Gold Prices

February 11 – Daily Market Update

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

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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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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February 2 – Daily Market Update

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

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January 28 – Daily Market Update

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

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 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 21 – Daily Market Update

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

21 january 2026 – Daily Market Updates Daily Markets Briefing Market Snapshot (as of 06:16 am EST; values may be delayed) S&P 500 Futures: 6842 (+0.18%) Stoxx Europe 600: 600.03 (-0.46%) US 10-Year Treasury Yield: 4.281% (down ~0.01) Nikkei 225: 52774.64 (-0.41%) Spot Gold: 4866.3 (+2.16%) Overview US equity futures are stabilizing after a sharp risk-off session, while Europe trades softer and Asia finished mixed. Government bond yields are easing at the margin as investors reassess growth and policy expectations, and safe-haven bids remain evident in precious metals. Weather-driven energy dynamics and a busy corporate earnings slate are in focus. Equities United States: Futures indicate a modest rebound following the largest S&P 500 pullback in several months. The tone remains headline-sensitive with investors weighing earnings updates, policy chatter from global forums, and the path for growth-sensitive sectors. Market breadth and factor rotations bear watching after a burst of volatility. Europe: The region’s benchmark is lower, led by consumer and health care laggards, while select luxury and industrial names outperform on company-specific updates. Energy and utilities see support from higher fuel price expectations into a colder weather pattern. Asia: Japanese stocks slipped as recent rate and currency volatility kept risk appetite in check, though losses were contained by a pullback in long-dated yields. Other major regional markets were mixed, with pockets of strength in technology and internet names. Rates and Credit US Treasuries: The 10-year yield is edging lower, reflecting a small bid for duration after yesterday’s equity selloff. The curve remains sensitive to incoming growth data, earnings guidance on capex and labor, and evolving central-bank rhetoric. Global sovereigns: Longer-maturity Japanese bonds recovered some ground after a volatile stretch, helping to soothe broader rate jitters. European core yields are steady to slightly lower, with peripheral spreads broadly contained. Credit: Investment-grade and high-yield spreads widened modestly with the equity drawdown but remain within recent ranges. Primary issuance is active into earnings season, with investors selective on leverage and interest coverage profiles. FX and Commodities Gold: The metal extends gains on haven demand and lower real-yield impulses. Flows into precious metals remain supported by diversification and geopolitical hedging. Energy: Natural gas prices are elevated as forecasts point to an intense cold spell across key North American demand and production hubs. Winter reliability and storage draws are back in focus for utilities and upstream names. Crude is firmer but range-bound as supply discipline and demand seasonality offset growth and policy uncertainties. FX: The dollar is mixed against majors, with rate differentials and risk sentiment driving intraday swings. Yen and select European currencies are stable after the latest moves in global bonds. Corporate Highlights Airlines: A leading US carrier posted better-than-expected quarterly results, lifting the group on improving revenue trends and disciplined capacity plans. Investors are watching commentary on business travel and fuel hedging into late winter. Media and Streaming: A major streaming platform is under pressure premarket after issuing a cautious outlook and pausing buybacks amid higher content and integration spending. Markets are parsing visibility on subscriber growth, pricing, and cash-flow timing. Consumer Staples: A large packaged-food company is weaker after a significant shareholder registered stock for potential sale, reviving focus on portfolio mix, pricing power, and margins. Health Care, Financials, Insurance: Several bellwethers report before the US open. Watch loan growth and deposit costs for financials, medical device and pharma pipelines in health care, and catastrophe loss trends for insurers. Europe: A diagnostics firm rallied on reports of strategic review considerations, while a UK luxury brand gained after signs of early progress in a turnaround plan. Key Drivers to Watch Earnings season: Guidance on 2026 capex, AI-related spend, operating leverage, and margin durability is likely to set the tone for sector rotations. Macro and policy: Remarks from global policy gatherings, central-bank speakers, and upcoming data on growth and inflation will shape rate expectations and the risk premium across assets. Weather and infrastructure: The impending cold snap may ripple through energy markets, midstream logistics, and short-term industrial output. Market structure: Elevated options activity and systematic flows can amplify intraday volatility; monitor positioning, skew, and realized vs. implied vol. Takeaways for Investors Quality bias and liquidity discipline remain important as markets navigate cross-currents from policy headlines, earnings dispersion, and winter energy dynamics. Balance duration and equity risk: modest duration exposure can buffer equity drawdowns if growth scares resurface, while selective cyclical exposure can benefit from resilient demand pockets. Focus on cash flow visibility: companies demonstrating pricing power, cost control, and clear capital-return frameworks may be rewarded as the bar for guidance rises. Calendar (near term) US corporate earnings: Health care, financials, industrials, and tech updates throughout the week. Global data: Preliminary manufacturing and services readings, housing indicators, and weekly labor prints in the US. Policy watch: Central-bank commentary and fiscal headlines from global forums. Disclosure This material is provided for information purposes only and does not constitute investment advice, a solicitation, or a recommendation to buy or sell any security or strategy. Market data are subject to change and may be delayed. Consider your objectives and risk tolerance before making investment decisions. Disclaimer: Trading foreign exchange and/or contracts for difference on margin carries a high level of risk, and may not be suitable for all investors as you could sustain losses in excess of deposits. The products are intended for retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. The content of the Website must not be construed as personal advice. For retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. Rolling Spot Contracts and CFDs are complex instruments and come with a high

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