Market Updates

26 May 2026 – Daily Market Updates Daily Market Briefing: Momentum leadership meets macro crosscurrents Overview Equities are entering the session with risk appetite underpinned by powerful momentum and growth trends, led by the ongoing build-out of artificial intelligence infrastructure. The debate now is less about whether the rally has legs and more about how concentrated leadership, policy uncertainty, and energy-driven inflation pressures could shape the path from here. Bond markets remain sensitive to the trajectory of inflation and growth, commodities are reacting to shifting supply and weather dynamics, and investors continue to reassess factor exposures as crowding risk rises. Market at a glance Equities: Momentum and growth factors remain dominant. Market breadth is a key watchpoint as leadership narrows around AI-enabled themes and capital expenditure tied to compute, networking, power, and data centers. Periodic reversals are possible if macro data surprise or if positioning gets too crowded. Rates: Yields remain range-bound but volatile as markets balance sticky services inflation against signs of slower goods disinflation. The “higher for longer” vs. “growth normalization” tug-of-war continues to drive curve shape and term premium expectations. Credit: Primary issuance remains active, with solid demand for higher-quality paper. Spreads have been resilient but are sensitive to any wobble in earnings revisions or signs of softer labor demand. Commodities: Oil is supported by supply risks and seasonal demand, while power and natural gas markets are eyeing heat-related consumption. Industrial metals are responding to capex linked to electrification and AI-related build-outs. Currencies and digital assets: FX is range-trading around relative growth and rate differentials. Interest-sensitive and liquidity-sensitive assets remain most reactive to shifts in policy expectations. The big theme: Momentum’s powerful run What’s driving it: Persistent inflows to AI-linked ecosystems (semiconductors, equipment, cloud, power infrastructure) and systematic strategies that add to winners have reinforced trend persistence. The opportunity: Strong earnings delivery from cash-generative innovators, secular growth in compute demand, and productivity narratives continue to attract capital. The risk: Crowding can amplify drawdowns. Surprises in inflation or policy, guidance cuts from leaders, or a rotation toward cyclicals/value can trigger sharp but brief unwinds. How to navigate: Diversify factor exposure to avoid over-concentration in a narrow group of winners. Use disciplined risk controls (position sizing, staggered entries, and predefined exit levels). Focus on quality within growth: balance sheet strength, free cash flow, pricing power, and visibility of demand. Monitor earnings revisions and market breadth indicators for early signs of regime change. Capitalize on Global Megatrends Diversify your factor exposure across advanced tech ecosystems, semiconductors, and defensive growth themes with institutional-grade market access. Trade Global Equities Sectors and themes to watch Semiconductors and AI infrastructure: Demand visibility remains robust across advanced compute, memory, specialty analog, and the equipment supply chain. Watch lead times, capacity additions, and power availability as gating factors. Software and cybersecurity: Enterprises continue to rationalize spend toward automation, security, and AI enablement. Expect divergence between platforms showing durable net expansion and those facing deal scrutiny. Energy and utilities: Oil is reacting to supply headlines and seasonal draws; utilities and grid-adjacent names are leveraged to data center and electrification demand. Watch refined products and power price sensitivity to heat waves. Industrials and aerospace: Backlogs remain supportive in select sub-sectors. Space and satellite demand is benefiting from connectivity and earth observation use-cases, but valuations can be sentiment-driven. Consumer: Real wages, excess savings, and credit availability determine durability of discretionary categories. Confidence and labor indicators remain pivotal for near-term sales trajectories. Financials: Net interest margins depend on deposit beta and curve shape. Credit quality and reserve builds are key watchpoints as late-cycle dynamics evolve. Bonds and rates Policy path: Markets remain data-dependent, with inflation prints, labor trends, and energy costs guiding rate expectations. Communication from central banks will set the tone for front-end volatility. Curve dynamics: Curve shape reflects the push-pull between inflation persistence and growth normalization. Sudden repricing can occur if inflation expectations shift or if fiscal dynamics reprice term premium. Positioning: Consider laddered maturities or barbell approaches to balance reinvestment risk and carry. Credit selection matters as dispersion increases. Commodities Crude and products: Supply headlines and inventories are the swing factors. Higher energy costs can spill into headline inflation and freight. Power and gas: Weather is front and center. Prolonged heat can strain grids and bolster peak pricing; data center growth compounds baseline demand. Metals: Industrial metals are tied to grid expansion, EV adoption, and data center construction. Watch capex announcements, inventories, and policy incentives. What could move markets near term Growth and inflation: Consumer confidence, personal income and spending, core inflation gauges, jobless claims, and GDP updates. Business activity: Orders and shipments in durable goods and capital goods; corporate guidance on demand visibility, margins, and capex. Global signals: Confidence surveys, inflation prints across major economies, and policy remarks from central bankers. Earnings: Updates from large-cap technology, enterprise software, energy, and select consumer names for insight into end-market demand and pricing power. Geopolitics and weather: Any escalation that affects supply chains, energy logistics, or shipping lanes; heat waves with implications for power demand. Investor checklist Reassess concentration: If momentum and AI exposures have grown outsized, consider controlled rebalancing to align with risk tolerance. Emphasize quality: Favor firms with strong balance sheets, recurring revenue, and cash flow to weather rate or valuation shocks. Build resilience: Consider hedges or downside buffers around key event risk dates. Maintain liquidity for volatility-driven opportunities. Time horizons: Match allocations to time frames; avoid short-term decisions on long-term positions solely due to headline noise. Stay data-led: Track earnings revisions, breadth metrics, volatility trends, and credit spreads for early signals of regime shifts. Housekeeping Market levels change quickly. For live prices and tradeable data, please refer to your trading platform. This commentary is a general market update for informational purposes only and is not investment advice or a recommendation to buy or sell any security. Investing involves risk, including possible loss of principal. Consider your objectives and consult a licensed advisor before acting on this information. Hedge Macro Volatility with Multi-Asset Derivatives From energy

25 May 2026 – Daily Market Updates Daily Market Brief: Broad Update for Clients Risk mood Global markets are balancing three familiar forces: the path of inflation, the timing and depth of central bank policy moves, and the durability of corporate earnings. Cross-asset price action remains highly sensitive to incremental data surprises and guidance from policymakers, with sector rotation and dispersion across regions continuing to define performance. Market at a glance Equities: Investors continue to rotate between growth and value as rate expectations shift. Defensive sectors tend to find support when yields edge higher, while cyclicals benefit when soft-landing narratives firm up. Small caps remain more sensitive to financing conditions and domestic growth signals. Fixed income: Front-end yields move on policy repricing; the long end is trading the balance of term premium, supply, and growth expectations. Credit spreads are generally more stable than rates, but primary issuance windows and fund flows can create pockets of volatility. Foreign exchange: The dollar’s path is being set by interest-rate differentials and relative growth. The euro and sterling track policy guidance and energy dynamics, while the yen reacts to rate gaps and any signs of policy shifts. Select emerging-market currencies remain tied to commodity trends and risk appetite. Commodities: Oil trades a tug-of-war between supply discipline and evolving demand estimates. Gold remains inverse to real yields and the dollar, retaining a hedge role around geopolitical risk. Industrial metals are guided by global manufacturing momentum and China-sensitive demand. Volatility: Event risk around major data and central bank communications keeps implied volatility in a “reactive” regime—rising into catalysts, easing afterward if outcomes are close to expectations. Equities Earnings and guidance: Beat rates often look healthy early in reporting seasons but guidance and margins drive the second leg of the move. Pricing power, cost discipline, and AI-related productivity themes are frequent swing factors, especially in technology, communications, and select industrials. Sector dynamics: Technology and semiconductors ride multi-year capex cycles in data centers and edge computing, but remain yield-sensitive. Financials balance net interest margins with credit costs; fee-based models can cushion rate volatility. Energy tracks commodity curves and capital return frameworks. Healthcare and staples provide ballast when growth uncertainty rises. Flows and positioning: Buybacks and systematic rebalancing can underpin dips, while elevated dispersion rewards stock selection. Access Global Equity Markets Diversify your portfolio with seamless access to international stock markets and advanced trading solutions. Trade Global Equities Fixed income Government bonds: Markets are pricing a glide path for inflation toward targets but remain alert to stickiness in services and wages. The curve shape reflects the trade-off between policy timing at the front end and term premium at the long end. Auction sizes and demand from liability-driven investors can add technical noise. Credit: Investment grade: Generally resilient, with issuance windows used to term out debt at still-manageable coupons. High yield: More idiosyncratic; fundamentals hinge on refinancing timelines and sector exposures. Spread compensation remains a key lens given late-cycle debates. Duration and carry: Carry strategies are sensitive to volatility; duration hedges may be considered around major data drops or policy meetings. Foreign exchange Majors: USD: Supported by rate differentials and relative growth; retreats when data broadens outside the U.S. or if policy convergence is in view. EUR/GBP: Track inflation trajectories, wage trends, and any fiscal signals. Growth surprises matter for rate expectations. JPY: Focus on yield differentials and any evolution in domestic policy or market-functioning operations. EM FX: Commodity-linked currencies swing with oil and metals; higher-for-longer in developed markets can cap rallies, while supportive global growth can offset. Commodities Energy: Supply decisions, inventory data, and mobility indicators guide crude. Refined product cracks reflect seasonal patterns and capacity constraints. Precious metals: Real yields and the dollar remain the primary drivers for gold; central bank purchases and geopolitical hedging are secondary supports. Industrial metals: Sensitive to manufacturing PMIs, infrastructure pipelines, and housing activity. Stock levels and forward curves provide additional color. Navigate Futures & Options Trade confidently with global access to over 15 exchanges in commodities, FX, indices, and rates. Explore Trading Solutions Policy and macro Central banks: The debate centers on when and how fast to adjust policy as inflation cools and growth normalizes. Communication emphasizes data dependence; markets will parse labor-market prints, core inflation measures, and services prices for direction. Growth mix: Services resilience versus goods normalization continues, with housing and capex as swing variables. Productivity and investment in automation/AI are medium-term supports if sustained. What to watch next Inflation: Headline and core prints across major economies; components like shelter, services ex-energy, and wages. Labor markets: Payrolls, unemployment rates, participation, and wage growth to gauge demand-supply balance. Activity: PMIs/ISMs, retail sales, industrial production, and housing indicators for momentum checks. Policy signals: Central bank meetings, minutes, and speeches that refine the reaction function. Earnings: Guidance on demand, margins, capex, and buyback/dividend plans; watch commentary on input costs and inventory. Portfolio considerations Diversification: Cross-asset and cross-sector diversification can help manage dispersion and event risk. Quality bias: Balance cyclical exposure with balance-sheet strength and durable cash flows, especially if growth cools or financing costs stay elevated. Duration mix: Align interest-rate sensitivity with your risk tolerance; consider how front-end versus long-end exposure fits your macro view. Liquidity: Maintain appropriate liquidity for potential volatility around data and policy events. Risk management: Use position sizing, stop-loss discipline, and scenario planning ahead of known catalysts. Housekeeping for readers This update is intended as a broad market overview. It does not account for your specific objectives or financial situation and is not investment advice. Markets can move quickly around data releases and policy headlines. Consider reviewing allocations regularly and consult a qualified advisor before making decisions. Disclaimer: Trading foreign exchange and/or contracts for difference on margin carries a high level of risk, and may not be suitable for all investors as you could sustain losses in excess of deposits. The products are intended for retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your

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. 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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 – July-02 July 2, 2026 02 July 2026 – Daily Market Updates Daily Market Brief:… Read More Daily Market Updates – July 1 July 1, 2026 1 July 2026 – Daily Market Updates Daily Markets Briefing:… 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