Market Updates

23 July 2026 – Daily Market Updates Daily Market Brief: Long-End Yields Stay Stubbornly High as AI Era Borrowing Swells; Energy Jumps; Eyes on Intel Overview Global markets are starting the day on a cautious footing. US equity futures point to a softer open, European benchmarks are under pressure, and crude is advancing toward the psychologically important triple‑digit level as shipping risks in the Middle East keep a premium in energy. In rates, the long end of the US curve continues to hover near multi‑year highs, reflecting a powerful mix of heavy government supply, sticky term premia, and a fresh wave of long‑dated corporate issuance tied to the build‑out of artificial intelligence infrastructure. Earnings remain a key driver of single‑name moves, with megacap tech and semiconductors in focus ahead of a closely watched update from a major US chipmaker later today. Rates and Credit: When Big Capex Meets Big Deficits The persistence of elevated yields on longer maturities stands out. Even as inflation has cooled from prior peaks, investors are demanding more compensation for duration, thanks in part to: An ongoing increase in Treasury supply and a wider fiscal deficit backdrop. A pick‑up in long‑maturity corporate bond issuance, particularly from technology and data‑center beneficiaries financing AI data, power, and networking footprints. A broader opportunity set for traditional long‑duration buyers (pensions/insurers) that can now find attractive yields across a range of high‑quality credits. Implications: Valuation pressure for long‑duration equities can resurface when 30‑year yields stay elevated. Corporate issuers are incentivized to term‑out funding while investor demand is robust, potentially keeping supply steady in coming quarters. The curve’s long end remains a key barometer for risk appetite; sustained strength in the term premium can spill over into credit spreads if growth expectations wobble. Commodities: Energy Risk Premium Rebuilds Crude oil is pushing higher as headlines around maritime security tighten the risk premium. With inventories not especially bloated and refiners deep into peak demand season, price sensitivity has risen. What it means for markets: A higher energy tape can complicate the path toward disinflation, particularly via gasoline and freight costs. Sectors with high energy intensity (airlines, chemicals, select consumer segments) may see margin pressure, while energy producers and oilfield services tend to benefit. Shipping and insurance costs bear watching if sea‑lane disruptions broaden. Navigate Commodity Volatility with Global Futures Trade energy, metals, and agricultural commodities with advanced tools on a regulated platform. Explore Futures Trading Equities: Rotation Under the Surface; AI Spend Scrutiny Index futures are softer, but leadership continues to churn beneath the surface. Investors are reassessing year‑to‑date winners as capital intensity for AI rises and the timeline for payback gets debated. Key themes this earnings season: Return on AI investment: Management teams are being pressed to tie rising capex and opex to measurable revenue and margin outcomes. Free cash flow and balance sheets: Markets are rewarding discipline; cash burn to fund growth is getting a cooler reception than earlier in the cycle. Mixed signals across chips: While demand for high‑end accelerators remains firm, parts of the analog/embedded and broader semi complex are navigating uneven end‑markets and inventory normalization. Spotlight: Intel’s Sentiment Test A marquee US chipmaker reports after the close. Expectations center on stable-to‑improving data‑center trends, a constructive PC refresh cycle, and updates on the company’s manufacturing and foundry roadmap. What the market will dissect: Data center mix and competitiveness in accelerators vs. CPUs. Visibility into AI‑adjacent demand, power and networking bottlenecks, and any signs of order push‑outs. Margin trajectory and capital intensity: The balance between investing for leadership and protecting free cash flow is front and center. Guidance credibility: With positioning fragile after a sharp pullback across parts of semis, even solid prints may need confident outlooks to change the tone. Central Banks and Macro The European Central Bank is widely expected to hold policy steady as officials weigh growth headwinds against lingering price pressures and geopolitical risks. Communication around the path ahead matters as markets recalibrate rate‑cut timelines globally. In the US, the next leg for yields likely hinges on incoming inflation readings, real‑time growth trackers, and any pre‑meeting communication before the Federal Reserve’s next decision. Currencies and Digital Assets The dollar is firm alongside higher US yields, while the euro trades cautiously into the ECB. Most major pairs remain range‑bound pending fresh policy or data catalysts. In digital assets, headline sensitivity persists; broader risk appetite and real rates continue to set the tone. The Day Ahead – What We’re Watching Earnings: A dense slate across industrials, defense/aerospace, transportation, energy, and software. Guidance and cash‑flow commentary are likely to be the swing factors. Macro: Central‑bank communication in Europe; in the US, watch labor and activity indicators over the rest of the week for confirmation on growth momentum. Commodities: Any escalation or de‑escalation in maritime risks that could reprice the energy complex. Bottom Line A higher‑for‑longer feel at the long end, amplified by both sovereign and corporate supply, is keeping risk assets honest while energy’s bid complicates the disinflation narrative. Into the evening’s major chip update, sentiment rather than just fundamentals may dictate the near‑term reaction. Stay alert to guidance quality, capex discipline, and cash‑flow resilience—those are the variables the market is paying for right now. Access the AI Boom with US Equities Gain direct exposure to the world’s leading technology firms with US Stocks, ETFs, and ADRs. Invest in US Stocks 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

22 July 2026 – Daily Market Updates Daily Market Brief: Cautious Tone Ahead of Big Tech Results Overview Global markets are treading carefully as a heavy week for corporate updates gathers pace. US equity futures indicate a softer open, with growth and tech-linked contracts underperforming. European stocks are firmer, supported by energy and selected cyclicals. In Asia, trading was mixed, with North Asia showing resilience while some regional benchmarks lagged on currency volatility. Key themes Earnings in the driver’s seat: After a listless stretch for major US benchmarks, investors are looking to second-quarter results and forward guidance to re-energize momentum. The focus is shifting from headline revenue growth to operating leverage, cash flow quality and capex discipline, particularly around AI-related spending. Cloud and AI under the microscope: Mega-cap technology reports later today will be parsed for evidence that heavy investment in artificial intelligence is translating into scalable demand, especially in cloud services and enterprise software. Markets want to see improving utilization, stable pricing, and a clear path to returns on elevated capital expenditure. Energy bid on geopolitics: Crude oil extended gains as geopolitical tensions stayed elevated, pushing US benchmarks toward the high-$80s per barrel. Higher energy costs are feeding back into inflation expectations and currency moves, with oil-sensitive importers and rate paths in focus. FX volatility: The dollar is broadly steady, while the yen whipsawed near multi-decade lows before stabilizing on speculation around potential policy shifts. Carry trades remain a talking point given wide rate differentials, but positioning risk is rising with volatility picking up. Policy and regulation: Trade and industrial policy headlines continue to ripple through healthcare and technology supply chains. Markets are assessing timelines, compliance costs and potential pass-through to end prices. Equities US: Pre-market tone is cautious. The bar for tech is high after last year’s outsized gains; investors want proof of durable earnings, not just spend. Expect dispersion: firms showing margin resilience, disciplined capex and robust backlog conversion should be rewarded, while misses on cloud uptake or AI monetization could be penalized. Europe: Broadly higher, led by energy and selected industrials. Airlines and consumer names are trading on idiosyncratic guidance and capacity updates. Buyback and restructuring stories are supporting individual moves. Asia: Mixed performance. Hardware suppliers tied to AI infrastructure remain in focus. Domestic-policy sensitive sectors fluctuated alongside currency moves. Trade US Equities & ETFs Gain seamless access to US markets, big tech stocks, and global equities with our institutional-grade execution platforms. Trade US Equities & ETFs Rates and currencies US Treasury yields are little changed ahead of earnings and upcoming data. The front end remains sensitive to near-term inflation prints, while the long end is balancing supply, term premium and growth expectations. The dollar is firm against most peers. The yen’s bounce after testing multi-decade extremes highlights the risk of abrupt repositioning should policy guidance shift or intervention risks reappear. Select EM FX remains tethered to commodity price swings and local inflation trends; carry remains attractive in places, but volatility could challenge unhedged exposures. Commodities Oil: Geopolitical risk premia and signs of tighter physical balances are pushing crude higher. Markets will watch inventory data and any updates on supply disruptions or OPEC+ discipline. Gold: Range-bound as higher oil nudges inflation expectations up but a steady dollar and real yields cap gains. Industrial metals: Mixed on uneven China demand signals versus steady Western capex in electrification and data infrastructure. Corporate and earnings lens Today’s highlight reel features large-cap technology, semiconductors, enterprise software and select transport names. Key watch items: Cloud growth trajectories, backlog quality and churn. AI monetization timelines, unit economics and capex/opex run-rates. Margin commentary amid wage, energy and logistics costs. Capital returns: buybacks versus investment needs. Earlier reporters across industrials, financial infrastructure and telecom will inform read-throughs on credit quality, enterprise spend and pricing power. What we’re watching next Management guidance skew: Are outlooks tilting positive or cautious into the back half of the year? Pricing versus volume: Evidence that demand is broadening beyond AI-driven pockets. Currency impacts: Translation effects from a strong dollar on multinationals. Macro prints: Upcoming growth, labor and inflation indicators that could influence rate-path expectations. Portfolio considerations Expect higher dispersion within and across sectors as earnings separate leaders from laggards. Balance sheets and free cash flow sustainability matter as capital costs remain elevated. In tech, the market is prioritizing demonstrable ROI on AI spend and clear pathways from pilot projects to scaled revenue. For cyclicals, watch operating leverage and inventory discipline as energy costs rise. Risk radar Geopolitical developments affecting energy supply and transport lanes. Policy shifts in trade, healthcare inputs and technology regulation. FX volatility—especially in funding currencies—affecting global carry and hedging costs. Liquidity pockets around single-stock reactions to earnings surprises. Navigate Market Volatility with Confidence Speak with our expert brokerage team to structure a portfolio that balances risk and capitalizes on global market shifts. 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

21 July 2026 – Daily Market Updates Daily Market Briefing — Broad Update for Clients Market mood Risk appetite is firmer to start the day. US equity futures point higher, with tech hardware and AI-linked names leading. Europe is modestly in the green, and Asia finished broadly stronger. Mainland China equities outperformed after authorities widened support measures aimed at stabilizing sentiment, with tech-heavy indices rallying. Despite the positive tone, positioning remains cautious under the surface: short interest and downside hedges have grown even as benchmarks climbed, reflecting skepticism about the durability of the recent advance. Equities Semiconductors and AI-adjacent stocks are rebounding after a recent pullback, lifting broader tech and growth factors. A better tone in high-beta names is helping cyclicals, while defensives lag. In Europe, pharmaceuticals and consumer staples are steady, while financials and industrials are mixed as investors sift through earnings and guidance. Corporate actions remain a swing factor. Timelines and regulatory review are center stage for several large media and telecom transactions, keeping volatility elevated in those names. Policy and macro backdrop Trade tensions in North America have resurfaced, with renewed tariff rhetoric adding a headline risk for select industries. Markets will watch for scope, timing, and any reciprocal measures. A major European exchange plans to extend trading availability beyond traditional hours, pushing toward near‑continuous access. The initiative underscores the ongoing competition between traditional venues and 24/7 digital markets. Central bank uncertainty is front of mind. After a hawkish tilt earlier this month and then softer inflation prints, the path of US rates is less clear. Markets are toggling between a “higher-for-longer” stance and the possibility of a later, data‑dependent move. Rates, credit, and cash Front‑end rates remain sensitive to every data point and policy remark. Money market funds have been trimming portfolio maturities and keeping holdings very short to maximize flexibility while the policy outlook is in flux. IG credit spreads are broadly steady; primary issuance continues at a healthy clip as companies term out funding while windows are open. In sovereigns, curves are in a holding pattern: the front end is anchored by policy ambiguity, while the long end is toggling between growth momentum and supply dynamics. Ready to Access Global Markets? Trade across diverse asset classes and implement your portfolio strategies with our institutional-grade platforms. Open An Account Commodities and FX Crude is supported near recent highs as shipping risks in key Middle East corridors keep a geopolitical premium embedded. Several banks flag upside scenarios for oil if disruptions persist, even if that is not their base case. The US dollar is broadly stable against major peers. Commodity‑linked FX is tracking energy and metals, while low‑yielders are range‑bound pending fresh US data. Earnings and corporate news to watch Pre‑market: a cross‑section of US industrials, capital goods, aerospace/defense, homebuilders, business services, and brokers report. Energy services names are also in focus given the oil backdrop. After the close: select consumer finance, insurers, and alternative asset managers post results. Key themes: AI and cloud spending visibility; enterprise hardware demand; capex plans into year‑end; pricing power in healthcare; credit normalization at lenders; order books and margins at industrials. What could move markets today Data: Housing, manufacturing, and survey indicators through the week will refine the growth/inflation mix. Watch for any upside surprises that revive near-term hike odds, or downside misses that push cuts back onto the table. Fed speak: Any color on balance‑sheet runoff, the tolerance for above‑target inflation, or reaction functions to energy‑driven price pressures. Energy headlines: Developments around shipping lanes and inventories. China policy follow‑through: Signals of sustained support can extend the regional risk rally and ripple into global cyclicals. Strategy snapshot — questions for the week Can the rebound in semiconductors broaden market leadership, or will narrow participation reassert itself? Will policy support in China translate into durable foreign inflows, or is this a tactical bounce? How does an oil‑at‑risk scenario feed back into inflation expectations and the front end of the rates curve? Are earnings revisions bottoming in lagging sectors, enabling better breadth into month‑end? Portfolio considerations Balance growth exposure with quality and cash‑flow resilience; maintain diversification across styles given event risk and narrow leadership. In fixed income, many allocators are preferring short duration and high liquidity until the policy path clarifies; later, consider opportunistic extensions if volatility offers better entry points. Reassess hedges: with implied vol still reasonable in several indices and sectors, tail protection can be calibrated without overpaying. Key risks Policy surprises (tariffs, regulation, or central bank guidance) Geopolitical flare‑ups impacting energy and shipping Liquidity pockets outside US hours Earnings‑season guidance resets Need Tailored Portfolio Advice? Navigate market volatility and complex policy backdrops with our dedicated investment advisory team. Contact Our Experts Disclaimer: Trading foreign exchange and/or contracts for difference on margin carries a high level of risk, and may not be suitable for all investors as you could sustain losses in excess of deposits. The products are intended for retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. The content of the Website must not be construed as personal advice. For retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. Rolling Spot Contracts and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78% of our retail client accounts lose money while trading with us. You should consider whether you understand how Rolling Spot Contracts and CFDs work, and whether you can afford to take the high risk of losing your money. Daily Market Updates – July-21 July 21, 2026 21 July 2026 – Daily Market Updates Daily Market Briefing…

20 July 2026 – Daily Market Updates Daily Market Brief: AI payoffs in focus, private assets find new funding paths Overview Global risk appetite is firmer to start the week as investors look ahead to a heavy stretch of corporate results, with the largest US tech platforms set to detail whether aggressive artificial‑intelligence investments are translating into revenue and margin gains. European equities are modestly higher, US equity futures point up after recent softness in growth shares, oil is steady after a brief run‑up, and US Treasury yields are little changed. Market snapshot (as of 06:03 AM ET; subject to delays) S&P 500 futures up about 0.4% to 7,527 Nasdaq 100 futures up about 0.8% to 28,990 Stoxx Europe 600 up around 0.2% to 642.65 US 10‑year Treasury yield near 4.56% (+1 bp) Brent crude around $87.94 (-0.2%) Broad dollar gauge flat Big theme: Time to validate AI spending The coming two weeks bring a crucial check‑in on the AI investment cycle. Alphabet and Tesla report mid‑week, with Microsoft, Meta, Apple and Amazon to follow. Given their outsized index weights, guidance on data‑center buildouts, cloud profitability, and AI product monetization will help shape not just tech sentiment but broader market leadership. After a powerful multi‑quarter advance, the cohort of mega‑cap growth names has cooled relative to the broader market, and chip stocks have been volatile as investors debate how quickly spending on training transitions to monetizable inference demand. What to watch in mega cap updates Capital intensity and cash returns: Updated capex plans for data centers, power procurement, and networking; any changes to buyback/dividend pace. AI revenue clarity: Disclosures around AI‑related sales in cloud, advertising productivity tools, developer platforms, and device ecosystems. Margins and efficiency: Cloud EBIT trends, cost discipline in AI workloads, and commentary on unit economics. Supply chain and infrastructure: Evidence of bottlenecks shifting from compute to power and networking; lead times for key components. Semiconductors: Color on customer mix, backlog quality, and the balance between training and inference demand. Equities US: Futures indicate a rebound in growth shares after a three‑day slide, with the chip complex stabilizing in early trading following a sharp pullback from recent highs. Volatility around single‑name results is likely to remain elevated. Europe: Broad gains led by cyclicals and healthcare. Investors are weighing resilient services activity against softer manufacturing signals. Sector lens: Travel and leisure remain sensitive to fuel costs, with higher oil prices pressuring peak‑season pricing strategies and margins. Access Global Equity Markets Trade mega-cap tech and international shares seamlessly from the UAE. Explore Global Equities Rates and policy US: It’s a lighter data slate, keeping focus on earnings and Fed communication later in the month. The 10‑year yield is steady near mid‑4s as the market balances sticky components of inflation with signs of cooling momentum. Europe: The European Central Bank is widely expected to hold steady this week, preserving flexibility into late summer. Softer inflation prints and energy near recent planning assumptions reduce the urgency to act immediately. Global PMIs: Flash readings across major economies will update the services/manufacturing split and input‑cost trends. Commodities and FX Energy: Brent trades near $88 after briefly touching the highest levels since early June; geopolitical headlines remain a swing factor. Crack spreads and refinery maintenance schedules are in focus for product markets. Currencies: The dollar is broadly unchanged; ranges are tight ahead of data and central bank meetings. Differentiation across G10 likely hinges on relative growth and real‑rate paths. Private markets: New structures to unlock liquidity A growing toolkit is emerging to free up cash tied to private assets. Structures that pool interests in private credit and other funds and then tranche the cash flows into different risk buckets are drawing attention, particularly when paired with insurance or other forms of credit enhancement to reach investment‑grade ratings. For asset owners, these deals can create balance‑sheet flexibility; for insurers and pensions, they can provide yield with structural protections. Key considerations include complexity, model risk, correlation in a downturn, and secondary‑market liquidity. Institutional-Grade Brokerage Solutions Navigate complex markets with dedicated relationship coverage and advanced execution capabilities. Discover Institutional Services Asia watch Equity microstructure: Regional exchanges continue to evaluate trading‑hour alignment and other market‑structure tweaks to improve liquidity and global participation. AI competition: Model launches and capital‑raising plans underscore intensifying regional rivalry in generative AI, with implications for data‑center demand, power sourcing, and local chip supply chains. The week ahead: Key signposts US: Mega‑cap tech and consumer earnings; housing indicators; jobless claims. Europe: ECB decision and press conference; flash PMIs; country‑level inflation updates. UK: Policy priorities from the new government alongside inflation and activity data. Asia/EM: Inflation prints (including Japan and Mexico), PMIs, and trade updates. Portfolio considerations Expect cross‑asset volatility around earnings; consider maintaining diversified exposure rather than leaning on a single factor or theme. Focus on quality balance sheets and cash‑flow visibility where capex needs are rising. In fixed income, monitor duration and spread risk as policy paths diverge; high‑quality carry can cushion equity swings. For commodities, watch refinery runs and inventories for signals on demand resilience into late summer. 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

17 July 2026 – Daily Market Updates Morning Market Briefing: Tech-Led Pullback Tests AI Optimism; Oil Climbs; Bond Veterans Rethink Duration Overview Global equities are under pressure with the latest selloff led by semiconductor and AI-exposed names. Investors are reassessing whether heavy spending tied to artificial intelligence will deliver returns quickly enough to justify recent valuations. The move has been broad-based across regions and sectors, with cyclicals and highly valued growth shares taking the brunt. Across markets at a glance US equity futures: Lower, with tech-heavy benchmarks leading declines and semiconductor baskets notably weaker in premarket trading. Europe: Major indices are in the red, dragged by chip equipment and hardware suppliers. Asia: Tech-heavy benchmarks fell sharply overnight, with Japan slipping into correction territory and Taiwan posting its steepest drop in months. Bonds: US Treasury yields are little changed to slightly lower in early trade after a choppy week; the 10-year hovers around the mid‑4.5% area. Commodities: Crude oil advances, supported by heightened geopolitical tensions and slower shipping activity through a key Middle East chokepoint. What’s driving the move Positioning and valuation: After a strong year-to-date run, investors are trimming exposure to the most crowded trades. Concerns center on whether AI-driven capex will translate into profits on the timelines markets had priced in. Earnings season reality check: Select growth leaders have flagged slower top-line momentum, while some medtech names pointed to moderating procedure growth—both weighing on sentiment. Geopolitics and energy: Continued military activity in the Middle East and softer throughput in a vital shipping lane have pushed crude higher, adding an inflation watch-backdrop to a market already fretting about rates. Sector and stock themes to note Semiconductors and AI supply chain: Hardware, chip designers, and equipment makers are under pressure globally. Even positive company updates haven’t insulated the group as investors reduce exposure to the theme. Communication services/streaming: Shares of a large streaming platform slid after guiding to slower sales growth, underlining the market’s scrutiny of subscriber and content monetization trends. Health care equipment: A leading surgical robotics maker fell premarket after flagging the slowest growth in usage in several years, reminding investors that utilization trends matter as much as new system placements. Financials: US regional and diversified financials release results today; investors will focus on net interest margins, deposit dynamics, credit costs, fee income, and guidance for the second half. Fixed income: a notable shift in tone A prominent long-time supporter of long-duration US government bonds has turned cautious, citing a more challenging backdrop of persistent fiscal deficits and higher capital needs that could keep long-term yields elevated over time. The manager has significantly shortened portfolio duration. Elsewhere, some global bond funds are reallocating away from US duration toward European sovereigns and selective emerging markets. For investors, the message is clear: duration risk and curve positioning deserve renewed attention in portfolios. Institutional-Grade Brokerage Services Access seamless global markets, direct API connectivity, and dedicated relationship coverage tailored specifically for funds and family offices. Discover Institutional Services Energy and commodities Crude benchmarks are firmer, with Brent holding in the mid‑$80s and up roughly 1–2% on the day. The combination of risk premium from Middle East developments and resilient demand signals keeps energy in focus. Higher oil prices complicate the disinflation narrative and may influence rate expectations if sustained. Flows and sentiment Corporate insiders in the US have been selling shares at an accelerated clip in recent weeks. While insider activity can be driven by many factors, elevated selling during periods of stretched valuations often reinforces a more cautious risk tone. What to watch next Earnings: US banks and insurers report before the open; tech heavyweights are up in coming sessions. Watch capex commentary, AI-related spending plans, order backlogs, and margin outlooks. Macro: Supply dynamics in Treasuries, issuance calendars, and incoming inflation readings will shape rate expectations. In energy, developments around shipping lanes and inventories remain key. Market internals: Breadth, factor leadership, and credit spreads. Concentration risk has been a theme; rotation patterns will signal whether this is a short-term de-risking or something broader. Portfolio considerations Equities: Reassess concentration in AI/semiconductor exposures; ensure diversification across factors and regions. Quality balance sheets and stable cash flows tend to hold up better in risk-off phases. Fixed income: Consider the trade-off between yield pickup and duration risk. Some investors are favoring barbell approaches or selectively adding non-US sovereigns, while keeping an eye on liquidity. Commodities and hedging: Energy strength can pressure inflation expectations—review hedges and exposures accordingly. Risk management: Use this period to revisit stop-loss frameworks, rebalancing triggers, and scenario analyses for earnings and rates. Optimize Your Wealth Management Strategy Navigate market volatility with our tailored portfolio management and structured investment solutions designed to align perfectly with your risk profile. View Trading Products Disclaimer: Trading foreign exchange and/or contracts for difference on margin carries a high level of risk, and may not be suitable for all investors as you could sustain losses in excess of deposits. The products are intended for retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. The content of the Website must not be construed as personal advice. For retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. Rolling Spot Contracts and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78% of our retail client accounts lose money while trading with us. You should consider whether you understand how Rolling Spot Contracts and CFDs work, and whether you can afford to take the high risk of losing your money. Daily Market Updates – July-20 July 17, 2026 20 July 2026 – Daily

16 July 2026 – Daily Market Updates Daily Market Brief: AI keeps the engine running, eyes on streaming earnings, risk tone softens Overview Global markets are starting the day with a slightly defensive tilt. US equity futures are modestly lower, European shares are softer, and Treasury yields have nudged higher. Crude oil is easing after a sharp three-day climb, while the US dollar is steady and gold is little changed. Asia was mixed, with Korea under marked pressure amid fresh regulatory headlines. Theme of the day: Chips, capacity, and the durability of AI spending A leading semiconductor foundry reported results that topped already-robust expectations and lifted both revenue and capital-expenditure plans for the year, pointing to multi-year demand tied to artificial intelligence workloads. Management emphasized that advanced packaging and cutting‑edge nodes remain capacity constrained, and that customer buildouts are likely to stay elevated for several years. Even so, markets “sold the news” as investors weighed rich valuations, a year-to-date surge in chip stocks, and the risk of cyclical pauses if end demand normalizes. The debate now centers on: Are hyperscale cloud and enterprise customers overbuilding, or just front‑loading capacity to meet model complexity and AI inference at scale? How quickly will supply expand in high-bandwidth memory, advanced packaging, and leading-edge process nodes? Will non-AI end markets (smartphones, PCs, autos/industrial) reaccelerate enough to broaden earnings drivers? Watch for capex commentary across the supply chain (foundries, equipment makers, substrates, memory) over the next two weeks to test the “multi-year” AI thesis. Corporate highlights Streaming spotlight: A major streaming platform reports after the close in a closely watched update for the sector. Key issues: Engagement and churn trends as password-sharing enforcement tailwinds fade Advertising tier traction, ad load, and pricing power Content pipeline into year-end and any shifts toward live, sports, or gaming Operating margin and free‑cash‑flow guidance given content amortization and production timing Competitive dynamics and any commentary on M&A appetite Market sensitivity is high given the stock’s rerating over the past year and the sector’s broader pivot toward profitability. Consolidation in food delivery: A US ride‑hailing and delivery leader announced a deal to acquire a German delivery platform, extending its international footprint and raising integration and antitrust questions. Investors will parse synergy targets, regional overlaps, and capital allocation discipline. Korean market oversight: Regulators in South Korea paused new listings of single‑stock leveraged ETFs amid volatility in prominent chip and AI‑linked names. The move highlights authorities’ focus on product risk and retail flows in concentrated markets. Capital markets pulse: A major agri‑chem business is delaying a planned Hong Kong listing, citing sector conditions. Meanwhile, a satellite communications firm outlined plans for a sizable bond raise, underscoring that debt markets remain open even as equity issuance stays selective. Institutional Services for Funds & Family Offices Access global trading, risk management, and regulated advisory support in the UAE. Explore Institutional Solutions Commodities and rates Oil: Crude is pulling back after a swift rally driven by escalating Middle East tensions and supply risks. The forward curve remains in backwardation, consistent with tight physical balances, but price action is likely to remain headline‑sensitive. Watch weekly inventory data, OPEC+ discipline, and refinery margins into peak driving season. Rates and FX: Yields are edging higher as the market reassesses growth and inflation resilience into the second half. The dollar is broadly steady; cyclical and commodity‑linked currencies are tracking risk sentiment and oil. Moves and sectors to watch Airlines: Mixed updates and cost guidance are keeping the group choppy into peak travel season. Freight and logistics: A large US carrier delivered better‑than‑expected results, hinting at an early‑stage freight cycle recovery; watch commentary on contract renewals, spot rates, and intermodal volumes. Chinese tech ADRs: Firmer on listing structure developments and positioning into earnings. Health care, financials, and industrial REITs: Several marquee names report before the bell; a mix of managed care, banks, and logistics‑exposed real estate could set tone for factor leadership. After-hours: Streaming, aluminum, and medical robotics will headline the evening docket. The big picture Earnings season will test stretched multiples in AI‑exposed equities and could broaden leadership if results from banks, industrials, and health care continue to firm. Concentration risk remains elevated; index performance is sensitive to a handful of mega caps. Any guidance cuts or cautious capex outlooks could amplify volatility. Macro remains a tug‑of‑war between soft‑landing hopes and sticky services inflation. Central bank rhetoric is leaning data‑dependent; watch for any shift in balance-of-risks language. Positioning: After a strong first half, investors are selectively rotating toward quality cyclicals, maintaining exposure to profitable AI beneficiaries, and keeping some duration and commodity hedges as shock absorbers. What we’re watching today Management guidance on AI infrastructure spend across semis, equipment, memory, and substrates Streaming sector KPIs: net adds, engagement, ad ARPU, content spend, and margin cadence Credit markets’ appetite for new issuance and any widening in high‑beta spreads Policy headlines from Asia and Europe on market structure and retail investment products Geopolitical risk premium in energy and shipping Portfolio considerations Maintain balance: Pair structural growers (cash‑generative AI enablers) with quality cyclicals benefiting from freight, manufacturing, and services resilience. Be selective around earnings: Use implied volatility and risk‑reward skew to size positions; avoid chasing crowded trades into prints. Liquidity and risk control: Monitor exposure to leveraged and single‑name products; diversify across factors and regions. Hedging: Consider measured duration, gold, or option overlays to buffer against event risk, in line with risk tolerance. Global Market Access & Hedging Solutions Trade Futures, Options, and CFDs across global exchanges to navigate volatility and buffer against event risks. View Trading Products Disclaimer: Trading foreign exchange and/or contracts for difference on margin carries a high level of risk, and may not be suitable for all investors as you could sustain losses in excess of deposits. The products are intended for retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware

15 July 2026 – Daily Market Updates Daily Markets Briefing: Tech tailwinds, policy caution, and pockets of dislocation Overview A constructive tone is filtering through global equities with technology again setting the pace, supported by persistent demand for AI-related hardware and services. Futures point to a modestly firmer US open led by growth shares, European tech is outperforming after upbeat guidance from a major chip-equipment supplier, and parts of Asia are stabilizing after sharp swings. Rates are little changed overall, the dollar is steady, and crude is edging higher. Macro and policy Inflation progress but not victory: Softer recent US inflation prints have eased some pressure on risk assets, but policymakers continue to emphasize a data-dependent path. The message remains: disinflation helps, yet rate decisions will hinge on broader and more durable evidence. Growth mix: US activity data continue to point to a slower but still expanding economy, with services resilience offsetting goods softness. Abroad, Europe is showing tentative signs of stabilization while China’s policy support remains selective and sector-specific. Equities AI spending cycle remains the anchor: Semiconductor and equipment names are setting the tone after stronger guidance from a leading lithography supplier. Upstream beneficiaries in wafer fab tools and downstream players tied to data-center buildouts are bid on expectations that AI-driven capex stays elevated into next year. Fintech in focus: Headlines around a potential take-private proposal for a large US payments platform have reawakened animal spirits across the digital payments ecosystem, with the target’s shares sharply higher and sympathy bids in select peers. Earnings dispersion is back: One large-cap legacy tech name bounced after an outsized selloff tied to a revenue miss and shifting enterprise spend toward AI compute. In contrast, a water and filtration manufacturer guided down, underscoring that the earnings season will likely punish misses and reward visibility. Recently listed space and satellite operator: Shares of a high-profile debut have drifted back toward offer levels as lofty revenue multiples meet post-IPO supply dynamics and a staged lockup. This is not unusual; drawdowns in the first year of trading are common for new listings, particularly when valuation embeds ambitious growth. Trade Global Equities & ADRs Access US markets, tech growth shares, and international ETFs securely from the DIFC to capitalize on shifting market trends. View Trading Products Cross-border and EM lens Korea’s wild ride: Intense momentum in AI-linked names has given way to heavy two-way volatility. Leverage, structured products, and concentrated index weights are amplifying moves, prompting close attention from local policymakers. ADR vs. local shares: Select Asia tech ADRs are trading at unusually large premiums to their home listings, driven by conversion frictions, limited stock borrow, and strong investor demand for easier US access. Until arbitrage channels normalize, gaps can persist. China chips: A major domestic memory maker’s onshore listing plan highlights the country’s ongoing push to localize the semiconductor supply chain, with capital formation increasingly migrating to home markets. Rates, FX, and commodities Treasuries: The 10-year yield is hovering in the mid-4s, little changed as investors balance better inflation data with caution from the Fed. Curves are broadly steady. US dollar: Mixed-to-flat versus majors as rate differentials hold near recent ranges. Positioning remains an undercurrent, with some markets showing crowded trades against select currencies. Energy: Crude is grinding higher, supported by seasonal demand, ongoing supply discipline, and geopolitics. Refining margins and inventory trends remain key near-term drivers. Metals: Gold is steady as real yields and the dollar show limited movement; industrial metals sentiment is tied to China policy signals and global manufacturing orders. Corporate highlights to watch Semi/AI ecosystem updates: Any color on capacity expansion timetables, high-bandwidth memory availability, and lead times. Payments and fintech: Follow-through on potential M&A and the implications for sector multiples and competitive dynamics. Software and IT spending: Whether enterprise budgets are rotating further toward AI infrastructure and away from other categories. What’s next US data: Retail and housing indicators this week will shape the growth narrative, while manufacturing surveys set the tone for Q3. Central banks: Speeches and minutes may refine the path of policy into year-end; watch for any shift in balance-of-risks language. Earnings season: Guidance is king. Markets are rewarding credible visibility into 2025 capex cycles, margin durability, and cash return plans. Strategy takeaways Leadership: AI-linked hardware and the picks-and-shovels suppliers remain leadership groups, but expect higher day-to-day volatility as positioning is crowded. Quality bias: With rates still elevated, companies showing pricing power, solid balance sheets, and free cash flow discipline should remain in favor. Be selective in cyclicals: Discrete demand pockets exist, but misses are being harshly penalized, reinforcing the need for careful single-name work. Mind the dislocations: ADR/local share gaps and post-IPO trading patterns can create opportunities and risks; liquidity and borrow availability matter. Institutional Brokerage Solutions Empower your fund or family office with dedicated execution and custody support across all major global asset classes. 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

14 July 2026 – Daily Market Updates Morning Markets Briefing: Policy Uncertainty Lifts Rate Odds, Oil Spike Rekindles Inflation Debate Overview Risk appetite is mixed to start the day. US equity futures are split with tech-leaning benchmarks firmer while broader gauges tread water. European stocks are softer. Treasury yields are steady near recent highs, the dollar is little changed, and crude has jumped into the mid-$80s as geopolitical tensions flare. With the next US policy meeting later this month, markets are treating the outcome as a near coin flip. A higher oil risk premium has pushed inflation back to the forefront just as investors brace for fresh price data and testimony from the new central bank chief on Capitol Hill. Today’s key drivers Policy watch: Traders have nudged up the odds of a rate increase at this month’s meeting to roughly even. The combination of a sharp move in energy and a still-firm core inflation trend has kept short-dated yields elevated. All eyes are on today’s consumer inflation report, with producer prices due tomorrow, and on the new Fed Chair’s first appearance before Congress. Energy shock: Crude has rallied on renewed strains in a key shipping corridor, fueling concerns about near-term inflation and growth. Higher input costs can lift headline inflation and support energy shares, while pressuring transportation, airlines, and select manufacturers. Earnings season begins: The largest US banks report before the open, setting the tone for second-quarter results. Focus areas include: Net interest margins as funding costs adjust and deposit mix shifts Trading and markets revenue after a volatile quarter Credit quality in consumer and commercial books Investment banking pipelines and issuance recovery Capital returns against evolving regulatory requirements Equities in focus: Semiconductor names are rebounding after a sharp selloff in memory-related stocks, while a major consumer-tech bellwether is softer following a broker downgrade on device demand. In Europe, a leading network equipment supplier fell after warning of margin pressure from higher component costs. Asia spotlight: Leverage lessons from Korea Newly launched single-stock leveraged ETFs tied to large-cap chip names in South Korea have suffered steep drawdowns in just weeks. The episode highlights: Daily rebalancing mechanics that can amplify swings, especially in choppy markets Compounding effects that make leveraged products poorly suited to long holding periods The importance of sizing, time horizon, and clear risk parameters when using geared vehicles For retail investors, these moves are a reminder that leverage can magnify both gains and losses and should be treated as a short-term trading tool, not a buy-and-hold proxy. Market snapshot (directional) US equity futures: mixed; tech-tilted indices outperform broad benchmarks Europe: modestly lower amid earnings and rate jitters US Treasuries: 10-year yield steady near the mid-4% area; front-end sensitive to policy odds US dollar: little changed on a trade-weighted basis Crude: Brent up sharply into the mid-$80s on supply risk headlines Trade Global Futures & Options Hedge risks and leverage market opportunities with advanced global derivatives access. View Trading Products What this means for portfolios Positioning and risk: With event risk clustered over the next 48 hours (CPI, PPI, testimony, bank earnings), consider trimming leverage and keeping dry powder for dislocations. Equities: Expect dispersion. Companies with pricing power and resilient cash flows remain favored amid cost pressures. Energy may see support on supply risk; rate-sensitive growth could stay volatile as front-end yields swing. Fixed income: A barbell or laddered approach can help manage duration risk into data. Short maturities remain most exposed to shifting policy expectations; monitor breakeven inflation as oil’s move filters through. Alternatives and commodities: Elevated geopolitical risk can sustain a higher risk premium in crude and refined products; hedging strategies may be warranted for energy-intensive sectors. Trading note on leverage: If using leveraged or inverse products, match tools to time horizon, set stop-losses, and monitor intraday tracking and rebalancing effects. What to watch Today: US CPI; testimony from the new Fed Chair; pre-market results from major US banks Tomorrow: US PPI and additional bank and financial earnings Later this month: Policy decision at the end-July meeting Bottom line Markets are walking a tightrope between firmer policy expectations and a fresh inflation impulse from oil. Earnings from the banking sector will offer an early read on the growth, credit, and capital backdrop. Until the data and testimony clarify the path, expect ranges to hold and volatility to cluster around headlines. Institutional-Grade Brokerage Solutions Secure, advanced execution and custody support across multi-asset classes for funds and family offices. Explore 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 you could sustain losses in excess of deposits. The products are intended for retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. The content of the Website must not be construed as personal advice. For retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. Rolling Spot Contracts and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78% of our retail client accounts lose money while trading with us. You should consider whether you understand how Rolling Spot Contracts and CFDs work, and whether you can afford to take the high risk of losing your money. Daily Market Updates – July-14 July 14, 2026 14 July 2026 – Daily Market Updates Morning Markets Briefing:… Read More Daily Market Updates – July-13 July 13, 2026 13 July 2026 – Daily Market Updates Morning Market Brief:… Read More Daily Market Updates – July-10 July 10, 2026 10 July 2026 – Daily Market Updates Morning

13 July 2026 – Daily Market Updates Morning Market Brief: Optimism Meets a Reality Check Global markets start the week with a cautious tone. Equities are softer as investors weigh upbeat profit expectations against higher energy costs, firm bond yields and ongoing geopolitical risks. Oil has pushed higher on renewed tensions in the Middle East, supporting energy shares but complicating the inflation outlook. Bond markets are signaling a higher-for-longer interest rate path, while the US dollar remains resilient, creating a push-pull for multi-asset portfolios. Top takeaways Risk appetite cools: Global stocks ease back, with technology shares leading declines while energy and defensives find support. Oil climbs: Geopolitical headlines keep crude bid, reinforcing near-term inflation concerns. Yields remain firm: Short-dated rates reflect persistent policy restraint; real yields stay elevated, tightening financial conditions. Dollar strength, bond pain: A sturdier greenback is attracting capital even as higher yields challenge duration-heavy strategies. Earnings season begins: Strong headline growth is expected, but guidance and margin commentary are likely to drive market reactions. Equities: Turning to earnings for direction US and Europe: Indexes hover near recent highs but show thinner breadth. Multiple expansion has done heavy lifting year-to-date; the next leg likely depends on earnings quality and visibility. Early focus is on large financials for read-through on credit, deposits and trading activity. Technology and AI complex: Profit expectations are robust for semis, software and cloud infrastructure, but investors are scrutinizing the pace and payoff of AI-related capital spending. Any signs of slower demand, delayed deployments or rising costs could spark outsized moves. Asia: Chip-exposed markets remain volatile as investors reassess memory pricing cycles and the pace of data-center buildouts. Domestic catalysts and cross-border listings add to dispersion within the region. Rates and policy: Higher for longer reasserts itself Nominal and real yields: Front-end yields remain elevated as markets price sticky inflation risks. Real yields near cycle highs tighten financial conditions and challenge high-duration assets. Inflation prints and central bank signals: US inflation data and Congressional testimony from central bank leadership will set the tone for the near-term policy path. Markets will watch for any shift in growth/inflation balance and hints on timing for eventual easing. Curve dynamics: A preference for the short end persists; long-end supply, term premium and inflation expectations keep curves choppy. Currencies: Dollar resilience complicates positioning Broad USD tone: The combination of higher real yields and relatively solid US growth underpins the dollar against low-yielding peers. Funding and carry: Divergent policy stances support carry trades, but elevated volatility argues for disciplined risk management. Commodities FX: Energy-linked currencies are steadier on firmer oil, while trade-sensitive pairs remain tied to the global growth pulse. Access Global Markets & Diverse Asset Classes Explore comprehensive trading solutions across global equities, fixed income, futures, and FX with a trusted DIFC broker. View Trading Products Commodities: Energy in focus Crude oil: Geopolitical risk premia and signs of steady demand keep prices supported. Higher fuel costs may slow disinflation progress and feed into rate expectations. Metals: Gold is range-bound as higher real yields offset safe-haven interest. Industrial metals remain sensitive to China growth signals and inventory trends. Earnings season: What will matter most Guidance over headlines: With valuations full in many segments, forward guidance, margin discipline and cash-flow conversion will likely drive share-price reactions more than top-line beats. Banks first: Look for commentary on net interest income durability, deposit trends, credit provisioning and capital return plans. AI spend and efficiency: Across mega-cap platforms and enterprise software, investors want clarity on capex intensity, monetization timelines and unit economics tied to AI workloads. Consumer and cyclicals: Watch pricing power, inventory health and elasticity as energy and financing costs ebb and flow. The week ahead: Key milestones US macro: Inflation updates and remarks from central bank leadership on Capitol Hill. Corporate results: Major US banks kick off reporting; tech, health care and consumer names follow through the week. Global watch: Policy decisions in parts of Asia, growth and credit data from China, and policy guidance out of Europe and the UK. What we’re watching Breadth and leadership: Can the rally broaden beyond a narrow group of large caps? Earnings-day reactions: Stocks that beat but guide cautiously may still struggle; the opposite also holds. Oil vs. inflation expectations: A sustained crude rally could nudge breakevens and delay easing timelines. Liquidity and volatility: Funding conditions and implied volatility into event risk. Portfolio considerations Balance growth with quality: Favor companies with durable margins, strong free cash flow and pricing power. Respect real yields: Keep duration exposure sized to your risk tolerance; consider barbell approaches if uncertainty rises. Diversification matters: Blend cyclicals with defensives; maintain exposure to energy and cash-flow-positive tech where fundamentals support it. Hedge thoughtfully: Dollar strength can cushion global portfolios but consider currency risk relative to liabilities and time horizon. Empower Your Institutional Investments Discover tailored wealth management, structured notes, and institutional brokerage services from PhillipCapital DIFC. Explore 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 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