Market Updates

22 May 2026 – Daily Market Updates Daily Market Brief: AI-Led Gains, Narrow Breadth, Steady Yields Top takeaways Equity futures edge higher while global stocks firm up; leadership remains concentrated in mega-cap technology and AI-linked names. Government bond yields hover near recent highs as markets reassess the inflation path and the “higher-for-longer” policy backdrop. Oil holds a firm tone on ongoing supply and geopolitical risks; dollar broadly steady; Asia mixed with strength in Japan and steadier European trade. Breadth is thin: equal-weighted and many cyclical pockets continue to lag cap-weighted benchmarks. US markets will be closed Monday for a holiday; positioning and liquidity may be sensitive into the long weekend. The big picture Global risk appetite is still being carried by a small cohort of large, cash-rich technology platforms and semiconductor beneficiaries tied to the buildout of artificial intelligence. Strip those leaders out and the advance looks far less robust. Attempts at rotation into underperforming sectors have been brief, with investors repeatedly leaning back into profitable growth and balance-sheet quality. At the same time, the macro backdrop remains more complicated than headline indices suggest. Long-dated sovereign yields are elevated by a mix of resilient services inflation, sticky wage dynamics in developed markets, and energy’s contribution to headline prints. Markets are effectively repricing a longer plateau for policy rates, with cuts pushed out and path dependency tied to incoming data. That mix—narrow equity leadership alongside higher discount rates—keeps dispersion high beneath the surface. Equities US: Futures are modestly higher, paced by technology and communication services. Equal-weight and small/mid caps continue to trail, reflecting tighter financial conditions and valuation support concentrated at the top end of the market cap spectrum. Europe: Regional equities grind higher, aided by exporters and select industrials; defensives remain in demand with yields elevated. Asia: Japan outperforms on currency competitiveness and earnings momentum. Mainland China/Hong Kong trade is more mixed as authorities scrutinize speculative flows around new-economy themes. Rates and central banks Developed-market yields remain near recent highs, particularly in the long end, as term premia rebuild and inflation volatility stays in focus. Front-end curves reflect fewer or later rate cuts than were priced earlier this year. Central bank communication continues to emphasize data dependence, especially around services inflation and labor-market tightness. Credit spreads are broadly contained but bifurcated: higher-quality issuers retain strong primary-market access; lower-quality segments are more sensitive to rate and growth headlines. FX The dollar is broadly stable, supported by higher US yields and relative growth differentials. Yen softness persists amid wide rate differentials; intervention risk and policy guidance remain watchpoints. Commodity-linked currencies track energy and metals; select EM FX is mixed, with idiosyncratic policy and regulatory developments driving dispersion. Commodities Crude oil holds firm on ongoing geopolitical risk and supply discipline. A tighter physical market keeps upside risks alive even as macro uncertainty tempers demand optimism. Industrial metals are supported by data-center and electrification demand, though near-term moves remain sensitive to China growth signals. Gold consolidates at elevated levels as investors balance higher real yields against safe-haven and diversification demand. Navigate Global Markets with Confidence Access a wide range of institutional and retail brokerage services tailored to your investment needs with PhillipCapital DIFC. Explore Our Offerings Corporate pulse Enterprise software and cloud-related names have delivered better-than-feared updates in areas tied to automation and AI enablement. Communication and gaming names benefit from product catalysts and engagement trends. Select China ADRs remain volatile on the back of regulatory headlines, underlining the premium investors place on policy clarity. What to watch next Inflation and activity: Upcoming prints on prices, employment, and business surveys will steer policy expectations and rate volatility. Earnings and guidance: Commentary from chipmakers, cloud infrastructure, and power/thermal management suppliers remains market-moving given AI buildout dynamics. Policy and geopolitics: Any shifts that alter the energy balance or global trade flows could quickly reprice inflation and growth paths. Liquidity and seasonality: With a US market holiday Monday, watch for thinner liquidity and outsized moves around headlines. Portfolio considerations Concentration risk: With leadership narrow, consider how reliant performance is on a handful of names. Complement cap-weighted exposure with strategies that diversify by factor, sector, or size. Quality bias: Strong free-cash-flow, low leverage, and pricing power have been rewarded in higher-rate regimes. Rate sensitivity: Balance equity duration (growth exposure) against value/cyclicals that could benefit if yields stabilize or roll over. Hedges and ballast: Reassess duration as a portfolio hedge, and consider volatility or commodity overlays where appropriate for risk management. Discipline on entry points: Elevated dispersion creates opportunities, but also argues for staggered allocation and clear risk limits. Housekeeping US markets will be closed Monday for a public holiday. Expect lighter volumes into the long weekend and potential gaps on reopening. Optimize Your Portfolio Strategy Connect with our wealth management experts in Dubai to explore diversified asset classes and tailored investment solutions. Contact Us Today Disclaimer: Trading foreign exchange and/or contracts for difference on margin carries a high level of risk, and may not be suitable for all investors as you could sustain losses in excess of deposits. The products are intended for retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. The content of the Website must not be construed as personal advice. For retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. Rolling Spot Contracts and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78% of our retail client accounts lose money while trading with us. You should consider whether you understand how Rolling Spot Contracts and CFDs work, and whether you can afford to take

21 May 2026 – Daily Market Updates Daily Market Brief: Mega-listings back in focus as AI and rates steer sentiment Market overview Equities: US index futures are slightly softer after a choppy tech-led session, while Europe is edging lower on growth concerns. Asia outperformed overnight, with semiconductor and robotics-linked names leading gains. Rates and credit: US Treasury yields are a touch higher as investors reassess the “higher for longer” backdrop. Credit markets remain firm, with risk appetite still evident and high-yield spreads tight by historical standards. Commodities and FX: Crude is modestly lower as traders balance geopolitical risks with demand signals. The US dollar is steady against major peers; gold is little changed. Top theme: The mega-IPO window reopens Top theme: The mega-IPO window reopens A prominent private space and satellite company has taken a major step toward going public, signaling a potential reopening of the market for very large listings. The filing underlines three big ideas for investors: Scale and narrative drive demand: Companies with clear platforms (launch services, satellite connectivity, and adjacent technologies) can command attention even with mixed profitability as long as growth and addressable markets remain compelling. Founder control is back in view: Expect governance structures that keep long-term strategic direction anchored with original leadership. Investors will weigh that against minority protections and index eligibility. Retail access broadens: More blockbuster debuts are likely to include robust distribution through mainstream brokerages, expanding participation and potentially heightening first-day volatility. Why it matters: A successful float could unlock a pipeline of high-profile deals across AI, space, and software. For markets, that can: Support primary issuance and secondary liquidity. Reprice late-stage private valuations closer to public comps. Create fresh sector leaders for thematic funds and, over time, major indices. AI’s “next leg”: From data centers to devices and components A leading US chipmaker’s latest results reaffirmed strong demand, but market leadership is rotating beneath the surface. The focus is shifting toward the next bottlenecks in the AI buildout: Memory and advanced packaging: Capacity and supply discipline are central, benefiting suppliers of high-bandwidth memory and critical components. Robotics and automation: As AI moves from cloud to the physical world, beneficiaries may span sensors, power management, actuators, and industrial software. Edge compute: Connectivity, energy efficiency, and thermal design are increasingly important as inference moves closer to users and machines.  This helps explain the divergence between muted US futures and stronger gains across parts of Asia tied to the semiconductor supply chain. After recent pullbacks, dip-buyers targeted areas levered to capex cycles and component scarcity. Macro pulse: Growth, inflation, and policy Growth signals: Fresh business surveys in Europe point to softer activity, with energy costs and external demand acting as headwinds. In the US, activity remains uneven but resilient in services; housing and goods-sensitive pockets are more mixed. Inflation and policy: Central banks continue to emphasize data dependence. Market-implied paths show a shallow easing trajectory in developed markets, reinforcing a “higher for longer” rates narrative. Oil and geopolitics: Crude prices remain sensitive to headlines around the Middle East, shipping routes, and inventory trends. Earnings and sector moves to watch Consumer and retail: Big-box retailers, apparel, and discretionary names are updating on pricing power, inventory, and traffic trends as promotional intensity normalizes. Software and cloud: Investors are parsing guidance for AI monetization timelines, seat expansion, and margins post-investment cycles. Industrials and autos: Heavy equipment and auto-related suppliers are in focus for capex commentary and order backlogs tied to reshoring and automation. Media and gaming: Release slates and live-service engagement remain key for near-term revenue visibility. What this could mean for portfolios Liquidity and positioning: A wave of large IPOs can be supportive for trading activity but may crowd capital into headline names. Consider the balance between newly listed growth stories and established cash generators. Quality vs. cyclicality: With rates elevated and growth moderating in parts of Europe, quality balance sheets and durable cash flows may retain a premium—while selective cyclicals tied to AI capex and industrial automation can still offer upside. Credit vigilance: Tight spreads warrant careful security selection. Issuer fundamentals and refinancing timelines matter more if growth slows or rates stay sticky. The week ahead: Key things we’re tracking Global business surveys for updated growth signals and pricing pressures. US labor and housing data for confirmation on demand trends. Central bank speakers for any recalibration of guidance. Supply in government bond markets and its impact on term premia. Ongoing earnings for color on AI-related spend, inventory normalization, and margin trajectories. A marquee space-sector IPO is poised to test the market’s appetite for mega-deals and could usher in a broader slate of high-profile listings, including AI leaders. Under the surface, leadership is rotating toward the components and hardware needed to scale AI into the physical world. With rates elevated and growth mixed, investors are balancing fresh opportunities in primary markets against a disciplined approach to risk, quality, and cash flow. 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

20 May 2026 – Daily Market Updates Markets Morning Briefing: Tech bulls pin hopes on a pivotal chipmaker update Overview A steadier tone is creeping back into risk assets as the recent climb in long-term bond yields pauses. Equity futures are modestly higher, led by large-cap technology, with investors zeroed in on a marquee AI-chip earnings report after today’s close that could set the tone for the next leg of the market. Commodities are calmer after a volatile stretch, and the US 10-year yield has edged off recent highs, offering a bit of relief to rate‑sensitive corners of the market. Top themes to start the day All eyes on AI hardware: The after-hours earnings release from a leading US semiconductor designer at the center of the AI buildout is the week’s main event. The options market is pricing an outsized move in the stock and the broader chip complex, and the read-across to mega-cap tech and market breadth will be critical. Bonds take a breather: After pushing toward cycle highs, global long-dated yields are consolidating. In the US, the 10-year sits in the mid‑4.6% area, while curves remain steep as term premium rebuilds. Any further cooling in yields would ease pressure on small caps and high-duration equities. Macro meets micro: Elevated oil prices have tempered disinflation hopes, but crude is softer today after recent spikes tied to geopolitical risks. With growth still resilient and inflation progress uneven, policy path uncertainty continues to stoke cross-asset volatility. Market split persists: AI beneficiaries and cash-rich mega caps remain leadership groups, while rate- and commodity-sensitive segments—small caps, parts of consumer and industrials—have lagged. Hedging activity in smaller-company benchmarks has picked up, reflecting caution around financing costs and earnings leverage to energy. Supply chain watch: Labor tensions at a major Asian chip producer raise the risk of temporary supply noise. Any disruption headlines could inject short-term volatility into the semiconductor value chain. Why today’s AI-chip earnings matter Beyond headline numbers, markets will focus on: Data center momentum: Signals on order visibility, backlog quality and the pace of next‑gen accelerator ramps. Margins and mix: Commentary on component availability, networking constraints, and software/services attach that influence gross margin trajectory. Capex from hyperscalers: Updates on customer spending plans and how broadly AI infrastructure budgets extend across 2026–2027. Competitive dynamics: Progress by alternative chip suppliers and custom silicon efforts from large cloud players. Policy and geopolitics: Export controls, licensing, and how management is navigating regional demand shifts. Cash deployment: Inventory strategy, capex needs, and any capital return plans that might affect shareholder positioning. If results and guidance affirm durable AI demand, leadership could broaden back into semis and growth. A miss or cautious outlook could reinforce the market’s recent defensive tilt and lift volatility across tech. Equities US: Futures suggest a firmer open, with tech leading. Retailers and select industrials report before the bell; the AI bellwether, plus software and consumer growth names, follow after hours. Europe: Mixed trade as investors balance upbeat corporate updates against higher-for-longer rate concerns. Energy and defensive growth have been relative havens. Asia: Japan underperformed as higher global yields and a softer yen complicated the backdrop for domestic equities. China/Hong Kong were range‑bound amid subdued turnover. Capitalize on US Tech & AI Earnings Trade leading US stocks, tech ETFs, and ADRs with direct market access and competitive pricing from the UAE. Explore US Stocks & ETFs Rates US Treasuries are stabilizing after a sharp backup in yields. Auction supply and upcoming data could re-test ranges, but positioning is cleaner and term premium appears to be doing more of the lifting. Global bonds: Long-end yields in several developed markets remain elevated as fiscal dynamics and inflation expectations keep curves steep. Some managers see relative value in longer-dated paper where curves look excessively steep, but near-term volatility remains a risk. Commodities Crude: Easing this morning after recent spikes, but the geopolitical premium persists. Physical balances, inventory data, and any signs of demand softening will be closely watched into month-end. Metals: Copper has cooled after a strong run, with positioning stretched and macro impulses mixed. Gold is consolidating as real yields edge higher but remain below recent peaks. Currencies and digital assets The US dollar is mixed; cyclical FX tracks shifts in yields and oil. The yen remains sensitive to policy expectations and global rate differentials. Selected EM currencies face pressure where terms of trade have worsened. Major digital assets are range-bound, with realized volatility lower than earlier this quarter. The day ahead Earnings highlights: Pre‑market features large US retailers and select industrial/semiconductor suppliers. After the close, the flagship AI-chip report takes center stage, alongside software and consumer growth names. Data and policy: Watch housing indicators, PMIs and weekly labor data through the week. Central bank minutes and a full slate of Fed speakers could nudge rate expectations. US Treasury auctions may influence term premium near-term. What we’re watching next Market breadth around the AI print: Does strength extend beyond a handful of mega caps? Semiconductors and suppliers: Reaction across equipment, memory, networking and power components. Rate sensitivity: Small-cap and high‑beta factor moves if yields drift lower from here. Oil volatility: Options activity and inventory data as a gauge of how sticky the energy shock may be. Liquidity and volatility: Implieds around event risk, and whether any post‑earnings gap sustains into month‑end rebalancing. Portfolio considerations Balance AI exposure with earnings dispersion risk; consider diversified allocations across semis, software, and enablers rather than single‑name concentration. Maintain a quality tilt in smaller caps given financing costs and margin sensitivity. In fixed income, a barbell or laddered approach can help manage duration risk amid uncertain policy timing. Reassess hedges around known catalysts; skew and spreads remain dynamic into event risk. Institutional-Grade Execution & Hedging Navigate market volatility with secure, global multi-asset execution and dedicated relationship coverage for funds and family offices. Discover Institutional Solutions Disclaimer: Trading foreign exchange and/or contracts for difference on margin carries a high level of risk, and may not be suitable for all investors as

19 May 2026 – Daily Market Updates Daily Market Brief: Yields Grind Higher as Inflation Pressures Extend Beyond Energy Overview Global markets opened on a cautious note as a renewed climb in long-dated government bond yields weighed on risk appetite. The move is no longer just about oil. Elevated inflation pressures, an intense investment cycle in digital infrastructure and power, and persistent fiscal deficits are pushing term premiums higher and keeping the “higher-for-longer” narrative in focus. At a glance (as of 06:39 AM ET; subject to change) Brent crude: around $110 (-1.8%) US 30-year Treasury yield: near 5.14% (+2 bps) US equity futures: S&P 500 softer (~-0.4%); Nasdaq 100 weaker (~-0.7%) Europe: Stoxx 600 firmer (~+0.8%) Asia: mixed; Korea under pressure (~-3.3%) Why bonds are under pressure Sticky inflation: Price pressures remain broad-based beyond energy, with services and wages still firm. Breakeven inflation and term premiums are being repriced higher. Investment upcycle: Heavy spending on AI infrastructure, data centers, and power generation is stoking demand for chips, equipment, and industrial inputs. That boosts growth potential but can add to near-term inflation and funding needs. Fiscal dynamics: Larger structural deficits and heavy sovereign issuance are meeting a market that demands more yield to absorb duration. Policy recalibration: Central banks are cautious about easing too quickly. Markets are shifting from “when” cuts arrive to “how far” they can ultimately go, especially if growth holds up. Supply/auction tone: Investors are scrutinizing long-end auctions and buyback plans; any soft bid-cover or higher tail outcomes can amplify volatility across curves. Equities: Rotation under the surface Leadership check: Growth and AI-adjacent names are giving back some recent gains as higher discount rates bite. Meanwhile, value, financials, and select cyclicals are steadier on steeper curves. Earnings lens: Management commentary around capex, compute needs, and power constraints remains a swing factor for technology hardware and utilities. Retail results will be read for signals on consumer resilience and pricing power. Breadth and positioning: After a strong run, positioning has become more extended in parts of tech. Even modest yield spikes can trigger sharp factor rotations. Expect choppier intraday tapes with macro headlines in the driver’s seat. Commodities and energy Crude: Prices eased but remain elevated, reflecting ongoing geopolitical risk and tightness in certain grades. Volatility around inventory data and headline risk remains high. Metals: Higher real yields are a headwind for precious metals, while the infrastructure and electrification cycles support medium-term demand for industrial metals. Near-term, macro risk appetite is the swing variable. Currencies US dollar: Bid on rate differentials and risk aversion. This keeps pressure on interest-rate-sensitive and import-reliant economies. Yen and euro: Sensitive to yield spreads; any signs of policy tweaks or intervention chatter can move crosses quickly. EM FX: Divergent performance—commodity exporters can find support from energy/metals, while high external funding needs remain a vulnerability when US yields rise. Master Market Volatility with Derivatives Hedge against inflation and interest rate shifts with our comprehensive Futures and Options trading solutions. Explore Trading Products What to watch next Sovereign supply: Results from long-end auctions and any changes in issuance calendars. Macro data: Upcoming inflation and activity prints, plus business surveys for signs of price and wage momentum. Policy remarks: Central bank speakers on the balance between disinflation progress and growth. Corporate guidance: Updates on AI-related capex, power availability, and capital allocation amid higher financing costs. Energy flow: Inventory reports and any escalatory geopolitical headlines that could reprice risk premia. Portfolio considerations (not investment advice) Rates: Keep duration disciplined while using yield spikes to selectively add at attractive levels. Consider a barbell or ladder to manage reinvestment risk. Inflation-linked bonds can hedge upside price surprises. Credit: Favor higher-quality issuers with manageable maturities. Monitor refinancing calendars as all-in yields reset higher. Equities: Maintain balance—quality cash flows, strong balance sheets, and pricing power tend to defend better when real yields rise. Expect faster rotations; diversify factor exposure. Liquidity: Cash yields remain competitive; staging entries can help manage volatility around data and auctions. Risk controls: Geopolitical developments can swing commodities and curves rapidly—size positions accordingly. The rise in yields reflects more than oil. A combination of sticky services inflation, robust investment needs, and fiscal realities is lifting the long end and challenging richly valued corners of the equity market. With curves adjusting and positioning extended in places, expect episodic volatility. Use it to upgrade quality, secure income at better yields, and keep dry powder for selective opportunities. Institutional-Grade Brokerage Solutions Secure global multi-asset execution, dedicated relationship coverage, and comprehensive hedging strategies tailored for professionals. Discover Institutional Services Disclaimer: Trading foreign exchange and/or contracts for difference on margin carries a high level of risk, and may not be suitable for all investors as you could sustain losses in excess of deposits. The products are intended for retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. The content of the Website must not be construed as personal advice. For retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. Rolling Spot Contracts and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78% of our retail client accounts lose money while trading with us. You should consider whether you understand how Rolling Spot Contracts and CFDs work, and whether you can afford to take the high risk of losing your money. Daily Market Updates – may 19 May 19, 2026 19 May 2026 – Daily Market Updates Daily Market Brief:… Read More Daily Market Updates – may 18 May 18, 2026 18 May 2026 – Daily Market Updates Daily Market Brief:… Read More Daily Market Updates

18 May 2026 – Daily Market Updates Daily Market Brief: Rising yields challenge equity optimism Overview Global markets are navigating a tug-of-war between higher borrowing costs and still-solid corporate results. Government bond yields have climbed again, rekindling debate about equity valuations after a strong year-to-date run. Oil remains elevated amid persistent geopolitical risks, while recent data out of China point to cooling momentum. Despite the macro headwinds, dip-buying in select growth and quality names continues to appear when rates stabilise. Market pulse Equities: European benchmarks are softer and US equity futures are mixed as investors weigh higher rate expectations against resilient earnings. Energy and select cash-flow-generative sectors are better supported by the commodity backdrop, while rate-sensitive pockets such as parts of real estate and long-duration tech oscillate with moves in yields. Asian trading was mixed, with North Asia showing relative strength on ongoing interest in AI-linked supply chains. Rates: The recent bear-steepening in global curves reflects concerns that inflation progress could be uneven. Long-dated sovereign yields are hovering near recent highs, keeping equity risk premia tight. Volatility in rates remains a key swing factor for broad risk appetite. Credit: Investment-grade spreads are broadly steady, supported by healthy demand and manageable supply. High yield is modestly softer on rate volatility, though fundamentals remain anchored by low near-term refinancing needs. Commodities: Crude prices are firm on supply anxieties and geopolitical tension, supporting energy equities and inflation expectations. Industrial metals have eased as softer Chinese data feed through to demand expectations. Gold is range-bound as higher real yields offset haven demand. Currencies: The US dollar is firmer on rate differentials, with the yen under pressure and select emerging currencies mixed. Sterling and the euro trade around recent ranges ahead of this week’s inflation updates. Key themes we’re watching Yields vs. valuations: The rally in equities is increasingly contingent on earnings breadth and margin durability offsetting higher discount rates. Any further jump in long-end yields or a spike in rate volatility could pressure multiples and prompt a broader consolidation. Earnings resilience: Profit growth remains better than feared in several regions, with leadership still concentrated but gradually broadening. Guidance on pricing power, inventory levels, and AI-related capex remains central to investor positioning. Energy and inflation: Elevated crude sustains headline inflation risks and complicates the path toward easier policy. Watch breakevens and fuel-sensitive sectors for early signals of pass-through to consumers. China growth signals: Recent data showed slower momentum across production and spending, keeping the policy backdrop in focus. Commodity markets and export-oriented equities are sensitive to any incremental support measures. Liquidity and flows: Ongoing buybacks, steady retail participation, and systematic re-leveraging have cushioned pullbacks. Conversely, higher risk-free rates and rising T-bill supply may continue to compete for capital. The week ahead Policy and macro: Global: Flash manufacturing and services surveys will offer a timely read on demand, pricing, and supply chains. US: Housing indicators, jobless claims, and minutes from the latest central bank meeting will refine views on growth and policy duration. Europe/UK: Inflation updates and confidence gauges will test the disinflation narrative and rate-cut timelines. Asia: Japan activity data and inflation prints, plus updates from China’s policy channels, will inform views on regional growth. Corporate results: Consumer: Reports from major retailers and home-improvement chains will shed light on traffic, basket size, and discretionary vs. staples trends. Technology: A leading semiconductor and several hardware and software names will provide a pulse on AI demand, supply constraints, and capital intensity. Industrials/healthcare: Watch commentary on pricing, input costs, and labor availability. Tactical considerations Equities: Focus on balance-sheet strength and dependable free cash flow as rate volatility persists. A barbell of high-quality secular growers and cash-generative cyclicals can help navigate alternating growth and inflation impulses. Within defensives, differentiate by pricing power and earnings visibility rather than label alone. Fixed income: Keep an eye on duration risk; many investors are favoring shorter- to intermediate-maturity, higher-quality bonds for carry with less sensitivity to long-end moves. In credit, prioritize issuers with manageable maturities and robust interest coverage given the higher-for-longer rate backdrop. Commodities and FX: Elevated energy prices support sector earnings but may tighten financial conditions if sustained; consider diversification and risk limits. A firmer dollar can weigh on non-US assets; currency hedging remains an important tool for global allocations. Navigate Volatile Markets with Bespoke Wealth Solutions Build a resilient portfolio with tailored, multi-asset strategies. Explore Wealth Management Risk radar Re-acceleration in inflation or sticky services prices pushing yields higher Geopolitical flare-ups affecting energy supply and shipping routes Policy surprises from major central banks as they balance growth and inflation Liquidity pockets and seasonal issuance dynamics in rates and credit Growth disappointments from China or Europe feeding through to global trade The macro backdrop has become more demanding for richly valued assets, with higher real yields testing risk appetite. Still, solid earnings and ample liquidity have limited drawdowns. Near term, rate volatility and energy prices are likely to drive day-to-day moves. Maintaining quality bias, selective cyclicality, and disciplined duration exposure can help portfolios stay resilient while markets recalibrate. 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

15 May 2026 – Daily Market Updates Daily Markets Briefing: Yields Climb as Energy Stays Firm Overview Government bond markets are back under pressure as higher energy costs keep inflation concerns alive. With crude prices holding at elevated levels and supply risks lingering, investors are reassessing the path for interest rates. The move higher in yields has cooled recent risk appetite, particularly in rate‑sensitive corners of equities, while energy shares and cash‑flow‑rich businesses have been more resilient. Fixed Income Sovereign yields: Benchmark government yields in the US and Europe have pushed higher this week, reflecting firmer inflation expectations and a modest rise in term premia. The advance has been broad-based, with local drivers adding to the global backdrop in some markets. UK dynamics: Gilt yields have moved notably, as domestic political headlines intersect with shifting rate expectations. Sterling has been volatile alongside the rates move. Policy path: Markets are pricing a slower pace of policy easing and, in some cases, a risk that central banks keep restrictive settings for longer. Inflation data surprises and persistent energy costs are the key swing factors. Credit: Investment‑grade spreads remain comparatively contained, but primary issuance windows may get choppier if rate volatility persists. High yield is more sensitive to tighter financial conditions and weakening liquidity. Commodities Crude: Geopolitical tensions and continuing concerns around key shipping routes are sustaining a risk premium in oil. While prices have retreated from prior peaks, the market remains tight on refined product margins and inventory levels. Any signs of supply normalization would ease pressure; absent that, carry structures and volatility are likely to stay elevated. Macro link: Elevated energy feeds through to headline inflation, complicating disinflation progress and reinforcing the “higher for longer” rates narrative that is weighing on duration. Partner with a Trusted Institutional Advisory Desk Expert hedging, risk management, and portfolio solutions for institutional clients. Contact Our Desk Equities Leadership shifts: The recent rate backup has paused momentum in long‑duration, growth‑heavy segments. Defensive cash generators and energy‑linked names have outperformed on relative terms, while small caps and interest‑rate sensitives have lagged. Semiconductors: Demand tied to advanced computing and high‑bandwidth memory remains robust, with earnings expectations rising quickly. In some cases, faster upgrades to profit outlooks have offset soaring share prices, tempering headline valuation multiples. Asia focus: After a powerful run, select North Asian benchmarks have pulled back, highlighting concentration risks in markets dominated by a handful of large chip and platform companies. Primary markets: Appetite for themes connected to AI infrastructure remains strong, with notable first‑day pops in recent listings underscoring abundant interest—though dispersion by quality is increasing. Currencies Dollar and rates: A firmer US rates backdrop has supported the dollar on balance, with cross‑currents from commodity moves. Yen watch: Episodes of abrupt yen strength have stoked debate about potential official “warning shots.” Volatility is elevated around key technical levels. Europe/EM: Central and Eastern European assets continue to be influenced by policy convergence hopes, while broader EMFX performance is mixed, tracking commodity exposure and rate differentials. What we’re watching Inflation and growth: Upcoming price data, wage trends, and business surveys for signs of easing services inflation and demand resilience. Central banks: Minutes and speeches for clues on tolerance for slower disinflation and the balance between growth risks and sticky prices. Supply: Government bond auctions and corporate issuance, given the sensitivity of risk assets to rate volatility. Energy: Developments around shipping lanes, producer guidance, and inventory trends that could shift the oil risk premium. Earnings: Guidance from retailers, energy producers, and technology hardware suppliers for read‑throughs on demand, margins, and capex plans. Portfolio considerations (not investment advice) Rates: Consider overall duration discipline amid rate volatility; inflation‑linked exposure can help hedge energy‑driven price shocks. Curve: Steeper‑curve scenarios remain plausible if growth holds while inflation proves sticky and policy stays restrictive. Credit: Favor quality where fundamentals and refinancing profiles are stronger; maintain selectivity in high yield and smaller issuers. Equities: A balanced approach—combining cash‑generative cyclicals and select structural growth—can mitigate style whipsaws as rates reprice. Diversifiers: Energy and broader commodities, along with prudent currency and volatility hedges, can help reduce portfolio sensitivity to rate shocks. Persistent energy strength is reawakening inflation worries and pushing global yields higher, interrupting the risk rally. Until supply signals improve or inflation data convincingly cools, markets are likely to trade the “higher for longer” playbook: firmer yields, more selective equity leadership, and a premium on quality and liquidity. Gain Direct Access to Global Financial Markets Trade global markets seamlessly with PhillipCapital DIFC’s secure institutional-grade platform Schedule a Meeting Disclaimer: Trading foreign exchange and/or contracts for difference on margin carries a high level of risk, and may not be suitable for all investors as you could sustain losses in excess of deposits. The products are intended for retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. The content of the Website must not be construed as personal advice. For retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. Rolling Spot Contracts and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78% of our retail client accounts lose money while trading with us. You should consider whether you understand how Rolling Spot Contracts and CFDs work, and whether you can afford to take the high risk of losing your money. Daily Market Updates – may 15 May 15, 2026 Read More Daily Market Updates – may 14 May 14, 2026 14 May 2026 – Daily Market Updates Steady Risk Tone,… Read More Daily Market Updates – May 13 May 13, 2026 13 May 2026 – Daily Market

14 May 2026 – Daily Market Updates Steady Risk Tone, Tech Momentum, and a Wave of Corporate Borrowing Overview US equity futures edge higher, with mega-cap tech still setting the pace. Government bond yields are broadly steady after a recent jump tied to energy-driven inflation concerns; the US 10-year hovers in the mid-4% area. Crude oil consolidates near the $100 mark, keeping a bid under inflation expectations. Asia was mixed, with mainland China lagging; Europe opens with a firmer tone. Top themes we’re watching 1) Big Tech’s multi-currency funding push Large US technology companies are increasingly tapping global bond markets across dollars, euros, sterling, Swiss francs, and yen to finance data center buildouts and AI infrastructure. The approach spreads demand across investor bases, can lower average funding costs when currency basis and swap markets are favorable, and reduces pressure on any single market. The flip side: a heavy primary calendar may challenge local issuers in Europe and Asia as global household names draw large allocations. What to monitor: New-issue concessions versus secondary spreads in EUR/GBP/CHF/JPY. Cross-currency basis and swap back to dollars to gauge all-in costs. Maturity profiles, as long-dated tranches can extend index duration. Orderbook strength and day-two performance as a barometer of risk appetite. 2) Tech leadership extends on AI supply chain strength Positive updates from networking and infrastructure providers continue to ripple through the AI ecosystem, lifting equipment makers, component suppliers, and partners. The IPO window shows further signs of reopening with a high-profile AI chip debut, underscoring robust capital access for semiconductor names. Key considerations for investors: Positioning is rich; focus on earnings durability and backlog visibility. Watch capex guidance from hyperscalers and enterprise buyers. Balance exposure across compute, networking, memory, and power systems. 3) Rates: consolidation after a sharp move After energy’s upswing reawakened inflation worries, sovereign yields have steadied. The long end remains compelling to liability-driven buyers after briefly offering yields around the 5% handle. Into upcoming auctions and data, watch: Breakeven inflation versus real yields to parse the inflation versus growth mix. Curve shape into supply; 10s/30s steepening can persist if issuance remains heavy. Credit spread resilience as primary markets absorb larger deals. 4) Energy and commodities Oil near triple digits reflects steady demand, disciplined supply, and geopolitical risk premia. Elevated crude supports headline inflation but also incentivizes US production growth and efficiency investments across power and storage. For portfolios: Energy equities remain a tactical hedge against inflation surprises. Carry remains attractive in select commodity-linked credits; focus on balance sheets and free cash flow. 5) Cross-border policy signals China has been striking a more market-friendly tone with global companies, even as domestic equities remain uneven. Any incremental opening measures would be supportive for multinationals with onshore exposure and for regional risk sentiment. India is weighing steps to draw more foreign flows into local bonds, a potential tailwind for index inclusion dynamics and currency stability. UK political uncertainty is a watchpoint for overseas demand for gilts. Select emerging markets are advancing debt rework processes—creditors will focus on recovery frameworks and policy anchors. Stocks and sectors on the move AI infrastructure: Ongoing strength in networking, optical, and server-adjacent names. Semiconductors: A marquee AI chip IPO highlights robust demand for compute capacity; secondary performance will be a key litmus test for tech risk appetite. Autos and energy storage: Partnerships in battery technology and potential hyperscale client wins are drawing attention to energy solutions businesses within legacy automakers. Select European luxury and specialty retailers are outperforming on solid updates. Healthcare software under pressure where AI spending is front-loaded but revenue ramps remain back-half weighted. Fixed income: what matters now Supply, supply, supply: Expect sustained high-grade issuance as corporates secure multi-year funding for AI and infrastructure. That’s constructive for primary-market investors who can be selective on concessions, covenants, and coupon structures. Global diversification: Non-USD issuance can be attractive for natural buyers in Europe and Asia; for USD-based investors, hedged yields may compare favorably depending on basis and swap levels. Duration and defense: With long-end yields elevated versus recent averages, consider laddering and barbell approaches; pair high-quality IG with short-duration credit to manage carry and volatility. Institutional Grade Execution & Research Leverage our expertise in cross-asset classes and global clearing services to optimize your portfolio strategy. Explore Our Services FX at a glance The dollar is broadly stable; yen remains sensitive to rate differentials and any signs of policy or market intervention. Cross-currency funding dynamics bear watching as US issuers increase yen- and euro-denominated supply; basis moves can create tactical opportunities for hedged buyers. The day ahead Earnings focus on semicap equipment and select software and fintech names; guidance on enterprise AI spending, lead times, and backlog will be market moving. Macro calendars are light of major surprises; rates and energy remain the dominant drivers of cross-asset direction in the near term. Primary bond markets likely stay active across USD and non-USD lines. Portfolio takeaways Stay selective across the AI value chain: prioritize visibility (orders, utilization, service attach) over narratives. In credit, lean into primary deals with solid concessions and strong business profiles; consider staggered maturities to manage reinvestment risk. Use periods of calm to reassess hedges: equity volatility is subdued, but rates and energy can reintroduce cross-asset swings. For globally diversified portfolios, monitor currency hedging costs as issuance shifts funding curves across regions. Data snapshot (indicative, early US hours) US equities: Futures modestly higher; tech leads. Rates: US 10-year around mid-4% area; curves little changed. Commodities: WTI near $101. Asia: Mixed; mainland China softer. Europe: firmer open. Start Your Global Investment Journey Today Experience seamless access to global markets and professional trading platforms. 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13 May 2026 – Daily Market Updates Morning Market Brief: High stakes diplomacy, tech tailwinds, and oil’s cross currents Markets at a glance Equities: US futures lean higher with growth and semiconductors leading. Asia was mixed, while Europe opened with a firmer tone. Rates: Core sovereign yields are little changed, with the US 10‑year holding near recent ranges as investors balance policy risk with incoming growth signals. FX: The dollar is broadly steady; traders are focused on potential event risk from high‑level talks between Washington and Beijing. Commodities: Crude is softer despite continued signs of tightening inventories; gold is stable as policy moves in key consuming nations shape near‑term demand. Top theme: US–China summit takes center stage Investors are bracing for headline risk as the US and China hold closely watched talks that could influence trade, supply chains, and currency dynamics. What matters for markets: Trade and tariffs: Any roadmap that reduces friction on goods, agriculture, aircraft, or tech components could boost cyclicals and global industrials. Conversely, tougher rhetoric would likely favor defensives, the dollar, and duration. Critical minerals and energy: Signals around rare earths, battery inputs, and LNG/energy flows could ripple across miners, clean‑tech supply chains, and transport. Technology guardrails: Clarification on chip export policies and data‑center hardware access would directly affect semiconductor names and AI infrastructure timelines. Currency dialogue: Even a soft commitment to greater two‑way flexibility in the yuan could ease global financial conditions in Asia, alter fund flows into emerging markets, and weigh on the dollar at the margin. A stronger yuan path tends to lower China’s import costs while supporting domestic consumption; a firmer dollar would do the opposite. Have questions about how current geopolitical shifts affect your portfolio? Speak with our experts for tailored institutional and retail brokerage services Contact Now How to think about positioning into the meeting (not investment advice): Event dispersion is high. Hedging via options around indices, semis, and China‑sensitive cyclicals can help manage gap risk. Watch proxies: Offshore yuan, Asia ex‑Japan FX, copper, and US industrials provide quick reads on the tone of talks. Equities: Tech leadership returns, memory tightness bites Semiconductors: Ongoing enthusiasm around AI workloads and persistent tightness in memory supply continue to buoy chipmakers and storage names. Better pricing power for DRAM/NAND suppliers remains a key pillar of the bull case, while device OEMs face input‑cost pressure. AI funding and listings: Mega‑round chatter and an active IPO pipeline underscore abundant capital chasing AI infrastructure and model development. That supports broader ecosystems from cloud providers and chip designers to networking and power equipment. Europe: Select healthcare and chemicals groups are gaining on improved guidance and cost discipline, adding a modest boost to regional indices. Earnings radar: A major China e‑commerce platform reports before the US open; a leading North American networking company follows after the bell. Forward‑looking comments on enterprise digital spend and AI‑related orders will set the tone for the week. Fixed income: Steady yields amid policy watch Treasuries are range‑bound as markets weigh geopolitical headlines against a still‑resilient growth backdrop. Auction dynamics and dealer balance sheets will influence the belly of the curve. Gilts/Europe: UK sovereigns stabilized after a sharp move, with term premium doing more work as investors reassess fiscal and inflation paths. Credit: Spreads remain contained; primary issuance is active as corporates lock in funding ahead of potential summer volatility. FX: Event risk dominates Asia crosses Dollar: Consolidation prevails heading into the US–China summit; a risk‑positive outcome could nudge the greenback lower versus high‑beta FX, while stress would likely support the dollar and yen. Yuan and Asia FX: Any nod toward currency flexibility or trade de‑escalation could lift Asia ex‑Japan currencies and local‑currency bonds. Pound and euro: Stabilization in European rates is offering a floor, though relative growth data and central‑bank path expectations remain the key drivers. Commodities: Tighter oil stocks meet growth angst; gold steady Crude: Reports continue to flag declining global inventories, yet prices are easing as markets weigh demand uncertainty and headline risk. If draws persist, backwardation could re‑steepen, supporting energy equities and select refiners. Gold and silver: Bullion is stable. Policy adjustments in major consuming markets, including higher import levies, may temper local demand and widen on‑shore premiums even as global macro hedging interest persists. Industrials: Copper and related metals remain sensitive to data‑center build‑outs, grid investment, and any policy signals on green‑energy supply chains. Structural theme to watch: Market plumbing goes digital Tokenization and distributed‑ledger solutions are gaining traction in wholesale funding and collateral management. Early adoption in repo and short‑term funding suggests operational efficiencies and real‑time settlement could scale over time, with implications for liquidity, balance‑sheet usage, and market risk transfer. Key risks on the horizon Policy surprises from the US–China summit, including fresh trade measures or tech restrictions Stickier inflation that challenges current rate‑cut timelines Supply disruptions in energy markets despite inventory draws Credit accidents as refinancing needs rise in higher‑for‑longer rate scenarios What to watch next Headlines from the US–China meetings, especially around trade, chips, and currency Corporate guidance from mega‑cap tech and communications names on AI capex and margins Inventory and demand indicators across energy and semis Funding markets and issuance pace as quarter‑end approaches House view in one line Near‑term direction hinges on policy headlines, but the medium‑term equity story remains tied to earnings delivery from AI beneficiaries versus the drag of higher input costs on downstream hardware and consumer tech. Ready to navigate the global markets? Join a trusted partner with a global reach and professional brokerage solutions Open An Account 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