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14 July 2026 – Daily Market Updates Morning Markets Briefing: Policy Uncertainty Lifts Rate Odds, Oil Spike Rekindles Inflation Debate Overview Risk appetite is mixed to start the day. US equity futures are split with tech-leaning benchmarks firmer while broader gauges tread water. European stocks are softer. Treasury yields are steady near recent highs, the dollar is little changed, and crude has jumped into the mid-$80s as geopolitical tensions flare. With the next US policy meeting later this month, markets are treating the outcome as a near coin flip. A higher oil risk premium has pushed inflation back to the forefront just as investors brace for fresh price data and testimony from the new central bank chief on Capitol Hill. Today’s key drivers Policy watch: Traders have nudged up the odds of a rate increase at this month’s meeting to roughly even. The combination of a sharp move in energy and a still-firm core inflation trend has kept short-dated yields elevated. All eyes are on today’s consumer inflation report, with producer prices due tomorrow, and on the new Fed Chair’s first appearance before Congress. Energy shock: Crude has rallied on renewed strains in a key shipping corridor, fueling concerns about near-term inflation and growth. Higher input costs can lift headline inflation and support energy shares, while pressuring transportation, airlines, and select manufacturers. Earnings season begins: The largest US banks report before the open, setting the tone for second-quarter results. Focus areas include: Net interest margins as funding costs adjust and deposit mix shifts Trading and markets revenue after a volatile quarter Credit quality in consumer and commercial books Investment banking pipelines and issuance recovery Capital returns against evolving regulatory requirements Equities in focus: Semiconductor names are rebounding after a sharp selloff in memory-related stocks, while a major consumer-tech bellwether is softer following a broker downgrade on device demand. In Europe, a leading network equipment supplier fell after warning of margin pressure from higher component costs. Asia spotlight: Leverage lessons from Korea Newly launched single-stock leveraged ETFs tied to large-cap chip names in South Korea have suffered steep drawdowns in just weeks. The episode highlights: Daily rebalancing mechanics that can amplify swings, especially in choppy markets Compounding effects that make leveraged products poorly suited to long holding periods The importance of sizing, time horizon, and clear risk parameters when using geared vehicles For retail investors, these moves are a reminder that leverage can magnify both gains and losses and should be treated as a short-term trading tool, not a buy-and-hold proxy. Market snapshot (directional) US equity futures: mixed; tech-tilted indices outperform broad benchmarks Europe: modestly lower amid earnings and rate jitters US Treasuries: 10-year yield steady near the mid-4% area; front-end sensitive to policy odds US dollar: little changed on a trade-weighted basis Crude: Brent up sharply into the mid-$80s on supply risk headlines Trade Global Futures & Options Hedge risks and leverage market opportunities with advanced global derivatives access. View Trading Products What this means for portfolios Positioning and risk: With event risk clustered over the next 48 hours (CPI, PPI, testimony, bank earnings), consider trimming leverage and keeping dry powder for dislocations. Equities: Expect dispersion. Companies with pricing power and resilient cash flows remain favored amid cost pressures. Energy may see support on supply risk; rate-sensitive growth could stay volatile as front-end yields swing. Fixed income: A barbell or laddered approach can help manage duration risk into data. Short maturities remain most exposed to shifting policy expectations; monitor breakeven inflation as oil’s move filters through. Alternatives and commodities: Elevated geopolitical risk can sustain a higher risk premium in crude and refined products; hedging strategies may be warranted for energy-intensive sectors. Trading note on leverage: If using leveraged or inverse products, match tools to time horizon, set stop-losses, and monitor intraday tracking and rebalancing effects. What to watch Today: US CPI; testimony from the new Fed Chair; pre-market results from major US banks Tomorrow: US PPI and additional bank and financial earnings Later this month: Policy decision at the end-July meeting Bottom line Markets are walking a tightrope between firmer policy expectations and a fresh inflation impulse from oil. Earnings from the banking sector will offer an early read on the growth, credit, and capital backdrop. Until the data and testimony clarify the path, expect ranges to hold and volatility to cluster around headlines. Institutional-Grade Brokerage Solutions Secure, advanced execution and custody support across multi-asset classes for funds and family offices. Explore Institutional Solutions Disclaimer: Trading foreign exchange and/or contracts for difference on margin carries a high level of risk, and may not be suitable for all investors as you could sustain losses in excess of deposits. The products are intended for retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. The content of the Website must not be construed as personal advice. For retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. Rolling Spot Contracts and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78% of our retail client accounts lose money while trading with us. You should consider whether you understand how Rolling Spot Contracts and CFDs work, and whether you can afford to take the high risk of losing your money. Daily Market Updates – July-14 July 14, 2026 14 July 2026 – Daily Market Updates Morning Markets Briefing:… Read More Daily Market Updates – July-13 July 13, 2026 13 July 2026 – Daily Market Updates Morning Market Brief:… Read More Daily Market Updates – July-10 July 10, 2026 10 July 2026 – Daily Market Updates Morning

13 July 2026 – Daily Market Updates Morning Market Brief: Optimism Meets a Reality Check Global markets start the week with a cautious tone. Equities are softer as investors weigh upbeat profit expectations against higher energy costs, firm bond yields and ongoing geopolitical risks. Oil has pushed higher on renewed tensions in the Middle East, supporting energy shares but complicating the inflation outlook. Bond markets are signaling a higher-for-longer interest rate path, while the US dollar remains resilient, creating a push-pull for multi-asset portfolios. Top takeaways Risk appetite cools: Global stocks ease back, with technology shares leading declines while energy and defensives find support. Oil climbs: Geopolitical headlines keep crude bid, reinforcing near-term inflation concerns. Yields remain firm: Short-dated rates reflect persistent policy restraint; real yields stay elevated, tightening financial conditions. Dollar strength, bond pain: A sturdier greenback is attracting capital even as higher yields challenge duration-heavy strategies. Earnings season begins: Strong headline growth is expected, but guidance and margin commentary are likely to drive market reactions. Equities: Turning to earnings for direction US and Europe: Indexes hover near recent highs but show thinner breadth. Multiple expansion has done heavy lifting year-to-date; the next leg likely depends on earnings quality and visibility. Early focus is on large financials for read-through on credit, deposits and trading activity. Technology and AI complex: Profit expectations are robust for semis, software and cloud infrastructure, but investors are scrutinizing the pace and payoff of AI-related capital spending. Any signs of slower demand, delayed deployments or rising costs could spark outsized moves. Asia: Chip-exposed markets remain volatile as investors reassess memory pricing cycles and the pace of data-center buildouts. Domestic catalysts and cross-border listings add to dispersion within the region. Rates and policy: Higher for longer reasserts itself Nominal and real yields: Front-end yields remain elevated as markets price sticky inflation risks. Real yields near cycle highs tighten financial conditions and challenge high-duration assets. Inflation prints and central bank signals: US inflation data and Congressional testimony from central bank leadership will set the tone for the near-term policy path. Markets will watch for any shift in growth/inflation balance and hints on timing for eventual easing. Curve dynamics: A preference for the short end persists; long-end supply, term premium and inflation expectations keep curves choppy. Currencies: Dollar resilience complicates positioning Broad USD tone: The combination of higher real yields and relatively solid US growth underpins the dollar against low-yielding peers. Funding and carry: Divergent policy stances support carry trades, but elevated volatility argues for disciplined risk management. Commodities FX: Energy-linked currencies are steadier on firmer oil, while trade-sensitive pairs remain tied to the global growth pulse. Access Global Markets & Diverse Asset Classes Explore comprehensive trading solutions across global equities, fixed income, futures, and FX with a trusted DIFC broker. View Trading Products Commodities: Energy in focus Crude oil: Geopolitical risk premia and signs of steady demand keep prices supported. Higher fuel costs may slow disinflation progress and feed into rate expectations. Metals: Gold is range-bound as higher real yields offset safe-haven interest. Industrial metals remain sensitive to China growth signals and inventory trends. Earnings season: What will matter most Guidance over headlines: With valuations full in many segments, forward guidance, margin discipline and cash-flow conversion will likely drive share-price reactions more than top-line beats. Banks first: Look for commentary on net interest income durability, deposit trends, credit provisioning and capital return plans. AI spend and efficiency: Across mega-cap platforms and enterprise software, investors want clarity on capex intensity, monetization timelines and unit economics tied to AI workloads. Consumer and cyclicals: Watch pricing power, inventory health and elasticity as energy and financing costs ebb and flow. The week ahead: Key milestones US macro: Inflation updates and remarks from central bank leadership on Capitol Hill. Corporate results: Major US banks kick off reporting; tech, health care and consumer names follow through the week. Global watch: Policy decisions in parts of Asia, growth and credit data from China, and policy guidance out of Europe and the UK. What we’re watching Breadth and leadership: Can the rally broaden beyond a narrow group of large caps? Earnings-day reactions: Stocks that beat but guide cautiously may still struggle; the opposite also holds. Oil vs. inflation expectations: A sustained crude rally could nudge breakevens and delay easing timelines. Liquidity and volatility: Funding conditions and implied volatility into event risk. Portfolio considerations Balance growth with quality: Favor companies with durable margins, strong free cash flow and pricing power. Respect real yields: Keep duration exposure sized to your risk tolerance; consider barbell approaches if uncertainty rises. Diversification matters: Blend cyclicals with defensives; maintain exposure to energy and cash-flow-positive tech where fundamentals support it. Hedge thoughtfully: Dollar strength can cushion global portfolios but consider currency risk relative to liabilities and time horizon. Empower Your Institutional Investments Discover tailored wealth management, structured notes, and institutional brokerage services from PhillipCapital DIFC. Explore Institutional Solutions Disclaimer: Trading foreign exchange and/or contracts for difference on margin carries a high level of risk, and may not be suitable for all investors as you could sustain losses in excess of deposits. The products are intended for retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. The content of the Website must not be construed as personal advice. For retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. Rolling Spot Contracts and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78% of our retail client accounts lose money while trading with us. You should consider whether you understand how Rolling Spot Contracts and

10 July 2026 – Daily Market Updates Morning Briefing: Leverage lands on SK Hynix; banks step into the spotlight Market mood US equity futures edge lower into the weekend as investors trim risk. Nasdaq 100 contracts lead declines, with S&P 500 futures modestly softer. European equities are broadly flat. Treasury yields tick down, with the 10-year near 4.53% (-2 bps). Crude eases after a choppy week, while gold slips. Snapshot at about 6:00 a.m. ET: S&P 500 futures ~7,580 (-0.1%), Nasdaq 100 futures ~29,817 (-0.4%), Stoxx Europe 600 ~641 (flat), US 10-year ~4.53% (-0.02), Brent ~$76.1 (-0.2%), Gold ~$4,105 (-0.5%). Top story: US listing unlocks leverage on SK Hynix SK Hynix’s American depositary receipts made their US debut following a roughly $26.5 billion offering, one of the largest first-time listings by a non-US issuer. The new venue is opening the door for a wave of leveraged exchange-traded products tied to the ADRs. Multiple issuers are preparing 2x daily long exposure, with some also lining up inverse products, and launches could begin as soon as next week. Why it matters: In Korea and Hong Kong, highly traded leveraged vehicles around the chipmaker have already been influential flow drivers, at times magnifying intraday swings. Similar products in the US could increase headline sensitivity and deepen liquidity, but they also tend to amplify volatility due to daily compounding and rebalancing dynamics. What to watch: Trading volume and options activity in the ADRs as products list. How leveraged flows interact with news on AI memory demand, capex, and pricing. Liquidity, borrow availability, and tracking error once products are live. A reminder: Leveraged and inverse ETFs reset daily and may diverge from longer-term returns of the underlying. They’re generally designed for short-term trading and are not typically suitable for buy-and-hold strategies. Earnings on deck: Big banks crowd the calendar Five of the six largest US banks report on Tuesday, with the final money-center peer following on Wednesday. Expect a dense schedule of calls and guidance updates. Street setup: Equities trading revenue is positioned to be a standout given persistent cross-asset volatility; FICC trends look more mixed. Investment banking fee momentum and capital markets pipelines remain key swing factors. What matters most to investors: Net interest income and NIM trajectories as deposit betas normalize. Credit: card and auto delinquency trends, office and broader CRE provisioning, and reserve builds/releases. Expenses and operating leverage amid tech and risk spend. Capital and returns: CET1 cushions, buybacks/dividends, Basel “endgame” implementation timelines. The backdrop: The KBW Bank Index is up roughly 13% year to date, outpacing the S&P 500’s ~10% gain. Delivery on guidance and capital return plans will be critical to sustaining that outperformance. Elevate Your Institutional Trading Access global equities, derivatives, and tailored execution solutions designed for professional counterparties and funds. Explore Institutional Services Company and sector movers Airlines: Delta reports before the open. Watch unit revenue, fuel, and summer demand commentary. Media/streaming: Netflix trades firmer premarket after reports of efforts to address softer user engagement metrics. Software: CCC Intelligent Solutions jumps after reports it’s exploring strategic alternatives, including a potential sale. Consumer/industrials: WD-40 rallies on a stronger sales outlook. Telecoms: Vodafone surges in London as a major investor agrees to acquire a significant stake from an existing holder, signaling ongoing reshaping of Europe’s telecom landscape. Autos: A leading European carmaker is planning a substantial trim to its model lineup as part of a broader restructuring, a nod to margin discipline amid shifting EV economics and competition. Global themes to note Geopolitics: A fragile truce in the Middle East keeps energy and haven flows in focus; crude is softer into the weekend after a volatile stretch. Japan: Policymakers are encouraging large pension funds to tilt more toward domestic assets. The yen firmed from multi-decade lows and JGBs rallied on the headlines, a combination that can ripple into global carry trades and cross-border allocation. IPO pipeline: A large fast-fashion platform is advancing work toward a potential Hong Kong listing, a development that could add depth to the region’s deal calendar if market conditions hold. FX and rates Dollar-yen is more two-way as rate differentials clash with rising speculation of greater domestic allocation in Japan. Carry strategies remain a focus as wide policy gaps persist across major and select EM pairs; volatility and policy uncertainty are the principal risks. US rates are slightly lower on light data and pre-weekend positioning; front-end expectations remain tethered to the inflation path and upcoming earnings guidance on funding costs. Commodities Oil: Brent trades near $76 as supply signals and geopolitical risks vie with demand concerns and refinery maintenance. Gold: Prices are softer as real yields stabilize; dips continue to draw interest from longer-term allocators watching central bank purchases and currency diversification. The takeaway Near term: Expect choppy, headline-driven trading into the weekend with positioning lightening up. Next week: Micro takes the wheel. Bank earnings will set the tone for financials and broader risk appetite, while SK Hynix’s new US-linked leverage complex will be a live test of how flow mechanics can reshape trading in a high-profile AI beneficiary. Key risks we’re watching Leverage and liquidity: The interaction of new leveraged products with options and underlying order books. Credit cycle: Consumer and CRE normalization pacing. Policy: Any shift in rate-cut expectations, Japan’s asset allocation signals, and geopolitics. Trade Global Markets with Confidence Access global stocks, ETFs, FX, and futures to seamlessly diversify your portfolio across international asset classes. View Trading Products Disclaimer: Trading foreign exchange and/or contracts for difference on margin carries a high level of risk, and may not be suitable for all investors as you could sustain losses in excess of deposits. The products are intended for retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. The content of the Website must not be construed as personal advice.

09 July 2026 – Daily Market Updates Morning Markets Brief: Energy Costs Keep Inflation Risk On the Radar Global equities are firmer to start the day, with US futures pointing modestly higher and European benchmarks edging up. Asian markets closed mostly in the green, led by strength in technology shares. Oil is steady after a sharp midweek jump, while longer-dated government bond yields remain elevated but off recent highs. The US dollar is broadly stable; commodity-linked currencies are tracking crude. Why the focus is back on fuel Crude has been volatile on renewed geopolitical tensions near key shipping lanes in the Gulf. Even with headline oil prices below prior peaks, refined fuel costs have proven stickier. Elevated refining margins for gasoline and diesel point to tight global processing capacity and ongoing dislocations. That keeps transportation and logistics expenses firm, complicating the disinflation narrative. For policy makers, a second-round lift from fuel into services and freight can slow progress toward inflation targets. Markets have already nudged rate-cut expectations toward a slower, later path as inflation risks reprice. Macro and policy backdrop Recent central bank communications continue to emphasize data dependence and vigilance on price pressures. With yields holding higher ranges, rate-sensitive pockets of the market remain choppy. Investors are watching incoming labor, inflation, and activity data for confirmation that growth is cooling without tipping into contraction. A soft landing still anchors the consensus, but the margin for error narrows when energy costs rise. Geopolitics and commodities Shipping disruptions and risk premia tied to Middle East tensions are back in focus. Any prolonged constraint through critical waterways could keep refined product markets tight, even if crude supply remains adequate. Beyond geopolitics, maintenance schedules, sanction regimes, and uneven refinery restarts have limited spare processing capacity. That dynamic can create divergence between crude and pump prices, with direct implications for consumers and corporate margins. Energy equities and service providers have outperformed on days when supply risks dominate, while energy-intensive industries face relative pressure. Equities: what’s working Megacap tech leadership persists, aided by AI-related demand and resilient earnings visibility. Semiconductors and select hardware names continue to draw flows as capital spending plans remain robust. Cyclicals are mixed: industrials with pricing power and backlog support are faring better than energy-intensive manufacturers. Materials trade directionally with commodity moves. Defensives are a relative ballast, though consumer staples show dispersion as companies balance promotional activity against cost inflation. Early read-throughs from recent consumer company updates suggest shoppers remain value-conscious, with retailers leaning into smaller pack sizes, private label, and lower-ticket novelty to sustain traffic. Credit and rates Treasury yields are range-bound after climbing earlier in the week. The long end reflects both an improved growth outlook and modest inflation risk premium. Credit spreads are contained, but new issuance calendars are active. Demand for higher-quality paper remains healthy; lower-rated borrowers still find windows, though at more selective pricing. FX The dollar is steady as rate differentials persist. Safe-haven bids ebb and flow with headlines; commodity currencies are sensitive to oil and metals. Yen moves remain tethered to yield spreads and any signaling on domestic policy normalization. Earnings and corporate actions to watch The upcoming reporting stretch for global financials will set the tone for earnings season. Net interest income trends, fee pipelines, credit provisioning, and capital return plans are the key lines. Within technology, watch guidance on supply chains, AI capex visibility, and inventory normalization. Consumer companies’ commentary on elasticity, promotions, and freight/fuel surcharges will be read closely for margin durability into the back half of the year. Capital markets remain open for high-quality issuers; selective equity and convertible deals tied to growth themes continue to see strong interest. Portfolio considerations Revisit inflation resilience: businesses with pricing power, efficient supply chains, and strong balance sheets tend to navigate fuel-related cost spikes better. Duration stance: a barbell across short and intermediate maturities can help manage rate volatility while preserving optionality if growth slows. Diversification across commodities and regions can cushion idiosyncratic supply shocks. For investors employing hedges, energy-related instruments and broader commodity exposures may serve as partial offsets to fuel-driven CPI surprises. Maintain discipline on position sizing and liquidity; headline risk remains elevated. Optimize Your Portfolio for Market Volatility Access institutional-grade investment solutions and expert guidance to help navigate inflation risks and sector rotations. Explore Our Services What’s on the radar Inflation prints and inflation expectations surveys Labor market indicators and consumer spending data Central bank speakers and meeting minutes Energy market updates, including inventory data and shipping conditions The start of US and European bank earnings, followed by large-cap tech and consumer names Market snapshot (directional) US futures: modestly higher; tech leading Europe: broad gains, defensives lagging cyclicals Asia: tech strength buoyed major indexes Rates: long yields elevated but stable; curves little changed Commodities: oil steady after a jump; refined products firm; gold range-bound FX: USD stable; commodity FX tracks crude Bottom line Markets are attempting to look through short-term energy volatility, but persistently firm fuel costs keep inflation risks alive and could slow the path to easier policy. In the near term, earnings guidance and operating margin commentary will matter more than usual, especially for companies exposed to freight and input costs. Quality, balance sheet strength, and selective hedges remain sensible anchors while the macro picture evolves. Ready to Trade Global Markets? Capitalize on macro trends across global equities, FX, and commodities with our advanced platforms and competitive pricing. Connect With Our Team Disclaimer: Trading foreign exchange and/or contracts for difference on margin carries a high level of risk, and may not be suitable for all investors as you could sustain losses in excess of deposits. The products are intended for retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. The content of the Website must not be construed as personal advice. For

08 July 2026 – Daily Market Updates Market Brief: Energy & Tech – Jul 8, 2026 Overview Global markets are starting the day on a cautious footing. US equity futures point lower, oil is firmer after renewed geopolitical tensions in the Middle East, and core European bond yields are edging up as traders reassess inflation and policy paths. Asia traded mixed, with strength in parts of Greater China offset by weakness in Korea’s tech-heavy benchmarks. Volatility remains elevated across semiconductors, energy, and select commodities. Top themes we’re watching Geopolitics lifts oil, reshapes leadership: Crude prices jumped as investors priced in a higher risk premium around Middle East supply. Energy equities are outperforming while rate-sensitive growth names lag. Rates drift higher in Europe: Sovereign bonds sold off as markets weighed stickier inflation risks and the possibility of fewer or later rate cuts. US Treasury yields are little changed to modestly higher into a busy macro calendar. Tech rotation deepens: Investors continue to shuffle exposure within semiconductors—taking profits in recent high-fliers and seeking value in segments tied to memory, storage, and lower-multiple hardware. Mega-cap AI: valuations cool, earnings don’t: A leading AI-chip maker has seen its multiple compress toward pre-mania levels despite consensus profit forecasts grinding higher. The market is rewarding “what’s next” in the supply chain (memory, networking, power, cooling) while digesting prior gains in compute leaders. Credit markets look more discerning: A large multi-tranche bond sale from a major e-commerce/cloud provider drew healthy but less frenzied demand than earlier this year, suggesting investor appetite for mega-cap tech debt is normalizing from peak enthusiasm. Equities US: Futures signal a lower open as higher oil and firmer yields weigh on duration-sensitive sectors. Energy, defense, and traditional value factors are in favor. Expect dispersion within technology: AI beneficiaries remain in demand, but the leadership baton continues to pass between GPUs, memory, and infrastructure plays. Europe: Stocks are mixed. Cyclicals tied to commodities and cash-generative defensives have the bid, while travel/leisure and some rate-sensitive growth underperform amid higher yields. Asia: Markets were uneven. Chinese internet platforms attracted dip buyers following a period of underperformance, while Korean equities extended declines from recent highs as investors rotated within semiconductors and trimmed richly valued names. Semis and AI check-in Momentum → mean reversion: After a powerful run, marquee AI-chip names are consolidating as money rotates toward components with improving pricing power (memory and storage) and into perceived laggards. Valuation vs. earnings: Multiple compression alongside rising earnings estimates has made some AI leaders look less stretched on forward metrics. Still, positioning is heavy and sentiment fragile, keeping swings sharp around headlines and guidance. Second-order beneficiaries: Watch suppliers in networking, power management, advanced packaging, cooling, and data-center real estate, where capex tailwinds remain robust. Fixed income Sovereigns: European yields pushed higher as oil’s jump rekindled inflation concerns. The US curve is slightly cheaper, with investors balancing growth resilience against the path of central bank easing. Credit: Primary issuance remains active. Order books are solid but more selective—higher-quality, shorter-duration paper is favored. Spreads are broadly stable, though vulnerable to any further rise in underlying rates. Commodities and FX Energy: Crude is higher on supply-risk repricing. Backwardation remains supportive for spot-linked plays, while refining margins and transport costs are in focus for downstream beneficiaries and consumers. Industrial and ags: Price action is choppy. A recent burst of volatility in softs underscores thin liquidity and weather sensitivity—position sizing and risk controls are key. FX: The dollar is steady against most majors, firming against higher-beta currencies on risk aversion and oil’s move. Commodity FX is mixed, tracking both terms-of-trade and broader risk tone. Today’s market drivers to monitor Headlines around geopolitical developments and energy supply. Rate expectations in Europe and the US as traders parse inflation signals and central-bank rhetoric. Tech earnings revisions versus price action—does improving profitability continue to meet a more disciplined multiple? Corporate bond calendars and order-book depth for large investment-grade deals. Portfolio considerations Rebalance risk: Oil strength and higher rates argue for revisiting factor exposure—ensure portfolios aren’t overconcentrated in long-duration equities. Barbell within tech: Pair secular AI winners with quality cyclicals and cash-flow compounds; within semis, diversify across compute, memory, and infrastructure. Quality in credit: With yields off the lows and demand more selective, lean into higher-quality issuers and manageable maturities; avoid stretching for the last basis point. Hedging: Consider dynamic hedges for energy-sensitive sectors and rate-exposed holdings; options can help manage event risk and elevated single-name volatility. Ready to Rebalance Your Portfolio? Navigate market volatility and adjust your factor exposure with strategic insights from our advisory team. Speak to an Advisor Looking ahead Earnings season will begin to set the tone for the back half of the year, particularly across financials and large-cap tech. Macro focus remains on inflation prints, labor data, and central-bank signaling. Any sustained move in oil could complicate disinflation narratives and near-term policy paths. Note This update is for information only and does not constitute investment advice or a recommendation to buy or sell any security. Markets are volatile and subject to change. Consider your objectives, risk tolerance, and current market conditions before making investment decisions. Disclaimer: Trading foreign exchange and/or contracts for difference on margin carries a high level of risk, and may not be suitable for all investors as you could sustain losses in excess of deposits. The products are intended for retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. The content of the Website must not be construed as personal advice. For retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. Rolling Spot Contracts and CFDs are complex instruments

07 July 2026 – Daily Market Updates Global Markets Morning Briefing Tone and snapshot Risk appetite softened overnight. US equity futures slipped with the tech-heavy contracts underperforming, Europe opened broadly flat, and Asia saw a sharp pullback led by Korea. Rates edged higher at the long end of the US curve, and the dollar firmed modestly. Crude oil ticked up as geopolitical tensions around key shipping lanes stoked a small risk premium. Top themes we’re watching 1. AI and chips: expectations vs. reality A major memory producer delivered a powerful rebound in quarterly results, yet shares fell as sky-high expectations met a dose of profit-taking. The move reverberated across AI-adjacent semis and hardware names in premarket trade. It’s a reminder that in momentum-led pockets, “beats” aren’t always enough when positioning and valuations are stretched. 2. Energy and shipping risk Oil prices firmed after a security incident involving a liquefied natural gas carrier near the Strait of Hormuz. While physical supply isn’t meaningfully disrupted, insurers and shipowners are reassessing risk, nudging freight and energy risk premia higher. Majors with trading arms have benefited from recent volatility. 3. Deal flow heats up Healthcare M&A remains active, with a large-cap buyer agreeing to acquire an endocrinology-focused biotech in an all-cash transaction—another sign that big balance sheets are leaning into specialized pipelines. In payments, consolidation chatter around a debit-network asset lifted a key processor, underscoring banks’ ongoing push to reshape economics in card and merchant services. 4. Space economy in focus A high-profile launch-and-connectivity company drew fresh attention as it joined a major US growth index and received new “buy”-tilted initiations from several global brokerages. The inclusion could prompt mechanical inflows, but analyst scenarios still span a very wide range given execution risks and capital intensity. 5. Flows and factors The divergence across emerging-market ETFs continues to hinge on country classification choices, with products that include Korea behaving very differently from those that don’t. Factor-wise, the session skews defensive: value and low volatility are holding up better than high-beta growth. Assets at a glance Equities: US futures are a touch lower, led by semis and storage names; Europe is mixed-to-flat; Korea’s benchmark saw a steep drop and brief trading pauses amid heavy selling. Rates and FX: US 10-year yields are a bit higher; the dollar index is marginally firmer with haven demand subdued but present. Commodities: Brent is grinding higher in the low $70s as shipping risks lift near-term sentiment; gas markets are attentive to any route deviations. Access Global Equities Trade international stocks seamlessly with institutional-grade execution. Trade Global Equities Sector and stock color Semiconductors: Memory and storage names are under pressure following the “great-but-not-great-enough” earnings reaction in Asia. Watch volatility in suppliers tied to AI servers and high-bandwidth memory. Energy: Integrateds and traders are buoyed by market dislocations; upstream names track crude’s bid while downstream margins remain in focus. Healthcare: The bid for targeted assets reinforces a rerating for late-stage specialty pipelines and endocrinology franchises. Financials/Payments: Headlines around potential network reshuffling are supportive for select processors; keep an eye on antitrust and integration angles. Market structure: Two prominent market-making firms are pursuing legal action tied to alleged trading misconduct, a reminder of ongoing scrutiny around information flows and alternative data. What could move markets next US data and policy: Investors are watching the upcoming inflation readings, jobless claims, and any fresh Fed commentary for clues on the path of policy easing. Earnings cadence: Guidance from large-cap tech, energy traders, and payments firms will help test the durability of margins into the back half of the year. Geopolitics and shipping: Any escalation or de-escalation around key maritime chokepoints could sway crude, LNG, and freight. Our take The AI trade is moving into a phase where positioning and expectations dominate day-to-day price action. Fundamentals remain supportive, but dispersion within semis is likely to widen as the market distinguishes between cyclical memory recoveries, structural content gains, and pure-play AI exposure. In energy, price action suggests a modest geopolitical premium rather than a fundamental supply shock. For now, volatility favors integrated models and agile traders. Index changes and corporate actions can drive incremental flows, but sustained leadership hinges on delivery against ambitious growth narratives. Diversify with Forex & CFDs Capitalize on global market volatility across precious metals, energy, and spot FX. Explore CFD Trading Important note This commentary is for information only and does not constitute investment advice or a recommendation to buy or sell any securities. Market conditions can change rapidly; figures and moves referenced reflect the latest available indications at time of writing and may have shifted since. Disclaimer: Trading foreign exchange and/or contracts for difference on margin carries a high level of risk, and may not be suitable for all investors as you could sustain losses in excess of deposits. The products are intended for retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. The content of the Website must not be construed as personal advice. For retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. Rolling Spot Contracts and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78% of our retail client accounts lose money while trading with us. You should consider whether you understand how Rolling Spot Contracts and CFDs work, and whether you can afford to take the high risk of losing your money. Daily Market Updates – July-07 July 7, 2026 07 July 2026 – Daily Market Updates Global Markets Morning… Read More Daily Market Updates – July-06 July 6, 2026 06 July 2026 – Daily Market Updates Daily

06 July 2026 – Daily Market Updates Daily Markets Briefing Overview US equity futures point to a firmer open after the long weekend, with technology leading and broader risk appetite stabilizing. Asia traded mixed overnight as chip and hardware names remained volatile, while Europe is firmer on reopening flows and deal headlines. Government bond yields are a touch lower in the US and steadier in Europe, the dollar is modestly stronger, and crude is softer amid supply and demand rebalancing concerns. Market at a glance Equities: US futures higher, led by large-cap tech; Europe modestly green; Asia mixed as AI hardware sentiment whipsaws. Rates: US Treasury yields edge down; European core yields little changed; front-end curves still reflect a cautious path for policy easing. FX: Dollar firmer on rate differentials; sterling resilient; select Asian currencies softer ahead of inflation data. Commodities: Oil slips on supply growth and inventory worries; industrial metals steady; gold rangebound. Top themes 1)  AI memory in focus and easier US access A leading Korea-based memory-chip manufacturer focused on high-bandwidth products for AI is pursuing a US listing this week. For US investors, that would streamline access to a company previously available mainly via offshore trading or thinly traded over-the-counter instruments. The move could broaden the shareholder base, deepen liquidity, and potentially reduce trading frictions around one of the purest plays on the AI memory upcycle. Near term, watch for: Pricing and initial indications versus home-market valuation Liquidity migration from offshore lines to the US venue Read-throughs for the broader AI supply chain, including memory pricing and capital spending plans 2) Geopolitics and the rates path Markets continue to reassess the global rate trajectory in the wake of recent tensions involving Iran and related supply and risk-premium effects. The result: stickier inflation expectations in some regions, higher term premia, and a slower glide path toward policy normalization. Key signposts this week: US central bank minutes for color on growth, inflation, and balance-sheet views Global PMIs and jobless claims for momentum checks Sovereign auctions as a gauge of duration demand 3) Rotation beneath the AI surface After a powerful run in semiconductors, investors are balancing exposure across the AI stack. Hardware-sensitive names remain headline-driven by product cycles, supply bottlenecks, and packaging timelines, while software, cloud, and traditional cyclicals are attracting incremental interest. Expect: Ongoing dispersion within AI beneficiaries (memory vs. logic, capex vs. opex plays) Sensitivity to guidance and backlog visibility during earnings season Elevated factor volatility (quality, profitability, and momentum leadership can change quickly) 4) Earnings and corporate activity It’s a pivotal stretch for the tech hardware complex in Asia, with a major global electronics leader set to report this week—an important bellwether for memory pricing, inventory, and AI-related capital expenditure. In Europe, deal activity in aerospace/defense and travel continues to underscore balance-sheet strength and strategic repositioning. In private markets, large institutions are expanding access to private credit strategies, reflecting opportunities created by banks’ retrenchment from direct lending. 5) Oil repricing and growth sentiment Crude’s recent slide reflects a confluence of factors: stronger-than-expected supply, lingering demand uncertainty, and fading risk premia. Lower energy prices can ease headline inflation over time, but rapid declines also revive questions about global growth. Watch refined product cracks, inventory data, and OPEC+ commentary for the next directional cue. The week ahead: what matters United States: Central bank minutes (Wednesday), jobless claims (Thursday), consumer credit and wholesale inventories. Earnings pre-positioning ahead of bank results next week. Europe: Germany’s factory orders, industrial production, and trade data will help gauge whether manufacturing is stabilizing. Policy discussion around growth reforms remains a tailwind to sentiment if execution follows. Asia-Pacific: Inflation updates from Thailand, the Philippines, Taiwan, and China; a major Asia-Pacific central bank decision midweek; tech hardware earnings and guidance in focus. What we’re watching today US tech leadership and breadth: can gains extend beyond megacaps? Term premium behavior into supply: auction tails and bid-to-cover trends AI supply chain headlines: server timelines, packaging capacity, and memory pricing Oil’s follow-through: whether buyers emerge near recent lows FX carry dynamics: dollar funding costs vs. EM rate paths Quick positioning pulse Equities: Momentum remains intact but narrower; investors appear to be rotating toward quality balance sheets and visible cash flow as hardware volatility rises. Fixed income: Carry and roll remain compelling at the front end; intermediate maturities sensitive to growth and supply surprises. FX: Stronger dollar on rate differentials; selective interest in high-carry currencies where inflation is contained and policy credibility is firm. Commodities: Energy soft; gold steady as real yields consolidate. Bottom line The market’s near-term tone is constructive, but leadership is rotating and headline sensitivity—especially across AI hardware and rates—remains high. Liquidity, earnings visibility, and policy signals will drive dispersion. Stay focused on balance-sheet quality, cash-flow durability, and catalysts over the next two weeks. Diversify Your Investment Portfolio Trade US stocks, global futures, options, and structured notes tailored to your risk profile. View Trading Products Disclaimer: Trading foreign exchange and/or contracts for difference on margin carries a high level of risk, and may not be suitable for all investors as you could sustain losses in excess of deposits. The products are intended for retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. The content of the Website must not be construed as personal advice. For retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. Rolling Spot Contracts and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78% of our retail client accounts lose money while trading with us. You should consider whether you understand how Rolling Spot

03 July 2026 – Daily Market Updates Daily Market Brief: AI sentiment steadies risk tone; yen volatility in focus; Korea extends won trading around the clock Overview Global equities were firmer in Friday dealing, with gains across Europe and a strong close in Asia helping to stabilize risk appetite. Investor nerves around the pace and durability of the artificial-intelligence theme eased, supporting semiconductors and broader tech. The dollar softened on the week, US cash equities are shut for the Independence Day holiday, and cross-asset volumes are lighter than average. Market snapshot Equities: Europe’s broad benchmark edged higher, while Korea led Asia with a sharp rally. US futures were mixed in holiday-thinned trade. FX: The dollar index eased, the yen stayed under pressure near multi‑decade lows with hedging demand elevated, and high-beta FX firmed modestly. The Korean won remains weak on a multi‑year view. Rates: Core government yields were little changed; softer recent US labor indicators kept a lid on front-end yields. Commodities: Crude hovered near recent lows amid a balanced supply-demand outlook, while gold extended its rebound as real yields dipped. Industrial metals were mixed. Digital assets: Bitcoin held in a tight range, with majors broadly stable. AI: reading the next signal With traditional valuation anchors challenged, investors are paying close attention to real-economy proxies for AI adoption. Beyond earnings headlines, two areas are drawing focus: Usage and cost metrics: Trends in model usage, inference volumes, and unit economics for AI services can signal whether revenue is broadening beyond early adopters. Easing unit costs can either point to competitive pricing pressure or market expansion that lifts total spend. Compute and capex: Orders and deployment timelines for accelerators, memory, and power infrastructure remain central to the narrative. A steadier tape this week suggests the market is digesting a year of rapid multiple expansion, awaiting the next leg of evidence from earnings and guidance. FX watch: yen risk and hedging Implied volatility and option premia in dollar-yen remain elevated as markets stay alert to potential policy moves. Thin liquidity around the US holiday can exaggerate swings, and positioning is sensitive to any shift in rhetoric from authorities or surprises in US data next week. Asia focus: Korea’s FX market opens up South Korea is moving to 24‑hour trading for the won, a step toward deeper market access and alignment with global standards. The shift is part of broader market‑opening efforts that could support index‑provider upgrades over time. Implications: Liquidity: Extended hours may improve price discovery and reduce execution gaps for global investors. Volatility: Near-term swings can rise as more participants engage across time zones; robust market surveillance will be key. Portfolio flows: Greater accessibility can aid hedging efficiency for Korea‑linked equity and bond exposures. Commodities Oil: Prices are rangebound as supply discipline competes with signs of softer demand growth. Curve structure points to a well-supplied near term, and positioning remains cautious. Gold: The metal advanced for a third session, underpinned by a softer dollar and ebbing expectations for additional US rate hikes if labor data continue to cool. What’s next US: With cash markets closed today, attention turns to the upcoming labor and inflation prints that will shape rate expectations into mid‑summer earnings season. Europe: PMIs and central bank commentary will help gauge whether disinflation can proceed without a material growth hit. Asia: Watch policy guidance around currency stability and any updates on market‑reform timelines. House view on risks Key upside risks: Stronger‑than‑expected earnings delivery from AI beneficiaries; faster disinflation in developed markets; policy support in China. Key downside risks: Disorderly FX moves (yen, EM FX); stickier services inflation pressuring real incomes; geopolitical or supply shocks that reprice energy. Note: This update is for information only and does not constitute investment advice. Asset prices can move quickly, especially around holidays and data releases; consider liquidity and hedging needs accordingly. Unlock Global Investment Opportunities Capitalize on these market movements. Access a wide range of global equities, forex, futures, and options with our regulated brokerage services. Explore Trading Products Disclaimer: Trading foreign exchange and/or contracts for difference on margin carries a high level of risk, and may not be suitable for all investors as you could sustain losses in excess of deposits. The products are intended for retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. The content of the Website must not be construed as personal advice. For retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. Rolling Spot Contracts and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78% of our retail client accounts lose money while trading with us. You should consider whether you understand how Rolling Spot Contracts and CFDs work, and whether you can afford to take the high risk of losing your money. Daily Market Updates – July-03 July 3, 2026 03 July 2026 – Daily Market Updates Daily Market Brief:… Read More Daily Market Updates – July-02 July 2, 2026 02 July 2026 – Daily Market Updates Daily Market Brief:… Read More Daily Market Updates – July 1 July 1, 2026 1 July 2026 – Daily Market Updates Daily Markets Briefing:… Read More Daily Market Updates – June 30 June 30, 2026 30 June 2026 – Daily Market Updates Morning Markets Brief:… Read More Daily Market Updates – June 29 June 29, 2026 29 June 2026 – Daily Market Updates Daily Market Briefing:… Read More Daily Market Updates – June 26 June 26, 2026 26 June 2026 – Daily Market Updates Daily Market Brief… Read More Daily Market Updates – June 25 June 25, 2026 25 June

02 July 2026 – Daily Market Updates Daily Market Brief: AI-fueled volatility, leverage in focus, and a quieter Fed tone Overview Global markets are toggling between risk-on and risk-off as the AI trade takes a breather and investors brace for a lighter central-bank playbook. Recent sessions have featured outsized swings in megacap tech and semiconductor names, while European equities have been steadier and US futures point to a cautious open into a holiday-shortened stretch. In rates, front-end yields have been sensitive to shifting expectations for policy communication, and the dollar has been choppy against major peers. Commodities are softer overall as growth concerns temper the demand outlook. Top themes we’re watching AI leadership, with volatility: The multi-quarter surge in AI-linked shares has brought sharper intraday and cross-asset swings. Profit-taking, positioning resets, and a reassessment of capex and supply dynamics are producing wider ranges in chips, cloud infrastructure, and adjacent hardware. Leverage amplifies moves: The proliferation of leveraged and concentrated, theme-based exchange-traded products has become a force multiplier in both directions. Daily rebalancing, dealer hedging, and crowding can intensify late-day flows and gap risk around headlines. Central banks, less guidance: Fed officials have signaled a preference for fewer pre-commitments and a more data-dependent stance. Less explicit forward guidance typically implies bumpier rate paths and a higher term premium over time, even if the growth and inflation mix ultimately sets the course. Liquidity pockets: With a market holiday and major data releases clustered, price action may be distorted by thinner depth, options-related flows, and fund rebalancing into quarter/half-year turns. Equities US: After an extended run in growth and AI beneficiaries, breadth has narrowed and sensitivity to earnings revisions and capex guidance has increased. Pullbacks have been met with dip-buying, but ranges are wider and leadership is rotating more frequently. Europe: Mixed sector performance with defensives, staples, and select financials offering ballast against tech cyclicality. Domestic data and currency moves remain key for exporters. Asia: Semiconductor and supply-chain names have seen the sharpest moves, reflecting shifting expectations for AI-related demand, inventory cycles, and capital spending. Rates and credit Sovereigns: Front-end yields have been responsive to evolving policy narratives, while the long end is more tethered to term premium and supply dynamics. Curve shape remains a barometer for growth expectations. Credit: Investment-grade spreads are still anchored by solid demand, while high yield trades more in line with equity volatility. Primary markets remain open but selective. Currencies The dollar’s path is being pulled by relative growth, rate differentials, and risk appetite. The yen remains sensitive to policy normalization timelines and any sign of official concern over excessive moves. Select EM FX is tracking the dollar and commodities, with idiosyncratic stories continuing to drive dispersion. Commodities Energy: Crude has softened on growth worries and inventory signals, though geopolitical risk and OPEC+ policy remain wildcards. Refining margins and summer demand patterns are in focus. Metals: Industrial metals are adjusting to a cooler tech-capex narrative and uneven manufacturing data. Precious metals are balancing real-yield moves with safe-haven demand. Access Global Investment Products Trade US and GCC stocks, global equities, ETFs, and more with our seamless platforms. View Trading Products Theme of the day: Leverage and the AI trade What’s happening: As enthusiasm for AI has surged, more investors have used leveraged and concentrated products to magnify exposure to semiconductors, cloud infrastructure, and related themes. These vehicles can accelerate both rallies and pullbacks. Why it matters: Daily reset mechanics can create path dependency and performance drift over multi-day holding periods. Dealer hedging and product rebalancing can add to end-of-day volatility in the underlying names and, at times, broader indices. Crowding raises gap risk around headlines, earnings, and policy surprises. What to consider: Know your time horizon; leveraged and inverse products are generally designed for short-term trading. Monitor liquidity and spreads, especially into the close and around major data. Use defined-risk tools (e.g., options) and pre-set exit levels to manage tail events. Macro watch Data: Labor-market prints, manufacturing and services surveys, and inflation updates will steer the near-term rates path. With fewer explicit signals from policymakers, markets may react more sharply to upside/downside surprises. Policy: Central banks remain data-led. A quieter communications approach may increase interim volatility without changing the ultimate destination if inflation continues to normalize. The day and week ahead US: Jobs and wage data, services activity, and holiday-thinned liquidity could amplify moves. Earnings preannouncements and guidance for AI-related capex are a near-term catalyst. Europe: Inflation and PMIs to guide rate-cut timelines. Watch currency moves for export-heavy markets. Asia: Tech supply-chain commentary, inventory indications, and policy headlines remain in focus. Portfolio considerations Balance concentration: Revisit single-theme and single-factor exposure after a strong run in AI leaders. Hedge thoughtfully: Calibrate equity hedges to event risk and liquidity conditions; consider staged entries. Duration mix: In a higher-volatility, data-dependent regime, blending intermediate duration with cash-like instruments can help manage rate uncertainty. Liquidity discipline: Wider bid-ask spreads and faster tapes argue for clear sizing, stop-loss, and take-profit frameworks. Institutional-Grade Brokerage Solutions Advanced multi-asset execution and connectivity designed for funds, family offices, and banks. Explore Institutional Services Important note on leveraged and inverse ETFs These products seek daily magnified or inverse returns and are not intended for buy-and-hold investing. Multi-day outcomes can diverge materially from the stated multiple. They carry unique risks, including compounding effects, increased volatility, and potential for rapid losses. Carefully review the prospectus and assess suitability, objectives, and risk tolerance before trading. Disclaimer: Trading foreign exchange and/or contracts for difference on margin carries a high level of risk, and may not be suitable for all investors as you could sustain losses in excess of deposits. The products are intended for retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. The content of the Website must not be construed as personal advice. For retail, professional

1 July 2026 – Daily Market Updates Daily Markets Briefing: A cautious start to the new quarter At a glance (as of early US hours) US equity futures: S&P 500 modestly lower (~-0.3%); Nasdaq 100 softer (~-0.5%) US 10-year Treasury yield: near 4.47% US dollar: firm against majors; yen remains under pressure Bitcoin: steady around the high-$58,000s Gold: easing toward the high-$3,900s per ounce Asia: equities mixed to weaker, with Korea notably softer; Europe opens cautious The mood Markets are opening the second half of the year on a restrained note. With quarter-end rebalancing out of the way, attention swings to central bank rhetoric and incoming data that will shape the path for policy into year-end. A firmer dollar and steady long-end yields are tempering risk appetite, while leadership beneath the surface continues to shift. What we’re watching Central banks: A full slate of policymaker remarks in Europe this week; investors will parse comments for any shift on inflation risks, balance-sheet runoff, and timing of potential rate moves. US data: Early-month releases on manufacturing and services activity, job openings, and the all-important labor market report later in the week. Wage trends and participation will be key for rate expectations. Earnings: The pre-season guide continues with consumer, industrial, and energy updates offering a read on pricing power, inventories, and capital spending plans. Geopolitics and commodities: Headlines around supply routes and policy initiatives remain potential sources of volatility across energy and metals. Equities: Rotation within the AI trade Leadership continues to churn. Investors have been favoring “picks-and-shovels” beneficiaries of AI—semiconductors, compute infrastructure, and power—over asset-heavy platforms ramping capital expenditure. That tilt has pressured several mega-cap growth names while broad indices hold up on improved participation from cyclicals. Consumer and communication services are in focus as companies flag a more cautious end-consumer and tighter marketing budgets in some segments. Expect guidance and inventory commentary to matter more than backward-looking beats. Financials are quietly benefitting from steeper curves and solid credit performance; watch capital return updates and deposit trends. Rates and FX: Steady long end, firm dollar The 10-year yield hovering in the mid-4s reflects a market priced for slower but persistent disinflation, with risk premia for fiscal supply still embedded. Front-end expectations remain sensitive to each incremental data point on wages and services inflation. The dollar’s resilience continues to pressure importers and commodity prices. The yen remains under scrutiny despite prior official support; rate differentials and energy import costs are key drivers. Select EM FX is mixed, tracking local inflation surprises and current account dynamics. Commodities: Gold softens, energy treads water Gold is extending last quarter’s pullback as real yields and the dollar firm. For a durable floor, markets will likely need clearer evidence of cooling core inflation or a softer growth pulse that pulls down real rates. Near term, dips may be met by central bank buying, but technical damage argues for choppy trade. Crude is range-bound as supply discipline meets uneven demand signals. Refining margins and inventory draws in the next two weeks will guide direction. Industrial metals are split: copper steady on grid and data-center demand themes; aluminum and nickel remain headline-sensitive to supply and trade actions. Digital assets: Stabilization after a sharp reset After a swift drawdown tied to rate repricing and ebbing large-scale buyer flows, the crypto complex is attempting to base. Liquidity remains thinner around holidays and month turns; watch funding rates and ETF flows for confirmation of firmer footing. Global wrap: Asia and Europe Asia trade showed risk aversion in select North Asian markets on chip-cycle volatility and currency weakness, while parts of ASEAN were more resilient on tourism and fiscal support. Europe opened cautious with defensives mixed and value cyclicals edging higher; utilities and power-adjacent names continue to track AI-related electricity demand narratives. Diversify Your Global Portfolio From US equities and global bonds to wealth management and spot FX, trade seamlessly across international markets. View Trading Products The setup into mid-year Breadth vs. beta: Broader participation has improved even as a handful of prior leaders consolidate. That’s constructive for index stability but implies more idiosyncratic stock dispersion—stock selection matters. Capex cycle: Energy transition, grid upgrades, and AI compute continue to underpin multi-year spending plans. Companies with balance-sheet flexibility and pricing power are better positioned as financing costs stay elevated. Policy path: Markets are finely balanced between “higher for longer” and a late-year recalibration. Each labor and inflation print can nudge term premia and factor leadership. Portfolio considerations Balance quality growth with cash-generative cyclicals; maintain an allocation to short-duration bonds or T-bills as ballast while carry remains attractive. For equity exposure, favor firms with high free-cash-flow yield and disciplined capex; in AI, diversify across enablers (chips, power, cooling, networking) and application-layer winners with clearer monetization. In commodities, recognize gold’s sensitivity to real yields; stagger entries and consider position sizing discipline. In energy, focus on integrated names and low-cost producers with clear capital return frameworks. Currency risk matters: A stronger dollar can weigh on non-US earnings and EM assets; hedging may reduce unwanted volatility. Key risks to monitor Sticky services inflation prompting a more assertive policy stance Earnings downgrades if demand softness broadens beyond select consumer verticals Geopolitical surprises affecting energy supply chains and freight costs Liquidity air pockets around data releases and holiday-thinned sessions Elevate Your Institutional Trading Access multi-asset execution and global liquidity with our institutional-grade brokerage solutions in the DIFC. Explore Institutional Services Disclaimer: Trading foreign exchange and/or contracts for difference on margin carries a high level of risk, and may not be suitable for all investors as you could sustain losses in excess of deposits. The products are intended for retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. The content of the Website must not be construed as personal advice. For retail, professional and eligible counterparty