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February 25 – Daily Market Update

25 February 2026 – Daily Market Updates Markets Daily | Broad Market Update Market snapshot (as of 06:15 a.m. ET; subject to change) S&P 500 futures: 6912.25 (+0.12%) Stoxx Europe 600: 632.14 (+0.48%) Nikkei 225: 58583.12 (+2.20%) Kospi: 6083.86 (+1.91%) Dollar index proxy: 1190.04 (+0.02%) Top takeaways Risk tone improves: Global equities are firmer with modest gains in US futures, a steady advance in Europe, and strong follow‑through in Asia led by semiconductor and hardware names. Rotation within the AI trade: Investors continue to favor upstream beneficiaries such as chip foundries, memory, and equipment over capital‑intensive hyperscale spenders and select software, keeping regional indices with heavy hardware weightings in the lead. Earnings and data in focus: Another wave of large‑cap results and a dense macro calendar (consumer spending/inflation gauges and growth revisions later in the week) keep positioning cautious and intraday volatility elevated. Rates steady, dollar flat: Government bond yields are little changed in early trade while the dollar index is marginally higher, reflecting a wait‑and‑see stance on the policy path. Crypto remains choppy: Digital assets continue to see rallies fade as participants use strength to reduce risk; liquidity pockets and headline sensitivity remain key features. Global equity overview United States: Futures edge higher as investors digest a heavy slate of corporate updates and look ahead to key inflation readings later this week. Leadership remains narrow, but breadth has improved versus last week with cyclical sectors finding some support. Europe: Major benchmarks are up, helped by banks and industrials. Energy is mixed as crude stabilizes. Defensive groups underperform in early action. Asia‑Pacific: North Asia outperformed overnight with strong gains in Japan and Korea on continued enthusiasm around the chip cycle, capacity additions, and improving export orders. Broader regional indices benefited from tech hardware strength. Rates and policy Developed‑market yields are broadly unchanged into the open. Markets continue to price a gradual policy easing path, highly contingent on incoming inflation and labor data. Later this week, attention turns to consumer spending and the Fed’s preferred inflation measure, along with updated growth estimates. Any upside surprise in core inflation would likely support front‑end yields and a firmer dollar; downside surprises could steepen curves and aid high‑beta equities. Currencies The dollar is fractionally stronger against major peers. EUR is steady in a tight range with limited data catalysts today but important inflation prints on deck later in the week. JPY is little changed; rate differentials and policy normalization expectations remain the primary drivers. High‑beta FX is firmer alongside the stronger risk backdrop. Commodities Oil is range‑bound as supply headlines offset mixed demand signals; price action remains sensitive to inventory data and geopolitical developments. Gold is flat with real yields stable; dips continue to attract interest as a portfolio hedge. Industrial metals are slightly higher on improved risk sentiment and optimism around tech‑driven demand and selective policy support in Asia. Crypto Major tokens are mixed after recent volatility. Flows suggest rallies are meeting supply as traders manage risk around event‑driven headlines. Expect wider intraday ranges and momentum‑driven price action. The day ahead: what we’re watching US: Consumer confidence; regional manufacturing updates; housing indicators; later this week—personal income/spending and PCE inflation, GDP revisions, and ISM. Europe: Confidence surveys and inflation snapshots across core economies; central‑bank speakers. Asia: Trade and production updates; official and private PMIs later in the week. Strategy thoughts Equities: Momentum remains intact but narrow; consider balancing growth exposure with quality cyclicals and maintaining some volatility protection around key data prints. Fixed income: With policy expectations finely balanced, duration neutrality with an eye toward opportunistic adds on yield spikes remains prudent. Multi‑asset: Correlations are shifting; diversifiers (cash, high‑quality bonds, and select commodities) can help buffer headline‑driven moves. Risk management: Event risk remains elevated. Use disciplined entry/exit levels and avoid excessive concentration in single themes. Important information This commentary is for information purposes only and does not constitute investment advice or a recommendation to buy or sell any security, index, currency, or digital asset. Market prices and returns are indicative and subject to change. Past performance is not indicative of future results. 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 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 25 – Daily Market Update February 26, 2026 25 February 2026 – Daily Market Updates Markets Daily |… Read More February 24 – Daily Market Update February 24, 2026 24 February 2026 – Daily Market Updates Markets Daily: Opening… Read More February 23 – Daily Market Update February 23, 2026 23 February 2026 – Daily Market Updates Markets Daily —… Read More February 20 – Daily Market Update February 20, 2026 20 February 2026 – Daily Market Updates Markets Daily —… Read More February 19 – Daily Market Update February 19, 2026 19 February 2026 – Daily Market Updates Markets Daily —… Read More February 18 – Daily Market

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January 20 – Daily Market Update

20 January 2026 – Daily Market Updates Daily Market Briefing Risk tone softened across global markets this morning as government bond yields climbed and investors reassessed growth, policy, and geopolitical risks. Equities in the US and Europe are lower ahead of the New York open, with higher rates pressuring longer-duration assets and more cyclical corners of the market. Haven demand is evident in precious metals, while digital assets continue to retrace recent gains. Top themes today Higher-for-longer yields: Long-dated Japanese government bond yields surged again, with the super-long end moving above 4% for the first time in decades. The move is filtering through global rates, helping push US 10-year yields toward the mid‑4% area and lifting European benchmarks. A mix of domestic policy proposals, rising issuance needs, and ebbing deflation dynamics in Japan is drawing capital back onshore and tightening global financial conditions at the margin. Repricing growth and policy risk: Investors are weighing renewed trade and tariff rhetoric alongside ongoing fiscal and industrial policy initiatives in major economies. Concern that frictions could nudge inflation and funding costs higher is tempering risk appetite, especially after an extended run-up in equities and a strong stretch of risk-on positioning. Commodities and havens bid: Gold vaulted to fresh record territory and silver advanced as investors sought ballast against rate and geopolitical uncertainty. Energy is more mixed, with supply headlines and growth concerns offsetting each other. Rotations under the hood: High-beta pockets such as crypto-related equities, semiconductors, and other momentum areas are under pressure in early trading. By contrast, precious‑metals miners and selected defensives are finding support from the shift toward safety and rising metals prices. Earnings and deal flow: The reporting calendar remains active. Homebuilders, airlines, and large-cap media/tech are in focus today and after the close, offering read-throughs on housing demand, travel trends, and streaming/advertising fundamentals. Health care saw fresh M&A activity, underscoring ongoing interest in late‑stage pipelines and specialty treatments. Markets at a glance (early US hours) Equities: US index futures are lower, with broad-based weakness led by tech hardware, chips, and other rate-sensitive growth names. Europe’s main benchmark is down roughly 1%–1.5%, with cyclicals lagging. Asia was mixed overnight. Rates: US Treasury yields are higher across the curve, led by the long end. European core yields are up as well. Japan’s 30‑ and 40‑year yields jumped, echoing a multi-month trend of normalization in the country’s rate structure. Currencies: The dollar is firmer on rate differentials and risk aversion. The yen’s path remains tied to the sharp move in domestic yields and evolving Bank of Japan expectations. Commodities: Gold is at record levels; silver firmer. Oil is range‑bound as demand worries offset supply considerations. Digital assets: Bitcoin and peers are softer, extending a recent pullback as tighter financial conditions dent appetite for higher‑volatility assets. What to watch Policy signals: Any official commentary on trade, tariffs, or fiscal priorities that could affect inflation and bond supply expectations. Central bank tone: Remarks from major central bank officials on the growth–inflation mix and balance sheet paths, particularly amid the move higher in global yields. Primary issuance: Corporate and sovereign supply remains elevated; concession levels and order books will be a useful barometer of risk appetite. Earnings: Housing, travel, and streaming/advertising updates could sway sector leadership and broader sentiment. Positioning and volatility: After an extended period of optimism and light hedging, markets may remain sensitive to negative surprises; watch skew and term structure in options for signals of stress or stabilization. Strategy considerations Duration and curve: With long-end yields pushing higher globally, duration risk remains front and center. Some investors may prefer to keep duration moderate and consider gradual laddering or barbell approaches while liquidity is solid. Quality and balance sheets: Elevated rates continue to favor companies with robust cash flow, manageable leverage, and pricing power. Balance-sheet strength can help buffer against funding-cost uncertainty. Diversification: Maintain a mix that balances cyclical exposure with defensives and real assets. Precious metals can help diversify equity and rate risk, though they bring their own volatility. Hedging: Reassess equity and credit hedges given shifting correlations and the pickup in realized volatility. Currency hedges may be relevant where rate differentials are moving quickly. Calendar highlights (today) US corporates: Homebuilding, airlines, and large-cap media/technology reports Global: Ongoing sovereign and investment-grade issuance; selected macro releases across housing and industry This publication is for information purposes only and does not constitute investment advice or a recommendation to buy or sell any security. Market levels and performance references reflect conditions in early US trading and may 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. January 20 – Daily Market Update January 20, 2026 20 January 2026 – Daily Market Updates Daily Market Briefing… Read More January 19 – Daily Market Update January 19, 2026 19 January 2026 – Daily Market Updates Markets Daily: Risk… Read More January 16 – Daily Market

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january 13 – Daily Market Update

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

13 January 26 – Daily Market Updates Markets Daily—Broad Market Update Market at a glance (as of 06:07 am ET; levels and changes are indicative) Nikkei 225: 53549.16 (+3.10%) S&P 500 Futures: 7005 (-0.16%) Stoxx Europe 600: 609.75 (-0.20%) Bloomberg Dollar Spot Index: 1210.5 (+0.08%) Bitcoin: 92011.56 (+1.14%) Global market wrap Asia: Japanese equities surged to fresh highs, led by cyclical and export-oriented names as investors priced in prospects for pro-growth policy and a supportive domestic backdrop. Broader Asian benchmarks were mixed, with pockets of strength in autos, semiconductors, and industrial technology. Europe: Major European indices are modestly softer in early trade after a strong multi-month run. Momentum indicators signal stretched conditions for some benchmarks, prompting talk of a near-term consolidation even as earnings expectations remain constructive. US: Equity futures are edging lower ahead of a key US inflation reading. Rate-sensitive sectors are in focus as markets assess the timing and extent of policy easing later this year. The broader tone remains constructive but data-dependent. Macro and policy Inflation watch: A closely watched US price report due today will help confirm whether disinflation is progressing smoothly or encountering a temporary bump. A firmer print could nudge yields higher and test risk appetite; a softer outcome would likely support duration and rate-sensitive equities. Central banks: Recent commentary from major central bank officials points to a preference for staying patient, keeping policy restrictive long enough to ensure inflation returns to target. Markets continue to balance that stance against an improving growth pulse. Policy and geopolitics: Headlines around trade, elections, and global security continue to inject episodic volatility into FX, rates, and energy. Investors remain alert to any policy shifts that could affect supply chains, tariffs, or the cost of capital. Earnings season: the next catalyst US financials open the season: Large banks kick off results with attention on investment banking pipelines, trading revenue normalization, net interest income trends, credit quality, and capital return frameworks. Forward guidance for 2026 will likely carry more weight than backward-looking beats or misses. Rotation vs. leadership: The recent tilt toward cyclicals, small caps, and value is being tested by earnings. While economically sensitive groups may benefit from firmer growth, mega-cap technology remains a major driver of index-level profit growth. For the rotation to endure, management teams across industrials, consumer, and financials will need to deliver confident outlooks and margin discipline. Rates, FX, and commodities Bonds: Treasury yields are steady to slightly higher into the data print, with the curve sensitive to any surprise in core inflation. European sovereigns are consolidating after a strong rally, and Japanese yields remain influenced by domestic policy expectations. Currencies: The US dollar is fractionally stronger on cautious pre-data positioning. The yen is softer on policy and political speculation, while the euro trades narrowly as markets await fresh macro signals. Energy and metals: Crude is rangebound as supply-risk headlines are weighed against demand and inventory dynamics. Industrial metals are steady, supported by signs of improving global manufacturing activity. Digital assets: Crypto benchmarks are firmer, with buyers stepping in on dips amid ongoing institutional interest and liquidity improvements. Sectors and notable themes Semiconductors: Positive broker commentary and capacity outlooks are supporting select chipmakers, particularly those tied to foundry, AI, and high-performance compute end markets. Health care/biotech: Regulatory headlines are creating dispersion, with approval timelines and data readouts driving stock-specific moves. Software and services: Contract wins and platform adoptions continue to differentiate among providers as enterprises optimize tech spending. Renewables and utilities: Policy and legal clarity are incremental tailwinds for selected projects, while execution and financing conditions remain key watch items. Autos and industrial tech: Investor enthusiasm around automation, robotics, and next-gen manufacturing continues to buoy select names. The day ahead Data: A key US inflation report, followed by labor and housing indicators later in the week. Abroad, focus remains on European confidence measures and Asia’s activity data. Earnings: Large US banks today, with more financials, consumer staples, and industrials through the week. Guidance on demand elasticity, pricing power, and cost control will be closely parsed. Events: Ongoing central bank appearances and policy remarks may influence rate expectations and cross-asset volatility. What we’re watching Can cyclicals extend their relative outperformance if inflation runs a bit hotter, or does that re-tighten financial conditions and favor defensives? Do banks point to a broadening M&A pipeline and a healthier primary market, supporting a more durable recovery in fees? Will management teams emphasize inventory normalization and productivity gains that sustain margins even if pricing power fades? Risk radar Policy shifts in trade and tariffs that affect global supply chains and input costs Inflation persistence that delays or reduces the scale of policy easing Geopolitical tensions that sway energy, shipping, and FX markets Liquidity pockets and positioning extremes after a strong year-end rally Portfolio considerations (general, not advice) Maintain diversification across styles and market caps given crosscurrents between growth leadership and cyclical catch-up. Consider the balance between duration exposure and inflation hedges around key data. Emphasize quality balance sheets and cash flow resilience as earnings season tests narratives. Disclosure This communication is for information purposes only and does not constitute investment advice or a recommendation to buy or sell any security or strategy. Markets are volatile and subject to change. Please consider your objectives, risk tolerance, and consult a qualified advisor before making investment decisions. Data and pricing are indicative and may differ from real-time quotes. 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

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Dec 23 – Daily Market Updates

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

Dec 23 – Daily Market Updates Markets Daily: Broad Market Update Overview US equity futures are flat to slightly higher after a strong recent stretch, with investors waiting on the next round of US growth and sentiment data. European equities are firmer in early trading, led by industrials and health care, while energy lags alongside softer crude. In Asia, performance was mixed: export- and tech-linked markets fared better, while Japan underperformed as the yen strengthened. The dollar is softer versus the yen following fresh signals from Japanese authorities about curbing disorderly currency moves. Gold remains well supported near record territory, while Bitcoin is modestly lower. Top themes shaping the session Data watch: Investors are focused on US growth revisions and consumer confidence for further clues on the timing and depth of 2025 rate cuts. Labor, housing, and spending data later this week will round out the macro picture into year-end. Cyclical rotation: Expectations for cooling inflation, potential policy easing, and relief from lower energy prices are encouraging a gradual shift toward economically sensitive areas such as financials, industrials, transport, and select consumer names. Leadership has broadened beyond mega-cap technology in recent weeks. Currency dynamics: The yen firmed after policymakers reiterated readiness to address excessive currency swings. With US yields consolidating and intervention risk top of mind, FX volatility could remain elevated into quarter-end. Policy and geopolitics: Traders continue to monitor headlines around trade, shipping routes, and regional tensions, all of which can influence energy, transport, and defense shares. Digital assets in focus: Institutional interest in crypto-related services is re-emerging as parts of the regulatory landscape take shape, even as spot prices consolidate. Equities United States: Futures suggest a cautious open as investors digest strong year-to-date gains and await macro catalysts. Breadth has improved, with cyclicals and small/mid caps catching a bid, while large-cap tech remains supported by earnings durability and AI demand. Participation may thin into the holiday period, raising the potential for outsized moves on incremental news. Europe: Broad gains led by industrials and health care. Retail and consumer discretionary are mixed, with balance sheets and holiday-season commentary in focus. Energy trails as crude eases. Asia-Pacific: Japan’s benchmarks slipped as a stronger yen weighed on exporters. Korea and Taiwan outperformed on continued demand along the AI and semiconductor supply chain. Hong Kong and mainland China were mixed, with policy support expectations offset by ongoing property and growth concerns. Rates US Treasuries are steady ahead of growth and sentiment prints. The front end continues to reflect expectations for rate reductions next year, while the long end consolidates after the autumn rally. Auction dynamics and year-end liquidity conditions are important near-term drivers. European sovereigns are little changed; traders are weighing softening inflation trends against cautious central bank guidance. Foreign exchange The dollar is broadly steady but weaker against the yen following official rhetoric about curbing excess volatility. The euro is range-bound. Emerging-market FX is mixed, tracking risk sentiment and commodity moves. Commodities Crude oil is modestly lower as supply resilience and demand worries offset geopolitical risk. Gold is firm near highs, supported by lower real yields, diversification flows, and geopolitical hedging. Industrial metals are mixed; China growth signals and global manufacturing trends remain the swing factors. Digital assets Bitcoin and major tokens are slightly lower, continuing a consolidation phase after a strong multi-month advance. Headlines around institutional participation and evolving regulation remain key to sentiment. Corporate and sector roundup Health care: Weight-management and metabolic therapies are again in focus following regulatory developments, supporting select pharma and biotech names. Renewables: Offshore wind projects remain under scrutiny amid permitting and regulatory reviews, weighing on some developers. Shipping and logistics: Deal interest and capacity discussions are buoying select carriers; transport and logistics also benefit from the cyclical rotation theme. Defence and aerospace: Contract wins and funding visibility continue to support the group against a backdrop of elevated geopolitical risk. Retail: Balance-sheet health and holiday traffic are under the microscope; credit conditions are diverging across traditional and online models. Financials: Banks and brokers are benefiting from improved risk appetite, steepening tendencies in the curve, and a potential pickup in trading activity. The day ahead: what we’re watching United States: Growth revision, consumer confidence, housing updates, energy inventories, and Treasury supply. Europe: Confidence surveys and central bank speakers. Asia: Inflation prints and policy commentary from Japan and China later in the week. Cross-asset: Year-end liquidity, rebalancing flows, and potential currency intervention headlines. Risk radar Policy path uncertainty: The pace and timing of rate cuts could shift with incoming data. Geopolitical developments: Energy supply routes and regional tensions may introduce episodic volatility. Liquidity conditions: Thinner year-end trading can amplify market moves. Currency swings: Elevated FX volatility—particularly in USD/JPY—can spill over into global risk assets. Desk view Market tone is constructive but selective. Participation is broadening beyond mega-cap leaders, with cyclicals drawing interest as disinflation progresses. We favor maintaining diversification across styles and regions, watching FX volatility and liquidity into the final trading days of the year. This material is provided for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any security. Markets are volatile and subject to change without notice. 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

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February 25 – Daily Market Update

January 20 – Daily Market Update

january 13 – Daily Market Update

Dec 23 – Daily Market Updates

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