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30 June 2026 – Daily Market Updates Morning Markets Brief: Yen Weakness Keeps FX Desks on Edge; Quarter-End Flows; Strategy Inc. Shifts Its Playbook Market at a glance Equities: US index futures are broadly flat into quarter-end as investors balance AI-led strength with signs of rotation. Europe is firmer. Asia finished mixed, with Japan supported by a softer yen and select chip names steadying after recent swings. Rates: US Treasury yields hover in the mid-4% area on the 10-year, little changed as markets weigh growth resilience against sticky services inflation. FX: The dollar is broadly stronger. USD/JPY has pushed beyond 162, a multi‑decade extreme that keeps markets alert to possible policy response from Japan. Commodities: Crude trades in the low $70s, with summer demand offset by robust non-OPEC supply and easing supply‑route frictions. Gold is softer on a firmer dollar. Top themes today 1) Yen slide: policy watch and market spillovers The yen’s drop to levels last seen in the 1980s reflects wide rate differentials, persistent carry trades, and Japan’s gradual policy normalization. A weaker currency is boosting exporters’ earnings translation but lifting import costs for energy and food, squeezing households and domestic-facing firms. What to watch from authorities: Communication: Escalating warnings from the Ministry of Finance and the Bank of Japan are often a precursor to action. Liquidity operations: Adjustments to JGB purchase plans or money‑market tools that tighten funding for short yen positions. Direct action: Sudden, large intraday yen spikes can signal FX intervention, especially around the Tokyo fix or during thinner liquidity. Policy path: Any hint of quicker BOJ normalization—rate moves or balance‑sheet tweaks—could temper carry trades more durably than one‑off intervention. Cross asset takeaways: Japan equities: Exporters tend to benefit from a weaker yen; domestic sectors face margin pressure from imported costs. Asia FX: High‑carry currencies in the region can be sensitive if a disorderly yen rebound forces deleveraging in funded positions. Global risk: A sharp yen reversal—policy‑driven or otherwise—can tighten financial conditions, lifting volatility across equities and credit. Elevate Your Institutional Trading Strategy Secure dedicated support and multi-asset execution for your fund or family office amidst global market shifts. Discover Institutional Services 2) Strategy Inc. updates its capital strategy Strategy Inc. outlined a more flexible financing approach, adding the option to raise cash, repurchase securities when attractive, and selectively monetize Bitcoin holdings. The shift emphasizes liquidity management over an automatic deployment model. Why it matters: Crypto market structure: A move away from a pre‑committed “every new dollar into Bitcoin” stance reduces a predictable source of demand and introduces a discretionary supply channel. Corporate finance: Expect investors to focus on the firm’s leverage, collateral buffers versus spot prices, and the cost of capital across debt and equity. Market linkage: Periods of crypto drawdowns could see incremental supply from treasuries that actively manage reserves; conversely, strong risk windows may still invite balance‑sheet expansion. 3) Quarter-end mechanics and the AI trade Flows: Rebalancing and performance‑chasing into month/quarter‑end can amplify intraday swings, particularly in crowded winners and in defensives that lagged. Semis: After an exceptional run, chip stocks are experiencing wider daily ranges as positioning stretches and earnings visibility are reassessed. Expect headlines around backlog quality, supply‑chain normalization, and capex pacing to drive dispersion. 4) Central banks: data dependency prevails US: With growth holding up and services inflation sticky, the market is calibrating a higher-for-longer rates path versus prospects for a late‑year recalibration if activity cools. Europe/UK: Policymakers continue to stress patience, watching second‑round effects from earlier energy shifts while avoiding firm pre‑commitments on the rate path. Japan: The pace and communication of normalization remain central for the yen and global carry risk. 5) Energy: balancing act Crude prices are being tugged between resilient US supply, uneven demand signals from China and Europe, and seasonal consumption. Several sell‑side houses have trimmed price projections on ample supply, though geopolitical risks can quickly alter the balance. Movers and sectors to note Defense/aerospace: Strong prints and backlogs continue to support select names tied to unmanned and advanced systems. Business services/BPO: Guidance resets have pressured the group, highlighting wage inflation and slower client spend in some verticals. Biotech: Positive clinical updates are driving sharp single‑name moves; dispersion remains high as funding conditions improve selectively. Consumer: Earnings from large athletic and beverage companies will shape views on inventory, pricing power, and China exposure. The dollar’s “pain trade” risk A stronger dollar remains a risk into the second half if: US growth outperforms and the Fed leans more hawkish than priced. Geopolitics or a risk‑off episode boosts safe‑haven demand. Watch DXY resilience on dips and USD/JPY reaction to any Japanese policy headlines. Today’s watch list Policy signals from Tokyo regarding FX stability measures. Quarter‑end rebalancing flows and any related equity/FX volatility. US corporate earnings after the close in consumer and staples. Central bank speakers and preliminary reads on global manufacturing/services later this week. Energy headlines around supply routes and OPEC+ commentary. Portfolio considerations (not investment advice) FX: For importers with yen exposure, consider reviewing hedge ratios; for carry trades, reassess sizing and stop‑loss discipline around potential policy headlines. Equities: Manage concentration in AI/semis with position limits or pairs; look for quality cyclicals with cash‑flow support if rotation extends. Rates: Range‑bound duration can help dampen equity beta; use data releases to fine‑tune exposure. Commodities: Balance energy exposure with USD sensitivity; consider how a stronger dollar can weigh on metals. Key levels to monitor USD/JPY: Market is sensitive around big round numbers above 160; headline risk is elevated. US 10‑year: Mid‑4% area remains a pivot for risk assets. WTI crude: Low‑$70s acts as a tug‑of‑war zone between supply strength and summer demand. Access Global Markets & Spot FX Capitalize on today’s FX and commodity movements with our comprehensive suite of global trading products. Explore Investment 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

29 June 2026 – Daily Market Updates Daily Market Briefing: Risks in Focus After a Whipsaw Start to 2026 — And Where Bonds Look Balanced Market at a glance (early US hours) US equity futures are firmer, with tech leading after a sharp rotation late last week. Treasury yields are little changed, with the 10-year hovering in the mid-4% area. Oil is higher, holding in the low $70s as supply-route risks linger. Asia closed mixed; Europe opened cautiously higher. Crypto remains under pressure, with notable redemptions in listed products. Narrative check: what’s driving sentiment Markets are heading into the second half with volatility still top of mind. After a choppy first half where risk appetite swung from defensive to aggressive and back again, investors are re-assessing a few core questions: Can AI-linked capital spending support earnings across the broader tech ecosystem, or will leadership need to broaden? Will policy makers lean more hawkish if inflation proves sticky, and how much more tightening risk is priced? How might US political developments and global elections affect fiscal paths, regulation and trade? Has the build-up of leverage — via margin, derivatives and geared products — made drawdowns more abrupt? The leverage point matters: when financing costs jump and positioning is crowded, routine headlines can trigger exaggerated price moves. Expect thinner liquidity around holidays to add to near-term swings. Equities: rotation, resilience and rebound risk US mega-cap tech and chip-adjacent names are rebounding premarket after a tough finish last week, while equipment makers are catching a bid on the back of ambitious investment plans in Asia tied to semiconductors and data infrastructure. In Europe, selective cost-cutting and portfolio simplification remain themes as companies look to protect margins and free up capital. Cyclicals and defensives continue to trade on shifting macro beats: firmer oil supports energy, while higher real yields challenge rate-sensitive growth pockets. Institutional Services in UAE for Funds & Family Offices Access multi-asset execution through our global infrastructure with institutional-grade brokerage solutions. Explore Institutional Services Rates: why the “belly” gets attention After a swift back-up in yields earlier this month, several large bond managers are highlighting the intermediate part of the US curve (around five years) as a practical balance between carry and duration risk. If policy remains restrictive for longer but inflation moderates, that segment can act as a pivot. Near term, traders will parse central-bank commentary from Europe’s annual policy gathering and incoming inflation updates for clues on the policy path into the summer. Commodities: geopolitics keeps a floor under crude Crude is firmer as intermittent tensions around a key Middle East shipping corridor keep a modest risk premium in the barrel. Any signs of supply disruption or a slowdown in transit times can tighten near-term balances. Industrial metals remain sensitive to China’s growth signals and policy support, with PMI readings in focus this week. Digital assets: outflows test conviction Listed crypto products have seen sizable June redemptions as token prices retreated. Volatility remains elevated and liquidity pockets uneven, contributing to wider daily ranges. The week ahead: three things to watch US labor market: The monthly payrolls report lands in a holiday-shortened week. A steady, cooling-but-resilient labor backdrop would support the “soft-landing” narrative; upside wage surprises could reawaken inflation concerns. Global activity gauges: It’s PMI week across Asia, with attention on whether China’s manufacturing readings can sustain expansion. Read-throughs for commodities, shipping and EM FX will be key. Europe’s policy pulse: As officials convene in Portugal, investors will weigh the final euro-area inflation prints ahead of the next rate decision and any fresh guidance on balance-sheet plans. Elevate Your Trading Experience Access global equities, commodities, and derivatives with seamless execution from the DIFC. Open An Account Positioning thoughts and risk radar Diversification over concentration: Leadership has been narrow; ensure portfolios aren’t overexposed to a single theme or factor. Mind the middle: For fixed income, intermediate maturities can help balance carry with rate sensitivity if policy stays “higher for longer.” Liquidity matters: Into quarter- and half-year turns and around holidays, wider bid-ask spreads can amplify moves. Watchlists: inflation surprises, earnings guidance on capex and margins, geopolitical flashpoints (energy transport routes), and signs of de-leveraging in crowded trades. Bottom line Markets are entering H2 with improved tone but fragile underpinnings. A disciplined approach — spreading risk across sectors and along the curve, keeping dry powder for dislocations, and avoiding leverage creep — remains prudent while policy, profits and politics share the stage. Tailored Investment Advisory Protect and grow your wealth with custom portfolio management solutions backed by global expertise. Contact Our Advisors 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 – 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

26 June 2026 – Daily Market Updates Daily Market Brief Opening tone Global markets are ending the week on a cautious note as investors sift through a choppy tech tape, a firmer US dollar, and cross-currents in commodities. The headline story remains dispersion: leadership inside technology and AI is narrowing, while macro forces like policy expectations and quarter-end positioning are driving day-to-day swings. Market at a glance (early US hours) Equities: US stock futures tilt lower, with growth and semiconductor-linked names under pressure after a volatile stretch. Asia’s session was mixed-to-weak amid sharp moves in chip-related shares; Europe is opening defensively with cyclicals and rate-sensitive groups lagging. Rates: US Treasury yields are little changed to slightly softer on the long end, with the front end more sensitive to shifting policy expectations. FX: The US dollar stays firm against major peers as investors price a more restrictive policy path and relatively resilient US growth. Commodities: Crude is on track for a weekly decline as supply and shipping flows normalize, while gold steadies after a wide weekly range. Digital assets: Crypto is attempting to base after recent pullbacks, with elevated intra-day volatility persisting. Equities: AI and tech leadership splinters The AI trade is no longer moving in lockstep. Hardware and infrastructure tied to data centers and power have benefited from robust demand and pricing, while parts of consumer hardware and some software cohorts have lagged as cost pass-through and competitive dynamics bite. Memory, networking, and electrical equipment suppliers have generally enjoyed stronger momentum this year, helped by capacity tightness and investment in compute. By contrast, mega-cap platforms and software models perceived as more exposed to disruption or rising input costs have seen more two-way trading. Bottom line: Selectivity matters. Investors are rewarding firms with pricing power and visible cash flows linked to AI infrastructure, while de-rating businesses where higher component costs may compress margins or where growth narratives are less tangible. Elevate Your Global Equity Trading Access international markets and seamlessly diversify your portfolio with deliverable US, GCC, and global stocks. Explore Equity Solutions Rates and currencies: Policy repricing lifts the dollar A more forceful stance from the Federal Reserve has widened rate differentials in the dollar’s favor, reinforcing the greenback’s advance. The path of least resistance remains higher so long as US activity holds up and other major central banks lean more cautiously. For a sustained FX trend, markets will look for clarity on the number and pace of any additional policy moves relative to what’s already implied by rates futures. Stronger US data and ongoing capital inflows into US assets linked to productivity themes are additional supports. In rates, curves remain in a push-pull between sticky services inflation and signs of goods disinflation. Term premia are modestly firmer, and quarter-end rebalancing could add noise to the next few sessions. Commodities: Oil eases; gold steadies Crude prices slipped this week as shipping through key waterways improved and supply concerns eased, outweighing intermittent geopolitical headlines. Attention turns to inventory trends, summer demand, and producer discipline into 2H. Precious metals were volatile. Gold hovered around a prominent round-number level during the week before stabilizing as traders weighed policy paths against haven demand and central-bank purchases. Corporate flow and sectors to watch Semiconductors: Deal activity and guidance updates are adding another layer of dispersion. Integration risk and focus drift are common themes flagged by investors when chipmakers pursue acquisitions during fast-moving cycles. Internet, consumer tech, and hardware: Price adjustments tied to higher component costs are being watched for demand elasticity and margin implications into the back half of the year. Real assets and property: Policy developments in large metro housing markets remain a swing factor for landlords, lenders, and REITs with urban exposure. European autos and discretionary: Competition, input costs, and China exposure continue to shape outlooks, with management teams signaling more aggressive cost actions. What we’re watching next US inflation and labor data: Any upside surprises could reinforce a higher-for-longer rates narrative and extend dollar strength; softer prints would likely ease financial conditions. Central bank communication: Speeches and minutes across major economies will guide rate-differential trades and front-end curves. Earnings pre-announcements: Updates from AI supply-chain beneficiaries and consumer-facing tech will help refine views on capex intensity, pricing, and end-demand. Quarter- and half-year rebalancing: Potential flows could amplify short-term volatility across equities, bonds, and FX. Portfolio considerations Within technology, emphasize balance sheets, pricing power, and linkage to data-center buildouts and power infrastructure, while being mindful of valuation stretch and supply constraints. Diversify AI exposure across the stack (compute, memory, networking, power) rather than relying on a single theme. Expect ongoing dispersion. For multi-asset portfolios, consider the implications of a firm dollar on non-US earnings translation, commodities, and EM exposures; review hedging policies accordingly. Maintain liquidity buffers into quarter-end and use dislocations to upgrade quality where fundamentals are intact. Institutional-Grade Brokerage Services Access multi-asset execution, algorithmic trading, and customized custody solutions tailored for funds and family offices. Discover 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 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

25 June 2026 – Daily Market Updates Morning Markets Brief: AI strength steadies risk appetite; crypto cools; oil softens Global equities opened on a firmer footing as a bullish update from a leading US memory-chip maker reassured investors that demand tied to artificial intelligence remains durable. Tech-led gains in futures point to a rebound in growth shares, with semiconductor names again setting the tone. Government bond yields are little changed, oil is under pressure amid improving supply dynamics, and gold is softer. Digital assets lag, with Bitcoin extending a recent pullback. Market at a glance (early US hours) Equities: US futures higher with tech outperforming; Europe firmer; Asia rallied led by North Asia’s chip-heavy markets. Rates: US Treasury yields broadly steady after recent swings; curves little changed. Commodities: Crude retreats as supply concerns ease; gold edges lower as real yields hold firm. FX: Dollar mixed; high-beta currencies stabilize alongside risk sentiment. Crypto: Bitcoin trades near multi-month lows; volatility elevated and liquidity pockets thinner. What’s driving the move AI hardware momentum: A top US memory producer delivered an outlook that topped expectations and emphasized multi‑year customer agreements, signaling sustained demand from cloud, high‑performance computing, and AI training/inference. The print eased fears of an abrupt slowdown in the AI build‑out and reignited enthusiasm across the broader chip ecosystem (memory, storage, foundry equipment, and packaging). Broader semiconductor ripple: Suppliers and equipment makers moved higher in sympathy as investors leaned back into the AI supply chain narrative. Longer lead times and visibility into data‑center orders are being interpreted as support for margins through the cycle. Macro backdrop: With policy makers remaining focused on inflation control and growth data mixed, markets continue to toggle between soft‑landing hopes and rate‑sensitivity in long‑duration assets. Today’s equity strength is more about micro (earnings and guidance) than macro. Energy resets: Crude prices have slipped back toward pre‑flare‑up levels as key shipping lanes see improving throughput and buyers report ample supply. Softer oil is a tailwind for disinflation hopes but reflects a careful read on global demand. Rotation watch in digital assets: Bitcoin’s slide has been amplified by thinner retail participation and a market structure increasingly influenced by systematic flows and institutional vehicles. Capital rotating toward listed AI beneficiaries has added to crypto underperformance, tightening the link between equity risk sentiment and digital‑asset pricing. Sector and corporate highlights Chips and data centers: Beyond memory, selected US and European semiconductor names rallied on the read‑through that AI‑linked demand could extend deeper into the supply chain. Some diversified chipmakers continue to outline multi‑year opportunities in accelerators, networking, and power management for data centers. Health care tools: Deal activity is percolating in life‑science reagents and diagnostics, supporting valuations across select niches. Consumer and travel: Online chatter continues to inject volatility into certain quick‑service and specialty retail names. In Europe, airline shares firmed amid ongoing corporate interest discussions. Private markets: A large private‑equity purchase of a European industrial asset underscores steady deal momentum and balance‑sheet reshaping across autos and heavy machinery. AI industry dynamics: Talent moves and IP questions remain front and center across the AI landscape, highlighting the intensity of competition as models and infrastructure scale. Institutional Services in UAE for Funds & Family Offices Access multi-asset execution through our global infrastructure with institutional-grade brokerage solutions. Explore Institutional Services Cross asset takeaways Equity breadth vs. concentration: AI leadership is intact, but concentration risk remains a key portfolio consideration. Watch for confirmation from non‑tech cyclicals to broaden the advance. Rates and gold: Stable-to-firmer real yields continue to cap gold. A decisive break lower in oil would reinforce disinflation narratives, while any upside surprise in growth data could rekindle rate volatility. Credit: Primary issuance remains healthy; spreads are generally stable with risk‑on tone, though lower‑quality pockets remain sensitive to rate moves. FX: Pro‑cyclical currencies catch a bid on improved risk tone; safe‑haven demand moderates. What to watch next Corporate guidance from AI‑exposed hardware, cloud service providers, and networking names for signs of order sustainability and supply constraints. High-frequency inflation and growth indicators globally, including energy inventories and shipping flows, for clues on the policy path. Breadth indicators in equities and factor performance (momentum vs. value/quality) to gauge durability of the latest rebound. Crypto market structure: ETF flows, funding rates, and liquidity on major venues as proxies for positioning and potential snapback risk. Portfolio considerations Maintain diversification around AI: Consider exposure across the stack (memory, compute, networking, cooling, and electrical infrastructure) rather than a single node, while acknowledging elevated expectations. Manage concentration and liquidity risk: Use position sizing and hedges to balance upside participation with drawdown control in narrow leadership markets. Reassess commodity sensitivity: Lower oil and firm real yields have different implications across sectors (benefits for transport and discretionary; headwinds for precious metals and parts of energy). Data note: Market levels referenced are directional and for context only; prices are subject to intraday revision. Elevate Your Investment Strategy Gain exposure to global markets, including US stocks, ETFs, and structured notes tailored to your risk profile. Discover Our 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

24 June 2026 – Daily Market Updates Daily Market Briefing: AI enthusiasm meets a choppier tape Overview Equity markets are stabilizing after a sharp, tech-led reversal, with US index futures modestly higher and Asia rebounding, led by semiconductor-heavy benchmarks. European shares are mixed to flat. Rates are edging lower at the long end as investors reassess growth and inflation momentum. The US dollar is firm against major peers. Crude oil is softer, while refined fuel prices have eased—an incremental relief for headline inflation and freight costs. The AI trade: momentum, crowding and bigger swings A long stretch of gains in chipmakers and AI-linked leaders has left positioning elevated across many investor types. When a popular theme becomes crowded, day-to-day moves can amplify as leveraged strategies, derivatives hedging and ETF rebalancing reinforce direction. That dynamic cuts both ways: rallies can be powerful, but air pockets emerge when sentiment turns or when headlines challenge the prevailing narrative. Practical takeaway: concentration risk matters. Investors are increasingly weighing a blend of quality growth exposure with cash flow resilience, plus selective hedges, to navigate larger intraday ranges. Earnings spotlight: a bellwether for AI infrastructure A leading US memory-chip producer reports after the close. Because advanced memory sits at the heart of AI server buildouts, its demand outlook and capital spending commentary are viewed as a proxy for the broader AI supply chain. What to listen for: backlog durability, pricing power for high-bandwidth products, capacity expansion timelines, supply discipline across the industry, and customer capex visibility from cloud and enterprise buyers. Options markets are signaling heightened implied volatility into the event, underscoring how one update can sway sentiment across the semiconductor complex. Regional and sector pulse US: Futures point to a tentative rebound in growth-heavy segments after Monday’s slide. Market breadth remains a focal point as investors gauge whether leadership can broaden beyond a narrow set of mega-cap winners. Asia: Chip-centric markets bounced following the prior session’s slump. Some regional manufacturers continue to explore capital-raising avenues to fund capacity and tap deeper pools of investors. Europe: Indices are little changed, with defensives providing ballast while cyclicals track commodity and rates moves. Sectors: Semiconductors and AI infrastructure remain the volatility epicenter. Energy underperforms alongside softer crude. Transportation and select industrials are in focus on cost trends and trade flows. Travel and leisure names watch demand indicators into peak season. Rates, commodities and FX Bonds: Long-dated government yields are slightly lower as markets balance cooling goods inflation against sticky services components and steady labor conditions. Any shift in growth expectations or central-bank guidance could reprice the curve quickly given thin summer liquidity. Commodities: Oil extends recent declines amid signs of smoother tanker flows and adequate supply. Softer diesel and gasoline prices provide incremental relief to logistics, though refining margins and inventories bear watching. Currencies: The dollar is supported by yield differentials and safe-haven demand on risk-off days. Commodity-linked and cyclical currencies track the moves in energy and global growth sentiment. What could move markets next Corporate earnings: AI and cloud supply-chain reports, along with updates from transportation, software and consumer names, will help test whether profit growth can keep pace with elevated multiples. Macro catalysts: Upcoming global inflation and growth releases, as well as remarks from central-bank officials, may influence rate-cut timelines and risk appetite. Flows and technicals: End-of-month and quarter rebalancing, plus systematic and volatility-targeting strategies, can add to intraday swings. Watch market breadth, leadership rotations and credit spreads for confirmation. Investment considerations Balance enthusiasm with discipline: Pair structurally attractive AI and automation themes with cash-generative companies, diversified factor exposure and defined risk limits. Manage concentration: Consider position-sizing frameworks, scenario analysis around key earnings prints, and selective hedging where correlations rise. Liquidity awareness: Use staged entries/exits and avoid chasing gap moves in thin conditions. Navigate Market Volatility with Confidence Access a wide range of global equities, futures, and structured notes to build a resilient and diversified portfolio today. Explore Investment 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. 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23 June 2026 – Daily Market Updates Daily Market Briefing: Risk Appetite Cools as AI Leaders Retreat Overview A risk-off tone is sweeping through global markets, led by pronounced weakness in high-growth technology and semiconductor names. After a powerful multi-month advance anchored to artificial intelligence themes, investors are reassessing how much capital spending, power demand, and margin pressure the ecosystem can absorb in the near term. With policy uncertainty lingering and rates still elevated, dip-buying has been tentative. Across regions Asia: Tech-heavy markets led declines, with memory and chip supply chains underperforming. Korea and Taiwan saw the sharpest swings as investors trimmed crowded positions tied to the AI buildout. Chinese shares listed in Hong Kong extended recent underperformance, reflecting ongoing concerns about growth momentum and earnings visibility. Europe: Regional equities opened softer. Cyclicals and autos lagged as trade frictions and weaker demand in key end-markets weigh on outlooks. Consumer staples were mixed after company-specific leadership updates and restructuring signals. US: Equity futures indicated a weaker open, with the tech complex leading losses. Profit-taking has been most visible in semiconductors, storage, and AI-adjacent hardware, while a handful of legacy tech and software names showed relative resilience on rotation into perceived quality. Credit and financing Investors are preparing for a sizable bond sale from a prominent private space-and-satellite company closely associated with reusable launch systems and global connectivity. That the market appears receptive to investment-grade debt tied to a capital-intensive, fast-expanding platform underscores how growth narratives have migrated from equities into credit. The transaction will be an important barometer of appetite for long-duration capex stories amid tighter financial conditions. More broadly, primary markets remain active, but selectivity is high. Investment-grade issuance continues to clear with concessions, while pockets of private credit face renewed scrutiny around liquidity management as some retail-oriented vehicles moderate redemption flows. Rates, FX, and commodities Sovereign yields are little changed to modestly lower as investors weigh sticky inflation against softer activity signals. The curve remains relatively flat by historical standards, reflecting uncertainty around the timing and pace of future policy easing. The dollar is firmer on haven demand and interest-rate differentials, pressuring export-sensitive regions. Gold eased alongside a stronger dollar and higher real yields, while oil traded steady-to-softer on demand concerns and position unwinds. Earnings and corporate updates to watch US results today include a major cruise operator before the open and housing/logistics bellwethers after the close. Later this week, an AI-linked memory manufacturer reports, with investors focused on supply discipline, pricing, and capex plans for data center demand. In Europe, automakers and luxury brands continue to reassess model strategies and capital allocation as tariffs and China demand dynamics evolve. Select consumer names moved on leadership changes aimed at accelerating turnarounds. What’s driving the tech pullback Positioning: AI beneficiaries have been consensus overweight for institutions, leaving limited room for positive surprises and making the group vulnerable to bouts of profit-taking. Capex intensity: The multi-year investment cycle in compute, memory, networking, and power is immense. Any sign that spending will be phased more gradually can spark sharp reversals. Rates and discounting: Elevated real yields weigh most on long-duration cash flows typical of secular growth names. Buy-the-dip behavior: For now, bargain hunting is cautious; investors appear to want clearer validation from upcoming earnings and guidance. Navigate Tech Volatility with US Equities Access global markets to seamlessly trade US-listed technology stocks, ETFs, and ADRs. Trade US Stocks Trade US Stocks The week ahead: key signposts Micro: AI supply chain earnings; logistics/housing read-throughs for goods demand; management commentary on pricing power and inventories. Macro: Housing, consumer confidence, and inflation gauges later in the week will refine views on the growth/inflation mix and rate paths across major economies. Policy: Central bank speakers remain in focus for any hints on reaction functions, while FX watchers monitor authorities’ tolerance for currency volatility in Asia. Portfolio considerations Equities: Expect higher day-to-day volatility in AI-exposed names. Emphasize balance between quality growth and cash-generative defensives; within semis, differentiate by end-market exposure (memory vs. logic vs. storage) and capex discipline. Fixed income: In investment-grade credit, robust demand continues for resilient cash flows, but be mindful of duration and new-issue concessions. In private credit, ensure alignment between liquidity terms and portfolio assets. Alternatives and commodities: A stronger USD can cap upside near-term; stagger entry points and consider diversification to manage currency and rate sensitivity. Bottom line After an exceptional run, the AI complex is encountering its first meaningful reality check of this leg higher. The underlying secular story hasn’t changed, but the market is insisting on cleaner proof of earnings durability and capex returns. Until that arrives, expect choppier trading, narrower leadership, and a higher bar for positive surprises. Capitalize on Market Shifts with CFDs Maintain flexibility in a changing market by trading global indices, forex, and commodities. Explore CFD 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 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.

22 June 2026 – Daily Market Updates Market Brief: Dollar Strength Reasserts Itself as Policy Tone Tightens Global markets are easing back into trade with a cautious tone as investors weigh a softer inflation pulse, resilient growth signals, and shifting sector leadership. Equities are mixed to slightly softer in early trade, sovereign yields are edging higher as traders reassess the path of policy rates, and crude is lower on improved supply dynamics. Foreign exchange is relatively steady, with modest strength in select European currencies. Global overview Equities: After a strong run in select technology bellwethers, leadership is broadening. Europe is drawing renewed interest as energy costs ease and growth expectations stabilize. US futures are mixed, with investors rotating within sectors rather than making big directional bets. Asia was uneven, reflecting ongoing regulatory and policy headlines. Rates: Longer-dated yields are a touch higher as markets recalibrate to “higher-for-longer” rhetoric and await fresh inflation data. Curves remain flatter than average, keeping duration risk in focus. Commodities: Oil is softer as near-term supply disruptions appear less acute, easing one of the key stagflation worries from earlier in the year. Softer crude takes some pressure off input costs for transport, industrials, and consumer sectors. Currencies: The dollar is range-bound; European FX has firmed on improved growth sentiment and fading tail risks. Spotlight: Europe’s relative appeal rises Investors are revisiting the “own more Europe” narrative as the ingredients that hampered the region earlier this year—elevated energy prices and sticky inflation—have moderated. With oil off recent highs and macro indicators stabilizing, cyclical pockets look better supported. What’s driving the shift: Cooling energy prices: Lower input costs help margins for manufacturers, autos, travel, and consumer names. Healthier growth mix: Business surveys suggest stabilization, reducing fears of a stagflationary backdrop. Valuation and concentration: Europe’s benchmarks carry less mega-cap AI concentration risk, which can be attractive as investors question the durability of a one-sided tech trade. Sector rotation: Banks, consumer cyclicals, and select industrials are benefiting from steeper curves at the margin and improving earnings visibility. Counterpoints remain: Fiscal uncertainty in parts of the region, geopolitical risks, and uneven domestic demand could cap outperformance. But on balance, the macro setup has improved versus the start of the year. Rates, credit, and volatility Policy watch: Markets continue to map out a slower pace of easing among major central banks. Any upside surprise in US inflation gauges could nudge terminal-rate expectations higher again. Credit: Spreads are broadly stable; carry remains compelling but select pockets of private debt and structured credit are seeing greater dispersion as financing costs bite. Volatility: Index-level volatility remains subdued compared with macro uncertainty, leaving room for abrupt swings around data and policy events. Corporate pulse Deal and listing activity: A steady trickle of M&A and capital markets headlines continues across healthcare, consumer, and technology, with buyers prioritizing strategic tuck-ins and IP acquisition over larger leveraged deals. Earnings-in-brief: Company updates this week should shed light on inventory normalization, pricing power in consumer categories, cloud and AI spending intentions, and capex plans into year-end. The week ahead: data and events to watch North America: Personal income and the PCE price index; durable goods; GDP updates; weekly labor indicators; large-cap earnings from tech and logistics. Europe: Flash and final manufacturing readings; confidence surveys; inflation expectations; select GDP releases. UK: Business sentiment and housing indicators; watch gilts and sterling for policy-path repricing around data. Asia: Industrial production and trade figures from North Asia; confidence surveys; policy commentary as authorities balance growth support with financial stability. Central banks and policy: Stress test results for major US banks; multiple Fed and ECB appearances that could recalibrate rate-cut timelines. AI and the future of wealth management Artificial intelligence is accelerating the shift toward scalable, personalized financial guidance. For mass-affluent clients, digital tools are already delivering portfolio construction, tax-loss harvesting, and goal tracking at lower cost and with faster iteration. That raises the bar for human advisors, who will increasingly concentrate on complex planning—succession, liquidity events, concentrated-stock diversification, cross-border issues—and the behavioral and family-dynamics coaching that algorithms don’t address. The likely end state is a blended model: AI handling routine analytics and monitoring, with advisors focusing on judgment, context, and high-stakes decisions. Strategy thoughts Rebalance concentration: Consider whether equity exposure is overly reliant on a narrow set of growth leaders. Adding cyclicals, quality value, and international developed markets can reduce single-theme risk. Mind the rate path: Duration remains a two-way risk. Laddering or blending short and intermediate exposures can help manage uncertainty around policy timing. Earnings over narratives: With macro tail risks easing, fundamentals—free cash flow durability, pricing power, and balance-sheet strength—should drive dispersion within and across regions. Keep hedges pragmatic: With volatility subdued, options-based protection or disciplined stop-loss frameworks can be cost-effective ways to guard against data shocks or geopolitical headlines. Diversify Your Portfolio with Global Equities Access international markets and rebalance your concentration risk with our institutional-grade brokerage solutions. Explore Institutional Services Risks to monitor Geopolitics and energy supply routes The trajectory of services inflation and wage growth Liquidity conditions around month- and quarter-end Weather-related disruptions that could affect agricultural and energy markets Regulation of leveraged products in select markets, with potential impacts on retail-driven flows Bottom line Leadership is broadening as inflation anxiety ebbs and energy pressures cool. Europe’s improving backdrop is drawing attention, while US markets digest an extraordinary run in a handful of megacaps. With multiple data catalysts ahead, balance and diversification remain essential. 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

19 June 2026 – Daily Market Updates Market Brief: Dollar Strength Reasserts Itself as Policy Tone Tightens Overview A firmer US policy stance has reset expectations across global markets. The dollar extended its advance, global equities paused after a strong run, and front‑end rates edged higher as investors reprice the path of monetary policy. With major centers observing holidays, liquidity is thinner than usual, amplifying intraday swings. Top takeaways Stronger dollar, weaker risk appetite: A more restrictive tone from US policymakers lifted the greenback broadly and pressured carry trades and parts of emerging markets. Yields grind higher at the short end: Markets are leaning toward tighter-for-longer, pushing up front-end rates and real yields, a headwind for gold and longer-duration growth assets. Equities cool after a hot streak: Tech leadership remains intact, but breadth is uneven and volumes are lighter. Europe is flat, Japan modestly firmer, and US futures point to a softer open. Commodities mixed: Crude is steady in the mid‑$70s, with supply discipline offsetting growth concerns. Precious metals soften on a stronger dollar; base metals trade mixed. Political and policy headlines add noise: Select bond markets saw pressure amid domestic political developments, while cross‑border technology and trade tensions remain a watchpoint. Equities United States: After a strong year-to-date climb led by AI beneficiaries and quality growth, equities are consolidating. Participation remains narrow, and lighter holiday volumes can exaggerate moves. Valuations in leadership groups are full, increasing sensitivity to earnings guidance and macro surprises. Europe: Benchmarks are little changed, with defensive sectors and select industrials holding up better than cyclicals. UK yields moving higher has weighed on rate‑sensitive pockets. Asia: Japan outperformed modestly on continued earnings upgrades linked to digital infrastructure demand. Other regional markets were mixed, with exporters benefiting from currency trends. Institutional-Grade Global Equity Trading Trade global equities across US, European, and Asian markets with secure execution and dedicated local support in the DIFC. Explore Global Equities Currencies US dollar: Broadly stronger as markets reprice the policy path toward tighter-for-longer. Higher US real yields and attractive short‑dated carry are drawing capital. Euro and pound: Softer versus the dollar amid rate differentials and localized political risk. Focus remains on upcoming activity data and inflation prints. Yen: Under pressure near multi‑decade weak levels. Verbal guidance from officials is a risk to one‑way positioning, but rate differentials remain the dominant driver. Emerging markets FX: Mixed to weaker. Higher US yields challenge local‑currency carry, especially where external balances are stretched. Rates and credit Sovereigns: Front-end Treasury yields edged up as markets push back on the timing of potential easing. Curves are somewhat flatter. Select European bond markets underperformed on domestic headlines and global rate repricing. Credit: Spreads remain contained, supported by solid corporate fundamentals and healthy primary market access. Higher all‑in yields continue to attract demand, but issuance windows remain tactical. Commodities Oil: Range‑bound around the mid‑$70s as supply management and inventory dynamics offset demand uncertainties. Volatility remains contained. Gold: Eases as the dollar strengthens and real yields firm. Medium‑term support still tied to diversification flows and central‑bank buying. Industrial metals: Mixed performance, with China growth signals and inventory trends the key swing factors. Diversify Across Global Asset Classes Navigate market shifts with our comprehensive suite of multi-asset solutions, spanning global equities, fixed income, forex, and commodities. View Trading Products Emerging markets Local rates and FX face renewed headwinds from a stronger dollar and higher US real yields. Hard‑currency credit is more resilient given carry and supportive technicals, but country selection is critical. Watch for policy responses where currencies have moved quickly. What’s on the radar Global PMIs and regional inflation updates that will refine the growth/inflation mix into quarter‑end. Central bank speakers and minutes for color on reaction functions and tolerance for currency strength. US labor trends and housing indicators for signs of cooling or re‑acceleration. Energy market updates, inventories, and any guidance from producers on supply strategy. Corporate guidance: Capex plans tied to AI, cloud, and infrastructure remain key for equity leadership durability. Portfolio considerations Quality bias: Strong balance sheets and consistent cash flows tend to fare better when real yields rise. Duration discipline: Reassess rate sensitivity across equity and bond allocations; consider staggered maturities in fixed income. FX risk management: Stronger dollar phases can pressure unhedged international exposures and EM assets. Diversification: Maintain balance across growth/defensive sectors and across credit qualities; avoid concentration in a single macro narrative. Liquidity: Thinner holiday trading can widen bid‑ask spreads; use limit orders and be patient on entries/exits. Data snapshot Equities: US futures tilt modestly lower; Europe flat; Japan slightly higher. FX: Dollar firm across majors; yen weakest among G10. Rates: Front‑end yields up; curves a touch flatter. Commodities: WTI around the mid‑$70s; gold softer; base metals mixed. 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 – June 19 June 19, 2026 19 June 2026 – Daily Market

18 June 2026 – Daily Market Updates Daily Market Briefing: A firmer Fed tone, softer oil, and mixed global risk appetite Overview Markets are recalibrating after the new Federal Reserve chair underscored a no-compromise stance on inflation. Short-dated US yields jumped as traders pulled forward the probability of another policy move, while equity sentiment has stabilized alongside a sharp pullback in crude. European stocks are modestly lower, Asia closed mixed with China underperforming, and the US dollar is firmer against most peers. Top themes today Fed signals resolve: In his first press conference as chair, Kevin Warsh emphasized that sustained price pressures won’t be tolerated. Front-end Treasuries sold off, with two‑year yields leaping by the most in over a year to a touch above 4.1%. Longer maturities rose more moderately, leaving the curve a bit flatter. Energy relief as tensions ease: Signs of de-escalation in the Middle East and early movements through key shipping lanes have knocked oil lower, with US benchmarks sliding into the mid‑$70s. US retail fuel prices are edging down, offering a potential tailwind to headline inflation in coming prints. Equities steady to higher in the US: Futures are pointing up, helped by the combination of lower oil and resilient tech leadership. Europe is softer ahead of a Bank of England decision widely expected to keep rates on hold. Norway and Switzerland left policy unchanged earlier, keeping a cautious tone on inflation. China’s tech slump contrasts with AI leaders elsewhere: Mainland- and Hong Kong‑listed internet and consumer names continue to lag peers in Taiwan and South Korea that are more leveraged to AI hardware demand. Softer domestic consumption and intense competition are weighing on sentiment. FX and rates: The dollar index is a bit stronger; the yen remains under pressure near multi‑decade lows, keeping intervention risk on the radar. Global sovereign curves are biased higher in yield at the front end after the Fed’s stance. What the Fed message means for bonds and risk assets Rates: Markets are pricing an increased chance of a rate hike in the near term if inflation data fail to ease. Two‑year yields have adjusted swiftly; 10s and 30s could grind higher if term premia rise with policy uncertainty, though a flatter curve remains a risk if growth headwinds reappear. Credit: High‑grade spreads are largely steady, supported by solid balance sheets. Lower‑quality credit is more sensitive to funding costs—watch for dispersion as refinancing windows tighten. Equities: Rate‑sensitive pockets (small caps, real estate, long‑duration growth ex‑profit) may remain choppy. Earnings resilience and cash generation continue to support mega‑cap tech. Falling oil relieves input‑cost pressure for transports and consumers but weighs on energy producers. Commodities: Crude’s decline eases inflation anxiety and could temper the most hawkish policy outcomes if it persists. Industrial metals remain tied to China growth signals and US investment trends. Global snapshot (indicative, subject to change) US: Two‑year yields marginally above 4.2%; S&P 500 futures firmer by roughly 1%. Europe: Region‑wide equities modestly lower; core yields little changed ahead of the BoE. Asia: Hong Kong underperformed; Japan mixed; Taiwan and Korea steady with semiconductor strength. Commodities: WTI in the mid‑$70s; Brent softer; gold little changed. FX: Dollar broadly higher; yen weak; euro and sterling range‑bound pre‑BoE. Energy and geopolitics: what to watch Shipping normalization through critical straits would help rebuild crude supply chains and ease risk premia embedded in oil. Follow inventories, refinery utilization, and product crack spreads for confirmation that the energy shock is fading. Central banks United Kingdom: The BoE is expected to hold, keeping options open while it assesses services inflation and wage dynamics. Switzerland and Norway: Both paused, reiterating vigilance on domestic price trends and, in Switzerland’s case, currency dynamics. China and North Asia divergence China: Internet and consumer platforms are investing in AI, but near‑term monetization remains uncertain amid subdued household demand and elevated competition. North Asia ex‑China: Hardware‑centric markets continue to benefit from AI infrastructure spending, lifting earnings revisions and supporting valuations. Explore Investment Products Access global equities, derivatives, and wealth management solutions tailored to your strategy. Explore Investment Products Scenarios to monitor for US long bonds (10s/30s) Sticky inflation, firm growth: Bear‑steepening risk as markets price a higher terminal rate and some term premium rebuild; long yields can drift higher. Cooling inflation, slower growth: Bull‑flattening risk; front‑end rallies more than the long end as hike odds fade. Oil sustains below recent peaks: Eases headline CPI path, reducing the need for aggressive tightening; could cap the upside in long yields. Positioning considerations for diversified investors Duration: Neutral to modestly short duration until inflation momentum cools decisively. Consider barbell exposures to manage curve uncertainty. Equities: Emphasize quality balance sheets, cash flow, and pricing power. Stay selective in cyclicals; energy under pressure while crude retrenches. Credit: Favor investment grade over high yield given financing costs and dispersion. Maintain liquidity buffers. Alternatives: For inflation hedging, consider a balanced mix rather than relying solely on energy beta. The day ahead Central bank: Bank of England rate decision and minutes. US data: High‑frequency indicators on labor and housing; watch business surveys for price‑paid components. Earnings: Large‑cap consulting and major retailers report—color on enterprise IT spend and US consumer health will be in focus. Key takeaways The Fed’s new leadership has reinforced an inflation‑first framework, pushing front‑end yields higher. Softer oil is a welcome offset for risk assets and inflation expectations. China’s tech remains an outlier to the global AI rally, keeping regional dispersion elevated. Stay nimble on duration and focus on quality across equities and credit while policy and growth paths recalibrate. Institutional-Grade Execution Advanced connectivity, multi-asset clearing, and dedicated support for funds and family offices. Discover 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

17 June 2026 – Daily Market Updates Daily Market Briefing: Why Elevated Yields May Stick Around Overview Here’s a broad look at what’s moving markets and what it could mean for portfolios as investors weigh policy decisions, inflation dynamics, and shifting geopolitics. Market pulse Equities: Global stocks were mixed, with mega-cap tech leadership intact while more rate‑sensitive sectors lagged. European shares were choppy as autos and industrials digested softer demand signals. Asian benchmarks found support from selective policy optimism and a steadier commodities backdrop. Rates: Government bonds firmed modestly after a recent back‑up in yields. The longer end remains under pressure relative to the front as markets reassess growth, inflation persistence, and the scale of sovereign issuance. Currencies: The dollar held a mild bias versus peers, driven by relative growth and carry. Select high-yielding currencies benefited from rate differentials, while funding currencies were range‑bound. Commodities: Crude traded in a tight band as supply headlines offset uneven demand indicators. Industrial metals were steady, supported by infrastructure and data-center spending themes, even as manufacturing surveys remain mixed. Deep dive: The case for persistently higher bond yields Even as energy costs cool and some geopolitical risks ease, several slow-moving forces point to a higher floor for yields than in the pre-2020 era: Heavier public borrowing needs: Larger fiscal deficits and ongoing refinancing raise the supply of long‑dated debt, rebuilding the term premium that was compressed during years of central bank balance‑sheet expansion. Investment super-cycle: Defense, infrastructure, re‑shoring, and the energy transition collectively elevate real investment demand, lifting equilibrium real rates even if headline inflation moderates. Demographics and savings: Aging populations in advanced economies can shift savings patterns, narrowing the global savings surplus that helped anchor yields. Less central bank demand: Quantitative tightening and a reduced official buyer base mean more duration must be absorbed by private investors at a higher clearing yield. Sticky services inflation: Goods disinflation has progressed, but services prices and wages remain slower to cool, complicating the path to policy easing. Risk premia repricing: Greater macro and geopolitical uncertainty argues for structurally higher compensation to hold long maturities. Navigate High Yields with Expert Guidance Protect and grow your wealth in a shifting market with tailored wealth management and structured product solutions. Explore Wealth Management & Structured Notes What this means across assets Sovereigns: Curves may remain biased toward bear steepening on supply and growth capex. Rally attempts can fade if inflation progress stalls or issuance exceeds expectations. Investment-grade credit: Fundamentals are sound, but all‑in yields embed more interest‑rate than credit risk. Extension risk matters; intermediate tenors balance carry and volatility. High yield and loans: Financing windows are open, yet refinancing at higher coupons will gradually pressure interest coverage. Quality dispersion is likely to widen. Equities: Higher discount rates keep valuation discipline front and center. Firms with durable cash flow, pricing power, and modest leverage remain better placed. Financials’ net interest benefits depend on curve shape and deposit dynamics; real‑asset plays hinge on financing costs and rental growth. Real assets/alternatives: Income-oriented strategies benefit from higher baselines, but sensitivities to funding costs and cap rates warrant careful underwriting. Currencies: Rate differentials and growth resilience support carry, but episodes of risk aversion can whipsaw high‑beta FX. Hedging remains prudent for unhedged international exposures. Emerging markets: Countries with credible policy, manageable external balances, and commodity support are better insulated; rate‑cut cycles will be staggered and data‑dependent. Central bank watch Major central banks are signaling patience. Markets expect a gradual—rather than rapid—normalization path, with cuts paced by incoming inflation and labor data. Communication will matter as policymakers balance disinflation progress against the risk of easing too soon. Keep an eye on: Core inflation trends, wage growth, services price pressures, and revised estimates of the neutral rate. Shifts in balance‑sheet runoff plans could also influence term premia. Corporate landscape Tech and AI-linked ecosystems continue to command premium multiples, but execution and supply‑chain resilience are under scrutiny. Global autos face uneven demand and competitive pricing, particularly where exposure to slower markets is elevated. Consumer-facing sectors are seeing a more discerning shopper: trade‑downs continue in some categories while premium niches hold up where brand power is strong. Industrials: Backlogs remain supportive, though order cadence is normalizing; input costs and wage trends are key watchpoints. Commodities and energy Oil: Range‑bound price action reflects offsetting forces—supply management and geopolitical risk versus moderate global growth and rising efficiency. Metals: Long‑dated demand from grid upgrades, electrification, and data infrastructure supports the medium‑term case, but near‑term prices track manufacturing PMIs and inventory cycles. Agriculture: Weather patterns and shipping conditions remain the primary swing factors for price volatility. What we’re watching next Inflation prints across major economies for confirmation that services disinflation is taking hold. Labor-market updates for signs of cooling in wage momentum without a sharp deterioration in hiring. Global PMIs and retail sales for a read on demand resilience. Sovereign issuance calendars and auction demand metrics to gauge term‑premium pressures. Policy communications from major central banks and any signals on the balance between rate paths and balance‑sheet plans. Portfolio considerations in a higher yield regime Fixed income: Laddered bonds between short and intermediate maturities to blend carry with rate flexibility. Maintain some dry powder in high-quality short-term instruments to deploy on volatility. Consider a core-plus approach: add selective securitized and high-quality credit for incremental spread, sized to risk tolerance. Use inflation‑linked bonds as a hedge where appropriate. Equities: Tilt toward businesses with strong free cash flow, pricing power, and sensible balance sheets. Diversify factor exposures—quality, profitability, and reasonable growth—rather than leaning solely on duration‑sensitive growth. Revisit geographic diversification; consider currency hedging where rate differentials are material. Alternatives and income: For yield, evaluate short-duration, investment‑grade income strategies; be mindful of call and liquidity features. In real assets, underwrite conservatively to higher cap rates and financing costs. Risk management: Stress‑test portfolios for +100 bps rate shocks and a steepening curve. Rebalance systematically to manage drift after strong single‑sector runs. Keep an eye on liquidity buckets; avoid overconcentration in crowded trades. Bottom line The