Weekly Global Market Update

Weekly Global Market News – August, Week 4 Week Ahead: Jackson Hole takes center stage, Nvidia’s results loom, and inflation updates roll in A busy late-August stretch awaits markets, with central-bank chatter from Wyoming, a marquee chipmaker’s earnings, and a fresh round of inflation and confidence data likely to set the tone for rates, equities and FX. Top themes to watch Jackson Hole and the policy path: Federal Reserve chair Kevin Warsh is slated to deliver the headline address at the annual economic symposium in Jackson Hole on Friday. With the September FOMC meeting approaching, investors will parse his language on growth resilience, inflation stickiness and the balance between easing financial conditions and maintaining price stability. AI bellwether on deck: Nvidia reports on Wednesday after the US close. Management has already guided strongly; the key question is whether data-center momentum, networking supply, and AI software economics can exceed high expectations and sustain broader enthusiasm across semiconductors and Big Tech. Inflation pulse and growth checks: Price updates arrive from Australia and Japan, while the US releases July personal income and outlays, including the PCE price index, alongside a second estimate of Q2 GDP. Shifts in core services inflation and revisions to growth will influence front-end yields and rate-cut timelines. Confidence and the consumer: Sentiment readings from the US and Germany will test the durability of household demand as higher rates and uneven real income gains persist. Retail earnings later in the week add micro detail. Geopolitics and global events: Ukraine’s Independence Day arrives Monday with an address expected from President Volodymyr Zelenskyy amid a complicated wartime and domestic political backdrop. Over the weekend, Iceland is scheduled to vote on whether to resume EU accession talks, and a partial lunar eclipse closes the week. Market implications at a glance Rates: Any hint from Jackson Hole that policy will stay restrictive for longer could push front-end yields higher and flatten curves. A cooler US core PCE would do the opposite. Equities: Nvidia’s print and outlook may sway the AI trade, factor leadership and risk appetite into month-end. Retail and software updates provide signals on margins and enterprise demand. FX: AUD is sensitive to Australia’s CPI; JPY to BoJ commentary and Japan’s price data; EUR to German business sentiment and labor figures; CAD to Q2 GDP. Commodities: Energy headlines from the ONS conference and any guidance from integrated oil executives could nudge crude sentiment; gold will track real yields and Fed rhetoric. Explore Global Market Opportunities Diversify your portfolio by accessing US, GCC, and International equities. Invest in Global Equities The calendar Monday Energy and infrastructure: Shell CEO Wael Sawan is scheduled to speak at the Offshore Northern Seas (ONS) conference in Norway. Nuclear industry: The Nuclear Energy Conference & Expo (NECX) opens in Dallas, convening utilities, advanced reactor developers, regulators and investors (through Thursday). Inflation: Singapore July CPI. World events: Ukraine marks Independence Day with a national address expected; Jordan’s King Abdullah II concludes a visit to China; US jury selection begins in the Lockerbie bombing case; Silk Road Finance and Technology Forum starts in Tashkent (through Wednesday). Tuesday Trade and growth: EU Q2 trade data (including US/China flows); Germany August ifo Business Climate; Germany Q2 GDP estimate. US consumer: Conference Board consumer confidence. Earnings: Gold Fields (HY), Heico (Q3), Intuit (Q4/FY), Lego (HY), Zoom (Q2). World events: Scottish Fiscal Commission fiscal update; South Carolina special Republican primary run-off to fill a US Senate seat. Wednesday Central banks: Richmond Fed President Thomas Barkin participates in a Greensboro, NC business panel. Inflation: Australia July CPI; Japan July services PPI. US macro: July personal income and outlays (with PCE inflation); Q2 GDP, second estimate. Earnings: Abercrombie & Fitch (Q2), Agilent (Q3), CrowdStrike (Q2), HP (Q3), Nvidia (Q2, after market), Okta (Q2), Salesforce (Q2), J.M. Smucker (Q1), Synopsys (Q3), Williams‑Sonoma (Q2). World events: Spain’s La Tomatina festival. Thursday Central banks: BoJ Deputy Governor Ryozo Himino speaks in Saitama. Europe/UK data: Germany Q2 real earnings; UK July capital markets issuance statistics. Earnings: Autodesk (Q2), Best Buy (Q2), CIBC (Q3), Delivery Hero (Q2 trading update), Dollar General (Q2), Dollar Tree (Q2), Gap (Q2), Harmony Gold (FY), Hormel (Q3), Marvell Technology (Q2), Pernod Ricard (Q4/FY), Prudential (HY), Qantas (FY), Royal Bank of Canada (Q3). World events: Jackson Hole economic policy symposium opens (through Saturday). Friday Growth and labor: Canada Q2 GDP; Germany August labor market statistics. Earnings: Asda (Q2 update), Bank of China (HY), Bertelsmann (HY), Northam Platinum (FY). World events: Partial lunar eclipse visible across parts of the Americas, Europe, Africa and western Asia; UK Home Office publishes immigration statistics. Saturday World events: Iceland votes on whether to restart EU accession negotiations; Notting Hill Carnival opens in London (family day). Sunday World events: Guinea‑Bissau referendum on presidential powers; NASA’s Nancy Grace Roman Space Telescope launch planned on a Falcon Heavy; US Open tennis begins in New York. Company and sector watchpoints Semiconductors and AI: Nvidia and Marvell will shape sentiment on data-center capex, AI inference vs training demand, networking bottlenecks and inventory health across the supply chain. Software and cybersecurity: Salesforce, CrowdStrike, Okta, Synopsys offer read-throughs on enterprise IT budgets, deal cycles and AI monetization. Retail and consumer: Best Buy, Dollar General, Dollar Tree, Gap, Williams‑Sonoma, Abercrombie & Fitch test discretionary resilience, category mix, shrink dynamics and promotional intensity. Industrials/healthcare: Agilent’s orders and China exposure; Heico’s aerospace demand indicators. Energy and materials: Shell remarks at ONS and Harmony Gold’s results provide signals on capex discipline, cost inflation and commodity price sensitivity. Beverages and travel: Pernod Ricard on premium spirits demand; Qantas on capacity, yields and international recovery. Questions investors are asking Does Jackson Hole rhetoric point to restrictive policy for longer, or a conditional pivot tied to softer services inflation and cooling labor demand? Can Nvidia’s data-center revenues, gross margins and supply outlook surpass already-elevated expectations and keep the AI trade’s breadth intact? Will US core PCE confirm disinflation progress without undermining growth, and do revisions to GDP alter the “soft-landing” narrative? How sensitive are AUD and

Weekly Global Market News – August, Week 3 Markets Week Ahead: Tariff brinkmanship, Japan’s growth check, UK inflation, Fed minutes, and US retail earnings Welcome to the new trading week. Below is your concise guide to the catalysts most likely to move markets, across macro, earnings and policy. Use it to frame risk, refine entries, and spot potential rotations. What matters for portfolios this week US–Canada trade flare-up: A proposed 50% US tariff on a broad range of Canadian imports could take effect on Wednesday. Media reports suggest exemptions may include energy, potash, seafood and critical minerals. Expect headline risk and FX volatility (USD/CAD), with knock-on effects for autos, agriculture, beverages, and select industrial supply chains. Watch for last-minute negotiations and any phased implementation. Japan growth and inflation: Q2 GDP arrives Monday, followed by July CPI on Friday. A firmer growth print and sticky services inflation would keep pressure on the Bank of Japan’s gradual normalization path, supporting JPY and lifting JGB yields. A soft outcome would do the reverse. UK price data: Wednesday’s CPI and PPI are pivotal for the BoE path. Sticky core/services would challenge near‑term cut expectations; a faster disinflation pulse would bolster gilts and weigh on GBP. Friday’s retail sales and public finance numbers add color on demand and fiscal space. Fed minutes: Thursday’s release from the latest FOMC meeting should clarify how confident policymakers are about disinflation, the balance of risks, and how they’re thinking about “higher for longer” vs. a gradual easing bias. Sensitivity highest in front-end rates, breakevens and the dollar. US consumer health via retail earnings: Big-box and specialty retailers report through the week (Walmart, Target, Home Depot, Lowe’s, Ross Stores, plus Deere as a capex bellwether). Look for signals on traffic vs. ticket, trade‑down, shrink, inventory discipline, and promo cadence as goods disinflation meets steady services inflation. Macro and policy snapshot by region United States Data/events: Import/export price indices (Tue), FOMC minutes (Wed), Conference Board Leading Index (Thu), S&P Global flash PMIs and state labor data (Fri). Market read‑through: A “still-cautious” Fed tone would cap the front end but keep term premia supported. Resilient PMIs would favor cyclicals; a downside surprise would aid long duration and defensives. United Kingdom Data/events: CPI/PPI (Wed); Blue Book GDP revisions and consumer sentiment (Thu); retail sales and public finances (Fri). Market read‑through: Services CPI remains the swing factor for GBP and short gilts. Softer retail sales would underscore real income dynamics and margin pressure for discretionary names. Euro area Data/events: Final July HICP and job vacancies (Wed), Germany PPI (Thu), flash PMIs (Fri). ECB President Christine Lagarde appears on a global outlook panel Wednesday. Market read‑through: Another subdued inflation print and soft PMIs reinforce a gradual easing bias into the autumn, supportive for periphery spreads and rate‑sensitive equities. Japan Data/events: Q2 GDP (Mon), CPI (Fri). Market read‑through: Evidence of capex rebound or firm services inflation strengthens the case for further BoJ fine‑tuning, favoring banks and domestic cyclicals; weaker prints support exporters via a softer JPY. China Data/events: July industrial output (Mon), policy rate decision (Thu). Market read‑through: Any incremental policy support and steadier production would help materials and Asian cyclicals. Markets remain sensitive to property headlines and consumption momentum. Australia and Canada Australia: Labor force survey (Thu). Strength would buoy AUD and support a stickier‑rates narrative. Canada: July CPI (Mon) and tariff headlines (Wed). A firmer CPI alongside tariff risk could lift front-end Canadian yields and pressure CAD crosses; exemptions or delays would likely reverse some moves. Earnings spotlight US retail and consumer: Walmart (Thu), Target (Wed), Home Depot (Tue), Lowe’s (Wed), Ross Stores (Thu). Focus on traffic trends, private‑label share, wage/benefits headwinds, and 2H guidance. Global tech and platforms: Alibaba (Thu), Baidu (Tue), NetEase (Thu), Xiaomi (Tue), Klarna (Tue). Watch cloud, AI monetization, domestic demand, and cross‑border logistics. Industrials/commodities: BHP (Tue), Fortescue (Thu), Deere & Co (Thu), Exxaro (Thu), Qube (Thu). Iron ore/steel spreads, miner capex discipline, and precision ag demand are in focus. Consumer/health/other: Estée Lauder (Wed), Carlsberg (Wed), Geberit (Wed), AIA (Thu), HKEX (Wed), Ithaca Energy (Wed), Evolution Mining (Wed), Santos (Wed), Viking (Wed), Ping An (Fri), Aurizon (Mon), NAB trading update (Mon), Challenger (Tue), Cochlear (Tue), Mercury Systems (Tue), Analog Devices (Wed), Hays (Thu). Trade Global Markets & Earnings Volatility Capitalize on corporate earnings and macro events with regulated Futures and Options. Explore Futures & Options Trading The week at a glance (all times local; selection) Monday Japan: Q2 GDP estimate China: July industrial production Canada: July CPI UK: Labor market surveys Speakers: ECB’s Philip Lane on Europe’s defence build‑up and macro/financial stability Earnings: Aurizon (FY), NAB (Q3 update) Tuesday UK: Labor market data (incl. flash productivity) Germany/Switzerland: Q2 labor metrics US: Import/export prices Earnings: Home Depot, BHP, Baidu, Amer Sports, Cochlear, Challenger, Keysight, Klarna, Mercury Systems, Xiaomi Wednesday Euro area: July HICP (final) and Q2 job vacancies UK: July CPI/PPI US: FOMC minutes Speakers: ECB President Lagarde on the global outlook Potential US 50% tariffs on a wide set of Canadian imports (watch for scope/exemptions) Earnings: Target, Lowe’s, Estée Lauder, Analog Devices, Carlsberg, Geberit, HKEX, Ithaca Energy, Evolution Mining, Santos, Viking Thursday China: Policy rate decision Australia: Labor force report Germany: PPI UK: Blue Book national accounts update; consumer sentiment US: Conference Board Leading Index Earnings: Walmart, Alibaba, Deere, Ross Stores, NetEase, AIA, Fortescue, Hays, Exxaro, Qube Friday Global: S&P Global flash PMIs (Australia, euro area, France, Germany, India, Japan, UK, US) Japan: July CPI UK: Retail sales and public finances France: Retail sales and services output US: State employment and unemployment Earnings: Ping An Asset-class takeaways FX USD/CAD: Highly sensitive to tariff headlines. Enactment without broad carve‑outs likely lifts USD/CAD; delay/softening likely reverses. Watch Canada CPI for BoC pricing. GBP: Core/services CPI the key swing factor; sticky prints support GBP on rates, soft prints weigh. JPY: Stronger Japan data and whiff of BoJ normalization support JPY; weak prints keep carry attractive. Rates US: Minutes that emphasize patience over pre‑emptive cuts support a flatter curve bias; any dovish nuance

Weekly Global Market News – August, Week 2 The Week Ahead: Markets, Policy, and Earnings (Aug 10–16, 2026) A mid‑August stretch that’s typically quiet is shaping up to be anything but. Alongside a dense macro calendar and another wave of corporate results, investors will also be navigating an unusual set of real‑world catalysts: a UK by‑election that’s drawn outsized attention and a rare total solar eclipse crossing parts of Europe with implications for travel, tourism, and electricity markets. What matters for portfolios this week UK politics and market tone: A by‑election in Clacton on Thursday has become a focal point after the constituency’s MP resigned. Polling suggests the Reform UK leader is favoured to retain the seat, while a satirical candidate has polled surprisingly strongly. Markets rarely reprice on by‑elections alone, but sterling, UK small/mid caps and domestic rate expectations could be marginally sensitive if the result hints at broader voter shifts or if a subsequent standards ruling sparks another contest. Inflation checkpoint: US CPI (Wed) and PPI (Thu) headline the global data slate. With US growth resilient and core disinflation uneven, any upside surprise could nudge Treasury yields higher, support the dollar and weigh on duration‑heavy equities. Germany (Wed) and France (Fri) publish CPI updates, while the euro area releases flash Q2 GDP (Fri). UK growth pulse: The first estimate of UK Q2 GDP (Thu) will show whether the recent pickup in activity has legs. A firmer print would likely support gilts at the short end (hawkish interpretation) and underpin banks and domestically exposed equities; a soft outcome would have the reverse bias and could re‑open easing chatter for later in the year. Central banks: Australia sets policy on Tuesday; guidance on the balance between sticky services inflation and a slowing consumer matters for AUD and local rates. Norway follows on Thursday; watch for any signal on the path ahead after its recent inflation trends. Fed speakers are on the circuit Thursday. Energy watch: IEA and OPEC publish monthly oil market updates on Wednesday. With shipping risks in key chokepoints lingering and inventories tight, supply‑demand revisions may ripple through crude and energy equities. The eclipse effect: A total solar eclipse on Wednesday, visible along a path from Greenland through Iceland and into parts of the Iberian Peninsula, is a boon for tourism and cruise operators. Short‑term, grid operators across affected regions may need to balance a sharp, temporary drop in solar generation and a rapid ramp afterward—potentially injecting volatility into intraday power prices and ancillary services. Sovereign wealth spotlight: Norway’s oil fund reports half‑year results and updates its holdings on Wednesday. Given its equity tilt, performance will largely mirror global benchmarks; the holdings disclosure can nevertheless move sentiment toward any high‑profile private or public positions. Earnings: themes and key names Trade lanes and freight rates (Thu): AP Moller‑Maersk will be parsed for commentary on Suez/Red Sea reroutings, Hormuz risks, and contract mix versus spot rates. Watch capex discipline, guidance, and demand elasticity in Europe/US. Semis and AI plumbing (Wed/Thu): Cisco (Wed) provides a view on enterprise networking demand, AI‑driven data‑centre backbones, and order visibility. Applied Materials (Thu) is pivotal for wafer‑fab equipment trends, memory versus logic spending and AI server content per rack. China internet and hardware (Wed/Thu): Tencent (Wed) on advertising momentum, cloud profitability and gaming cadence; JD.com (Thu) on consumer discounting intensity, logistics margin and inventory turns. Renewable build‑out (Wed/Thu): Vestas (Wed) on turbine pricing, inflation pass‑through and offshore execution; Ørsted and RWE (Thu) for offshore wind project timelines, financing costs and any asset rotation. Metals, miners and gold (Mon/Thu): Barrick (Mon) on cost discipline and project pipelines; Antofagasta and Pan American Silver (Thu) for copper/silver sensitivity to China’s demand tone and capex outlook. Travel, property and consumer (Mon/Wed/Thu): InterContinental Hotels (Tue) on Europe/US RevPAR, corporate versus leisure mix; Simon Property (Mon) for US mall traffic and leasing spreads; Adyen (Thu) on payments volume growth, take rates and enterprise onboarding. Autos and mobility (Thu): Tata Motors (Thu) for JLR margin progress, EV mix and China exposure. Aerospace/space (Mon): Rocket Lab (Mon) for launch cadence, backlog and space systems revenue split. Macro and policy calendar Monday, Aug 10 Japan: Summary of Opinions from the July policy meeting UK: KPMG/REC Report on Jobs US: Conference Board Employment Trends Index Earnings highlights: Rocket Lab, Barrick, Simon Property Group, Ferguson, Sumitomo Metal Mining, Axsome Therapeutics, Rakuten Tuesday, Aug 11 Australia: Rate decision UK: BRC July retail sales monitor Earnings highlights: InterContinental Hotels, On Holding, Alcon, Cardinal Health, Lumentum, Uniper, CEZ, JBS, Elbit Systems, Smithfield Foods, WH Group Wednesday, Aug 12 Norway: Sovereign wealth fund H1 results and full holdings list IEA and OPEC monthly oil reports Germany: July CPI/HICP US: July CPI; real earnings Eclipse: Totality path through parts of Greenland, Iceland, Portugal and Spain; partial across much of Europe Earnings highlights: Cisco Systems, Tencent, Vestas, Commonwealth Bank of Australia, Computershare, Brenntag, Constellation Software, Foxconn, Tokio Marine, Tui Group, Amcor, Hill & Smith, K+S, Metro, Performance Food Group, Franco‑Nevada, Power Assets Thursday, Aug 13 UK: Q2 GDP (first estimate) US: July PPI; Fed speakers on the circuit Norway: Rate announcement Corporate: Final acceptance deadline for Frasers’ offer for Hugo Boss Earnings highlights: AP Moller‑Maersk, Applied Materials, JD.com, Adyen, Antofagasta, Ørsted, RWE, Hapag‑Lloyd, China Mobile, CK Hutchison, Nu Holdings, Origin Energy, Insurance Australia Group, Pan American Silver, Standard Bank, Thyssenkrupp, Savills, Tata Motors, Pershing Square Friday, Aug 14 Euro area: Flash Q2 GDP and employment France: July CPI Switzerland: Flash Q2 GDP Australia: RBA Governor testimony Earnings highlights: Aviva, Talanx, Asics, Ebara, MS&AD, Sompo Sector lenses to consider Rates and FX: US CPI/PPI are the main dollar and Treasury drivers. A firm CPI skew would likely lift front‑end yields and reignite USD carry; a downside miss could aid duration and cyclicals. UK GDP adds a domestic twist to gilts and GBP crosses. Equities: AI infrastructure and capex signals (Cisco, Applied Materials) will feed the broader “AI‑spend vs. payoff” narrative. Shipping and energy updates shape Europe’s industrials. China‑sensitive names (Tencent, JD.com, Tata/JLR)

Weekly Global Market News – August, Week 1 The Week Ahead: Peak earnings, SpaceX’s first results call, Flutter’s New York pivot, and key inflation prints Welcome to your weekly markets briefing. We’re moving into the thick of earnings season with market-moving updates across tech, media, energy, healthcare and consumer services. Alongside that, investors will parse fresh inflation data from Asia, pivotal US labour figures, and decisions or minutes from several central banks. Below is your concise roadmap to the themes, catalysts and tickers that could shape price action in the days ahead. Top themes to watch SpaceX’s inaugural earnings call Why it matters: Fresh off a blockbuster IPO and subsequent volatility, the company will brief public investors for the first time. The Starlink satellite unit is the revenue engine and an important proxy for satellite broadband adoption, potential mobile direct-to-device offerings in the US, and capital needs. What to watch: Starlink subscriber growth, ARPU and churn; launch cadence and backlog; cash burn versus capex; regulatory/spectrum commentary; AI/data relay opportunities. Read-across for satellite operators, telcos eyeing NTN (non-terrestrial networks), launch peers, and space-adjacent ETFs. London-to-New York migration spotlight: Flutter What’s new: The sports-betting group completes its London delisting and will trade solely in the US. A Q2 update midweek should show whether US scale (FanDuel) continues to drive margin expansion. Why markets care: Another high-profile move underscores the valuation and liquidity gap between London and Wall Street. Watch for implications for UK equity sentiment, plus any cash-return or leverage guidance. Media under the microscope: Warner Bros Discovery Setup: Results land amid a legal bid by 12 US states to block the Paramount–Skydance takeover of Warner Bros Discovery. The merger timeline is paused pending court outcomes. Focus: DTC profitability trajectory, advertising trends, sports rights inflation, debt reduction and free cash flow. Cross-effects on peers’ consolidation hopes. Inflation and growth pulse checks Asia prices: CPI and PPI updates from China and India will test the disinflation narrative and policy flexibility. US labour: Nonfarm payrolls on Friday cap the week; JOLTS arrives earlier. Unit labour costs and productivity (Thursday) will feed the wage–inflation debate. Central banks: India’s RBI decides Wednesday; Brazil also sets rates midweek; the Bank of Japan releases minutes from June. FX sensitivity: INR, BRL, JPY. Global PMIs and European data S&P Global manufacturing and services PMIs across major economies will map momentum. France/Germany production data and Germany’s factory indicators add colour on Europe’s industrial trough-or-turn. Earnings spotlight (selected) Monday: Palantir, ON Semiconductor, Marriott, Tyson Foods, Vertex, Snap, Clorox, Nissan, Itochu, Marubeni, Mitsubishi Tuesday: AMD, Amgen, Arista Networks, Booking Holdings, BP, Caterpillar, McDonald’s, Pfizer, Gilead, Pinterest, Spotify, HSBC, Lufthansa, Bayer, Toyota, Saudi Aramco (interim), SpaceX (first call) Wednesday: Disney, Uber, Shopify, Eli Lilly, Novo Nordisk, DoorDash, Expedia, CVS Health, The New York Times Co, News Corp, Honda, Infineon, Glencore, Heineken, Legal & General, Brookfield Asset Management, Carlyle Group Thursday: Airbnb, Cloudflare, Datadog, ConocoPhillips, Occidental Petroleum, Diageo (FY), Deutsche Telekom, Fox, Siemens, SoftBank, Zurich Insurance, WPP, Nintendo, Lyft, Allstate, Albemarle, Admiral Friday: AIG, Allianz, Munich Re, OCBC, UOB, Kingspan, Recruit Holdings, Japan energy majors Access Global Markets Explore a comprehensive range of investment solutions spanning global equities, fixed income, and wealth management. Discover What We Offer Macro calendar highlights (selected) Monday: PMIs (manufacturing) across US, UK, Eurozone and Asia; Switzerland CPI; Turkey CPI/PPI Tuesday: South Korea CPI; US JOLTS openings Wednesday: PMIs (services) broad set; RBI rate decision (India); Brazil rate decision; France industrial production; BoJ June minutes; UK reserves Thursday: Euro-area construction PMIs; ECB Economic Bulletin; Germany factory indicators; US Q2 productivity and unit labour costs; Fed speak (St. Louis) Friday: US employment report; Germany production; France labour market; Canada labour force survey; Fed speak (Richmond) What it could mean for markets Equities Semiconductors: ON Semi and AMD frame the chip cycle beyond core AI GPU demand—watch EV/industrial exposure and data-center (accelerator/adapter) commentary. Megacap healthcare: Eli Lilly and Novo Nordisk remain pivotal for GLP-1 demand, capacity and payer dynamics. Cross-currents for consumer staples and medtech. Energy: BP, Conoco, Oxy and Petrobras updates meet tighter physical balances—capex discipline and shareholder returns are key to multiple support. Media/advertising: WPP, Disney, Fox—ad softness versus sports/streaming monetisation; look for progress on DTC losses and cost takeout. Travel and leisure: Booking, Airbnb, Marriott—pricing power, length-of-stay, and US vs international mix amid resilient premium travel. Rates and FX US: Payrolls and unit labour costs steer front-end yields; softening wage growth would aid real-rate relief and support risk. Asia EM: RBI hold vs. inflation trajectory sets tone for INR; BoJ minutes sift for tolerance of yield volatility—JPY sensitivity persists. LatAm: Brazil’s decision gauges the endgame for its easing cycle—BRL and local curves to react. Commodities Crude oil: Energy earnings plus any OPEC+ supply headlines can reinforce range-trading; watch product cracks heading into late summer demand. Gold: Real yields and USD moves into payrolls to drive direction; dips remain sensitive to macro surprises. Watchlist: data points and KPIs by theme SpaceX/Starlink: Subscribers, ARPU/churn, capex runway, launch backlog AI infrastructure: Hyperscaler capex signals via partner commentary (chip firms, cloud-exposed software) GLP-1s: Production scale-up, supply constraints, indications into cardiometabolic outcomes Consumer elasticity: Pricing vs volume across QSRs, beverages and discretionary apparel US labour: Payroll headline, unemployment rate, participation, average hourly earnings, revisions Quick tactical considerations Into payrolls: Consider tightening risk and FX hedges if positioning is extended; reassess after the wage print. Earnings volatility: Elevated single-stock dispersion—options-implied moves are rich in select tech and healthcare; screen for mispricings. UK assets: Flutter’s NY-only listing rekindles London valuation debate—monitor UK fund flows and potential corporate actions among internationally-focused FTSE names. Start Your Investment Journey Looking to take your trading strategy to the next level? Request a free consultation with our experts in Dubai. Contact Us 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

Weekly Global Market News – July, Week 5 The Week Ahead: Central banks take the stage, growth snapshots land, earnings hit full stride Welcome back. Holiday season or not, the macro calendar is packed and markets have plenty to digest. Three major central banks line up with policy decisions, a wave of GDP readings will take the pulse of global growth, and mega‑cap tech, energy majors and European banks headline a heavy earnings slate. Geopolitics remains a persistent risk, particularly with renewed US–Iran tensions keeping an eye on energy markets and inflation expectations. Top themes to watch Central bank decisions US Federal Reserve: Softer recent US inflation readings reduce the odds of a rate increase this week. Chair Kevin Warsh has been notably guarded about the policy path, so guidance and the statement tone will be the main market drivers. Bank of England: After an encouraging inflation print and signs of cooling pay growth with unemployment steady, the BoE is widely expected to hold Bank Rate at 3.75% on Thursday. Markets still price a chance of another hike before year‑end, contingent on oil and wage dynamics. Bank of Japan: “Normalisation” remains the watchword. Wage gains and higher energy costs have supported the BoJ’s shift away from ultra‑easy policy. Many forecasters expect at least one further increase toward 1.25% by year‑end. Communication around bond purchases and tolerance for yield moves will matter for global rates and FX. Growth check-ins Quarterly GDP: snapshots arrive from the US, euro area and Canada. The durability of US growth amid an AI investment boom is a focus, while Europe’s readings will be parsed for divergence between core economies. Any growth wobble, coupled with Middle East risks, could complicate the policy outlook. Geopolitics and oil Middle East: tensions have reintroduced a risk premium into crude. A sustained move higher in energy could slow disinflation, shape central bank guidance and weigh on fuel‑sensitive sectors like airlines and chemicals. Opec+ meets Sunday. Market implications at a glance Equities: Big Tech must justify AI capex as Microsoft, Apple, Amazon, Meta and Arm report. Luxury names (LVMH, Hermès, Kering) offer read‑through on high‑end demand in the US and China. European banks (Barclays, Deutsche Bank, UBS, Lloyds, NatWest) face margin, capital return and policy/tax headlines. Energy majors (Shell, Chevron, ExxonMobil) and miners (Rio Tinto, Anglo American) update on commodity price pass‑through and capex discipline. Airlines (IAG, Air France‑KLM, Royal Caribbean) remain sensitive to fuel and summer bookings. Rates: A steady Fed and BoE would support a mild bull‑flattening bias unless guidance skews hawkish. BoJ communication could ripple through global curves if yield tolerance shifts. FX: USD likely range‑bound into the Fed unless the statement surprises. GBP trades on BoE guidance and UK data momentum. JPY volatility risk is elevated around the BoJ. EUR reacts to eurozone HICP and GDP beats/misses. CAD tracks GDP and crude. Commodities: Oil is tethered to geopolitics and Opec+ signals; base metals take cues from Chinese industrial data. Elevate Your Trading with PhillipCapital Access global equities, futures, and fixed-income markets through our comprehensive trading solutions. Explore Trading Products The week’s diary Monday Company events: AstraZeneca (HY/Q2), LVMH (HY), Michelin (HY), Vodafone (Q1 trading update) Macro/data: China June industrial profits; Japan services PPI; Singapore monetary policy decision Corporate actions: Hugo Boss deadline for shareholders to accept Frasers’ €38/share offer Legal: Initial conference for publishers/authors vs. Meta Platforms LLM copyright case Tuesday Company events: Barclays (HY), Boeing (Q2), Coca‑Cola (Q2), Ford (Q2), GSK (Q2), Kering (HY), Man Group (HY), Mercedes‑Benz (Q2/HY), Mondelez (Q2), PayPal (Q2), Royal Caribbean (Q2), Safran (HY), Sika (HY), Unilever (Q2/HY), Games Workshop (FY) Macro/data: US Conference Board Consumer Confidence; UK BRC Shop Price Index Corporate: Tate & Lyle shareholder meeting on proposed Ingredion acquisition Central banks: RBA Governor Michele Bullock speech (Anika Foundation, Sydney) Wednesday Company events: Airbus (HY), AerCap (Q2), Aberdeen (HY), Arm Holdings (Q1), ASM International (Q2), Aston Martin (HY), Brembo (HY), Campari (HY), Danone (HY), Deutsche Bank (Q2), Electrolux (HY), Glencore production update, Greggs (HY), Hermès (HY), L’Oréal (HY), Meta (Q2), Microsoft (Q4/FY), Pirelli (HY), Porsche (HY), Procter & Gamble (Q4/FY), Reckitt (HY), Rio Tinto (HY), Smurfit WestRock (Q2), Standard Chartered (Q2/HY), Starbucks (Q3), UBS (Q2) Macro/data: Australia June CPI Central banks: US Federal Reserve rate decision IPO: Jersey Mike’s Subs expected to finalise pricing ahead of Thursday debut Thursday Company events: Adidas (HY), AIB (HY), Air France‑KLM (Q2), Amazon (Q2), Anglo American (HY), Anheuser‑Busch InBev (Q2), Apple (Q3), BAE Systems (HY), Bouygues (HY), BMW (HY), British American Tobacco (HY), Brunello Cucinelli (HY), Canada Goose (Q1), CRH (Q2), Ferrari (Q2), Haleon (HY), Hammerson (HY), Hershey (Q2), Lloyds Banking Group (HY), London Stock Exchange Group (HY), Pets at Home (Q1), Prada (Q2), Reddit (Q2), Renault (HY), Rolls‑Royce (HY), Samsung Electronics (Q2), Sanofi (Q2), Shell (Q2), Société Générale (Q2), Stellantis (Q2), Yum! Brands (Q2) Macro/data: EU flash Q2 GDP and June unemployment; France flash Q2 GDP; Germany July CPI (incl. HICP); US Q2 GDP Central banks: Bank of England policy announcement Friday Company events: Chevron (Q2), Colgate‑Palmolive (Q2), Crédit Agricole (Q2/HY), ExxonMobil (Q2), IAG (Q2), ITV (HY), NatWest (HY), OMV (Q2), Pearson (HY), Puma (Q2/HY), Rightmove (HY), Sony (Q1), Taylor Wimpey (HY) Macro/data: Canada May GDP; EU July flash HICP; France July CPI and June PPI; Germany labour market (June/Q2); US Q2 Employment Cost Index Central banks: Bank of Japan policy announcement Political and global events to note UK: Greater Manchester votes for a new mayor on Thursday; result due Friday. US: Funeral services for the late Senator Lindsey Graham include a ceremony in Washington, D.C. Peru: Inauguration of President Keiko Fujimori following June’s runoff. Culture and sport: Qatar Goodwood Festival begins; ChinaJoy digital entertainment expo opens in Shanghai over the weekend; Commonwealth Games closing ceremony in Glasgow on Sunday. Regulatory: EU deadline to transpose the repair-of-goods directive. Sector lenses Technology and AI: Results from Microsoft, Apple, Amazon, Meta and Arm will set the tone for AI spend, cloud profitability and capex trajectories. Watch commentary on AI monetisation timelines and supply chain constraints.