Inflation Data

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 19 – Daily Market Update

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

19 February 2026 – Daily Market Updates Markets Daily — Broad Market Update Tone check Risk appetite is taking a breather. US equity futures are a touch softer as investors weigh the timing of policy easing against still-sturdy inflation readings, while Europe trades lower on mixed earnings and cyclical weakness. Asia finished mostly firmer, led by Japan’s tech-heavy benchmarks. Oil extends its rebound on heightened geopolitical jitters, and digital assets are steadier after recent volatility. Market snapshot (as of 06:06 a.m. ET; levels provided) S&P 500 Futures: 6871.75 (-0.33%) Stoxx Europe 600: 624.62 (-0.65%) Nikkei 225: 57467.83 (+0.57%) WTI Crude (front-month): 66.12 (+1.43%) Bitcoin: 66813.69 (+0.77%) Note: Market data may be delayed depending on provider agreements. What’s driving the tape Policy recalibration: Central bank officials remain cautious about declaring victory on inflation, keeping the market’s rate-cut timetable in flux. The result: a tug-of-war between resilient growth data and lingering price pressures, with yields and risk assets chopping in ranges. Earnings season crosscurrents: Guidance is taking center stage. Companies with clear margin visibility and pricing power are being rewarded, while those citing cost creep or supply constraints are seeing quick reratings. Dispersion across sectors remains high. AI and capex arithmetic: Investors continue to debate the balance between heavy infrastructure spend and the timing of monetization. That has introduced periodic volatility across semis, cloud, and software, even as long-term demand narratives remain intact. Geopolitics and commodities: Crude is firmer as traders price a higher risk premium. Broader commodity moves are uneven, with energy leading and industrial inputs mixed. Crypto steadies: After outsized swings, the major coin is firmer. Participation trends have shifted between offshore venues and US-listed products, contributing to episodic liquidity pockets and basis moves. Regional wrap US: Futures drift lower as equities digest a powerful multi-month advance. Quality growth and balance-sheet strength continue to command a premium. Bond markets are in wait-and-see mode ahead of upcoming data and central bank commentary. Europe: Benchmarks are lower, paced by cyclicals and select industrials facing supply chain and cost headwinds. Defensive groups and cash-generative staples are relatively resilient. Asia: Japan outperformed, helped by tech and exporters. The broader region was mixed as investors balanced a constructive earnings outlook with a cautious global policy backdrop. Fixed income and FX Rates: Treasury yields are range-bound as the market toggles between soft-landing hopes and sticky-services-inflation concerns. Curves are relatively steady with modest intra-day swings around data releases and speeches. Currencies: The dollar trades in a tight range versus major peers. Rate differentials remain the key driver, while commodity-linked FX is taking its cue from energy markets. Commodities Energy: Oil extends gains amid geopolitical concerns and signs of improving demand in pockets of the global economy. Refining margins and inventory trends are in focus for energy equities. Metals: Price action is mixed as growth-sensitive metals track the global activity pulse while precious metals trade alongside real yields and haven flows. Flows and positioning Global allocations: International appetite for US assets has remained robust, supported by relative growth, deep markets, and currency dynamics. Valuation shifts over the past year have also encouraged selective rebalancing into US equities and Treasuries. Equity style tilt: Investors continue to favor profitability, free cash flow, and balance-sheet durability. Factor leadership can rotate quickly around policy headlines; maintaining diversification across styles has helped dampen volatility. Sector highlights (broad) Tech and AI ecosystem: Ongoing reassessment of near-term spend versus earnings impact keeps volatility elevated, but secular demand drivers remain a tailwind. Consumer and services: Companies with strong customer retention and pricing discipline are outperforming; those exposed to higher delivery, labor, or input costs face a tougher setup. Industrials and transportation: Order books are healthy in places, but supply bottlenecks and component availability are a watch item. Energy: Higher crude supports upstream and select service names; integrateds benefit from cash generation and capital discipline. The day ahead Focus: Corporate updates from large retailers, industrials, and travel/leisure; central bank speakers; and upcoming inflation and activity data later in the week. What to watch: Guidance quality, margin commentary, inventory management, and any shifts in capex plans. Portfolio considerations Equities: Favor quality balance sheets and sustainable cash flows; keep diversification across growth and value to manage factor swings. Fixed income: With policy uncertainty persisting, a barbell across short/intermediate duration can help manage rate risk while capturing carry in higher-quality credit. Commodities: Consider energy’s role as both a cyclical and geopolitical hedge; monitor refinery and inventory trends. Risk management: Maintain hedges where appropriate; volatility remains event-driven and can spike around data or headlines. Levels at a glance (as provided) S&P 500 Futures: 6871.75 (-0.33%) Stoxx Europe 600: 624.62 (-0.65%) Nikkei 225: 57467.83 (+0.57%) WTI Crude: 66.12 (+1.43%) Bitcoin: 66813.69 (+0.77%) This material is a broad market update for information purposes only and does not constitute investment advice or a recommendation to buy or sell any security. Markets are volatile and subject to change. Disclaimer: Trading foreign exchange and/or contracts for difference on margin carries a high level of risk, and may not be suitable for all investors as you could sustain losses in excess of deposits. The products are intended for retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. The content of the Website must not be construed as personal advice. For retail, professional and eligible counterparty clients. Before deciding to trade any products offered by PhillipCapital (DIFC) Private Limited you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. Rolling Spot Contracts and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78% of our retail client accounts lose money while trading with us. You should consider whether you understand how Rolling Spot Contracts and CFDs work, and

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February 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 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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February 10 – Daily Market Update

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