S&P 500 Futures

February 26 – Daily Market Update

26 February 2026 – Daily Market Updates Markets Daily Market Snapshot (as of 06:22 am ET; data may be delayed) S&P 500 Futures: 6954 (-0.08%) Stoxx Europe 600: 634.4 (+0.15%) Hang Seng: 26381.02 (-1.44%) Bitcoin: 68255.88 (-1.04%) Spot silver: 87.56 (-1.87%) Morning Brief Risk appetite is mixed to start the day. US equity futures are fractionally softer after a powerful multi-week run in technology faded, Europe is modestly higher on selective strength in capital-return stories, and Asia lagged with Hong Kong under pressure. Crypto assets are consolidating after a brisk rebound, while precious metals are weaker alongside steadier real yields. What’s Driving Markets Tech leadership cools: After a stretch of outsized gains, large-cap chip and software names are pausing as investors digest lofty expectations around artificial intelligence and enterprise IT spending. The latest round of earnings broadly topped past results but did not meaningfully lift forward sentiment. Policy and geopolitics: Headlines around trade policy and diplomatic talks remain a swing factor for risk assets. Markets continue to weigh the growth and inflation implications of tariff rhetoric and any negotiation breakthroughs or setbacks in key regions. Capital returns in focus: High-profile buyback plans in Europe buoyed sentiment and underscored ongoing balance sheet strength in select blue chips. Credit market evolution: Partnerships between alternative asset managers and banks in private credit continue to build, highlighting the shift toward non-bank financing channels in Europe and the US. Equities United States: Futures point to a cautious open as investors rotate within tech and communication services. Cyclical sectors tied to industrial activity and travel are holding steadier, while parts of ad-tech and enterprise software trade lower on conservative guidance and competitive concerns. AI-adjacent names remain volatile in both directions. Europe: Benchmark indices are slightly higher, supported by companies announcing shareholder returns and by defensives. Banks and insurers are mixed as rate-cut timing debates persist. Asia: Regional stocks were broadly softer, led by Hong Kong, with Chinese internet and consumer names under pressure. Japan was more resilient as corporate reforms and buybacks continue to offset currency and rate worries. Rates & Currencies Sovereign yields are little changed in early trading as markets balance sticky services inflation against slowing goods price pressures. Curves remain relatively flat by historical standards. The dollar is steady versus major peers. Traders continue to price a gradual, data-dependent path to developed-market rate cuts rather than a swift easing cycle. Commodities & Crypto Energy: Crude is rangebound as supply discipline from producers meets uneven global demand signals. Refining margins remain tight in some products, cushioning prices. Metals: Gold and silver are softer as real yields stabilize and the dollar holds firm. Industrial metals are mixed on China growth signals and inventory dynamics. Digital assets: Bitcoin trades near 68k with a mild risk-off tone. Flows into and out of listed products remain two-way, but the broader institutional framework around custody, trading, and liquidity is notably more robust than during the prior cycle. Volatility remains elevated around macro headlines and positioning shifts. Positioning & Sentiment Options markets indicate elevated demand for downside protection relative to upside calls, reflecting caution after a strong year-to-date rally. Historically, extreme readings in skew can precede a shift in market tone, but timing such turns is uncertain. Market breadth has narrowed toward mega-cap leaders in recent weeks; any improvement in participation across cyclicals and small caps would be a constructive signal for durability of the uptrend. Corporate Highlights Technology and software: Guidance dispersion is widening. Some platforms cite cautious advertiser and enterprise spending, while others highlight robust demand in infrastructure and data-related services. Expect continued stock-specific moves around earnings, AI monetization roadmaps, and competitive updates. Industrials: European aerospace and industrial champions are leaning into balance sheet strength via buybacks and efficiency programs, lending support to regional indices. Financials: Banks remain in focus with updates on credit quality, deposit costs, and fee income from markets and wealth businesses. Private credit origination pipelines continue to expand as traditional loan markets reopen. What We’re Watching Macro data: Inflation trends, labor tightness, and growth momentum indicators remain pivotal for the policy path. Any upside surprises on prices or wages could keep central banks patient; softer prints would strengthen the case for mid-year easing. Earnings: Another active slate across software, consumer tech, communications, and financials. Guidance on 2H spending intentions, AI-related capex, and inventory normalization will be key. Policy headlines: Trade and geopolitical developments may inject day-to-day volatility and influence sector rotations. Risk Management Takeaways After a strong run, markets are consolidating with elevated event risk. Maintain discipline on position sizing and consider the cost-benefit of hedges, as downside protection has grown more expensive. Leadership remains narrow; diversification across factors and styles can help mitigate single-theme drawdowns. Liquidity can thin around catalysts; use limit orders and staggered execution to reduce slippage. This material is for information purposes only and is not investment advice or a recommendation to buy or sell any security or asset class. Market levels 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

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February 23 – Daily Market Update

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

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February 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 11 – Daily Market Update

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

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

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January 29 – Daily Market Update

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

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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Dec 16 – Daily Market Updates

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

Dec 16 – Daily Market Updates Markets Daily: A Broad, Unbiased Look at Global Markets At a glance (as of 06:22 a.m. ET) S&P 500 futures: 6,864.25 (-0.24%) Stoxx Europe 600: 581.41 (-0.19%) Hang Seng: 25,235.41 (-1.54%) Bitcoin: 86,986.56 (+0.92%) WTI crude (front-month): 55.80 (-1.80%) Global mood Risk appetite eased to start the day as investors await a key US labor update. Equity futures in the US are a touch softer, Europe is modestly lower, and Asia ended mixed with notable weakness in Hong Kong. The dollar remains subdued near recent lows, oil extends its slide on signs of ample supply, and digital assets are firmer. What’s driving the session US labor print in focus: Markets are positioning cautiously into today’s employment report, which will shape expectations for the trajectory of interest rates into year-end and early 2026. A cooler jobs backdrop would reinforce the view that policy easing can proceed without reigniting inflation pressures; a hot reading would challenge that narrative and could steepen the front end of the curve. Europe mixed as growth and policy diverge: European equities are treading water with defensives and income-oriented shares outperforming cyclicals. Softer UK labor signals and moderating wage growth have strengthened the case for near-term policy easing by the Bank of England. Asia skews lower: Chinese and Hong Kong benchmarks remain under pressure amid lingering growth concerns and a pullback in tech-heavy segments. Regional performance was uneven, with select exporters and energy importers cushioned by lower oil. Oil drifts lower: Crude extends losses as supply indicators and risk-off positioning weigh. Refining margins and inventories remain in focus; energy equities may lag broader benchmarks if crude stays capped. Equities US: Futures point to a mild pullback after a strong multi-week run. Breadth and leadership remain in focus: recent sessions have seen participation broaden beyond mega-cap tech, a constructive sign for durability of the uptrend. Into the data, expect lighter volumes and intraday swing risk. Europe: Benchmarks are slightly negative with rate-sensitive sectors mixed. Lower yields have supported parts of the market, but earnings revisions and policy signals remain the key swing factors. Asia: Hong Kong led declines; mainland shares were weaker, while Japan and parts of ASEAN were more resilient. Lower energy prices helped transport and power-heavy pockets of the market. Fixed income and FX Rates: Front-end yields are anchored ahead of the data, with the curve sensitive to any shift in labor demand and wage dynamics. Markets continue to price a path toward easier policy over the next year, but the pace remains data dependent. FX: The dollar is hovering near multi-week lows as rate cut expectations firm and growth differentials narrow. Sterling is steady with BoE expectations skewing dovish on softer labor signals; the euro is range-bound. Commodities Energy: WTI trades below $60, adding to recent declines on evidence of comfortable supply and cautious demand assumptions. If the trend persists, it could ease headline inflation but weigh on energy capex and sector earnings momentum. Metals: Industrial metals are mixed amid cross-currents from China growth headlines and a softer dollar. Precious metals are little changed as investors balance lower yields against shifting risk sentiment. Digital assets Bitcoin is firmer, extending an upward bias as broader risk sentiment stabilizes and liquidity improves. Volatility remains elevated relative to traditional assets; position sizing and risk controls remain crucial for crypto exposure. Earnings and corporate themes Consensus earnings view: Street expectations continue to imply resilient profit growth over the coming quarters, with improving breadth beyond the largest technology names. The durability of margins, capital spending discipline, and a modest pickup in cyclical sectors are central to that outlook. Sector narratives: Autos and mobility are recalibrating electric-vehicle plans toward profitability and capital efficiency. Payments and fintech remain focused on licensing, compliance, and product expansion to drive engagement. IT services and consulting are emphasizing cost control and AI-enabled productivity to support margins. Structural watch: Europe’s long end European fixed income is preparing for portfolio shifts tied to pension and liability-hedging changes in parts of the region. Any rebalancing away from long-duration hedges could affect curve dynamics and relative-value relationships across maturities. Market depth is typically thinner into year-end, so execution and liquidity planning are key. Today’s key risks and watch list US employment report (08:30 a.m. ET): Jobs growth, unemployment rate, and wage trends will guide rate-path pricing and equity factor performance. Central bank signals: Messaging from major central banks this week will shape front-end rates, FX, and equity leadership. Liquidity/volatility: Year-end conditions can amplify moves; be mindful of wider bid-ask spreads and gap risk around data releases. Portfolio considerations Balance: Maintain diversified exposure across styles and regions; avoid concentration risk into binary macro events. Quality bias: In a slower growth, lower-yield setup, balance cyclicals with resilient cash flow and strong balance sheets. Duration and hedging: Consider whether current rate levels align with your duration targets; reassess hedges around key data. Market levels recap (06:22 a.m. ET) S&P 500 futures: 6,864.25 (-0.24%) Stoxx Europe 600: 581.41 (-0.19%) Hang Seng: 25,235.41 (-1.54%) Bitcoin: 86,986.56 (+0.92%) WTI crude (front-month): 55.80 (-1.80%) This publication is a general market update for information purposes only and does not constitute investment advice or a recommendation to buy or sell any security, asset class, or strategy. Market data may be delayed. Consider your objectives, risk tolerance, and financial situation 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

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