Daily Market Updates

Dec 15 – Daily Market Updates Markets Daily | Broad Market Update Overview Global risk appetite stabilized to start the week. US equity futures edged higher as the recent selloff in large-cap technology cooled, while European benchmarks advanced and Asia was mixed with Japan lagging. Core government bond yields eased a touch, the dollar was little changed on balance, and commodities firmed with precious and industrial metals supported. Crypto prices also traded higher. Market snapshot Equities: US futures up modestly, Europe broadly higher with cyclicals and miners leading, Japan softer following recent strength; small caps showing signs of catch-up versus mega caps. Rates: Treasury yields drifted lower along the curve, with the long end outperforming; markets continue to debate the pace and extent of policy easing next year. FX: Dollar broadly range-bound against G10; selective strength in high-beta currencies alongside improved risk tone. Commodities: Gold hovered near cycle highs as real yields eased; copper recovered part of last week’s drop; oil steady within recent ranges. Digital assets: Major tokens advanced, with bellwether names extending month-to-date gains. Key themes we’re watching Rotation beyond mega-cap tech: After a multi-quarter run in AI-heavy leaders, investors are reassessing valuations and diversifying into under-owned areas. Flows continue to rotate toward economically sensitive sectors, select industrials, energy, and parts of health care, as well as small and mid caps. Market breadth improvement is a constructive sign for bulls. Soft-landing versus slowdown: Incoming data continue to point to moderating inflation and a cooler—but still resilient—labor market. Whether hiring decelerates gently or more abruptly will be pivotal for the rates path and equity leadership into the new year. Policy outlook: Markets are pricing additional policy easing across major developed economies in 2026, with the path dependent on labor trends and inflation stickiness. Communications from central bank officials remain focused on data dependence and financial conditions. China’s domestic demand: Recent figures suggest investment and household spending remain subdued, keeping external demand an important growth driver. This dynamic bears watching for global trade relations and commodity demand   This week’s highlights (global) United States: A busy slate with labor data and inflation prints in focus. Markets will parse employment and consumer price figures for confirmation of disinflation alongside a gradual cooling in hiring. Retail activity and regional manufacturing surveys will add color on year-end momentum. Europe and UK: Flash PMI updates and inflation readings will set the tone ahead of holiday liquidity; policy signals remain cautious as growth stays uneven. Asia: Multiple rate decisions across the region, plus Japan inflation and activity gauges. China’s monthly data pulse is in focus for signs of stabilization. Latin America and Canada: Select policy meetings and retail/price data; Canada’s inflation and consumer trends will help shape early-2026 rate expectations. Sector and asset-class color Technology: Earnings revision dispersion is widening. While secular AI demand remains a tailwind for infrastructure names, investors are scrutinizing spending paybacks and potential cannibalization across software categories. Industrials/materials: Benefiting from rotation and firmer metals; watch guidance tied to capex cycles and order backlogs. Energy: Crude is range-bound as supply discipline offsets concerns about global growth. Integrateds and select services names continue to trade with implied volatility tied to OPEC+ headlines and inventories. Financials: Credit metrics remain solid overall; funding costs and the shape of the yield curve remain key swing factors for net interest margins. Precious metals: Support from lower real yields and macro hedging demand; dips continue to find buyers. Credit: Spreads are tight by historical standards; primary issuance windows may narrow into year-end, but liquidity remains orderly. What could move markets next Labor-market inflection: Any downside surprise in job growth or uptick in unemployment would likely extend the rally in duration and favor defensives over cyclicals near term; a firmer print could revive the “higher-for-longer” debate. Inflation progress: Core measures continue to trend lower, but services components are sticky. A faster decline would unlock greater policy flexibility. Policy messaging: Speeches from central bank officials will be parsed for guidance on the runway and cadence of future rate moves. Year-end dynamics: Rebalancing, tax-loss harvesting, and thinner liquidity can amplify short-term moves. Watch market breadth, leadership, and options positioning as catalysts. Risk radar Growth disappointments in China or Europe that spill over into global manufacturing and commodities. Earnings downgrades if margin resilience fades as pricing power normalizes. Geopolitical flare-ups affecting energy supplies or trade routes. Liquidity pockets into year-end that exacerbate intraday volatility. The near-term tone is cautiously constructive: a steadier rates backdrop, improving market breadth, and resilient earnings expectations support risk assets. The path from here hinges on labor and inflation data. A gradual cooling remains the “goldilocks” outcome for both equities and duration, while any sharp turn in employment would argue for more defensive positioning and longer-duration exposure. Note: This publication is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any security. Markets are volatile and subject to change without notice. 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

Dec 12 – Daily Market Updates Markets Daily — Broad Market Update As of 06:04 a.m. ET Market snapshot S&P 500 futures: 6,897.75 (-0.14%) Stoxx Europe 600: 583.38 (+0.35%) US 10-year Treasury: 4.164% (+1 bp) Hang Seng: 25,976.79 (+1.75%) Bitcoin: 92,465.63 (-0.45%) Overview Global equities remain near cycle highs, with Europe advancing and US futures easing modestly after a strong run. Asia finished mixed but was led higher by Hong Kong. Government bond yields are broadly steady, with the US 10-year hovering near 4.16% as markets weigh a gradual path toward lower policy rates. Risk appetite is being supported by resilient profit trends, improving market breadth, and an outlook for easier financial conditions into next year. Equities US: After setting fresh records, futures point to a softer open as investors digest gains. Participation has broadened beyond a handful of leaders, with cyclical and defensive pockets both contributing. Positioning remains constructive but less euphoric than earlier momentum-driven phases, which can help sustain rallies into lighter year-end liquidity. Europe: Broad indices are firmer, helped by industrials and financials. Easing energy costs and fading inflation pressures continue to underpin sentiment, though growth signals remain mixed across the region. Asia: Hong Kong outperformed, while other major markets were mixed. Policy support measures and signs of stabilization in parts of the Chinese economy continue to be monitored by investors. Fixed income US Treasuries are little changed, with curve dynamics sensitive to incoming data and central bank communication. The balance between easing inflation and steady growth is keeping real yields in focus. Credit spreads remain tight, reflecting robust demand for quality income and contained default expectations. Primary issuance is seasonally lighter into year-end. Currencies The US dollar is broadly range-bound, with the medium-term trajectory tied to relative rate differentials. If the Federal Reserve continues to guide toward gradual easing while other central banks hold steady or turn less accommodative, the dollar could face a softer backdrop. Major pairs may remain headline-driven into upcoming data and central bank appearances. Carry dynamics and volatility levels remain key for tactical positioning. Commodities Precious metals extend recent gains, supported by lower real yields and portfolio hedging demand. Energy prices are steady, balancing supply risks with a still-moderate demand outlook. Inventory trends and producer guidance into year-end remain important signals. Industrial metals are supported by capex tied to electrification, data infrastructure, and grid investment, though short-term moves remain sensitive to China data and the global growth pulse. Digital assets Crypto prices are consolidating after a strong multi-month advance. Beyond price action, institutional infrastructure continues to evolve, with ongoing work on tokenization, settlement, and market plumbing. Regulatory enforcement remains active, emphasizing the importance of risk controls and counterparties. What’s driving markets now Policy path: Markets continue to price a measured easing cycle over the next year, conditional on inflation progress and growth durability. Earnings resilience: Profit margins and cash flows have held up better than feared, encouraging risk-taking beyond a narrow set of leaders. Market breadth: A wider set of sectors participating has historically been a constructive signal for trend sustainability. Year-end dynamics: Rebalancing flows, lower liquidity, and tax considerations can amplify moves in both directions into late December. What to watch next Inflation updates across major economies Retail sales and high-frequency growth indicators Central bank remarks and meeting minutes Credit conditions, issuance windows, and year-end liquidity Market breadth, volatility, and leadership rotation Risk radar Re-acceleration in inflation or wages that challenges the easing narrative Growth disappointments in the US, Europe, or China Geopolitical shocks impacting energy and supply chains Tight market liquidity into year-end amplifying price swings The backdrop remains constructive: moderating inflation, expectations for gradual policy easing, and improving breadth are supporting risk assets. After a strong run, near-term consolidation would be typical, but the medium-term narrative still favors disciplined exposure, selective quality, and attention to portfolio ballast. 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. Dec 12 – Daily Market Updates PhillipCapital DIFC Research TeamDecember 12, 2025 Dec 12 – Daily Market Updates Markets Daily — Broad… Read More Dec 11 – Daily Market Updates PhillipCapital DIFC Research TeamDecember 11, 2025 Dec 11 – Daily Market Updates Markets Daily: Policy tailwinds… Read More Dec 10 – Daily Market Updates PhillipCapital DIFC Research TeamDecember 10, 2025 Dec 10 – Daily Market Updates Morning Market Brief Snapshot… Read More Dec 09 – Daily Market Updates PhillipCapital DIFC Research TeamDecember 9, 2025 Dec 09 – Daily Market Updates Market overview Global markets… Read More Dec-08 Daily Market Updates PhillipCapital DIFC Research TeamDecember 8, 2025 Dec 08 – Daily Market Updates Markets Daily — Broad… Read More Dec 05 – Daily Market Updates PhillipCapital DIFC Research TeamDecember 5, 2025 Dec-05 Daily Market Updates Markets Daily – Broad Market Update… Read More Nov 28 – Daily Market Updates PhillipCapital DIFC Research TeamNovember 28, 2025 Nov 28 – Daily Market Updates Markets Daily:

Dec 11 – Daily Market Updates Markets Daily: Policy tailwinds meet tech turbulence Market snapshot (as of 5:18 a.m. ET; levels subject to change) Nasdaq 100 futures: 25,596.25 (-0.78%) Stoxx Europe 600: 579.18 (+0.17%) CSI 300 (China): 4,552.19 (-0.86%) S. 10-year Treasury yield: 4.141% (-1 bp) Bitcoin: 90,318.67 (-2.25%) Overview A dovish-leaning policy tone from the Federal Reserve initially lifted risk assets, but that momentum faded as investors reassessed growth expectations for large-cap technology and AI-linked names. The result is a mixed session across regions: Europe is holding modest gains, Asia lagged with mainland China under pressure, and U.S. equity futures are softer as traders weigh valuation sensitivity against a supportive rate backdrop. Macro and policy Federal Reserve: The central bank cut its policy rate by 25 bps for a third consecutive meeting, signaling confidence that inflation is trending lower while noting emerging risks to the labor market. Market pricing implies additional easing further out, and the U.S. dollar eased as front-end rates fell the most. Notably, internal divisions at the Fed highlight a less uniform committee, underscoring the possibility of more data-dependent swings in the months ahead. Rates reaction: The curve bull-steepened with short-dated yields leading the move lower, reflecting greater sensitivity to the policy path. Benchmark 10-year yields slipped, supporting interest-rate–sensitive sectors. Trade and geopolitics: Fresh tariff measures from Mexico on selected Asian imports align more closely with evolving U.S. trade stances. The potential spillovers: supply-chain reconfiguration, modest nearshoring tailwinds, and renewed dispersion across industrial and consumer sectors with exposure to North American manufacturing. Equities U.S.: Gains following the Fed decision were clipped by a reversal in mega-cap tech sentiment. The immediate catalyst was renewed scrutiny of the AI capital-expenditure cycle after a prominent cloud/software vendor pointed to heavier data-center investment with a slower near-term revenue conversion. The broader takeaway: investors are increasingly selective within AI beneficiaries, rewarding clearer earnings visibility and cash-flow discipline over backlog headlines alone. Europe: Broad indices are firmer, with defensives, select healthcare, and utilities supported by softer yields, while cyclicals are mixed. Energy and materials lag where China exposure is heavier. Asia: Mainland Chinese shares slipped as growth concerns and property-related risks remained in focus. Elsewhere in the region, performance was mixed as investors balanced tech volatility with stabilizing rate expectations. Credit and rates Investment grade credit spreads remain contained, aided by the drop in Treasury yields and steady demand for high-quality income. High yield is stable but more sensitive to any further de-risking in growth equities. Many multi-asset managers continue to pivot toward short-duration high-quality bonds to lock in real yields while keeping optionality should the easing cycle extend. Currencies and digital assets FX: The dollar softened following the Fed move, with high-beta currencies finding temporary support. Follow-through will likely hinge on upcoming U.S. growth and inflation prints and how they influence the front-end. Crypto: Risk appetite in digital assets remains fragile; Bitcoin slid back below a key round level overnight. Volatility and correlation to broader risk sentiment remain elevated. Commodities Crude is range-bound as markets balance steady demand indicators with ongoing supply discipline. Softer bond yields are supportive at the margin, but a stronger macro impulse from Asia remains elusive. Industrial metals are mixed, with Chinese growth signals and trade policy developments steering near-term direction. What we’re watching U.S. data: Next readings on inflation, labor-market claims, and retail demand will shape how far and how fast markets price the path of policy easing. Earnings: A handful of high-profile reports are due after the close from a warehouse-club retailer, a diversified semiconductor platform company, and an athleisure brand—useful barometers for U.S. consumer health, enterprise IT spend, and inventory discipline. AI and cloud: The gap between record infrastructure outlays and realized revenue remains the key debate. Focus is on providers with clearer monetization timelines, power availability, and supply-chain execution.   Positioning thoughts Quality bias: In an environment where rates are easing but growth leadership is narrowing, emphasize companies with strong balance sheets, resilient margins, and predictable free cash flow. Duration mix: Short-duration, high-quality fixed income can help harness attractive real yields while protecting against path risk if the policy trajectory shifts. Selective growth: Within AI-linked equities, prioritize firms with near-term revenue recognition, pricing power, and credible capacity expansions over backlog-only narratives. Diversification: Maintain a diversified stance across geographies and factors, given elevated cross-currents from policy, trade, and tech-cycle dynamics. The policy backdrop is turning incrementally friendlier for duration and quality assets, but the equity leadership remains concentrated and vulnerable to earnings reality checks. Expect choppy trading as markets navigate the balance between a gentler rate path and a more discriminating view of growth and valuation—especially in AI and cloud. 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. Dec 11 – Daily Market Updates PhillipCapital DIFC Research TeamDecember 11, 2025 Dec 11 – Daily Market Updates Markets Daily: Policy tailwinds… Read More

Dec 10 – Daily Market Updates Morning Market Brief Snapshot (as of 06:24 a.m. ET; levels subject to change) S&P 500 futures: 6,845.25 (-0.04%) Stoxx Europe 600: 576.90 (-0.15%) S. 10-year Treasury yield: 4.202% (+1.4 bps) Hang Seng: 25,540.78 (+0.42%) Spot silver: $61.09 (+0.68%) Overview Global markets are in a holding pattern ahead of today’s U.S. central bank decision. Equity indices are comparatively subdued, longer-dated Treasury yields continue to edge higher, and precious metals remain well bid, led by silver’s latest breakout. In Asia, sentiment improved modestly, while Europe is softer as investors await policy guidance and updated projections. U.S. Policy watch: Investors are focused on the rate decision, updated economic projections, and the Chair’s press conference for clues on how officials see the path into 2026. The key questions are whether recent disinflation progress is sufficient to maintain easing momentum and how policymakers balance sticky services inflation against cooling growth indicators. Rates: The 10-year yield is nudging higher into the announcement, reflecting a cautious tone and sensitivity to forward guidance. Rate volatility may increase around the release and Q&A. Equities: Futures are little changed for a second session as positioning leans defensive ahead of the decision. Earnings remain a secondary driver into the close. Europe The region’s benchmark is marginally lower, with traders reluctant to add risk before U.S. policy signals. Focus remains on cyclicals’ sensitivity to growth expectations and defensives’ relative resilience if the rate path proves less accommodative than hoped. Asia Hong Kong equities advanced, aided by selective buying in technology and consumer-related names. Regional investors continue to watch China’s growth and price dynamics, where a pickup in headline consumer inflation driven by food is set against lingering disinflation pressures elsewhere. Commodities Precious metals: Silver’s rally extended above $60/oz, supported by a mix of supply tightness narratives and expectations for easier financial conditions. Gold and broader precious metals are firmer in sympathy, though silver remains the standout. Energy and industrial metals: Traders are balancing a softening global manufacturing pulse with potential demand upside from infrastructure and data-center buildouts; price action is mixed into the policy event. Credit and funding themes Financing for large-scale technology and infrastructure buildouts remains under scrutiny as markets assess the durability of cash flows against elevated capital expenditure plans. In credit, pricing continues to differentiate issuers with visible returns and balance sheet flexibility from those with heavier leverage and longer payback horizons. Macro signals to watch today U.S. central bank rate decision, projections, and press conference Market reaction across: Treasury curve, U.S. dollar, equity indices, and precious metals Liquidity conditions and bid-ask spreads into and after the announcement Trading considerations Expect tighter ranges into the policy release and potential cross-asset swings afterward as investors recalibrate terminal rate views and the pace of easing. Hedging costs can rise around the event; plan orders and risk limits accordingly. Cross-asset correlations (equities vs. yields vs. USD vs. precious metals) may shift if forward guidance diverges from expectations. Note Market data may be delayed depending on providers. This publication is for information purposes only and does not constitute investment advice or a recommendation to buy or sell any financial instrument. Past performance is not indicative of future results. Disclaimer: Trading foreign exchange and/or contracts for difference on margin carries a high level of risk, and may not be suitable for all investors as you could sustain losses in excess of deposits. The products are intended for retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. The content of the Website must not be construed 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. Dec 10 – Daily Market Updates PhillipCapital DIFC Research TeamDecember 10, 2025 Dec 10 – Daily Market Updates Morning Market Brief Snapshot… Read More Dec 09 – Daily Market Updates PhillipCapital DIFC Research TeamDecember 9, 2025 Dec 09 – Daily Market Updates Market overview Global markets… Read More Dec-08 Daily Market Updates PhillipCapital DIFC Research TeamDecember 8, 2025 Dec 08 – Daily Market Updates Markets Daily — Broad… Read More Dec 05 – Daily Market Updates PhillipCapital DIFC Research TeamDecember 5, 2025 Dec-05 Daily Market Updates Markets Daily – Broad Market Update… Read More Nov 28 – Daily Market Updates PhillipCapital DIFC Research TeamNovember 28, 2025 Nov 28 – Daily Market Updates Markets Daily: Cautious Tone… Read More Nov 27 – Daily Market Updates PhillipCapital DIFC Research TeamNovember 27, 2025 Nov 27 – Daily Market Updates Market overview Global markets… Read More Nov 26 – Daily Market Updates PhillipCapital DIFC Research TeamNovember 26, 2025 Nov 26 – Daily Market Updates Market snapshot (as of… Read More Nov 25 – Daily Market Updates PhillipCapital DIFC Research TeamNovember 25, 2025 Nov 25 – Daily Market Updates Market snapshot (as of… Read More Nov 24 – Daily Market Updates PhillipCapital DIFC Research TeamNovember 24, 2025 Nov 24 – Daily Market Updates Market snapshot (as of… Read More

Dec 09 – Daily Market Updates Market overview Global markets opened the day on a cautious footing. US equity futures were broadly flat, European benchmarks ticked modestly lower, and Asia ended mixed with notable underperformance in Hong Kong. Government bond yields eased slightly after a recent climb to multi-week highs, while the dollar edged softer. Oil firmed modestly and gold was steady, reflecting a measured risk tone ahead of major central bank decisions. Snapshot (as of early US morning, indicative) US equity futures: little changed Europe: slightly lower Asia: mixed; China/Hong Kong softer US 10-year Treasury: yields off recent peaks but elevated US dollar: marginally weaker versus peers WTI crude: slightly higher Gold: near unchanged Macro in focus: Policy patience with a hawkish tilt The cross‑current shaping markets is a gentle shift away from broad rate‑cut expectations toward a “higher for longer” posture in several major economies. Across the G10, markets have trimmed the number and timing of expected cuts and, in some cases, are entertaining the risk of renewed tightening. The immediate focus is the upcoming Federal Reserve decision and guidance on the medium‑term path. Investors are less fixated on the size of the next move and more on the trajectory into 2026—how quickly, how far, and under what inflation backdrop. What it means for assets Equities: Elevated front‑end yields tend to pressure long‑duration growth valuations and encourage sector rotation. Recent leadership has narrowed, with quality balance sheets and cash‑flow resilience favored. Implied volatility has nudged higher from subdued levels. Bonds: After a weak stretch for Treasuries, yields have stabilized but remain near recent highs. The curve remains sensitive to any change in policy path language. Short‑maturity sectors are most reactive to guidance. Credit: Primary issuance windows are active when rates steady intraday; spreads are broadly range‑bound but skewed by idiosyncratic headlines and M&A financing needs. FX: The dollar eased as US yields dipped, but policy divergence remains a key driver. The yen’s path is tied to domestic normalization prospects and global risk appetite. Commodities: Crude is supported by supply discipline and a soft dollar; industrial metals are balancing sluggish manufacturing data with hopes of incremental policy support in Asia. Equity themes we’re watching Rotation vs concentration: Incremental profit‑taking in high‑multiple tech contrasts with renewed interest in quality defensives, select financials, and energy. Dispersion within large‑cap growth is high, making earnings execution paramount. Index reshuffles and event risk: Periodic benchmark changes can spark outsized single‑stock moves pre‑ and post‑effective dates; liquidity and passive flows matter around these events. Corporate actions: M&A remains a live theme across media, real estate, and healthcare, with funding costs shaping deal structures. Activism in consumer and staples is prompting portfolio streamlining and margin focus. Rates and policy watch United States: All eyes on the policy statement, updated projections, and press conference tone. Markets will parse any pushback on near‑term easing and signals about the terminal rate over the next two years. Europe: Policymakers are emphasizing data dependence; markets have scaled back the pace of prospective cuts as core inflation proves sticky in places. Asia-Pacific: Select central banks are signaling patience. Markets have repriced paths in Australia and New Zealand, while Japan’s normalization narrative continues to evolve. The day ahead Central banks: US decision and remarks; selected speakers in Europe Data: US labor and service‑sector reads later this week; inflation prints in several G10 economies over the coming sessions Supply: Sovereign auctions in focus after the recent back‑up in yields Earnings: A handful of consumer and industrial names report; watch guidance on pricing power, volumes, and cost discipline Tactical considerations Maintain balance across styles: Pair quality growth with cash‑generative cyclicals; consider adding defensive ballast if policy uncertainty lifts volatility. Duration: Keep flexibility. A barbell across the front end and intermediate maturities can help manage path risk around policy communications. FX hedging: Review hedge ratios where revenue is globally diversified; policy divergence and yield differentials are reasserting themselves. Liquidity: Event‑dense weeks argue for prudent position sizing and staggered entries. Key risks Stickier inflation forcing tighter-than-expected policy Growth slowdown in Europe or China curbing earnings momentum Funding and liquidity strains if yields jump abruptly Geopolitical disruptions affecting energy and shipping routes This material is for information only and is not investment advice or a solicitation to buy or sell any financial instrument. Market levels are indicative and subject to change. Disclaimer: Trading foreign exchange and/or contracts for difference on margin carries a high level of risk, and may not be suitable for all investors as you could sustain losses in excess of deposits. The products are intended for retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. The content of the Website must not be construed as personal advice. For retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. Rolling Spot Contracts and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78% of our retail client accounts lose money while trading with us. You should consider whether you understand how Rolling Spot Contracts and CFDs work, and whether you can afford to take the high risk of losing your money. Dec 09 – Daily Market Updates Admin PhillipCapitalDIFCDecember 9, 2025 Dec 09 – Daily Market Updates Market overview Global markets… Read More Dec-08 Daily Market Updates Admin PhillipCapitalDIFCDecember 8, 2025 Dec 08 – Daily Market Updates Markets Daily — Broad… Read More Weekly Global Market News – Dec 07 Admin PhillipCapitalDIFCDecember 8, 2025 Weekly Global market Updates Dec 07 Central Banks Take Centre… Read More Dec 05 – Daily Market Updates Admin PhillipCapitalDIFCDecember 5, 2025 Dec-05 Daily

Dec 08 – Daily Market Updates Markets Daily — Broad Market Update Global markets are starting the week on a cautious but constructive note. US equity futures are edging higher ahead of a pivotal run of central bank decisions, European shares are little changed, and Asia closed mixed with weakness concentrated in North Asia. Rates are firmer at the long end of the US curve, the dollar is broadly steady, and commodity moves are modest into event risk. Market pulse at a glance Equities: US futures slightly firmer; Europe mixed; Asia uneven. Rates: Long-dated US Treasury yields nudging up; front-end anchored by policy expectations. FX: Dollar broadly range bound versus majors; selective strength in high-carry EMFX. Commodities: Oil holding within recent ranges; gold consolidating as real yields edge higher. Five themes to follow Central bank week: The Federal Reserve headlines a busy calendar, with investors expecting another measured step toward easier policy while watching language around growth, inflation, and balance sheet plans. Rate decisions and updates from Australia, Canada, Switzerland, and Brazil will also shape cross-asset moves. Markets will be sensitive to any guidance on the pace and end-point of easing cycles. The long-end puzzle: Despite a series of policy rate cuts since late last year, longer-term US yields have been resilient. Possible drivers include a higher term premium, robust growth expectations, ongoing Treasury supply, and sticky services inflation. The takeaway for portfolios: financing costs for mortgages and corporates haven’t fallen as fast as policy rates, keeping the focus on duration risk and credit spread discipline. Index flows and corporate actions: Rebalancing into year-end and ongoing M&A chatter are creating idiosyncratic winners and losers. Additions to major indices can boost volumes and valuations in targeted names, while deal speculation continues to concentrate in software, data infrastructure, industrials, and select materials. Trade and policy watch: Global trade balances remain in the spotlight as exporters contend with uneven demand and shifting tariff rhetoric. Any move toward lower trade frictions would tend to favor supply-chain-linked Asia and parts of Europe, while renewed barriers could extend the outperformance of domestically oriented sectors in the US and other large markets. Funding the capex wave: Corporate borrowing remains active as firms finance investment in technology, infrastructure, and capacity expansion. Investment-grade issuance has been well absorbed, but investors are increasingly attentive to leverage trends, maturities, and the health of lower-rated credits if growth moderates. The week ahead — what could move markets United States: Federal Reserve rate decision and press conference; labor-market indicators including job openings and weekly claims; trade balance data; updates on business sentiment. Americas: Brazil policy decision and inflation; Canada rate decision and housing trends. Europe: A rate decision in Switzerland; employment and inflation updates across major economies; UK and euro-area industrial production figures; EU finance minister meetings. Asia-Pacific: Australia policy decision and labor market data; China inflation and producer prices; Japan and Southeast Asia industrial and trade releases. Strategy snapshot Equities: Participation has broadened beyond mega caps, with cyclicals and select emerging markets showing improved momentum. Valuations are elevated in some leaders, placing a premium on earnings delivery and cash-flow visibility. Quality growth and beneficiaries of AI-driven productivity remain in focus, but dispersion argues for diversification. Fixed income: With the curve still relatively flat and the term premium elevated, many investors favor a barbell approach (short-duration for carry and flexibility, plus selective longer-duration for convexity) while keeping an eye on supply and inflation surprises. In credit, quality remains at a premium; monitor refinancing calendars in high yield. FX: Range trading dominates majors as relative rate paths converge. Watch commodity-linked currencies versus the backdrop of China demand and energy moves. Event risk this week could catalyze breakouts from tight ranges. Commodities: Crude is oscillating on demand revisions and OPEC+ signals, while refined product cracks have eased. Precious metals are highly sensitive to real yield and dollar swings; industrial metals track China’s policy stance and inventory data. Key risks we’re tracking Policy surprises from major central banks Growth-inflation trade-offs and stickier services prices Fiscal dynamics and elevated sovereign issuance Geopolitical tensions that could affect energy and trade routes Liquidity conditions into year-end and index rebalances What we’re watching today Pre-Fed positioning and volatility metrics Primary market calendars in credit and equity-linked deals US rates term premium and curve shape Commodity inventory data and shipping rates This material is a general market commentary for information purposes only and is not investment advice or a recommendation to buy or sell any financial instrument. Markets are volatile and past performance is not indicative of future results. Consider your objectives and risk tolerance, and consult a qualified advisor before making investment decisions. Disclaimer: Trading foreign exchange and/or contracts for difference on margin carries a high level of risk, and may not be suitable for all investors as you could sustain losses in excess of deposits. The products are intended for retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. The content of the Website must not be construed as personal advice. For retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. Rolling Spot Contracts and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78% of our retail client accounts lose money while trading with us. You should consider whether you understand how Rolling Spot Contracts and CFDs work, and whether you can afford to take the high risk of losing your money. Dec-08 Daily Market Updates December 8, 2025 Dec 08 – Daily Market Updates Markets Daily — Broad… Read More Dec 05 – Daily Market Updates December 5,

Dec-05 Daily Market Updates Markets Daily – Broad Market Update – As of 5:22 a.m. ET S&P 500 futures: 6,880 (+0.19%) Stoxx Europe 600: 580.28 (+0.25%) Nikkei 225: 50,491.87 (-1.05%) US 10-year Treasury yield: 4.10% (+0.8 bps) Broad dollar index: 1,213.06 (-0.09%) Global overview Equities: US futures are modestly higher, Europe is firmer, and Asia closed mixed. Japan fell as investors reassessed the path of domestic rates, while parts of Asia’s tech complex saw continued rotation within the AI supply chain. Rates and FX: The US 10-year yield is steady near 4.10% as markets weigh softening inflation trends against resilient growth. The dollar is slightly weaker, offering a mild tailwind to risk assets. Commodities: Industrial metals remain supported on improving demand expectations tied to data-center buildouts and electrification themes. Energy is mixed, while precious metals are steady. What’s driving sentiment Peak-rate narrative: Markets remain anchored to the view that major central banks are closer to easing in 2025, with investors watching incoming data and policy guidance for timing and pace cues. Stable long-end yields are supporting higher-beta equities and quality growth. Asia tech rotation: After an extended run in headline AI leaders, attention is broadening to component suppliers and enablers across Taiwan, Korea, Japan, and mainland China, reflecting a shift from model training to real-world deployment, cost efficiency, and diversified chip ecosystems. Corporate signals: Recent updates suggest a mixed picture—enterprise technology and cybersecurity face margin and spending scrutiny, while select consumer categories (notably beauty) show resilience. Operational glitches in digital infrastructure briefly weighed on related names, highlighting ongoing execution risk. Crypto cross-currents: While the largest token has stabilized, smaller coins have lagged amid tighter liquidity, shifting retail preferences, and a greater focus on fundamentals. Institutional flows remain selective. Policy watch: Debate continues around fiscal priorities and the use of sovereign assets in global funding discussions, adding a layer of geopolitical risk to year-end positioning. Sector snapshots Technology: Positioning is rotating within semiconductors and hardware vendors leveraged to memory, packaging, power, and advanced PCB needs tied to next-gen servers and edge computing. Software remains bifurcated as spending optimizes toward AI enablement and security outcomes. Consumer: Discretionary remains uneven; premium categories with brand power continue to perform better than lower-ticket, rate-sensitive segments. Financials: Stable long-end yields and a flatter curve keep focus on funding costs and fee income streams. Liquidity and capital return remain key differentiators. Industrials/materials: Beneficiaries of data-center build, grid upgrades, and onshoring are in favor. Metals linked to electrification and AI infrastructure stay supported. Bonds and currencies US Treasuries: Range-bound as investors await the next catalysts. The front end is most sensitive to policy repricing; the long end is driven by term premium dynamics and supply. Credit: Spreads remain tight, reflecting carry demand. New-issue windows are open but selective, with investors prioritizing balance-sheet discipline and clear free-cash-flow visibility. FX: A slightly softer dollar reflects improved risk appetite and narrower US growth differentials. Cross-currents from energy and trade balances persist. Commodities Industrial metals: Firm on structural demand narratives (AI infrastructure, EVs, grid). Watch inventories, Chinese demand indicators, and supply-side developments. Energy: Mixed trade as OPEC+ cohesion, non-OPEC supply, and demand seasonality offset each other. Precious metals: Sideways price action amid stable real yields and range-bound dollar moves Cross-asset themes to monitor AI deployment cycle: Shift from hype to unit economics—winners likely span efficiency, power, cooling, memory, and connectivity. Quality bias: Profitability, balance-sheet strength, and cash generation remain favored as cycle clarity improves. Liquidity and seasonality: Year-end conditions can magnify moves; watch fund flows and options positioning for potential volatility pockets. What’s ahead Data: Inflation, labor-market prints, and global PMIs will guide the policy path and earnings expectations. Central banks: Communication from major central banks remains pivotal for timing of any 2025 adjustments. Earnings: Updates from cloud, security, and consumer names will refine views on IT budgets and household spending. Key risks Policy missteps or communication shocks around rates. Supply-chain or infrastructure disruptions in AI and cloud buildouts. Geopolitical developments affecting energy and trade. Liquidity squeezes into year-end. Note: Market levels are indicative and may have changed after publication.This material is for information only and does not constitute investment advice or a recommendation to buy or sell any security. All investments involve risk, including possible loss of principal.   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. Dec-08 Daily Market Updates December 8, 2025 Dec 08 – Daily Market Updates Markets Daily — Broad… Read More Dec 05 – Daily Market Updates December 5, 2025 Dec-05 Daily Market Updates Markets Daily – Broad Market Update… Read More Nov 28 – Daily Market Updates November 28, 2025 Nov 28 – Daily Market Updates Markets Daily: Cautious Tone… Read More Nov 27 – Daily Market Updates November 27, 2025 Nov 27 – Daily Market Updates Market overview Global markets… Read More Nov 26 – Daily Market Updates November 26, 2025 Nov

Nov 27 – Daily Market Updates Market overview Global markets are trading in a balanced tone as investors weigh moderating inflation against signs of slower growth. Equities are oscillating within recent ranges, government bond yields are steady after a volatile stretch, and the dollar holds near recent levels. Commodities are mixed, with energy and precious metals largely driven by rate expectations and geopolitics. Equities United States: Large-cap technology and quality growth remain market anchors, while cyclical sectors continue to respond to shifts in yields and economic data. Defensive groups such as healthcare and consumer staples are seeing selective interest as investors balance risk. Europe: Indices reflect a tug-of-war between exporters benefiting from currency dynamics and domestic sectors that are sensitive to local demand and policy expectations. Industrials and luxury names remain tied to the global growth narrative. Asia-Pacific: Japanese shares are supported by corporate reforms and a competitive currency, though rate normalization prospects are a watchpoint. Mainland China and Hong Kong are stabilizing, with policy support and property headlines shaping sentiment. Australia tracks commodities; India remains underpinned by domestic demand and earnings resilience. Fixed income Sovereign bonds: Front-end yields remain anchored by central bank policy rates, while the long end is responsive to supply, inflation expectations, and term-premium shifts. Yield curves are still compressed by historical standards, though incremental steepening has appeared during risk-off episodes. Credit markets: Investment-grade issuance remains active, taking advantage of stable funding conditions. High-yield spreads are contained but show dispersion by sector, with interest-rate sensitive and highly levered issuers facing a higher bar. Overall liquidity conditions are orderly. Foreign exchange The US dollar is range-bound, with moves driven by relative growth, interest-rate differentials, and safe-haven flows. Euro and pound are influenced by inflation trends, wage dynamics, and policy signaling from the ECB and BoE. Upside in both tends to be capped when rate differentials widen against them. The yen remains sensitive to policy normalization prospects and any shift in global yields. Intervention risk perceptions can dampen volatility. Select emerging market currencies move on local inflation paths, current account balances, and commodity trends, producing a patchwork of performance. Commodities Oil: Prices trade in the middle of recent bands. Supply discipline and geopolitical risks are offset by non-OPEC production and questions around global demand. Inventory data and export schedules remain near-term drivers. Gold: Consolidates as real rates and the dollar set the tone; central bank purchases and geopolitical hedging provide a floor when growth uncertainty rises. Industrials: Copper and other base metals react to China’s activity indicators, inventory movements, and energy costs; volatility persists around policy headlines and global manufacturing signals. Agriculture: Weather patterns, logistics, and trade flows continue to shape price action across grains and softs. Macro landscape Central banks: Markets continue to debate the timing and pace of rate adjustments as inflation cools in many regions but remains uneven across components like services and wages. Forward guidance and meeting minutes are key for gauging tolerance for slower growth against the goal of restoring price stability. Inflation and growth: Headline inflation has eased from peaks, while core measures are gradually moderating. Growth appears uneven—resilient services offset softer manufacturing in several economies. Labor markets show signs of rebalancing, with wage growth normalizing from elevated levels. Policy and geopolitics: Fiscal discussions, election timelines, trade policy, and shipping routes are recurring sources of event risk. Markets are quick to reprice on headlines that affect supply chains or energy markets. Corporate trends Earnings season: Focus remains on guidance and margins rather than backward-looking results. Key themes include AI and cloud-related investment cycles, consumer price sensitivity, inventory normalization in goods sectors, and banks’ net interest margins alongside credit quality. Balance sheets: Many companies continue to emphasize cost discipline and selective capital expenditure, with buybacks and dividends remaining an element of shareholder returns where cash flow allows. M&A: Deal activity is selective and tends to cluster in technology, healthcare, and energy transition, influenced by funding costs and regulatory visibility. What to watch next Inflation updates across major economies, with attention on services prices and shelter components. Labor market releases for signals on wage momentum and participation. Business surveys and PMIs to gauge demand, pricing, and backlog trends. Central bank speakers and minutes for clues on reaction functions. Energy inventory reports and shipping developments that may impact transport costs and supply chains. Portfolio considerations Maintain diversification across asset classes and regions; dispersion within sectors and styles remains elevated. Be mindful of event risk around data releases and policy communications; consider hedging where appropriate. Quality balance sheets and durable cash flows tend to be favored when growth is uneven and financing costs remain above pre-pandemic norms. For income-focused investors, laddered maturities and attention to credit fundamentals can help manage reinvestment and spread risk. Housekeeping note This publication is a general market commentary for informational purposes only. It does not constitute investment advice or a recommendation to buy or sell any security or strategy. Market conditions can change quickly; consider consulting a qualified advisor before making investment decisions. Disclaimer: Trading foreign exchange and/or contracts for difference on margin carries a high level of risk, and may not be suitable for all investors as you could sustain losses in excess of deposits. The products are intended for retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. The content of the Website must not be construed as personal advice. For retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. Rolling Spot Contracts and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78% of our retail client accounts lose