Weekly Global Market Update

Weekly Global Market News – June – Week 3 Week Ahead: Markets zero in on G7, a trio of rate decisions, and UK by-elections Here’s your guide to the key macro events, data and corporate updates likely to shape markets in the days ahead. Top themes to watch G7 at Evian-les-Bains: Leaders from advanced economies meet with energy security, the conflict involving Iran, and global growth front and centre. Any signals on oil supply coordination, sanctions, or maritime security could sway crude, shipping and broader risk appetite. Headline risk is high; watch for a communiqué (or lack of one) and any bilateral breakthroughs. Central bank trifecta: Japan (Tue), the US Federal Reserve (Wed) and the Bank of England (Thu) set policy within 48 hours. The sequencing and tone across the three could drive a cross-asset repositioning into quarter-end. UK politics: A closely watched parliamentary by-election in Makerfield on Thursday could influence the Labour leadership race. Result is expected early Friday and may add near-term GBP volatility alongside CPI/BoE. Energy narrative: The IEA Oil Market Report (Wed) lands amid heightened geopolitical risk. Inventories, demand revisions and OPEC+ assumptions will be combed for clues on H2 balances. Liquidity and holidays: Greater China markets are shut Friday for the Dragon Boat Festival; the US observes Juneteenth on Friday with no major data releases. Expect lighter liquidity into week’s end. Policy preview Bank of Japan (Tue): Markets anticipate a hike to around 1%, which would be the highest policy rate in decades. Governor Kazuo Ueda is reported to be hospitalised, but the meeting proceeds. What matters most: Any guidance on the pace toward “neutral,” balance-sheet plans, and yield curve management FX sensitivity: A more assertive path would support JPY, pressure rate-sensitive equities and JGBs US Federal Reserve (Wed): Chair Kevin Warsh presides over his first FOMC decision. With inflation still sticky, futures imply a high likelihood the Fed holds for now. Watch for: Statement language on inflation progress and growth Balance of risks and any hints on reinvestment/QT tweaks Market reaction: a “hawkish hold” would likely lift front-end yields and the USD; a softer tone would support risk assets Bank of England (Thu): After a 0.1% m/m GDP dip in April, consensus leans toward no change at 3.75%. However, the CPI print on Wednesday could swing expectations on the day. Key watchpoints: Services inflation and wage-sensitive components Split on the MPC vote and forward guidance on the timing/conditions for the next move Gilts and GBP are particularly sensitive to Wednesday’s CPI surprise Political and geopolitical watch UK: Makerfield, plus Aberdeen South and Arbroath & Broughty Ferry by-elections (Thu; results early Fri). Outcomes may influence sentiment toward domestic policy stability. EU: European Parliament vote (Tue) on cutting many import duties on US goods as part of the 2025 EU-US trade arrangement; EU leaders’ summit (Thu–Fri) to discuss Ukraine’s accession track. Colombia: Presidential run-off (Sun). Focus on market-friendly versus interventionist policy signals for COP, rates and local assets. Wider Middle East: Any movement on escalation/de-escalation and shipping in key chokepoints remains a swing factor for oil and broader risk. Data diary Monday UK: Make UK Manufacturing Outlook Survey and forecasts Earnings: Park24 (Q2), Peel Hunt (FY) Tuesday Australia: Rate decision Japan: Rate decision China: May retail sales Events: FT Live Women in Business Summit (London/online) Earnings: Groupe Dynamite (Q1), John Wiley (Q4), Tatton Asset Management (FY) Wednesday US: FOMC rate decision EU: Final May HICP UK: May CPI and PPI IEA: Oil Market Report Events: FT Live Climate & Impact Summit (London; Wed–Thu) Earnings: AO World (FY), CarMax (Q1), Jabil (Q3), OVS (Q1) Thursday UK: BoE rate decision; June labour market update Germany: ifo Economic Forecast US: Conference Board Leading Index Earnings: Accenture (Q3), FirstGroup (FY), Kroger (Q1), Safe Bulkers (Q1), Tesco (Q1 trading), Whitbread (Q1 trading), XPS (FY) Friday China/Hong Kong/Taiwan: Dragon Boat Festival (markets closed) Japan: May CPI; April policy minutes Germany: May PPI UK: May public sector finances; company insolvencies; retail sales US: Juneteenth National Independence Day (no major data) Earnings: Hornbach (Q1) Corporate highlights and themes UK consumer bellwether: Tesco trading update and Whitbread commentary will be parsed for food inflation pass-through, volume elasticity and hospitality demand resilience. US retail and staples: Kroger’s margins, pricing and loyalty/own-brand trends offer a read on US consumer health and food inflation dynamics. IT and outsourcing: Accenture’s bookings and guidance are a proxy for enterprise tech budgets, GenAI project mix and Europe/North America demand differentials. Autos and big-ticket retail: CarMax gives a window into used-car affordability, credit availability and delinquency trends. Electronics manufacturing services: Jabil’s outlook can guide for supply-chain normalization and end-market demand (networking, mobility, industrial). Transport and shipping: FirstGroup and Safe Bulkers updates add colour on freight rates, fuel costs and passenger volumes. Cross-asset implications Rates US: A hawkish hold from the Fed points to a flatter curve and firmer front-end; a dovish tilt would steepen modestly. UK: Gilts highly sensitive to CPI surprise; an upside miss would push hike odds higher and lift 2–5y yields. Japan: A firmer BoJ stance lifts JGB yields; any clarity on balance-sheet and YCC steers term premia. FX USD: Direction set by FOMC tone; a resilient USD if the Fed stresses inflation persistence. JPY: Most reactive to BoJ. A more decisive normalization supports JPY; a cautious path risks renewed weakness. GBP: Two-way risk on CPI/BoE and political headlines; watch real rate differentials and services CPI. Equities Global: Policy path clarity can unlock volatility; quality growth and cash generative names benefit on “hold but higher-for-longer” signaling. UK: Staples/retail in focus (Tesco); rate-sensitive domestics react to CPI/BoE. Japan: Financials and cyclicals could benefit from higher domestic rates; exporters weigh JPY trajectory. Commodities Crude: G7 tone, IEA balances and any Middle East headlines can drive swings; watch term structure/backwardation. Gold: Supported by geopolitical risk and if real yields ease; vulnerable if the Fed reasserts restrictive policy for longer. 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Weekly Global Market News – June – Week – 2 Weekly Global Market News– June–Week 2 The big themes 1) IPO watch: SpaceX readies a blockbuster debut What’s new: Media reports indicate SpaceX is set to list this week with one of the largest retail allocations ever attempted in a mega-cap IPO, with talk of up to roughly a quarter of shares earmarked for individual investors. Why it matters: A sizeable retail tranche can amplify first-day liquidity and volatility. It may also re-route retail flows from secondary markets temporarily, affecting turnover in popular momentum names. What to watch: Pricing versus private-market marks and peers in launch, satellite communications, and space infrastructure. Lock-up terms and any directed share programs. Supply-chain beneficiaries across launch systems, satellite components, ground stations, and broadband. Passive inclusion timing. Index eligibility typically lags, but the path to benchmark inclusion will shape longer-term demand 2) Apple’s WWDC: AI showcase and leadership narrative  Product and platform reset: Apple’s developer conference begins Monday and is expected to spotlight system-wide AI features, a revamped Siri, and on-device intelligence. Reports also point to deeper model partnerships with external AI providers. Leadership transition: Apple has signaled a CEO handover to hardware chief John Ternus later this year, with an emphasis on continuity in execution and discipline. Investors will parse Monday’s announcements for momentum heading into 2027 product cycles. Market lens: AI integration trade-offs between on-device performance, privacy, and cloud costs. The potential for a device refresh catalyst if AI features are hardware-accelerated. Services ARPU and ecosystem stickiness if AI features deepen user engagement. 3) Inflation week and central bank signals United States: May CPI on Wednesday and PPI on Thursday will set the tone for rates, the dollar, and equity factor rotations. Focus on core services (ex-housing), shelter deceleration, and goods disinflation durability. Euro area: Country-level prints (France, Germany) land Friday after Thursday’s ECB decision. Markets will watch the policy path and language around growth, wages, and energy sensitivity. China: May CPI update arrives Wednesday, with investors watching the balance between consumer prices and producer-price dynamics for clues on domestic demand and industrial margins. India: CPI on Friday informs the policy glidepath and near-term demand conditions. Canada: The Bank of Canada decides Wednesday; the statement and guidance on activity, housing, and labour tightness will steer CAD and front-end rates. Opec: Thursday’s monthly report will feed into near-term oil balance and crack-spread views. 4) Policy and hearings in Washington Bill Gates is scheduled for a transcribed interview with the House Oversight Committee regarding his past ties to Jeffrey Epstein. Additional high-profile financial figures are also expected before lawmakers in coming weeks. Investor take: While first-order earnings impacts are limited, reputational and regulatory headlines can influence multiples, governance screens, and fund eligibility criteria. 5) Switzerland’s population cap vote Swiss voters head to the polls Sunday on a proposal to limit the population to 10 million. If approved, potential implications span labour availability, housing, infrastructure planning, and longer-run growth assumptions, with knock-ons for CHF, rates, and domestic equities. 6) World Cup 2026 begins The men’s FIFA World Cup kicks off this week across Mexico, the US, and Canada. Near-term winners typically include travel and hospitality, select beverages, quick-service restaurants, advertising platforms, and sports betting. Traffic and security considerations may affect local retail patterns around venues. 7) Politics in focus President Donald Trump turns 80 on Sunday. Markets will stay alert to any policy or campaign-season headlines, though direct market impact from commemorations is typically modest. The trading desk watchlist Space economy: Monitor pricing outcomes, order-book strength, and where retail allocations settle. Satellite operators, launch-adjacent suppliers, ground-network builders, and space-based connectivity platforms are in focus. AI supply chain: Any Apple WWDC hardware acceleration themes could reverberate through semis, memory, edge AI, thermal management, and power ICs. Services and ad-tech may react to new on-device capabilities. Rates and FX: CPI/PPI vs. breakevens and term premium; USD reaction; EUR into and out of the ECB; CAD around the BoC; INR sensitivity to inflation surprise. Energy: Opec’s balances, refining margins, and positioning into summer demand. Europe financials: ECB tone versus sovereign spreads; watch loan-demand surveys and wage commentary for margin outlooks. China macro: Consumer and producer prices for signs of demand stabilization; commodities and Asia credit risk sentiment. World Cup discretionary exposure: Booking trends, stadium-adjacent retail footfall, and ad-load commentary from broadcasters and streamers. Capitalize on Global Volatility with Institutional-Grade Infrastructure Navigate high-impact events like the SpaceX IPO and ECB decisions with low-latency algorithmic trading, direct API connectivity, and dedicated 24×5 desk execution under DFSA oversight. Access Institutional Brokerage A concise calendar Monday Apple WWDC (Cupertino; runs through Friday) Japan Q1 GDP (updated estimate) Germany factory orders US Conference Board Employment Trends Index Australia: King’s Birthday holiday (many states; market closures) Corporate: Campbell Soup, Gloo Tuesday Global ABS 2026 (Barcelona; through Thursday) Germany industrial production UK: BRC retail sales, BoE mortgage and admin stats US trade balance Corporate: Bellway, J.M. Smucker, Oxford Instruments, SailPoint Wednesday US CPI (May) China CPI (May) Canada rate decision Nikkei “Future of Asia” forum (Tokyo; through Thursday) Corporate: Casey’s General Stores, Fuller’s, Oxford Industries, Pennon, WH Smith Thursday ECB policy decision US PPI (May) Opec monthly oil market report Corporate: Adobe, Dollarama, Halma, Chow Tai Fook, LPP, McGraw Hill (investor update), PayPoint, Safestore, Wizz Air Friday SpaceX expected to debut on Nasdaq EU labour market (Q1) France/Germany CPI (May) India CPI (May) UK monthly GDP (April) Bank of Japan accounts Selected world events UK: London Tech Week (Mon–Fri) US: Congressional primaries in several states (Tue) France: B7 Summit (Wed–Thu) Mexico/US/Canada: FIFA World Cup 2026 kicks off (Thu) UK: King’s Birthday Honours (Fri); Trooping the Colour (Sat) Switzerland: Population cap referendum (Sun) Positioning considerations Keep gamma and event risk in view into the CPI/WWDC/ECB cluster; liquidity can gap around overlapping headlines. For IPO participation, review client suitability, lock-up, and execution logistics early given expected retail interest. Consider hedging for idiosyncratic tech volatility if AI announcements reset product roadmaps or cost structures. Watch front-end rates and

Weekly Global Market News – June – Week – 1 The Week Ahead: Macro, markets and milestones (May 31–June 7) Big picture Europe’s geopolitical calendar drives the early narrative. EU leaders are set to court western Balkan countries at a summit in Tivat, Montenegro, as Brussels pushes forward on broader enlargement, with progress on Ukraine and Moldova’s accession process expected to feature later in June. Expect headlines to influence EU risk sentiment, peripheral spreads and the euro through the week. Politics meets commodities in Latin America: Peru’s presidential run-off arrives as the copper-heavy economy faces a finely balanced contest. Copper price volatility and Peru-exposed miners could see outsized moves around preliminary results. AI hardware remains the equity market’s heartbeat. Computex in Taipei will showcase roadmaps from Nvidia and other chipmakers, keeping attention on supply chains, inference at the edge and data-center capex. Central bankers are busy but data are light until Friday’s US jobs report. Global PMIs and EU inflation flash prints set the tone for bonds and FX earlier in the week. Five market themes to watch AI supply chain breadth: Keynotes from Nvidia, Marvell, Intel and Qualcomm at Computex should reinforce visibility on accelerators, networking, packaging and software stacks. Watch semicap, substrates, HBM memory, and power/thermal names for read-through. European risk premium: A constructive EU–Balkans message could be mildly supportive for EUR assets, while any adverse Ukraine headlines maintain a safety bid for core rates. Keep an eye on BTP–Bund spreads. UK rates narrative: Bank of England governor Andrew Bailey speaks several times this week, including testimony to the House of Lords Economic Affairs Committee. Markets will parse remarks for timing cues on the first rate cut amid easing services inflation but sticky wage dynamics. US labor puzzle: Friday’s nonfarm payrolls, unemployment rate and earnings will shape the June/July Fed path. Hot wages plus firm payrolls would back “higher-for-longer”; cooling breadth or hours worked would lean dovish. Dollar, front-end yields and Big Tech factor leadership are the swing variables. Energy into OPEC+: Ministers from OPEC and partners meet Sunday. With inventories comfortable and demand signals mixed, attention centers on duration and depth of voluntary cuts. Brent time-spreads and refining margins will telegraph how the market reads the decision. Geopolitics and policy diary EU–Western Balkans tour and summit (all week; summit Friday, Tivat): Engagement with Bosnia and Herzegovina, Albania, North Macedonia, Kosovo and Serbia. Look for signals on accession timetables, infrastructure funding and energy integration. Kosovo parliamentary vote (Sunday): Political stability and EU dialogue posture are in focus. Peru presidential run-off (Sunday): Market angle via copper, sovereign spreads and local FX. US: Israel–Lebanon ceasefire talks expected to resume (Tuesday), potential Middle East risk sentiment ripple. Russia: St Petersburg International Economic Forum begins (Wednesday) — occasional headlines on energy and trade. OPEC+ ministerial meeting (Sunday). Central banks and speakers Bank of England: Gov Andrew Bailey testifies to House of Lords Economic Affairs Committee (Tuesday); speaks at Investment Association conference (Thursday); appears at Adam Smith “Wealth of Nations” anniversary event (Friday). MPC member Megan Greene speaks on inflation risks (Tuesday). Bank of Japan: Gov Kazuo Ueda addresses the Kisaragi-kai meeting (Wednesday) — yen sensitivity to any nuance on QT and rate-path guidance. Federal Reserve: Cleveland Fed President Beth Hammack (Tuesday). Beige Book released (Wednesday). ECB: Boris Vujčić begins his term as ECB vice-president (Monday). Macro data highlights Monday Global: S&P Global manufacturing PMIs (US, eurozone, UK, Japan, China, India and others) Euro area: Unemployment (Apr) Switzerland: Q1 GDP (est.) UK: Nationwide House Price Index Tuesday Euro area: Flash HICP (May) US: JOLTS job openings (Apr) Wednesday Global: S&P Global services PMIs Australia: Q1 GDP US: Beige Book Thursday Switzerland: CPI (May) Euro area/UK: Construction PMIs US: Q1 productivity and unit labor costs (rev.) Friday US: Nonfarm payrolls, jobless rate, average hourly earnings (May) EU: Q1 GDP (update) Canada: Labour force survey (May) India: Q4 GDP and policy decision UK: Halifax House Price Index France: Industrial production (Apr) Corporate events and earnings to note Semiconductors/AI: Computex (Taipei, from Tuesday). Nvidia’s Jensen Huang headlines; watch for partner announcements on Ethernet/InfiniBand, custom silicon, and AI PCs. Streaming/media: Netflix AGM (Thursday) — co‑founder Reed Hastings to step down as chair, capping the succession transition. Focus on ad-tier traction, password-sharing enforcement durability, and content efficiency. Transports: FedEx Freight begins trading post-separation (Monday) — implications for US freight multiples and LTL pricing. Insurance and staples: AIG CEO handover to Eric Andersen (Monday). Conagra Brands names John Brase CEO (Monday). Earnings and updates (selected) Monday Hewlett Packard Enterprise (Q2) Credo (Q4/FY) Sirius Real Estate (FY) Tuesday British American Tobacco (HY pre-close) Dollar General (Q1) GB Group (FY) Palo Alto Networks (Q3) Wednesday Broadcom (Q2) CrowdStrike (Q1) Inditex (Q1) B&M European Value Retail (FY) Five Below (Q1) Medtronic (Q4) Veeva Systems (Q1) Thursday Lululemon Athletica (Q1) Brown‑Forman (Q4/FY) Rémy Cointreau (FY) Ciena (Q2) Guidewire (Q3) Cooper Companies (Q2) Rubrik (Q1) Samsara (Q1) CMC Markets (FY) Mitie (FY) Friday Saputo (Q4/FY) Sekisui House (Q1) Asset class snapshot — what matters now Equities: AI leadership remains intact; breadth should improve if PMIs stabilize and yields stay range-bound. Retail and luxury names will take their cue from US discretionary prints and Inditex’s gross margin commentary. Defensive staples watchlist: pricing vs volumes into H2. Rates: US front end is data-dependent into NFP; a soft print would likely bull-steepen. Gilts sensitive to Bailey/Greene tone on services inflation. Swiss CPI could tweak local curve expectations. FX: USD bid on strong payrolls; EUR reacts to HICP and EU risk headlines; JPY volatility around Ueda’s remarks — any hint of earlier balance-sheet normalization would support yen. Commodities: Copper volatility around Peru vote; oil curves attentive to OPEC+ guidance on voluntary cuts and quota compliance. Gold remains tethered to real yields and geopolitics. Global Legacy, Local Strength Explore seamless global market access and investment excellence right from the DIFC. Discover What We Offer What’s new in leadership and policy ECB: Boris Vujčić starts as vice-president (8‑year term), succeeding Luis de Guindos — continuity message expected. Corporate leadership:

Weekly Global Market News – May -Week – 4 Weekly Market Outlook: Holiday-thinned trading, geopolitics in focus, and an inflation-heavy data slate Overview A cluster of public holidays across major economies will keep liquidity patchy and price action choppy early in the week. US Memorial Day, the UK Spring Bank Holiday, Whit Monday in parts of Europe, Buddha’s Birthday in Asia and Africa Day closures mean many exchanges start quiet and reopen to potential gap risk on Tuesday. Against this lighter backdrop, geopolitics and inflation prints dominate, while a dense calendar of US and UK retailers and large-cap tech names offer fresh read-throughs on the consumer and enterprise spending cycles. Key themes for investors Thin liquidity, wider gaps: Expect lower volumes and potentially larger intraday swings as markets reopen after Monday’s closures. Elevated event risk adds to gap potential. Geopolitics at the margin: Markets remain sensitive to developments around US–Iran diplomacy. Any headlines into Tuesday’s reopen could influence crude, USD, and haven flows. Inflation watch re-accelerates: Flash CPI from Germany and France, Australia’s monthly CPI, Japan’s services PPI and multiple GDP updates (US, Canada, Brazil, Norway, Singapore) will test the “disinflation but bumpy” narrative. Retail and AI earnings pulse: Big-box and specialty retail (Best Buy, Costco, Dollar Tree, Gap, Burlington, AEO, Lululemon) will illuminate consumer resilience and inventory discipline. On the tech side (Salesforce, Dell, Marvell, HP, Synopsys, Nutanix, Autodesk, Okta, Semtech), look for signals on AI infrastructure spend, cloud optimization, and enterprise deal cycles. Central banks in the spotlight: Policy signals from Israel and South Korea, ECB minutes, and remarks from BoJ Governor Ueda and BoE Governor Bailey could sway local rates and FX. What it could mean for markets Rates and FX: A firmer US Q1 GDP revision could push front-end US yields higher and support the dollar, pressuring duration and high-growth equities. A softer revision would likely do the reverse. ECB minutes that lean toward a near-term cut but stress gradualism may keep euro rates range-bound. Equities: Retail: Guidance on electronics and athleisure demand, shrink, and promotions will shape near-term views on margins and inventory. Watch for commentary on consumer credit and buy-now-pay-later usage. Tech/semis: Updates on AI server orders, networking bottlenecks, and accelerator roadmaps remain key. Marvell’s view on data center demand and Dell’s AI server mix will be closely parsed. UK names: Kingfisher and Pets at Home offer signals on home improvement and pet care demand; SSE and Johnson Matthey bring energy transition angles. Commodities: Memorial Day marks the start of US driving season. Gasoline demand and refinery utilization trends can influence crack spreads and near-term oil sentiment. UK energy bills: Ofgem’s price cap update midweek will shape the outlook for UK utilities and the household squeeze narrative. Ready to Trade the Market Volatility? Take advantage of potential market gaps and shifting trends across forex, commodities, and equities. Open An Account The week at a glance Monday (many markets closed) Market closures: US, UK, France, Germany, Italy, Hong Kong, South Korea and others for Memorial Day/Whit Monday and regional holidays Israel: Interest rate decision Singapore: Q1 GDP (final) and April CPI Tuesday UK: BRC shop price index (May) US: Conference Board consumer confidence (May) Earnings: AutoZone (Q3), Kingfisher (Q1 trading), Semtech (Q1), Xiaomi (Q1) Wednesday Japan: BoJ-IMES conference opening remarks by Governor Ueda France: Société Générale shareholder meeting; William Connelly to become chair Australia: Monthly CPI (April) Japan: Services PPI (April) Earnings: Agilent (Q2), Dycom (Q1), HEICO (Q2), Hollywood Bowl (HY), HP Inc. (Q2), Manchester United (Q3), Marvell (Q1), Nutanix (Q3), Pets at Home (FY), Salesforce (Q1), Soitec (FY), Synopsys (Q2) Thursday UK: Prudential chair transition to Sir Douglas Flint post-AGM Canada: Financial Stability Report Eurozone: ECB minutes France: PPI (April) Germany: Q1 real earnings Norway: Q1 GDP South Korea: Rate decision UK: Zoopla house price index US: Q1 GDP second estimate Earnings: American Eagle Outfitters (Q1), Autodesk (Q1), Best Buy (Q1), Burlington (Q1), Costco (Q3), Dell Technologies (Q1), Dollar Tree (Q1), Gap (Q1), Hormel (Q2), Johnson Matthey (FY), Lululemon (Q1), Okta (Q1), PKN Orlen (Q1), Royal Bank of Canada (Q2), SSE (FY) Friday UK: BoE Governor Bailey speaks at Reykjavik 2026 conference Brazil: Q1 GDP Canada: March/Q1 GDP France: Flash CPI (May) Germany: Flash CPI/HICP (May) and April labour market data UK: Capital issuance statistics Political and global event risk UK: Former SNP chief executive Peter Murrell is scheduled to appear in court in Edinburgh in a case related to party finances. Limited direct market read-through, but it keeps Scottish politics in the headlines. US: Memorial Day commemorations; watch energy demand commentary around the driving season. India/Japan/Australia/US (Quad): Senior officials meet in New Delhi; security and supply chain coordination remain medium-term investment themes (defence, semiconductors, critical minerals). Japan/Philippines: State visit focuses on defence cooperation; shipbuilding and maritime security industries in focus regionally. US: NASA briefing on Moon base planning; long-horizon read-across for space infrastructure and select contractors. UK: Ofgem to update the energy price cap for Q3; implications for utility cash flows and household bills. China/Serbia: Bilateral meetings conclude; investment and infrastructure deals may follow. New Zealand: Budget release; fiscal stance and bond supply in view. US: Vice-President to address USAF Academy commencement; no direct market impact expected. Singapore: The Shangri-La Dialogue begins; watch defence and regional security rhetoric over the weekend. Colombia: Presidential election on Sunday. Polling suggests a tight race; any second-round setup will shape local assets (COP, rates) and potentially oil sector sentiment. Cross-asset watchlist USD and front-end USTs into Thursday’s GDP revision EUR rates around ECB minutes; any hints on the pace after a first cut AUD on Australia’s CPI; JPY sensitivity to BoJ tone and global yields KRW and KOSPI on BoK decision and tech export commentary CAD on Friday’s GDP; RBC earnings for domestic credit color UK utilities and retailers on Ofgem cap and trading updates Semis and AI infrastructure plays on Marvell/Dell/Salesforce commentary Energy complex on US gasoline demand signals Trading considerations (not investment advice) Momentum in AI infrastructure: Stronger orders/backlogs could reinforce rotation toward picks-and-shovels