Market Updates

Dec 23 – Daily Market Updates

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Dec 23 – Daily Market Updates Markets Daily: Broad Market Update Overview US equity futures are flat to slightly higher after a strong recent stretch, with investors waiting on the next round of US growth and sentiment data. European equities are firmer in early trading, led by industrials and health care, while energy lags alongside softer crude. In Asia, performance was mixed: export- and tech-linked markets fared better, while Japan underperformed as the yen strengthened. The dollar is softer versus the yen following fresh signals from Japanese authorities about curbing disorderly currency moves. Gold remains well supported near record territory, while Bitcoin is modestly lower. Top themes shaping the session Data watch: Investors are focused on US growth revisions and consumer confidence for further clues on the timing and depth of 2025 rate cuts. Labor, housing, and spending data later this week will round out the macro picture into year-end. Cyclical rotation: Expectations for cooling inflation, potential policy easing, and relief from lower energy prices are encouraging a gradual shift toward economically sensitive areas such as financials, industrials, transport, and select consumer names. Leadership has broadened beyond mega-cap technology in recent weeks. Currency dynamics: The yen firmed after policymakers reiterated readiness to address excessive currency swings. With US yields consolidating and intervention risk top of mind, FX volatility could remain elevated into quarter-end. Policy and geopolitics: Traders continue to monitor headlines around trade, shipping routes, and regional tensions, all of which can influence energy, transport, and defense shares. Digital assets in focus: Institutional interest in crypto-related services is re-emerging as parts of the regulatory landscape take shape, even as spot prices consolidate. Equities United States: Futures suggest a cautious open as investors digest strong year-to-date gains and await macro catalysts. Breadth has improved, with cyclicals and small/mid caps catching a bid, while large-cap tech remains supported by earnings durability and AI demand. Participation may thin into the holiday period, raising the potential for outsized moves on incremental news. Europe: Broad gains led by industrials and health care. Retail and consumer discretionary are mixed, with balance sheets and holiday-season commentary in focus. Energy trails as crude eases. Asia-Pacific: Japan’s benchmarks slipped as a stronger yen weighed on exporters. Korea and Taiwan outperformed on continued demand along the AI and semiconductor supply chain. Hong Kong and mainland China were mixed, with policy support expectations offset by ongoing property and growth concerns. Rates US Treasuries are steady ahead of growth and sentiment prints. The front end continues to reflect expectations for rate reductions next year, while the long end consolidates after the autumn rally. Auction dynamics and year-end liquidity conditions are important near-term drivers. European sovereigns are little changed; traders are weighing softening inflation trends against cautious central bank guidance. Foreign exchange The dollar is broadly steady but weaker against the yen following official rhetoric about curbing excess volatility. The euro is range-bound. Emerging-market FX is mixed, tracking risk sentiment and commodity moves. Commodities Crude oil is modestly lower as supply resilience and demand worries offset geopolitical risk. Gold is firm near highs, supported by lower real yields, diversification flows, and geopolitical hedging. Industrial metals are mixed; China growth signals and global manufacturing trends remain the swing factors. Digital assets Bitcoin and major tokens are slightly lower, continuing a consolidation phase after a strong multi-month advance. Headlines around institutional participation and evolving regulation remain key to sentiment. Corporate and sector roundup Health care: Weight-management and metabolic therapies are again in focus following regulatory developments, supporting select pharma and biotech names. Renewables: Offshore wind projects remain under scrutiny amid permitting and regulatory reviews, weighing on some developers. Shipping and logistics: Deal interest and capacity discussions are buoying select carriers; transport and logistics also benefit from the cyclical rotation theme. Defence and aerospace: Contract wins and funding visibility continue to support the group against a backdrop of elevated geopolitical risk. Retail: Balance-sheet health and holiday traffic are under the microscope; credit conditions are diverging across traditional and online models. Financials: Banks and brokers are benefiting from improved risk appetite, steepening tendencies in the curve, and a potential pickup in trading activity. The day ahead: what we’re watching United States: Growth revision, consumer confidence, housing updates, energy inventories, and Treasury supply. Europe: Confidence surveys and central bank speakers. Asia: Inflation prints and policy commentary from Japan and China later in the week. Cross-asset: Year-end liquidity, rebalancing flows, and potential currency intervention headlines. Risk radar Policy path uncertainty: The pace and timing of rate cuts could shift with incoming data. Geopolitical developments: Energy supply routes and regional tensions may introduce episodic volatility. Liquidity conditions: Thinner year-end trading can amplify market moves. Currency swings: Elevated FX volatility—particularly in USD/JPY—can spill over into global risk assets. Desk view Market tone is constructive but selective. Participation is broadening beyond mega-cap leaders, with cyclicals drawing interest as disinflation progresses. We favor maintaining diversification across styles and regions, watching FX volatility and liquidity into the final trading days of the year. 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 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

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Dec 22 – Daily Market Updates

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Dec 22 – Daily Market Updates Markets Daily | Broad Market Update A calmer tone is setting in as the holiday week gets underway. US equity futures are firmer with technology leading, European benchmarks are little changed, and Asia finished broadly higher. Safe-haven demand and rate-cut expectations are keeping precious metals supported, while government bond yields are edging up but remain contained. Market snapshot (as of 05:46 am ET; indicative) Nasdaq 100 futures: 25711.00 Stoxx Europe 600: 586.3 US 10-year Treasury yield: 4.165% Spot gold: up 1.6 % at a record high Nikkei 225: 50402.39 Opening take Equities: Technology strength is helping US futures retrace recent weakness, with global risk appetite improving. Europe is trading in a narrow band on lighter volumes ahead of holiday closures. In Asia, markets most exposed to the AI cycle outperformed, and Japan extended gains to fresh highs. Rates: Treasury yields are slightly higher into a data-heavy Tuesday, but the curve remains rangebound as investors balance disinflation progress with the timing and pace of policy easing in the year ahead. Commodities: Gold and silver are marking fresh peaks on a mix of geopolitical caution and softer real-yield expectations. Copper remains elevated on tight supply and structural demand themes. Crude oil is firmer amid ongoing supply headlines and geopolitical risk. Regional roundup United States: Risk-on tone is concentrated in mega-cap tech and the broader AI ecosystem, with sentiment aided by resilient earnings expectations into next year. Cyclical pockets remain sensitive to the rates path and growth signals from incoming data. Europe: Headline indices are modestly softer as defensives lag and traders pare exposure into the holiday. Energy and basic resources are underpinned by commodity strength, while rate-sensitive segments fluctuate with bond moves. Asia-Pacific: Gains were led by Japan and Korea on chip- and AI-related momentum. Select China-linked assets stabilized as policymakers continue to support growth and pockets of real estate credit stress see incremental relief. Credit and FX Credit spreads are steady near recent tights, reflecting benign default expectations and healthy demand for quality carry. The US dollar is broadly stable; most major pairs are confined to recent ranges in thin pre-holiday trading. Corporate currents Deal activity in software and data services remains a feature as sponsors and strategics pursue scale and recurring revenue exposure. Defense, space, and dual-use technology names continue to attract attention amid rising government outlays and a shift toward agile, software-enabled systems. Semiconductor supply chains remain in focus as high-bandwidth memory and data center build-outs drive order visibility for 2026. Themes to watch AI and productivity: Market leadership remains concentrated, but investors are watching for broader earnings diffusion as capex is monetized. Policy path: Markets are pricing easing in 2026; any upside surprise in inflation or labor tightness could complicate timing. Commodities and inflation mix: The rally in precious metals and industrial inputs is supportive for miners but could rekindle cost concerns if sustained. Positioning and sentiment: Strategist targets for major US benchmarks are tightly clustered, signaling confidence but also a risk of consensus crowding. The week ahead (key highlights; holiday-adjusted) Monday: US—Chicago Fed National Activity Index. Tuesday: Europe—new car registrations. US—Q3 GDP update, November industrial production, durable goods orders, consumer confidence. Wednesday: Mexico—unemployment; Taiwan—industrial production; US—initial jobless claims. Early close for US and many European markets (Christmas Eve). Thursday: Christmas Day—markets closed in the US, Canada, and most of Europe. Friday: Japan—Tokyo CPI, unemployment, industrial production, retail sales. Boxing Day closures across the UK, Canada, Australia and parts of Europe. Sector check Tech: Leadership intact; focus on AI infrastructure, memory, and cloud spend visibility. Materials: Precious metals and copper strength spotlight miners with quality balance sheets and low-cost assets. Energy: Crude sensitive to headlines; integrateds and services watched for capital discipline and free cash flow. Financials: Stable credit backdrop supportive for lenders and insurers; rate path remains the swing factor for net interest margins and valuations. Consumer: Confidence data and holiday spending updates will inform the durability of services demand into the new year. Risk management note Liquidity is typically thinner into year-end, which can amplify moves around data releases and headlines. Diversification and disciplined rebalancing remain important as markets transition into 2026 with elevated expectations for both earnings growth and policy support. This commentary is for information purposes only and does not constitute investment advice or a recommendation to buy or sell any security or strategy. 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 22 – Daily Market Updates December 22, 2025 Dec 22 – Daily Market Updates Markets Daily | Broad… Read More Dec 19 – Daily Market Updates December 19, 2025 Dec 19 – Daily Market Updates Market Snapshot (early US… Read More Dec 18 – Daily Market Updates December 18, 2025 Dec 18 – Daily Market Updates Markets Daily – Broad… Read More Dec 17 – Daily Market Updates December 17, 2025 dec 17

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Dec 19 – Daily Market Updates

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Dec 19 – Daily Market Updates Market Snapshot (early US hours) US equity futures: slightly higher Europe: largely flat Japan: solid gains, led by exporters Dollar-yen: stronger, trading around the mid-157s Bitcoin: firmer Key drivers today Japan’s policy shift: Japan’s central bank lifted its policy rate to the highest level in decades and signaled that further normalization remains possible. Japanese 10-year government yields pushed higher and the move spilled into global rates. The yen weakened as guidance was viewed as gradual rather than aggressive. Year-end positioning: US stocks are edging up as investors lean into the typical late-December tailwind, with flows still favoring equities on expectations for easier financial conditions in the year ahead. Europe’s policy backdrop: The EU advanced additional financial support for Ukraine via joint issuance, underscoring ongoing fiscal coordination. European equities are mixed with defensives balancing cyclicals. AI spending debate: Markets continue to sort out winners and laggards from the AI investment cycle. Hardware and memory remain bid as capacity builds, while some software names face questions about pricing power and product disruption. Crypto and risk tone: Digital assets are broadly firmer alongside a mild “risk-on” tone, although liquidity is thinning into the holidays. Across asset classes Equities: Asia outperformed, led by Japan. Europe is near unchanged as investors digest higher yields and regional headlines. US futures point to a modestly positive open with semis and AI-levered infrastructure names in focus. Housing-related shares remain sensitive to guidance and the rate path, while consumer discretionary is mixed on uneven China demand signals. Rates: Global government bond yields nudged higher after Japan’s move. US Treasury yields are a touch firmer with the curve little changed. Into year-end, supply is light, and rebalancing flows may drive pockets of volatility. FX: The dollar is stronger versus the yen on divergent rate trajectories; the euro is steady. Commodity FX is mixed, tracking oil and broader risk appetite. Commodities: Crude holds a softer tone amid ample supply and stable inventories. Gold is range-bound as higher nominal yields offset safe-haven interest. Industrial metals trade mixed with China activity data in focus. Digital assets: Bitcoin and major tokens are higher, with options activity and year-end positioning adding to intraday swings. Corporate and sector highlights Tech hardware/infrastructure: AI-related capex continues to channel toward memory, storage and networking, keeping select suppliers in favor. Software: Some subscription-based names face valuation and product-cycle questions as AI-native tools reshape demand. Consumer: Global sportswear and lifestyle brands are navigating uneven China recovery and brand-mix headwinds. Transportation and logistics: Guidance updates remain a swing factor as firms balance cost controls, aircraft/fleet constraints and macro-sensitive volumes. Housing: Builders’ outlooks reflect affordability challenges and cautious buyers, though any dip in mortgage rates could stabilize sentiment. What we’re watching Central banks: Follow-through from Japan’s policy shift; any guidance from major central bank speakers before the holiday lull. Macro data: US housing, consumer, and inflation inputs over the next several sessions; European confidence surveys; Asia trade and production figures. Market mechanics: Year-end rebalancing, quarter-end options positioning and lower liquidity can amplify moves into the holiday period. Geopolitics: Energy flows, shipping routes and European policy developments remain key risk markers. Strategy thoughts The late-year grind higher has broadened participation beyond mega-caps, with international equities making relative gains this year. Still, elevated valuations in select growth segments keep execution risk in focus, especially around AI return-on-investment timelines. Higher global yields post-Japan could challenge duration-sensitive assets near term, though an orderly repricing with contained inflation expectations would be manageable for equities. Within equities, balance quality growth exposure with cyclical beneficiaries of easing financial conditions; in credit, emphasize higher-quality issuers given tight spreads. Levels and themes to keep on the radar US 10-year yield: Bias modestly higher after Japan’s move USD/JPY: Supported while policy divergence persists Oil: Range-bound with a slight downside skew on supply Gold: Sideways as real yields and dollar offset haven demand Crypto: Elevated volatility into options expiries and holidaysNote: Market levels referenced are directional and may have moved since publication. Disclosure This material is provided for informational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security or financial instrument. 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. Dec 18 – Daily Market Updates December 19, 2025 Dec 19 – Daily Market Updates Market Snapshot (early US… Read More Dec 18 – Daily Market Updates December 18, 2025 Dec 18 – Daily Market Updates Markets Daily – Broad… Read More Dec 17 – Daily Market Updates December 17, 2025 dec 17 – Daily Market Updates Markets Daily — Broad… Read More Dec 16 – Daily Market Updates December 16, 2025 Dec 16 – Daily Market Updates Markets Daily: A Broad,… Read More Dec 15 – Daily Market Updates

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Dec 18 – Daily Market Updates

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Dec 18 – Daily Market Updates Markets Daily – Broad Market Update As of 05:45 a.m. ET S&P 500 Futures: 6807.7 Stoxx Europe 600: 581.00 WTI Crude (front-month): $56.00 Nikkei 225: 49001 Bitcoin: 87283 Opening take Global equities are attempting a steadier start with US futures modestly higher and Europe in the green, while Asia lagged on profit-taking. Tech remains the primary swing factor for risk sentiment, with cyclical leadership flipping back and forth as investors weigh earnings durability against macro data and central bank guidance. Energy is supported by firmer crude, and crypto continues to climb as risk appetite improves. Macro diary United States: A key inflation update is due at 8:30 a.m. ET. Markets will parse the core trend, shelter dynamics, and goods disinflation for clues on the timing and pace of any future policy easing. Labor indicators and housing reads later in the week round out the growth picture. Europe: Major central bank decisions and fresh projections are in focus. The policy tone around inflation progress, growth assumptions, and guidance for the coming quarters will be pivotal for rate expectations and bond curves. Asia: Sentiment remains sensitive to global tech demand signals and domestic growth impulses, with currency moves and export orders under close watch. Equities US: Futures indicate a rebound attempt after recent tech-led volatility. Under the hood, leadership continues to rotate: semiconductors and AI-linked names are stabilizing, while defensives and quality factors have outperformed during downdrafts. Breadth remains a key metric—sustained gains likely require participation beyond a handful of mega caps. Europe: Broad indices are firmer, with gains in consumer and industrial names offsetting softness in health care. Rate-sensitive segments may ebb and flow with central bank headlines. Asia: Japan underperformed as investors locked in gains following a strong run. Elsewhere in the region, performance was mixed, mirroring the global risk tone. Rates and currencies Sovereign yields are little changed ahead of inflation data and central bank decisions. Curves remain finely balanced between disinflation progress and resilient growth pockets. The dollar is mixed on the day, with moves largely contained as traders await policy signals. Sensitivity to data surprises remains elevated across G10 FX. Commodities and crypto Crude oil is firmer, supported by risk-on sentiment and ongoing supply considerations. Attention stays on inventories, mobility trends, and producer guidance. Industrial metals are steady to slightly higher, with investors weighing capex cycles against global manufacturing momentum. Bitcoin extends recent gains, reflecting improved risk tolerance and ongoing flows into digital assets. Strategy check: what’s driving positioning now Growth vs. policy: Incoming inflation data and central bank communication will shape the path for policy rates. A stickier inflation mix could keep financial conditions tighter for longer; a softer print would support duration and risk assets. Factor rotation: After a powerful advance in high-momentum and AI-adjacent names, positioning risk is elevated. Periodic rotations into quality, cash-flow stability, and lower-volatility profiles have offered ballast during pullbacks. Earnings execution: With valuations above long-term averages in several markets, delivery on revenue growth, margins, and capex discipline remains critical for sustaining multiples. Global backdrop: Geopolitics, trade policy, and supply chain resilience—especially around energy, semiconductors, and critical materials—remain latent sources of volatility. 2026 watchlist: themes to monitor AI payoffs and pacing: Investment remains heavy; timelines for monetization and productivity gains are the swing variables for margins and capex returns. Valuation concentration: Market leadership is narrow; broadening participation would reduce downside asymmetry. Inflation path: Services inflation, wages, and policy-sensitive components are the key tells for the rate trajectory. Growth mix: Household resilience, corporate balance sheets, and credit conditions will define how long the current expansion can run. Policy and geopolitics: Election cycles, tariff discussions, and regional tensions can quickly alter risk premia. What could move markets next Upside inflation surprise: Could lift yields and weigh on long-duration equities while supporting the dollar. Downside inflation surprise: Likely supportive for risk assets, duration, and rate-sensitive sectors. Central bank rhetoric: Any shift in guidance around the speed or extent of future easing will ripple across curves, FX, and equity factor leadership. This material is provided for broad market commentary only and does not constitute investment advice or a solicitation to buy or sell any financial instrument. Market data may be delayed or 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 18 – Daily Market Updates PhillipCapital DIFC Research TeamDecember 18, 2025 Dec 18 – Daily Market Updates Markets Daily – Broad… Read More Dec 17 – Daily Market Updates PhillipCapital DIFC Research TeamDecember 17, 2025 dec 17 – Daily Market Updates Markets Daily — Broad… Read More Dec 16 – Daily Market Updates PhillipCapital DIFC Research TeamDecember 16, 2025 Dec 16 – Daily Market Updates Markets Daily: A Broad,… Read More Dec 15 – Daily Market Updates PhillipCapital DIFC Research TeamDecember 15, 2025 Dec 15 – Daily Market Updates Markets Daily | Broad…

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Dec 17 – Daily Market Updates

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dec 17 – Daily Market Updates Markets Daily — Broad Market Briefing Markets at a glance (indicative levels around 6:21 a.m. ET; data may be delayed) S&P 500 futures: 6879.20 Stoxx Europe 600: 582.00 China CSI 300: 4579.85 Bitcoin: 86789 WTI crude (front-month): 56 Opening take Global risk sentiment is constructive. US equity futures are modestly higher, European benchmarks advance, and mainland China outperformed overnight as enthusiasm around domestically listed tech names lifted broader indices. Energy is back in focus with crude rallying on renewed supply-risk headlines, while gold is firmer as real-rate expectations ease. The macro calendar is comparatively light today ahead of tomorrow’s delayed US inflation print, keeping moves measured and liquidity thin into year-end. Macro and policy United States: With the November CPI report due tomorrow, implied index swings have compressed relative to the outsized moves seen during the peak inflation-fighting period. Investors are placing more weight on signals of cooling labor demand and broader growth moderation as they assess the path for policy in 2025. Europe and UK: Inflation continues to drift lower into major central bank decisions. Markets expect cautious guidance as policymakers balance disinflation progress against lingering growth headwinds. Asia: China’s equity rebound remains a key focus as domestic tech and AI-linked listings draw capital. In Japan, attention stays on bond-market functioning and the gradual normalization debate. Equities Leadership and breadth: Energy and materials are bid on higher oil and steady precious metals. Defensives remain supported by lower real yields, while growth leadership is intact but more selective as investors reassess AI-linked earnings durability. Housing and consumers: A cautious tone from a large US homebuilder on orders, deliveries and margins underscores affordability challenges and supply constraints; peers could trade in sympathy. Technology and AI: The semiconductor cycle remains the market’s barometer for AI infrastructure demand. A closely watched memory maker reports after the close, with positioning elevated after a strong year-to-date run. Large platforms continue to explore deeper chip partnerships and alternative silicon, aiming to diversify supply beyond incumbent providers. Media and airlines: Deal headlines are driving dispersion. A major studio’s stance on a proposed transaction has knock-on effects across streaming partners, while renewed consolidation talks among low-cost carriers keep the airline complex in play. Health care and listings: Positive late-stage clinical updates in immunology are boosting select biotech names. In primary markets, a sizeable medical-supplies IPO coming to market is stoking hopes for a more active sponsor-backed issuance pipeline into next year. Fixed income and FX Rates: Treasury yields are little changed with the 10-year anchored ahead of CPI. The curve remains sensitive to incremental labor data and inflation revisions, while year-end balance-sheet constraints may dampen liquidity. Credit: Spreads are steady amid healthy primary issuance. Corporate borrowers tied to secular growth themes continue to access funding at favorable terms. Currencies: The dollar is rangebound; EUR and GBP edge firmer on softer inflation trajectories, while JPY stability reflects a cautious approach to policy normalization. Commodities Energy: Crude oil climbs on supply and geopolitical developments, with energy equities catching a bid. Inventory data and any incremental guidance from producers remain near-term catalysts. Precious metals: Gold is supported by lower real-rate expectations and seasonal hedging flows. Agriculture: Weather disruptions and trade frictions keep select soft commodities, including coffee, elevated relative to long-term averages. Digital assets Crypto markets are consolidating after a powerful multi-quarter advance. Spot ETF inflows have cooled, liquidity has thinned, and correlations to US equities have weakened, leaving prices more sensitive to positioning and derivatives funding dynamics. The day ahead — what to watch Data: US housing indicators and weekly energy inventories today; US CPI tomorrow. Policy: Central bank decisions in Europe and the UK later this week; select emerging-market meetings on deck. Earnings: Consumer staples before the bell; semiconductors and select software and internet names after the close; additional consumer and industrial results through the week. Strategy snapshot Into CPI, expect tempered index moves but higher single-stock dispersion tied to guidance and positioning. Quality growth remains supported by stable to lower real yields; energy benefits from improving commodity momentum; defensives offer ballast if data noise rises. Maintain diversification and be mindful of year-end liquidity conditions. Use volatility around macro prints to adjust exposures rather than chase gaps. Note: Market levels above are indicative and provided for reference only. This material is a general market commentary and does not constitute investment advice or a recommendation to buy or sell any financial instrument. 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. Dec 17 – Daily Market Updates PhillipCapital DIFC Research TeamDecember 17, 2025 dec 17 – Daily Market Updates Markets Daily — Broad… Read More Dec 16 – Daily Market Updates PhillipCapital DIFC Research TeamDecember 16, 2025 Dec 16 – Daily Market Updates Markets Daily: A Broad,… Read More Dec 15 – Daily

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Dec 16 – Daily Market Updates

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Dec 16 – Daily Market Updates Markets Daily: A Broad, Unbiased Look at Global Markets At a glance (as of 06:22 a.m. ET) S&P 500 futures: 6,864.25 (-0.24%) Stoxx Europe 600: 581.41 (-0.19%) Hang Seng: 25,235.41 (-1.54%) Bitcoin: 86,986.56 (+0.92%) WTI crude (front-month): 55.80 (-1.80%) Global mood Risk appetite eased to start the day as investors await a key US labor update. Equity futures in the US are a touch softer, Europe is modestly lower, and Asia ended mixed with notable weakness in Hong Kong. The dollar remains subdued near recent lows, oil extends its slide on signs of ample supply, and digital assets are firmer. What’s driving the session US labor print in focus: Markets are positioning cautiously into today’s employment report, which will shape expectations for the trajectory of interest rates into year-end and early 2026. A cooler jobs backdrop would reinforce the view that policy easing can proceed without reigniting inflation pressures; a hot reading would challenge that narrative and could steepen the front end of the curve. Europe mixed as growth and policy diverge: European equities are treading water with defensives and income-oriented shares outperforming cyclicals. Softer UK labor signals and moderating wage growth have strengthened the case for near-term policy easing by the Bank of England. Asia skews lower: Chinese and Hong Kong benchmarks remain under pressure amid lingering growth concerns and a pullback in tech-heavy segments. Regional performance was uneven, with select exporters and energy importers cushioned by lower oil. Oil drifts lower: Crude extends losses as supply indicators and risk-off positioning weigh. Refining margins and inventories remain in focus; energy equities may lag broader benchmarks if crude stays capped. Equities US: Futures point to a mild pullback after a strong multi-week run. Breadth and leadership remain in focus: recent sessions have seen participation broaden beyond mega-cap tech, a constructive sign for durability of the uptrend. Into the data, expect lighter volumes and intraday swing risk. Europe: Benchmarks are slightly negative with rate-sensitive sectors mixed. Lower yields have supported parts of the market, but earnings revisions and policy signals remain the key swing factors. Asia: Hong Kong led declines; mainland shares were weaker, while Japan and parts of ASEAN were more resilient. Lower energy prices helped transport and power-heavy pockets of the market. Fixed income and FX Rates: Front-end yields are anchored ahead of the data, with the curve sensitive to any shift in labor demand and wage dynamics. Markets continue to price a path toward easier policy over the next year, but the pace remains data dependent. FX: The dollar is hovering near multi-week lows as rate cut expectations firm and growth differentials narrow. Sterling is steady with BoE expectations skewing dovish on softer labor signals; the euro is range-bound. Commodities Energy: WTI trades below $60, adding to recent declines on evidence of comfortable supply and cautious demand assumptions. If the trend persists, it could ease headline inflation but weigh on energy capex and sector earnings momentum. Metals: Industrial metals are mixed amid cross-currents from China growth headlines and a softer dollar. Precious metals are little changed as investors balance lower yields against shifting risk sentiment. Digital assets Bitcoin is firmer, extending an upward bias as broader risk sentiment stabilizes and liquidity improves. Volatility remains elevated relative to traditional assets; position sizing and risk controls remain crucial for crypto exposure. Earnings and corporate themes Consensus earnings view: Street expectations continue to imply resilient profit growth over the coming quarters, with improving breadth beyond the largest technology names. The durability of margins, capital spending discipline, and a modest pickup in cyclical sectors are central to that outlook. Sector narratives:  Autos and mobility are recalibrating electric-vehicle plans toward profitability and capital efficiency. Payments and fintech remain focused on licensing, compliance, and product expansion to drive engagement. IT services and consulting are emphasizing cost control and AI-enabled productivity to support margins. Structural watch: Europe’s long end European fixed income is preparing for portfolio shifts tied to pension and liability-hedging changes in parts of the region. Any rebalancing away from long-duration hedges could affect curve dynamics and relative-value relationships across maturities. Market depth is typically thinner into year-end, so execution and liquidity planning are key. Today’s key risks and watch list US employment report (08:30 a.m. ET): Jobs growth, unemployment rate, and wage trends will guide rate-path pricing and equity factor performance. Central bank signals: Messaging from major central banks this week will shape front-end rates, FX, and equity leadership. Liquidity/volatility: Year-end conditions can amplify moves; be mindful of wider bid-ask spreads and gap risk around data releases. Portfolio considerations Balance: Maintain diversified exposure across styles and regions; avoid concentration risk into binary macro events. Quality bias: In a slower growth, lower-yield setup, balance cyclicals with resilient cash flow and strong balance sheets. Duration and hedging: Consider whether current rate levels align with your duration targets; reassess hedges around key data. Market levels recap (06:22 a.m. ET) S&P 500 futures: 6,864.25 (-0.24%) Stoxx Europe 600: 581.41 (-0.19%) Hang Seng: 25,235.41 (-1.54%) Bitcoin: 86,986.56 (+0.92%) WTI crude (front-month): 55.80 (-1.80%) This publication is a general market update for information purposes only and does not constitute investment advice or a recommendation to buy or sell any security, asset class, or strategy. Market data may be delayed. Consider your objectives, risk tolerance, and financial situation 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

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Dec 15 – Daily Market Updates

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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

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Weekly Global Market News – Dec 15

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Weekly Global Market News – Dec 15 Week Ahead: Rates, inflation and jobs take center stage Overview A packed macro week will see three major central banks set policy, fresh inflation prints across multiple regions and a run of employment data. Markets will be parsing signals on how far the global easing cycle has to run in Europe and the UK, and whether Japan edges further away from ultra‑loose policy. Corporate news flow is busy too, with bellwether results in tech, logistics, consumer and travel. Top themes to watch 1) Central banks: BoE, ECB, BoJ Bank of England (Thu): A 25bp trim to 3.75% is widely expected after October GDP contracted 0.1%. The statement, vote split and guidance will be the market movers. Key questions: is this the last cut for a while, and how concerned is the MPC about sticky services inflation? Watch GBP front‑end gilts and the belly of the curve; a dovish vote split and soft CPI could bull‑steepen gilts. A more hawkish tone (limited room for further cuts) would support GBP. European Central Bank (Thu): Broadly expected to hold. Officials have recently framed inflation risks as more balanced. November HICP (Wed) is seen a touch higher at around 2.2% y/y, which should reinforce a steady hand. Market focus: staff assessment of growth/inflation balance, any hints on the pace of balance‑sheet runoff in 2026, and whether the door stays open to cuts next year. Watch EUR rates and periphery spreads. Bank of Japan (Fri): Decision is finely balanced, with odds tilted slightly toward another step away from negative/near‑zero rates following recent commentary from Governor Ueda. A move would have global spillovers: a firmer JPY, upward pressure on global yields, and potential headwinds for carry trades. If the BoJ stands pat, expect relief in carry and a softer yen near term. Also watch Friday’s Japan CPI. 2) Inflation and employment data UK (Wed): CPI/PPI for November. Services inflation and core momentum matter most for MPC reaction. Friday brings UK retail sales, public finances and the latest banking sector regulatory capital snapshot. Eurozone (Wed): Final HICP for November alongside Monday’s October industrial production. Any upside surprise in core would complicate the ECB’s hold‑for‑now stance. US (Tue/Thu/Fri): November employment report arrives Tuesday (re‑scheduled), followed by Thursday’s real earnings and CPI (revised release), plus Friday’s University of Michigan sentiment. Given recent shutdown delays, revisions could carry extra weight for the Fed’s growth/inflation mix. Canada (Mon): November CPI – important for the BoC’s early‑2026 path. Japan (Mon/Fri): Tankan survey (Mon) will color growth and capex expectations; CPI (Fri) anchors BoJ decision risk. Australia (Thu): Labor force data could tweak RBA expectations at the margin. Mexico and Norway (Thu): Policy decisions that feed into EM FX and Nordic rates. 3) Politics and policy risks to headline tape Berlin talks on Ukraine (week): Germany’s Chancellor Friedrich Merz hosts UK PM Sir Keir Starmer, France’s President Emmanuel Macron and potentially a US delegation to explore peace options. Any signals on funding and security guarantees could briefly swing EU risk sentiment. UK domestic calendar: The Prime Minister faces a Liaison Committee grilling Monday on delivery against the government’s “plan for change.” The British Medical Association will report Monday on doctors’ industrial action; a five‑day strike in England from Wednesday is possible. Health Secretary Wes Streeting appears before MPs on Wednesday. EU Council (Thu–Fri): Leaders meet in Brussels; watch for budget, defense and enlargement headlines. Trade and global forums: WTO General Council (Tue); Mercosur Summit (Sat), with the EU–Mercosur deal back in view. Earnings and corporate highlights Tuesday: Hollywood Bowl (FY), IG Group (trading update), SThree (FY trading update) Wednesday: General Mills (Q2), IntegraFin (FY), Lennar (Q4), Micron Technology (Q1), Serco (pre‑close) Thursday: Accenture (Q1), CarMax (Q3), Cintas (Q2), Currys (HY), Darden Restaurants (Q2), FedEx (Q2), Nike (Q2). Also noteworthy: court sanction expected for Alphawave IP’s acquisition by Qualcomm. Friday: Carnival (Q4), ConAgra Brands (Q2), Lamb Weston (Q2), PayChex (Q2), WHSmith (FY) – investors will look for clarity after the company flagged more time was needed to finalize accounts. Trading playbook by asset class • Rates UK: A 25bp cut is largely priced. Dovish risks: softer CPI and a wide pro‑cut majority could flatten the front end. Hawkish risk: “pause after this cut” language re‑steepens. Eurozone: Hold + balanced inflation messaging keeps Bunds range‑bound; periphery sensitive to any balance‑sheet hints. Japan: A hike/less‑accommodative tilt lifts JGB yields and can ripple into USTs/Bunds. No change likely bull‑flattens JGBs. • FX GBP: Direction tied to MPC tone and CPI. Dovish cut could push EUR/GBP higher; hawkish hold‑open may support cable. EUR: Steady ECB and marginally firmer HICP favor consolidation; EUR sensitive to periphery spreads and global risk tone. JPY: Asymmetric risk around BoJ – policy tightening or guidance upgrade supports yen broadly; no change keeps JPY soft but vulnerable into year‑end rebalancing. USD: Jobs/CPI revisions and Fed‑speak cadence drive DXY. Soft data plus firm risk appetite tends to weigh on USD; risk‑off or stronger labor data supports it. • Equities Europe/UK: Rate stability plus cooling inflation is constructive for duration‑sensitive sectors (quality growth, staples), while banks track curve moves. UK domestics react to retail sales and consumer sentiment; BoE guidance key for housebuilders. US: Micron, FedEx and Nike offer signals on semis cycle, global trade/parcel volumes, and consumer demand mix into 2026. Japan: Stronger JPY on BoJ tightening is a headwind to exporters but can boost domestic defensives. • Credit Steady ECB and a well‑telegraphed BoE cut are supportive for spreads; watch periphery and HY for sensitivity to growth downgrades. Corporate results (FedEx/Nike) will guide consumer and logistics credit tone. • Commodities Macro‑driven week: global PMIs and policy outcomes likely dominate energy/metals via growth expectations; watch USD path for gold. The week at a glance (selected) MONDAY OECD: G20 GDP growth report Canada: November CPI EU: October industrial production Japan: December Tankan business survey UK: Rightmove House Price Index TUESDAY Global: S&P Global flash PMIs (Eurozone, France, Germany, India, Japan, UK, US) UK: December labor market report; UK

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Dec 12 – Daily Market Updates

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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:

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Dec 11 – Daily Market Updates

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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

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