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February 24 – Daily Market Update

24 February 2026 – Daily Market Updates Markets Daily: Opening Bell Briefing Overview Global markets are mixed to start the day. US equity futures are edging higher after a choppy stretch driven by shifting views on technology disruption and interest rates. European shares are slightly softer, while most Asian bourses finished lower, led by weakness in Hong Kong. US Treasury yields are steady near 4% on the 10‑year, and major cryptocurrencies are softer alongside broader risk sentiment. Market snapshot (as of 06:05 a.m. ET; indicative, not for trading) US equity futures: modestly higher (around +0.2%) Europe: Stoxx Europe 600 slightly lower (around -0.1%) US 10‑year Treasury yield: near 4.03%, little changed Hong Kong equities: underperformed (around -1.8%) Bitcoin: weaker (around -2.0%) What’s driving markets Rotation under the surface: After a sharp reset in some high-duration, software-centric names, investors continue to rotate toward companies with tangible assets and capacity advantages. Interest remains supported in areas tied to infrastructure, power, materials, industrial capacity and select consumer brands with pricing power. The thesis: execution risk from rapid tech change can be lower for asset-heavy operators, while demand for capacity and networks remains resilient. Sentiment resets: Survey and positioning indicators have tilted more cautious in recent weeks. Paradoxically, that can be constructive over a medium horizon if it indicates selling pressure is becoming exhausted. Breadth has begun to widen beyond mega-cap leaders, with interest appearing in smaller-cap equities and select international markets. Follow-through will depend on incoming growth and inflation data. Rates and policy: With the US 10‑year yield hovering near 4%, markets continue to balance softer inflation progress against still-firm activity. Rate-cut timing remains a key swing factor for equity valuation and credit spreads. Trade and regulatory headlines also remain a wildcard for sectors with global supply chains and large cross-border revenue. Earnings and deal flow: Corporate news remains active across healthcare, industrial technology and media, with a mix of earnings beats and outlook resets. M&A chatter in select consumer, media and payments areas continues to percolate, underscoring the appeal of scale, cash flow and defensible moats in a higher-rate world. Digital assets: Crypto remains correlated with broader risk appetite. Recent drawdowns highlight that, despite long-term narratives, coins still trade more like high-beta assets when macro uncertainty rises. Equities: sector takeaways Areas in favor: utilities and power infrastructure; industrials tied to testing, measurement, manufacturing equipment and logistics; miners and materials leveraged to capacity and capital spending; quality consumer franchises with pricing power. Areas under pressure: select software and long-duration tech where disruption risk or elevated multiples are being reassessed; pockets of cyclical consumer internet facing ad and spending volatility. Portfolio tilt ideas to consider: balance structural growers with cash-generative, asset-backed businesses; emphasize quality balance sheets and free cash flow; maintain diversification across regions and market caps as leadership broadens beyond the largest names. Fixed income and credit Government bonds: The front end remains sensitive to data on inflation and labor supply; the long end is anchored by growth expectations and fiscal dynamics. Overall curves are comparatively stable this week. Credit: Investment-grade spreads are steady; high yield remains bifurcated with resilient issuers supported by refinancing progress, while weaker balance sheets face a higher bar. Commodities and FX Energy: Price action remains range-bound, with supply discipline and geopolitical risk offset by demand seasonality. Refining margins and inventory trends are the near-term watchpoints. Metals: Industrial metals are supported by capex and grid investment themes, while precious metals are steady amid mixed risk sentiment and real-yield moves. Currencies: The dollar is broadly stable; relative growth and rate expectations continue to drive G10 pairs, while select emerging-market FX is sensitive to local inflation paths and external balances. The day ahead Data: Focus on growth, inflation and housing trends in the US and Europe; watch business surveys and consumer indicators for signs of breadth in activity. Central banks: A light speaking calendar, but any commentary on the timing and pace of rate normalization will matter for duration and equity multiples. Earnings: A mix of large-cap retailers, financial services and healthcare/biotech names report; guidance will be key for margin and capex signals into midyear. Risk radar Policy and trade: Evolving trade rules and tariff regimes could alter supply-chain costs and margins across autos, industrials and consumer goods. Tech transition: Rapid automation and AI adoption are redistributing value within software, semis, services and hardware—expect continued dispersion. Funding and liquidity: Higher-for-longer rates keep the spotlight on refinancing needs for smaller, levered issuers and private markets. Bottom line Markets are consolidating after a bout of style rotation. With positioning more balanced and breadth improving, the path forward likely hinges on the next leg of inflation progress and the earnings outlook. We favor a diversified stance that pairs quality growth with asset-heavy cash-flow generators, keeps duration risk measured, and uses volatility to upgrade portfolios. Important information This material is a general market update for information purposes only and is not investment advice or a recommendation to buy or sell any security. Market levels are indicative and subject to change. Consider your objectives, risk tolerance and constraints before making investment decisions. Disclaimer: Trading foreign exchange and/or contracts for difference on margin carries a high level of risk, and may not be suitable for all investors as you could sustain losses in excess of deposits. The products are intended for retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. The content of the Website must not be construed as personal advice. For retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. Rolling Spot Contracts and CFDs are complex instruments and come with a high risk

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February 23 – Daily Market Update

23 February 2026 – Daily Market Updates Markets Daily — Broad Market Update Market Snapshot (as of 06:37 am ET; subject to change) S&P 500 Futures: 6905.5 (-0.26%) Stoxx Europe 600: 629.03 (-0.24%) Dollar Index: +0.03% Bitcoin: 66226.69 (-2.01%) Hang Seng China Enterprises: 9197.38 (+2.65%) Opening take Risk tone is mixed to softer to start the week. US equity futures are a touch lower and Europe is modestly in the red, while Hong Kong-listed China proxies outperformed on renewed dip-buying. The dollar is slightly firmer, and crypto is under pressure with Bitcoin sliding. Traders are navigating a heavy macro and policy week, headline risk around global trade, and a slate of corporate earnings that could sway sector leadership. What’s moving the market Trade policy uncertainty: Fresh developments in US trade policy and related legal rulings have reintroduced volatility into global risk assets. European officials are seeking clarity on proposed US tariff changes, and any escalation or unexpected measures could reverberate through cyclicals, global industrials, and exporters. Europe opens softer: The Stoxx Europe 600 is marginally lower as defensives hold up better than tech-adjacent names. Investors are balancing macro headwinds with idiosyncratic stock moves across retail, chemicals, and software. China/Hong Kong rebound: Mainland-adjacent equities led gains in Asia, with buying interest in technology and consumer-facing names. Stabilization efforts and improved sentiment toward select Chinese assets helped lift benchmarks after recent underperformance. Weather-related disruption: Severe winter conditions across the US Northeast are constraining travel and logistics. While weather impacts are typically transitory, near-term effects can show up in airlines, freight, and brick-and-mortar retail footfall. Private markets under the microscope: Slower capital distributions from private equity and signs of tighter liquidity in parts of private credit are drawing investor attention. The larger backlog of unrealized assets and evolving fund terms put a premium on manager selection and transparency. Sectors and stocks to watch Consumer and retail: Sportswear and specialty retailers are active on buyback headlines and broker updates. Expect positioning to hinge on inventory discipline and demand visibility into spring/summer. Industrials and chemicals: Valuation resets around portfolio transactions and deal pricing are weighing on select European names; look for follow-through in peers with similar exposure. Software and cybersecurity: European tech is tracking recent US moves, with sentiment sensitive to AI-feature news flow and spending outlooks. Investors continue to differentiate between profit visibility and AI-adjacent optionality. Health care: Weight-management drug trial updates are driving large-cap dispersion within pharma. Pipeline durability, manufacturing capacity, and payer dynamics remain core to the thesis. Credit and rates Government bonds: A cautious risk tone and headline sensitivity have left core yields in a holding pattern early in the session. Incoming inflation prints and labor data later this week will be key for rate expectations. Credit: Private credit headlines, including fund-level redemption limits in isolated cases, are prompting debate around liquidity terms and borrower protections. Public credit markets remain orderly, but monitoring covenants and issuance quality remains front and center. Crypto check Bitcoin is lower, extending a drawdown that has challenged dip-buying behavior. With speculative momentum softer and macro liquidity mixed, crypto price action is increasingly sensitive to positioning rather than incremental adoption headlines. Volatility around key technical levels remains elevated. Today’s macro diary (high level) US: Factory orders and durable goods Europe: Central bank speakers; EU foreign ministers meeting Corporate: A handful of consumer, energy, and health names report; guidance will be closely watched for demand signals and cost trends The week ahead — key signposts Policy and geopolitics: Developments in US trade policy and major policy addresses could steer global risk appetite. Any shift in tariff frameworks would have implications for global supply chains and inflation. Inflation and activity: Euro-area inflation, Germany and France inflation/GP data, Canada GDP, and select Asia CPI releases will refine the disinflation narrative and growth differentials. Central banks: Rate decisions in select emerging markets and Asia, plus comments from European policymakers, may influence curve shape and FX crosses. Earnings: Mega-cap tech remains in focus with a leading semiconductor designer reporting midweek. Large retailers and banks in Europe and Asia also step up, with capex and AI-related demand under scrutiny. Positioning themes we’re watching Quality growth vs. cyclicals: With policy and macro uncertainty elevated, leadership could remain narrow until visibility improves. Earnings beats from tech hardware and semis could extend the premium for high free-cash-flow names. Europe vs. US: A steady dollar and uneven European growth keep cross-asset allocators selective; defensives and high dividend quality remain favored in Europe. Emerging markets rotation: Interest in Latin American equities has picked up as investors rebalance EM exposure. Country and sector selection are critical given rates paths and commodity sensitivities. Liquidity and alternatives: Headlines around private market exits and fund terms argue for diversified liquidity ladders and stress-testing of portfolio cash needs. What could change the story Clearer guidance on trade policy that reduces tail-risk premiums Upside or downside surprises in inflation that shift rate-cut timing Earnings revisions momentum, particularly within AI supply chains Weather normalization reducing near-term noise in US activity data Market risk reminder Market levels and pricing can move quickly and may differ by provider. This commentary is for information only and is not investment advice. Consider your objectives and risk tolerance before making investment decisions. Disclaimer: Trading foreign exchange and/or contracts for difference on margin carries a high level of risk, and may not be suitable for all investors as you could sustain losses in excess of deposits. The products are intended for retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. The content of the Website must not be construed as personal advice. For retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You

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February 20 – Daily Market Update

Leave a Comment / Market Updates, Daily Market Updates / PhillipCapital DIFC Research Team

20 February 2026 – Daily Market Updates Markets Daily — Broad Market Update Market Snapshot (as of 06:09 am ET; pricing may be delayed) S&P 500 Futures: 6884.5 (+0.11%) Stoxx Europe 600: 628.37 (+0.49%) Hang Seng: 26413.35 (-1.10%) WTI Crude (front-month): 66.06 (-0.56%) Bitcoin: 67914.55 (+1.54%) Global overview US: Equity futures are steady as investors await fresh economic readings and weigh ongoing geopolitical risks. The debate around the pace and scale of Federal Reserve easing continues, with firmer growth and resilient hiring tempering expectations for multiple cuts. Treasury yields are little changed to slightly higher and the US dollar remains broadly firm as rate differentials support the greenback. Europe: Stocks advanced after stronger-than-expected activity surveys pointed to improving momentum, led by a rebound in manufacturing. While sentiment has improved, the region’s benchmark has rallied for months and aggregate valuations have crept higher, leaving performance more sensitive to earnings delivery and guidance. Asia: Trading was mixed. Hong Kong lagged amid weakness in select growth and technology names, while other regional markets were more balanced as investors assessed the global interest-rate path and local earnings updates. Rates and currencies Government bonds: Core yields are edging up as investors scale back aggressive easing timelines, with attention on incoming inflation and activity data to confirm disinflation’s durability. Foreign exchange: The dollar is firmer on the week as markets reassess the odds of near-term rate cuts. Cyclical currencies are range-bound; the euro is supported by improving survey data but capped by relative rate dynamics. Commodities and digital assets Energy: Crude prices softened as supply dynamics and demand concerns offset geopolitical risk premiums. Refining margins and inventory trends remain in focus into month-end. Metals: Industrial metals were mixed alongside shifting global growth signals. Crypto: Bitcoin advanced toward the high-$60,000s, with broader digital assets steady on constructive risk sentiment. Corporate highlights Technology and software: Select names came under pressure after conservative outlooks raised questions about near-term growth trajectories and spending priorities. Health care and biotech: Clinical news flow sparked notable single-name volatility, highlighting trial and regulatory risk in the sector. Consumer and luxury: European luxury leaders outperformed following robust results from a marquee outerwear brand, underscoring resilient high-end demand. Earnings cadence: The reporting season is past its peak; further updates from utilities, payments, and communications services companies are due, with guidance and cashflow discipline in focus. Key themes we’re watching Policy path: Markets are balancing solid growth and sticky services inflation against the Fed’s desire to normalize policy. Fewer cuts priced for this year support the dollar and weigh on duration. Profit cycle: After a strong run, equity multiples leave less room for error. Delivery on earnings, AI-related capex payoffs, and margin resilience are crucial swing factors. Positioning and flows: Elevated cash yields continue to anchor short-duration allocations, while any sign of durable disinflation could extend risk appetite into cyclicals and small/mid caps. Geopolitics: Ongoing tensions in the Middle East and election-year policy noise may periodically lift volatility across energy, rates, and FX. Today’s watch list US: Preliminary business activity surveys, housing indicators, and regional manufacturing readings Europe: Follow-through from PMI surprises and any guidance from central bank speakers Commodities: Weekly inventory data and refinery utilization trends Corporate: Updates on capex plans, AI spend, and buyback intentions as management teams refine 2026 outlooks Risk considerations Upside risks: Faster productivity gains tied to technology investment, positive earnings revisions, and orderly disinflation. Downside risks: Stickier inflation prompting a slower easing path, growth disappointments in China or Europe, and escalation in geopolitical hotspots. Disclosure This material is provided for general information only and does not constitute investment advice or a recommendation to buy or sell any security, sector, or strategy. Market levels are as noted above and may have changed since the time of publication. Investors should consider their individual circumstances and risk tolerance before making investment decisions. Disclaimer: Trading foreign exchange and/or contracts for difference on margin carries a high level of risk, and may not be suitable for all investors as you could sustain losses in excess of deposits. The products are intended for retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. The content of the Website must not be construed as personal advice. For retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. Rolling Spot Contracts and CFDs are complex instruments 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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February 19 – Daily Market Update

Leave a Comment / Uncategorized, Daily Market Updates, Market Updates / PhillipCapital DIFC Research Team

19 February 2026 – Daily Market Updates Markets Daily — Broad Market Update Tone check Risk appetite is taking a breather. US equity futures are a touch softer as investors weigh the timing of policy easing against still-sturdy inflation readings, while Europe trades lower on mixed earnings and cyclical weakness. Asia finished mostly firmer, led by Japan’s tech-heavy benchmarks. Oil extends its rebound on heightened geopolitical jitters, and digital assets are steadier after recent volatility. Market snapshot (as of 06:06 a.m. ET; levels provided) S&P 500 Futures: 6871.75 (-0.33%) Stoxx Europe 600: 624.62 (-0.65%) Nikkei 225: 57467.83 (+0.57%) WTI Crude (front-month): 66.12 (+1.43%) Bitcoin: 66813.69 (+0.77%) Note: Market data may be delayed depending on provider agreements. What’s driving the tape Policy recalibration: Central bank officials remain cautious about declaring victory on inflation, keeping the market’s rate-cut timetable in flux. The result: a tug-of-war between resilient growth data and lingering price pressures, with yields and risk assets chopping in ranges. Earnings season crosscurrents: Guidance is taking center stage. Companies with clear margin visibility and pricing power are being rewarded, while those citing cost creep or supply constraints are seeing quick reratings. Dispersion across sectors remains high. AI and capex arithmetic: Investors continue to debate the balance between heavy infrastructure spend and the timing of monetization. That has introduced periodic volatility across semis, cloud, and software, even as long-term demand narratives remain intact. Geopolitics and commodities: Crude is firmer as traders price a higher risk premium. Broader commodity moves are uneven, with energy leading and industrial inputs mixed. Crypto steadies: After outsized swings, the major coin is firmer. Participation trends have shifted between offshore venues and US-listed products, contributing to episodic liquidity pockets and basis moves. Regional wrap US: Futures drift lower as equities digest a powerful multi-month advance. Quality growth and balance-sheet strength continue to command a premium. Bond markets are in wait-and-see mode ahead of upcoming data and central bank commentary. Europe: Benchmarks are lower, paced by cyclicals and select industrials facing supply chain and cost headwinds. Defensive groups and cash-generative staples are relatively resilient. Asia: Japan outperformed, helped by tech and exporters. The broader region was mixed as investors balanced a constructive earnings outlook with a cautious global policy backdrop. Fixed income and FX Rates: Treasury yields are range-bound as the market toggles between soft-landing hopes and sticky-services-inflation concerns. Curves are relatively steady with modest intra-day swings around data releases and speeches. Currencies: The dollar trades in a tight range versus major peers. Rate differentials remain the key driver, while commodity-linked FX is taking its cue from energy markets. Commodities Energy: Oil extends gains amid geopolitical concerns and signs of improving demand in pockets of the global economy. Refining margins and inventory trends are in focus for energy equities. Metals: Price action is mixed as growth-sensitive metals track the global activity pulse while precious metals trade alongside real yields and haven flows. Flows and positioning Global allocations: International appetite for US assets has remained robust, supported by relative growth, deep markets, and currency dynamics. Valuation shifts over the past year have also encouraged selective rebalancing into US equities and Treasuries. Equity style tilt: Investors continue to favor profitability, free cash flow, and balance-sheet durability. Factor leadership can rotate quickly around policy headlines; maintaining diversification across styles has helped dampen volatility. Sector highlights (broad) Tech and AI ecosystem: Ongoing reassessment of near-term spend versus earnings impact keeps volatility elevated, but secular demand drivers remain a tailwind. Consumer and services: Companies with strong customer retention and pricing discipline are outperforming; those exposed to higher delivery, labor, or input costs face a tougher setup. Industrials and transportation: Order books are healthy in places, but supply bottlenecks and component availability are a watch item. Energy: Higher crude supports upstream and select service names; integrateds benefit from cash generation and capital discipline. The day ahead Focus: Corporate updates from large retailers, industrials, and travel/leisure; central bank speakers; and upcoming inflation and activity data later in the week. What to watch: Guidance quality, margin commentary, inventory management, and any shifts in capex plans. Portfolio considerations Equities: Favor quality balance sheets and sustainable cash flows; keep diversification across growth and value to manage factor swings. Fixed income: With policy uncertainty persisting, a barbell across short/intermediate duration can help manage rate risk while capturing carry in higher-quality credit. Commodities: Consider energy’s role as both a cyclical and geopolitical hedge; monitor refinery and inventory trends. Risk management: Maintain hedges where appropriate; volatility remains event-driven and can spike around data or headlines. Levels at a glance (as provided) S&P 500 Futures: 6871.75 (-0.33%) Stoxx Europe 600: 624.62 (-0.65%) Nikkei 225: 57467.83 (+0.57%) WTI Crude: 66.12 (+1.43%) Bitcoin: 66813.69 (+0.77%) This material is a broad market update for information purposes only and does not constitute investment advice or a recommendation to buy or sell any security. Markets are volatile and subject to change. 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

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February 17 – Daily Market Update

Leave a Comment / Market Updates, Daily Market Updates / PhillipCapital DIFC Research Team

17 February 2026 – Daily Market Updates Markets Daily | Broad Market Update US equity futures point lower with technology leading declines as Wall Street returns from the holiday. European shares are broadly flat, while trading in Asia was mixed and thinned by Lunar New Year closures. Precious metals are softer, crude is edging down, and digital assets are under pressure. Market snapshot (as of 06:12 am ET; levels subject to change) Nasdaq 100 Futures: 24617.25 (-0.75%) Stoxx Europe 600: 618.46 (-0.01%) Nikkei 225: 56566.49 (-0.42%) Spot Gold: 4922.87 (-1.39%) Bitcoin: 67837.88 (-1.45%) Global macro and policy United Kingdom: The latest labor figures showed unemployment ticking up and pay growth easing. Interest-rate markets increased expectations for additional Bank of England cuts by year-end, weighing modestly on sterling and supporting gilts. Europe: Policymakers continue to discuss ways to deepen the euro’s global footprint. While largely a long-run initiative, it underscores a push to strengthen financial resilience and liquidity in euro-denominated markets. Japan: Government bond yields fell further following a well-received auction, extending the recent rally and reinforcing a lower-volatility backdrop for local rates. Commodities and geopolitics: Oil prices drifted lower as traders monitored diplomatic developments in the Middle East alongside steady supply dynamics. Equities: what’s moving AI-driven swings continue to ripple across sectors. Recent headlines have triggered broad, sometimes indiscriminate selling in industries perceived as vulnerable to automation. That has been followed by sharp rebounds as investors differentiate likely winners from names with more durable cash flows. Expect elevated dispersion and ongoing factor rotations. Corporate highlights: Leisure and travel: A major cruise operator advanced in early trading amid reports of an activist building a significant stake. Media and entertainment: Large-cap media names moved on talk that deal discussions could be revisited after a revised proposal. Health care: A diversified life-sciences company reportedly neared a multibillion-dollar purchase of a medical-technology firm; potential knock-on effects were seen across diagnostics peers. Japan financials: Shares in a leading brokerage’s parent slipped after local regulators began a probe into the unit’s activities. Shipping and logistics: Container shipping rallied after a takeover agreement valued a target at roughly $4.2 billion. Materials: Gold and silver miners traded lower alongside weakness in underlying metals. Earnings on deck: Medtronic (pre-market); Palo Alto Networks and Cadence Design Systems (after the bell). Investors will focus on guidance quality, margin resilience, and any commentary on demand normalisation into mid-year. Rates, FX and credit US Treasuries: Yields are steady to slightly lower as participants balance slower inflation progress with moderating growth signals. Curve shape remains sensitive to incoming data and central bank communications. Europe rates: Gilt yields fell on softer UK labor momentum; bunds were little changed in early dealings. Foreign exchange: The dollar is mixed. Sterling eased on shifting BoE expectations; the euro was broadly stable; the yen firmed modestly in tandem with the JGB rally. Cross-asset volatility remains below recent peaks but above last year’s lows. Commodities and digital assets Gold slipped as real yields firmed and risk sentiment stabilized after last week’s swings. Industrial metals remain underpinned by ongoing interest in energy transition supply chains, even as short-term positioning looks crowded. Crude benchmarks softened amid headline risk and range-bound fundamentals. Bitcoin traded lower, mirroring broader risk-on/risk-off dynamics and profit-taking after recent gains. The takeaway Markets are navigating a push-pull between resilient earnings leadership and periodic de-risking tied to AI narratives, M&A headlines and evolving central bank paths. Expect choppy sessions, higher dispersion within sectors, and a renewed emphasis on balance-sheet strength and pricing power. Near term, watch labor and inflation prints in major economies, guidance from today’s earnings slate, and any signals on policy timing from central bank speakers. House view for clients Maintain diversified exposure across regions and styles, with an eye on quality balance sheets and consistent free-cash-flow generation. Use volatility to rebalance toward long-term targets; consider staggered entry points rather than single-date allocation shifts. Ensure risk controls are in place around event-heavy periods. Important information This material is a general market update for information purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any financial instrument. Market data are indicative and subject to change. 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. February 17 – Daily Market Update February 17, 2026 17 February 2026 – Daily Market Updates Markets Daily |… Read More February 16 – Daily Market Update February 16, 2026 16 February 2026 – Daily Market Updates Markets Daily —… Read More February 13 – Daily Market Update February 13, 2026 13 February 2026 – Daily Market Updates Markets Daily |… Read More February 12 – Daily Market Update February 12, 2026 12 February 2026 – Daily Market Updates Markets Daily —… Read More February 11 – Daily Market Update February 11, 2026 11 February 2026 – Daily Market Updates Markets Daily —… Read More February

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February 2 – Daily Market Update

Leave a Comment / Market Updates, Daily Market Updates / PhillipCapital DIFC Research Team

2 February 2026 – Daily Market Updates Markets Daily: Volatility returns as crowded trades reset; central banks and jobs data in focus Market Snapshot (as of 06:52 am ET) S&P 500 Futures: 6933.5 (-0.46%) Nasdaq 100 Futures: 25466.25 (-0.79%) Bitcoin: 77851.5 (+1.86%) Gold: 4774.16 (-2.45%) Opening take Risk appetite softened to start the week as investors trimmed popular long positions across equities and commodities. US equity futures point lower for a fourth session, the dollar is little changed, and rate markets are steady ahead of a dense macro calendar that includes major central bank decisions in Europe and the US January employment report. The notable outlier is crypto, where prices stabilized after a volatile weekend. Today’s key themes Commodities swing: Precious metals and energy retreated sharply, reflecting a combination of profit-taking, position de-risking, and idiosyncratic liquidity stresses in parts of Asia. Intraday moves have been wide, a hallmark of thin conditions into regional holidays and tighter margins for leveraged positions. Dip-buying interest is emerging in physical markets, but price discovery remains unsettled. Tech-led equity pullback: After a strong run, high-beta segments—particularly AI-adjacent semiconductor names in Asia—saw outsized declines, with spillovers to Europe and US futures. The catalyst mix includes lofty positioning, shifting expectations around capex plans, and a broader “take profits first, ask questions later” mindset into the macro-heavy week. Crypto steadies: Digital assets found a footing after recent losses, trading more in line with broader risk tone rather than in isolation. Correlations with high-growth equities remain elevated, and crypto-exposed equities are seeing pressure in premarket trade despite the rebound in headline tokens. FX and rates: The dollar is marginally softer against majors, with yields largely unchanged as investors await guidance from the ECB and BoE and Friday’s US jobs report. Expect limited directional conviction until those catalysts land. Across regions Asia: Equities weakened, led by technology hardware and semiconductors. A combination of profit-taking and local market liquidity dynamics amplified the moves. Commodity-related shares lagged amid the metals pullback. Europe: Stocks opened mixed-to-lower, with miners and energy underperforming. Defensive sectors held up better as investors positioned for Thursday’s central bank decisions. Sovereign bonds were steady. US: Futures are lower, with cyclical and momentum cohorts indicated down more than the broader tape. Volatility is ticking up from subdued levels as options markets price wider ranges into Friday’s payrolls. Corporate and sector highlights Metals and mining: Gold and silver volatility weighed on producers; beta to spot prices remains high after a strong year-to-date run. Position-sensitive names are seeing outsized moves. Energy: Crude softness and headline risk around geopolitics dragged the complex. Integrateds and E&Ps are indicated lower premarket. AI and cloud: A large enterprise software provider flagged sizable funding plans to expand cloud/AI infrastructure capacity, underscoring the ongoing capex race. Markets continue to debate the durability and timing of returns on hyperscale spend. Media and consumer: A prominent media conglomerate’s leadership planning remains in focus alongside earnings. Consumer and staples bellwethers will offer read-throughs on pricing power and volumes this week. Crypto-linked equities: Miners, exchanges, and infrastructure plays are under pressure despite stabilization in major tokens, reflecting sensitivity to recent drawdowns and hash-price dynamics. The week ahead: macro diary Monday: Global manufacturing PMIs; selected central bank speakers. Earnings from large-cap consumer, entertainment, and software names. Tuesday: Australia policy decision; Eurozone bank lending survey; France/South Korea/Turkey CPI; Spain unemployment; US JOLTS and vehicle sales. US earnings heavy in payments, beverages, pharma, and semis. Wednesday: Services PMIs (selected regions); US ADP employment and ISM services; US Treasury financing outlook. Earnings include a major US search/advertising platform and a global bank. Thursday: Policy decisions from the ECB, BoE, and Mexico; Germany factory orders; France industrial production; US initial jobless claims. Private equity, energy, and ecommerce names report. Friday: US nonfarm payrolls, unemployment rate, and consumer sentiment; Canada jobs; Germany industrial production; India policy decision; Japan household spending and leading index. What we’re watching next Crowding unwind: The rotation out of year-to-date winners suggests positioning rather than macro alone is driving price action. Watch for signs of stabilization in flows before chasing reversals. Central bank tone: Any updates on balance sheet plans and inflation assessment from the ECB/BoE could steer duration and FX into the weekend. US payrolls: After resilient labor prints, any shift in wage growth or participation could influence the timing and magnitude of rate-cut expectations. Earnings breadth: Guideposts from mega-cap tech, semis, payments, and energy will shape the narrative on AI monetization, consumer health, and capex cycles. Risk management considerations Elevated intraday swings in commodities and high-beta equities argue for disciplined sizing and wider stop tolerances. Into Friday’s data, consider scenario planning around labor-market surprises and the knock-on to front-end rates, tech multiples, and USD direction. For hedgers, skew in index options has richened modestly; cross-asset hedges (gold, USD, duration) have been inconsistent—diversification across hedges may be prudent. This material is provided for information only and does not constitute investment advice or a solicitation to buy or sell any financial instrument. Markets are volatile and subject to change. Consider your objectives, risk tolerance, and local regulations before making investment decisions. Disclaimer: Trading foreign exchange and/or contracts for difference on margin carries a high level of risk, and may not be suitable for all investors as you could sustain losses in excess of deposits. The products are intended for retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. The content of the Website must not be construed as personal advice. For retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. Rolling Spot Contracts and CFDs are complex instruments and come with a high

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january 14 – Daily Market Update

Leave a Comment / Market Updates, Daily Market Updates / PhillipCapital DIFC Research Team

14 January 26 – Daily Market Updates Market snapshot (as of early US morning) S&P 500 futures: 6972.5 (-0.42%) Stoxx Europe 600: 610.96 (+0.09%) Nikkei 225: 54341.2 (+1.48%) China CSI 300: 4741.9 (-0.40%) Bitcoin: 94935.56 (+0.92%) Global overview US: Equity futures edge lower as investors weigh a firmer labor backdrop against shifting interest-rate expectations. Options and rates pricing continue to lean toward a prolonged Fed pause, with markets trimming the odds of near-term cuts after resilient employment data. Europe: Regional benchmarks are modestly higher, led by defensives and select growth names. Focus remains on earnings season and sovereign funding conditions as governments ramp up issuance. Asia: Japan outperformed with the Nikkei setting fresh records amid optimism around policy support and corporate profitability. Mainland Chinese shares eased following steps to curb leverage in stock trading, tempering a powerful recent rally. Commodities Precious and industrial metals extended an early-year surge, with several benchmarks notching new highs. Tailwinds include: Expectations that global financial conditions will remain supportive even if the Fed stays patient. A bid for portfolio diversifiers amid geopolitical unease and concerns over sovereign debt loads. Improved sentiment toward manufacturing demand, including investment tied to data centers, electrification and automation. Ongoing supply frictions at mines and smelters that keep inventories tight. While momentum is strong, positioning has become crowded, leaving the complex sensitive to shifts in the dollar, policy signals, or evidence of demand cooling. Rates and currencies US rate markets reflect a higher-for-longer narrative relative to earlier assumptions, with some participants positioning for no additional policy easing this year. The debate now centers on how long the Fed can hold policy steady while inflation trends lower only gradually. The US dollar is broadly steady, limiting commodity tailwinds but not reversing them. European yields remain range-bound as investors monitor issuance and fiscal trajectories. Corporate and sector highlights Select megacap technology, semiconductor, and AI-adjacent infrastructure names remain in focus as capital expenditure plans for computing and power build-outs continue to scale. Auto and EV shares are mixed on shifting expectations for new model launches and profitability timelines. Consumer and luxury names are steady to firmer in Europe on optimism around wearable tech and premium accessories. Large European defense suppliers continue to explore primary listings and capital-raising options amid elevated demand visibility. In the US, major banks are set to report, offering a read on net interest income, credit normalization, deposit trends, and capital return plans. Policy and macro themes The central-bank outlook has become more nuanced: resilient jobs data reduce urgency for additional easing, but inflation progress remains key. Market-implied paths now cluster around a longer pause scenario with a narrower distribution of potential cuts. Policy headlines tied to elections and regulatory priorities are adding idiosyncratic risk, particularly for financials, defense, and consumer credit. Expect periodic volatility as proposals surface, even without immediate legislative traction. In Asia, selective regulatory tightening in equity financing aims to stabilize recent rapid gains, while pro-growth signals in Japan continue to underpin risk appetite. Digital assets Bitcoin gained modestly, extending a steady start to the week. Flows remain driven by broader risk sentiment and positioning rather than a single catalyst. What we’re watching Bank earnings for guidance on credit quality, charge-offs, and capital deployment. Corporate updates from AI, cloud, and power-equipment ecosystems for evidence of sustained capex. Any shifts in Fed communications or data that alter the implied rate path. Developments in Asian equity-market regulation and their impact on trading leverage and turnover. Primary issuance and IPO pipelines in Europe, notably in industrials and defense. Thoughts for investors Broader cross-asset leadership is constructive, but crowded trades in metals and AI-linked thematics increase the premium on risk management. With policy risk rising into an election-heavy year, sector diversification and attention to headline sensitivity are prudent. In rates, the distribution of outcomes has tightened around “steady for longer,” raising the importance of carry, curve positioning, and relative value rather than big directional bets. Disclosure This material is a general market commentary for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any security, asset class, or strategy. Market levels are indicative and subject to change. Consider your objectives and risk tolerance before making investment decisions. Disclaimer: Trading foreign exchange and/or contracts for difference on margin carries a high level of risk, and may not be suitable for all investors as you could sustain losses in excess of deposits. The products are intended for retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. The content of the Website must not be construed as personal advice. For retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. Rolling Spot Contracts and CFDs are complex instruments 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. january 13 – Daily Market Update January 14, 2026 14 January 26 – Daily Market Updates Market snapshot (as… Read More january 13 – Daily Market Update January 13, 2026 13 January 26 – Daily Market Updates Markets Daily—Broad Market… Read More Jan 12 – Daily Market Update January 12, 2026 12 Jan 26 – Daily Market Updates Markets Daily Your… Read More Jan 09 – Daily Market Update January 9, 2026 09 Jan 26 – Daily Market Updates Market at a… Read More Jan 08 – Daily Market Update January 8, 2026 08 Jan 26 – Daily

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Jan 06 – Daily Market Update

Leave a Comment / Market Updates, Daily Market Updates / PhillipCapital DIFC Research Team

06 Jan 26 – Daily Market Updates Global mood Risk appetite stayed resilient overnight. Asia extended its New Year upswing, led by Hong Kong, as investors rotated toward markets with lower valuations and improving growth signals. Europe opened slightly firmer, while US equity futures were broadly flat. The US dollar remains soft against major peers, a trend many investors expect could continue if global growth broadens and US rate differentials narrow. Crypto eased from recent highs, while industrial metals stayed supported. Macro and policy Washington signaled potential support for private-sector efforts to rebuild Venezuela’s oil sector following the recent change in leadership. Markets are assessing implications for heavy crude supply, US Gulf refiners, and the medium‑term path of sanctions policy. Beijing introduced tighter controls on shipments to Japan with potential military end‑use, keeping attention on supply-chain security in electronics and advanced manufacturing. Investor surveys continue to show optimism on US equities after multiple strong years, with growing debate about market leadership and the durability of AI‑related trades. Equities Asia: Rotational buying into North Asia and Hong Kong persisted, aided by discounted valuations and policy hopes. Mainland China shares were mixed, with defensives and exporters relatively steady. Europe: Stocks edged higher at the open, with miners and industrials benefiting from firm metals prices. Energy shares were supported by geopolitics and crude’s bid. US: Futures were little changed. Semiconductors remain in focus after updates from leading chipmakers on data‑center roadmaps and AI hardware competition. Select analog and embedded-chip names outperformed after upbeat guidance. M&A chatter in enterprise software added to single‑name dispersion. Commodities Copper extended its rally after clearing a major psychological threshold on the global benchmark, supported by tight refined supply, robust power-transition demand expectations, and talk of potential US trade measures on refined metal. The move has favored diversified miners and select smelter plays, while raising input‑cost questions for capital goods makers. Crude traded with a modest bid as markets weighed Venezuela headlines alongside ongoing shipping and geopolitical risks. Product cracks and heavy‑sour differentials remain areas to watch if flows shift. Gold was steady, balancing lower real yields against firmer risk sentiment. FX and rates The dollar drifted lower on a trade‑weighted basis. Higher‑beta FX and select Asia EM currencies benefited from improved risk tone and carry. Sovereign yields were little changed in early trading. Primary markets were active: global dollar bond issuance just posted its busiest session in roughly a year, signaling healthy risk appetite and favorable funding windows. Digital assets Bitcoin eased modestly after recent gains. Broader crypto performance was mixed, with market attention rotating to liquidity conditions and regulatory developments. Key themes we’re watching Leadership and breadth: Can cyclicals and non‑US markets take the baton if mega‑cap tech momentum cools? AI supply chain: Intensifying competition in accelerated computing, with implications for GPU vendors, memory, networking, and data‑center power infrastructure. Commodities tightness: Copper’s squeeze highlights the interplay of trade policy, inventories, and capex cycles across miners and manufacturers. Policy and geopolitics: Energy policy toward Venezuela, Asia export controls, and shipping lanes remain key swing factors for commodities and global trade. Funding conditions: A robust start for primary debt markets supports the soft‑landing narrative; watch for duration appetite and pricing as issuance continues. The day ahead Data and events: Focus remains on global PMIs, US labor and inflation updates later this week, and central bank speakers for guidance on the timing and pace of policy easing. Earnings: Early-cycle updates from chipmakers, cloud/data‑center suppliers, and select consumer names will inform views on 2026 growth and margins. Portfolio considerations Diversification across regions and factors can help if leadership rotates. For equities, watch the balance between quality growth and cyclicals tied to industrial activity and metals. In credit, strong new-issue demand favors active selection on structure and covenants as spreads remain tight. Commodity users may consider hedging strategies given copper and energy volatility. This material is provided for informational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security or financial instrument. Markets are volatile; past performance is not indicative of future results. Consider your objectives, risk tolerance, and seek professional advice before making investment decisions. Market levels referenced are indicative and subject to change. 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. Jan 06 – Daily Market Update January 6, 2026 06 Jan 26 – Daily Market Updates Global mood Risk… Read More Jan 05 – Daily Market Update January 5, 2026 05 Jan 26 – Daily Market Updates Markets Daily —… Read More Jan 02 – Daily Market Update January 2, 2026 Jan 02 – Daily Market Updates Markets Daily — Broad… Read More Dec 30 – Daily Market Update December 30, 2025 Dec 30 – Daily Market Updates Markets Daily — Morning… Read More Dec 29 – Daily Market Update December 30, 2025 Dec 29 – Daily

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Dec 29 – Daily Market Update

Leave a Comment / Market Updates, Daily Market Updates, Uncategorized / PhillipCapital DIFC Research Team

Dec 29 – Daily Market Updates Markets Daily — Broad Market Update As year-end approaches in a holiday-shortened week, global markets are trading with a risk-trimming tone. Liquidity is thinner than usual, rebalancing flows are active, and headline sensitivity remains elevated across rates, commodities, and mega-cap technology. Market snapshot (as of 05:35 am ET; data provider times may vary) S&P 500 Futures: 6964 Stoxx Europe 600: 588.6 Nikkei 225: 50526.92 Spot Silver: 75.2 Bitcoin: 87888.95 Note: Market data may be delayed. Levels are for illustration and not tradeable quotes. What’s driving the tone Equities: US equity futures are modestly softer, led by a pullback in large-cap growth after an extended multi-quarter run. Europe is little changed, and Japan eased as investors continue to assess the path of domestic policy normalization and currency dynamics. Commodities: Precious metals are volatile with silver giving back part of recent outsized gains as profit-taking and position squaring set in. Industrial metals remain broadly supported by tightness narratives and infrastructure demand expectations. Digital assets: Major tokens are firmer after a choppy December, with interest supported by ongoing institutional product development and year-end positioning. Policy backdrop: Investors are parsing central bank communications for early-2026 guidance. In the US, attention is on recent meeting minutes and incoming labor and manufacturing signals. In Asia, policy normalization debates continue to shape rate and FX expectations. Geopolitics: Ongoing developments in key regions continue to influence defense, energy, and safe-haven flows. Markets are quick to reprice sector exposures on new headlines. Asset class roundup US: Futures softer with tech-heavy segments underperforming pre-market; defensives mixed. Year-end rebalancing and tax considerations are adding noise to intraday moves. Europe: Benchmark indices are flat to slightly lower. Cyclicals are uneven; defense-related names and select resources are showing higher beta to headlines and commodity swings. Asia: Japan declined; broader Asia mixed. Currency-sensitive exporters and rate-sensitive domestic sectors are diverging as local bond yields and FX adjust. Rates and FX: Core yields are contained in subdued holiday trading; curve moves are modest. The dollar is broadly steady, with yen and euro traders focused on policy-path differentials and growth surprises. Commodities: Silver is retracing after a rapid ascent; copper remains resilient. Energy benchmarks are rangebound as traders weigh inventory trends against growth and geopolitical risk. Crypto: Price action is constructive but volatile into year-end; flows remain headline dependent and liquidity can be patchy around holidays. Today’s focus and near-term watchlist US: Pending home sales, regional manufacturing signals, and weekly energy inventories will help shape the near-term growth and inflation narrative. FOMC minutes later in the week are a key read for policy tone and balance-sheet nuances. Europe: Preliminary inflation and growth indicators continue to inform the pace and timing of 2026 policy adjustments. Asia: Manufacturing and services PMIs, along with select CPI prints, guide the discussion on domestic rate paths and currency stability. Market mechanics: Expect thinner liquidity, wider bid-ask spreads, and potentially outsized moves around the European and US session overlaps. Quarter- and year-end portfolio rebalancing can create transient price dislocations. The week ahead (holiday-adjusted) Early week: Housing and manufacturing readings in the US; select labor and inflation updates in Latin America and Europe. Mid-week: Major PMIs in Asia; US policy minutes; weekly jobless claims; several markets observing early closes. Late week: Regional manufacturing and retail data in Europe and Asia; most markets shut for New Year’s Day. Themes to monitor into 2026 Earnings durability vs. elevated valuations in mega-cap growth. The path of disinflation and real rates, and implications for duration and equity multiples. Supply-demand balances in key commodities after sharp fourth-quarter moves. Currency realignments as policy paths diverge. Liquidity conditions and the impact of tighter financial conditions on lower-quality credit. Risk management considerations Holiday trading can amplify volatility; use limit orders and be mindful of execution in thin markets. Diversification and position sizing are critical amid cross-asset correlations that can shift quickly. For longer-term investors, focus on fundamentals and cash-flow resilience rather than short-term price swings. Housekeeping and disclaimer This publication is a general market update intended for informational purposes only. It does not constitute investment advice or a recommendation to buy or sell any financial instrument. Market levels are indicative and subject to change. Consider your objectives, risk tolerance, and consult a qualified advisor before making investment decisions. Disclaimer: Trading foreign exchange and/or contracts for difference on margin carries a high level of risk, and may not be suitable for all investors as you could sustain losses in excess of deposits. The products are intended for retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. The content of the Website must not be construed as personal advice. For retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. Rolling Spot Contracts and CFDs are complex instruments 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. Dec 29 – Daily Market Update December 30, 2025 Dec 29 – Daily Market Updates Markets Daily — Broad… Read More Dec 24 – Daily Market Updates December 24, 2025 Dec 24 – Daily Market Updates Markets Daily — Broad… Read More Dec 23 – Daily Market Updates December 23, 2025 Dec 23 – Daily Market Updates Markets Daily: Broad Market… Read More Dec 22 – Daily Market Updates December 22, 2025 Dec 22 – Daily Market Updates Markets Daily | Broad… Read More Dec 19 –

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Dec 16 – Daily Market Updates

Leave a Comment / Market Updates, Daily Market Updates, Uncategorized / PhillipCapital DIFC Research Team

Dec 16 – Daily Market Updates Markets Daily: A Broad, Unbiased Look at Global Markets At a glance (as of 06:22 a.m. ET) S&P 500 futures: 6,864.25 (-0.24%) Stoxx Europe 600: 581.41 (-0.19%) Hang Seng: 25,235.41 (-1.54%) Bitcoin: 86,986.56 (+0.92%) WTI crude (front-month): 55.80 (-1.80%) Global mood Risk appetite eased to start the day as investors await a key US labor update. Equity futures in the US are a touch softer, Europe is modestly lower, and Asia ended mixed with notable weakness in Hong Kong. The dollar remains subdued near recent lows, oil extends its slide on signs of ample supply, and digital assets are firmer. What’s driving the session US labor print in focus: Markets are positioning cautiously into today’s employment report, which will shape expectations for the trajectory of interest rates into year-end and early 2026. A cooler jobs backdrop would reinforce the view that policy easing can proceed without reigniting inflation pressures; a hot reading would challenge that narrative and could steepen the front end of the curve. Europe mixed as growth and policy diverge: European equities are treading water with defensives and income-oriented shares outperforming cyclicals. Softer UK labor signals and moderating wage growth have strengthened the case for near-term policy easing by the Bank of England. Asia skews lower: Chinese and Hong Kong benchmarks remain under pressure amid lingering growth concerns and a pullback in tech-heavy segments. Regional performance was uneven, with select exporters and energy importers cushioned by lower oil. Oil drifts lower: Crude extends losses as supply indicators and risk-off positioning weigh. Refining margins and inventories remain in focus; energy equities may lag broader benchmarks if crude stays capped. Equities US: Futures point to a mild pullback after a strong multi-week run. Breadth and leadership remain in focus: recent sessions have seen participation broaden beyond mega-cap tech, a constructive sign for durability of the uptrend. Into the data, expect lighter volumes and intraday swing risk. Europe: Benchmarks are slightly negative with rate-sensitive sectors mixed. Lower yields have supported parts of the market, but earnings revisions and policy signals remain the key swing factors. Asia: Hong Kong led declines; mainland shares were weaker, while Japan and parts of ASEAN were more resilient. Lower energy prices helped transport and power-heavy pockets of the market. Fixed income and FX Rates: Front-end yields are anchored ahead of the data, with the curve sensitive to any shift in labor demand and wage dynamics. Markets continue to price a path toward easier policy over the next year, but the pace remains data dependent. FX: The dollar is hovering near multi-week lows as rate cut expectations firm and growth differentials narrow. Sterling is steady with BoE expectations skewing dovish on softer labor signals; the euro is range-bound. Commodities Energy: WTI trades below $60, adding to recent declines on evidence of comfortable supply and cautious demand assumptions. If the trend persists, it could ease headline inflation but weigh on energy capex and sector earnings momentum. Metals: Industrial metals are mixed amid cross-currents from China growth headlines and a softer dollar. Precious metals are little changed as investors balance lower yields against shifting risk sentiment. Digital assets Bitcoin is firmer, extending an upward bias as broader risk sentiment stabilizes and liquidity improves. Volatility remains elevated relative to traditional assets; position sizing and risk controls remain crucial for crypto exposure. Earnings and corporate themes Consensus earnings view: Street expectations continue to imply resilient profit growth over the coming quarters, with improving breadth beyond the largest technology names. The durability of margins, capital spending discipline, and a modest pickup in cyclical sectors are central to that outlook. Sector narratives: Autos and mobility are recalibrating electric-vehicle plans toward profitability and capital efficiency. Payments and fintech remain focused on licensing, compliance, and product expansion to drive engagement. IT services and consulting are emphasizing cost control and AI-enabled productivity to support margins. Structural watch: Europe’s long end European fixed income is preparing for portfolio shifts tied to pension and liability-hedging changes in parts of the region. Any rebalancing away from long-duration hedges could affect curve dynamics and relative-value relationships across maturities. Market depth is typically thinner into year-end, so execution and liquidity planning are key. Today’s key risks and watch list US employment report (08:30 a.m. ET): Jobs growth, unemployment rate, and wage trends will guide rate-path pricing and equity factor performance. Central bank signals: Messaging from major central banks this week will shape front-end rates, FX, and equity leadership. Liquidity/volatility: Year-end conditions can amplify moves; be mindful of wider bid-ask spreads and gap risk around data releases. Portfolio considerations Balance: Maintain diversified exposure across styles and regions; avoid concentration risk into binary macro events. Quality bias: In a slower growth, lower-yield setup, balance cyclicals with resilient cash flow and strong balance sheets. Duration and hedging: Consider whether current rate levels align with your duration targets; reassess hedges around key data. Market levels recap (06:22 a.m. ET) S&P 500 futures: 6,864.25 (-0.24%) Stoxx Europe 600: 581.41 (-0.19%) Hang Seng: 25,235.41 (-1.54%) Bitcoin: 86,986.56 (+0.92%) WTI crude (front-month): 55.80 (-1.80%) This publication is a general market update for information purposes only and does not constitute investment advice or a recommendation to buy or sell any security, asset class, or strategy. Market data may be delayed. Consider your objectives, risk tolerance, and financial situation before making investment decisions. Disclaimer: Trading foreign exchange and/or contracts for difference on margin carries a high level of risk, and may not be suitable for all investors as you could sustain losses in excess of deposits. The products are intended for retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. The content of the Website must not be construed as personal advice. For retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital

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