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January 26 – Daily Market Update

26 January 2026 – Daily Market Updates Markets Daily – Broad Market Update Overview Risk appetite softened to start the week as investors balanced haven demand with a busy slate of central bank meetings and corporate earnings. Precious metals rallied, natural gas spiked on extreme weather, the dollar eased, and Japanese equities underperformed following recent volatility in local rates. Market snapshot (as of 05:11 am ET; levels subject to change) Spot gold: 5084.96 (+1.95%) NYMEX natural gas: 6.21 (+17.74%) S&P 500 futures: 6928.5 (-0.25%) Nikkei 225: 52885.25 (-1.79%) What’s driving markets Haven bid lifts gold: Bullion’s latest surge reflects a mix of softer dollar, ongoing geopolitical unease, and demand for portfolio hedges amid uncertain policy paths. Lower real yields and continued diversification flows from global reserve managers have also supported prices. Energy price spike: US natural gas jumped on widespread cold weather, stronger heating demand, and pockets of supply disruption. The move puts utilities, independent gas producers, and weather‑sensitive industries in focus, while airlines monitor operational impacts. Dollar retreats, yen firms: The greenback slipped for a third session as traders assessed interest‑rate differentials and potential policy signaling. The yen’s rebound keeps markets attentive to possible official measures to curb excessive FX volatility. Equities tread carefully: US equity futures are slightly lower as investors await mega‑cap tech results and key policy decisions. In Asia, Japan lagged amid rate‑market swings; broader regional performance was mixed. European trade opened cautiously with defensive tilts evident. Policy and politics: A US government funding deadline looms, adding another layer of near‑term uncertainty to the macro backdrop. This week’s key events Central banks: The Federal Reserve is widely expected to leave rates unchanged, with guidance on balance‑sheet policy and the path of cuts in focus. Other decisions and updates are due across Canada, Brazil, and parts of Asia and Europe. Data watch: Global releases include measures of consumer confidence, manufacturing activity, inflation, labor conditions, trade, and orders. In the US, durable goods, jobless claims, producer prices, and regional manufacturing surveys will help refine growth and inflation narratives. Earnings: A heavy reporting calendar spans technology, financials, industrials, and consumer sectors. Results and guidance from large‑cap platforms and payments networks will help set the tone for profit growth, capex, and AI‑related demand through mid‑year. Asset class highlights Commodities: Gold’s momentum underscores ongoing demand for hedges. The natural gas rally tightens winter margins and could add short‑term volatility to power markets. Industrial metals remain sensitive to AI‑driven demand expectations and China growth signals. Currencies: A softer dollar aided commodities and select EM FX, while the yen’s strength and intervention watch dominated G10 headlines. FX volatility remains elevated into central bank meetings. Rates: Sovereign curves are choppy as investors weigh policy paths against growth risks. Moves in Japanese government bonds continue to ripple across global duration, reinforcing the need to monitor cross‑market correlations. Credit: Primary issuance remains active, with spreads broadly stable. Any sustained uptick in rates volatility or shutdown headlines could test risk appetite near‑term. Sectors to watch Precious metals miners on bullion strength. Energy: natural gas‑levered producers and utilities; weather risk for airlines and logistics. Technology and semiconductors ahead of major earnings. Defense, aerospace, and industrials tied to order backlogs and supply‑chain normalization. Consumer discretionary for signs of demand resilience into spring. Risk considerations Policy uncertainty around US funding and fiscal negotiations. Rate‑sensitive volatility tied to central bank decisions and guidance. Weather‑related disruptions affecting energy and transportation. Geopolitical developments and FX intervention risk. House view With policy, earnings, and macro data colliding in a single week, expect higher‑than‑usual headline sensitivity. Many investors are emphasizing liquidity buffers, diversified hedges, and disciplined rebalancing while awaiting clearer signals on growth, inflation, and the timing of rate cuts. Important information This material is for informational purposes only and is not investment advice or a recommendation to buy or sell any security or strategy. Market prices and data are subject to change. Consider your financial circumstances and objectives 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 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 Update January 20, 2026 20 January 2026 – Daily Market Updates Daily Market Briefing… Read More January 19 – Daily Market Update January 19, 2026 19 January 2026 – Daily Market Updates Markets Daily: Risk… Read More January 16 – Daily Market Update January 16, 2026 16 January 26 – Daily Market Updates

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January 22 – Daily Market Update

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 14 – Daily Market Update

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

14 January 26 – Daily Market Updates Market snapshot (as of early US morning) S&P 500 futures: 6972.5 (-0.42%) Stoxx Europe 600: 610.96 (+0.09%) Nikkei 225: 54341.2 (+1.48%) China CSI 300: 4741.9 (-0.40%) Bitcoin: 94935.56 (+0.92%) Global overview US: Equity futures edge lower as investors weigh a firmer labor backdrop against shifting interest-rate expectations. Options and rates pricing continue to lean toward a prolonged Fed pause, with markets trimming the odds of near-term cuts after resilient employment data. Europe: Regional benchmarks are modestly higher, led by defensives and select growth names. Focus remains on earnings season and sovereign funding conditions as governments ramp up issuance. Asia: Japan outperformed with the Nikkei setting fresh records amid optimism around policy support and corporate profitability. Mainland Chinese shares eased following steps to curb leverage in stock trading, tempering a powerful recent rally. Commodities Precious and industrial metals extended an early-year surge, with several benchmarks notching new highs. Tailwinds include: Expectations that global financial conditions will remain supportive even if the Fed stays patient. A bid for portfolio diversifiers amid geopolitical unease and concerns over sovereign debt loads. Improved sentiment toward manufacturing demand, including investment tied to data centers, electrification and automation. Ongoing supply frictions at mines and smelters that keep inventories tight. While momentum is strong, positioning has become crowded, leaving the complex sensitive to shifts in the dollar, policy signals, or evidence of demand cooling. Rates and currencies US rate markets reflect a higher-for-longer narrative relative to earlier assumptions, with some participants positioning for no additional policy easing this year. The debate now centers on how long the Fed can hold policy steady while inflation trends lower only gradually. The US dollar is broadly steady, limiting commodity tailwinds but not reversing them. European yields remain range-bound as investors monitor issuance and fiscal trajectories. Corporate and sector highlights Select megacap technology, semiconductor, and AI-adjacent infrastructure names remain in focus as capital expenditure plans for computing and power build-outs continue to scale. Auto and EV shares are mixed on shifting expectations for new model launches and profitability timelines. Consumer and luxury names are steady to firmer in Europe on optimism around wearable tech and premium accessories. Large European defense suppliers continue to explore primary listings and capital-raising options amid elevated demand visibility. In the US, major banks are set to report, offering a read on net interest income, credit normalization, deposit trends, and capital return plans. Policy and macro themes The central-bank outlook has become more nuanced: resilient jobs data reduce urgency for additional easing, but inflation progress remains key. Market-implied paths now cluster around a longer pause scenario with a narrower distribution of potential cuts. Policy headlines tied to elections and regulatory priorities are adding idiosyncratic risk, particularly for financials, defense, and consumer credit. Expect periodic volatility as proposals surface, even without immediate legislative traction. In Asia, selective regulatory tightening in equity financing aims to stabilize recent rapid gains, while pro-growth signals in Japan continue to underpin risk appetite. Digital assets Bitcoin gained modestly, extending a steady start to the week. Flows remain driven by broader risk sentiment and positioning rather than a single catalyst. What we’re watching Bank earnings for guidance on credit quality, charge-offs, and capital deployment. Corporate updates from AI, cloud, and power-equipment ecosystems for evidence of sustained capex. Any shifts in Fed communications or data that alter the implied rate path. Developments in Asian equity-market regulation and their impact on trading leverage and turnover. Primary issuance and IPO pipelines in Europe, notably in industrials and defense. Thoughts for investors Broader cross-asset leadership is constructive, but crowded trades in metals and AI-linked thematics increase the premium on risk management. With policy risk rising into an election-heavy year, sector diversification and attention to headline sensitivity are prudent. In rates, the distribution of outcomes has tightened around “steady for longer,” raising the importance of carry, curve positioning, and relative value rather than big directional bets. Disclosure This material is a general market commentary for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any security, asset class, or strategy. Market levels are indicative 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 13 – Daily Market Update January 14, 2026 14 January 26 – Daily Market Updates Market snapshot (as… Read More january 13 – Daily Market Update January 13, 2026 13 January 26 – Daily Market Updates Markets Daily—Broad Market… Read More Jan 12 – Daily Market Update January 12, 2026 12 Jan 26 – Daily Market Updates Markets Daily Your… Read More Jan 09 – Daily Market Update January 9, 2026 09 Jan 26 – Daily Market Updates Market at a… Read More Jan 08 – Daily Market Update January 8, 2026 08 Jan 26 – Daily

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january 13 – Daily Market Update

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

13 January 26 – Daily Market Updates Markets Daily—Broad Market Update Market at a glance (as of 06:07 am ET; levels and changes are indicative) Nikkei 225: 53549.16 (+3.10%) S&P 500 Futures: 7005 (-0.16%) Stoxx Europe 600: 609.75 (-0.20%) Bloomberg Dollar Spot Index: 1210.5 (+0.08%) Bitcoin: 92011.56 (+1.14%) Global market wrap Asia: Japanese equities surged to fresh highs, led by cyclical and export-oriented names as investors priced in prospects for pro-growth policy and a supportive domestic backdrop. Broader Asian benchmarks were mixed, with pockets of strength in autos, semiconductors, and industrial technology. Europe: Major European indices are modestly softer in early trade after a strong multi-month run. Momentum indicators signal stretched conditions for some benchmarks, prompting talk of a near-term consolidation even as earnings expectations remain constructive. US: Equity futures are edging lower ahead of a key US inflation reading. Rate-sensitive sectors are in focus as markets assess the timing and extent of policy easing later this year. The broader tone remains constructive but data-dependent. Macro and policy Inflation watch: A closely watched US price report due today will help confirm whether disinflation is progressing smoothly or encountering a temporary bump. A firmer print could nudge yields higher and test risk appetite; a softer outcome would likely support duration and rate-sensitive equities. Central banks: Recent commentary from major central bank officials points to a preference for staying patient, keeping policy restrictive long enough to ensure inflation returns to target. Markets continue to balance that stance against an improving growth pulse. Policy and geopolitics: Headlines around trade, elections, and global security continue to inject episodic volatility into FX, rates, and energy. Investors remain alert to any policy shifts that could affect supply chains, tariffs, or the cost of capital. Earnings season: the next catalyst US financials open the season: Large banks kick off results with attention on investment banking pipelines, trading revenue normalization, net interest income trends, credit quality, and capital return frameworks. Forward guidance for 2026 will likely carry more weight than backward-looking beats or misses. Rotation vs. leadership: The recent tilt toward cyclicals, small caps, and value is being tested by earnings. While economically sensitive groups may benefit from firmer growth, mega-cap technology remains a major driver of index-level profit growth. For the rotation to endure, management teams across industrials, consumer, and financials will need to deliver confident outlooks and margin discipline. Rates, FX, and commodities Bonds: Treasury yields are steady to slightly higher into the data print, with the curve sensitive to any surprise in core inflation. European sovereigns are consolidating after a strong rally, and Japanese yields remain influenced by domestic policy expectations. Currencies: The US dollar is fractionally stronger on cautious pre-data positioning. The yen is softer on policy and political speculation, while the euro trades narrowly as markets await fresh macro signals. Energy and metals: Crude is rangebound as supply-risk headlines are weighed against demand and inventory dynamics. Industrial metals are steady, supported by signs of improving global manufacturing activity. Digital assets: Crypto benchmarks are firmer, with buyers stepping in on dips amid ongoing institutional interest and liquidity improvements. Sectors and notable themes Semiconductors: Positive broker commentary and capacity outlooks are supporting select chipmakers, particularly those tied to foundry, AI, and high-performance compute end markets. Health care/biotech: Regulatory headlines are creating dispersion, with approval timelines and data readouts driving stock-specific moves. Software and services: Contract wins and platform adoptions continue to differentiate among providers as enterprises optimize tech spending. Renewables and utilities: Policy and legal clarity are incremental tailwinds for selected projects, while execution and financing conditions remain key watch items. Autos and industrial tech: Investor enthusiasm around automation, robotics, and next-gen manufacturing continues to buoy select names. The day ahead Data: A key US inflation report, followed by labor and housing indicators later in the week. Abroad, focus remains on European confidence measures and Asia’s activity data. Earnings: Large US banks today, with more financials, consumer staples, and industrials through the week. Guidance on demand elasticity, pricing power, and cost control will be closely parsed. Events: Ongoing central bank appearances and policy remarks may influence rate expectations and cross-asset volatility. What we’re watching Can cyclicals extend their relative outperformance if inflation runs a bit hotter, or does that re-tighten financial conditions and favor defensives? Do banks point to a broadening M&A pipeline and a healthier primary market, supporting a more durable recovery in fees? Will management teams emphasize inventory normalization and productivity gains that sustain margins even if pricing power fades? Risk radar Policy shifts in trade and tariffs that affect global supply chains and input costs Inflation persistence that delays or reduces the scale of policy easing Geopolitical tensions that sway energy, shipping, and FX markets Liquidity pockets and positioning extremes after a strong year-end rally Portfolio considerations (general, not advice) Maintain diversification across styles and market caps given crosscurrents between growth leadership and cyclical catch-up. Consider the balance between duration exposure and inflation hedges around key data. Emphasize quality balance sheets and cash flow resilience as earnings season tests narratives. Disclosure This communication is for information purposes only and does not constitute investment advice or a recommendation to buy or sell any security or strategy. Markets are volatile and subject to change. Please consider your objectives, risk tolerance, and consult a qualified advisor before making investment decisions. Data and pricing are indicative and may differ from real-time quotes. 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

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