Market Updates

3 June 2026 – Daily Market Updates Markets Morning Briefing: Rotation in Asia, Oil Rebound, Policy Uncertainty Back in Focus Global markets are mixed as oil extends its advance, policy risks resurface, and investors continue to rotate within equities. Early price action shows a modest risk-off tone in stocks, firmer bond yields, and a stronger energy complex. Market at a glance (as of about 06:44 a.m. ET; levels are indicative) Brent crude: ~$98.50 (+2.6% on the session) S&P 500 futures: slightly lower Stoxx Europe 600: -0.4% Hang Seng: -1.6% Bitcoin: ~$67,200 (-0.4%) US 10-year Treasury yield: ~4.48% (+4 bps) Top themes we’re watching Energy-led reflation risk: Crude’s climb, aided by fresh geopolitical tensions in the Middle East, has pushed Brent closer to the psychological $100 mark. Sustained strength here can filter into inflation prints, cost pressures for energy-intensive industries, and renewed debate about the timing and pace of any future policy easing. Trade policy uncertainty: Fresh US tariff proposals aimed broadly across trading partners raise questions around supply chains, input costs, and currency moves. Export-heavy markets and cyclical manufacturers could see near-term volatility as details emerge. Asia equity rotation: Despite strong year-to-date gains in chip-centric benchmarks in Korea and Taiwan, recent cross-border flows indicate investors are favoring Japan. Drivers include market breadth, ongoing governance reforms, healthy buyback momentum, and currency dynamics. The concentration risk in a handful of semiconductor leaders remains a talking point for Korea/Taiwan, even as longer-term AI capital spending trends are still supportive. Liquidity in private markets: Reports of redemption gates and capped withdrawals at certain evergreen private credit and private equity vehicles highlight the persistent liquidity mismatch in less-frequented asset classes. Expect continued scrutiny of fund structures, NAV marks, and cash management practices. Global growth path: Forecast scenarios from multilateral institutions underscore that a prolonged geopolitical shock into next year could pressure world growth and push some economies toward the brink of recession. That keeps policy optionality, fiscal backstops, and commodity markets squarely in focus. Equities US: Futures point to a pause after recent record-setting runs. The AI supply chain remains the market’s structural leadership group, but earnings execution and cash flow durability are front and center for the next leg. Several large-cap technology, cybersecurity, healthcare, and travel/leisure names report today and after the close, which may set the tone for factor leadership this week. Europe: A softer open as energy strength meets broader multiple fatigue. Consumer and industrial bellwethers are trading on idiosyncratic catalysts, including deal activity and guidance updates. Asia: Japan remains the regional bright spot for foreign allocation given breadth and reform tailwinds. Select ASEAN markets are contending with currency weakness and outflows, while Greater China sentiment is cautious amid property and growth concerns. Rates and FX US Treasury yields are nudging higher alongside oil, reflecting a modest reappraisal of near-term inflation risk and term premium. The long end remains sensitive to supply dynamics and growth resilience. The dollar is firm on policy and growth differentials. Yen moves remain a swing factor for Japan equities and buyback math. In EM, pockets of currency pressure persist where external balances are tighter and terms of trade are less favorable. Commodities Oil: The bid in crude is being driven by supply-risk headlines and positioning. A sustained push above recent ranges would likely rekindle discussions about headline CPI stickiness and margin compression outside of energy producers. Metals: Gold and base metals are range-bound early; watch real rates and China growth signals for direction. Trade Global Commodities & Futures Hedge against inflation and geopolitical risks with seamless access to global energy and metal futures. Explore Futures Trading Digital assets Bitcoin trades softer as investors weigh ETF flow variability, tighter liquidity conditions, and the availability of alternative exposures (energy, gold, profitable AI beneficiaries). Correlations with tech have loosened, and macro sensitivity to real yields has been more visible. Earnings and events to watch Earnings: Notable reports in semiconductors, software/cybersecurity, medtech, and online travel could influence factor dispersion (quality, momentum) and broader risk tone. Macro: Keep an eye on the week’s labor data, services activity gauges, and central bank speakers for clues on growth and the inflation path. Policy: Any incremental detail on US tariff proposals and updates on Middle East developments remain key swing variables for commodities, FX, and cyclicals. Positioning considerations (not investment advice) Equity: Maintain focus on earnings visibility and balance sheet strength. The AI-capex cycle remains a secular support, but leadership is getting narrower; consider diversification across beneficiaries with proven operating leverage. Fixed income: Elevated oil and sticky services inflation argue for caution on duration at the margin. Short/intermediate tenors and barbell approaches can help navigate event risk. Commodities: Energy exposure acts as a hedge against geopolitical and inflation surprises; risk-manage around headline volatility. FX: Dollar strength tends to persist when US growth outpaces and policy stays relatively tighter. Yen sensitivity to policy and intervention talk remains high. Liquidity: For private-market allocations, reassess vehicle structures, redemption terms, and cash buffers in light of recent gating headlines. Risk radar Geopolitical escalation spilling into supply chains and commodities Trade/tariff announcements altering corporate cost structures Narrow market leadership and leverage in popular trades Liquidity in private vehicles versus redemption demands Data note: Market levels above are indicative snapshots from widely used pricing sources as of early US morning and may have moved since publication. Access Award-Winning Global Brokerage Execute your multi-asset strategies with the UAE’s premier institutional and retail broker. Discover Investment 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. 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2 June 2026 – Daily Market Updates Global Markets Morning Briefing As of 06:35 AM ET Brent crude futures: $94.04 (-1.0%) S&P 500 futures: 7,603.25 (-0.1%) Stoxx Europe 600: 625.76 (+0.7%) Hang Seng: 26,038.32 (+2.5%) Kospi: 8,801.49 (+0.1%) US 10-year Treasury yield: 4.43% (-2 bps) Market data subject to provider delays. Top Takeaways Equity tone: After a strong multi-session advance led by AI beneficiaries, US equity futures are marginally softer, while Europe is firmer and most of Asia closed higher with notable strength in Hong Kong. Rates and FX: Treasury yields are little changed, holding near the mid-4% range on the 10-year as investors balance firm activity data against moderating inflation trends. The dollar remains supported by growth differentials and haven flows. Commodities: Oil is steady-to-softer after recent gains, with markets weighing supply risks around key shipping lanes against demand signals. Tightness is evident across parts of the commodity complex, and drawdowns in inventories are in focus. Primary markets in focus: A wave of mega-sized equity issuance and listings tied to AI and digital infrastructure is reportedly lining up, potentially totaling hundreds of billions of dollars over the coming quarters. This will test risk appetite and price discipline across the broader market. Europe macro: Recent euro-area inflation readings re-accelerated, reinforcing expectations for near-term policy action and keeping front-end rates sensitive to data surprises. The Big Theme: An AI-Era Capital Raise Multiple high-profile technology and AI-adjacent companies are preparing substantial equity financings and potential listings. The scale is large enough to matter for market breadth, factor leadership, and liquidity. Key debate: Could new supply crowd out demand for the rest of the market? Countervailing forces include elevated corporate buybacks, continued inflows into equity funds, and robust retail participation in thematic exposures. What to watch: Pricing discipline for high-growth, cash-burning stories versus profitable compounders. Allocation effects on non-AI sectors if demand clusters around a few marquee deals. Follow-on activity from established tech platforms to fund capex-intensive AI buildouts. Convertible issuance and hybrid structures as rate volatility stays elevated. Sector and Style Check Semiconductors and AI infrastructure: Ongoing optimism around compute demand, networking, and optics. Companies leveraged to data-center buildouts continue to see strong interest. Megacap tech: Headlines around prospective capital raising can introduce near-term volatility even as longer-term AI investment cases remain intact. Hardware and enterprise IT: Positive guidance tied to AI server demand and accelerated infrastructure cycles is supporting select names. Health care and biotech: Stock-specific clinical readouts are driving dispersion; risk management around binary outcomes remains essential. Financials in Europe: Consolidation dynamics continue to percolate, with cross-border interest and scale benefits back in the conversation. Rates, Credit, and Liquidity Government bonds: Range-bound trading persists as markets await the next catalysts from inflation, growth, and labor prints. Term premium remains a swing factor. Credit: Primary issuance windows are open; investor demand is healthy for high-quality paper. Watch for opportunistic refinancing and potential uptick in converts alongside equity supply. Liquidity: If the equity calendar becomes crowded, expect concessions on later deals, greater selectivity, and potentially wider intra-day swings around bookbuilds. Trade Global Futures & Options Manage risk and capture opportunities with seamless access to over 15 global exchanges directly from the DIFC. Explore Futures Contracts Commodities and Geopolitics Energy: Price action reflects a tug-of-war between supply disruptions near strategic chokepoints and concerns that higher prices could cool demand. Inventory trends and time spreads remain key signals. Metals: Structural demand for copper and related inputs from electrification and data centers is a supportive medium-term theme; near-term moves remain data- and China-sensitive. Agriculture: Weather risks are on the radar, with the potential for yield variability to affect price volatility. Digital Assets Sentiment cooled, with the largest token slipping below a widely watched round-number threshold. Macro rates and liquidity conditions continue to drive cross-asset beta, including crypto. Positioning Considerations (not investment advice) Maintain diversification: AI leadership has been powerful, but breadth can matter if issuance crowds the top end of the market. Mind liquidity: Stagger entries around large deal calendars; be patient on price in crowded themes. Balance growth and quality: Focus on cash flow visibility, unit economics, and capex intensity. Duration risk: Keep an eye on rate sensitivity in equity and credit exposures as yields consolidate. Hedging: Consider volatility overlays around macro prints and large capital-raising events. What’s Next Deal calendar: Monitor filings, price talk, and initial allocations for upcoming offerings tied to AI and infrastructure. Policy watch: Central bank communications in the US and Europe, with inflation prints steering near-term paths. Data pulse: Growth, labor, and earnings revisions will set the tone for risk appetite into mid-month. Institutional-Grade Brokerage Services Leverage world-class infrastructure and deep liquidity tailored specifically for funds and family offices. 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. 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1 June 2026 – Daily Market Updates Morning Markets Brief: Mega-Listings Shift the Playbook Overview US equity futures are modestly higher, pointing to a steady start after recent highs. Tech remains the driver as investors lean into the AI and data-center buildout. Oil is firmer, with Brent hovering in the mid-$90s amid supply headlines and lingering geopolitical risk—supporting energy shares but complicating the inflation outlook. The US 10-year Treasury yield is edging up around the mid-4% area as markets weigh resilient growth against a slow path for disinflation. Asia was broadly constructive overnight, led by Japan and Korea, as investors rotate toward technology and growth stories. Theme of the Day: The “Mega-IPO” Ripple Effect A forthcoming blockbuster listing from a leading space, satellite, and AI-infrastructure company is prompting a rare, market-wide reset: Index rules: Benchmark providers are adapting inclusion criteria to accommodate outsized new entrants, which could accelerate the path from IPO to index membership for large-cap newcomers. Passive flows: Quant teams at index and passive managers are modeling sizable buy-on-inclusion demand—important for liquidity planning across desks. ETFs and wrappers: Issuers are preparing thematic and broad-based vehicles that may feature the new name quickly after listing, seeking to capture investor appetite without concentrated single-stock risk. Retail interest: Pre-IPO/secondary vehicles and structured access products are seeing heightened activity, underscoring demand for exposure but also highlighting liquidity, valuation, and due-diligence risks. Portfolio takeaway: An offering of this scale can temporarily absorb market liquidity and create cross-asset knock-on effects (funding, hedging, and sector rotations). Traders should be mindful of settlement calendars, potential index-tracking adjustments, and short-term volatility around pricing and allocation. Equities: Rotations Beneath the Surface AI into PCs: Announcements around next-gen PC platforms that pair advanced CPUs with accelerated computing are reshaping expectations for the PC refresh cycle. Chipmakers are diverging as the market handicaps winners in AI-enabled laptops, while select hardware OEMs continue their recent rebound on the prospect of demand tailwinds. Japan leadership: A tech-led advance has helped keep Japanese equities supported, with market leadership rotating toward platforms and holdings levered to AI infrastructure and connectivity. Corporate activity: Large-cap M&A is stirring in housing and other cyclicals, hinting at confidence in medium-term demand even as financing costs remain elevated. Europe watch: Travel and transport names remain sensitive to fuel costs and uneven demand, while financials and energy are buoyed by higher rates and oil respectively. Rates and Credit US yields continue to reflect a “higher for longer, but data dependent” stance. Front-end rates are pinned by policy expectations; the long end is adjusting to growth resilience and fiscal supply. Credit spreads remain broadly contained, supported by healthy earnings and ample liquidity. Primary markets are active but selective, with investors favoring balance-sheet discipline and clear cash-flow visibility. Commodities and Currencies Energy: Crude’s climb is supporting producers and services, but prolonged strength could re-ignite inflation anxieties and complicate rate-cut timelines. FX: Dollar tone is mixed, balancing firmer US data against improving growth signals in parts of Asia. Higher oil can be a headwind for energy importers and a tailwind for exporters. Positioning and Flows Cash balances in liquidity funds are near record territory, reflecting attractive short-term yields and a preference for optionality. This “dry powder” can cushion drawdowns but also cap upside if investors stay sidelined during risk-on stretches. Hedge fund activity has tilted more constructive in recent weeks, with net buying focused on tech and AI beneficiaries while trimming crash hedges—raising the importance of disciplined risk management into data and event risk. The Week Ahead: What Matters US: ISM manufacturing and services, JOLTS, factory orders, and the Fed’s Beige Book culminate in Friday’s jobs report (payrolls, jobless rate, wages). Labor tightness versus disinflation remains the core debate for the policy path. Euro Area: Flash inflation, retail sales, and producer prices will test the case for measured central-bank easing into the summer. Asia-Pacific: Australia GDP and a run of regional inflation and spending data offer a read on domestic demand and policy trajectories. What to watch: Any upside surprise in US labor or services inflation could nudge yields higher and challenge duration-sensitive equities; softer prints would likely support rate-cut hopes and risk assets. Strategy Thoughts Liquidity management: With a mega-offering approaching, consider settlement timing and temporary cash needs. Short-duration instruments remain a useful parking place for capital without sacrificing yield. Barbell in equities: Pair secular AI infrastructure beneficiaries (chips, networking, power, select OEMs) with quality cyclicals tied to construction, logistics, and industrial automation. Maintain diversification across regions to balance currency and policy risks. Energy hedge: Elevated oil supports energy equities and cash flows; offsetting exposure elsewhere can help manage inflation and rate surprises. Risk controls: Into payrolls and index rebalancing windows, tighten stops and reassess factor exposures (momentum, size, quality) to avoid unintended concentration. Navigate Market Volatility with Precision Leverage futures and options strategies to manage risk and capitalize on shifting sector rotations. Trade Futures & Options Key Risks Re-acceleration in inflation driven by services or energy. Liquidity drain or short-term dislocations around oversized equity issuance and index changes. Geopolitical flare-ups with spillovers to commodities and supply chains. Policy surprises if growth or jobs data materially diverge from trend. Bottom Line Markets are leaning risk-on, but the combination of a landmark listing, firm energy prices, and a data-heavy week argues for disciplined positioning. Stay nimble around event risk, keep cash deployment staggered, and maintain balance between secular growth themes and cyclical resilience. 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

29 May 2026 – Daily Market Updates Market Brief: May’s Rally Defies Seasonal Weakness; Global Risk Appetite Broadens Overview The longstanding market adage that equities tend to struggle from May through summer has been upended this year. Major US benchmarks are hovering near record territory into month-end, with technology leadership intact and volatility muted. The advance has been supported by resilient earnings, accelerating investment in artificial intelligence infrastructure, and an improved geopolitical tone in the Middle East. Gains have not been confined to the US: European shares are edging toward highs, and parts of Asia have surged on semiconductor strength and upgraded growth prospects Equities United States: Large-cap indices are pacing for a robust May and a multiweek winning streak, with megacap tech continuing to anchor performance. Participation beyond the very largest names has improved modestly, though leadership remains concentrated in AI, chips, and compute infrastructure. Traders note that as new highs persist and realized volatility stays subdued, the conversation is shifting from hedging to how sidelined cash may re-enter on dips. Europe: Regional equities are firmer into month-end and within reach of prior peaks. A mix of defensive and cyclicals is participating, even as fresh inflation readings on the continent complicate the near-term policy outlook. Asia: North Asia is leading global gains. Semiconductor and hardware names tied to AI buildouts have driven sharp advances, particularly in Korea and Japan. Elsewhere, optimism around tech demand has underpinned brighter growth forecasts in parts of the region. Ready to Navigate Global Markets? Gain seamless access to global stocks, ETFs, and derivatives with our institutional and retail brokerage services. Explore Trading Products Rates and Credit US Treasuries: Yields are broadly steady in the belly and long end into month-end, with the 10-year hovering in the mid‑4% area. Markets are balancing firm activity data and sticky components of inflation with evidence of easing supply pressures and softer energy. The front end remains sensitive to incoming price readings and labor data. Europe and UK: Firmer inflation prints in select countries have nudged expectations toward tighter policy risks than previously assumed. Curves remain choppy as traders reassess the timing and extent of any additional moves from major central banks. Credit: Primary issuance has been active into the final stretch of May, helped by risk-on sentiment. Spreads are largely stable, with higher-beta segments outperforming on the week. Commodities Energy: Crude is lower into month-end despite lingering geopolitical risk, as supply expectations and improved cease-fire prospects dampen the war premium. Brent is trading around the low-$90s, on course for a sharp monthly decline after a strong run earlier in the spring. Metals: Industrial metals are mixed as investors weigh resilient demand against a firmer US dollar. Precious metals are steady to softer on improved risk appetite. Currencies and Digital Assets FX: The dollar is modestly stronger on the month, supported by relative US rate expectations. That said, improved risk sentiment and the prospect of relatively tighter policy paths outside the US limit follow-through. European currencies found some footing as traders repriced local inflation risks. Crypto: Major tokens have eased from recent highs, with sentiment tracking broader liquidity conditions rather than policy headlines. Corporate Highlights AI infrastructure remains the core equity narrative. Strong guidance and demand indicators from server and data-center suppliers have spilled across the hardware ecosystem globally, lifting related names in the US and Asia. Select consumer and retail names lagged after cautious updates on category demand and product mix. Capital commitments to next‑generation compute remain notable, with multi‑year investment plans in advanced technologies drawing investor interest. Key Themes We’re Watching Inflation trajectory: US core inflation progress, European price dynamics, and how energy’s recent pullback feeds into summer prints. Policy path: The balance between growth resilience and inflation persistence for the Fed, and whether European central banks tilt more hawkish on recent data. Earnings breadth: Signs that performance is expanding beyond megacap tech, and the durability of AI‑related capital spending. Geopolitics: Any durable de‑escalation in the Middle East and implications for energy and havens. Positioning and flows: Systematic re‑risking, buyback activity into blackout exits, and whether cash on the sidelines leans into dips or strength. Market Snapshot (as of early US morning, subject to change) US equity futures: Flat to slightly higher near records Europe: Broad indices firmer, approaching highs Asia: Strong gains led by Korea and Japan on chip strength US 10-year Treasury: Steady around the mid‑4% range Brent crude: Around the low-$90s, lower on the month USD: Modestly firmer in May versus majors Risk Considerations Concentrated leadership raises vulnerability to factor reversals. Reacceleration in inflation—particularly in services—or renewed energy spikes could pressure duration and risk assets. Geopolitical headlines remain a swing factor for oil, the dollar, and broader risk sentiment. Looking Ahead Upcoming inflation and labor data in the US and Europe Early June central-bank commentary Ongoing AI, semiconductor, and cloud spending updates from corporates Energy policy and producer guidance into the summer driving season Build a Resilient Investment Strategy Discover tailored wealth management solutions and structured products designed to optimize returns while aligning with your risk profile. Discover Wealth Management 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. 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28 May 2026 – Daily Market Updates Global Markets Morning Brief: May 28, 2026 Equities struggled while oil and government bond yields climbed as fresh tensions in the Middle East kept energy markets on edge and reignited inflation worries. Technology leadership remains intact but increasingly selective, with AI infrastructure names buoyed by tangible profit growth even as parts of software wobble on shifting demand and competitive dynamics. Market at a glance (early US hours) US equity futures: slightly lower; Europe softer; Asia mixed with Korea underperforming Oil: Brent near $96, up around 2%, on supply risk premium Rates: US 10-year Treasury yield hovering near 4.5%, edging higher alongside oil FX: Dollar mixed; China’s yuan firming on resilient high-tech exports Crypto: Bitcoin near $73,000, down about 2–3% Top theme: Earnings power vs. geopolitics AI’s heavy lifting is showing up in actual numbers. Memory-chip leaders tied to data center acceleration are seeing revenue and margins inflect higher, helping propel one US supplier to the trillion‑dollar club this year. The standout is not just the share price move but the scale of projected profit growth tied to high-bandwidth and next‑gen server demand. Valuation debate is alive: despite outsized year‑to‑date gains, some of these cyclicals still trade at discounts to mega‑cap peers on forward earnings, reflecting investor skepticism about how long the current upcycle can run. Counterweights to the growth narrative persist. Renewed Middle East risks are lifting crude and term yields, complicating the path for disinflation. Higher energy and potential weather‑related food pressures could keep headline inflation sticky even as core measures improve. Sector and stock dynamics to know Software bifurcation: A large enterprise applications provider telegraphed a cooler top‑line outlook, stoking concerns that AI is altering buying patterns and compressing traditional subscription growth. In contrast, select data‑platform names highlighted stronger pipelines tied to AI workloads and deepened hyperscaler partnerships. Hardware/infrastructure: PC/server and edge-compute suppliers drew support from fresh government and defense-related awards, reinforcing steady enterprise and public‑sector demand for compute and networking. Defense and drones: Unmanned-systems and related names caught a bid on chatter of expanded US funding interest, underscoring how geopolitics and fiscal priorities can drive thematic flows. Semicap/materials: A European wafer and materials provider surprised to the upside, extending a powerful year‑to‑date run as end‑markets for RF, power, and AI chips firm. Rates, FX, and commodities Treasuries: The back‑up in yields reflects a classic “growth-and-energy” mix—resilient activity plus higher oil. A sustained move higher in real yields would challenge long‑duration growth equities; a range‑bound drift would keep the current equity leadership intact. Currencies: The yuan’s steady appreciation streak highlights a shifting export mix in Asia toward higher‑value tech and AI‑related goods. Broader dollar direction remains data‑dependent as markets assess the timing and pace of any future policy easing. Energy: Crude’s grind higher is reintroducing margin pressure for rate‑sensitive and consumer‑exposed sectors while supporting cash flows across energy producers and services. Earnings in focus Financials: Major Canadian banks report today, offering a read on net interest margins, credit costs, and capital markets activity. Retail: Big‑box and specialty chains update on traffic, shrink, and discretionary demand ahead of mid‑year promotional periods. Technology: Cloud/data platforms, security, and infrastructure vendors detail AI‑related monetization, unit economics, and spending priorities into the second half. Staples and membership models: A large US warehouse retailer’s commentary on traffic and price perception remains a useful barometer of consumer resilience. Strategy snapshot The bull case: Earnings momentum is doing the heavy lifting. If a recession is avoided, aggregate forward P/E multiples in the low‑20s can be sustained, particularly with productivity gains from AI offsetting wage and cost pressures. The bear case: Higher-for-longer energy, renewed goods inflation, or an upside surprise in services could drive another leg up in yields, pressuring equity multiples—especially for duration‑sensitive growth stocks. Any cooling in AI infrastructure orders would also test sentiment after a powerful run. What to watch next: Corporate guidance around AI spending conversion to revenue, oil’s impact on inflation expectations and breakevens, and the tone from upcoming central bank speakers on the balance between patience and data dependency. Explore Wealth Management Solutions Tailored structured notes and investment strategies to align with your unique risk profile. Request a Consultation Risk radar Geopolitics: Developments near key shipping lanes and energy infrastructure Inflation mix: Energy and food volatility versus easing core goods Liquidity: Seasonal swings in issuance and central bank balance‑sheet dynamics Regulation: Ongoing scrutiny around data use, trading behavior, and AI deployment The bottom line Markets are navigating a familiar push‑pull: robust earnings—led by AI infrastructure and select cyclicals—versus higher oil and rates that complicate the disinflation path. For now, fundamentals are doing enough to support indices near highs, but leadership is narrowing and day‑to‑day tape action will likely key off crude, yields, and guidance quality. Access Global Trading Platforms Execute trades across global equities, futures, and FX with our award-winning brokerage services. Start Trading 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

27 May 2026 – Daily Market Updates Daily Market Briefing | 27 May 2026 Overview Risk appetite is holding up across major regions as enthusiasm around artificial intelligence and a pullback in crude prices support equities. Asia led overnight, with South Korea’s benchmark extending a striking year-to-date climb, while Europe opened firmer and US equity futures point to a modestly positive start. Government bond yields are a touch lower, and breadth and valuation remain central talking points as leadership stays concentrated in a handful of AI-linked winners. Market snapshot (approximate, at 06:35 a.m. ET; subject to change) South Korea equities: up a little over 2% on the session; the benchmark briefly doubled year-to-date at one point US S&P 500 futures: up around 0.3% Europe Stoxx 600: up about 0.5% China CSI 300: down just under 1% US 10-year Treasury yield: near 4.46%, a couple of basis points lower WTI crude: near $90, down roughly 4% Asia: Korea’s sprint, China softer South Korea’s market continues to be the standout in 2026. Gains remain heavily driven by AI infrastructure demand, with memory and high-bandwidth components doing the heavy lifting. At the same time, participation is uneven: while headline indices surge, a significant portion of constituents are lagging, highlighting narrow leadership. Valuation remains a differentiator. Korean equities still trade at a notable discount to major US benchmarks, a gap that has drawn interest from global managers seeking cyclical and restructuring exposure. Ongoing efforts to improve shareholder returns and modernize governance are a medium‑term catalyst. A potential upgrade in global index classification remains an important strategic objective for policymakers. Mainland China shares edged lower, with investors weighing a mixed domestic growth backdrop against incremental policy support and the global tech cycle. Europe: steady bid, policy caution European stocks are firmer, aided by the global tech updraft and relief from lower energy prices. Cyclicals are mixed, while rate‑sensitive pockets benefit from a small drift down in yields. Policymakers have flagged mounting signs of froth in certain asset classes, underscoring the tug‑of‑war between optimism on earnings and concerns around stretched valuations. That caution may keep dispersion high across sectors as investors differentiate on cash flow visibility and balance-sheet strength. US: AI momentum meets macro crosscurrents Futures signal a fifth straight up day as investors lean into the AI capex cycle. Semiconductor and hardware names tied to data center build‑outs remain in focus, while some software areas are choppier amid tighter spending signals and competitive dynamics. Lower crude prices are a tailwind for the growth narrative, easing headline inflation worries at the margin. However, the rates backdrop remains pivotal: Treasury yields have eased slightly, but the range remains elevated as markets parse resilient activity, sticky services inflation, and geopolitical risks. Street sentiment on the broad US equity outlook has improved alongside AI‑linked earnings revisions, though central bank and regulatory voices are reminding investors about late‑cycle vulnerabilities and the potential for sharper corrections if data or liquidity conditions deteriorate. The AI build-out is broadening Capital investment tied to AI continues to cascade through the ecosystem: from advanced memory and accelerators to optical networking, power, cooling, and edge connectivity. This has also revived interest in legacy communications and equipment providers whose products are integral to data transport and interconnects. In China, large internet platforms are evaluating substantial spending plans to compete in model training and inference, potentially accelerating regional supply chain orders and intensifying competition for high-spec components. Commodities and rates Oil: Crude slid sharply, with softer demand signals and improved supply expectations outweighing geopolitical risk premia for now. Energy equities and credit may remain volatile as curves adjust. Rates: The US 10‑year yield is a touch lower, with term premiums sensitive to fiscal dynamics, issuance, and global central bank paths. Any downside surprises in growth or a quicker disinflation path would support duration, while upside inflation risks or supply pressures could cap bond rallies. Earnings and corporate highlights Today’s docket spans North American banks, consumer discretionary names, and technology bellwethers across semiconductors and cloud software. Investors will be focused on: Guidance quality versus elevated expectations in AI‑exposed names Commentary on enterprise IT budgets, deal cycles, and pricing Inventory and capex signals across the chip supply chain Consumer demand resilience for discretionary categories Sector moves remain dispersed: space and satellite players have seen renewed interest on contract momentum, while some cybersecurity and infrastructure software names have come under pressure after softer outlooks. Key themes we’re watching Leadership concentration: Index gains remain reliant on a small cohort of mega‑cap and AI‑levered companies. Watch breadth, equal‑weight indices, and small/mid‑cap participation for signs of a healthier advance. Valuation vs. earnings power: Multiple expansion has outpaced fundamentals in several pockets. The durability of free cash flow and visibility of AI monetization will be critical to sustain premium pricing. Policy and liquidity: European and US policy signals will set the tone for risk premiums. Balance-sheet normalisation, Treasury issuance, and bank lending standards matter for financial conditions. Geopolitics and energy: Middle East tensions, supply disruptions, and OPEC+ decisions can quickly reprice the energy complex and feed into inflation expectations. Structural capex cycle: Data center power, grid upgrades, and optical capacity are emerging bottlenecks—and potential multi‑year revenue streams for select industrials, utilities, and communications suppliers. Portfolio considerations Maintain diversification across factors and regions to mitigate single‑theme risk. Emphasize quality: strong balance sheets, high return on invested capital, and cash generative models. In cyclicals, prioritize names with clear operating leverage to AI infrastructure or visible order backlogs; in defensives, focus on pricing power and regulated returns. Use volatility to adjust exposures rather than chase extended moves; consider staged entries and defined risk parameters. Explore Global Investment Opportunities Access a wide range of global equities, ETFs, and fixed-income securities tailored to your portfolio needs View Investment Solutions Calendar highlights (next 24–48 hours) Corporate: US/Canada banks, specialty retailers, semiconductors, and large-cap cloud and hardware updates Macro: Weekly labor data in the US; regional business surveys in Europe; official comments from central bank speakers across both regions Disclaimer: Trading

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