Global Equities

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 12 – Daily Market Update

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

12 February 2026 – Daily Market Updates Markets Daily — Broad Market Update Overview Global equities are starting the day with a constructive tone as gains in Europe and across much of Asia set the stage for a modestly higher US open. Leadership continues to broaden beyond the US, with several Asian markets and select Latin American benchmarks outpacing major US indices so far this year. A softer dollar and steady credit conditions are supporting risk appetite, while investors continue to rotate toward cyclicals and rate‑sensitive areas alongside ongoing interest in AI‑linked beneficiaries. Equities US: Futures signal a firmer open, with breadth improving beyond mega-cap tech. Transports, industrials and select financials have shown relative strength as freight volumes, travel demand, and capital spending expectations stabilize. Software and certain ad-tech names remain more mixed as investors sort through AI-related competitive dynamics. Europe: Regional indices are higher on a wave of company updates, with beats and improved guidance out of several sectors helping sentiment. Defensives remain well bid, but cyclical groups tied to logistics, travel, and manufacturing have led recent outperformance. Asia: Markets broadly advanced, with North Asia continuing to benefit from demand across the semiconductor and AI supply chains. Corporate reforms and shareholder-return initiatives remain supportive in parts of the region. ASEAN and India trade mixed as valuations and policy outlooks are reassessed following a strong multi‑year run. Style and factors: Momentum has cooled at the very top of US tech while value, quality, and income factors gain traction. Earnings revision breadth is improving outside the US, adding to the case for regional diversification. Rates and Credit Sovereigns: US Treasury yields are little changed in early trade, with the curve holding recent ranges as markets await the next round of inflation and activity data. European core yields are steady to slightly higher alongside firmer risk sentiment. Credit: Investment-grade spreads remain tight and high-yield risk premiums are stable. Primary issuance is active, with healthy order books pointing to robust demand for carry. Currencies The dollar index is edging lower, aiding risk assets and commodities. High-beta FX is firmer on the back of stronger global growth expectations, while the yen remains sensitive to policy signaling and rate differentials. Select EM currencies are steady, with idiosyncratic drivers continuing to dominate. Commodities Energy: Crude is rangebound as supply developments offset demand optimism tied to improved growth signals in Asia. Refining margins and inventory trends remain in focus. Metals: Industrial metals are mixed; copper and aluminum find support on infrastructure and data-center buildout demand, while near-term macro uncertainty caps rallies. Precious: Gold is steady, with real yields and dollar moves remaining the key drivers. Digital Assets Major tokens are modestly higher. Liquidity thins into weekends and during off-hours, which can amplify moves; positioning and options expiries remain important near-term catalysts. Corporate and Deal Flow Themes Asset management consolidation continues to gather pace as firms seek scale, distribution reach, and technology investment. AI remains a capital magnet, with large private funding rounds underscoring investor conviction in foundational models and enterprise adoption. Health care news flow is active, with leadership changes and regulatory milestones producing outsized single‑stock moves. Payments and fintech updates highlight a recalibration of revenue growth expectations; unit economics and international expansion are key differentiators. Consumer staples and food brands are under scrutiny as portfolio reshaping and pricing power normalize post‑pandemic. Travel, logistics, and freight have re-rated higher on improving demand data and efficiency gains. Key Themes We’re Watching Regional rotation: Outperformance outside the US suggests a broader leadership handoff. Valuations, earnings revisions, and currency dynamics support a case for diversified exposure. Cyclicals vs. secular growth: AI-related beneficiaries remain core to long-term tech spending, but cyclical groups tied to transport, capital goods, and travel are capturing incremental flows as growth expectations stabilize. Policy path: Central bank communication and incoming inflation prints remain pivotal for duration, rate-sensitive equities, and FX trends. Liquidity and market structure: Thinner trading conditions during off-hours can exacerbate swings in crypto and smaller-cap equities; be mindful of leverage and key technical levels. Earnings quality over headlines: Cash flow durability, pricing power, and balance sheet strength are being rewarded more consistently than top-line beats alone. What’s Ahead Macro: Inflation, retail sales, and housing updates across major economies; central bank speakers and minutes. Micro: A busy earnings slate across airlines, payments, semiconductors, travel platforms, and select industrials. Guidance on 2026 capex, AI monetization, and margin trajectories will be in focus. Portfolio Considerations Diversification: Rebalance US-heavy allocations to include select Asia and Europe exposures where earnings revisions and policy tailwinds look favorable. Quality bias: Favor companies with strong free cash flow, resilient margins, and reasonable leverage. Balance secular and cyclical: Pair AI and cloud infrastructure beneficiaries with transportation, logistics, and other economically sensitive names showing improving demand. Currency: Consider hedging where dollar softness or volatility could materially impact returns. Risk management: Use disciplined position sizing and stop‑loss protocols, especially into low‑liquidity windows. This material is for information purposes only and is not investment advice or a solicitation to buy or sell any financial instrument. Markets are volatile; consider your objectives and risk tolerance before making investment dec 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

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February 4 – Daily Market Update

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

4 february 2026 – Daily Market Updates Markets Daily: Broad Markets Steady, Rotation Theme Persists Market overview US equity futures are mixed in early trade as investors balance resilient economic data with a busy stretch of corporate results. Large-cap benchmarks are little changed overall, with growth-oriented indexes lagging value and cyclical segments. Treasury yields are hovering near recent ranges as markets reassess the timing and pace of potential policy easing this year. Rate-sensitive sectors remain choppy while financials and industrials show relative stability. The US dollar is firmer against most major peers, reflecting cautious risk sentiment and interest-rate differentials. Commodity-linked currencies are uneven. Commodities are broadly supported. Crude is up for a second session on ongoing geopolitical tensions and supply headlines, while gold extends its rebound amid a mix of haven demand and currency moves. Themes in focus Rotation toward cash-generative, economically sensitive companies has continued. Staples, energy, and select materials have outperformed high-multiple growth shares at the margin, helped by solid nominal growth and rising capital discipline across cyclicals. Software and some richly valued technology pockets remain volatile as investors scrutinize monetization timelines and profit leverage around artificial intelligence spending. Hardware and infrastructure providers tied to AI demand are seeing more differentiation based on guidance and capacity plans. Healthcare is in the spotlight as competitive dynamics intensify across certain therapy categories, with pricing and market-share expectations being recalibrated. Dispersion within the group remains high. M&A chatter and strategic portfolio moves are picking up into earnings season, adding stock-specific swings without altering the broader macro tone. Rates, FX, and credit Front-end yields reflect a later start and shallower path for policy easing compared with earlier expectations, while longer maturities are anchored by stable inflation breakevens. The curve remains relatively flat. Credit markets are orderly. Investment-grade spreads are steady and high-yield risk appetite is selective, with quality continuing to command a premium. Primary issuance remains active when windows are open. Commodities Oil prices are supported by geopolitical risk and cautious supply expectations. Any confirmed changes in export flows or shipping routes could inject additional volatility. Precious metals are bid as investors seek diversification and as real yields consolidate. Flows into hedging and allocation strategies remain a driver alongside currency moves. Industrial metals are mixed, reflecting a tug-of-war between inventory normalization and uneven global manufactuing data. Earnings landscape The heart of reporting season is delivering wide dispersion. Companies beating on both revenue and margins are being rewarded, while cautious outlooks are drawing outsized reactions. Mega-cap technology, chipmakers tied to AI infrastructure, select consumer names, and large-cap healthcare feature prominently this week. Guidance around capital expenditure, pricing, and cost control remains the dominant catalyst for single-stock moves. Digital assets Major cryptocurrencies are softer overall, with leverage and liquidity conditions amplifying moves. Correlations with risk assets remain inconsistent day to day, but macro headlines and dollar strength continue to influence direction. What to watch next Corporate guidance: Commentary on AI-related spending, inventory management, and demand elasticity across consumer categories will shape sector leadership. Inflation and growth signals: Upcoming labor and services activity data, along with central bank remarks, will inform the path of rates and the durability of the current rotation. Positioning and liquidity: With volatility clustering around earnings and geopolitical headlines, intraday liquidity can vary; expect wider moves on stock-specific news. Portfolio considerations Maintain balance between quality growth and resilient value exposures; emphasize free cash flow, pricing power, and healthy balance sheets. In fixed income, a laddered approach can help navigate path uncertainty for policy rates, while maintaining attention to credit quality. Consider risk management tools where appropriate, as dispersion remains elevated and headline sensitivity can produce abrupt swings. This commentary is a general market update intended for informational purposes only and does not constitute investment advice, a recommendation, or a solicitation to buy or sell any security. Markets are fluid and conditions may change without notice. Clients should assess their individual circumstances and consult a financial professional 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 4 – Daily Market Update February 4, 2026 4 february 2026 – Daily Market Updates Markets Daily: Broad… Read More February 3 – Daily Market Update February 3, 2026 3 February 2026 – Daily Market Updates Market snapshot (as… Read More February 2 – Daily Market Update February 2, 2026 2 February 2026 – Daily Market Updates Markets Daily: Volatility… Read More January 30 – Daily Market Update January 30, 2026 30 January 2026 – Daily Market Updates Markets Daily: Risk-off… Read More January 29 – Daily Market Update January 29, 2026 29 January 2026- Daily Market Updates Quick take Metals rally… Read More January 28 – Daily Market Update January 28, 2026 28 January 2026 Daily Market Updates Markets Daily: Global Risk… Read More January 27 – Daily Market Update January 27, 2026 27 january 2026 – Daily Market

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February 3 – Daily Market Update

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

3 February 2026 – Daily Market Updates Market snapshot (as of 6:49 a.m. ET; market data may be delayed) S&P 500 Futures: 7008.25 (+0.08%) Nasdaq 100 Futures: 25938.5 (+0.34%) US 10-Year Treasury Yield: 4.285% (+0.8 bps) Gold: 4,908.37 (+5.30%) Morning rundown Risk appetite is stabilizing after a volatile stretch. US equity futures are firmer, led by technology, while core yields edge higher and the dollar eases. Precious metals are rebounding sharply, reversing part of the previous session’s slide. The tone across Asia was broadly constructive, with Korea leading gains and semiconductors among the standouts. Europe opened higher, echoing the recovery in cyclicals and AI-linked names. Commodities Precious metals: Gold and silver are bouncing as bargain-hunters and short-covering meet ongoing longer-term interest from asset allocators. The speed of the move underscores how leveraged positioning can amplify swings in both directions. Energy and industrial metals: A modest risk-on mood is supporting pro-cyclical commodities, though traders remain sensitive to macro headlines and policy signals. Equities US: Futures point to gains with the AI/data-center complex back in focus. Investors are watching whether beaten-down groups from the prior selloff extend their recovery and whether earnings guidance validates recent multiple expansion. Asia: Major benchmarks advanced, with Korea outperforming on a broad tech rally. Japan and Hong Kong saw more measured rebounds as investors weigh currency dynamics and policy uncertainty. Europe: Early strength is broad-based, with defensives participating alongside cyclicals. Market depth remains thinner than usual around headline risk, keeping intraday volatility elevated. Rates and FX Sovereigns: The 10-year Treasury yield is little changed, holding near recent ranges as markets balance resilient growth indicators with sticky services inflation. Curves remain biased toward slight bear-steepening on any upside data surprises. Currencies: The dollar is marginally softer against a basket of peers. Cross-asset correlations suggest a modest reversion to risk-taking, with higher-beta FX stabilizing. Central banks: A major Asia-Pacific central bank lifted its policy rate, the first notable developed-market hike of the year, citing persistent price pressures. Markets are reassessing the global policy path, with timing and pace of eventual easing remaining data-dependent. Corporate calendar and flows Earnings: A busy slate spans consumer staples, healthcare, payments, and restaurants before and after the US market close. Key themes to monitor: pricing power, volume elasticity, cost discipline, and AI-related capex/commentary from enterprise-facing firms. Deal and listing watch: Headlines around a prominent private space-and-AI combination are fueling discussion of a potential landmark listing later this year. Any formal timeline or structure could influence sentiment in growth equities and late-stage private markets. Credit: Investment-grade spreads remain tight by historical standards, reflecting strong technicals. With valuations rich, investors are attentive to any wobble in AI-led growth narratives or earnings misses that could widen risk premia. What to watch next Macro: Upcoming labor, inflation, and activity data across major economies will frame the near-term path for yields and the dollar. Micro: Guidance from AI-adjacent hardware, cloud, and semiconductor supply chains will be scrutinized for signs of demand normalization versus continued buildout. Positioning: After outsized moves in metals and tech, liquidity pockets and options flows may continue to amplify intraday swings. House view summary Near-term tone: Cautiously risk-on, but fragile given tight credit spreads and elevated expectations. Key swing factors: Central bank communication, earnings quality, and the durability of AI-driven capex. Portfolio considerations: Diversification and attention to liquidity remain prudent amid fast-moving cross-asset rotations. Notes All market levels are for information only and subject to change. This commentary is not investment advice or a solicitation to buy or sell any security. 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 3 – Daily Market Update February 3, 2026 3 February 2026 – Daily Market Updates Market snapshot (as… Read More February 2 – Daily Market Update February 2, 2026 2 February 2026 – Daily Market Updates Markets Daily: Volatility… Read More January 30 – Daily Market Update January 30, 2026 30 January 2026 – Daily Market Updates Markets Daily: Risk-off… Read More January 29 – Daily Market Update January 29, 2026 29 January 2026- Daily Market Updates Quick take Metals rally… Read More January 28 – Daily Market Update January 28, 2026 28 January 2026 Daily Market Updates Markets Daily: Global Risk… Read More January 27 – Daily Market Update January 27, 2026 27 january 2026 – Daily Market Updates Market overview Equities:… Read More January 26 – Daily Market Update January 26, 2026 26 January 2026 – Daily Market Updates Markets Daily –… Read More January 23 – Daily Market Update January 23, 2026 23 January 2026 – Daily Market Updates Markets Daily |… Read More January 22 – Daily Market Update January 22, 2026 22 January 2026 – Daily Market Updates Market snapshot (as… Read More January 21 – Daily Market Update January 21, 2026 21 january 2026 – Daily Market Updates Daily Markets Briefing… Read More January 20 – Daily Market

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January 28 – Daily Market Update

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28 January 2026 Daily Market Updates Markets Daily: Global Risk Tone Mixed as Investors Await Central Bank Signals and Big Tech Earnings Overview Global markets are starting the week split between optimism in Asia and caution in Europe, while US equity futures edge higher ahead of a heavy earnings slate and a closely watched central bank decision. The dollar is firmer, gold continues to climb, and bond yields are steady in a tight range. Leadership remains concentrated in technology and AI-linked supply chains, with notable rotation toward semiconductor equipment and memory producers across Asia and Europe. Market at a glance US: Equity futures are modestly higher, led by tech and chips, with traders focused on results from mega-cap names and policy guidance from the central bank. Europe: Benchmarks are softer amid uneven earnings updates; luxury and select consumer shares lag, while semiconductor suppliers outperform. Asia: Hong Kong and South Korea led gains on strength in hardware, semis, and supply-chain beneficiaries; Japan was mixed, China steady-to-better on policy support signals. FX: The dollar index is up, reflecting relative growth and rate differentials; the euro and yen are modestly weaker; commodity FX is mixed. Rates: US Treasury yields are little changed across the curve ahead of today’s decision; volatility is subdued and the curve is broadly stable. Commodities: Gold extends its advance as investors hedge policy and geopolitical risks; crude trades in a tight band, with OPEC+ dynamics and US supply holding prices range-bound; industrial metals are steady. Key drivers today Policy in focus: The Federal Reserve is widely expected to leave interest rates unchanged. Markets will parse the statement and press conference for clues on timing and pace of any eventual easing, balance-sheet runoff, and the assessment of growth and inflation risks. Traders are sensitive to any shift in the reaction function that could influence front-end rates and risk appetite. Earnings heavyweights: Mega-cap tech and AI bellwethers report today and this week. Beyond the headline prints, investors want clarity on cloud demand, AI infrastructure spending, capital intensity, and monetization timelines. Guidance and capex plans will likely matter more than backward-looking results. AI supply chain leadership: Robust order books at chip-equipment makers and strength in memory and storage continue to validate the capex cycle around AI infrastructure. This has supported outperformance in select European and Asian technology shares, even as US mega-cap valuations remain elevated. Cross-asset positioning: With equities near highs and volatility low, positioning feels extended in favored themes. Month-end and central bank communications could catalyze rebalancing across equities, duration, and FX, particularly if guidance diverges from current market pricing. Equities United States: Futures point to a firmer open for the S&P 500 and Nasdaq. Pre-market tone is constructive in semiconductors and hardware, while software and communication services are in focus given upcoming reports. Financials and defensives are mixed as yields tread water. Europe: The region trades lower with dispersion across sectors. Luxury and discretionary names are soft after cautious holiday updates, while semiconductor equipment and select industrial technology outperform on improving demand signals. Banks are broadly steady. Asia-Pacific: Hong Kong and South Korea outperformed on technology leadership and continued interest in AI-linked exporters. Taiwan supply-chain names were bid, while Japan saw a more balanced session with gains in chips offset by consolidation in cyclicals. Fixed income US Treasuries are flat-to-slightly softer, with the front end anchored into the policy decision and the long end holding recent ranges. Any hawkish inflection in guidance could nudge terminal-rate expectations higher and weigh on risk assets; dovish-leaning language would likely support duration and higher-beta credit. European sovereigns are mixed, with core yields marginally higher and peripherals stable. Supply dynamics and upcoming inflation prints remain key near-term catalysts. Currencies The dollar is modestly stronger versus G10 peers. The euro is softer on mixed data and cautious risk tone, while the yen remains sensitive to yield differentials and policy expectations. Emerging-market FX is mixed, with higher-beta currencies tracking equities and commodities. Commodities Gold advances as investors seek portfolio ballast amid policy uncertainty and geopolitical risks. Real yields and the dollar will remain the key near-term drivers. Oil is range-bound, balancing steady demand expectations against ample non-OPEC supply and OPEC+ discipline. Time spreads and inventory trends suggest a well-supplied but not oversupplied market. Industrial metals are steady, supported by infrastructure demand and policy support signals, offset by inventory normalization. The day ahead Policy: Federal Reserve rate decision and press conference. Markets will watch for commentary on inflation progress, labor-market cooling, and the threshold for considering rate cuts or balance-sheet adjustments. Earnings: A busy slate featuring mega-cap technology, alongside major industrials, telecom, and consumer names. Watch guidance on AI-related capex, margins, and cost discipline. Data: A light-to-moderate macro calendar in the US and Europe, with attention on growth, confidence, and labor indicators that can shape near-term rate expectations. Themes to monitor Guidance over beats: With valuations full in leadership groups, forward guidance on capex, AI monetization, and margins will likely drive stock reactions more than headline beats. Broadening leadership: Continued outperformance in global semiconductor equipment, memory, and storage suggests AI’s benefits are spreading across regions and sub-industries. Policy path and liquidity: The balance between disinflation progress and growth resilience will influence the timing and pace of any easing cycle, shaping cross-asset correlations and liquidity conditions. Earnings dispersion: Expect wider single-stock moves as results and guidance diverge, particularly in sectors tied to AI spend, consumer demand, and China exposure. Risk radar Policy miscommunication or a shift in reaction function that reprices the rate path Earnings or guidance disappointments from AI and cloud bellwethers Geopolitical flare-ups affecting energy and supply chains Liquidity pockets into month-end and during blackout periods This publication is for information purposes only and is not investment advice or a solicitation to buy or sell any financial instrument. Market conditions can change quickly; consider confirming levels with live data before making decisions. If you have questions or wish to discuss positioning and risk management, please contact your account representative. Disclaimer: Trading foreign exchange and/or contracts

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January 23 – Daily Market Update

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

23 January 2026 – Daily Market Updates Markets Daily | Global Morning Brief As of 06:17 am ET S&P 500 futures: 6939.5 (-0.08%) Stoxx Europe 600: 607.46 (-0.23%) Nikkei 225: 53846.87 (+0.29%) Spot silver: 98.56 (+2.40%) Bitcoin: 89105.96 (-0.07%) Overnight and early-session tone Equities: US futures ease slightly, Europe is softer, and Asia finished mixed. The S&P 500 is tracking a second straight weekly pullback as investors digest earnings and shifting rate expectations. Currencies: The yen strengthened notably versus the dollar after a volatile week in Japanese assets, keeping FX volatility in focus and weighing on broader dollar sentiment. Rates: Yield curves have been steepening in several major markets as longer-dated bonds underperform. That reflects ongoing debate over fiscal paths and policy normalization timelines. Commodities: Precious metals remain firm, with silver extending gains and gold holding near recent highs as investors seek ballast amid policy and geopolitical uncertainty. Digital assets: Bitcoin is little changed, consolidating after recent swings. What’s moving the tape Rotation under the surface: Flows continue to show a bid for non-US risk, with emerging-market equities and hard assets attracting attention while some US-focused funds see outflows. Diversification away from concentrated exposures remains a recurring theme this month. Japan in focus: A rapid repricing in Japanese government bonds has challenged the long-held “low-for-long” narrative. Higher yields and currency strength are reverberating across global rate markets and equities tied to Japan’s growth and export dynamics. Curve trades reappear: With long-end yields leading, investors have revisited strategies that benefit from a steeper curve. The move underscores sensitivity to deficits, supply, and the path of policy rates across regions. Sector dispersion: Equipment and hardware names are seeing disparate results around earnings updates and guidance, while select health-tech and telecom-equipment reports point to resilient demand in core segments. Defense-related listings in Europe drew strong interest, highlighting ongoing support for that theme. Today’s key drivers to watch Earnings: Another heavy slate across tech, industrials, financials, and energy. Commentary on capex, AI-related spending, supply chains, and pricing power will be key for margins and guidance. Macro: US and European data drops on growth and inflation remain in focus ahead of major central bank meetings. Market-implied paths for policy continue to shift as incoming data challenge the pace and depth of any future rate moves. Policy and geopolitics: Headlines around trade, supply chains, and regional tensions are feeding into currency and commodity volatility. Stay mindful of headline risk into the weekend. Portfolio considerations Duration and curve: With long-end rates more volatile, consider how portfolio duration and curve exposure align with risk tolerance. Hedging rate sensitivity and stress-testing scenarios remains prudent. Diversification: Cross-asset moves this month have rewarded diversified exposures across regions and factors. Keep an eye on concentration risk, particularly within mega-cap tech and single-factor tilts. Liquidity: Elevated intraday swings in FX, rates, and commodities argue for maintaining ample liquidity and disciplined rebalancing protocols. Market wrap at a glance Equities: Cautious tone, modest declines in US/Europe, Asia mixed. FX: Dollar softer on the week; yen strength notable. Rates: Long-end under pressure; global curves steeper. Commodities: Precious metals bid; energy mixed. Crypto: Consolidation mode. Note: Market levels are indicative and subject to change Important disclosures This material is provided for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any securities. Markets involve risk, including the possible loss of principal. Consider your objectives, risk tolerance, and consult a qualified financial professional before making investment decisions. Market data may be delayed or updated 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 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 23 – Daily Market Update January 23, 2026 23 January 2026 – Daily Market Updates Markets Daily |… Read More January 22 – Daily Market Update January 22, 2026 22 January 2026 – Daily Market Updates Market snapshot (as… Read More January 21 – Daily Market Update January 21, 2026 21 january 2026 – Daily Market Updates Daily Markets Briefing… Read More 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 Update January 16, 2026 16 January 26 – Daily Market Updates Markets Daily |… Read More january 15 – Daily Market Update January 15, 2026 15 January 26 – Daily Market Updates Markets Daily —… Read More january 14 – 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

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January 22 – Daily Market Update

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

22 January 2026 – Daily Market Updates Market snapshot (as of 06:21 am ET; pricing may be delayed) S&P 500 futures: 6953.5 (+0.63%) Stoxx Europe 600: 609.96 (+1.21%) Nikkei 225: 53688.89 (+1.73%) Spot gold: 4828.54 (-0.06%) Bitcoin: 89878.29 (-0.34%) Global overview Risk appetite improved across regions, with equity markets extending gains and leadership concentrated in technology, semiconductors, and other AI‑linked beneficiaries. European benchmarks advanced broadly, while Japan’s main equity index outperformed in Asia amid ongoing enthusiasm for capex tied to data center build-outs and next‑generation compute. US equity futures point to a firmer open, continuing a rebound that began earlier in the week. Under the surface, the tone remains selective. Growth and quality factors are in favor, while defensive areas lag. Price action continues to be driven by expectations for a resilient global demand backdrop, tempered by elevated rates volatility following recent swings in long‑dated sovereign bonds. Equities US: Futures suggest a second straight session of gains, led by large‑cap tech and hardware suppliers leveraged to cloud and AI infrastructure. Earnings season is in focus, with investors scrutinizing guidance on margins, inventory, and capex plans. Watch commentary on supply chain normalization, the pace of enterprise IT spending, and the durability of pricing power. Europe: The region outperformed with cyclicals (autos, industrials) and technology ahead, while select consumer and healthcare names traded mixed on stock‑specific news. The breadth of the move improved versus earlier in the month, a constructive sign for risk appetite if sustained. Asia: Japanese equities rallied, supported by exporters and manufacturers tied to semiconductor equipment and components. Elsewhere in the region, performance was uneven as investors balanced supportive policy signals against concerns about growth differentials. Rates and FX Sovereign bonds: Following a bout of volatility in parts of the global rates complex, yields were little changed to slightly lower in early US trading. Curves remain modestly steeper versus recent tights, reflecting uncertainty around the timing and extent of policy easing this year. Liquidity and positioning in longer‑dated maturities bear watching after recent outsized moves. Currencies: The dollar traded mixed, modestly softer against pro‑cyclical peers and steadier versus traditional havens. The yen remained choppy as rate differentials and bond market dynamics offset each other. The euro ticked higher alongside firmer European risk assets. Commodities Precious metals: Gold consolidated near recent highs, holding the bulk of its multi‑week advance despite calmer headlines. Support continues to stem from central‑bank purchases, portfolio diversification flows, and lingering macro hedging demand. Energy: Crude was range‑bound, with traders weighing supply developments against signs of steady demand. Refining margins and inventory data remain near-term catalysts. Natural gas pricing was mixed as seasonal patterns meet variable weather forecasts. Industrial metals: Copper and related metals were mixed, reflecting a tug‑of‑war between constructive medium‑term electrification trends and near‑term growth and inventory considerations. Digital assets Crypto prices were slightly softer in early dealings. Flows into major tokens have moderated, with market depth and implied volatility stabilizing after recent bouts of activity. Correlations to equities remain episodic and sector‑specific rather than market‑wide. Themes to watch AI‑driven capex cycle: Hardware suppliers across memory, storage, networking, and power components continue to benefit from sustained orders tied to data centers and edge compute. Investors are watching for evidence that demand is broadening beyond hyperscalers into enterprise and telecom verticals. Earnings quality over quantity: With valuations elevated in select segments, guidance on free cash flow conversion, pricing discipline, and working‑capital management may matter as much as headline beats. Expect dispersion to remain high. Rates path and liquidity: Markets are reassessing the glide path for global policy rates. Any renewed stress in long‑maturity bonds could spill over into risk assets and FX, making auction outcomes and central‑bank communication particularly important in the weeks ahead. Market breadth: Participation outside mega‑cap leadership is improving but remains inconsistent. Sustained breadth would bolster the durability of the rally. Today’s calendar and catalysts Corporate earnings: A heavy slate from technology, industrials, materials, and consumer staples. Focus on demand outlooks, backlog health, and 2026 capex intentions. Data and policy: Later‑week releases on growth and labor, plus appearances from central‑bank officials, will help refine expectations for the policy path. Auction schedules in major bond markets are also on the radar. Positioning lens Sentiment: Short‑term sentiment indicators have moved back toward neutral from cautious, with downside hedging demand easing. That said, the options market still prices meaningful event risk around earnings. Flows: ETFs tied to technology and broad beta saw net inflows, while defensive sector funds experienced modest outflows. Credit markets remain orderly with healthy primary issuance. Bottom line Markets are leaning risk‑on, powered by ongoing optimism around the multi‑year investment cycle in AI infrastructure and a still‑constructive growth backdrop. The main pivots for direction near term are corporate guidance, the evolution of rate expectations, and the stability of longer‑dated bond markets. Maintaining diversification across factors and regions remains prudent as cross‑asset volatility ebbs and flows. Important notice: This content is provided for information only and does not constitute investment advice or an offer to buy or sell any securities. Market prices are illustrative, may be delayed, and are 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

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January 20 – Daily Market Update

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

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 15 – Daily Market Update

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

15 January 26 – Daily Market Updates Markets Daily — Broad Market Update Tone at a glance Risk appetite is firmer in early US hours as technology strength and improving breadth underpin equities, while commodities trade mixed and volatility remains contained. Market snapshot Nasdaq 100 futures: 25837.75 (+0.81%) WTI crude (front-month): 59.77 (-3.53%) Stoxx Europe 600: 613.88 (+0.38%) Nikkei 225: 54110.5 (-0.42%) Spot silver: 91.26 (-2.04%) Note: Market data may be delayed and is for informational purposes only. Global overview Equities: Technology-led gains are supporting US futures, with investors rotating selectively into growth areas tied to compute, data infrastructure, and semiconductors. Europe is modestly higher, paced by cyclicals and select financials, while Japan eased after a strong multi-month run as investors reassess valuations and currency moves. Commodities: Crude oil is lower as geopolitical risk premiums ebb and supply expectations stabilize; refined products are mixed. Precious metals are softer alongside a steady dollar and firmer real yields, while industrial metals show a slight bid on incremental signs of demand resilience. Breadth and style: After a period of improved participation across sectors, leadership remains a tug-of-war between mega-cap tech and economically sensitive groups. Small and mid caps have shown better relative tone lately, helped by easing credit anxieties and hopes for durable earnings improvement, but momentum still gravitates to AI-linked beneficiaries. Volatility: Implied volatility across major equity benchmarks remains subdued, consistent with a “climb the wall of worry” backdrop. Low vol can amplify reactions to data surprises, earnings guidance, or policy headlines. US session focus Earnings: Early results from large financial institutions and bellwethers across technology hardware and software will anchor the narrative on credit quality, deposit trends, AI-related capex, and enterprise demand. Management guidance on margins and capex plans is a key swing factor for sentiment. Data and policy: Investors are watching weekly labor indicators, housing and production updates, and any central bank commentary for clues on the path of growth, inflation, and policy rates. The market remains sensitive to shifts in rate-cut expectations and to evidence of either reacceleration or cooling in activity. Europe and UK European shares are supported by a mix of industrials, financials, and healthcare. Recent data suggest tentative stabilization in activity, though margin commentary remains front of mind in consumer and luxury segments. In the UK, manufacturing and services readings are being watched for confirmation of a gradual improvement in output and pricing pressures. Asia-Pacific Japan’s equity benchmark dipped modestly after a significant year-to-date advance, with investors weighing earnings revisions against currency dynamics and potential policy normalization. In broader Asia, tech supply-chain names continue to benefit from resilient demand for compute and memory, while exporters monitor global orders and shipping costs. Sectors to watch Semiconductors and equipment: Upbeat capex intentions across the compute/AI stack continue to filter through to suppliers, sustaining order backlogs and utilization outlooks. Watch commentary on lead times, tool deliveries, and supply normalization. Energy: Crude weakness reflects shifting risk premiums and balanced supply expectations. Keep an eye on inventory trends, OPEC+ signals, and refining margins for clues on near-term direction. Financials: Funding costs, loan growth, fee income, and credit provisions are the key watchpoints. Capital return plans and expense discipline remain catalysts. Consumer and discretionary: Margin resilience versus promotional activity is in focus. Travel, leisure, and luxury are sensitive to high-end demand and FX. What could move markets next Earnings guidance: Forward-looking commentary on demand, pricing, and margin structure may matter more than backward-looking beats/misses. Rate expectations: Any change in the timing or pace of anticipated policy adjustments can ripple through duration-sensitive equities and credit. Geopolitics and commodities: Headline risk around supply routes and regional tensions can quickly alter energy and freight pricing. Market internals: Watch breadth, new highs/lows, and factor dispersion to gauge the durability of the current advance. Risk radar Concentration risk in mega-cap leaders despite improving breadth Sensitivity to input costs and wage dynamics as pricing power normalizes Liquidity pockets in credit and private markets amid evolving rate paths Event risk around data releases and policy communication House view (tactical) Constructive but selective on risk assets near term, favoring high-quality balance sheets and cash-flow visibility. Prefer exposure to structural growth themes in compute/AI and automation while balancing with cyclicals tied to steady global demand. Maintain diversification with an eye on duration risk and potential volatility spikes around key events. Important information This newsletter is a general market commentary prepared for informational purposes only. It is not investment advice or a recommendation to buy or sell any security, sector, or strategy. Market levels shown above were provided by the user and may be delayed. Always evaluate investments in light of your objectives, risk tolerance, and financial situation. 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 15 – Daily Market Update January 15, 2026 15 January 26 – Daily Market Updates Markets Daily —… Read More january 14 –

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Price-to-Earnings Ratio (P/E)

Leave a Comment / Deliverable Equities, Educational Blogs, Stock Valuations / PhillipCapital DIFC Research Team

Price-to-Earnings Ratio (P/E) Table of Contents What is the Price-to-Earnings (P/E) Ratio and how is it calculated? What is the difference between Trailing P/E and Forward P/E? How do you interpret High vs. Low P/E Ratios? Why does the P/E Ratio vary across different sectors? What are the limitations of relying solely on the P/E Ratio? How can P/E be used in a comprehensive investment strategy? Conclusion Understanding how to value a company is the cornerstone of successful investing. Whether you are building a portfolio of global securities or analysing potential growth stocks, the Price-to-Earnings Ratio (P/E) remains one of the most widely used metrics in financial markets. It offers a quick snapshot of how the market values a company relative to its actual earnings, helping investors determine if a stock is overvalued, undervalued, or fairly priced. What is the Price-to-Earnings (P/E) Ratio and how is it calculated? Understanding how to value a company is the cornerstone of successful investing. Whether you are building a portfolio of global securities or analysing potential growth stocks, the Price-to-Earnings Ratio (P/E) remains one of the most widely used metrics in financial markets. It offers a quick snapshot of how the market values a company relative to its actual earnings, helping investors determine if a stock is overvalued, undervalued, or fairly priced. The formula is straightforward: P/E Ratio = Market Value per Share / Earnings per Share (EPS) For example, if a company trading on the US stock market has a share price of $100 and an EPS of $5, its P/E ratio would be 20 ($100 / $5). This means investors are currently paying 20 times the company’s annual earnings to own the stock. For investors using global equities brokerage services to access markets like the NYSE or LSE, understanding this calculation is the first step in filtering potential investment opportunities. It standardises the cost of earnings across different companies, allowing for easier comparison. What is the difference between Trailing P/E and Forward P/E? While the basic calculation remains the same, the data used for “earnings” can change the ratio significantly. There are two primary variations: Trailing P/E: This uses the earnings per share over the last 12 months (TTM). It is grounded in factual, historical data reported in company financial statements. However, because it looks backward, it may not reflect the company’s future potential or recent changes in the economic environment. Forward P/E: This uses projected earnings for the next 12 months, based on analyst estimates. Forward P/E is often more useful for investors focused on future growth, as markets are generally forward-looking mechanisms. However, it carries the risk of inaccuracy if the company fails to meet analyst expectations. Sophisticated investors often compare both. A Forward P/E that is significantly lower than the Trailing P/E suggests that analysts expect earnings to grow, potentially making the stock an attractive buy. Conversely, if the Forward P/E is higher, earnings may be expected to shrink. Access the World’s Top Equity Markets Trade US, European, and Asian stocks with the security of a trusted, DIFC-regulated broker. Open an account Contact us How do you interpret High vs. Low P/E Ratios? Interpreting the P/E ratio is not as simple as “low is good, high is bad.” The context matters immensely, particularly regarding your investment style—whether you prefer buy and hold strategies or active trading. High P/E Ratio (Growth Stocks): A high P/E often indicates that the market expects high future growth. Investors are willing to pay a premium today because they anticipate earnings will surge in the future. Technology companies and innovative startups often trade at high P/E multiples. However, a very high P/E can also signal that a stock is overvalued and due for a correction. Low P/E Ratio (Value Stocks): A low P/E can indicate that a stock is undervalued, potentially offering a bargain opportunity. These are often mature companies with stable cash flows. However, caution is required; a low P/E can sometimes be a “value trap,” where the price is low because the company’s fundamentals are deteriorating. For investors exploring Exchange Traded Funds (ETFs), looking at the weighted average P/E of an entire fund can also help assess whether a specific market index is overheated or reasonably priced. Why does the P/E Ratio vary across different sectors? Comparing the P/E ratio of a tech company to that of a utility provider is like comparing apples to oranges. Different industries have different average P/E ratios due to their growth prospects and risk profiles. Technology & Biotech: Typically have higher P/E ratios (e.g., 25x or higher) because investors price in rapid expansion and innovation. Utilities & Financials: Often have lower P/E ratios (e.g., 10x to 15x) because they are mature industries with regulated, steady, but slower growth. This is why a sector rotation strategy is critical. When the economy is booming, capital often flows into high P/E sectors. In recessionary periods, money tends to rotate into low P/E, defensive sectors. Always compare a company’s P/E to its industry peers rather than the broader market to get an accurate valuation. What are the limitations of relying solely on the P/E Ratio? While powerful, the P/E ratio should never be used in isolation. It has distinct limitations that savvy investors must acknowledge: Debt is Ignored: The P/E ratio looks at equity value but ignores a company’s debt load. Two companies might have the same P/E, but if one is heavily leveraged, it carries significantly higher risk. Earnings Manipulation: Companies can sometimes adjust their accounting practices to boost reported earnings temporarily, artificially lowering their P/E to look more attractive. Cyclical Industries: For companies in cyclical sectors (like commodities or heavy industry), P/E ratios can be misleading. At the peak of a cycle, earnings are high, making the P/E look artificially low just before the cycle turns. For investors seeking to mitigate these specific equity risks, diversifying into structured products can offer tailored exposure with defined risk parameters, serving as a hedge against the volatility inherent in pure equity

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Price-to-Earnings Ratio (P/E)

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