Daily Market Updates

07 July 2026 – Daily Market Updates Global Markets Morning Briefing Tone and snapshot Risk appetite softened overnight. US equity futures slipped with the tech-heavy contracts underperforming, Europe opened broadly flat, and Asia saw a sharp pullback led by Korea. Rates edged higher at the long end of the US curve, and the dollar firmed modestly. Crude oil ticked up as geopolitical tensions around key shipping lanes stoked a small risk premium. Top themes we’re watching 1. AI and chips: expectations vs. reality A major memory producer delivered a powerful rebound in quarterly results, yet shares fell as sky-high expectations met a dose of profit-taking. The move reverberated across AI-adjacent semis and hardware names in premarket trade. It’s a reminder that in momentum-led pockets, “beats” aren’t always enough when positioning and valuations are stretched. 2. Energy and shipping risk Oil prices firmed after a security incident involving a liquefied natural gas carrier near the Strait of Hormuz. While physical supply isn’t meaningfully disrupted, insurers and shipowners are reassessing risk, nudging freight and energy risk premia higher. Majors with trading arms have benefited from recent volatility. 3. Deal flow heats up Healthcare M&A remains active, with a large-cap buyer agreeing to acquire an endocrinology-focused biotech in an all-cash transaction—another sign that big balance sheets are leaning into specialized pipelines. In payments, consolidation chatter around a debit-network asset lifted a key processor, underscoring banks’ ongoing push to reshape economics in card and merchant services. 4. Space economy in focus A high-profile launch-and-connectivity company drew fresh attention as it joined a major US growth index and received new “buy”-tilted initiations from several global brokerages. The inclusion could prompt mechanical inflows, but analyst scenarios still span a very wide range given execution risks and capital intensity. 5. Flows and factors The divergence across emerging-market ETFs continues to hinge on country classification choices, with products that include Korea behaving very differently from those that don’t. Factor-wise, the session skews defensive: value and low volatility are holding up better than high-beta growth. Assets at a glance Equities: US futures are a touch lower, led by semis and storage names; Europe is mixed-to-flat; Korea’s benchmark saw a steep drop and brief trading pauses amid heavy selling. Rates and FX: US 10-year yields are a bit higher; the dollar index is marginally firmer with haven demand subdued but present. Commodities: Brent is grinding higher in the low $70s as shipping risks lift near-term sentiment; gas markets are attentive to any route deviations. Access Global Equities Trade international stocks seamlessly with institutional-grade execution. Trade Global Equities Sector and stock color Semiconductors: Memory and storage names are under pressure following the “great-but-not-great-enough” earnings reaction in Asia. Watch volatility in suppliers tied to AI servers and high-bandwidth memory. Energy: Integrateds and traders are buoyed by market dislocations; upstream names track crude’s bid while downstream margins remain in focus. Healthcare: The bid for targeted assets reinforces a rerating for late-stage specialty pipelines and endocrinology franchises. Financials/Payments: Headlines around potential network reshuffling are supportive for select processors; keep an eye on antitrust and integration angles. Market structure: Two prominent market-making firms are pursuing legal action tied to alleged trading misconduct, a reminder of ongoing scrutiny around information flows and alternative data. What could move markets next US data and policy: Investors are watching the upcoming inflation readings, jobless claims, and any fresh Fed commentary for clues on the path of policy easing. Earnings cadence: Guidance from large-cap tech, energy traders, and payments firms will help test the durability of margins into the back half of the year. Geopolitics and shipping: Any escalation or de-escalation around key maritime chokepoints could sway crude, LNG, and freight. Our take The AI trade is moving into a phase where positioning and expectations dominate day-to-day price action. Fundamentals remain supportive, but dispersion within semis is likely to widen as the market distinguishes between cyclical memory recoveries, structural content gains, and pure-play AI exposure. In energy, price action suggests a modest geopolitical premium rather than a fundamental supply shock. For now, volatility favors integrated models and agile traders. Index changes and corporate actions can drive incremental flows, but sustained leadership hinges on delivery against ambitious growth narratives. Diversify with Forex & CFDs Capitalize on global market volatility across precious metals, energy, and spot FX. Explore CFD Trading Important note This commentary is for information only and does not constitute investment advice or a recommendation to buy or sell any securities. Market conditions can change rapidly; figures and moves referenced reflect the latest available indications at time of writing and may have shifted since. 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-07 July 7, 2026 07 July 2026 – Daily Market Updates Global Markets Morning… Read More Daily Market Updates – July-06 July 6, 2026 06 July 2026 – Daily Market Updates Daily

06 July 2026 – Daily Market Updates Daily Markets Briefing Overview US equity futures point to a firmer open after the long weekend, with technology leading and broader risk appetite stabilizing. Asia traded mixed overnight as chip and hardware names remained volatile, while Europe is firmer on reopening flows and deal headlines. Government bond yields are a touch lower in the US and steadier in Europe, the dollar is modestly stronger, and crude is softer amid supply and demand rebalancing concerns. Market at a glance Equities: US futures higher, led by large-cap tech; Europe modestly green; Asia mixed as AI hardware sentiment whipsaws. Rates: US Treasury yields edge down; European core yields little changed; front-end curves still reflect a cautious path for policy easing. FX: Dollar firmer on rate differentials; sterling resilient; select Asian currencies softer ahead of inflation data. Commodities: Oil slips on supply growth and inventory worries; industrial metals steady; gold rangebound. Top themes 1)  AI memory in focus and easier US access A leading Korea-based memory-chip manufacturer focused on high-bandwidth products for AI is pursuing a US listing this week. For US investors, that would streamline access to a company previously available mainly via offshore trading or thinly traded over-the-counter instruments. The move could broaden the shareholder base, deepen liquidity, and potentially reduce trading frictions around one of the purest plays on the AI memory upcycle. Near term, watch for: Pricing and initial indications versus home-market valuation Liquidity migration from offshore lines to the US venue Read-throughs for the broader AI supply chain, including memory pricing and capital spending plans 2) Geopolitics and the rates path Markets continue to reassess the global rate trajectory in the wake of recent tensions involving Iran and related supply and risk-premium effects. The result: stickier inflation expectations in some regions, higher term premia, and a slower glide path toward policy normalization. Key signposts this week: US central bank minutes for color on growth, inflation, and balance-sheet views Global PMIs and jobless claims for momentum checks Sovereign auctions as a gauge of duration demand 3) Rotation beneath the AI surface After a powerful run in semiconductors, investors are balancing exposure across the AI stack. Hardware-sensitive names remain headline-driven by product cycles, supply bottlenecks, and packaging timelines, while software, cloud, and traditional cyclicals are attracting incremental interest. Expect: Ongoing dispersion within AI beneficiaries (memory vs. logic, capex vs. opex plays) Sensitivity to guidance and backlog visibility during earnings season Elevated factor volatility (quality, profitability, and momentum leadership can change quickly) 4) Earnings and corporate activity It’s a pivotal stretch for the tech hardware complex in Asia, with a major global electronics leader set to report this week—an important bellwether for memory pricing, inventory, and AI-related capital expenditure. In Europe, deal activity in aerospace/defense and travel continues to underscore balance-sheet strength and strategic repositioning. In private markets, large institutions are expanding access to private credit strategies, reflecting opportunities created by banks’ retrenchment from direct lending. 5) Oil repricing and growth sentiment Crude’s recent slide reflects a confluence of factors: stronger-than-expected supply, lingering demand uncertainty, and fading risk premia. Lower energy prices can ease headline inflation over time, but rapid declines also revive questions about global growth. Watch refined product cracks, inventory data, and OPEC+ commentary for the next directional cue. The week ahead: what matters United States: Central bank minutes (Wednesday), jobless claims (Thursday), consumer credit and wholesale inventories. Earnings pre-positioning ahead of bank results next week. Europe: Germany’s factory orders, industrial production, and trade data will help gauge whether manufacturing is stabilizing. Policy discussion around growth reforms remains a tailwind to sentiment if execution follows. Asia-Pacific: Inflation updates from Thailand, the Philippines, Taiwan, and China; a major Asia-Pacific central bank decision midweek; tech hardware earnings and guidance in focus. What we’re watching today US tech leadership and breadth: can gains extend beyond megacaps? Term premium behavior into supply: auction tails and bid-to-cover trends AI supply chain headlines: server timelines, packaging capacity, and memory pricing Oil’s follow-through: whether buyers emerge near recent lows FX carry dynamics: dollar funding costs vs. EM rate paths Quick positioning pulse Equities: Momentum remains intact but narrower; investors appear to be rotating toward quality balance sheets and visible cash flow as hardware volatility rises. Fixed income: Carry and roll remain compelling at the front end; intermediate maturities sensitive to growth and supply surprises. FX: Stronger dollar on rate differentials; selective interest in high-carry currencies where inflation is contained and policy credibility is firm. Commodities: Energy soft; gold steady as real yields consolidate. Bottom line The market’s near-term tone is constructive, but leadership is rotating and headline sensitivity—especially across AI hardware and rates—remains high. Liquidity, earnings visibility, and policy signals will drive dispersion. Stay focused on balance-sheet quality, cash-flow durability, and catalysts over the next two weeks. Diversify Your Investment Portfolio Trade US stocks, global futures, options, and structured notes tailored to 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

03 July 2026 – Daily Market Updates Daily Market Brief: AI sentiment steadies risk tone; yen volatility in focus; Korea extends won trading around the clock Overview Global equities were firmer in Friday dealing, with gains across Europe and a strong close in Asia helping to stabilize risk appetite. Investor nerves around the pace and durability of the artificial-intelligence theme eased, supporting semiconductors and broader tech. The dollar softened on the week, US cash equities are shut for the Independence Day holiday, and cross-asset volumes are lighter than average. Market snapshot Equities: Europe’s broad benchmark edged higher, while Korea led Asia with a sharp rally. US futures were mixed in holiday-thinned trade. FX: The dollar index eased, the yen stayed under pressure near multi‑decade lows with hedging demand elevated, and high-beta FX firmed modestly. The Korean won remains weak on a multi‑year view. Rates: Core government yields were little changed; softer recent US labor indicators kept a lid on front-end yields. Commodities: Crude hovered near recent lows amid a balanced supply-demand outlook, while gold extended its rebound as real yields dipped. Industrial metals were mixed. Digital assets: Bitcoin held in a tight range, with majors broadly stable. AI: reading the next signal With traditional valuation anchors challenged, investors are paying close attention to real-economy proxies for AI adoption. Beyond earnings headlines, two areas are drawing focus: Usage and cost metrics: Trends in model usage, inference volumes, and unit economics for AI services can signal whether revenue is broadening beyond early adopters. Easing unit costs can either point to competitive pricing pressure or market expansion that lifts total spend. Compute and capex: Orders and deployment timelines for accelerators, memory, and power infrastructure remain central to the narrative. A steadier tape this week suggests the market is digesting a year of rapid multiple expansion, awaiting the next leg of evidence from earnings and guidance. FX watch: yen risk and hedging Implied volatility and option premia in dollar-yen remain elevated as markets stay alert to potential policy moves. Thin liquidity around the US holiday can exaggerate swings, and positioning is sensitive to any shift in rhetoric from authorities or surprises in US data next week. Asia focus: Korea’s FX market opens up South Korea is moving to 24‑hour trading for the won, a step toward deeper market access and alignment with global standards. The shift is part of broader market‑opening efforts that could support index‑provider upgrades over time. Implications: Liquidity: Extended hours may improve price discovery and reduce execution gaps for global investors. Volatility: Near-term swings can rise as more participants engage across time zones; robust market surveillance will be key. Portfolio flows: Greater accessibility can aid hedging efficiency for Korea‑linked equity and bond exposures. Commodities Oil: Prices are rangebound as supply discipline competes with signs of softer demand growth. Curve structure points to a well-supplied near term, and positioning remains cautious. Gold: The metal advanced for a third session, underpinned by a softer dollar and ebbing expectations for additional US rate hikes if labor data continue to cool. What’s next US: With cash markets closed today, attention turns to the upcoming labor and inflation prints that will shape rate expectations into mid‑summer earnings season. Europe: PMIs and central bank commentary will help gauge whether disinflation can proceed without a material growth hit. Asia: Watch policy guidance around currency stability and any updates on market‑reform timelines. House view on risks Key upside risks: Stronger‑than‑expected earnings delivery from AI beneficiaries; faster disinflation in developed markets; policy support in China. Key downside risks: Disorderly FX moves (yen, EM FX); stickier services inflation pressuring real incomes; geopolitical or supply shocks that reprice energy. Note: This update is for information only and does not constitute investment advice. Asset prices can move quickly, especially around holidays and data releases; consider liquidity and hedging needs accordingly. Unlock Global Investment Opportunities Capitalize on these market movements. Access a wide range of global equities, forex, futures, and options with our regulated brokerage services. 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 – July-03 July 3, 2026 03 July 2026 – Daily Market Updates Daily Market Brief:… Read More Daily Market Updates – July-02 July 2, 2026 02 July 2026 – Daily Market Updates Daily Market Brief:… Read More Daily Market Updates – July 1 July 1, 2026 1 July 2026 – Daily Market Updates Daily Markets Briefing:… Read More Daily Market Updates – June 30 June 30, 2026 30 June 2026 – Daily Market Updates Morning Markets Brief:… Read More Daily Market Updates – June 29 June 29, 2026 29 June 2026 – Daily Market Updates Daily Market Briefing:… Read More Daily Market Updates – June 26 June 26, 2026 26 June 2026 – Daily Market Updates Daily Market Brief… Read More Daily Market Updates – June 25 June 25, 2026 25 June

02 July 2026 – Daily Market Updates Daily Market Brief: AI-fueled volatility, leverage in focus, and a quieter Fed tone Overview Global markets are toggling between risk-on and risk-off as the AI trade takes a breather and investors brace for a lighter central-bank playbook. Recent sessions have featured outsized swings in megacap tech and semiconductor names, while European equities have been steadier and US futures point to a cautious open into a holiday-shortened stretch. In rates, front-end yields have been sensitive to shifting expectations for policy communication, and the dollar has been choppy against major peers. Commodities are softer overall as growth concerns temper the demand outlook. Top themes we’re watching AI leadership, with volatility: The multi-quarter surge in AI-linked shares has brought sharper intraday and cross-asset swings. Profit-taking, positioning resets, and a reassessment of capex and supply dynamics are producing wider ranges in chips, cloud infrastructure, and adjacent hardware. Leverage amplifies moves: The proliferation of leveraged and concentrated, theme-based exchange-traded products has become a force multiplier in both directions. Daily rebalancing, dealer hedging, and crowding can intensify late-day flows and gap risk around headlines. Central banks, less guidance: Fed officials have signaled a preference for fewer pre-commitments and a more data-dependent stance. Less explicit forward guidance typically implies bumpier rate paths and a higher term premium over time, even if the growth and inflation mix ultimately sets the course. Liquidity pockets: With a market holiday and major data releases clustered, price action may be distorted by thinner depth, options-related flows, and fund rebalancing into quarter/half-year turns. Equities US: After an extended run in growth and AI beneficiaries, breadth has narrowed and sensitivity to earnings revisions and capex guidance has increased. Pullbacks have been met with dip-buying, but ranges are wider and leadership is rotating more frequently. Europe: Mixed sector performance with defensives, staples, and select financials offering ballast against tech cyclicality. Domestic data and currency moves remain key for exporters. Asia: Semiconductor and supply-chain names have seen the sharpest moves, reflecting shifting expectations for AI-related demand, inventory cycles, and capital spending. Rates and credit Sovereigns: Front-end yields have been responsive to evolving policy narratives, while the long end is more tethered to term premium and supply dynamics. Curve shape remains a barometer for growth expectations. Credit: Investment-grade spreads are still anchored by solid demand, while high yield trades more in line with equity volatility. Primary markets remain open but selective. Currencies The dollar’s path is being pulled by relative growth, rate differentials, and risk appetite. The yen remains sensitive to policy normalization timelines and any sign of official concern over excessive moves. Select EM FX is tracking the dollar and commodities, with idiosyncratic stories continuing to drive dispersion. Commodities Energy: Crude has softened on growth worries and inventory signals, though geopolitical risk and OPEC+ policy remain wildcards. Refining margins and summer demand patterns are in focus. Metals: Industrial metals are adjusting to a cooler tech-capex narrative and uneven manufacturing data. Precious metals are balancing real-yield moves with safe-haven demand. Access Global Investment Products Trade US and GCC stocks, global equities, ETFs, and more with our seamless platforms. View Trading Products Theme of the day: Leverage and the AI trade What’s happening: As enthusiasm for AI has surged, more investors have used leveraged and concentrated products to magnify exposure to semiconductors, cloud infrastructure, and related themes. These vehicles can accelerate both rallies and pullbacks. Why it matters: Daily reset mechanics can create path dependency and performance drift over multi-day holding periods. Dealer hedging and product rebalancing can add to end-of-day volatility in the underlying names and, at times, broader indices. Crowding raises gap risk around headlines, earnings, and policy surprises. What to consider: Know your time horizon; leveraged and inverse products are generally designed for short-term trading. Monitor liquidity and spreads, especially into the close and around major data. Use defined-risk tools (e.g., options) and pre-set exit levels to manage tail events. Macro watch Data: Labor-market prints, manufacturing and services surveys, and inflation updates will steer the near-term rates path. With fewer explicit signals from policymakers, markets may react more sharply to upside/downside surprises. Policy: Central banks remain data-led. A quieter communications approach may increase interim volatility without changing the ultimate destination if inflation continues to normalize. The day and week ahead US: Jobs and wage data, services activity, and holiday-thinned liquidity could amplify moves. Earnings preannouncements and guidance for AI-related capex are a near-term catalyst. Europe: Inflation and PMIs to guide rate-cut timelines. Watch currency moves for export-heavy markets. Asia: Tech supply-chain commentary, inventory indications, and policy headlines remain in focus. Portfolio considerations Balance concentration: Revisit single-theme and single-factor exposure after a strong run in AI leaders. Hedge thoughtfully: Calibrate equity hedges to event risk and liquidity conditions; consider staged entries. Duration mix: In a higher-volatility, data-dependent regime, blending intermediate duration with cash-like instruments can help manage rate uncertainty. Liquidity discipline: Wider bid-ask spreads and faster tapes argue for clear sizing, stop-loss, and take-profit frameworks. Institutional-Grade Brokerage Solutions Advanced multi-asset execution and connectivity designed for funds, family offices, and banks. Explore Institutional Services Important note on leveraged and inverse ETFs These products seek daily magnified or inverse returns and are not intended for buy-and-hold investing. Multi-day outcomes can diverge materially from the stated multiple. They carry unique risks, including compounding effects, increased volatility, and potential for rapid losses. Carefully review the prospectus and assess suitability, objectives, and risk tolerance before trading. Disclaimer: Trading foreign exchange and/or contracts for difference on margin carries a high level of risk, and may not be suitable for all investors as you could sustain losses in excess of deposits. The products are intended for retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. The content of the Website must not be construed as personal advice. For retail, professional

1 July 2026 – Daily Market Updates Daily Markets Briefing: A cautious start to the new quarter At a glance (as of early US hours) US equity futures: S&P 500 modestly lower (~-0.3%); Nasdaq 100 softer (~-0.5%) US 10-year Treasury yield: near 4.47% US dollar: firm against majors; yen remains under pressure Bitcoin: steady around the high-$58,000s Gold: easing toward the high-$3,900s per ounce Asia: equities mixed to weaker, with Korea notably softer; Europe opens cautious The mood Markets are opening the second half of the year on a restrained note. With quarter-end rebalancing out of the way, attention swings to central bank rhetoric and incoming data that will shape the path for policy into year-end. A firmer dollar and steady long-end yields are tempering risk appetite, while leadership beneath the surface continues to shift. What we’re watching Central banks: A full slate of policymaker remarks in Europe this week; investors will parse comments for any shift on inflation risks, balance-sheet runoff, and timing of potential rate moves. US data: Early-month releases on manufacturing and services activity, job openings, and the all-important labor market report later in the week. Wage trends and participation will be key for rate expectations. Earnings: The pre-season guide continues with consumer, industrial, and energy updates offering a read on pricing power, inventories, and capital spending plans. Geopolitics and commodities: Headlines around supply routes and policy initiatives remain potential sources of volatility across energy and metals. Equities: Rotation within the AI trade Leadership continues to churn. Investors have been favoring “picks-and-shovels” beneficiaries of AI—semiconductors, compute infrastructure, and power—over asset-heavy platforms ramping capital expenditure. That tilt has pressured several mega-cap growth names while broad indices hold up on improved participation from cyclicals. Consumer and communication services are in focus as companies flag a more cautious end-consumer and tighter marketing budgets in some segments. Expect guidance and inventory commentary to matter more than backward-looking beats. Financials are quietly benefitting from steeper curves and solid credit performance; watch capital return updates and deposit trends. Rates and FX: Steady long end, firm dollar The 10-year yield hovering in the mid-4s reflects a market priced for slower but persistent disinflation, with risk premia for fiscal supply still embedded. Front-end expectations remain sensitive to each incremental data point on wages and services inflation. The dollar’s resilience continues to pressure importers and commodity prices. The yen remains under scrutiny despite prior official support; rate differentials and energy import costs are key drivers. Select EM FX is mixed, tracking local inflation surprises and current account dynamics. Commodities: Gold softens, energy treads water Gold is extending last quarter’s pullback as real yields and the dollar firm. For a durable floor, markets will likely need clearer evidence of cooling core inflation or a softer growth pulse that pulls down real rates. Near term, dips may be met by central bank buying, but technical damage argues for choppy trade. Crude is range-bound as supply discipline meets uneven demand signals. Refining margins and inventory draws in the next two weeks will guide direction. Industrial metals are split: copper steady on grid and data-center demand themes; aluminum and nickel remain headline-sensitive to supply and trade actions. Digital assets: Stabilization after a sharp reset After a swift drawdown tied to rate repricing and ebbing large-scale buyer flows, the crypto complex is attempting to base. Liquidity remains thinner around holidays and month turns; watch funding rates and ETF flows for confirmation of firmer footing. Global wrap: Asia and Europe Asia trade showed risk aversion in select North Asian markets on chip-cycle volatility and currency weakness, while parts of ASEAN were more resilient on tourism and fiscal support. Europe opened cautious with defensives mixed and value cyclicals edging higher; utilities and power-adjacent names continue to track AI-related electricity demand narratives. Diversify Your Global Portfolio From US equities and global bonds to wealth management and spot FX, trade seamlessly across international markets. View Trading Products The setup into mid-year Breadth vs. beta: Broader participation has improved even as a handful of prior leaders consolidate. That’s constructive for index stability but implies more idiosyncratic stock dispersion—stock selection matters. Capex cycle: Energy transition, grid upgrades, and AI compute continue to underpin multi-year spending plans. Companies with balance-sheet flexibility and pricing power are better positioned as financing costs stay elevated. Policy path: Markets are finely balanced between “higher for longer” and a late-year recalibration. Each labor and inflation print can nudge term premia and factor leadership. Portfolio considerations Balance quality growth with cash-generative cyclicals; maintain an allocation to short-duration bonds or T-bills as ballast while carry remains attractive. For equity exposure, favor firms with high free-cash-flow yield and disciplined capex; in AI, diversify across enablers (chips, power, cooling, networking) and application-layer winners with clearer monetization. In commodities, recognize gold’s sensitivity to real yields; stagger entries and consider position sizing discipline. In energy, focus on integrated names and low-cost producers with clear capital return frameworks. Currency risk matters: A stronger dollar can weigh on non-US earnings and EM assets; hedging may reduce unwanted volatility. Key risks to monitor Sticky services inflation prompting a more assertive policy stance Earnings downgrades if demand softness broadens beyond select consumer verticals Geopolitical surprises affecting energy supply chains and freight costs Liquidity air pockets around data releases and holiday-thinned sessions Elevate Your Institutional Trading Access multi-asset execution and global liquidity with our institutional-grade brokerage solutions in the DIFC. Explore 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

30 June 2026 – Daily Market Updates Morning Markets Brief: Yen Weakness Keeps FX Desks on Edge; Quarter-End Flows; Strategy Inc. Shifts Its Playbook Market at a glance Equities: US index futures are broadly flat into quarter-end as investors balance AI-led strength with signs of rotation. Europe is firmer. Asia finished mixed, with Japan supported by a softer yen and select chip names steadying after recent swings. Rates: US Treasury yields hover in the mid-4% area on the 10-year, little changed as markets weigh growth resilience against sticky services inflation. FX: The dollar is broadly stronger. USD/JPY has pushed beyond 162, a multi‑decade extreme that keeps markets alert to possible policy response from Japan. Commodities: Crude trades in the low $70s, with summer demand offset by robust non-OPEC supply and easing supply‑route frictions. Gold is softer on a firmer dollar. Top themes today 1) Yen slide: policy watch and market spillovers The yen’s drop to levels last seen in the 1980s reflects wide rate differentials, persistent carry trades, and Japan’s gradual policy normalization. A weaker currency is boosting exporters’ earnings translation but lifting import costs for energy and food, squeezing households and domestic-facing firms. What to watch from authorities: Communication: Escalating warnings from the Ministry of Finance and the Bank of Japan are often a precursor to action. Liquidity operations: Adjustments to JGB purchase plans or money‑market tools that tighten funding for short yen positions. Direct action: Sudden, large intraday yen spikes can signal FX intervention, especially around the Tokyo fix or during thinner liquidity. Policy path: Any hint of quicker BOJ normalization—rate moves or balance‑sheet tweaks—could temper carry trades more durably than one‑off intervention. Cross asset takeaways: Japan equities: Exporters tend to benefit from a weaker yen; domestic sectors face margin pressure from imported costs. Asia FX: High‑carry currencies in the region can be sensitive if a disorderly yen rebound forces deleveraging in funded positions. Global risk: A sharp yen reversal—policy‑driven or otherwise—can tighten financial conditions, lifting volatility across equities and credit. Elevate Your Institutional Trading Strategy Secure dedicated support and multi-asset execution for your fund or family office amidst global market shifts. Discover Institutional Services 2) Strategy Inc. updates its capital strategy Strategy Inc. outlined a more flexible financing approach, adding the option to raise cash, repurchase securities when attractive, and selectively monetize Bitcoin holdings. The shift emphasizes liquidity management over an automatic deployment model. Why it matters: Crypto market structure: A move away from a pre‑committed “every new dollar into Bitcoin” stance reduces a predictable source of demand and introduces a discretionary supply channel. Corporate finance: Expect investors to focus on the firm’s leverage, collateral buffers versus spot prices, and the cost of capital across debt and equity. Market linkage: Periods of crypto drawdowns could see incremental supply from treasuries that actively manage reserves; conversely, strong risk windows may still invite balance‑sheet expansion. 3) Quarter-end mechanics and the AI trade Flows: Rebalancing and performance‑chasing into month/quarter‑end can amplify intraday swings, particularly in crowded winners and in defensives that lagged. Semis: After an exceptional run, chip stocks are experiencing wider daily ranges as positioning stretches and earnings visibility are reassessed. Expect headlines around backlog quality, supply‑chain normalization, and capex pacing to drive dispersion. 4) Central banks: data dependency prevails US: With growth holding up and services inflation sticky, the market is calibrating a higher-for-longer rates path versus prospects for a late‑year recalibration if activity cools. Europe/UK: Policymakers continue to stress patience, watching second‑round effects from earlier energy shifts while avoiding firm pre‑commitments on the rate path. Japan: The pace and communication of normalization remain central for the yen and global carry risk. 5) Energy: balancing act Crude prices are being tugged between resilient US supply, uneven demand signals from China and Europe, and seasonal consumption. Several sell‑side houses have trimmed price projections on ample supply, though geopolitical risks can quickly alter the balance. Movers and sectors to note Defense/aerospace: Strong prints and backlogs continue to support select names tied to unmanned and advanced systems. Business services/BPO: Guidance resets have pressured the group, highlighting wage inflation and slower client spend in some verticals. Biotech: Positive clinical updates are driving sharp single‑name moves; dispersion remains high as funding conditions improve selectively. Consumer: Earnings from large athletic and beverage companies will shape views on inventory, pricing power, and China exposure. The dollar’s “pain trade” risk A stronger dollar remains a risk into the second half if: US growth outperforms and the Fed leans more hawkish than priced. Geopolitics or a risk‑off episode boosts safe‑haven demand. Watch DXY resilience on dips and USD/JPY reaction to any Japanese policy headlines. Today’s watch list Policy signals from Tokyo regarding FX stability measures. Quarter‑end rebalancing flows and any related equity/FX volatility. US corporate earnings after the close in consumer and staples. Central bank speakers and preliminary reads on global manufacturing/services later this week. Energy headlines around supply routes and OPEC+ commentary. Portfolio considerations (not investment advice) FX: For importers with yen exposure, consider reviewing hedge ratios; for carry trades, reassess sizing and stop‑loss discipline around potential policy headlines. Equities: Manage concentration in AI/semis with position limits or pairs; look for quality cyclicals with cash‑flow support if rotation extends. Rates: Range‑bound duration can help dampen equity beta; use data releases to fine‑tune exposure. Commodities: Balance energy exposure with USD sensitivity; consider how a stronger dollar can weigh on metals. Key levels to monitor USD/JPY: Market is sensitive around big round numbers above 160; headline risk is elevated. US 10‑year: Mid‑4% area remains a pivot for risk assets. WTI crude: Low‑$70s acts as a tug‑of‑war zone between supply strength and summer demand. Access Global Markets & Spot FX Capitalize on today’s FX and commodity movements with our comprehensive suite of global trading products. Explore Investment 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

29 June 2026 – Daily Market Updates Daily Market Briefing: Risks in Focus After a Whipsaw Start to 2026 — And Where Bonds Look Balanced Market at a glance (early US hours) US equity futures are firmer, with tech leading after a sharp rotation late last week. Treasury yields are little changed, with the 10-year hovering in the mid-4% area. Oil is higher, holding in the low $70s as supply-route risks linger. Asia closed mixed; Europe opened cautiously higher. Crypto remains under pressure, with notable redemptions in listed products. Narrative check: what’s driving sentiment Markets are heading into the second half with volatility still top of mind. After a choppy first half where risk appetite swung from defensive to aggressive and back again, investors are re-assessing a few core questions: Can AI-linked capital spending support earnings across the broader tech ecosystem, or will leadership need to broaden? Will policy makers lean more hawkish if inflation proves sticky, and how much more tightening risk is priced? How might US political developments and global elections affect fiscal paths, regulation and trade? Has the build-up of leverage — via margin, derivatives and geared products — made drawdowns more abrupt? The leverage point matters: when financing costs jump and positioning is crowded, routine headlines can trigger exaggerated price moves. Expect thinner liquidity around holidays to add to near-term swings. Equities: rotation, resilience and rebound risk US mega-cap tech and chip-adjacent names are rebounding premarket after a tough finish last week, while equipment makers are catching a bid on the back of ambitious investment plans in Asia tied to semiconductors and data infrastructure. In Europe, selective cost-cutting and portfolio simplification remain themes as companies look to protect margins and free up capital. Cyclicals and defensives continue to trade on shifting macro beats: firmer oil supports energy, while higher real yields challenge rate-sensitive growth pockets. Institutional Services in UAE for Funds & Family Offices Access multi-asset execution through our global infrastructure with institutional-grade brokerage solutions. Explore Institutional Services Rates: why the “belly” gets attention After a swift back-up in yields earlier this month, several large bond managers are highlighting the intermediate part of the US curve (around five years) as a practical balance between carry and duration risk. If policy remains restrictive for longer but inflation moderates, that segment can act as a pivot. Near term, traders will parse central-bank commentary from Europe’s annual policy gathering and incoming inflation updates for clues on the policy path into the summer. Commodities: geopolitics keeps a floor under crude Crude is firmer as intermittent tensions around a key Middle East shipping corridor keep a modest risk premium in the barrel. Any signs of supply disruption or a slowdown in transit times can tighten near-term balances. Industrial metals remain sensitive to China’s growth signals and policy support, with PMI readings in focus this week. Digital assets: outflows test conviction Listed crypto products have seen sizable June redemptions as token prices retreated. Volatility remains elevated and liquidity pockets uneven, contributing to wider daily ranges. The week ahead: three things to watch US labor market: The monthly payrolls report lands in a holiday-shortened week. A steady, cooling-but-resilient labor backdrop would support the “soft-landing” narrative; upside wage surprises could reawaken inflation concerns. Global activity gauges: It’s PMI week across Asia, with attention on whether China’s manufacturing readings can sustain expansion. Read-throughs for commodities, shipping and EM FX will be key. Europe’s policy pulse: As officials convene in Portugal, investors will weigh the final euro-area inflation prints ahead of the next rate decision and any fresh guidance on balance-sheet plans. Elevate Your Trading Experience Access global equities, commodities, and derivatives with seamless execution from the DIFC. Open An Account Positioning thoughts and risk radar Diversification over concentration: Leadership has been narrow; ensure portfolios aren’t overexposed to a single theme or factor. Mind the middle: For fixed income, intermediate maturities can help balance carry with rate sensitivity if policy stays “higher for longer.” Liquidity matters: Into quarter- and half-year turns and around holidays, wider bid-ask spreads can amplify moves. Watchlists: inflation surprises, earnings guidance on capex and margins, geopolitical flashpoints (energy transport routes), and signs of de-leveraging in crowded trades. Bottom line Markets are entering H2 with improved tone but fragile underpinnings. A disciplined approach — spreading risk across sectors and along the curve, keeping dry powder for dislocations, and avoiding leverage creep — remains prudent while policy, profits and politics share the stage. Tailored Investment Advisory Protect and grow your wealth with custom portfolio management solutions backed by global expertise. Contact Our Advisors 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 29 June 29, 2026 29 June 2026 – Daily Market Updates Daily Market Briefing:… Read More Daily Market Updates – June 26 June 26, 2026 26 June 2026 – Daily Market Updates Daily Market Brief… Read

26 June 2026 – Daily Market Updates Daily Market Brief Opening tone Global markets are ending the week on a cautious note as investors sift through a choppy tech tape, a firmer US dollar, and cross-currents in commodities. The headline story remains dispersion: leadership inside technology and AI is narrowing, while macro forces like policy expectations and quarter-end positioning are driving day-to-day swings. Market at a glance (early US hours) Equities: US stock futures tilt lower, with growth and semiconductor-linked names under pressure after a volatile stretch. Asia’s session was mixed-to-weak amid sharp moves in chip-related shares; Europe is opening defensively with cyclicals and rate-sensitive groups lagging. Rates: US Treasury yields are little changed to slightly softer on the long end, with the front end more sensitive to shifting policy expectations. FX: The US dollar stays firm against major peers as investors price a more restrictive policy path and relatively resilient US growth. Commodities: Crude is on track for a weekly decline as supply and shipping flows normalize, while gold steadies after a wide weekly range. Digital assets: Crypto is attempting to base after recent pullbacks, with elevated intra-day volatility persisting. Equities: AI and tech leadership splinters The AI trade is no longer moving in lockstep. Hardware and infrastructure tied to data centers and power have benefited from robust demand and pricing, while parts of consumer hardware and some software cohorts have lagged as cost pass-through and competitive dynamics bite. Memory, networking, and electrical equipment suppliers have generally enjoyed stronger momentum this year, helped by capacity tightness and investment in compute. By contrast, mega-cap platforms and software models perceived as more exposed to disruption or rising input costs have seen more two-way trading. Bottom line: Selectivity matters. Investors are rewarding firms with pricing power and visible cash flows linked to AI infrastructure, while de-rating businesses where higher component costs may compress margins or where growth narratives are less tangible. Elevate Your Global Equity Trading Access international markets and seamlessly diversify your portfolio with deliverable US, GCC, and global stocks. Explore Equity Solutions Rates and currencies: Policy repricing lifts the dollar A more forceful stance from the Federal Reserve has widened rate differentials in the dollar’s favor, reinforcing the greenback’s advance. The path of least resistance remains higher so long as US activity holds up and other major central banks lean more cautiously. For a sustained FX trend, markets will look for clarity on the number and pace of any additional policy moves relative to what’s already implied by rates futures. Stronger US data and ongoing capital inflows into US assets linked to productivity themes are additional supports. In rates, curves remain in a push-pull between sticky services inflation and signs of goods disinflation. Term premia are modestly firmer, and quarter-end rebalancing could add noise to the next few sessions. Commodities: Oil eases; gold steadies Crude prices slipped this week as shipping through key waterways improved and supply concerns eased, outweighing intermittent geopolitical headlines. Attention turns to inventory trends, summer demand, and producer discipline into 2H. Precious metals were volatile. Gold hovered around a prominent round-number level during the week before stabilizing as traders weighed policy paths against haven demand and central-bank purchases. Corporate flow and sectors to watch Semiconductors: Deal activity and guidance updates are adding another layer of dispersion. Integration risk and focus drift are common themes flagged by investors when chipmakers pursue acquisitions during fast-moving cycles. Internet, consumer tech, and hardware: Price adjustments tied to higher component costs are being watched for demand elasticity and margin implications into the back half of the year. Real assets and property: Policy developments in large metro housing markets remain a swing factor for landlords, lenders, and REITs with urban exposure. European autos and discretionary: Competition, input costs, and China exposure continue to shape outlooks, with management teams signaling more aggressive cost actions. What we’re watching next US inflation and labor data: Any upside surprises could reinforce a higher-for-longer rates narrative and extend dollar strength; softer prints would likely ease financial conditions. Central bank communication: Speeches and minutes across major economies will guide rate-differential trades and front-end curves. Earnings pre-announcements: Updates from AI supply-chain beneficiaries and consumer-facing tech will help refine views on capex intensity, pricing, and end-demand. Quarter- and half-year rebalancing: Potential flows could amplify short-term volatility across equities, bonds, and FX. Portfolio considerations Within technology, emphasize balance sheets, pricing power, and linkage to data-center buildouts and power infrastructure, while being mindful of valuation stretch and supply constraints. Diversify AI exposure across the stack (compute, memory, networking, power) rather than relying on a single theme. Expect ongoing dispersion. For multi-asset portfolios, consider the implications of a firm dollar on non-US earnings translation, commodities, and EM exposures; review hedging policies accordingly. Maintain liquidity buffers into quarter-end and use dislocations to upgrade quality where fundamentals are intact. Institutional-Grade Brokerage Services Access multi-asset execution, algorithmic trading, and customized custody solutions 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 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

25 June 2026 – Daily Market Updates Morning Markets Brief: AI strength steadies risk appetite; crypto cools; oil softens Global equities opened on a firmer footing as a bullish update from a leading US memory-chip maker reassured investors that demand tied to artificial intelligence remains durable. Tech-led gains in futures point to a rebound in growth shares, with semiconductor names again setting the tone. Government bond yields are little changed, oil is under pressure amid improving supply dynamics, and gold is softer. Digital assets lag, with Bitcoin extending a recent pullback. Market at a glance (early US hours) Equities: US futures higher with tech outperforming; Europe firmer; Asia rallied led by North Asia’s chip-heavy markets. Rates: US Treasury yields broadly steady after recent swings; curves little changed. Commodities: Crude retreats as supply concerns ease; gold edges lower as real yields hold firm. FX: Dollar mixed; high-beta currencies stabilize alongside risk sentiment. Crypto: Bitcoin trades near multi-month lows; volatility elevated and liquidity pockets thinner. What’s driving the move AI hardware momentum: A top US memory producer delivered an outlook that topped expectations and emphasized multi‑year customer agreements, signaling sustained demand from cloud, high‑performance computing, and AI training/inference. The print eased fears of an abrupt slowdown in the AI build‑out and reignited enthusiasm across the broader chip ecosystem (memory, storage, foundry equipment, and packaging). Broader semiconductor ripple: Suppliers and equipment makers moved higher in sympathy as investors leaned back into the AI supply chain narrative. Longer lead times and visibility into data‑center orders are being interpreted as support for margins through the cycle. Macro backdrop: With policy makers remaining focused on inflation control and growth data mixed, markets continue to toggle between soft‑landing hopes and rate‑sensitivity in long‑duration assets. Today’s equity strength is more about micro (earnings and guidance) than macro. Energy resets: Crude prices have slipped back toward pre‑flare‑up levels as key shipping lanes see improving throughput and buyers report ample supply. Softer oil is a tailwind for disinflation hopes but reflects a careful read on global demand. Rotation watch in digital assets: Bitcoin’s slide has been amplified by thinner retail participation and a market structure increasingly influenced by systematic flows and institutional vehicles. Capital rotating toward listed AI beneficiaries has added to crypto underperformance, tightening the link between equity risk sentiment and digital‑asset pricing. Sector and corporate highlights Chips and data centers: Beyond memory, selected US and European semiconductor names rallied on the read‑through that AI‑linked demand could extend deeper into the supply chain. Some diversified chipmakers continue to outline multi‑year opportunities in accelerators, networking, and power management for data centers. Health care tools: Deal activity is percolating in life‑science reagents and diagnostics, supporting valuations across select niches. Consumer and travel: Online chatter continues to inject volatility into certain quick‑service and specialty retail names. In Europe, airline shares firmed amid ongoing corporate interest discussions. Private markets: A large private‑equity purchase of a European industrial asset underscores steady deal momentum and balance‑sheet reshaping across autos and heavy machinery. AI industry dynamics: Talent moves and IP questions remain front and center across the AI landscape, highlighting the intensity of competition as models and infrastructure scale. Institutional Services in UAE for Funds & Family Offices Access multi-asset execution through our global infrastructure with institutional-grade brokerage solutions. Explore Institutional Services Cross asset takeaways Equity breadth vs. concentration: AI leadership is intact, but concentration risk remains a key portfolio consideration. Watch for confirmation from non‑tech cyclicals to broaden the advance. Rates and gold: Stable-to-firmer real yields continue to cap gold. A decisive break lower in oil would reinforce disinflation narratives, while any upside surprise in growth data could rekindle rate volatility. Credit: Primary issuance remains healthy; spreads are generally stable with risk‑on tone, though lower‑quality pockets remain sensitive to rate moves. FX: Pro‑cyclical currencies catch a bid on improved risk tone; safe‑haven demand moderates. What to watch next Corporate guidance from AI‑exposed hardware, cloud service providers, and networking names for signs of order sustainability and supply constraints. High-frequency inflation and growth indicators globally, including energy inventories and shipping flows, for clues on the policy path. Breadth indicators in equities and factor performance (momentum vs. value/quality) to gauge durability of the latest rebound. Crypto market structure: ETF flows, funding rates, and liquidity on major venues as proxies for positioning and potential snapback risk. Portfolio considerations Maintain diversification around AI: Consider exposure across the stack (memory, compute, networking, cooling, and electrical infrastructure) rather than a single node, while acknowledging elevated expectations. Manage concentration and liquidity risk: Use position sizing and hedges to balance upside participation with drawdown control in narrow leadership markets. Reassess commodity sensitivity: Lower oil and firm real yields have different implications across sectors (benefits for transport and discretionary; headwinds for precious metals and parts of energy). Data note: Market levels referenced are directional and for context only; prices are subject to intraday revision. Elevate Your Investment Strategy Gain exposure to global markets, including US stocks, ETFs, and structured notes tailored to your risk profile. Discover Our 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

24 June 2026 – Daily Market Updates Daily Market Briefing: AI enthusiasm meets a choppier tape Overview Equity markets are stabilizing after a sharp, tech-led reversal, with US index futures modestly higher and Asia rebounding, led by semiconductor-heavy benchmarks. European shares are mixed to flat. Rates are edging lower at the long end as investors reassess growth and inflation momentum. The US dollar is firm against major peers. Crude oil is softer, while refined fuel prices have eased—an incremental relief for headline inflation and freight costs. The AI trade: momentum, crowding and bigger swings A long stretch of gains in chipmakers and AI-linked leaders has left positioning elevated across many investor types. When a popular theme becomes crowded, day-to-day moves can amplify as leveraged strategies, derivatives hedging and ETF rebalancing reinforce direction. That dynamic cuts both ways: rallies can be powerful, but air pockets emerge when sentiment turns or when headlines challenge the prevailing narrative. Practical takeaway: concentration risk matters. Investors are increasingly weighing a blend of quality growth exposure with cash flow resilience, plus selective hedges, to navigate larger intraday ranges. Earnings spotlight: a bellwether for AI infrastructure A leading US memory-chip producer reports after the close. Because advanced memory sits at the heart of AI server buildouts, its demand outlook and capital spending commentary are viewed as a proxy for the broader AI supply chain. What to listen for: backlog durability, pricing power for high-bandwidth products, capacity expansion timelines, supply discipline across the industry, and customer capex visibility from cloud and enterprise buyers. Options markets are signaling heightened implied volatility into the event, underscoring how one update can sway sentiment across the semiconductor complex. Regional and sector pulse US: Futures point to a tentative rebound in growth-heavy segments after Monday’s slide. Market breadth remains a focal point as investors gauge whether leadership can broaden beyond a narrow set of mega-cap winners. Asia: Chip-centric markets bounced following the prior session’s slump. Some regional manufacturers continue to explore capital-raising avenues to fund capacity and tap deeper pools of investors. Europe: Indices are little changed, with defensives providing ballast while cyclicals track commodity and rates moves. Sectors: Semiconductors and AI infrastructure remain the volatility epicenter. Energy underperforms alongside softer crude. Transportation and select industrials are in focus on cost trends and trade flows. Travel and leisure names watch demand indicators into peak season. Rates, commodities and FX Bonds: Long-dated government yields are slightly lower as markets balance cooling goods inflation against sticky services components and steady labor conditions. Any shift in growth expectations or central-bank guidance could reprice the curve quickly given thin summer liquidity. Commodities: Oil extends recent declines amid signs of smoother tanker flows and adequate supply. Softer diesel and gasoline prices provide incremental relief to logistics, though refining margins and inventories bear watching. Currencies: The dollar is supported by yield differentials and safe-haven demand on risk-off days. Commodity-linked and cyclical currencies track the moves in energy and global growth sentiment. What could move markets next Corporate earnings: AI and cloud supply-chain reports, along with updates from transportation, software and consumer names, will help test whether profit growth can keep pace with elevated multiples. Macro catalysts: Upcoming global inflation and growth releases, as well as remarks from central-bank officials, may influence rate-cut timelines and risk appetite. Flows and technicals: End-of-month and quarter rebalancing, plus systematic and volatility-targeting strategies, can add to intraday swings. Watch market breadth, leadership rotations and credit spreads for confirmation. Investment considerations Balance enthusiasm with discipline: Pair structurally attractive AI and automation themes with cash-generative companies, diversified factor exposure and defined risk limits. Manage concentration: Consider position-sizing frameworks, scenario analysis around key earnings prints, and selective hedging where correlations rise. Liquidity awareness: Use staged entries/exits and avoid chasing gap moves in thin conditions. Navigate Market Volatility with Confidence Access a wide range of global equities, futures, and structured notes to build a resilient and diversified portfolio today. Explore Investment Products Disclaimer: Trading foreign exchange and/or contracts for difference on margin carries a high level of risk, and may not be suitable for all investors as you could sustain losses in excess of deposits. The products are intended for retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. The content of the Website must not be construed as personal advice. For retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. Rolling Spot Contracts and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78% of our retail client accounts lose money while trading with us. You should consider whether you understand how Rolling Spot Contracts and CFDs work, and whether you can afford to take the high risk of losing your money. 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