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February 26 – Daily Market Update

26 February 2026 – Daily Market Updates Markets Daily Market Snapshot (as of 06:22 am ET; data may be delayed) S&P 500 Futures: 6954 (-0.08%) Stoxx Europe 600: 634.4 (+0.15%) Hang Seng: 26381.02 (-1.44%) Bitcoin: 68255.88 (-1.04%) Spot silver: 87.56 (-1.87%) Morning Brief Risk appetite is mixed to start the day. US equity futures are fractionally softer after a powerful multi-week run in technology faded, Europe is modestly higher on selective strength in capital-return stories, and Asia lagged with Hong Kong under pressure. Crypto assets are consolidating after a brisk rebound, while precious metals are weaker alongside steadier real yields. What’s Driving Markets Tech leadership cools: After a stretch of outsized gains, large-cap chip and software names are pausing as investors digest lofty expectations around artificial intelligence and enterprise IT spending. The latest round of earnings broadly topped past results but did not meaningfully lift forward sentiment. Policy and geopolitics: Headlines around trade policy and diplomatic talks remain a swing factor for risk assets. Markets continue to weigh the growth and inflation implications of tariff rhetoric and any negotiation breakthroughs or setbacks in key regions. Capital returns in focus: High-profile buyback plans in Europe buoyed sentiment and underscored ongoing balance sheet strength in select blue chips. Credit market evolution: Partnerships between alternative asset managers and banks in private credit continue to build, highlighting the shift toward non-bank financing channels in Europe and the US. Equities United States: Futures point to a cautious open as investors rotate within tech and communication services. Cyclical sectors tied to industrial activity and travel are holding steadier, while parts of ad-tech and enterprise software trade lower on conservative guidance and competitive concerns. AI-adjacent names remain volatile in both directions. Europe: Benchmark indices are slightly higher, supported by companies announcing shareholder returns and by defensives. Banks and insurers are mixed as rate-cut timing debates persist. Asia: Regional stocks were broadly softer, led by Hong Kong, with Chinese internet and consumer names under pressure. Japan was more resilient as corporate reforms and buybacks continue to offset currency and rate worries. Rates & Currencies Sovereign yields are little changed in early trading as markets balance sticky services inflation against slowing goods price pressures. Curves remain relatively flat by historical standards. The dollar is steady versus major peers. Traders continue to price a gradual, data-dependent path to developed-market rate cuts rather than a swift easing cycle. Commodities & Crypto Energy: Crude is rangebound as supply discipline from producers meets uneven global demand signals. Refining margins remain tight in some products, cushioning prices. Metals: Gold and silver are softer as real yields stabilize and the dollar holds firm. Industrial metals are mixed on China growth signals and inventory dynamics. Digital assets: Bitcoin trades near 68k with a mild risk-off tone. Flows into and out of listed products remain two-way, but the broader institutional framework around custody, trading, and liquidity is notably more robust than during the prior cycle. Volatility remains elevated around macro headlines and positioning shifts. Positioning & Sentiment Options markets indicate elevated demand for downside protection relative to upside calls, reflecting caution after a strong year-to-date rally. Historically, extreme readings in skew can precede a shift in market tone, but timing such turns is uncertain. Market breadth has narrowed toward mega-cap leaders in recent weeks; any improvement in participation across cyclicals and small caps would be a constructive signal for durability of the uptrend. Corporate Highlights Technology and software: Guidance dispersion is widening. Some platforms cite cautious advertiser and enterprise spending, while others highlight robust demand in infrastructure and data-related services. Expect continued stock-specific moves around earnings, AI monetization roadmaps, and competitive updates. Industrials: European aerospace and industrial champions are leaning into balance sheet strength via buybacks and efficiency programs, lending support to regional indices. Financials: Banks remain in focus with updates on credit quality, deposit costs, and fee income from markets and wealth businesses. Private credit origination pipelines continue to expand as traditional loan markets reopen. What We’re Watching Macro data: Inflation trends, labor tightness, and growth momentum indicators remain pivotal for the policy path. Any upside surprises on prices or wages could keep central banks patient; softer prints would strengthen the case for mid-year easing. Earnings: Another active slate across software, consumer tech, communications, and financials. Guidance on 2H spending intentions, AI-related capex, and inventory normalization will be key. Policy headlines: Trade and geopolitical developments may inject day-to-day volatility and influence sector rotations. Risk Management Takeaways After a strong run, markets are consolidating with elevated event risk. Maintain discipline on position sizing and consider the cost-benefit of hedges, as downside protection has grown more expensive. Leadership remains narrow; diversification across factors and styles can help mitigate single-theme drawdowns. Liquidity can thin around catalysts; use limit orders and staggered execution to reduce slippage. This material is for information purposes only and is not investment advice or a recommendation to buy or sell any security or asset class. Market levels 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

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February 16 – Daily Market Update

16 February 2026 – Daily Market Updates Markets Daily — Broad Market Briefing As of 6:50 a.m. ET Equities: European benchmarks edged higher, with the region-wide gauge hovering near 620, up roughly 0.3%. Currencies: The US dollar index was marginally firmer, near 1,182 on a broad trade-weighted basis. Commodities: WTI crude traded just under $63, slightly higher on the session; gold eased about 0.7%. Digital assets: Bitcoin hovered around $68.6k, down modestly. Macro and market context Risk tone: Global equities started the week on a constructive note despite thin liquidity across parts of Asia due to Lunar New Year holidays and North American holiday closures. Participation is lighter, but dip-buying interest remains evident in select tech, industrials and consumer names. Rates backdrop: After a strong week for sovereign bonds driven by renewed wagers on policy easing later this year, traders are now focused on a dense run of growth and inflation data that could recalibrate the path of rate expectations. AI narrative, two-way risk: Markets continue to grapple with the balance between productivity upside from artificial intelligence and the near-term drag from heavy capital outlays. That tension is visible in equity factor performance (infrastructure and security favored over certain application layers) and in credit markets, where hedging demand has picked up around large capex spenders. Expect dispersion within tech to remain elevated. Overnight movers and themes Europe: Cyclical and quality-growth pockets led early gains. Select materials shares underperformed after broker actions, while parts of the UK small/mid-cap software space lagged following deal headlines that removed a potential bid premium. Defensive sectors were mixed as bond yields steadied. Energy and commodities: Oil was broadly steady as supply discipline and a measured demand outlook offset each other; gold softened alongside a slightly firmer dollar. Industrial metals remained rangebound pending fresh China activity signals. FX: The dollar ticked higher against a basket of majors, while several high-carry emerging-market currencies were relatively resilient amid stable commodity prices and subdued volatility. The week ahead — key indicators and events Monday: North America: US markets closed for Presidents’ Day; Canada closed for Family Day. Latin America: Brazil closed for Carnival (through Feb. 17). Asia: Several markets closed or operating on shortened schedules for Lunar New Year. Tuesday: Europe: Germany’s inflation updates and sentiment surveys; UK labor market figures. US: Regional manufacturing pulse. Asia: Mainland China closed for Lunar New Year. Wednesday: Europe/Asia: France inflation; Japan trade balance. UK: CPI inflation. US: Housing starts, industrial production, leading indicators, core durable goods. Earnings: Mix of global miners, ratings/analytics, and chip-related bellwethers. Thursday: Europe: Euro-area consumer confidence. US: Weekly jobless claims, advanced indicators, trade, pending home sales. Earnings: Large-cap retail, diversified industrials, and resources. Friday: Europe/Asia: Euro-area PMIs, Japan CPI, UK retail sales. North America: Canada retail sales; US personal income/spending with PCE inflation, GDP update, new home sales, manufacturing PMI, and consumer sentiment. Policy watch: US legal and policy developments remain on the radar for potential implications to trade and tariff expectations. Strategy watch — what we’re tracking Tech dispersion: Investors continue to differentiate between AI “enablers” (compute, data infrastructure, observability, cybersecurity, cloud platforms) and areas where automation may compress pricing power. Expect continued rotation within software and services as spending priorities evolve. Credit hedging: As capex cycles swell at mega-cap platforms and select hyperscale-adjacent players, appetite for downside protection in credit has increased. Monitor spreads and hedging costs as leading indicators of stress or confidence in return on investment. Rates and duration: A heavy slate of growth and inflation data could challenge last week’s bond rally. A hotter PCE or firm PMIs would likely nudge front-end yields higher; a downside surprise would reinforce soft-landing hopes. FX and EM: Carry and commodity support have steadied several emerging currencies relative to G-7 peers. Watch terms-of-trade shifts if oil and base metals break out of recent ranges. Quick take by asset class Equities: Breadth remains a focal point. Participation outside of the largest tech names has improved in fits and starts, but durability likely hinges on confirmation from earnings revisions and macro surprises. Fixed income: The balance between disinflation progress and growth resilience remains tight. The next PCE print is pivotal for validating or challenging current rate-cut timelines. Commodities: Crude is pinned between disciplined supply and a cautious demand outlook; volatility may rise around inventory data and growth prints. Precious metals remain sensitive to real yields and the dollar. Crypto: Consolidation persists after a strong multi-month run; flows and regulatory headlines remain key swing factors. Housekeeping and market closures US: Closed today for Presidents’ Day. Canada: Closed today for Family Day. Asia: Multiple markets closed or on reduced hours for Lunar New Year through midweek. Brazil: Markets closed for Carnival through Feb. 17. Key risks to monitor Data surprises on inflation and growth that shift the policy path. Earnings guidance tied to AI spending payback periods. Geopolitics and trade policy developments. Liquidity pockets around holiday-thinned sessions. This material is a general market update for information purposes only and does not constitute investment advice or a recommendation to buy or sell any security or instrument. Past performance is not indicative of future results. 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

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February 13 – Daily Market Update

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

13 February 2026 – Daily Market Updates Markets Daily | Broad Market Update Overview Global markets are treading cautiously ahead of a key US inflation print. US equity futures are slightly lower, European stocks are softer, and the dollar is a touch firmer. Asian trading was mixed, with Hong Kong underperforming. Bond markets are steady to marginally weaker as traders balance hopes for rate cuts later this year against signs that underlying price pressures may prove stickier than previously assumed. Crypto assets are firmer, and select commodity prices are consolidating. Snapshot (approximate, 06:20 ET) US equity futures: modestly lower (around -0.3%) Europe: Stoxx 600 slightly in the red (about -0.3%) US dollar: marginally stronger (roughly +0.1% on a broad index) Asia: Hong Kong notably weaker (down nearly 1.7%) Bitcoin: higher (around +1.5%–2%) What’s driving markets All eyes on inflation: Today’s US consumer price reading is poised to set the near-term tone for rates and risk assets. An upside surprise could challenge the consensus for multiple rate cuts later this year, while a softer print would likely revive the “soft-landing” narrative. Rates debate: Front-end yields remain sensitive to data surprises. While markets still discount rate reductions this year, the path and timing remain in flux amid resilient growth and evidence of lingering services inflation. Dollar bid, commodities mixed: The greenback’s mild strength reflects pre-data caution. Base metals are consolidating amid shifting policy headlines, while energy prices are range-bound as supply dynamics offset demand questions. AI jitters cool, but rotations persist: After a bout of AI-driven volatility and sharp factor rotations, equity markets stabilized. Still, investor positioning remains highly responsive to headlines about automation and productivity, with periodic knock-on effects across software, logistics, financial services, and professional industries. Equities US: The tape is balanced ahead of the data. Semiconductor equipment names have benefited from constructive guidance tied to capacity and AI-related demand. By contrast, some ad-driven internet platforms have faced pressure on softer revenue commentary, while select streaming and connected-TV names saw relief on better-than-feared results. An EV manufacturer’s progress toward profitability has supported sentiment in that niche. Europe: Consumer and luxury-linked names lagged after softer sales updates in select categories, reinforcing a defensive tone. Broader indices remain range-bound as investors await US macro catalysts. Asia: Hong Kong underperformed on renewed growth concerns, while other regional markets were mixed as earnings season and global rate expectations guided flows. Fixed income and FX Treasuries: Yields are little changed to slightly higher into the CPI release. The curve remains in a holding pattern, with two- to five-year maturities most sensitive to any re-pricing of the Fed path. Global bonds: Core European yields track US moves; peripheral spreads are stable. Credit markets remain orderly, though bid-offer typically widens around major data. FX: The dollar firmed modestly on event risk hedging. High-beta and cyclical currencies are range-trading; the yen remains driven by relative policy expectations and US yield direction. Commodities and crypto Commodities: Industrial metals are steady to softer amid trade-policy headlines and growth worries. Oil holds in a tight band as supply risks offset macro caution. Gold is little changed, reflecting the push-pull between real yields and hedging demand. Digital assets: Crypto benchmarks are firmer after recent volatility. Institutional interest and flows remain supportive, but positioning is highly reactive to macro data and regulatory developments. Primary markets and corporate flow New issuance: Signs of select US IPO postponements and resized offerings reflect a more discerning tone on valuations and near-term demand. Seasoned issuers in investment-grade and high yield continue to access markets, but windows may narrow around data prints. Earnings pulse: Reporting volume is slowing into the long weekend. A handful of consumer and healthcare names report before the open; guidance and margin commentary remain the key swing factors for single-stock moves. The day ahead — key things to watch US CPI: Core services momentum, shelter disinflation pace, and goods pricing will be dissected for clues on the durability of progress toward target. Rate expectations: Watch front-end yields, Fed-dated OIS, and terminal-rate pricing post-release. Equity leadership: Semis and AI-adjacent beneficiaries versus defensives; any rotation after the data could set the tone into month-end. Liquidity: Expect wider spreads and quicker price gaps around the print; levels may normalize into the afternoon if outcomes meet consensus. Risk considerations Event risk: Macro surprises can prompt outsized moves in rates, FX, and cyclicals. Hedging and disciplined risk limits are advisable around releases. Policy and trade: Shifts in tariff frameworks and industrial policy can influence metals, industrials, and global supply-chain plays. Earnings and guidance: With macro uncertainty elevated, forward guidance remains a primary driver of dispersion across sectors. This material is provided for information purposes only and does not constitute investment advice or a recommendation to buy or sell any financial instrument. Past performance is not indicative of future results. Markets are volatile and may move quickly following economic data or policy developments. 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 11 – Daily Market Update

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

11 February 2026 – Daily Market Updates Markets Daily — Broad Market Update Market snapshot (as of 6:06 a.m. ET) US equity futures: flat to slightly lower (S&P 500 futures near 6961, -0.01%) Europe: Stoxx 600 around 619.6, -0.22% Asia: Hang Seng closed up roughly 0.3% near 27266 US dollar: softer by about 0.3% on a broad trade-weighted basis Bitcoin: near $66600, down roughly 2.9% US Treasuries: yields edging lower across the curve Macro and policy “Bad news is good news” is back in focus. Softer data have reinforced expectations that major central banks, led by the Fed, could begin easing later this year. Markets are leaning toward multiple rate cuts in 2026, though timing remains data-dependent. Today’s US labor-market update will be pivotal. Traders will watch headline payrolls, the unemployment rate, participation, average hourly earnings, and—critically—revisions to prior months. A cooler set of numbers would bolster the case for earlier policy support; an upside surprise could push back those timelines. Global growth signals are mixed: Europe continues to show uneven momentum, while Asia’s tech‑heavy markets have benefited from the weaker dollar and ongoing demand for semiconductors and AI infrastructure. Equities US: Index futures are steady as investors balance resilient mega-cap tech leadership with late‑cycle dynamics favoring quality balance sheets and cash flow. Rate‑sensitive segments tend to benefit when yields fall, while small caps remain more volatile around macro surprises. Europe: Modest declines in early trade as investors digest earnings, cost‑reduction plans, and guidance resets. Defensive pockets (utilities, staples, healthcare) are finding support when bond yields ease, while cyclicals trade more on growth and China‑linked headlines. Asia: Mixed session. Tech‑oriented markets continue to attract flows on AI hardware demand, while parts of Greater China remain range‑bound amid policy and property‑sector uncertainty. Rates and credit US Treasuries are firmer, with the belly of the curve leading on softer growth signals. A cool employment print would likely extend the rally and favor a bull‑steepening bias; a hotter release risks a reversal with front‑end yields most sensitive. Investment‑grade credit spreads are broadly stable; high yield trades in a tight range but remains sensitive to earnings surprises and any pickup in default chatter. Currencies The dollar is easing for a fourth session as rate‑cut probabilities firm. A benign wage‑inflation number would likely keep the pressure on the greenback; stronger earnings growth could flip the script. G10: Euro and pound are firmer against the dollar; yen steadies as US yields dip. Select commodity currencies are consolidating after recent gains. Commodities and crypto Oil: Range‑bound as supply risks and inventory dynamics offset growth concerns. Positioning remains cautious ahead of key macro prints. Gold: Supported by lower real yields and a softer dollar; ETF flows remain the swing factor. Digital assets: Bitcoin is retracing after a strong multi‑week run; intra‑day volatility remains elevated around liquidity pockets and risk sentiment. Theme to watch: The AI dispersion Markets are recalibrating winners and potential laggards from rapid AI adoption. Hardware beneficiaries and energy‑efficient infrastructure remain in focus, while parts of software, services, and select financial niches face headline‑driven volatility. Expect continued differentiation at the single‑name level as business models adapt and pricing power is tested. Event radar US labor market report: headline jobs, unemployment rate, participation, average hourly earnings, and prior‑month revisions Central bank speakers and minutes across major economies Corporate earnings: watch forward‑guidance language, cost discipline, AI investment pacing, and capital‑return updates Trading lens: What could move markets today Weaker‑than‑expected jobs/wage data: likely bullish duration, softer dollar, supportive for rate‑sensitives and quality growth Stronger‑than‑expected jobs/wage data: potential bear‑flattening in rates, dollar bounce, factor rotation toward cyclical/value and financials Big revisions: could meaningfully reshape the narrative even if the headline meets estimates House view highlights Macro remains a tug‑of‑war between cooling growth and prospective policy support. Near term, data beats/misses will likely drive sharp, factor‑level rotations more than index‑directional trends. Stay selective within equities, with an emphasis on quality balance sheets and durable cash flow. In fixed income, carry remains attractive, but duration should be sized with event risk in mind. Important information This material is for information only and does not constitute investment advice or a recommendation to buy or sell any security or strategy. Markets are volatile and can move quickly around economic releases and company news. Consider your objectives, risk tolerance, and local regulations before making investment decisions. Market levels and performance figures referenced above 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. 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