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January 29 – Daily Market Update

29 January 2026- Daily Market Updates Quick take Metals rally extends: Precious and industrial metals pushed to fresh highs as investors rotate toward hard assets and supply narratives tighten. Tech earnings split the tape: AI-related capital spending remains the common thread, but the market is rewarding clear monetization paths and punishing slower cloud growth or vague payoffs. US futures modestly firmer; Europe in the green; Asian equities mixed with mainland China stronger. Policy watch: Progress reported in US government funding discussions; investors remain attentive to headline risk. Dollar little changed; sovereign yields drift as safe-haven flows and growth expectations tug in opposite directions. Market overview Equities US equity futures indicate a cautious positive open as investors digest a heavy earnings slate from megacaps and industrial bellwethers. Europe trades higher, led by technology and cyclicals, while defensives lag. Asia was mixed overnight: mainland Chinese benchmarks advanced, while parts of North Asia underperformed on tech volatility. Commodities Gold notched another record, aided by softer real yields, haven demand, and ongoing diversification by asset allocators. Silver and copper extended gains. Copper’s move has been amplified by positioning dynamics and optimism around electrification demand, alongside pockets of supply constraint. Energy prices were range-bound as markets balanced geopolitical risk with signs of resilient supply. FX and rates The US dollar index was broadly steady, with modest strength against high-beta currencies offset by stability in Europe and Asia FX. US Treasury yields were little changed to softer at the front end, with the curve showing a mild flattening bias as markets calibrate growth, inflation, and the rate path. Earnings and corporate highlights Big Tech: Investor reaction remains uneven. Firms articulating clearer near-term revenue lift from AI and software subscriptions outperformed, while those showing decelerating cloud metrics or heavier near-term spend faced pressure. Semiconductors and equipment: Select chip-tool makers beat expectations on orders tied to memory and advanced nodes, reinforcing a multiyear capex upcycle. Enterprise software: A strong report from a US large-cap name contrasted with a sharp selloff in a European peer after softer cloud backlog commentary. Consumer and industrials: A major casino operator missed on Asia operations; machinery and aerospace names are in focus with results across the tape. EVs and automation: A leading EV maker outlined elevated investment plans aimed at simplifying its vehicle lineup and accelerating robotics/AI initiatives, underscoring the sector’s pivot beyond autos. Macro and policy developments US fiscal negotiations: Reports suggest incremental progress toward averting a shutdown; timing and details remain fluid, keeping a mild risk premium in the backdrop. Asia policy and flows: China tightened parameters on a cross-border investment program amid strong demand; Indonesian equities were volatile after an index provider raised market accessibility concerns, with authorities signaling steps to address them. Critical minerals: Shares across the rare-earths space softened after indications the US may not proceed with certain price-support mechanisms. Digital assets: Policymakers and industry participants held discussions on the path forward for crypto legislation, highlighting regulatory momentum even as details remain unsettled. Metals in focus: what’s driving the move Macro hedging: With uncertainties around growth, deficits, and the rate path, investors have sought ballast in precious metals. Supply and capex: Years of underinvestment are colliding with demand from electrification and infrastructure, supporting industrial metals. Positioning: Momentum and speculative flows can amplify moves in both directions; volatility risk is rising alongside prices. What we’re watching Earnings: Pre-open and post-close updates from large-cap tech, payments, industrials, and defense. Guidance on AI spend, cloud demand, consumer resilience, and margin trajectories will be pivotal. Data and central banks: Inflation trends, labor-market signals, and any shifts in central bank rhetoric that could recalibrate the rate-cut timeline. Market breadth and leadership: Can participation broaden beyond a handful of megacaps as earnings season progresses? Positioning and liquidity: Elevated single-name dispersion and options activity into results windows can increase intraday swings. Strategy considerations Keep time horizons clear around AI: Distinguish between near-term monetization and longer-dated platform bets when assessing valuation support. Metals exposure: Consider the potential for sharp pullbacks in extended trends; risk controls matter as positioning builds. Quality and cash flow: In a choppy tape, balance sheet strength and visibility on free cash flow remain favored characteristics. Diversification: Cross-asset moves remain tightly linked; ensure portfolios are not implicitly concentrated in the same macro factor. Calendar highlights (next 24–48 hours) US: Heavy earnings slate across technology, payments, consumer, and industrials; assorted confidence and housing indicators. Europe/UK: Corporate results and sentiment surveys. Asia: Policy headlines, China activity gauges, and tech supply-chain updates. This material is provided for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any security. Markets are volatile and subject to change. 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 risk of losing money rapidly due to leverage. 78% of our retail client accounts lose money while trading with us. You should consider whether you understand how Rolling Spot Contracts and CFDs work, and whether you can afford to take the high risk of losing your money. January 29 – Daily Market Update January 29, 2026 29 January 2026- Daily Market

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January 20 – Daily Market Update

20 January 2026 – Daily Market Updates Daily Market Briefing Risk tone softened across global markets this morning as government bond yields climbed and investors reassessed growth, policy, and geopolitical risks. Equities in the US and Europe are lower ahead of the New York open, with higher rates pressuring longer-duration assets and more cyclical corners of the market. Haven demand is evident in precious metals, while digital assets continue to retrace recent gains. Top themes today Higher-for-longer yields: Long-dated Japanese government bond yields surged again, with the super-long end moving above 4% for the first time in decades. The move is filtering through global rates, helping push US 10-year yields toward the mid‑4% area and lifting European benchmarks. A mix of domestic policy proposals, rising issuance needs, and ebbing deflation dynamics in Japan is drawing capital back onshore and tightening global financial conditions at the margin. Repricing growth and policy risk: Investors are weighing renewed trade and tariff rhetoric alongside ongoing fiscal and industrial policy initiatives in major economies. Concern that frictions could nudge inflation and funding costs higher is tempering risk appetite, especially after an extended run-up in equities and a strong stretch of risk-on positioning. Commodities and havens bid: Gold vaulted to fresh record territory and silver advanced as investors sought ballast against rate and geopolitical uncertainty. Energy is more mixed, with supply headlines and growth concerns offsetting each other. Rotations under the hood: High-beta pockets such as crypto-related equities, semiconductors, and other momentum areas are under pressure in early trading. By contrast, precious‑metals miners and selected defensives are finding support from the shift toward safety and rising metals prices. Earnings and deal flow: The reporting calendar remains active. Homebuilders, airlines, and large-cap media/tech are in focus today and after the close, offering read-throughs on housing demand, travel trends, and streaming/advertising fundamentals. Health care saw fresh M&A activity, underscoring ongoing interest in late‑stage pipelines and specialty treatments. Markets at a glance (early US hours) Equities: US index futures are lower, with broad-based weakness led by tech hardware, chips, and other rate-sensitive growth names. Europe’s main benchmark is down roughly 1%–1.5%, with cyclicals lagging. Asia was mixed overnight. Rates: US Treasury yields are higher across the curve, led by the long end. European core yields are up as well. Japan’s 30‑ and 40‑year yields jumped, echoing a multi-month trend of normalization in the country’s rate structure. Currencies: The dollar is firmer on rate differentials and risk aversion. The yen’s path remains tied to the sharp move in domestic yields and evolving Bank of Japan expectations. Commodities: Gold is at record levels; silver firmer. Oil is range‑bound as demand worries offset supply considerations. Digital assets: Bitcoin and peers are softer, extending a recent pullback as tighter financial conditions dent appetite for higher‑volatility assets. What to watch Policy signals: Any official commentary on trade, tariffs, or fiscal priorities that could affect inflation and bond supply expectations. Central bank tone: Remarks from major central bank officials on the growth–inflation mix and balance sheet paths, particularly amid the move higher in global yields. Primary issuance: Corporate and sovereign supply remains elevated; concession levels and order books will be a useful barometer of risk appetite. Earnings: Housing, travel, and streaming/advertising updates could sway sector leadership and broader sentiment. Positioning and volatility: After an extended period of optimism and light hedging, markets may remain sensitive to negative surprises; watch skew and term structure in options for signals of stress or stabilization. Strategy considerations Duration and curve: With long-end yields pushing higher globally, duration risk remains front and center. Some investors may prefer to keep duration moderate and consider gradual laddering or barbell approaches while liquidity is solid. Quality and balance sheets: Elevated rates continue to favor companies with robust cash flow, manageable leverage, and pricing power. Balance-sheet strength can help buffer against funding-cost uncertainty. Diversification: Maintain a mix that balances cyclical exposure with defensives and real assets. Precious metals can help diversify equity and rate risk, though they bring their own volatility. Hedging: Reassess equity and credit hedges given shifting correlations and the pickup in realized volatility. Currency hedges may be relevant where rate differentials are moving quickly. Calendar highlights (today) US corporates: Homebuilding, airlines, and large-cap media/technology reports Global: Ongoing sovereign and investment-grade issuance; selected macro releases across housing and industry This publication is for information purposes only and does not constitute investment advice or a recommendation to buy or sell any security. Market levels and performance references reflect conditions in early US trading and may change. Disclaimer: Trading foreign exchange and/or contracts for difference on margin carries a high level of risk, and may not be suitable for all investors as you could sustain losses in excess of deposits. The products are intended for retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. The content of the Website must not be construed as personal advice. For retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. Rolling Spot Contracts and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78% of our retail client accounts lose money while trading with us. You should consider whether you understand how Rolling Spot Contracts and CFDs work, and whether you can afford to take the high risk of losing your money. January 20 – Daily Market Update January 20, 2026 20 January 2026 – Daily Market Updates Daily Market Briefing… Read More January 19 – Daily Market Update January 19, 2026 19 January 2026 – Daily Market Updates Markets Daily: Risk… Read More January 16 – Daily Market

January 29 – Daily Market Update

January 20 – Daily Market Update

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