Global Markets

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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February 24 – Daily Market Update

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

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February 23 – Daily Market Update

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

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February 20 – Daily Market Update

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20 February 2026 – Daily Market Updates Markets Daily — Broad Market Update Market Snapshot (as of 06:09 am ET; pricing may be delayed) S&P 500 Futures: 6884.5 (+0.11%) Stoxx Europe 600: 628.37 (+0.49%) Hang Seng: 26413.35 (-1.10%) WTI Crude (front-month): 66.06 (-0.56%) Bitcoin: 67914.55 (+1.54%) Global overview US: Equity futures are steady as investors await fresh economic readings and weigh ongoing geopolitical risks. The debate around the pace and scale of Federal Reserve easing continues, with firmer growth and resilient hiring tempering expectations for multiple cuts. Treasury yields are little changed to slightly higher and the US dollar remains broadly firm as rate differentials support the greenback. Europe: Stocks advanced after stronger-than-expected activity surveys pointed to improving momentum, led by a rebound in manufacturing. While sentiment has improved, the region’s benchmark has rallied for months and aggregate valuations have crept higher, leaving performance more sensitive to earnings delivery and guidance. Asia: Trading was mixed. Hong Kong lagged amid weakness in select growth and technology names, while other regional markets were more balanced as investors assessed the global interest-rate path and local earnings updates. Rates and currencies Government bonds: Core yields are edging up as investors scale back aggressive easing timelines, with attention on incoming inflation and activity data to confirm disinflation’s durability. Foreign exchange: The dollar is firmer on the week as markets reassess the odds of near-term rate cuts. Cyclical currencies are range-bound; the euro is supported by improving survey data but capped by relative rate dynamics. Commodities and digital assets Energy: Crude prices softened as supply dynamics and demand concerns offset geopolitical risk premiums. Refining margins and inventory trends remain in focus into month-end. Metals: Industrial metals were mixed alongside shifting global growth signals. Crypto: Bitcoin advanced toward the high-$60,000s, with broader digital assets steady on constructive risk sentiment. Corporate highlights Technology and software: Select names came under pressure after conservative outlooks raised questions about near-term growth trajectories and spending priorities. Health care and biotech: Clinical news flow sparked notable single-name volatility, highlighting trial and regulatory risk in the sector. Consumer and luxury: European luxury leaders outperformed following robust results from a marquee outerwear brand, underscoring resilient high-end demand. Earnings cadence: The reporting season is past its peak; further updates from utilities, payments, and communications services companies are due, with guidance and cashflow discipline in focus. Key themes we’re watching Policy path: Markets are balancing solid growth and sticky services inflation against the Fed’s desire to normalize policy. Fewer cuts priced for this year support the dollar and weigh on duration. Profit cycle: After a strong run, equity multiples leave less room for error. Delivery on earnings, AI-related capex payoffs, and margin resilience are crucial swing factors. Positioning and flows: Elevated cash yields continue to anchor short-duration allocations, while any sign of durable disinflation could extend risk appetite into cyclicals and small/mid caps. Geopolitics: Ongoing tensions in the Middle East and election-year policy noise may periodically lift volatility across energy, rates, and FX. Today’s watch list US: Preliminary business activity surveys, housing indicators, and regional manufacturing readings Europe: Follow-through from PMI surprises and any guidance from central bank speakers Commodities: Weekly inventory data and refinery utilization trends Corporate: Updates on capex plans, AI spend, and buyback intentions as management teams refine 2026 outlooks Risk considerations Upside risks: Faster productivity gains tied to technology investment, positive earnings revisions, and orderly disinflation. Downside risks: Stickier inflation prompting a slower easing path, growth disappointments in China or Europe, and escalation in geopolitical hotspots. Disclosure This material is provided for general information only and does not constitute investment advice or a recommendation to buy or sell any security, sector, or strategy. Market levels are as noted above and may have changed since the time of publication. Investors should consider their individual circumstances and risk tolerance before making investment decisions. Disclaimer: Trading foreign exchange and/or contracts for difference on margin carries a high level of risk, and may not be suitable for all investors as you could sustain losses in excess of deposits. The products are intended for retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. The content of the Website must not be construed as personal advice. For retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. Rolling Spot Contracts and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78% of our retail client accounts lose money while trading with us. You should consider whether you understand how Rolling Spot Contracts and CFDs work, and whether you can afford to take the high risk of losing your money. 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 Update February 18, 2026 18 February 2026 – Daily Market Updates Markets Daily A… Read More February 17 – Daily Market Update February 17, 2026 17 February 2026 – Daily Market Updates Markets Daily |… Read More February 16 – Daily Market Update February 16, 2026 16 February 2026 – Daily Market Updates Markets Daily —… Read More February 13 – Daily Market Update February 13, 2026 13 February 2026 – Daily Market Updates Markets Daily |… Read More February 12 – Daily Market Update February 12, 2026 12 February 2026 – Daily Market Updates Markets Daily —… Read More February 11 – Daily Market Update February 11, 2026 11 February 2026 – Daily Market

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February 17 – Daily Market Update

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17 February 2026 – Daily Market Updates Markets Daily | Broad Market Update US equity futures point lower with technology leading declines as Wall Street returns from the holiday. European shares are broadly flat, while trading in Asia was mixed and thinned by Lunar New Year closures. Precious metals are softer, crude is edging down, and digital assets are under pressure. Market snapshot (as of 06:12 am ET; levels subject to change) Nasdaq 100 Futures: 24617.25 (-0.75%) Stoxx Europe 600: 618.46 (-0.01%) Nikkei 225: 56566.49 (-0.42%) Spot Gold: 4922.87 (-1.39%) Bitcoin: 67837.88 (-1.45%) Global macro and policy United Kingdom: The latest labor figures showed unemployment ticking up and pay growth easing. Interest-rate markets increased expectations for additional Bank of England cuts by year-end, weighing modestly on sterling and supporting gilts. Europe: Policymakers continue to discuss ways to deepen the euro’s global footprint. While largely a long-run initiative, it underscores a push to strengthen financial resilience and liquidity in euro-denominated markets. Japan: Government bond yields fell further following a well-received auction, extending the recent rally and reinforcing a lower-volatility backdrop for local rates. Commodities and geopolitics: Oil prices drifted lower as traders monitored diplomatic developments in the Middle East alongside steady supply dynamics. Equities: what’s moving AI-driven swings continue to ripple across sectors. Recent headlines have triggered broad, sometimes indiscriminate selling in industries perceived as vulnerable to automation. That has been followed by sharp rebounds as investors differentiate likely winners from names with more durable cash flows. Expect elevated dispersion and ongoing factor rotations. Corporate highlights: Leisure and travel: A major cruise operator advanced in early trading amid reports of an activist building a significant stake. Media and entertainment: Large-cap media names moved on talk that deal discussions could be revisited after a revised proposal. Health care: A diversified life-sciences company reportedly neared a multibillion-dollar purchase of a medical-technology firm; potential knock-on effects were seen across diagnostics peers. Japan financials: Shares in a leading brokerage’s parent slipped after local regulators began a probe into the unit’s activities. Shipping and logistics: Container shipping rallied after a takeover agreement valued a target at roughly $4.2 billion. Materials: Gold and silver miners traded lower alongside weakness in underlying metals. Earnings on deck: Medtronic (pre-market); Palo Alto Networks and Cadence Design Systems (after the bell). Investors will focus on guidance quality, margin resilience, and any commentary on demand normalisation into mid-year. Rates, FX and credit US Treasuries: Yields are steady to slightly lower as participants balance slower inflation progress with moderating growth signals. Curve shape remains sensitive to incoming data and central bank communications. Europe rates: Gilt yields fell on softer UK labor momentum; bunds were little changed in early dealings. Foreign exchange: The dollar is mixed. Sterling eased on shifting BoE expectations; the euro was broadly stable; the yen firmed modestly in tandem with the JGB rally. Cross-asset volatility remains below recent peaks but above last year’s lows. Commodities and digital assets Gold slipped as real yields firmed and risk sentiment stabilized after last week’s swings. Industrial metals remain underpinned by ongoing interest in energy transition supply chains, even as short-term positioning looks crowded. Crude benchmarks softened amid headline risk and range-bound fundamentals. Bitcoin traded lower, mirroring broader risk-on/risk-off dynamics and profit-taking after recent gains. The takeaway Markets are navigating a push-pull between resilient earnings leadership and periodic de-risking tied to AI narratives, M&A headlines and evolving central bank paths. Expect choppy sessions, higher dispersion within sectors, and a renewed emphasis on balance-sheet strength and pricing power. Near term, watch labor and inflation prints in major economies, guidance from today’s earnings slate, and any signals on policy timing from central bank speakers. House view for clients Maintain diversified exposure across regions and styles, with an eye on quality balance sheets and consistent free-cash-flow generation. Use volatility to rebalance toward long-term targets; consider staggered entry points rather than single-date allocation shifts. Ensure risk controls are in place around event-heavy periods. Important information This material is a general market update for information purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any financial instrument. Market data are indicative and subject to change. Disclaimer: Trading foreign exchange and/or contracts for difference on margin carries a high level of risk, and may not be suitable for all investors as you could sustain losses in excess of deposits. The products are intended for retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. The content of the Website must not be construed as personal advice. For retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. Rolling Spot Contracts and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78% of our retail client accounts lose money while trading with us. You should consider whether you understand how Rolling Spot Contracts and CFDs work, and whether you can afford to take the high risk of losing your money. February 17 – Daily Market Update February 17, 2026 17 February 2026 – Daily Market Updates Markets Daily |… Read More February 16 – Daily Market Update February 16, 2026 16 February 2026 – Daily Market Updates Markets Daily —… Read More February 13 – Daily Market Update February 13, 2026 13 February 2026 – Daily Market Updates Markets Daily |… Read More February 12 – Daily Market Update February 12, 2026 12 February 2026 – Daily Market Updates Markets Daily —… Read More February 11 – Daily Market Update February 11, 2026 11 February 2026 – Daily Market Updates Markets Daily —… Read More February

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February 16 – Daily Market Update

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

February 16 – Daily Market Update Read More »

Weekly Global Market News – february Week 3

Leave a Comment / Market Updates, Weekly Global Market Update / PhillipCapital DIFC Research Team

Weekly Global Market News – February -Week 3 A holiday-shortened start and Asia’s festive calendar will thin liquidity early in the week, but the macro and earnings flow intensifies from Tuesday onward. Headline drivers include a heavy slate of inflation prints across advanced economies, the latest read on the US policy outlook via FOMC minutes, flash PMIs on Friday, and China’s loan prime rate decision. On the corporate side, global miners dominate with results that will ripple across iron ore, copper, and gold, while selected tech, consumer, industrials, and energy names provide important micro clues on demand, pricing power, and capital allocation. Market conditions and closures US: Presidents’ Day on Monday; cash equities, Treasuries, and futures observe holiday hours. Latin America: Brazil and Argentina are closed Monday and Tuesday for Carnival. Asia: Lunar New Year-related closures keep mainland China shut most of the week; Hong Kong runs a half-day Monday then resumes Friday. South Korea observes Seollal for three days. Key themes to watch 1.Inflation pulse and policy path UK CPI and PPI (Wed): Services inflation stickiness vs base effects is central to the BoE’s cut timeline. A firm print would support front-end gilt yields and underpin GBP into week’s end retail sales. Euro area components (Germany, France; Tue/Wed): January readings help refine the ECB’s handoff from disinflation to timing cuts in H2. Japan CPI (Fri) and Q4 GDP (Mon): A firm core outcome and resilient growth bolster the case for the BoJ’s eventual policy normalization; watch JGB term premium and yen sensitivity. Canada CPI (Tue): Core measures and shelter components are pivotal for the BoC’s mid-year easing narrative. Germany PPI (Fri): Producer prices continue to guide margin dynamics and potential disinflation carry-through. 2. Central bank signals FOMC minutes (Wed): Market focus on balance between patience and data dependence on cuts. Any color on QT glidepath and inflation risk asymmetry will steer the front end of the US curve and the dollar. China LPR decision (Fri): With growth support in focus, watch for a targeted easing bias; credit impulse implications are key for copper, iron ore, and China-sensitive equities. 3. Global growth nowcast Flash PMIs (Fri, US/UK/Eurozone/Japan/others): Manufacturing stabilization vs services resilience; new orders and prices-paid subindices will be read for margin and inventory signals. UK retail sales and public finances (Fri): Consumption breadth after the holiday period; implications for domestic cyclicals and gilts. EU industrial production (Mon) and construction output (Thu): Capex temperature check across the bloc. 4. Earnings: Miners lead, with cross-asset read-throughs Diversified miners: BHP, Rio Tinto, Glencore, Anglo American, Antofagasta, Newmont, Kinross, Pan African Resources (Tue–Fri). Focus on: Price decks and sensitivity to iron ore, copper, and gold. Capex discipline vs growth optionality; decarbonization and permitting updates. Unit costs, FX tailwinds, logistics and energy inputs. Dividend and buyback frameworks amid volatile commodity strips. Energy: Occidental, Repsol (Thu). Watch capex, shale productivity, free cash flow allocation, and commentary on supply discipline. Industrials/building materials: CRH, Deere & Co, Airbus, Mondi, Renault (Thu). Construction volumes, backlogs, and pricing carry; aero supply chain cadence. Consumer and staples: Walmart, Nestlé, Carrefour, Pernod Ricard, Moncler, InterContinental Hotels, Live Nation (Tue–Thu). Volumes vs price/mix, private-label trade-up/down, travel and events momentum, China reopening after holidays. Tech and payments-adjacent: Palo Alto Networks, Analog Devices, Cadence, eBay, DoorDash, Etsy, Akamai (Tue–Thu). Cybersecurity budget resilience, AI hardware cycle timing, inventory normalization in semis, e-commerce take rates and cost discipline. Financials and utilities/insurance: Zurich Insurance, Centrica, Consolidated Edison, Aegon, Suncorp (Wed–Thu). Cat losses, solvency metrics, rate sensitivity, retail energy margins. Asset-class playbook FX USD: Range-bound into Wednesday’s minutes; upside risks if growth momentum remains firm. GBP: Two-way risk around CPI/retail sales; firmer data would support sterling and front-end gilt yields. JPY: Sensitive to Japan CPI/GDP; hawkish BoJ expectations could re-steepen JGBs and buoy yen. CAD: CPI surprise steers BoC cut probabilities; watch CAD crosses for volatility. AUD: Labor force data (Thu) in focus; a firm print tempers early cuts pricing. CNH: Holiday-thinned flows; LPR bias and any growth guidance could set the tone into month-end. Rates US: Curve dynamics hinge on minutes and Friday’s GDP update; stickier inflation favors bear-flattener risk. UK: Gilts vulnerable to services CPI; pay attention to breakevens. Euro area: Bunds track core inflation and PMIs; construction/IP softness still a support tailwind. Japan: JGB term premium sensitive to CPI and policy normalization chatter. Equities Expect dispersion: commodity producers, AI-adjacent names, and defensives may decouple. Low Monday liquidity can amplify moves in Europe; watch for gap risk when US reopens Tuesday. Commodities Iron ore and copper: Guided by miners’ capex/cost outlooks and China tone post-holidays. Gold: Real-yield path and central bank demand remain supportive on dips. Oil: Macro growth tone and inventory data to drive spreads; energy equities guided by capital return commentary. Event radar India’s AI Impact Summit in New Delhi (Mon–Fri): High-profile tech and industry leaders discuss AI deployment and infrastructure. Semis, hyperscale capex, and enterprise software guidance will be parsed for spend intentions and timelines. Political and geopolitical watch: Developments in the Middle East and broader US policy headlines may add episodic risk to energy and haven flows. The week’s calendar at a glance Monday Market closures: US (Presidents’ Day), Brazil and Argentina (Carnival), South Korea (Seollal), China (Lunar New Year week), Hong Kong (half-day). Data: EU industrial production (Dec), India WPI (Jan); Japan and Switzerland Q4 GDP first estimates; UK Rightmove house prices (Feb). Earnings: Bridgestone (FY). Tuesday Data: Canada CPI (Jan); Germany CPI/HICP (Jan); UK labor market stats, flash productivity (Q4), ONS housebuilding; US Conference Board Employment Trends Index. Earnings: Antofagasta (FY), BHP (HY), Cadence Design Systems (Q4/FY), Caesars Entertainment (Q4/FY), Carrefour (FY), DTE Energy (Q4/FY), Fluor (Q4/FY), Genuine Parts (Q4/FY), Havas (FY), InterContinental Hotels (FY), Kenvue (Q4/FY), Kerry Group (FY), Medtronic (Q3), Palo Alto Networks (Q2), Vulcan Materials (Q4/FY). Wednesday Data: France CPI (Jan); Germany labor market (Q4); UK CPI and PPI (Jan), UK house price indices and private rents (Feb). Central banks: FOMC minutes (Jan meeting). Earnings: Analog Devices (Q1), BAE Systems (FY), Celanese (Q4/FY), Conduit Re (FY),

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February 13 – Daily Market Update

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

13 February 2026 – Daily Market Updates Markets Daily | Broad Market Update Overview Global markets are treading cautiously ahead of a key US inflation print. US equity futures are slightly lower, European stocks are softer, and the dollar is a touch firmer. Asian trading was mixed, with Hong Kong underperforming. Bond markets are steady to marginally weaker as traders balance hopes for rate cuts later this year against signs that underlying price pressures may prove stickier than previously assumed. Crypto assets are firmer, and select commodity prices are consolidating. Snapshot (approximate, 06:20 ET) US equity futures: modestly lower (around -0.3%) Europe: Stoxx 600 slightly in the red (about -0.3%) US dollar: marginally stronger (roughly +0.1% on a broad index) Asia: Hong Kong notably weaker (down nearly 1.7%) Bitcoin: higher (around +1.5%–2%) What’s driving markets All eyes on inflation: Today’s US consumer price reading is poised to set the near-term tone for rates and risk assets. An upside surprise could challenge the consensus for multiple rate cuts later this year, while a softer print would likely revive the “soft-landing” narrative. Rates debate: Front-end yields remain sensitive to data surprises. While markets still discount rate reductions this year, the path and timing remain in flux amid resilient growth and evidence of lingering services inflation. Dollar bid, commodities mixed: The greenback’s mild strength reflects pre-data caution. Base metals are consolidating amid shifting policy headlines, while energy prices are range-bound as supply dynamics offset demand questions. AI jitters cool, but rotations persist: After a bout of AI-driven volatility and sharp factor rotations, equity markets stabilized. Still, investor positioning remains highly responsive to headlines about automation and productivity, with periodic knock-on effects across software, logistics, financial services, and professional industries. Equities US: The tape is balanced ahead of the data. Semiconductor equipment names have benefited from constructive guidance tied to capacity and AI-related demand. By contrast, some ad-driven internet platforms have faced pressure on softer revenue commentary, while select streaming and connected-TV names saw relief on better-than-feared results. An EV manufacturer’s progress toward profitability has supported sentiment in that niche. Europe: Consumer and luxury-linked names lagged after softer sales updates in select categories, reinforcing a defensive tone. Broader indices remain range-bound as investors await US macro catalysts. Asia: Hong Kong underperformed on renewed growth concerns, while other regional markets were mixed as earnings season and global rate expectations guided flows. Fixed income and FX Treasuries: Yields are little changed to slightly higher into the CPI release. The curve remains in a holding pattern, with two- to five-year maturities most sensitive to any re-pricing of the Fed path. Global bonds: Core European yields track US moves; peripheral spreads are stable. Credit markets remain orderly, though bid-offer typically widens around major data. FX: The dollar firmed modestly on event risk hedging. High-beta and cyclical currencies are range-trading; the yen remains driven by relative policy expectations and US yield direction. Commodities and crypto Commodities: Industrial metals are steady to softer amid trade-policy headlines and growth worries. Oil holds in a tight band as supply risks offset macro caution. Gold is little changed, reflecting the push-pull between real yields and hedging demand. Digital assets: Crypto benchmarks are firmer after recent volatility. Institutional interest and flows remain supportive, but positioning is highly reactive to macro data and regulatory developments. Primary markets and corporate flow New issuance: Signs of select US IPO postponements and resized offerings reflect a more discerning tone on valuations and near-term demand. Seasoned issuers in investment-grade and high yield continue to access markets, but windows may narrow around data prints. Earnings pulse: Reporting volume is slowing into the long weekend. A handful of consumer and healthcare names report before the open; guidance and margin commentary remain the key swing factors for single-stock moves. The day ahead — key things to watch US CPI: Core services momentum, shelter disinflation pace, and goods pricing will be dissected for clues on the durability of progress toward target. Rate expectations: Watch front-end yields, Fed-dated OIS, and terminal-rate pricing post-release. Equity leadership: Semis and AI-adjacent beneficiaries versus defensives; any rotation after the data could set the tone into month-end. Liquidity: Expect wider spreads and quicker price gaps around the print; levels may normalize into the afternoon if outcomes meet consensus. Risk considerations Event risk: Macro surprises can prompt outsized moves in rates, FX, and cyclicals. Hedging and disciplined risk limits are advisable around releases. Policy and trade: Shifts in tariff frameworks and industrial policy can influence metals, industrials, and global supply-chain plays. Earnings and guidance: With macro uncertainty elevated, forward guidance remains a primary driver of dispersion across sectors. This material is provided for information purposes only and does not constitute investment advice or a recommendation to buy or sell any financial instrument. Past performance is not indicative of future results. Markets are volatile and may move quickly following economic data or policy developments. Disclaimer: Trading foreign exchange and/or contracts for difference on margin carries a high level of risk, and may not be suitable for all investors as you could sustain losses in excess of deposits. The products are intended for retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. The content of the Website must not be construed as personal advice. For retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. Rolling Spot Contracts and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78% of our retail client accounts lose money while trading with us. You should consider whether you understand how Rolling Spot Contracts and CFDs work, and

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February 11 – Daily Market Update

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

11 February 2026 – Daily Market Updates Markets Daily — Broad Market Update Market snapshot (as of 6:06 a.m. ET) US equity futures: flat to slightly lower (S&P 500 futures near 6961, -0.01%) Europe: Stoxx 600 around 619.6, -0.22% Asia: Hang Seng closed up roughly 0.3% near 27266 US dollar: softer by about 0.3% on a broad trade-weighted basis Bitcoin: near $66600, down roughly 2.9% US Treasuries: yields edging lower across the curve Macro and policy “Bad news is good news” is back in focus. Softer data have reinforced expectations that major central banks, led by the Fed, could begin easing later this year. Markets are leaning toward multiple rate cuts in 2026, though timing remains data-dependent. Today’s US labor-market update will be pivotal. Traders will watch headline payrolls, the unemployment rate, participation, average hourly earnings, and—critically—revisions to prior months. A cooler set of numbers would bolster the case for earlier policy support; an upside surprise could push back those timelines. Global growth signals are mixed: Europe continues to show uneven momentum, while Asia’s tech‑heavy markets have benefited from the weaker dollar and ongoing demand for semiconductors and AI infrastructure. Equities US: Index futures are steady as investors balance resilient mega-cap tech leadership with late‑cycle dynamics favoring quality balance sheets and cash flow. Rate‑sensitive segments tend to benefit when yields fall, while small caps remain more volatile around macro surprises. Europe: Modest declines in early trade as investors digest earnings, cost‑reduction plans, and guidance resets. Defensive pockets (utilities, staples, healthcare) are finding support when bond yields ease, while cyclicals trade more on growth and China‑linked headlines. Asia: Mixed session. Tech‑oriented markets continue to attract flows on AI hardware demand, while parts of Greater China remain range‑bound amid policy and property‑sector uncertainty. Rates and credit US Treasuries are firmer, with the belly of the curve leading on softer growth signals. A cool employment print would likely extend the rally and favor a bull‑steepening bias; a hotter release risks a reversal with front‑end yields most sensitive. Investment‑grade credit spreads are broadly stable; high yield trades in a tight range but remains sensitive to earnings surprises and any pickup in default chatter. Currencies The dollar is easing for a fourth session as rate‑cut probabilities firm. A benign wage‑inflation number would likely keep the pressure on the greenback; stronger earnings growth could flip the script. G10: Euro and pound are firmer against the dollar; yen steadies as US yields dip. Select commodity currencies are consolidating after recent gains. Commodities and crypto Oil: Range‑bound as supply risks and inventory dynamics offset growth concerns. Positioning remains cautious ahead of key macro prints. Gold: Supported by lower real yields and a softer dollar; ETF flows remain the swing factor. Digital assets: Bitcoin is retracing after a strong multi‑week run; intra‑day volatility remains elevated around liquidity pockets and risk sentiment. Theme to watch: The AI dispersion Markets are recalibrating winners and potential laggards from rapid AI adoption. Hardware beneficiaries and energy‑efficient infrastructure remain in focus, while parts of software, services, and select financial niches face headline‑driven volatility. Expect continued differentiation at the single‑name level as business models adapt and pricing power is tested. Event radar US labor market report: headline jobs, unemployment rate, participation, average hourly earnings, and prior‑month revisions Central bank speakers and minutes across major economies Corporate earnings: watch forward‑guidance language, cost discipline, AI investment pacing, and capital‑return updates Trading lens: What could move markets today Weaker‑than‑expected jobs/wage data: likely bullish duration, softer dollar, supportive for rate‑sensitives and quality growth Stronger‑than‑expected jobs/wage data: potential bear‑flattening in rates, dollar bounce, factor rotation toward cyclical/value and financials Big revisions: could meaningfully reshape the narrative even if the headline meets estimates House view highlights Macro remains a tug‑of‑war between cooling growth and prospective policy support. Near term, data beats/misses will likely drive sharp, factor‑level rotations more than index‑directional trends. Stay selective within equities, with an emphasis on quality balance sheets and durable cash flow. In fixed income, carry remains attractive, but duration should be sized with event risk in mind. Important information This material is for information only and does not constitute investment advice or a recommendation to buy or sell any security or strategy. Markets are volatile and can move quickly around economic releases and company news. Consider your objectives, risk tolerance, and local regulations before making investment decisions. Market levels and performance figures referenced above are indicative and subject to change. Disclaimer: Trading foreign exchange and/or contracts for difference on margin carries a high level of risk, and may not be suitable for all investors as you could sustain losses in excess of deposits. The products are intended for retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. The content of the Website must not be construed as personal advice. For retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. Rolling Spot Contracts and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78% of our retail client accounts lose money while trading with us. You should consider whether you understand how Rolling Spot Contracts and CFDs work, and whether you can afford to take the high risk of losing your money. February 11 – Daily Market Update February 11, 2026 11 February 2026 – Daily Market Updates Markets Daily —… Read More February 10 – Daily Market Update February 10, 2026 10 February 2026 – Daily Market Updates Markets Daily: Caution… Read More February 4 – Daily Market Update February 4, 2026 4 february 2026 – Daily Market Updates Markets Daily: Broad… Read More February 3 –

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February 10 – Daily Market Update

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

10 February 2026 – Daily Market Updates Markets Daily: Caution returns as rates nudge higher, Japan surges, and AI-driven dispersion deepens Global markets are mixed to start the day, with a guarded tone across risk assets as investors weigh shifting rate expectations, fresh politics in Japan, and a still-evolving narrative around artificial intelligence and software Market snapshot US equity futures: slightly lower, pointing to a softer Wall Street open after last week’s late rebound Europe: little changed overall, with sector rotation rather than clear index direction Rates: US 10-year Treasury yields are edging up, reflecting a modest back-up in real rates into a heavy data week Asia: Japan’s major equity benchmark leapt to new highs following a strong electoral outcome that reinforced policy continuity and reform momentum Commodities: gold is firmer after recent volatility; crude is steady ahead of industry outlooks due later in the week FX: the dollar is broadly steady; sterling remains sensitive to UK political headlines Top themes today Higher-for-longer jitters creep back in: A small rise in Treasury yields is keeping risk appetite in check. With key US data approaching, investors are reluctant to chase equities after last week’s swift recovery. Implied equity volatility remains above its recent average, a sign that hedging demand persists. AI is no longer a tide that lifts all boats: The market’s AI trade is becoming more selective. Instead of a broad-based lift across software and tech, leadership is narrowing to firms with clear monetization paths, defensible data, or infrastructure advantages. This is creating wider performance gaps both within tech and across adjacent sectors exposed to automation themes. Japan’s equity momentum strengthens: A decisive political result has bolstered expectations for continued pro-growth policy, corporate governance improvements, and capital efficiency gains. Earnings revisions and buyback activity remain key supports. Currency dynamics and the domestic rate path are additional levers to watch. China’s gradual reserve diversification draws muted market reaction: Reports that Chinese authorities are encouraging banks to trim concentrations in US government debt elicited only a modest move in Treasuries. The long-running trend of diversified reserve management has been offset over time by buying from other foreign investors and domestic demand, helping contain market impact. Commodities and positioning: Gold’s sharp swings last week underlined how crowded positioning and macro hedging can amplify moves. Oil traders will look to upcoming producer and agency reports for fresh guidance on balances, non-OPEC supply, and demand resilience. US session setup Equities: Futures point to a consolidation day. Under the surface, factor and sector dispersion remains elevated, with short covering having contributed to last week’s rebound in some of the most volatile names. Turnover trends suggest investors are adding selectively rather than re-risking broadly. Credit: Primary markets remain open, but rate volatility argues for opportunistic issuance windows and continued focus on balance-sheet quality. Rates: The modest bear-steepening bias into data is consistent with cautious duration positioning. FX: The dollar is stable; idiosyncratic political risks keep select European currencies on watch. The week ahead: data, policy, and earnings to watch Monday: Mexico inflation prints; comments expected from US and European central bank officials. Tuesday: US retail sales, small business sentiment, and employment cost data will provide a read on the consumer and wage trends; several large-cap companies in banking, beverages, autos, and media report results. Wednesday: China inflation data and producer prices; US nonfarm payrolls, jobless rate, and the federal budget update; energy market outlook from producers. Corporate updates include hospitality and enterprise tech. Thursday: Inflation releases from parts of Asia and Europe; UK growth and industrial production; US jobless claims and existing home sales; additional central bank speakers; global oil market outlook from international agencies; select crypto and fintech earnings. Friday: China home-price data; euro-area growth and country-level inflation updates; US consumer inflation—the key macro highlight into the weekend. What we’re watching Breadth and leadership: Can cyclical sectors and small/mid caps participate, or does performance remain concentrated in a handful of mega-cap and infrastructure plays? Earnings guidance vs. multiples: With rates elevated, the bar for richly valued names is higher. Watch free-cash-flow trajectories and margin commentary. Labor-market signals: Wage metrics and participation will help shape the path of services inflation and central-bank reaction functions. Duration and curve: A hotter CPI would likely keep the front end anchored higher-for-longer while challenging longer maturities; a cooler print could revive soft-landing positioning. FX spillovers: Political headlines and relative growth surprises may drive cross-currency volatility even if the broad dollar remains range-bound. Portfolio considerations (not investment advice) Quality bias: Favor stronger balance sheets, consistent cash generation, and pricing power while rates remain elevated. Diversify AI exposure: Consider a balanced approach across infrastructure, enablers, and proven applications rather than a blanket sector bet. Manage rate risk: For fixed income, a staggered-duration or barbell approach can help navigate data volatility. Hedging discipline: Elevated dispersion argues for keeping risk controls and hedges in place around major macro releases. Global mix: Japan’s reform and shareholder-return story remains a constructive long-term theme; monitor currency and policy dynamics. Key risks Upside inflation surprises or stickier services inflation Policy miscommunication amid a crowded central-bank speaker slate Geopolitical or election-related volatility spilling into rates and FX Liquidity pockets and mechanically driven flows (e.g., systematic or passive rebalancing) amplifying short-term swings This material is provided for information only and does not constitute investment advice or a recommendation to buy or sell any security, sector, or strategy. Markets are volatile and past performance is not indicative of future results. Disclaimer: Trading foreign exchange and/or contracts for difference on margin carries a high level of risk, and may not be suitable for all investors as you could sustain losses in excess of deposits. The products are intended for retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. The content of the Website must not be construed

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Weekly Global Market News – february Week 3

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February 11 – Daily Market Update

February 10 – Daily Market Update

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