for direction. Trade Global Commodities & Futures Hedge against inflation and geopolitical risks with seamless access to global energy and metal futures. Explore Futures Trading Digital assets Bitcoin trades softer as investors weigh ETF flow variability, tighter liquidity conditions, and the availability of alternative exposures (energy, gold, profitable AI beneficiaries). Correlations with tech have loosened, and macro sensitivity to real yields has been more visible. Earnings and events to watch Earnings: Notable reports in semiconductors, software/cybersecurity, medtech, and online travel could influence factor dispersion (quality, momentum) and broader risk tone. Macro: Keep an eye on the week’s labor data, services activity gauges, and central bank speakers for clues on growth and the inflation path. Policy: Any incremental detail on US tariff proposals and updates on Middle East developments remain key swing variables for commodities, FX, and cyclicals. Positioning considerations (not investment advice) Equity: Maintain focus on earnings visibility and balance sheet strength. The AI-capex cycle remains a secular support, but leadership is getting narrower; consider diversification across beneficiaries with proven operating leverage. Fixed income: Elevated oil and sticky services inflation argue for caution on duration at the margin. Short/intermediate tenors and barbell approaches can help navigate event risk. Commodities: Energy exposure acts as a hedge against geopolitical and inflation surprises; risk-manage around headline volatility. FX: Dollar strength tends to persist when US growth outpaces and policy stays relatively tighter. Yen sensitivity to policy and intervention talk remains high. Liquidity: For private-market allocations, reassess vehicle structures, redemption terms, and cash buffers in light of recent gating headlines. Risk radar Geopolitical escalation spilling into supply chains and commodities Trade/tariff announcements altering corporate cost structures Narrow market leadership and leverage in popular trades Liquidity in private vehicles versus redemption demands Data note: Market levels above are indicative snapshots from widely used pricing sources as of early US morning and may have moved since publication. Access Award-Winning Global Brokerage Execute your multi-asset strategies with the UAE’s premier institutional and retail broker. Discover Investment Products Disclaimer: Trading foreign exchange and/or contracts for difference on margin carries a high level of risk, and may not be suitable for all investors as you could sustain losses in excess of deposits. The products are intended for retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. The content of the Website must not be construed as personal advice. For

2 June 2026 – Daily Market Updates Global Markets Morning Briefing As of 06:35 AM ET Brent crude futures: $94.04 (-1.0%) S&P 500 futures: 7,603.25 (-0.1%) Stoxx Europe 600: 625.76 (+0.7%) Hang Seng: 26,038.32 (+2.5%) Kospi: 8,801.49 (+0.1%) US 10-year Treasury yield: 4.43% (-2 bps) Market data subject to provider delays. Top Takeaways Equity tone: After a strong multi-session advance led by AI beneficiaries, US equity futures are marginally softer, while Europe is firmer and most of Asia closed higher with notable strength in Hong Kong. Rates and FX: Treasury yields are little changed, holding near the mid-4% range on the 10-year as investors balance firm activity data against moderating inflation trends. The dollar remains supported by growth differentials and haven flows. Commodities: Oil is steady-to-softer after recent gains, with markets weighing supply risks around key shipping lanes against demand signals. Tightness is evident across parts of the commodity complex, and drawdowns in inventories are in focus. Primary markets in focus: A wave of mega-sized equity issuance and listings tied to AI and digital infrastructure is reportedly lining up, potentially totaling hundreds of billions of dollars over the coming quarters. This will test risk appetite and price discipline across the broader market. Europe macro: Recent euro-area inflation readings re-accelerated, reinforcing expectations for near-term policy action and keeping front-end rates sensitive to data surprises. The Big Theme: An AI-Era Capital Raise Multiple high-profile technology and AI-adjacent companies are preparing substantial equity financings and potential listings. The scale is large enough to matter for market breadth, factor leadership, and liquidity. Key debate: Could new supply crowd out demand for the rest of the market? Countervailing forces include elevated corporate buybacks, continued inflows into equity funds, and robust retail participation in thematic exposures. What to watch: Pricing discipline for high-growth, cash-burning stories versus profitable compounders. Allocation effects on non-AI sectors if demand clusters around a few marquee deals. Follow-on activity from established tech platforms to fund capex-intensive AI buildouts. Convertible issuance and hybrid structures as rate volatility stays elevated. Sector and Style Check Semiconductors and AI infrastructure: Ongoing optimism around compute demand, networking, and optics. Companies leveraged to data-center buildouts continue to see strong interest. Megacap tech: Headlines around prospective capital raising can introduce near-term volatility even as longer-term AI investment cases remain intact. Hardware and enterprise IT: Positive guidance tied to AI server demand and accelerated infrastructure cycles is supporting select names. Health care and biotech: Stock-specific clinical readouts are driving dispersion; risk management around binary outcomes remains essential. Financials in Europe: Consolidation dynamics continue to percolate, with cross-border interest and scale benefits back in the conversation. Rates, Credit, and Liquidity Government bonds: Range-bound trading persists as markets await the next catalysts from inflation, growth, and labor prints. Term premium remains a swing factor. Credit: Primary issuance windows are open; investor demand is healthy for high-quality paper. Watch for opportunistic refinancing and potential uptick in converts alongside equity supply. Liquidity: If the equity calendar becomes crowded, expect concessions on later deals, greater selectivity, and potentially wider intra-day swings around bookbuilds. Trade Global Futures & Options Manage risk and capture opportunities with seamless access to over 15 global exchanges directly from the DIFC. Explore Futures Contracts Commodities and Geopolitics Energy: Price action reflects a tug-of-war between supply disruptions near strategic chokepoints and concerns that higher prices could cool demand. Inventory trends and time spreads remain key signals. Metals: Structural demand for copper and related inputs from electrification and data centers is a supportive medium-term theme; near-term moves remain data- and China-sensitive. Agriculture: Weather risks are on the radar, with the potential for yield variability to affect price volatility. Digital Assets Sentiment cooled, with the largest token slipping below a widely watched round-number threshold. Macro rates and liquidity conditions continue to drive cross-asset beta, including crypto. Positioning Considerations (not investment advice) Maintain diversification: AI leadership has been powerful, but breadth can matter if issuance crowds the top end of the market. Mind liquidity: Stagger entries around large deal calendars; be patient on price in crowded themes. Balance growth and quality: Focus on cash flow visibility, unit economics, and capex intensity. Duration risk: Keep an eye on rate sensitivity in equity and credit exposures as yields consolidate. Hedging: Consider volatility overlays around macro prints and large capital-raising events. What’s Next Deal calendar: Monitor filings, price talk, and initial allocations for upcoming offerings tied to AI and infrastructure. Policy watch: Central bank communications in the US and Europe, with inflation prints steering near-term paths. Data pulse: Growth, labor, and earnings revisions will set the tone for risk appetite into mid-month. Institutional-Grade Brokerage Services Leverage world-class infrastructure and deep liquidity tailored specifically for funds and family offices. Discover Institutional Services Disclaimer: Trading foreign exchange and/or contracts for difference on margin carries a high level of risk, and may not be suitable for all investors as you could sustain losses in excess of deposits. The products are intended for retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. The content of the Website must not be construed as personal advice. For retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. Rolling Spot Contracts and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78% of our retail client accounts lose money while trading with us. You should consider whether you understand how Rolling Spot Contracts and CFDs work, and whether you can afford to take the high risk of losing your money. Daily Market Updates – June 2 June 2, 2026 2 June 2026 – Daily Market Updates Global

1 June 2026 – Daily Market Updates Morning Markets Brief: Mega-Listings Shift the Playbook Overview US equity futures are modestly higher, pointing to a steady start after recent highs. Tech remains the driver as investors lean into the AI and data-center buildout. Oil is firmer, with Brent hovering in the mid-$90s amid supply headlines and lingering geopolitical risk—supporting energy shares but complicating the inflation outlook. The US 10-year Treasury yield is edging up around the mid-4% area as markets weigh resilient growth against a slow path for disinflation. Asia was broadly constructive overnight, led by Japan and Korea, as investors rotate toward technology and growth stories. Theme of the Day: The “Mega-IPO” Ripple Effect A forthcoming blockbuster listing from a leading space, satellite, and AI-infrastructure company is prompting a rare, market-wide reset: Index rules: Benchmark providers are adapting inclusion criteria to accommodate outsized new entrants, which could accelerate the path from IPO to index membership for large-cap newcomers. Passive flows: Quant teams at index and passive managers are modeling sizable buy-on-inclusion demand—important for liquidity planning across desks. ETFs and wrappers: Issuers are preparing thematic and broad-based vehicles that may feature the new name quickly after listing, seeking to capture investor appetite without concentrated single-stock risk. Retail interest: Pre-IPO/secondary vehicles and structured access products are seeing heightened activity, underscoring demand for exposure but also highlighting liquidity, valuation, and due-diligence risks. Portfolio takeaway: An offering of this scale can temporarily absorb market liquidity and create cross-asset knock-on effects (funding, hedging, and sector rotations). Traders should be mindful of settlement calendars, potential index-tracking adjustments, and short-term volatility around pricing and allocation. Equities: Rotations Beneath the Surface AI into PCs: Announcements around next-gen PC platforms that pair advanced CPUs with accelerated computing are reshaping expectations for the PC refresh cycle. Chipmakers are diverging as the market handicaps winners in AI-enabled laptops, while select hardware OEMs continue their recent rebound on the prospect of demand tailwinds. Japan leadership: A tech-led advance has helped keep Japanese equities supported, with market leadership rotating toward platforms and holdings levered to AI infrastructure and connectivity. Corporate activity: Large-cap M&A is stirring in housing and other cyclicals, hinting at confidence in medium-term demand even as financing costs remain elevated. Europe watch: Travel and transport names remain sensitive to fuel costs and uneven demand, while financials and energy are buoyed by higher rates and oil respectively. Rates and Credit US yields continue to reflect a “higher for longer, but data dependent” stance. Front-end rates are pinned by policy expectations; the long end is adjusting to growth resilience and fiscal supply. Credit spreads remain broadly contained, supported by healthy earnings and ample liquidity. Primary markets are active but selective, with investors favoring balance-sheet discipline and clear cash-flow visibility. Commodities and Currencies Energy: Crude’s climb is supporting producers and services, but prolonged strength could re-ignite inflation anxieties and complicate rate-cut timelines. FX: Dollar tone is mixed, balancing firmer US data against improving growth signals in parts of Asia. Higher oil can be a headwind for energy importers and a tailwind for exporters. Positioning and Flows Cash balances in liquidity funds are near record territory, reflecting attractive short-term yields and a preference for optionality. This “dry powder” can cushion drawdowns but also cap upside if investors stay sidelined during risk-on stretches. Hedge fund activity has tilted more constructive in recent weeks, with net buying focused on tech and AI beneficiaries while trimming crash hedges—raising the importance of disciplined risk management into data and event risk. The Week Ahead: What Matters US: ISM manufacturing and services, JOLTS, factory orders, and the Fed’s Beige Book culminate in Friday’s jobs report (payrolls, jobless rate, wages). Labor tightness versus disinflation remains the core debate for the policy path. Euro Area: Flash inflation, retail sales, and producer prices will test the case for measured central-bank easing into the summer. Asia-Pacific: Australia GDP and a run of regional inflation and spending data offer a read on domestic demand and policy trajectories. What to watch: Any upside surprise in US labor or services inflation could nudge yields higher and challenge duration-sensitive equities; softer prints would likely support rate-cut hopes and risk assets. Strategy Thoughts Liquidity management: With a mega-offering approaching, consider settlement timing and temporary cash needs. Short-duration instruments remain a useful parking place for capital without sacrificing yield. Barbell in equities: Pair secular AI infrastructure beneficiaries (chips, networking, power, select OEMs) with quality cyclicals tied to construction, logistics, and industrial automation. Maintain diversification across regions to balance currency and policy risks. Energy hedge: Elevated oil supports energy equities and cash flows; offsetting exposure elsewhere can help manage inflation and rate surprises. Risk controls: Into payrolls and index rebalancing windows, tighten stops and reassess factor exposures (momentum, size, quality) to avoid unintended concentration. Navigate Market Volatility with Precision Leverage futures and options strategies to manage risk and capitalize on shifting sector rotations. Trade Futures & Options Key Risks Re-acceleration in inflation driven by services or energy. Liquidity drain or short-term dislocations around oversized equity issuance and index changes. Geopolitical flare-ups with spillovers to commodities and supply chains. Policy surprises if growth or jobs data materially diverge from trend. Bottom Line Markets are leaning risk-on, but the combination of a landmark listing, firm energy prices, and a data-heavy week argues for disciplined positioning. Stay nimble around event risk, keep cash deployment staggered, and maintain balance between secular growth themes and cyclical resilience. 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

29 May 2026 – Daily Market Updates Market Brief: May’s Rally Defies Seasonal Weakness; Global Risk Appetite Broadens Overview The longstanding market adage that equities tend to struggle from May through summer has been upended this year. Major US benchmarks are hovering near record territory into month-end, with technology leadership intact and volatility muted. The advance has been supported by resilient earnings, accelerating investment in artificial intelligence infrastructure, and an improved geopolitical tone in the Middle East. Gains have not been confined to the US: European shares are edging toward highs, and parts of Asia have surged on semiconductor strength and upgraded growth prospects Equities United States: Large-cap indices are pacing for a robust May and a multiweek winning streak, with megacap tech continuing to anchor performance. Participation beyond the very largest names has improved modestly, though leadership remains concentrated in AI, chips, and compute infrastructure. Traders note that as new highs persist and realized volatility stays subdued, the conversation is shifting from hedging to how sidelined cash may re-enter on dips. Europe: Regional equities are firmer into month-end and within reach of prior peaks. A mix of defensive and cyclicals is participating, even as fresh inflation readings on the continent complicate the near-term policy outlook. Asia: North Asia is leading global gains. Semiconductor and hardware names tied to AI buildouts have driven sharp advances, particularly in Korea and Japan. Elsewhere, optimism around tech demand has underpinned brighter growth forecasts in parts of the region. Ready to Navigate Global Markets? Gain seamless access to global stocks, ETFs, and derivatives with our institutional and retail brokerage services. Explore Trading Products Rates and Credit US Treasuries: Yields are broadly steady in the belly and long end into month-end, with the 10-year hovering in the mid‑4% area. Markets are balancing firm activity data and sticky components of inflation with evidence of easing supply pressures and softer energy. The front end remains sensitive to incoming price readings and labor data. Europe and UK: Firmer inflation prints in select countries have nudged expectations toward tighter policy risks than previously assumed. Curves remain choppy as traders reassess the timing and extent of any additional moves from major central banks. Credit: Primary issuance has been active into the final stretch of May, helped by risk-on sentiment. Spreads are largely stable, with higher-beta segments outperforming on the week. Commodities Energy: Crude is lower into month-end despite lingering geopolitical risk, as supply expectations and improved cease-fire prospects dampen the war premium. Brent is trading around the low-$90s, on course for a sharp monthly decline after a strong run earlier in the spring. Metals: Industrial metals are mixed as investors weigh resilient demand against a firmer US dollar. Precious metals are steady to softer on improved risk appetite. Currencies and Digital Assets FX: The dollar is modestly stronger on the month, supported by relative US rate expectations. That said, improved risk sentiment and the prospect of relatively tighter policy paths outside the US limit follow-through. European currencies found some footing as traders repriced local inflation risks. Crypto: Major tokens have eased from recent highs, with sentiment tracking broader liquidity conditions rather than policy headlines. Corporate Highlights AI infrastructure remains the core equity narrative. Strong guidance and demand indicators from server and data-center suppliers have spilled across the hardware ecosystem globally, lifting related names in the US and Asia. Select consumer and retail names lagged after cautious updates on category demand and product mix. Capital commitments to next‑generation compute remain notable, with multi‑year investment plans in advanced technologies drawing investor interest. Key Themes We’re Watching Inflation trajectory: US core inflation progress, European price dynamics, and how energy’s recent pullback feeds into summer prints. Policy path: The balance between growth resilience and inflation persistence for the Fed, and whether European central banks tilt more hawkish on recent data. Earnings breadth: Signs that performance is expanding beyond megacap tech, and the durability of AI‑related capital spending. Geopolitics: Any durable de‑escalation in the Middle East and implications for energy and havens. Positioning and flows: Systematic re‑risking, buyback activity into blackout exits, and whether cash on the sidelines leans into dips or strength. Market Snapshot (as of early US morning, subject to change) US equity futures: Flat to slightly higher near records Europe: Broad indices firmer, approaching highs Asia: Strong gains led by Korea and Japan on chip strength US 10-year Treasury: Steady around the mid‑4% range Brent crude: Around the low-$90s, lower on the month USD: Modestly firmer in May versus majors Risk Considerations Concentrated leadership raises vulnerability to factor reversals. Reacceleration in inflation—particularly in services—or renewed energy spikes could pressure duration and risk assets. Geopolitical headlines remain a swing factor for oil, the dollar, and broader risk sentiment. Looking Ahead Upcoming inflation and labor data in the US and Europe Early June central-bank commentary Ongoing AI, semiconductor, and cloud spending updates from corporates Energy policy and producer guidance into the summer driving season Build a Resilient Investment Strategy Discover tailored wealth management solutions and structured products designed to optimize returns while aligning with your risk profile. Discover Wealth Management Disclaimer: Trading foreign exchange and/or contracts for difference on margin carries a high level of risk, and may not be suitable for all investors as you could sustain losses in excess of deposits. The products are intended for retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. 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

28 May 2026 – Daily Market Updates Global Markets Morning Brief: May 28, 2026 Equities struggled while oil and government bond yields climbed as fresh tensions in the Middle East kept energy markets on edge and reignited inflation worries. Technology leadership remains intact but increasingly selective, with AI infrastructure names buoyed by tangible profit growth even as parts of software wobble on shifting demand and competitive dynamics. Market at a glance (early US hours) US equity futures: slightly lower; Europe softer; Asia mixed with Korea underperforming Oil: Brent near $96, up around 2%, on supply risk premium Rates: US 10-year Treasury yield hovering near 4.5%, edging higher alongside oil FX: Dollar mixed; China’s yuan firming on resilient high-tech exports Crypto: Bitcoin near $73,000, down about 2–3% Top theme: Earnings power vs. geopolitics AI’s heavy lifting is showing up in actual numbers. Memory-chip leaders tied to data center acceleration are seeing revenue and margins inflect higher, helping propel one US supplier to the trillion‑dollar club this year. The standout is not just the share price move but the scale of projected profit growth tied to high-bandwidth and next‑gen server demand. Valuation debate is alive: despite outsized year‑to‑date gains, some of these cyclicals still trade at discounts to mega‑cap peers on forward earnings, reflecting investor skepticism about how long the current upcycle can run. Counterweights to the growth narrative persist. Renewed Middle East risks are lifting crude and term yields, complicating the path for disinflation. Higher energy and potential weather‑related food pressures could keep headline inflation sticky even as core measures improve. Sector and stock dynamics to know Software bifurcation: A large enterprise applications provider telegraphed a cooler top‑line outlook, stoking concerns that AI is altering buying patterns and compressing traditional subscription growth. In contrast, select data‑platform names highlighted stronger pipelines tied to AI workloads and deepened hyperscaler partnerships. Hardware/infrastructure: PC/server and edge-compute suppliers drew support from fresh government and defense-related awards, reinforcing steady enterprise and public‑sector demand for compute and networking. Defense and drones: Unmanned-systems and related names caught a bid on chatter of expanded US funding interest, underscoring how geopolitics and fiscal priorities can drive thematic flows. Semicap/materials: A European wafer and materials provider surprised to the upside, extending a powerful year‑to‑date run as end‑markets for RF, power, and AI chips firm. Rates, FX, and commodities Treasuries: The back‑up in yields reflects a classic “growth-and-energy” mix—resilient activity plus higher oil. A sustained move higher in real yields would challenge long‑duration growth equities; a range‑bound drift would keep the current equity leadership intact. Currencies: The yuan’s steady appreciation streak highlights a shifting export mix in Asia toward higher‑value tech and AI‑related goods. Broader dollar direction remains data‑dependent as markets assess the timing and pace of any future policy easing. Energy: Crude’s grind higher is reintroducing margin pressure for rate‑sensitive and consumer‑exposed sectors while supporting cash flows across energy producers and services. Earnings in focus Financials: Major Canadian banks report today, offering a read on net interest margins, credit costs, and capital markets activity. Retail: Big‑box and specialty chains update on traffic, shrink, and discretionary demand ahead of mid‑year promotional periods. Technology: Cloud/data platforms, security, and infrastructure vendors detail AI‑related monetization, unit economics, and spending priorities into the second half. Staples and membership models: A large US warehouse retailer’s commentary on traffic and price perception remains a useful barometer of consumer resilience. Strategy snapshot The bull case: Earnings momentum is doing the heavy lifting. If a recession is avoided, aggregate forward P/E multiples in the low‑20s can be sustained, particularly with productivity gains from AI offsetting wage and cost pressures. The bear case: Higher-for-longer energy, renewed goods inflation, or an upside surprise in services could drive another leg up in yields, pressuring equity multiples—especially for duration‑sensitive growth stocks. Any cooling in AI infrastructure orders would also test sentiment after a powerful run. What to watch next: Corporate guidance around AI spending conversion to revenue, oil’s impact on inflation expectations and breakevens, and the tone from upcoming central bank speakers on the balance between patience and data dependency. Explore Wealth Management Solutions Tailored structured notes and investment strategies to align with your unique risk profile. Request a Consultation Risk radar Geopolitics: Developments near key shipping lanes and energy infrastructure Inflation mix: Energy and food volatility versus easing core goods Liquidity: Seasonal swings in issuance and central bank balance‑sheet dynamics Regulation: Ongoing scrutiny around data use, trading behavior, and AI deployment The bottom line Markets are navigating a familiar push‑pull: robust earnings—led by AI infrastructure and select cyclicals—versus higher oil and rates that complicate the disinflation path. For now, fundamentals are doing enough to support indices near highs, but leadership is narrowing and day‑to‑day tape action will likely key off crude, yields, and guidance quality. Access Global Trading Platforms Execute trades across global equities, futures, and FX with our award-winning brokerage services. Start Trading Today Disclaimer: Trading foreign exchange and/or contracts for difference on margin carries a high level of risk, and may not be suitable for all investors as you could sustain losses in excess of deposits. The products are intended for retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. The content of the Website must not be construed as personal advice. For retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. Rolling Spot Contracts and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78% of our retail client accounts lose money while trading with us. You should consider whether you understand how Rolling Spot Contracts and CFDs work, and whether you