Weekly Global Market Update

Weekly Global Market News –October – Week 4 The Week Ahead: Politics, prints and profits to steer markets A high-stakes mix of elections, inflation updates and heavyweight earnings will drive price action across equities, rates, FX and commodities this week. Here’s what matters, why it matters, and how to think about positioning. Top 5 market catalysts to watch Brazil’s presidential run-off (Sunday) Why it matters: The next administration’s stance on fiscal anchors, state-owned enterprise governance and energy policy will set the tone for Bovespa valuations, local rates (NTNs), and the real. Market lens: BRL implied vols typically rise into the ballot and ease if outcomes are clear. Watch Brazilian utilities, banks and oil names for policy-sensitive moves; local-duration trades will key off any early signals on the primary balance and spending cap. Alberta’s sovereignty vote (Monday, non-binding) Why it matters: While advisory, it is a barometer of Western Canadian sentiment on federal policy. Perceived fragmentation risks can nudge Canada risk premia. Market lens: CAD sensitivity is usually modest; the bigger near-term swing factor is oil. That said, keep an eye on WCS–WTI differentials, Alberta provincial spreads and domestic energy equities. UK inflation and the first Budget ahead Why it matters: September CPI and PPI feed into expectations for the Chancellor’s upcoming Budget. Gilt pricing, breakevens and sterling will respond to how sticky core services inflation looks. Market lens: Front-end gilts remain most sensitive. Retail sales (Friday) and labour data (Tuesday) round out the picture for UK consumer momentum. China Q3 GDP (Monday) Why it matters: The print will shape global growth sentiment, commodity demand assumptions and EM FX tone. Market lens: Copper, iron ore and oil levered names will react, as will AUD and EM Asia FX. Property and consumption signals within the release are as important as the headline. Tech and consumer earnings shift into gear Why it matters: Market breadth has narrowed; earnings from platform tech, semis, luxury and staples will test leadership and defensiveness. Market lens: Focus on AI monetisation (cloud/ads/inference), capex signals from semis, and pricing power in consumer staples/luxury amid mixed demand. Macro and policy preview by day Monday Canada CPI (September): Sets tone for BoC path; watch front-end rates and CAD crosses. China Q3 GDP: Growth mix (consumption vs. investment) will steer commodities and EM risk. UK: Rightmove house price gauge; S&P Global consumer sentiment. Event: Business of Luxury Asia Summit (Bangkok/online). Tuesday UK labour market: Wage growth and vacancies vs. cooling momentum. Eurozone: Updated Q2 GDP and employment. Germany PPI (September). China: Loan prime rate decision. US: State-level employment. Wednesday UK CPI/PPI (September) and public finances: Key for Budget expectations. Israel: Rate decision. South Korea PPI (September). Nvidia CEO keynote at GTC Berlin (AI/semis sentiment). Event: Africa-focused investment summit (London/online). Thursday South Korea: Policy decision. Turkey: Central bank decision. US: Conference Board Leading Index. Friday Flash PMIs (Eurozone, France, Germany, India, Japan, UK, US): Early read on October activity. Japan CPI (September) and Financial System Report. UK retail sales (September). Capitalize on Global Market Volatility Trade FX, Commodities, Futures, and Equities with advanced execution and institutional liquidity. Explore Investment Products Earnings spotlight Tuesday Industrials/energy/consumers: ABB, Halliburton, Hasbro, 3M, General Motors, Northrop Grumman, RTX Financials/retail: Capital One, Carrefour, EssilorLuxottica, Ferragamo, GB Group Media/streaming: Netflix Wednesday Tech/platforms/enterprise: IBM, Meta Platforms, SAP, Texas Instruments, Tesla Exchanges/ratings/insurers: CME, Moody’s, Chubb Europe consumer/transport: Moncler, SKF, DSV US utilities/consumers: NextEra Energy, Philip Morris International UK: Halfords (trading), Aberdeen (flows) Thursday Banks/alternatives: Barclays, Blackstone Consumer/luxury: Procter & Gamble, L’Oréal, Nestlé, Hermès, Kering, Sainsbury’s, Pearson, Bloomsbury TMT: Comcast, Spotify, Nasdaq, Western Digital, London Stock Exchange (revenue) Industrials/transport: Atlas Copco, Honeywell, Kuehne+Nagel, Union Pacific, United Rentals, Sandvik, Essentra, Heathrow (trading) Aerospace/defence: Lockheed Martin Commodities/chemicals: Yara, Newmont UK wealth: Rathbones Friday Financials/industrials: American Express, Volvo Cars Commodities/industrial materials: SLB/Schlumberger, Holcim, Sika Consumers/durables: Electrolux What it could mean for major asset classes FX BRL: Outcome clarity in Brazil typically tightens risk premia; keep an eye on fiscal guidance rhetoric for follow-through. GBP: A hotter CPI print risks re-pricing BoE persistence; Budget signalling next week could add volatility. CAD: Local politics are secondary to oil and CPI. A firmer inflation pulse supports CAD on crosses more than vs USD if global risk is wobbly. TRY/KRW/ILS: Policy decisions and guidance will drive front-end curves and FX; carry vs. volatility trade-offs are in focus. Rates UK: Front-end gilts most responsive to CPI and Budget expectations; watch 2s10s shape and auction dynamics. Eurozone/US: Flash PMIs and earnings tone feed term premium; any downside surprises on activity can support duration. Canada/Japan: CPI outcomes could tweak BoC/BoJ narratives at the margin; breakevens in play. Equities Mega-cap tech: AI capex and monetisation datapoints from Meta, IBM, SAP, TI, and Tesla margin commentary are central to factor leadership. Energy/services: Halliburton and SLB outlooks inform 2027 upstream capex trajectories; read-across to OFS and equipment suppliers. Luxury/staples: Currency effects, China demand and pricing power will separate quality defensives from mere “bond proxies.” Transports/industrials: Union Pacific, Kuehne+Nagel, 3M and Honeywell offer cross-cycle demand clues. Commodities Metals/bulk: China GDP composition is the swing factor; property and infrastructure cues matter more than the headline rate. Oil: OFS commentary on international vs. North America activity mix and offshore cycle lengthening; monitor inventories and geopolitical risk premia. Strategy checklist: ideas to consider, not advice Rates: UK front-end vs. breakevens into CPI; consider event risk hedges given Budget timing next week. FX: BRL gamma around the run-off; GBP downside tails around CPI/retail sales; selective CAD longs on firm CPI with oil support. Credit: Earnings quality over quantity—favor balance-sheet strength as dispersion widens. Equities: Barbell of AI beneficiaries with cash-generative defensives; add cyclicals tactically if PMIs surprise on the upside. Commodities: Maintain optionality around China data; copper and iron ore skew set by demand details. Global events to note Monday Alberta advisory vote on sovereignty. Invest in Germany Summit (Berlin). US–Japan “Keen Sword” defence exercise begins (runs to Oct 29). Tuesday Japan H3 rocket launch carrying the Martian Moons Exploration (MMX) mission. UK hosts a state visit by Oman’s Sultan.

Weekly Global Market News –October – Week 3 The Week Ahead: Policy signals from Bangkok, US bank earnings, and Dublin’s AI showcase Here’s your cross-asset playbook for a pivotal week spanning global policy updates, the return of US bank earnings, and fresh inflation prints across major economies. Top themes to watch Global policy tone from Bangkok Finance ministers, central bankers and multilateral officials convene for the IMF–World Bank annual meetings in Thailand. Expect a sharper focus on fiscal discipline and debt sustainability amid higher funding costs and persistent term premia in bond markets. Watch for commentary on: Growth downgrades and regional divergences The path of disinflation versus sticky services inflation Capital flows and FX stability in emerging markets Energy security and climate finance Wall Street banks open earnings season Major US lenders report this week. Key watchpoints: Net interest income trajectory versus deposit betas Trading and investment banking mix as dealmaking stabilises Credit costs, with emphasis on commercial real estate and consumer delinquencies Capital return plans under evolving regulatory buffers Early productivity wins from AI and tech spend, including opex outlooks Results will set the tone for global financials and broader risk appetite. AI on the policy and industry agenda in Dublin Senior tech leaders gather for an EU-hosted AI summit in Ireland, with speakers slated from Microsoft, Qualcomm, Google DeepMind and Analog Devices. Focus areas: Safety, governance and the regulatory perimeter Compute, chips and the supply chain for accelerated infrastructure Enterprise adoption, productivity and sector disruptors (healthcare, finance, manufacturing) Inflation and growth data that can move yields US CPI and PPI, euro area HICP updates and the UK’s monthly GDP estimate will shape rate expectations into year-end. The Fed’s Beige Book offers a real-economy temperature check on wages, pricing power and credit conditions. Market implications by asset class Equities Financials: Bank earnings could underpin the sector if NII proves resilient and trading stays firm. Watch guidance language more than the backward-looking print. Semiconductors: TSMC results and any capacity or AI-related commentary will be read across to the chip complex and high-performance compute supply chains. Energy/materials: Opec and IEA reports, plus updates from Rio Tinto and Alcoa, inform the demand/supply narrative. Price discipline and China end-demand are in focus. Consumer/luxury: Updates from global brand leaders will help gauge discretionary momentum and China exposure. Trade US & Global Equities Capitalize on US bank earnings and tech sector movements with our global market access. Explore Deliverable Equities Fixed income Duration remains highly sensitive to US inflation prints and fiscal messaging from Bangkok. Elevated term premia mean larger swings around data beats/misses. Credit: Earnings color on provisioning and funding costs will matter for bank spreads; quality and liquidity remain key. FX USD: Tends to firm on upside US inflation surprises; soft CPI/PPI could extend tactical dollar pauses. EUR/GBP: Euro area HICP and UK GDP could inject volatility; central bank rhetoric will steer rate path expectations. JPY: Remarks from Bank of Japan officials and US yield moves remain the primary drivers. Commodities Oil: Opec and IEA monthly views will guide balances into winter; policy commentary on strategic stocks and shipping remains a wildcard. Industrial metals: China trade data and corporate updates help triangulate real demand. Week-at-a-glance highlights Monday NABE annual meeting: Remarks from US and UK monetary policymakers. EU: Long-term rates statistics. US and Japan: Market holidays. Earnings/updates: LVMH (revenue), AEP Plantations (trading). Tuesday Bangkok: IMF World Economic Outlook; fiscal update to follow on Wednesday. Opec oil market report. Japan: Corporate goods price inflation. UK: BRC retail sales monitor. Earnings: JPMorgan, Goldman Sachs, Citigroup, Wells Fargo, UnitedHealth, Johnson & Johnson, BP (trading), Whitbread, YouGov, Bellway, Albertsons, Greencore, Bytes, Domino’s, IntegraFin, Oxford Instruments, Reach. Wednesday Central bank speakers: Fed, Bank of Canada, Banco de España, Central Bank of Ireland; ECB President appears at a virtual forum; BoE’s Huw Pill speaks in Bangkok. IEA oil market report. China: Trade data. US: CPI and real earnings; Fed Beige Book. Earnings: Bank of America, Morgan Stanley, BlackRock, State Street, Fastenal, Rio Tinto (operations), Softcat, Ashmore (AUM). Thursday Bank of Japan policy board remarks; BoE’s Victoria Cleland on payments. Australia: Labour force survey. France/Switzerland: Inflation data. UK: Monthly GDP estimate. US: PPI. Earnings: TSMC, BNY Mellon, US Bancorp, PNC, Charles Schwab (update), Interactive Brokers, Prologis, Marsh, Manpower, Pernod Ricard, Mondi, Alcoa, Travis Perkins, Seraphim Space IT. Friday Bangkok: IMF MD in conversation with the Federal Reserve chair; BoE Governor speaks at IIF meetings. EU: HICP. US: Import/export prices. Earnings: Truist, Citizens Financial, M&T Bank, Travelers. Five investor questions for the week Has the disinflation trend stalled? A modest upside US CPI surprise could prolong “higher for longer,” pushing front-end yields up and flattening curves; a downside miss would ease financial conditions into November. Will banks guide to steadier 2027 NII and capital returns? Color on deposit costs, loan growth and CRE de-risking will drive the sector’s multiple. Is AI capex broadening? TSMC’s commentary on leading-edge nodes and packaging can validate continued spend on AI infrastructure and who benefits downstream. What’s the policy message from Bangkok? Any shift toward tighter fiscal stances or new debt management guidance could influence sovereign curves, especially in EM. Oil into winter: tight or balanced? Opec/IEA demand revisions and signals on supply discipline set the tone for energy equities and headline inflation path. Tactical ideas to consider (not investment advice) Rates hedging: Consider maintaining downside protection in duration into US CPI/PPI; options can help manage event risk while preserving upside if data softens. Quality carry in credit: Favor higher-quality financials and non-cyclicals with strong interest coverage; watch for post-earnings dispersion. Barbell in equities: Combine profitable AI beneficiaries (chips, select cloud hardware) with defensives that can pass through costs if inflation proves sticky. Energy risk management: Use defined-risk structures around Opec/IEA releases if positioning is crowded. Key corporate storylines US money-center and investment banks: Trading/banking mix, CET1 and buybacks, tech-driven efficiency. Asset managers/custody banks: Net flows, fee rates and NIM sensitivity as cash migrates. Semiconductors: Foundry capacity, advanced packaging, AI server demand cadence. Luxury/consumer: Pricing

Weekly Global Market News –October – Week 2 The Week Ahead: Elections, central bank signals and earnings steer sentiment (Oct 5–11, 2026) Markets face a dense mix of political risk, policy communications and company updates that will shape positioning across equities, rates, FX and commodities. Three big themes to watch 1) Ballots and policy uncertainty Canada: Quebec votes on Monday. A win for the Parti Québécois would revive sovereignty questions and could widen provincial spreads versus federals while adding a mild risk premium to the Canadian dollar. Watch CAD crosses and Canada 10-year yields for any gap moves into Tuesday’s open. UK: Another Westminster by-election lands in Holborn & St Pancras. While constituency results rarely shift macro policy, a strong Green performance versus Labour could influence the domestic climate agenda and Westminster narrative. Sterling and UK gilt moves should be modest, but short-dated Gilts can react to any perceived fiscal implications. Global awards calendar: Nobel announcements run through the week, culminating with the Peace Prize on Friday. It’s not a direct market driver, but headlines can sway broader risk sentiment in a thin tape. 2) Central banking: minutes and forward guidance US: The Federal Reserve releases minutes from its September meeting on Wednesday. Expect close parsing of any discussion around the path to neutral, balance-sheet runoff and the committee’s reaction function to recent labour and inflation data. The front end of the UST curve and breakevens are most exposed. Eurozone: The ECB’s latest minutes arrive Thursday. Look for detail on growth downgrades, fiscal interactions and the Governing Council’s tolerance for slower disinflation. Bunds and periphery spreads may see incremental repricing. India: The Monetary Policy Committee announces Wednesday. Baseline market view is for a hold, but guidance on liquidity management, food price dynamics and transmission will matter for INR, sovereign yields and local banks. Japan: BoJ Governor Kazuo Ueda speaks Tuesday. Any nuance on yield curve control, wage dynamics or the exit roadmap can jolt JPY and JGBs, even if policy change isn’t imminent. 3) Earnings and corporate actions: energy, staples and media in focus Energy: Shell posts a quarterly update Wednesday. With crude elevated and refining margins firmer, investors will focus on capital returns discipline, upstream capex and LNG outlook. OMV offers a trading update Friday, providing a European read-across. Consumer: PepsiCo (Thursday) and Constellation Brands (Wednesday) offer high-frequency reads on US demand, pricing power and input costs. Levi Strauss (Wednesday) adds a consumer discretionary lens into holiday inventories and DTC mix. UK retail: Tesco reports Thursday. Watch gross margin, volumes versus price mix, and commentary on competition and private-label share. Autos: Porsche hosts an investor day Wednesday. The roadmap on margin recovery, model cadence and EV investment versus cost actions is the key debate. Media consolidation: The Paramount Skydance–Warner Bros Discovery merger is slated to close Tuesday. Markets will assess integration risk, leadership structure and leverage trajectory for the combined group and sector peers. The macro and market diary Monday Global: S&P Global services PMIs across major economies. Canada/Quebec: Provincial election (results may filter through late Monday/early Tuesday). EU: Q2 house sales data. UK: Official reserves. US: Conference Board Employment Trends Index. China: Golden Week holiday continues; mainland markets closed. Earnings/events: Daiseki (HY). Tuesday Japan: BoJ Governor Ueda speaks at the securities industry meeting. US: New York Fed’s John Williams moderates at the Governance & Culture Reform Conference; Dallas Fed’s Lorie Logan hosts a Q&A with Agustín Carstens. Europe/UK: S&P Global construction PMIs. Germany: Factory sector data (August). Corporate actions: Paramount Skydance–Warner Bros Discovery merger targeted to close; leadership appointments in focus. UK: Competition Appeal Tribunal hears a consumer class action related to app store charges. Earnings: Lamb Weston (Q1), RPM International (Q1). Wednesday Global policy: IMF Managing Director Kristalina Georgieva delivers an annual meetings curtain-raiser in Singapore. India: RBI policy decision; HSBC India services PMI. US: FOMC minutes (September meeting). UK: Lloyds House Price Index; ICAEW Business Confidence (Q3). France: FX reserves. Corporate: Porsche capital markets day; Shell quarterly update. Earnings: Constellation Brands (Q2), Levi Strauss (Q3), Hollywood Bowl (FY trading update), Netcall (FY), Avon Technologies (update). Thursday Eurozone: ECB minutes (last policy meeting). UK: KPMG/REC Report on Jobs. Earnings: PepsiCo (Q3), Tesco (HY), Next 15 (HY), Volution Group (FY), Südzucker (Q2/HY), Intercede Group (HY/AGM), Unite Group (Q3 trading and fund valuations). Friday Canada: Labour Force Survey (September). UK: BRC Footfall Monitor (September). Earnings: Delta Air Lines (Q3), OMV (Q3 trading update), SSP (Q4 trading update). Looking for Trusted Brokerage Solutions in Dubai? Take your trading strategy to the next level with global market access tailored to your financial goals. Contact Us World and political events snapshot Nobel announcements: Medicine (Mon), Physics (Tue), Chemistry (Wed), Literature (Thu), Peace (Fri). UK: FCA annual public meeting (Tue) with Q&A on supervision priorities; Conservative Party conference concludes Wednesday with the leader’s keynote. EU: OECD Green Finance & Investment Forum (Wed–Thu). Croatia: MED9 summit (Wed). China/EU: European Trade Commissioner in Beijing for two days of talks (Thu–Fri). UK: Holborn & St Pancras by-election (Thu; results overnight into Fri). Norway: Peace Prize announcement (Fri). Additional: International Day of Demonstrations for Palestine (Sat); North Korea Party Foundation Day (Sat); World Health Summit begins in Berlin (Sun–Oct 13). Cross-asset implications and trading lens Rates US Treasuries: Minutes that lean “higher-for-longer” on policy or balance-sheet runoff could re-steepen 2s/10s via front-end stickiness. A more balanced tone on growth could support a bull flattening. Watch 2y and 5y auction tails later this week for demand signals. Euro rates: Any ECB hints at a prolonged hold paired with weak survey data can compress periphery–core spreads modestly. Keep an eye on BTP-Bund dynamics into year-end funding. India: A steady hand with hawkish liquidity guidance would support INR rates at the belly; a surprise shift on stance could move 1y OIS more than the 10y benchmark. FX GBP: Event risk is mostly political optics; real movers remain UK growth surprises and BoE pricing. Buy-on-dip bias against EUR if UK data stabilises. CAD: Quebec outcome adds headline risk. A market-friendly

Weekly Global Market News – September – Week 5 The Week Ahead: Politics, policy and prints that could move markets Period covered: 27 September – 4 October 2026 Overview A dense week lies ahead across politics, macro and earnings. In the UK, conference season reaches a climax with fiscal signals from the chancellor and a first party-conference address from the prime minister. North American trade frictions escalate as fresh US measures on Canadian goods take effect. In South America, Brazil heads to the polls against a backdrop of renewed US trade action. Macro releases include US jobs, Eurozone flash inflation and a global run of PMIs, plus Australia CPI/RBA and minutes from the Bank of Japan. Corporate highlights feature Nike, Micron and a slate of UK consumer names. Top themes and market implications 1) UK party conference signals What’s happening: The chancellor is expected to outline the contours of next month’s Budget while the prime minister delivers his first conference keynote. Later in the week, the Greens and Plaid Cymru convene; the Conservative conference opens on Sunday. Why it matters: Any steer on spending rules, tax thresholds, infrastructure priorities or utility policy could move gilts, sterling, and domestically focused equities (housebuilders, water/utilities, banks, infrastructure contractors). What to watch Hints on the fiscal stance and debt targets ahead of the 28 October statement. Housing supply measures and planning reform timelines. Utilities/water regulation and potential ownership discussions. Public pay, NHS and local government funding trajectories. 2) US–Canada trade spat intensifies What’s happening: Additional US restrictions on selected Canadian imports are due to take effect on Tuesday. Why it matters: Tariffs raise input costs, can nudge near‑term inflation and may shift flows in specific categories (agri-food, select consumer goods, motorcycles and beverages) on both sides of the border. Market lens CAD: Sensitivity to headlines and Canada’s monthly GDP print. Canadian equities: Domestic consumer and industrial names with US exposure; logistics and retailers with cross‑border supply chains. US rates/inflation: Marginally hawkish if price effects filter through, but duration impact depends on Friday’s jobs data. 3) Brazil votes amid trade noise What’s happening: Brazilians elect a president and new Congress on Sunday. The US has flagged new trade measures targeting select Brazilian exports. Why it matters: Policy continuity vs. change will shape fiscal paths, privatization, and commodity strategy. Trade pressure complicates the near‑term mix for exporters. Market lens BRL and local rates: Expect weekend‑risk pricing and Monday open gap risk. Equities: State‑linked firms, utilities, consumer credit names and commodity producers most sensitive. Commodities: Watch softs and metals for any signal effects. 4) Macro: jobs, inflation and growth United States Friday’s payrolls report anchors the week; Tuesday’s JOLTS offers an earlier read on labour demand. The final Q2 GDP estimate and consumer confidence round out the growth picture. Scenario map: Strong payrolls/wage growth would firm “higher for longer” rate expectations and support the dollar; a softer print revives cut timing debates and could steepen curves. Eurozone/UK Eurozone flash HICP (Fri) tests disinflation momentum; manufacturing PMIs (Thu) give breadth. The UK publishes a Q2 GDP revision and a Nationwide house price update. Gilts/GBP: Extra sensitive given conference headlines plus housing data. Asia Australia: CPI (Wed) ahead of the RBA decision (Tue) frames the path of policy; AUD likely reactive. Japan: BoJ minutes (Mon) and the summary of opinions (Thu) are parsed for balance‑sheet and yield‑curve guidance; JPY volatility risk remains two‑sided. China: Official PMI set (Wed) provides another check on early‑Q4 momentum. 5) Earnings and corporate updates to watch Global/US Nike (Thu): Focus on direct-to-consumer reset, wholesale relationships, inventories, China demand and margin recapture. Recent board changes add interest to long‑term brand and channel strategy. Micron (Wed): AI memory cycle durability, pricing, supply discipline and capex outlook. Accenture (Thu): Bookings mix (public/federal vs. enterprise), gen‑AI services traction and FY guidance tone. Jefferies (Mon): Investment banking fee momentum and trading revenue mix into year‑end. CarMax (Tue): Used‑car affordability, financing spreads, credit performance. UK/Europe JD Wetherspoon (Fri): Cost inflation vs. pricing power, volumes, and cash returns in a still‑tight consumer backdrop. Greggs (Wed trading update): Store rollout cadence, input cost trends, breakfast/daypart expansion. Close Brothers (Tue): Funding costs, impairment charges and capital buffers. Segro (Mon): Shareholder meeting on the proposed Prologis transaction; logistics real‑estate valuations and development pipeline in view. Additional reporters include Jabil, Progress Software, Saga, Spire Healthcare, James Halstead and others. Elevate Your Institutional Trading Strategy Access global markets, liquidity venues, and multi-asset execution with our institutional brokerage solutions. Discover Institutional Services The calendar at a glance Monday, 28 Sep UK: Chancellor’s address at Labour Party conference Japan: BoJ July meeting minutes; services PPI Corporate: Jefferies (Q3), Tullow Oil (HY), Segro shareholder vote on proposed Prologis deal Tuesday, 29 Sep US: Conference Board consumer confidence; JOLTS Canada: Monthly GDP estimate; US measures on selected Canadian imports take effect Australia: RBA policy decision Corporate: CarMax (Q2), Close Brothers (Q4/FY), AG Barr (HY), Card Factory (HY) Wednesday, 30 Sep US: Final Q2 GDP UK: Q2 GDP revision France: September CPI China: Official manufacturing and services PMIs Australia: CPI Corporate: Micron (Q4), Jabil (Q4), Greggs (Q3 TU), Spire Healthcare (HY) Thursday, 1 Oct Global: Manufacturing PMIs (major economies) EU: Unemployment; House Price Index (Q2) Switzerland: CPI UK: Nationwide house price index; UK vaping levy begins Corporate: Accenture (Q4), Nike (Q1), Stolt‑Nielsen (Q3) Friday, 2 Oct Eurozone: Flash HICP US: Non‑farm payrolls; unemployment rate; wages Corporate: JD Wetherspoon (FY), Kernel (FY), Skillcast (HY) Weekend and notable events Sunday: Brazil presidential and legislative elections; OPEC+ monthly meeting (online); UK Conservative conference opens in Birmingham Weeklong: UK party conferences (Labour concluding; Greens/Plaid meetings), Paris Fashion Week, Canada’s National Day for Truth and Reconciliation (Wed) US: G20 trade ministers meet mid‑week Quick positioning dashboard (not investment advice) Rates US Treasuries: Payrolls skew dominates. Stronger data likely pressures the long end; softer data could support duration and curve steepening. Gilts: Elevated headline risk from conference signals; watch auction calendar and DMO remit chatter. Bunds: Eurozone HICP sets the tone; core vs. periphery spread moves

Weekly Global Market News – September – Week 4 Weekly Market Briefing — The Week Ahead for Investors Top themes to watch Global diplomacy in focus: The UN General Assembly draws heads of government to New York, while a scheduled US–China state visit in Washington later in the week could shift the narrative on trade, technology controls and investment flows. Markets will key off any signals on tariffs, export licensing, AI cooperation and national security safeguards. European politics: Germany’s chancellery faces pressure following weekend regional votes in Berlin and Mecklenburg-Vorpommern. Any leadership noise or coalition strain could influence bunds, the euro and German cyclicals. Central bankers on stage: A dense slate of speeches from the Fed, Bank of Canada, Reserve Bank of Australia and Bank of England arrives just as investors digest earlier inflation prints. Guidance around “higher for longer,” growth resilience and transmission lags will be market-moving for curves and FX. Hard data returns via PMIs: Flash manufacturing and services PMIs across the US, UK, eurozone, Germany, France and India set the tone for growth expectations into Q4. Germany’s Ifo, Australia’s labour report and UK public finance and sentiment updates round out the macro picture. Tech and earnings catalysts: Meta’s developer conference is the marquee event for AI, AR/VR and monetisation roadmaps. Results from retailers, industrials and tech (including Costco, H&M, BlackBerry, Paychex, Cintas, JD Sports, Raspberry Pi and others) provide read-through on demand, labour costs and inventory discipline. Macro, policy and market closures UN General Assembly, New York: Speeches and bilateral meetings throughout the week; UN secretary-general succession manoeuvring is in focus. US–China engagement, Washington: A state visit and White House meetings are expected to cover trade, AI, export controls and security. UK politics: Liberal Democrat conference concludes Tuesday; Labour conference opens Sunday in Liverpool. The UK prime minister is seeking facetime with the US administration. Market closures and holidays: Israel: Yom Kippur (Monday). Markets closed. Japan: Respect for the Aged Day (Monday), Bridge holiday (Tuesday), Autumnal Equinox Day (Wednesday). Markets closed. China/Hong Kong: Mid-Autumn Festival (Friday), with festivities across Hong Kong. Central bank and policymaker diary Federal Reserve: Chicago Fed’s Austan Goolsbee (Mon), New York Fed’s John Williams (Tue and Fri), Richmond Fed’s Thomas Barkin (Thu). Bank of Canada: Governor Tiff Macklem speaks (Mon). Reserve Bank of Australia: Governor Michele Bullock in a fireside chat (Tue). Bank of England: Deputy Governor Clare Lombardelli at a macro policy conference (Thu). IMF: Managing director Kristalina Georgieva at the IMF Legal Department’s 80th anniversary (Mon). Economic data to bookmark Global flash PMIs (Wed): Eurozone, Germany, France, UK, US, India. Japan’s PMIs arrive Thursday due to local holidays. Germany: Ifo business climate (Thu). Australia: Labour force survey (Thu). UK: Public sector finances (Tue), BRC Consumer Sentiment Monitor (Thu), GfK Consumer Confidence (Fri). France: Retail sales (Tue), OECD Interim Economic Outlook (Wed). US: University of Michigan consumer sentiment (Fri). Corporate calendar and tech catalysts Tech platforms and devices Meta Connect developer conference (Wed): AI assistants, on-device models, AR/VR device pipeline, monetisation and ad tools. Watch ad-tech peers and AI infrastructure names for sympathy moves. Earnings highlights Tue: AutoZone, Kingfisher, Origin Enterprises, Exor, MillerKnoll, Thor Industries, Tui (pre-close), Henry Boot, PureTech. Wed: Paychex, Cintas, Renishaw, JD Sports, Manchester United, OVS, Elixirr, Worthington Enterprises. Thu: Costco, H&M, Darden Restaurants, TD SYNNEX, BlackBerry, Raspberry Pi, CVS Health, Scholastic, Vistry Group. Fri: Selena. Corporate actions and listings Hong Kong IPO: Ligent Technologies targets roughly HK$5.67bn (Tue). M&A: Pinewood.AI shareholder vote on a recommended takeover (Fri). What it could mean for markets • Rates and FX A hawkish tilt from Fed speakers would likely support front-end yields and the US dollar, particularly if US PMIs re-accelerate relative to Europe. Softer eurozone and German prints could keep EUR on the defensive versus USD and GBP; Germany’s Ifo will be a credibility test for a late-year uptick. AUD sensitivity is high around Thursday’s jobs report; a firm print would cushion AUD into the next RBA meeting. Gilts remain a two-way trade: weak UK confidence data would argue for lower yields, but sticky services readings would limit duration rallies. • Equities US mega-cap tech volatility tends to rise into and out of developer conferences; updates on AI monetisation and device roadmaps are the swing factors for sentiment. Retail and consumer bellwethers (Costco, H&M, Darden) offer a clean read on discretionary demand, traffic, and wage/food cost dynamics heading into holidays. Cybersecurity and enterprise software watch: BlackBerry’s results and outlook on QNX/IoT and security contracts can drive small-cap tech sentiment. UK mid-caps and European cyclicals are sensitive to PMIs and any UK conference-season policy headlines. • Credit Primary issuance may slow midweek around headline risk and holidays; watch for spread drift if PMIs disappoint. Quality bias remains prevalent given late-cycle angst. • Commodities Any easing in US–China tensions would be supportive for industrial metals; conversely, a harder line on tech export controls could cap risk appetite. FX-driven moves may dominate energy and metals in a light fundamental-data week outside PMIs. The week by day Monday IMF’s Georgieva speaks; Chicago Fed’s Goolsbee Q&A. BoC Governor Macklem remarks. Market closures: Israel; Japan. UK: S&P Global consumer sentiment indicator. Earnings: Abivax (HY), Remgro (FY). Tuesday New York Fed’s John Williams at the US Treasury Markets Conference. RBA Governor Bullock fireside chat. France retail sales; UK public finances. Japan holiday (markets closed). Hong Kong IPO: Ligent Technologies. Earnings: AutoZone, Exor, Kingfisher, Origin Enterprises, MillerKnoll, Thor Industries, Tui (pre-close), Henry Boot, PureTech. Wednesday Meta Connect keynote (Mark Zuckerberg). Flash PMIs: eurozone, Germany, France, UK, US, India. Japan holiday (markets closed). Earnings: Cintas, Paychex, Renishaw, JD Sports, Manchester United, OVS, Elixirr, Worthington Enterprises. Thursday BoE’s Lombardelli; Richmond Fed’s Barkin. Australia labour force survey; Germany Ifo; Japan flash PMIs; UK BRC sentiment. White House hosts Chinese leadership for state visit/meetings. Earnings: Costco, H&M, Darden, TD SYNNEX, BlackBerry, Raspberry Pi, CVS Health, Scholastic, Vistry Group. Friday New York Fed’s Williams speaks again (Monetary Economics Conference). China/Hong Kong: Mid-Autumn Festival. UK GfK confidence; US University of Michigan sentiment. Pinewood.AI shareholder

Weekly Global Market News – September – Week 3 The Week Ahead: Central-bank triple play, an inflation flurry, and Russia heads to the polls Date range: Week of 14–20 September 2026 Market narrative at a glance Policy in focus: The US Federal Reserve, Bank of England and Bank of Japan all set rates this week, a rare cluster that could reset global risk appetite, yield curves and FX trends into Q4. Inflation pulse: Fresh CPI/HICP/WPI readings from the EU, UK, France, India, Canada and Japan will test the “sticky services” narrative and shape terminal-rate expectations. Politics and geopolitics: Russia holds its first State Duma election since the full-scale invasion of Ukraine. While financial markets expect limited direct impact, any hint of instability could feed into energy risk premia and safe‑haven flows. Micro meets macro: A lighter earnings slate still offers signals from retailers and homebuilders on consumer resilience, pricing power and housing demand. Why this week matters for portfolios Rates: A cautious or hawkish Fed would reinforce higher-for-longer front-end pricing and keep term premia elevated. Conversely, any nod to disinflation traction could steepen curves. FX: The USD will take its cue from the Fed’s tone on growth and inflation. Sterling hinges on UK CPI/services inflation and BoE guidance. The yen is vulnerable to BoJ surprises and any tweak in the inflation-risk balance. Equities: Retailers’ updates (UK and North America) will spotlight volume vs margin trade‑offs. Homebuilder commentary will gauge mortgage-rate sensitivity and backlog quality. Japan’s policy path remains a key driver for Topix sector leadership. Credit: Wider rate volatility argues for selectivity; watch primary issuance windows around the central-bank decisions. Central banks: what to watch Federal Reserve (Wed): Markets face a high bar after stronger-than-expected August payrolls and a rise in Treasury borrowing costs. The committee held in July; investors will parse the statement and press conference for: Assessment of the growth–inflation trade‑off Any shift in balance-sheet runoff language How officials characterise recent term-premium moves Bank of England (Thu): Softer UK activity argues for a hold, but upside inflation risks (from energy, geopolitics and extreme weather effects on food) keep a hike in play later this year. Focus on: Vote split and updated guidance on data dependence Services CPI and wage growth as the swing variables Market pricing now implying more tightening over 12 months versus a week ago Bank of Japan (Fri): Markets lean toward another step up in the policy rate (around 1.25%), following a hawkish tilt in recent communications. Key tells: Language on upside inflation risks Guidance on the path for further normalisation this year Any comments on market functioning and JGB purchases Capitalize on Central Bank Volatility with CFDs Trade global indices, currencies, and commodities with flexible margins. Take long or short positions as the Fed, BoE, and BoJ announce their critical rate decisions. Explore CFD Trading Data and events calendar (selected) Monday, 14 Sep Canada: August CPI India: August wholesale price inflation Switzerland: August PPI UK: Zoopla quarterly Rental Market Report Earnings: MP Evans Group (HY), GlobalData (HY), Greencoat Renewables (HY) Tuesday, 15 Sep China: August new home prices; retail sales France: Final August CPI UK: Labour market report (employment, wages) BoE: Speech by Carolyn Wilkins (FPC external member) Earnings: City of London Investment Group (FY), Everplay Group (HY), MJ Gleeson (FY), Kier (FY), Princes Group (HY), Trustpilot (HY), Wickes (HY) Wednesday, 16 Sep US: FOMC rate decision and press conference UK: August CPI and PPI Corporate events: Mitie shareholder meeting on proposed sale to OCS Tech hardware: Snap to unveil next-gen SPECS AR device Earnings: Barratt Redrow (FY), Bolloré (HY), Dollarama (Q2), WHSmith (pre‑close) Thursday, 17 Sep EU: August HICP (final) UK: BoE rate decision ECB: Philip Lane speaks at the annual research conference (Frankfurt) Earnings: Galliford Try (FY), Helvetia Baloise (HY), Lennar (Q3), LPP (HY), Next (HY) Friday, 18 Sep Japan: BoJ rate decision; August CPI UK: August retail sales (Great Britain) US: Conference Board Leading Index; state employment/unemployment Tech hardware: Apple iPhone 18 Pro/Pro Max on sale Earnings: Wolford (HY) The Russia angle: limited direct flows, watch second-order effects Baseline: A choreographed Duma election outcome is widely expected. Direct market impact is likely muted. What to monitor: Any surprise turnout narrative or localised unrest that nudges crude and European gas higher Fresh sanctions chatter or supply disruptions Safe‑haven bid in USD and gold if geopolitical risk jumps Company highlights Next (Thu): A bellwether for UK discretionary spending and store/online mix. Watch like‑for‑like sales, margin guidance, cost inflation and inventory discipline. Lennar (Thu): Housing affordability vs builder incentives. Orders, cancellation rates and backlog ASPs are key to assessing US housing resilience at higher mortgage rates. Dollarama (Wed): Pricing power, traffic trends and trade‑down dynamics amid real‑income pressures. WHSmith (Wed): Travel vs high-street performance split and international footprint momentum. Barratt Redrow (Wed): UK housing consolidation lens—synergies, land bank quality and capital-return policies. Cheat sheet: indicators that move markets this week US: Core services inflation within CPI; labour-cost indicators in the Fed’s language; any nod to term-premium dynamics. UK: Services CPI and private-sector regular pay growth as the BoE’s swing factors; retail sales volumes vs value for demand signals. Euro area: HICP momentum and dispersion across core vs periphery. Japan: BoJ statement language on inflation risks and any change in rate path signalling. China: Retail sales breadth (autos, catering, online) and new-home price declines as a property‑stabilisation barometer. Cross asset setup Rates: Curve shape into and out of the Fed—watch 2s/10s. Gilts to take cue from UK CPI and BoE vote split. JGB volatility around BoJ. FX: USD sensitivity to Fed tone; GBP to UK data/BoE; JPY to BoJ surprise risk. EUR reacts to finalized HICP and ECB-speak. Equities: Defensive vs cyclical leadership will pivot on policy tone; retailers/homebuilders are high‑beta datapoints. In Japan, further normalisation supports financials relative to duration‑sensitive growth names. Commodities: Any geopolitical premium would support crude; keep an eye on European gas on Russia headlines and on strikes/weather. Risk monitor Upside risks: Broad disinflation beats; dovish nuances from one or

Weekly Global Market News – September – Week 2 The Week Ahead: Central banks in focus, US politics returns, and key inflation checks A brisk start to September trading lies ahead. The US comes back from Labor Day to a four‑day Wall Street week, Europe eyes a pivotal European Central Bank meeting, and political risk swings back onto the radar with Republicans convening in Dallas. Energy markets get fresh direction from Opec and the IEA, while a dense slate of inflation and growth figures will reset macro narratives into month‑end. Top themes to watch ECB decision and global rates The ECB meets with markets largely expecting another quarter‑point increase. Messaging around the growth–inflation trade‑off and any tweaks to guidance on balance sheet reduction will matter as much as the move itself for EUR rates and the euro. Turkey also sets policy this week; the lira and local rates remain prone to outsized moves around the announcement. From Asia, a Bank of Japan policy board member speaks in Fukui; any nuance on wage dynamics or inflation persistence will be parsed for hints on the BoJ’s normalization path. In the UK, the Bank of England governor and MPC members testify to Parliament, giving sterling traders fresh cues on policy appetite. Inflation, growth and the health of the consumer The US publishes August producer prices (Thu) and consumer prices (Fri) alongside real earnings, offering a timely check on disinflation and household purchasing power. China’s August CPI and PPI (Wed) will update the debate around domestic demand and pricing pressure after a summer of uneven data. Europe, the UK and Japan release second‑quarter GDP updates; the UK also prints monthly GDP, construction output and trade (Fri). Japan’s corporate goods price data (Fri) provide another read on pipeline inflation. Politics, policy and global events The Republican National Committee holds a pre‑midterm gathering in Dallas, with headline speeches slated to frame GOP priorities ahead of November’s vote. Markets will watch for tax, spending and trade talking points that could shape sector winners and losers into year‑end. Sweden votes on Sunday, a closely watched test for Europe’s evolving policy mix on growth, borders and the green transition. Energy diplomacy and balances remain in focus with Opec’s monthly report (Thu) and the IEA’s outlook (Fri). Friday marks 25 years since the 9/11 attacks—a moment of remembrance that can also bring elevated newsflow around security and policy. Equities and credit setup Mega‑cap tech and hardware Apple’s product showcase (Wed) is the first under new leadership at the helm. Beyond devices, listen for guidance on AI features, on‑device processing, services growth and any supply chain color—all potential catalysts for Apple, key suppliers and the AI hardware ecosystem. Software and AI spend Adobe (Thu) and Oracle (Thu) will be probed for enterprise AI monetization, cloud workload trends and margin durability. Watch commentary on GenAI deployments, pricing and deal cycles for broader read‑through to software peers. Global retail pulse US: Macy’s (Thu) and Kroger (Fri) offer a split‑screen on discretionary vs staples demand, inventory discipline and shrink. Europe/UK: Inditex (Wed), The Gym Group (Wed), Currys (Thu) and the John Lewis Partnership (Thu) provide fresh evidence on European consumer resilience, cost control and promotional intensity. Industrials and autos adjacencies Copart (Thu) is a useful bellwether for used‑car pricing, salvage flows and claims inflation, with implications for insurers and autos. Select UK names Associated British Foods trading update (Thu) could shed light on Primark’s momentum, input costs and FX. Fevertree (Thu) and Genus (Thu) round out a varied UK mid‑cap slate. Trade US Stocks & ETFs Gain access to leading US companies and global markets with PhillipCapital DIFC’s secure custody and execution. Explore US Equities Rates, FX and commodities takeaways Rates and FX A hawkish ECB tone with soft European activity data would flatten curves and could support EUR initially; a dovish tilt would likely weigh on EUR and steepen curves. US CPI/PPI surprises will swing Fed‑cut probabilities, with immediate impacts on the dollar, front‑end Treasuries and rate‑sensitive equities. BoE testimony that leans “higher for longer” could underpin GBP, while any signs of growth concerns may cap gains. Energy Opec/IEA assessments, alongside US inventory trends, arrive as Brent consolidates. Any supply guidance tweaks or demand downgrades will ripple through oil, energy equities and inflation breakevens. Precious and base metals Real yields post‑CPI will steer gold. China’s price data and growth prints will color sentiment for copper and industrial metals. The week, day by day Monday Macro: China FX reserves; EU Q2 productivity/GDP estimates; UK Lloyds House Price Index UK: KPMG/REC Report on Jobs US: Labor Day (markets closed) Earnings: Ashmore (FY), Burkhalter (HY), Gamma Communications (HY), SigmaRoc (Q2/HY), Standard Life (HY) Tuesday Policy: BoE governor and MPC members testify to the Treasury Committee Macro: Japan revised Q2 GDP; UK BRC Retail Sales Monitor Earnings: ABM Industries (Q3), Braze (Q2), Computacenter (HY), Dunelm (FY), Funding Circle (HY), James Fisher (HY), Rubis (Q2/HY), Theon (HY), Uniphar (HY), United Natural Foods (Q4) Wednesday Corporate: Apple product event (Cupertino) Macro: China August CPI/PPI; Japan money stock Earnings: Academy Sports + Outdoors (Q2), AeroVironment (Q1), American Eagle (Q2), Casey’s (Q1), Chewy (Q2), Cooper Companies (Q3), D’Ieteren (HY), The Gym Group (HY), Inditex (HY), Navan (Q2), SailPoint (Q2), Signet Jewelers (Q2) Thursday Policy/energy: Bank of Japan board member speech (Fukui); Opec monthly report; ECB rate decision; Turkey rate decision Macro: US August PPI Earnings/updates: Adobe (Q3), Associated British Foods (TU), Copart (Q4), Currys (AGM/TU), Fevertree Drinks (HY), Genus (FY), John Lewis Partnership (HY), Macy’s (Q2), Oracle (Q1), Playtech (HY) Friday Energy: IEA oil market report Macro: Japan corporate goods price index; UK July GDP, construction output and trade; US August CPI and real earnings Earnings: Kroger (Q2) Global diary highlights Canada: Labor Day (Mon) OECD: Global PISA release (Tue) US: Republican National Committee convention begins in Dallas (Wed–Thu) France: International Space Summit (Wed–Thu) Latvia: Rīga Conference on transatlantic security (Thu) US: New York Fashion Week opens (Thu) Religious/civic: Rosh Hashanah begins (Fri evening); 25th anniversary of the 9/11 attacks

Weekly Global Market News – September – Week 1 The Week Ahead: Jobs, policy and a high profile listing set the tone At a glance United States: JOLTS and ISM Manufacturing (Tue), Beige Book and ADP (Wed), ISM Services and trade balance (Thu), Non‑Farm Payrolls (Fri). Hong Kong: Shein is slated to debut, aiming to raise roughly $1.7bn–$1.8bn at a circa $26bn–$27bn market value. United Kingdom: Parliament returns; Prime Minister Andy Burnham faces his first PMQs (Wed). UK markets are closed Monday for the summer bank holiday. Central banks: Bank of Canada rate decision (Wed). Europe and Asia data: Eurozone flash inflation and unemployment (Tue); Switzerland GDP/CPI (Thu); Australia Q2 GDP (Wed); China PMIs (Mon/Thu); India, Brazil Q2 GDP (Mon/Tue); South Korea CPI (Wed). Macro and market narrative US labor in focus Why it matters: Fresh reads on job openings, private hiring and the headline payrolls report will shape September’s Fed debate. July’s payrolls growth decelerated and total employment reportedly fell by 23,000 that month, marking a fourth straight month of slower gains. A further softening would bolster the case for a policy easing as soon as September. The wrinkle: Headline inflation ran at 3.4% year‑on‑year in July, still above the Fed’s 2% goal. Wednesday’s Beige Book will offer color from regional districts on wage dynamics, consumer demand and pricing power. Market takeaways: Weak labor prints: front‑end yields and the dollar typically ease; duration, gold and long‑duration equities tend to catch a bid. Hotter‑than‑expected payrolls or wages: pushes terminal‑rate expectations higher, aiding the dollar and pressuring risk assets. Shein heads to Hong Kong What’s new: After hurdles in New York and London, the fast‑fashion group is set to list in Hong Kong at about a quarter of its prior peak valuation. Policy shifts in the US and EU on small‑parcel import thresholds have challenged its ultra‑low‑cost delivery model. Why it matters: The deal is a fresh test of investor appetite for consumer internet names amid uneven China demand and tighter cross‑border rules. Watch read‑across to Asian e‑commerce peers and logistics names. Westminster returns Context: UK lawmakers are back. Andy Burnham is scheduled for his first Prime Minister’s Questions on Wednesday. Policy currents to watch: Energy: The regulated price cap is set to rise, potentially offsetting the government’s VAT reduction on energy bills. Defence: Reports suggest the chancellor may defer the 3% of GDP defence‑spend ambition to 2030. Market angle: Any clarity around fiscal priorities, energy policy and public investment will inform gilt term premia and sterling’s path into the autumn Budget season. US politics: Primary spotlight Massachusetts Democrats vote Tuesday in a contest pitting progressive challenger Seth Moulton against incumbent Senator Ed Markey (age 80). Expect commentary on what the result signals about the party’s positioning into November’s midterms. Market implications are second‑order near term but could influence sector‑specific expectations (energy, healthcare, tech) if the broader party direction shifts. Tap Into Global Markets Access equities, futures, and options seamlessly across local and international exchanges with PhillipCapital DIFC. Explore Trading Products Data and policy radar Monday China: Official manufacturing and non‑manufacturing PMIs for August Germany: Preliminary August inflation India: Q2 GDP Turkey: Q2 GDP; July unemployment Japan: METI monthly data UK: Markets closed (summer bank holiday) Russia: Remarks by CBR Deputy Governor Alexey Zabotkin Earnings: Science Applications International (Q2) Tuesday Brazil: Q2 GDP Eurozone: Flash CPI (Aug) and unemployment (Jul) South Korea: Exports (Aug, y/y); S&P Global Manufacturing PMI UK: BRC monthly shop price index US: ISM Manufacturing (Aug); JOLTS job openings (Jul) Hong Kong: Shein IPO Japan: MoF corporate survey (to June) Russia: Eastern Economic Forum (Vladivostok) begins Earnings highlights: Bunzl (H1), Dell (Q2), GitLab (Q2), Medtronic (Q1), MongoDB (Q2), NIO (Q2), Palo Alto Networks (Q4), Swiss Life (H1) Wednesday Australia: Q2 GDP Canada: Bank of Canada policy decision South Korea: Inflation (Aug) Japan: BoJ board member Hajime Takata speech US: Fed Beige Book; ADP employment (Aug); factory orders (Jul) UK: First PMQs for PM Andy Burnham Earnings highlights: Broadcom (Q3), HPE (Q3), NetApp (Q1), PVH (Q2), Snowflake (Q2), Five Below (Q2), Brown‑Forman (Q1), American Eagle (Q2) Thursday Australia, Canada: Trade balance (Jul) China: Caixin/RatingDog Services PMI (Aug) Switzerland: Q2 GDP; CPI (Aug) Germany: Ifo economic outlook updates Turkey, Vietnam: Inflation and PMI/trade/industrial prints US: ISM Services (Aug); trade balance (Jul); weekly jobless claims; remarks by Cleveland Fed President Beth Hammack Earnings highlights: Lululemon (Q2), Zscaler (Q4), DocuSign (Q2), UiPath (Q2), Ambarella (Q2), Asana (Q2), Ciena (Q3), Campbell Soup (Q4), RH (Q2), Samsara (Q2), Victoria’s Secret (Q2), VinFast (Q2), Vivendi (H1) Friday US: Non‑Farm Payrolls (Aug) Eurozone: Retail sales (Jul) Germany: Factory orders (Jul) UK: BoE Governor Andrew Bailey speech; Decision Maker Panel survey; SMMT August car sales Canada: Employment report (Aug) Earnings: African Rainbow Minerals (FY) What we’re watching by asset class Equities Semis and AI infrastructure: Broadcom, HPE, NetApp, Snowflake can steer sentiment on enterprise AI spending and networking silicon. Cybersecurity: Palo Alto and Zscaler will be read for billings momentum versus macro headwinds. Retail/apparel: Lululemon, American Eagle, Five Below and PVH offer a lens on discretionary demand and inventory discipline ahead of holiday planning. China‑exposed consumer/tech: Shein’s pricing and order book tone could influence multiples across Asian e‑commerce. Fixed income Front‑end Treasuries most sensitive to labor prints and ISM Services prices. A sub‑consensus NFP and cooler wage growth would likely flatten or bull‑steepen curves. Gilts: Watch for hints on fiscal timelines and energy‑related measures during PMQs and BoE communications Friday. FX USD: Direction hinges on the growth‑inflation trade‑off. Soft labor plus tepid ISM prices would weigh on DXY; resilient data do the opposite. GBP and EUR: Eurozone flash CPI and UK policy signals set near‑term tone; energy price dynamics remain a swing factor for both. Commodities Energy: Opec+ meets Sunday to discuss output. Any guidance on quotas and compliance will shape the early‑week open. Watch refinery margins and product cracks into autumn maintenance. Scenario planner for Friday’s payrolls Below 100k headline; unemployment up; wages <= 0.2% m/m Odds of a September Fed cut rise; 2‑year yields