Weekly Global Market Update

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

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

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

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

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

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

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