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.

Weekly Global Market News – July, Week 4 The Week Ahead: Markets, Policy and Earnings For the week beginning Monday, 20 July 2026 briefing at a glance UK: Power transition in Westminster, fiscal signals to watch Central banks: ECB decision and guidance in focus Macro: A heavy run of global inflation prints and flash PMIs Sectors: Farnborough puts aerospace/defence in the spotlight Earnings: Big week for megacap tech, airlines, chips and healthcare Top themes to watch 1) Westminster’s handover: policy tone and gilt reaction Andy Burnham is set to enter Downing Street on Monday, ushering in the UK’s second government in as many years. Markets will parse early cabinet appointments and the first-100-days roadmap for clues on: Fiscal stance and debt trajectory after IMF warnings on discipline Priorities across infrastructure, energy transition, NHS capacity and transport Potential supply-side moves on planning, housing and labour markets What to watch: gilt-Bund spreads, sterling versus the dollar and euro, UK banks, housebuilders, utilities and transport operators. Any sign of front‑loaded spending could steepen the gilt curve; credible fiscal anchors may support GBP and domestically focused equities. 2) ECB: hike, hold or just hawkish? The European Central Bank sets policy on Thursday. Futures imply at least one more quarter-point increase this year; odds of a move this week are modest but not zero. Key signposts: Forward guidance and language around persistence of services inflation Wage growth and unit labour cost trends Balance sheet and liquidity commentary Market angles: EUR crosses around the decision, front-end euro rates, euro area banks, and peripherals. A hawkish hold could firm the euro and pressure duration; a dovish tilt would do the opposite. 3) Inflation and activity pulse After the softer US CPI surprise last week, attention turns to: Canada CPI (Mon) UK CPI and PPI (Wed) Japan CPI (Fri) Global flash PMIs (Fri) across the euro area, UK, US, Japan and India A broad deceleration would bolster soft‑landing hopes and support risk assets; stickier services prints or higher wage proxies would keep central banks on alert. 4) Aerospace and defence centre stage The Farnborough International Airshow runs all week, showcasing autonomy, next‑gen propulsion and supply‑chain resilience. Expect headlines on: Commercial backlogs: can Airbus and Boeing accelerate output to meet demand? Defence order momentum amid elevated global tensions Supplier bottlenecks (engines, avionics, interiors) Quarterly updates from several defence primes later in the week add fundamental colour on margins, cash flow and book‑to‑bill. 5) US political calendar The rescheduled White House correspondents’ dinner is due Friday, with President Trump expected to speak. While not typically market‑moving, headline risk in thin summer liquidity can amplify intraday swings. Capitalize on Global Market Movements Trade global equities, futures, options, and structured products with secure, advanced trading solutions. Discover Our Products Earnings to watch Wednesday Alphabet: ad demand, cloud margin cadence, AI capex intensity IBM: software growth mix, mainframe cycle, free cash flow guide AT&T: postpaid phone adds, fiber buildout, cash returns Tesla: pricing versus margin, energy storage, autonomy roadmap Equinor, Santander, PMI International: commodity leverage, credit costs, pricing power Thursday Blackstone: fundraising tempo, realizations, FRE versus carry BNP Paribas, UniCredit: NII trends, fees, capital return, asset quality SAP, ServiceNow: cloud backlog, RPO, operating leverage Intel, STMicro: PC and server cycles, foundry outlook, auto/industrial demand Nestlé, Roche: pricing versus volume, pipeline progress easyJet trading statement: summer yields, capacity, post‑deal path American Airlines, Southwest: unit revenues, cost per ASM ex‑fuel, capacity discipline Lockheed Martin, Thales: order intake, supply chain, margin trajectory Comcast, Nasdaq: broadband churn/ARPU; listings/market data Friday American Express: spend by cohort, credit normalization, reserve build Union Pacific, Canadian National: volume mix, service metrics, pricing versus fuel Verizon: FWA growth, postpaid phone net adds, capex and FCF SLB, Newmont: services pricing, offshore cycle; cost discipline, grades Macro and events calendar Monday Canada CPI China: policy rate announcement Germany PPI US Conference Board Leading Index Farnborough Airshow begins (through Friday) Corporate: Domino’s Pizza, Ryanair, WR Berkley Tuesday UK: public finances, labour market update EU: Q1 government deficit, ECB bank lending survey US: state employment/unemployment Corporate: Capital One, Charles Schwab, GM, Halliburton, Novartis, MSCI, Northrop Grumman, 3M, Lindt Wednesday UK CPI/PPI South Africa CPI; South Korea PPI Corporate: Alphabet, IBM, AT&T, Tesla, Equinor, Santander, KONE, Moody’s, PMI International, Dassault Aviation Thursday ECB rate decision Australia labour force Singapore CPI Corporate: Blackstone, BNP Paribas, UniCredit, SAP, Intel, Nestlé, Roche, easyJet, Southwest, American Airlines, T‑Mobile, Comcast, STMicro, Lockheed Martin, TotalEnergies, Centrica, BT, Kuehne+Nagel Friday Global flash PMIs: euro area, UK, US, Japan, India Japan CPI; Spain PPI UK retail sales (Great Britain) Corporate: American Express, Verizon, Union Pacific, Canadian National, HCA Healthcare, The Hartford, SLB Trading desk playbook Rates: UK CPI and early fiscal messaging set the tone for gilts; ECB risk skews euro curves steeper on a hawkish hold. Watch euro area peripherals into Thursday. FX: EURUSD pivots on ECB guidance; GBP trades the policy/fiscal mix; CAD reacts to CPI path and BoC expectations; JPY sensitivity to Japan CPI and global term premia persists. Equities: Airlines, semis, software and European financials are in focus. Balance pricing power against input cost disinflation. Summer liquidity can magnify single‑name moves around prints. Credit: HY travel/leisure and aerospace suppliers in focus; look for commentary on 2H pricing and order visibility. IG spread direction tethered to ECB tone and PMIs. Commodities: Energy services leverage offshore strength; integrateds update capital returns. Gold remains a function of real yields and dollar direction. Risk radar Policy surprises: ECB press conference nuances; UK fiscal signposts Supply chains: aerospace engine/parts bottlenecks Geopolitics: elevated defence tempo; major naval exercises this week Liquidity: seasonal depth is thin—expect outsized moves on headlines House view snapshot Macro: Soft‑landing odds improve if global CPI echoes the US downside surprise; services and wages remain the swing factors. Earnings: Guidance quality matters more than beats; free cash flow and buyback capacity are prized into late summer. Positioning: Stay nimble around Thursday’s ECB and Wednesday’s UK CPI; consider reducing event risk where moves can be binary. This material is for information only and is

Weekly Global Market News – July, Week 3 Weekly Market Briefing: The Week Ahead (w/c 13 July 2026) A changing political backdrop in the UK, a heavy slate of central-bank communications, and the unofficial start of US earnings season converge this week. Investors will parse big-bank results for signs that dealmaking and capital markets momentum are broadening, while growth updates from China and the UK test the resilience narrative. Below we set out what matters, why it matters, and how portfolios might react. Top themes to watch 1) UK political transition watch Leadership arithmetic in Westminster points to a swift handover at the top of government, with the market focused on fiscal stance, public investment priorities and the shape of any pro-growth reforms. Near term, gilts and sterling will take their cue from policy continuity signals and the tone of engagement with the Bank of England and the City. 2) Mansion House signals and central-bank speak The Chancellor and the Bank of England Governor are due to deliver their annual Mansion House remarks on Tuesday. Expect reiteration of financial-stability priorities and updates on capital markets competitiveness. The government’s financial services AI adoption plan is slated alongside the event. While AI promises efficiency gains and deeper inclusion, the sector will watch for concrete guardrails on model risk, data governance and accountability to avoid unintended consequences. In North America, senior Fed officials are on the circuit and the central bank releases its Beige Book. Canada publishes a rate decision and updated forecasts. Markets will gauge whether the disinflation trend leaves room for additional policy easing in H2. 3) US bank earnings kick off results season The largest US universal and investment banks report across Tuesday and Wednesday. Street expectations point to solid year-on-year gains in investment banking fees on the back of a busier IPO and M&A calendar, with equity capital markets particularly strong. What to watch: Investment banking: deal backlogs, fee pipelines and commentary on second-half visibility. Markets: FICC and equities trading against a quieter volatility backdrop. Net interest income: deposit beta and funding costs as the rate cycle matures. Credit: consumer delinquencies, commercial real estate exposure and reserve builds. Capital returns: buybacks and dividend trajectories post-stress tests. Asset-price reaction risk is two-sided: consensus already embeds a rebound, so surprise will come from guidance, not just the Q2 print. 4) Global growth check: China and the UK China releases Q2 GDP with accompanying June activity data. Focus areas include services momentum, export performance and evidence of stabilisation in property-related investment. A firmer tone would support Asia FX and industrial commodities; disappointments would revive calls for additional policy support. The UK publishes a monthly GDP estimate. Domestic cyclicals will be sensitive to any upside surprise, particularly alongside potential policy clarity from the incoming government. 5) Inflation pulse and energy The US reports June CPI and PPI. A softer core would reinforce the case for the Fed to keep a dovish bias; a sticky services print would push out rate-cut timing. OPEC’s monthly report will help frame supply expectations into the summer demand peak. Any sign of tighter balances could underpin crude and energy equities. 6) Tech and the AI supply chain Semiconductors and equipment makers report mid-week, with foundry utilisation, AI-related capex and advanced-node pricing in focus. Later in the week, streaming and healthcare bellwethers offer read-throughs on consumer resilience and pricing power. Elevate Your Institutional Strategy Discover comprehensive institutional brokerage solutions designed for professional counterparties, family offices, and funds. Explore Institutional Services Selected calendar highlights Monday Bank of England speakers at a London banking conference OPEC monthly oil report Tuesday UK Mansion House speeches (Chancellor, BoE Governor) and publication of the financial services AI adoption plan US: CPI and real earnings Company results: JPMorgan, Bank of America, Citigroup, Goldman Sachs, Wells Fargo, Fastenal China: June trade data India: WPI inflation Wednesday US: Beige Book, PPI China: Q2 GDP and June activity Company results: ASML, BlackRock, Morgan Stanley, BNY Mellon, PNC, M&T Bank, JB Hunt Canada: policy rate decision Thursday UK: May GDP estimate South Korea: policy rate decision Company results: TSMC, Netflix, Johnson & Johnson, Abbott Laboratories, UnitedHealth, Alcoa, State Street, US Bancorp, United Airlines, Prologis, Intuitive Surgical, ABB, BHP operational review Europe: major consumer and industrial updates; selected UK retailers’ trading statements Friday Euro area: final June HICP UK: corporate insolvency statistics Company results: Burberry, Volvo Cars, Sandvik, Travelers Market implications and positioning considerations Rates and FX: A benign US CPI could flatten front-end rates and soften the dollar; sticky prints do the opposite. In gilts, any perception of policy stability paired with modest growth could support the belly of the curve. Equities: Financials: Banks with diversified fee engines and disciplined credit provisioning look best placed; watch capital return commentary. Tech and semis: AI leaders may keep guiding for robust H2 capex; scrutiny will fall on supply-chain bottlenecks and inventory discipline. UK domestics: Sensitive to growth and policy clarity; potential relief if Mansion House messaging favours capital markets depth and long-term investment. Credit: Expect tight spreads to persist if earnings are broadly in line and macro surprises are limited; idiosyncratic widening remains a risk in CRE-heavy issuers. Commodities: Oil supported on tighter balances; China growth tone will steer industrial metals and bulks. Risk radar Policy misstep risk around AI in financial services if controls lag deployment. Reacceleration in US services inflation delaying rate cuts. China growth underwhelm reigniting hard-landing concerns. Geopolitical flare-ups that disrupt energy or shipping lanes. US earnings season guidance that tempers the soft-landing narrative. House view in one line Into a policy- and earnings-heavy week, the bar for upside surprises is higher than for downside shocks; guidance and second-half visibility, more than headline prints, will drive market leadership. Ready to Navigate Global Markets? Connect with our dedicated relationship team in Dubai to discuss tailored brokerage and investment execution. 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

Weekly Global Market News – July, Week 2 Weekly Market Outlook: Geopolitics in Focus, UK Leadership Race, and a Light but Pivotal Earnings Tape With summer liquidity thinning, price action can become more sensitive to headlines. This week’s catalysts skew toward geopolitics and policy, with a handful of corporate updates and inflation prints to set the tone across rates, FX, commodities, and equities. Top themes to watch 1) Nato summit in Ankara: defense, deterrence and Europe’s security industry Why it matters: Leaders meet against the backdrop of a protracted war in Ukraine and renewed pressure to lift defense outlays and rebuild industrial capacity. Any firmer commitments on spending and procurement could: Support European defense names and dual‑use manufacturers. Reinforce energy security initiatives, with potential implications for gas supply contracts and LNG flows. Affect EUR and NOK via terms-of-trade and budget dynamics if higher defense spend becomes embedded. Market angle: Watch defense indices, key European aerospace/defense primes, and credit spreads for suppliers with large order backlogs. Headlines can also feed general risk sentiment and the USD via safe‑haven demand. 2) UK politics: leadership nominations open; Manchester to follow Why it matters: Westminster’s leadership race enters a formal phase as nominations open, while attention also pivots to a Manchester mayoral contest. Political continuity vs. change will shape: Gilts and SONIA pricing if fiscal stance, growth plans or public investment priorities shift. UK domestics (housebuilders, utilities, transport) on perceived policy trajectories. Market angle: This week’s BoE Financial Stability Report and OBR long‑term fiscal risks publication will be read alongside the leadership narrative. Watch GBP into headlines; liquidity around UK hours may amplify moves. 3) Iran: national mourning culminates with burial ceremonies Why it matters: A week of processions for the late Ayatollah Ali Khamenei concludes with burial in Mashhad. Succession dynamics and regional posture are in focus. Market angle: Crude’s geopolitical premium, Middle East risk proxies, and tanker routes. Any signals on regional engagement or escalation could ripple through Brent time spreads, refining margins, and EM credit with Middle East exposure. 4) Energy earnings check-in: Shell trading update Why it matters: Among the majors, trading units have been pivotal amid volatile crude, gas, and product spreads. What to watch: Guidance on upstream volumes, LNG optimization, and realized prices. Commentary on shareholder returns (buybacks/dividends) vs. capex discipline. Sensitivity to refining margins and Europe’s gas balance into H2. Market angle: Read‑throughs for integrated peers, European energy equities, and oilfield services. Price action may spill into GBP and EUR energy-heavy indices. 5) Central bank signals: Fed, ECB minutes; BoE stability lens Why it matters: With disinflation uneven and growth resilient, markets are re‑pricing the timing and depth of cuts. What to watch: Fed minutes and the staff outlook for growth, labor, and inflation persistence. ECB account of the last meeting for clues on the reaction function and fragmentation risks. BoE FSR on funding conditions, mortgage resilience, LDI/market plumbing, and bank capital—key for UK financials. Market angle: Front-end rates, 2s10s curve shape, USD broad index, EUR rates vol, and UK bank equities. 6) Inflation run: China, France, Germany; UK housing updates Why it matters: Price dynamics remain the fulcrum for policy and growth narratives. What to watch: China CPI: domestic demand pulse, core services, and food price base effects. France/Germany CPI/HICP: the breadth of services inflation versus easing goods disinflation. UK housing: Halifax HPI and RICS survey for transactions, new instructions, and price expectations. Market angle: CNH and Asia FX on China prints; Bunds/OATs/BTPs on euro-area CPI; UK housing-linked equities and GBP on real‑economy read‑throughs. 7) Macro outlooks: IMF World Economic Outlook update Why it matters: A refreshed global growth/inflation map and risks (energy, trade, geopolitics) that can influence allocation and EM risk premiums. 8) Index flows and corporate tape SpaceX joins the Nasdaq‑100: Potential passive reweighting and factor impacts; monitor US tech/growth factor volatility and index derivatives hedging. US staples and travel bellwethers: PepsiCo and Delta Air Lines later in the week provide consumer demand color, pricing power, and capacity trends into peak travel season. Week-at-a-glance calendar Monday Global: S&P Global construction PMIs UK: BoE’s Catherine Mann on panels at the Royal Economic Society; BCC economic survey Euro area: Q1 services PPI US: Conference Board Employment Trends Index Select earnings: BTG Consulting, Catena Tuesday Policy/indices: OECD Employment Outlook launch; SpaceX enters Nasdaq‑100 UK: BoE Financial Stability Report; Halifax House Price Index; OBR Fiscal Risks & Sustainability report Germany: Industrial production China: FX reserves Energy: Shell Q2 trading update Wednesday Global: IMF World Economic Outlook update UK: KPMG/REC jobs report US: FOMC minutes and economic outlook Select earnings: Cintas, The Gym Group (pre‑close), Jet2, ZIGUP Thursday Central banks: ECB minutes China: CPI inflation UK: RICS housing survey Select earnings: PepsiCo, PriceSmart, Stolt‑Nielsen, Simply Good Foods Central bank speakers: BoE’s Sarah Breeden; NY Fed’s John Williams; Dallas Fed’s Lorie Logan at policy implementation conference Friday Energy: IEA Oil Market Report Canada: Labor force survey Euro area: France CPI; Germany CPI/HICP Select earnings: Delta Air Lines; MJ Gleeson (FY trading update) Elevate Your Institutional Trading Strategy Access global execution, dedicated relationship coverage, and direct API connectivity tailored for professional counterparties. Explore Institutional Services Asset-class playbook: what matters and why Equities Europe: Defense and energy likely to lead on Ankara headlines and Shell’s update; staples and travel in focus via PepsiCo/Delta outlooks. UK: Domestic cyclicals sensitive to leadership signals, BoE stability commentary, and housing surveys. US: Growth/tech factor positioning may wobble around index rebalancing and Fed minutes. Rates and FX USD: Fed minutes set the tone for the belly of the curve and DXY; watch term premium and breakevens if oil firms. EUR: ECB account and Germany/France CPI could reprice cut odds; periphery spreads in focus if growth concerns resurface. GBP: Policy uncertainty plus BoE/OBR reports may add two‑way volatility; front‑end gilts react to financial stability color and UK housing prints. CNH/Asia FX: China CPI as a barometer for domestic demand; implications for regional growth proxies. Commodities Crude: Geopolitical premium from Middle East developments; IEA report and Shell commentary

Weekly Global Market News – July, Week 1 The Week Ahead: Markets, Macro and Corporate Highlights Period: 29 June – 5 July 2026 With the US marking the 250th anniversary of the Declaration of Independence, liquidity is likely to be patchier around the holiday, and key data are front‑loaded. Equity indices will also be in focus as a Big Tech name joins the Dow, while a pair of high‑profile technology listings will test risk appetite. In Europe and the UK, policy signals, inflation prints and a handful of retail updates set the tone for bonds and domestic cyclicals. Top things to watch 1) US jobs report lands early What: June nonfarm payrolls, unemployment rate and average hourly earnings (Thursday, ahead of Friday’s US market holiday). Why it matters: With activity indicators mixed, investors will key off labour-market momentum and wage trends for the policy path and growth outlook. Market lens: Stronger jobs/wages could firm front-end yields and support the dollar; softer prints would do the opposite and could extend the recent bid for duration and quality equities. 2) Index reshuffle: Alphabet enters the Dow What: Alphabet replaces Verizon in the Dow Jones Industrial Average on Monday. Why it matters: Passive and benchmark-aware flows can create near-term dislocations. The change nudges the price-weighted Dow further toward tech and communications. Market lens: Expect hedging and mechanical rebalancing around the open; watch dispersion between Dow-linked products and broader benchmarks. 3) Tech IPO window on trial What: Bending Spoons (the app platform and brand revitaliser) is slated to float in New York midweek at a mooted near-$19bn valuation; micro‑mobility operator Lime targets a listing at about a $2bn enterprise value. Why it matters: Pricing and day‑one performance will signal the market’s tolerance for asset‑light, platform‑style cash flows versus capital-intensive growth models. Market lens: Healthy demand could broaden the primary pipeline, supporting small/mid-cap sentiment. A tepid reception would reinforce the quality/mega-cap bias. 4) Europe’s policy and inflation week What: ECB’s annual Sintra forum features remarks from senior central bankers throughout the week; flash Eurozone HICP prints midweek; Germany and France publish national CPI updates. Why it matters: With disinflation progress uneven, nuance from policymakers on the trajectory and cadence of any further easing will matter for curves and EUR. Market lens: Hotter HICP would push back rate-cut hopes and bear‑steepen curves; cooler prints would aid peripherals and risk assets. 5) UK politics and data What: Labour leadership hopeful Andy Burnham delivers a widely trailed “economy and devolution” speech on Monday; the UK’s revised Q1 GDP arrives (Tuesday); first‑quarter/June retail indicators and trading updates follow. Why it matters: The fiscal stance and devolution framework are in focus for gilts and sterling. GDP revisions will fine‑tune growth narratives into H2. Market lens: Reassurance on fiscal anchors could support gilts; any ambiguity that implies larger future issuance could steepen the curve. Asset class watch Equities: Flows tied to the Dow reshuffle may spur short‑term dispersion. Retail and staples earnings (Sainsbury’s, Associated British Foods, Constellation Brands, General Mills, Levi’s) give a read on pricing power and consumer elasticity. IPO outcomes are a barometer for risk tolerance beyond mega‑caps. Rates: US Treasuries sensitive to Thursday’s jobs/wage mix; Europe’s curves guided by HICP and Sintra rhetoric; UK gilts trade politics plus GDP revisions. FX: USD likely whipsawed by labour data; EUR by HICP and policy commentary; GBP by politics/data; CAD by April GDP; JPY by Tankan and global risk tone. Commodities: Opec+ meets Sunday; guidance on supply discipline will frame crude into mid‑July. Risk appetite and holiday-thinned liquidity can amplify moves. US Independence Day: trading conditions US financial markets are closed Friday for the holiday. Expect reduced liquidity late Thursday and a fuller re‑open on Monday 6 July. Data and earnings are pulled forward accordingly. Corporate diary (selected) Monday Index: Alphabet replaces Verizon in the Dow before the open. Earnings/events: AeroVironment (Q4/FY), Concentrix (Q2), Naspers (FY), Prosus (FY), Porvair (HY). Tuesday Earnings/events: Nike (Q4/FY), Sainsbury’s (Q1 trading), Collins Foods (FY), J Front Retailing (Q1), Progress Software (Q2). Macro read‑through: Nike’s orders/margins for consumer demand and FX; UK grocery mix and volumes from Sainsbury’s vs. recent peers. Wednesday IPOs: Bending Spoons; Lime commence trading in New York. Earnings: Associated British Foods (trading update), Constellation Brands (Q1), FactSet (Q3), General Mills (Q4/FY), Greenbrier (Q3), MSC Industrial (Q3), Topps Tiles (Q3 trading), UniFirst (Q3). Thursday Earnings: Levi Strauss (Q2), Currys (FY), Baltic Classifieds (FY), Daiseki (Q1), FastPartner (HY), Lindsay (Q3). Macro calendar (highlights; local release dates) Monday UK: Bank of England effective interest rates (May). Central banks: ECB Forum opening remarks (Sintra); BoE’s Huw Pill on a policy panel (Uzbekistan). Milestone: 60 years since the Barclaycard launch (first UK bank-run general credit card). Tuesday UK: Revised Q1 GDP estimate; BRC June Shop Price Index. US: May JOLTS; Conference Board Consumer Confidence (June). Euro area: Germany preliminary June CPI/HICP; France June CPI/PPI; Germany May labour stats. Canada: April GDP. Japan: May labour force survey. Central banks: BoE’s Sarah Breeden on AI and financial stability (Sintra). Wednesday Global: S&P Global manufacturing PMIs (major economies). Euro area: Flash HICP (June). Japan: Tankan (June). UK: Nationwide House Price Index (latest). Thursday US: June employment report. EU: May unemployment; Q1 House Price Index. UK: BoE Q2 Bank Liabilities Survey. Friday Global: S&P Global services PMIs. EU: Q1 balance of payments. UK: June international reserves. US: Independence Day (markets closed). Central banks/policy: BoE’s Andrew Bailey; ECB’s Christine Lagarde and European Council’s António Costa at Aix-en-Provence Economic Forum. Weekend and other notable events Legal/tech: CJEU ruling expected Thursday on Google’s appeal over the Android antitrust fine. Geopolitics/trade: Mercosur leaders’ summit (Tuesday); EU Council presidency rotates to Ireland (Tuesday). US: Mount Rushmore celebration (Friday) among nationwide 250th events; main Washington, DC festivities Saturday. Sport: Wimbledon begins Monday; Tour de France starts Saturday in Barcelona. Energy: Opec+ monthly meeting Sunday. What could move markets Upside surprises US: Cooler wages and softer payrolls with stable participation could revive rate‑cut hopes and extend duration rally; high-beta growth may catch a bid if IPOs price

Weekly Global Market News – June – Week 4 Weekly Market Outlook: Leadership jitters in London, US growth update in focus, and AI-chip hopeful Cerebras reports Below is a concise, investor-focused rundown of what matters for portfolios across equities, rates, FX, and commodities as we move into the back half of June. Top themes to watch UK politics back in the spotlight Westminster is bracing for a potential leadership contest. Markets typically price political risk first via sterling and the gilt curve. A credible, market-friendly fiscal stance tends to support GBP and flatten gilt curves; uncertainty risks the opposite. Keep an eye on: Communications from would‑be leaders on fiscal rules, public investment, and regulatory priorities. Any sign of shifts on housing, planning or financial-services reform that could sway domestically focused UK equities and banks. The 10-year mark since the Brexit vote will reignite debate about competitiveness and growth. Watch business surveys and inward investment headlines for sentiment signals. United States: growth, banks and the consumer GDP third estimate (Thu): Markets will parse the details for consumption resilience, inventories, and revised inflation components. Any evidence that geopolitical tensions (including the Iran conflict) are dampening net exports or sentiment will be noted. Fed stress tests (Wed): Strong capital positions could open the door for higher buybacks/dividends at the largest banks, though individual outcomes may vary. Also watch management commentary for credit quality, CRE exposure and deposit dynamics. Consumer pulse: University of Michigan sentiment (Fri) offers a late‑June read on inflation expectations—key for the Fed path. Global PMIs (Tue): Flash readings across the US, euro area, UK, Japan and India will give a timely read on manufacturing vs services. A widening US‑EU growth gap would typically support the dollar; a synchronized softening would bolster duration. Rates watch ECB speakers and publications (multiple days) after the recent rate move will be sifted for forward guidance on the pace of any further easing. Bank of Japan member remarks (Thu) and the prior “summary of opinions” (Wed) may hint at the BoJ’s tolerance for higher yields and any tweaks to balance-sheet operations—implications for JPY and global bond term premia. Australia CPI (Wed) and jobs (Thu) will steer RBA expectations and AUD volatility. Company diary: AI, logistics, retail and fintech in the frame Cerebras Systems (Tue, Q1): First update since its May IPO. Focus points: Order backlog, data‑center pipeline and visibility for AI systems revenue. Gross margin trajectory as shipments scale, and commentary on supply-chain capacity. Partnerships with cloud providers, sovereign AI projects and enterprise PoCs converting to deployments. Read‑through: Positive demand signals could buoy AI infrastructure names and high‑bandwidth memory suppliers; disappointment may remind investors of long sales cycles in AI hardware. Micron Technology (Wed, Q3): Watch HBM ramp, DRAM/NAND pricing, capex, and supply discipline across the memory complex. A confident outlook tends to lift the wider AI hardware trade. FedEx (Tue, Q4/FY): Parcel volumes, domestic pricing, cost takeout and international freight mix are the swing factors. A more constructive margin guide would support US transport and e‑commerce logistics. Darden Restaurants (Thu, Q4): Like‑for‑likes, traffic vs ticket, and promotional intensity offer a clean read on middle‑income dining demand. H&M (Thu, HY): Inventory, markdowns and FX effects on gross margin remain the key debate in European apparel. Wise (Thu, FY): Active customer growth, cross‑border volumes, take rate, and the trajectory of interest income on customer balances. Liontrust (Wed, FY): Net outflows, retail sentiment and guidance for the UK franchise. Any stabilization in redemptions would be supportive for UK asset‑managers. Other notable reporters: KB Home, Korn Ferry, Jefferies Financial, Paychex, BlackBerry, Moonpig, Volex, Winnebago. Macro calendar: what’s when Monday China: policy rate decision. Canada: May CPI. EU: flash consumer confidence. UK: ONS Blue Book (structural revisions of national accounts). ECB President Lagarde appears at the European Parliament. Tuesday Global: S&P Global flash PMIs (US, euro area, UK, Japan, India). UK: CBI Industrial Trends survey. US: State employment/unemployment data. Central banks: BoC Governor Macklem (Paris); BoE MPC external member Alan Taylor speaks. Wednesday US: Federal Reserve annual bank stress test results. Germany: ifo Business Climate. Japan: summary of opinions from last meeting; services PPI (May). Australia: monthly CPI (May). BoE chief economist Huw Pill speaks. Thursday US: Q1 GDP (third estimate). ECB: General Council meeting; Economic Report. Australia: labour force report. UK: ONS housing statistics; BRC Consumer Sentiment Monitor. Fed speakers: Goolsbee (Chicago), Williams (NY). Friday US: University of Michigan consumer sentiment (final, Jun). EU: ECB Consumer Expectations Survey. UK: Financial Policy Committee meeting. India: markets closed (Muharram). Policy and politics UK “Great British Summer Savings” begins Thursday: a temporary VAT reduction on selected family activities (children’s meals, cinema/theatre, attractions) is aimed at freeing up discretionary spend into school holidays. Near‑term read‑through: incremental tailwind for leisure, hospitality and travel; modest upside risk to services inflation if volumes surprise. Europe: Moldova–EU talks progress underscores ongoing enlargement dynamics; watch EU cohesion headlines for regional risk sentiment. Asset-class implications (baseline, data-dependent) Rates If PMIs soften and GDP revisions lean disinflationary, duration should find support; long-end outperformance likely in US Treasuries. A hawkish surprise from Australia CPI could steepen AUD curves. FX DXY: resilient US data + cautious ECB rhetoric would keep the dollar underpinned. GBP: political noise is a headwind, but clearer fiscal guidance or stronger PMIs could stabilize GBP crosses. JPY: any BoJ hints at higher neutral rates or adjusted JGB operations could catalyze a JPY rebound; otherwise carry remains in favor. Equities AI supply chain remains sensitive to Cerebras/Micron signals. Transports react to FedEx margins; consumer discretionary moves with Darden/H&M prints and UK VAT holiday chatter. European financials in focus around ECB surveys and US stress‑test read‑across for capital return narratives. Credit Bank stress tests supportive for US large‑cap financial credit spreads if capital buffers look ample. Keep an eye on CRE commentary. Commodities Energy: geopolitical risk premia remain directionally supportive; inventory data and OPEC+ discipline matter. Metals: copper sensitive to China policy tone at the supply‑chain expo and Summer Davos; a firmer global PMI print would help cyclicals.