Market Updates

February 4 – Daily Market Update

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

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February 3 – Daily Market Update

3 February 2026 – Daily Market Updates Market snapshot (as of 6:49 a.m. ET; market data may be delayed) S&P 500 Futures: 7008.25 (+0.08%) Nasdaq 100 Futures: 25938.5 (+0.34%) US 10-Year Treasury Yield: 4.285% (+0.8 bps) Gold: 4,908.37 (+5.30%) Morning rundown Risk appetite is stabilizing after a volatile stretch. US equity futures are firmer, led by technology, while core yields edge higher and the dollar eases. Precious metals are rebounding sharply, reversing part of the previous session’s slide. The tone across Asia was broadly constructive, with Korea leading gains and semiconductors among the standouts. Europe opened higher, echoing the recovery in cyclicals and AI-linked names. Commodities Precious metals: Gold and silver are bouncing as bargain-hunters and short-covering meet ongoing longer-term interest from asset allocators. The speed of the move underscores how leveraged positioning can amplify swings in both directions. Energy and industrial metals: A modest risk-on mood is supporting pro-cyclical commodities, though traders remain sensitive to macro headlines and policy signals. Equities US: Futures point to gains with the AI/data-center complex back in focus. Investors are watching whether beaten-down groups from the prior selloff extend their recovery and whether earnings guidance validates recent multiple expansion. Asia: Major benchmarks advanced, with Korea outperforming on a broad tech rally. Japan and Hong Kong saw more measured rebounds as investors weigh currency dynamics and policy uncertainty. Europe: Early strength is broad-based, with defensives participating alongside cyclicals. Market depth remains thinner than usual around headline risk, keeping intraday volatility elevated. Rates and FX Sovereigns: The 10-year Treasury yield is little changed, holding near recent ranges as markets balance resilient growth indicators with sticky services inflation. Curves remain biased toward slight bear-steepening on any upside data surprises. Currencies: The dollar is marginally softer against a basket of peers. Cross-asset correlations suggest a modest reversion to risk-taking, with higher-beta FX stabilizing. Central banks: A major Asia-Pacific central bank lifted its policy rate, the first notable developed-market hike of the year, citing persistent price pressures. Markets are reassessing the global policy path, with timing and pace of eventual easing remaining data-dependent. Corporate calendar and flows Earnings: A busy slate spans consumer staples, healthcare, payments, and restaurants before and after the US market close. Key themes to monitor: pricing power, volume elasticity, cost discipline, and AI-related capex/commentary from enterprise-facing firms. Deal and listing watch: Headlines around a prominent private space-and-AI combination are fueling discussion of a potential landmark listing later this year. Any formal timeline or structure could influence sentiment in growth equities and late-stage private markets. Credit: Investment-grade spreads remain tight by historical standards, reflecting strong technicals. With valuations rich, investors are attentive to any wobble in AI-led growth narratives or earnings misses that could widen risk premia. What to watch next Macro: Upcoming labor, inflation, and activity data across major economies will frame the near-term path for yields and the dollar. Micro: Guidance from AI-adjacent hardware, cloud, and semiconductor supply chains will be scrutinized for signs of demand normalization versus continued buildout. Positioning: After outsized moves in metals and tech, liquidity pockets and options flows may continue to amplify intraday swings. House view summary Near-term tone: Cautiously risk-on, but fragile given tight credit spreads and elevated expectations. Key swing factors: Central bank communication, earnings quality, and the durability of AI-driven capex. Portfolio considerations: Diversification and attention to liquidity remain prudent amid fast-moving cross-asset rotations. Notes All market levels are for information only and subject to change. This commentary is not investment advice or a solicitation to buy or sell any security. Disclaimer: Trading foreign exchange and/or contracts for difference on margin carries a high level of risk, and may not be suitable for all investors as you could sustain losses in excess of deposits. The products are intended for retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. The content of the Website must not be construed as personal advice. For retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. Rolling Spot Contracts and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78% of our retail client accounts lose money while trading with us. You should consider whether you understand how Rolling Spot Contracts and CFDs work, and whether you can afford to take the high risk of losing your money. February 3 – Daily Market Update February 3, 2026 3 February 2026 – Daily Market Updates Market snapshot (as… Read More February 2 – Daily Market Update February 2, 2026 2 February 2026 – Daily Market Updates Markets Daily: Volatility… Read More January 30 – Daily Market Update January 30, 2026 30 January 2026 – Daily Market Updates Markets Daily: Risk-off… Read More January 29 – Daily Market Update January 29, 2026 29 January 2026- Daily Market Updates Quick take Metals rally… Read More January 28 – Daily Market Update January 28, 2026 28 January 2026 Daily Market Updates Markets Daily: Global Risk… Read More January 27 – Daily Market Update January 27, 2026 27 january 2026 – Daily Market Updates Market overview Equities:… Read More January 26 – Daily Market Update January 26, 2026 26 January 2026 – Daily Market Updates Markets Daily –… Read More January 23 – Daily Market Update January 23, 2026 23 January 2026 – Daily Market Updates Markets Daily |… Read More January 22 – Daily Market Update January 22, 2026 22 January 2026 – Daily Market Updates Market snapshot (as… Read More January 21 – Daily Market Update January 21, 2026 21 january 2026 – Daily Market Updates Daily Markets Briefing… Read More January 20 – Daily Market

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February 2 – Daily Market Update

Leave a Comment / Market Updates, Daily Market Updates / PhillipCapital DIFC Research Team

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

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Weekly Global Market News – february Week 1

Leave a Comment / Market Updates, Weekly Global Market Update / PhillipCapital DIFC Research Team

Weekly Global Market News – February -Week 1 Week Ahead Playbook (Week of 3–9 February 2026) What matters this week Japan’s snap election: A short, high-stakes campaign culminates on Sunday. Markets are weighing whether a renewed mandate for the ruling LDP under Prime Minister Sanae Takaichi could usher in looser fiscal policy and keep upward pressure on long-dated JGB yields. Thailand votes: A test of stability for a slowing economy contending with trade frictions, weather-related disruption and a tense regional backdrop. The baht and local equities will be sensitive to coalition arithmetic and policy signals. Rates on hold in Europe? The ECB and BoE meet. Consensus looks for no change, with the ECB steady and the BoE waiting for inflation to settle sustainably at target before cutting. Guidance and forecasts will matter as much as the decisions. Macro pulse check: Global PMIs and the US January jobs report headline a busy data slate that will shape views on growth resilience and the pace of disinflation. Earnings heavyweights: Big Tech, energy majors, pharma and consumer bellwethers report. AI investment, cloud and ad trends, obesity drugs, buybacks and capex discipline are the key themes. Geopolitics and industry: The Singapore Airshow opens with defense and aerospace in focus. Later in the week, the Winter Olympics in Milan-Cortina provide a tourism and media side-note to markets. Central bank watch European Central Bank (Thu): Broadly expected to leave rates unchanged (market narrative centers on a steady deposit rate profile early in 2026). Watch: Inflation trajectory versus the ECB’s comfort with near-term downside surprises. Updated language on growth, wage dynamics and the path from “restrictive for longer” to eventual easing. Any hints on balance-sheet operations and reinvestments. Bank of England (Thu): The MPC is widely expected to hold while it waits for inflation to return to 2% in the spring. Watch: Vote split and tone of forward guidance. Fresh views on trend productivity, following signs of a potential UK productivity pickup. How the BoE balances service inflation stickiness against easing goods disinflation. At the ballot box Japan (Sun): The shortest general election campaign in decades has amplified market volatility. Key swing factor: households squeezed by higher prices and rates. Market implications: Rates: Long JGBs remain vulnerable to renewed fiscal expansion signals; curve steepening risk persists. FX: JPY could react to any post-vote policy clarity and risk sentiment. Equities: Domestic cyclicals, banks and construction may move on fiscal tone; defensives on cost-of-living narratives. Thailand (Sun): A fragmented landscape and minority rule have kept uncertainty elevated. Market implications: THB and local bonds will respond to fiscal priorities, investment incentives and external trade positioning. Sectors to watch: banks (credit growth/margins), tourism/leisure (policy support), exporters (tariff and FX sensitivity). Macro data to watch Global PMIs (Mon/Wed/Thu): Manufacturing and services readings across the US, euro area, UK, Japan, China and others will refine the soft-landing debate and pricing power trends. Euro area flash HICP (Wed): A crucial input for the ECB’s inflation narrative; components (core, services) will matter for timing of any future pivot. UK housing (Mon/Fri): Nationwide and Halifax house price updates provide a read on mortgage affordability and consumer confidence. US labor market (Fri): January nonfarm payrolls, unemployment rate and wage growth will steer expectations for the Fed’s path and real yields. Japan: Summary of opinions (Mon) from the latest policy meeting may offer clues on the normalization roadmap. Earnings spotlight Tech and internet: Alphabet (Wed): Cloud margins, advertising momentum and AI monetization road map. Amazon (Thu): Retail margins, AWS growth and AI infrastructure spend; headcount and cost discipline under the microscope. AMD (Tue), Qualcomm (Wed), Arm (Wed): AI PC/server silicon demand, guidance quality, and supply chain visibility. Snap (Wed), Uber (Wed): Ad mix and engagement (Snap); profitability cadence and mobility/delivery trends (Uber). Pharma/biotech: Pfizer (Tue), Merck (Tue), Eli Lilly (Wed), Novo Nordisk (Wed), AbbVie (Wed): GLP-1 demand and capacity, pricing, pipeline milestones and 2026 top-line bridges. Energy and industrials: Shell (Thu), ConocoPhillips (Thu), Phillips 66 (Wed): Capital return frameworks versus capex; refining margins; LNG updates. Maersk (Thu), Anglo American (Thu), ArcelorMittal (Thu), VINCI (Thu): Freight rates and deglobalization effects; mining guidance; infra backlogs and pricing. Consumer and payments: PepsiCo (Tue), Mondelez (Tue), Chipotle (Tue), O’Reilly (Thu): Volume versus pricing, elasticity and input costs. PayPal (Tue): Take rate trends, cost saves, product roadmap. Autos and Japan Inc: Toyota (Fri), Sony (Thu), Nintendo (Tue), Panasonic (Wed), Mitsubishi Electric (Tue), Suzuki (Thu), KDDI (Fri): FX sensitivities, EV pipelines, gaming cycle, image sensors, and capital allocation. Sectors and themes AI and semis: Watch capex guidance across hyperscalers and chipmakers; supply constraints versus demand exuberance. Healthcare: Obesity-drug capacity, payer dynamics and long-term margin mix. Energy: Discipline remains the mantra; geopolitics and OPEC compliance frame near-term price action. Banks: UK and eurozone banks may react to rate path guidance and loan growth signals; capital returns remain a support. Travel and aerospace: Singapore Airshow headlines drones, fighters and commercial backlogs; Olympics buzz adds a modest lift to European travel/leisure sentiment. Day-by-day calendar (selected) Monday, 2 Feb Data: Global manufacturing PMIs; UK Nationwide house prices; Japan BoJ summary of opinions. Earnings: Central Japan Railway; East/West Japan Railway; TDK; Disney; Tyson Foods; Julius Baer; IDEXX; Revvity. Corporate: AstraZeneca shares begin trading on the NYSE. Tuesday, 3 Feb Policy/Data: Australia rate decision; Euro area Bank Lending Survey; US JOLTS openings. Earnings: AMD, Alphabet (see Wed), PayPal, PepsiCo, Pfizer, Merck, Amgen, Mondelez, Chipotle, Electronic Arts, Jacobs, Willis Towers Watson, Prudential Financial, LATAM Airlines, Nintendo, Mitsubishi Electric, Teradyne, Skyworks, Take-Two, Publicis, ADM, Enphase, Ametek, Emerson, Hubbell, Grainger, Ball Corp, Clorox, Kinnevik, LBG Media, Match, Prudential Financial, West Japan Railway. Wednesday, 4 Feb Events: FT energy policy summit (Brussels/online). Singapore Airshow continues. Data: Global services PMIs; Euro area flash HICP; UK international reserves. Earnings: Alphabet, Arm, GSK, Novartis, Novo Nordisk, Eli Lilly, AbbVie, UBS, Santander, Handelsbanken, Equinor, Phillips 66, Johnson Controls, MediaTek, Panasonic, Rohm, Infineon, Boston Scientific, McKesson, Qualcomm, Uber, Snap, T Rowe Price, Watches of Switzerland, SSE. Thursday, 5 Feb Policy: ECB rate decision; BoE rate decision; Germany factory

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January 30 – Daily Market Update

Leave a Comment / Market Updates, Daily Market Updates / PhillipCapital DIFC Research Team

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

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January 29 – Daily Market Update

Leave a Comment / Market Updates, Daily Market Updates / PhillipCapital DIFC Research Team

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

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January 28 – Daily Market Update

Leave a Comment / Market Updates, Daily Market Updates / PhillipCapital DIFC Research Team

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

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January 27 – Daily Market Update

Leave a Comment / Market Updates, Daily Market Updates / PhillipCapital DIFC Research Team

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

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January 26 – Daily Market Update

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26 January 2026 – Daily Market Updates Markets Daily – Broad Market Update Overview Risk appetite softened to start the week as investors balanced haven demand with a busy slate of central bank meetings and corporate earnings. Precious metals rallied, natural gas spiked on extreme weather, the dollar eased, and Japanese equities underperformed following recent volatility in local rates. Market snapshot (as of 05:11 am ET; levels subject to change) Spot gold: 5084.96 (+1.95%) NYMEX natural gas: 6.21 (+17.74%) S&P 500 futures: 6928.5 (-0.25%) Nikkei 225: 52885.25 (-1.79%) What’s driving markets Haven bid lifts gold: Bullion’s latest surge reflects a mix of softer dollar, ongoing geopolitical unease, and demand for portfolio hedges amid uncertain policy paths. Lower real yields and continued diversification flows from global reserve managers have also supported prices. Energy price spike: US natural gas jumped on widespread cold weather, stronger heating demand, and pockets of supply disruption. The move puts utilities, independent gas producers, and weather‑sensitive industries in focus, while airlines monitor operational impacts. Dollar retreats, yen firms: The greenback slipped for a third session as traders assessed interest‑rate differentials and potential policy signaling. The yen’s rebound keeps markets attentive to possible official measures to curb excessive FX volatility. Equities tread carefully: US equity futures are slightly lower as investors await mega‑cap tech results and key policy decisions. In Asia, Japan lagged amid rate‑market swings; broader regional performance was mixed. European trade opened cautiously with defensive tilts evident. Policy and politics: A US government funding deadline looms, adding another layer of near‑term uncertainty to the macro backdrop. This week’s key events Central banks: The Federal Reserve is widely expected to leave rates unchanged, with guidance on balance‑sheet policy and the path of cuts in focus. Other decisions and updates are due across Canada, Brazil, and parts of Asia and Europe. Data watch: Global releases include measures of consumer confidence, manufacturing activity, inflation, labor conditions, trade, and orders. In the US, durable goods, jobless claims, producer prices, and regional manufacturing surveys will help refine growth and inflation narratives. Earnings: A heavy reporting calendar spans technology, financials, industrials, and consumer sectors. Results and guidance from large‑cap platforms and payments networks will help set the tone for profit growth, capex, and AI‑related demand through mid‑year. Asset class highlights Commodities: Gold’s momentum underscores ongoing demand for hedges. The natural gas rally tightens winter margins and could add short‑term volatility to power markets. Industrial metals remain sensitive to AI‑driven demand expectations and China growth signals. Currencies: A softer dollar aided commodities and select EM FX, while the yen’s strength and intervention watch dominated G10 headlines. FX volatility remains elevated into central bank meetings. Rates: Sovereign curves are choppy as investors weigh policy paths against growth risks. Moves in Japanese government bonds continue to ripple across global duration, reinforcing the need to monitor cross‑market correlations. Credit: Primary issuance remains active, with spreads broadly stable. Any sustained uptick in rates volatility or shutdown headlines could test risk appetite near‑term. Sectors to watch Precious metals miners on bullion strength. Energy: natural gas‑levered producers and utilities; weather risk for airlines and logistics. Technology and semiconductors ahead of major earnings. Defense, aerospace, and industrials tied to order backlogs and supply‑chain normalization. Consumer discretionary for signs of demand resilience into spring. Risk considerations Policy uncertainty around US funding and fiscal negotiations. Rate‑sensitive volatility tied to central bank decisions and guidance. Weather‑related disruptions affecting energy and transportation. Geopolitical developments and FX intervention risk. House view With policy, earnings, and macro data colliding in a single week, expect higher‑than‑usual headline sensitivity. Many investors are emphasizing liquidity buffers, diversified hedges, and disciplined rebalancing while awaiting clearer signals on growth, inflation, and the timing of rate cuts. Important information This material is for informational purposes only and is not investment advice or a recommendation to buy or sell any security or strategy. Market prices and data are subject to change. Consider your financial circumstances and objectives before making investment decisions. Disclaimer: Trading foreign exchange and/or contracts for difference on margin carries a high level of risk, and may not be suitable for all investors as you could sustain losses in excess of deposits. The products are intended for retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. The content of the Website must not be construed as personal advice. For retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. Rolling Spot Contracts and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78% of our retail client accounts lose money while trading with us. You should consider whether you understand how Rolling Spot Contracts and CFDs work, and whether you can afford to take the high risk of losing your money. January 26 – Daily Market Update January 26, 2026 26 January 2026 – Daily Market Updates Markets Daily –… Read More January 23 – Daily Market Update January 23, 2026 23 January 2026 – Daily Market Updates Markets Daily |… Read More January 22 – Daily Market Update January 22, 2026 22 January 2026 – Daily Market Updates Market snapshot (as… Read More January 21 – Daily Market Update January 21, 2026 21 january 2026 – Daily Market Updates Daily Markets Briefing… Read More January 20 – Daily Market Update January 20, 2026 20 January 2026 – Daily Market Updates Daily Market Briefing… Read More January 19 – Daily Market Update January 19, 2026 19 January 2026 – Daily Market Updates Markets Daily: Risk… Read More January 16 – Daily Market Update January 16, 2026 16 January 26 – Daily Market Updates

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Weekly Global Market News – January 26

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Weekly Global Market Updates – January 26 Week Ahead: Policy, politics and profits collide A busy stretch lies ahead for markets. Central banks take the stage, geopolitics nudges the investment narrative, and earnings season shifts into a higher gear with market leaders across technology, autos, banks, energy and industrials reporting. Here’s your concise playbook. Top themes to watch 1) Fed week and the policy handover narrative Rates: The Federal Reserve sets policy on Wednesday. A hold is widely anticipated, but the statement and Chair Powell’s press conference will carry more weight than the decision itself. Watch any nuance around inflation persistence, tariff pass-through, labour market cooling and the pace of balance-sheet runoff. Politics meets policy: The White House is expected to unveil a nominee for the next Fed chair in the coming days. Prediction markets have sharply repriced the odds toward a Wall Street–friendly pick, while a previously favoured candidate has been ruled out in recent press chatter. Markets will parse the choice for clues on how aggressively the next leadership might lean on growth vs inflation risks. 2) UK–China thaw on test UK Prime Minister Sir Keir Starmer heads to Beijing this week, positioning the UK for a more pragmatic stance on trade, investment and academic ties. Expect discussions to touch financial services access, investment screening, immigration controls and sector-specific cooperation. Any signs of a detente could matter for UK-listed names with China exposure (global banks, luxury, miners, education-adjacent services). 3) Big Tech earnings: AI spend vs ROI Apple (Thu): A pivotal update in a year framed by leadership succession planning and efforts to accelerate its AI roadmap, including a high-profile tie-up with Google. Investors will focus on iPhone unit trends, China demand, services growth, memory cost headwinds and any colour on generative AI integration across the ecosystem. Microsoft (Wed): Capex has surprised to the upside as cloud and AI build-outs continue. Watch Azure growth, AI workload monetisation, gross margin mix, and any commentary on diversifying dependencies on external AI partners. Guidance on FY capex (consensus pegs triple-digit billions) will be key to broader AI-infrastructure sentiment. Meta, IBM, ServiceNow, ASML, SAP, Samsung and others will help investors triangulate AI investment intensity, supply-chain bottlenecks and the timing of return on spend. 4) Autos pivot: autonomy and pricing power Tesla (Wed) faces the market after ceding the global EV volume crown to BYD. Attention will be on delivery trajectories, price discipline vs margin protection, Full Self-Driving adoption/ASP, and progress on AI and robotics initiatives. Supply chain: Any commentary on battery input costs and memory pricing will feed through to broader semiconductor and materials sentiment. 5) Banks, payments and credit quality Lloyds Banking Group (Thu) opens UK bank reporting. Net interest margin sustainability, deposit mix, capital returns and provisions tied to the UK motor finance issue will drive the narrative. Visa and Mastercard (Thu): Cross-border volumes, US consumer throughput, travel spend resilience and delinquency trends will be read across to global consumption. Deutsche Bank, ING, Nasdaq and others provide a European lens on fee income, trading, and capital deployment. 6) Industrial strength vs execution risk Aerospace/defence: Boeing (Tue), RTX (Tue), General Dynamics (Wed), Lockheed Martin (Thu), Northrop Grumman (Tue). Focus on program delivery, engine remediation, cash conversion and defence backlog durability. Cyclicals: Caterpillar (Thu) and Dow (Thu) are bellwethers for capex, construction, commodities and pricing power. 7) Energy and commodities ExxonMobil and Chevron (Fri): Capex discipline, upstream growth, buybacks and refined product margins. Commentary on LNG and Permian productivity will be closely watched. Miners: Production updates (Glencore, Antofagasta) will colour the outlook for copper, coal and trading earnings volatility. Macro calendar — the highlights Central banks Wednesday: US Federal Reserve rate decision and press conference Wednesday: Bank of Canada rate decision Inflation and growth Australia CPI (Wed) Germany: preliminary January CPI and HICP, plus labour market and first Q4 GDP read (Fri) Eurozone: flash Q4 GDP and December unemployment (Fri) France: flash Q4 GDP (Fri) US: December PPI (Fri) Other key releases Japan: December services PPI (Tue); BoJ December meeting minutes (Wed) UK: BRC Shop Price Index (Tue); BoE money and credit (Fri) US: JOLTS job openings and Conference Board consumer confidence (Tue); Q3 productivity/costs revision (Thu) Earnings — names likely to set the tone Tuesday General Motors, Boeing, UPS, Union Pacific, Texas Instruments, Kimberly-Clark, LVMH, Northrop Grumman, NextEra Energy, UnitedHealth, RTX, American Airlines, Nucor, Seagate, Logitech Wednesday Microsoft, Meta, IBM, ServiceNow, Tesla, Starbucks, ASML, General Dynamics, PPG, AT&T, KPN, Levi Strauss, Corning, Textron Thursday Apple, Samsung Electronics, SAP, Visa, Mastercard, Blackstone, Deutsche Bank, ING, Lloyds, Caterpillar, Lockheed Martin, Honeywell, Sanofi, H&M, easyJet, Royal Caribbean, Nokia, STMicroelectronics, Nasdaq, United Rentals, Glencore production, Antofagasta production Friday ExxonMobil, Chevron, American Express, Aon, Colgate-Palmolive, Verizon, Franklin Resources, Canadian National Railway, Nomura, Electrolux, Eastman Chemical What could move markets unexpectedly A hawkish rhetorical tilt from the Fed on inflation stickiness or QT, or any hint of openness to earlier cuts could swing the front end of the curve and growth vs value leadership. A Fed chair nomination perceived as markedly market-friendly (or the reverse) could reprice rate-path expectations and USD direction. Tech capex discipline: stronger-than-expected capital intensity without clear monetisation could weigh on AI beneficiaries; conversely, evidence of monetisation ramp could reignite AI equity momentum. Autos margin surprise: firmer pricing or faster autonomy monetisation could challenge prevailing EV skepticism. UK–China signals: concrete steps on financial services access or investment flows would be supportive for select UK large-caps with Asia exposure. Quick reference: Day-by-day snapshot Monday Market holidays: Australia (Australia Day observed), India (Republic Day) Select results: Ryanair, WR Berkley, Nitto Denko, Costain Tuesday Data: Japan services PPI; US JOLTS; US consumer confidence; UK BRC shop prices Earnings: Boeing, GM, UPS, RTX, Northrop, LVMH, Texas Instruments, Kimberly-Clark, Seagate, Logitech, UnitedHealth, American Airlines, Nucor, NextEra Wednesday Central banks: Fed; Bank of Canada Data: Australia CPI; Japan BoJ minutes; UK capital markets statistics Earnings: Microsoft, Meta, IBM, ServiceNow, Tesla, Starbucks, ASML, General Dynamics, PPG, AT&T, KPN, Levi Strauss, Corning, Textron Thursday Data: US productivity/costs revision Earnings: Apple, Samsung,

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