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Date: 4th November 2026. US Midterm Elections 2026: Gold Surges as NASDAQand Dollar Fall. Global financial markets are reacting to the US midterm elections, which saw Democrats secure control of both the House of Representatives and the Senate. The results have triggered volatility across stocks, currencies and commodities as investors reassess the outlook for US economic growth, interest rates, and artificial intelligence investment. Gold is among the best-performing assets, climbing more than 2%, while the US Dollar has fallen to a one-month low. Meanwhile, technology stocks remain under pressure as concerns grow over potential AI regulation and slower infrastructure investment. Nasdaq 100: Can Technology Stocks Recover? NASDAQ 100 futures initially declined as much as 2.4% before recovering to trade approximately 0.57% higher. The S&P 500 also recovered its overnight losses, with futures declining 0.3%. The main concern is that Democratic control of Congress could lead to stricter regulation of the AI industry. Furthermore, Democratic victories in key states, particularly Texas, could slow the construction of data centres and increase costs for technology companies. This comes at a difficult time for the NASDAQ 100, which entered correction territory earlier this week following a decline of approximately 10% from its recent highs. However, the recovery in futures suggests that some investors may view the initial selling pressure as excessive. Recent earnings guidance from AMD and Super Micro Computer also indicates that demand for AI infrastructure remains strong. For traders, the key question is whether the NASDAQ can sustain a recovery or whether concerns surrounding AI valuations and regulation will trigger another wave of selling. Asian Stock Markets Decline as Technology Shares Face Selling Pressure The market reaction has extended beyond the United States, with Asian technology stocks experiencing considerable volatility. Japan’s Nikkei 225 declined as much as 4.8% during Wednesday’s session, while semiconductor and AI-related companies experienced some of the largest losses. Asian equity markets are particularly sensitive to developments in the US artificial intelligence industry because semiconductor manufacturers and technology suppliers play a central role in the global AI supply chain. If US technology companies reduce or delay their infrastructure spending, demand expectations for advanced semiconductors, memory chips, and specialised electronic components could be affected. Nevertheless, it is important to distinguish between concerns about future investment and evidence of weakening demand. Recent earnings guidance from AMD and Super Micro Computer continues to indicate strong demand for data centre equipment and AI-related processors. This suggests that the underlying industry remains supported by substantial spending, even as investors question whether that spending can generate sufficient returns. Gold: Weaker Dollar Supports a 2% Rally Gold prices have risen approximately 2.2%, reaching $4,016 per ounce and recovering above the important $4,000 psychological level. The precious metal is benefiting from a weaker US Dollar, declining Treasury yields, and increased demand for defensive assets following the election results. The US 10-year Treasury yield has fallen approximately five basis points to 4.915%, reducing the opportunity cost of holding Gold. However, the Federal Reserve remains an important risk. Markets continue to anticipate another interest rate hike in December, which could limit Gold’s recovery if upcoming economic data support a restrictive monetary policy. The $4,000 level remains particularly important for XAU/USD. Maintaining a position above this level could strengthen bullish sentiment, while a decline below it may indicate renewed selling pressure. US Dollar: Falls to a One-Month Low The US Dollar Index declined by 0.6% to 101.27, its lowest level in more than a month, as investors responded to lower bond yields and concerns over US economic growth. The Japanese Yen and Swiss Franc strengthened as traders increased exposure to traditional safe-haven currencies. The election results could also complicate President Trump’s economic agenda, potentially limiting future fiscal expansion and influencing the outlook for Treasury yields. However, the Dollar’s next direction will depend heavily on economic data and Federal Reserve expectations. Friday’s Non-Farm Payrolls report will be a key event for Dollar traders. Stronger employment data could support the currency, while weaker figures may reinforce the current bearish momentum. Market Outlook: What Should Traders Watch? The Democratic victory has introduced additional uncertainty for technology stocks, while declining bond yields and a weaker Dollar are supporting Gold. However, the initial market reaction has already moderated, suggesting investors are reassessing whether the political developments justify further declines. Three developments could determine the next major market movements: NASDAQ 100: Whether technology stocks can stabilise following the recent correction and concerns about AI regulation. Gold and US Dollar: Whether Treasury yields continue declining or recover ahead of the next Federal Reserve decision. US Non-Farm Payrolls: Friday’s employment report could influence interest rate expectations and trigger volatility across Forex, Gold, and indices. Although the elections have dominated market sentiment, the next significant price movements may ultimately depend on economic data, inflation expectations and the sustainability of corporate earnings. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Andria Pichidi HFMarkets Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

Date: 3rd November 2026. AI Chip Sell-off, Asian Stocks Tumble as NASDAQ Correction Deepens Ahead of US Midterms. Global stock markets are coming under renewed pressure as concerns over artificial intelligence (AI) valuations, corporate earnings, and political uncertainty weigh on investor sentiment. Asian equities are leading the latest decline, while the NASDAQ 100 has entered correction territory following a prolonged sell-off in technology and semiconductor stocks. Investors are increasingly questioning whether the substantial capital being invested in AI infrastructure will deliver the returns needed to justify elevated company valuations. These concerns are emerging at a particularly sensitive time, with the US midterm elections adding another layer of uncertainty to the market outlook. Meanwhile, oil prices remain volatile as investors assess potential peace negotiations between the United States and Iran. Currency markets are also experiencing significant movements following the Reserve Bank of Australia’s latest interest rate decision and intervention by China’s central bank. Asian Stock Markets Decline as Technology Shares Face Selling Pressure Asian stock markets experienced another difficult trading session on Tuesday, 3 November, with technology-heavy indices recording some of the largest losses. The MSCI Asia-Pacific Index excluding Japan declined approximately 1.4%, reaching its lowest level since October 23. South Korea’s KOSPI Index fell by as much as 4.1%, while Taiwan’s benchmark dropped approximately 3.3%. The declines were largely concentrated in semiconductor companies, which have benefited considerably from the expansion of artificial intelligence over recent years. Shares in Samsung Electronics and SK Hynix both declined by more than 4%, reflecting increasing concerns about the sustainability of demand for AI-related technology and the potential profitability of future investments. The weakness follows significant selling pressure in the United States, where semiconductor stocks have fallen approximately 12% over three consecutive sessions. More importantly, the NASDAQ 100 has declined by over 10% from its previous peak, entering what is commonly referred to as a technical correction. A market correction does not necessarily indicate the beginning of a prolonged bearish trend. However, it can signal that investor expectations are changing, particularly when valuations have been supported by strong earnings growth forecasts. Why Are AI and Semiconductor Stocks Declining? The latest market correction is being driven by a combination of factors rather than a single development. Firstly, investors are becoming increasingly selective about AI-related investments. Technology companies continue to commit substantial resources to data centres, advanced semiconductors, and computing infrastructure, but questions remain about how quickly these expenditures will generate meaningful returns. Secondly, elevated valuations have increased the sensitivity of technology stocks to earnings announcements. Even companies reporting revenue growth can experience selling pressure when profit margins, guidance, or investment spending fail to meet expectations. Apple provides a recent example. The company warned of pressure on its gross margins due to rising memory chip costs, contributing to a decline in its share price. Finally, uncertainty surrounding the US midterm elections is encouraging some investors to reduce exposure to higher-risk assets. The combination of these factors is contributing to a broader reassessment of technology stocks, although selling pressure does not necessarily indicate that investors are abandoning the equity market altogether. US Midterm Elections Add to Stock Market Uncertainty The US midterm elections represent another significant event for financial markets, particularly as investors consider the potential implications for fiscal policy, regulation, and government spending. President Donald Trump’s Republican Party faces a challenge in maintaining control of Congress, with opinion polls indicating that Democrats could gain seats. The election outcome could influence future government policies, including taxation, technology regulation, energy production, and trade relations. A divided Congress could make it more difficult for the administration to introduce major legislative changes, potentially limiting certain policy initiatives. Conversely, continued Republican control could provide greater flexibility to pursue the administration’s economic agenda. Both scenarios could influence Treasury yields, the US Dollar, and equity valuations. Historically, US equities have often performed positively in the months following midterm elections, as the removal of political uncertainty can support investor confidence. However, historical performance does not guarantee future results. The current market environment is also being influenced by elevated interest rates, geopolitical tensions, and questions surrounding AI investment returns. Consequently, traders will be monitoring not only the election results but also the market’s initial reaction and whether buying activity returns to the technology sector. Oil Prices Rebound as US-Iran Tensions Continue Oil prices are experiencing considerable volatility as investors attempt to determine whether diplomatic negotiations between the United States and Iran could lead to a reduction in geopolitical tensions. Brent crude fell by more than 7% on Monday following signs that both countries could be willing to pursue negotiations. The possibility of a diplomatic resolution encouraged traders to reassess the geopolitical risk premium incorporated into oil prices. However, the decline was partially reversed during Tuesday’s Asian session, with Brent crude recovering towards $105 per barrel. The rebound followed reports of US military strikes targeting Iran’s Qeshm Island, raising concerns that negotiations may not result in an immediate reduction in hostilities. Why Are Oil Prices Important for the Stock Market? Oil prices can significantly influence inflation expectations, interest rate forecasts, and corporate profitability. A sustained decline in energy prices could ease inflationary pressures, potentially improving the outlook for consumers and businesses. Lower inflation could also reduce the need for restrictive monetary policy. However, a renewed increase in oil prices could have the opposite effect, placing additional pressure on companies through higher operating and transportation costs. For technology stocks, which are particularly sensitive to interest rate expectations, prolonged inflationary pressure could further complicate the recovery. Investors will therefore be monitoring developments in the Middle East closely, particularly any indications of a diplomatic agreement or additional disruptions to energy supplies. Australian Dollar Declines Despite Fifth RBA Interest Rate Hike The Australian Dollar weakened following the Reserve Bank of Australia’s decision to increase interest rates by 25 basis points to 4.85%, their highest level since 2008. The decision marked the central bank’s fifth interest rate increase of 2026, bringing the total tightening this year to 125 basis points. The rate increase was widely anticipated following persistent inflationary pressures. Australia’s annual headline inflation rate reached 4.3% in September, remaining above the central bank’s target range of 2% to 3%. Despite the increase, the Australian Dollar declined by approximately 0.3% against the US Dollar, briefly falling below 0.70. The currency’s decline highlights an important aspect of financial markets: an interest rate increase does not automatically strengthen a currency. In this case, the decision was already largely reflected in market prices, while the central bank’s divided vote suggested that policymakers may be becoming more cautious about further tightening. Six members voted in favour of increasing rates, while three preferred to leave them unchanged. The split has encouraged speculation that the RBA may be approaching the end of its tightening cycle, particularly as higher borrowing costs place additional pressure on households and economic growth. Future Australian Dollar movements will likely depend on incoming inflation data, employment figures and changes in expectations for the RBA’s next policy decisions. Stock Market Outlook: What Should Traders Watch Next? The coming sessions could prove particularly important for global financial markets as several major developments converge. US midterm election results: The composition of Congress could influence expectations for fiscal policy, government spending, and regulation. Unexpected outcomes may trigger volatility in stocks, bonds, and currencies. Technology sector performance: Investors will be monitoring whether the NASDAQ 100 can establish a recovery following its technical correction. Semiconductor stocks may remain particularly sensitive to changes in AI investment expectations. US economic data: Upcoming employment figures, including job openings and nonfarm payrolls, could influence expectations for the Federal Reserve’s interest rate path. Stronger-than-expected data may support Treasury yields and the US Dollar, while weaker figures could raise concerns about economic growth. Oil prices and geopolitical tensions: Any meaningful progress towards a US-Iran agreement could reduce oil’s geopolitical risk premium. However, further military developments or supply disruptions could renew upward pressure on prices. Central bank expectations: Following Australia’s latest interest rate increase, traders will also be monitoring upcoming monetary policy announcements in Europe and changes in global inflation expectations. Can Global Stock Markets Recover? The immediate outlook remains uncertain as investors balance the potential for a recovery against persistent economic and geopolitical risks. Technology stocks may attract renewed buying interest if valuations become more attractive and corporate earnings demonstrate that AI-related investments are delivering sustainable returns. A reduction in geopolitical tensions and lower oil prices could also support market sentiment by easing inflation concerns. However, if investors continue to question AI profitability, or if election results and economic data increase uncertainty, further volatility cannot be ruled out. The key question is whether the recent decline represents a temporary adjustment in market expectations or the beginning of a more prolonged shift away from technology-led growth. For now, market participants are likely to remain sensitive to economic announcements, political developments and changes in investor risk appetite. Key Takeaways Asian equities experience significant losses as AI concerns intensify. South Korea's KOSPI fell by as much as 4.1%, while Taiwan’s benchmark declined approximately 3.3%, reflecting renewed selling pressure in semiconductor and technology stocks. The Nasdaq 100 enters correction territory ahead of the US midterm elections. A decline of more than 10% from its peak highlights growing concerns about technology valuations, AI investment returns, and the potential implications of political uncertainty. Oil prices remain volatile as US-Iran relations influence market sentiment. Brent crude recovered towards $105 after falling more than 7% on Monday, with diplomatic negotiations and ongoing military developments creating uncertainty over future energy prices. Currency markets react to central bank decisions and changing interest rate expectations. The Australian Dollar declined despite the RBA’s fifth interest rate increase of 2026, while the Chinese yuan weakened following measures introduced by the People’s Bank of China to moderate its appreciation. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Andria Pichidi HFMarkets Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

Date: 2nd November 2026. US Midterm Elections 2026: Will Stock Markets Rally or Fall? The US midterm elections take place on Tuesday, 3 November, and investors are preparing for potential volatility across global financial markets. With control of Congress at stake, the outcome could influence government spending, regulation, and economic policy during the remainder of President Trump’s term. However, historical data suggests that elections do not necessarily determine the longer-term direction of stock markets. In fact, the S&P 500 has demonstrated a remarkably consistent pattern of gains following previous midterm elections. Could 2026 be different? The S&P 500’s Remarkable Midterm Election Record Since 1950, the S&P 500 has recorded positive returns in the 12 months following every US midterm election, with an average gain of approximately 15%, according to JPMorgan Asset Management. The six-month performance has also been historically positive, partly because political uncertainty tends to ease once election results become clear. Investors generally dislike uncertainty surrounding taxation, government spending, and regulation. Once the political landscape becomes clearer, attention often shifts back towards corporate earnings, economic growth, and monetary policy. However, historical performance does not guarantee future returns, particularly when market conditions differ significantly from previous election cycles. Why the 2026 Elections Could Be Different There are several reasons why this year’s elections could have a different impact on financial markets. Firstly, US stock valuations are unusually elevated. The S&P 500’s cyclically adjusted price-to-earnings ratio currently stands near 40.7, substantially above its historical average of approximately 20. Secondly, technology stocks have experienced significant selling pressure as investors question whether substantial investments in artificial intelligence will generate sufficient profits. The NASDAQ 100 declined 3.5% on Friday, while the Philadelphia Semiconductor Index lost 7.2%, highlighting the vulnerability of technology companies to changing investor expectations. Finally, geopolitical tensions involving Iran have pushed oil prices higher, increasing inflationary pressures and complicating the Federal Reserve’s monetary policy outlook. These factors suggest that economic fundamentals could have a greater influence on stock market performance than the election results themselves. How Could the Election Results Affect Financial Markets? The composition of Congress could influence investor expectations regarding future economic policies. A divided Congress, where political control is shared between Republicans and Democrats, could make major legislative changes more difficult. Historically, this has sometimes coincided with stronger stock market performance because it reduces the likelihood of substantial policy shifts. Alternatively, Democratic control of both chambers could result in greater legislative and regulatory scrutiny of the administration’s policies, potentially influencing government spending, technology companies, and the energy sector. However, the relationship between political control and stock market performance is far from straightforward. Economic growth, corporate profitability, and monetary policy have historically played a more significant role in determining longer-term market trends. What Could Happen to Gold, the Dollar and Oil? The election results could influence several major financial assets, particularly if the outcome differs from market expectations. Gold: Increased political uncertainty or a deterioration in risk appetite could support demand for safe-haven assets. However, higher Treasury yields and expectations of further Federal Reserve rate hikes could limit Gold’s potential gains. US Dollar: The Dollar could react to changes in Treasury yields, fiscal policy expectations, and investor risk appetite. The direction will depend on how markets interpret the election outcome and its implications for economic growth. Oil: Energy prices could remain particularly sensitive to developments involving Iran. Investors will be monitoring whether US foreign policy changes following the elections increase or reduce geopolitical risks. US Stock Indices: The S&P 500 and NASDAQ 100 could experience increased volatility as investors reassess fiscal policy, AI regulation, and the broader economic outlook. Importantly, these reactions are not guaranteed. Markets may have already priced in some potential election outcomes, reducing the impact of the actual results. Market Outlook: Will History Repeat Itself? The US midterm elections arrive at a challenging time for financial markets. Although historical trends suggest that equities often strengthen after midterm elections, elevated valuations, persistent inflation risks and uncertainty surrounding AI investments could challenge this pattern. Investors will also be monitoring Friday's US Non-Farm Payrolls report, which could influence expectations for the Federal Reserve's December interest rate decision. Ultimately, the elections could trigger short-term volatility, but the sustainability of any market rally will likely depend on corporate earnings, inflation, interest rates and geopolitical developments. For traders, the important consideration is not simply which party controls Congress, but how the outcome changes market expectations and whether those changes are reflected in asset prices. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Andria Pichidi HFMarkets Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

Date: 30th October 2026. NASDAQ Crashes: Poor Tech Earnings, Rising Inflation & Market Sell-Off. Friday has been a challenging day for markets, with stocks, the US Dollar and Gold all trading lower. Driving the downward price movement is poor earnings across multiple key companies, high inflation, and the midterm elections. As most assets decline, the main beneficiaries are bonds and Oil. The rise in bonds is a direct result of the change in market mood as investors opt to increase exposure to ‘risk-off’ assets. The US 10-year Treasury bond is now trading at its highest level since early September. Amazon, Intel and Poor Tech Earnings The latest earnings reports to pressure market sentiment and continue to derail the AI trend are from Amazon and Intel. Amazon stock, the fifth most influential stock in the NASDAQ, fell more than 11.50% over the past 24 hours. Intel shares also fell a staggering 23.00%. Intel stock, which has been one of the best-performing stocks in the NASDAQ in 2026, fell significantly after its earnings guidance. The stock had been trading with a 133.80% increase in 2026. However, the stock has been struggling since May and saw one of its largest declines overnight. Intel’s earnings data actually came in slightly above market expectations, but its forecasts were lower. Intel forecast revenue of $15–16 billion, below analysts’ expectations of approximately $17 billion. Investors remain concerned about weakening PC demand, rising memory costs, and manufacturing constraints. Furthermore, Amazon’s earnings report had some positives, but they were overshadowed by negative factors. Strong growth in its cloud computing division was a positive factor. However, the company saw substantial AI spending, weak guidance for the next quarter, and slightly lower earnings. The week has been marked by disappointing earnings reports, not only in the technology sector but across multiple industries. Within the tech sector, Alphabet, Amazon, Intel, and Fortinet were among the main disappointments, while Caterpillar, Boeing, and DaVita also faced negative market reactions. Even companies that reported positive earnings, such as Microsoft, initially saw their shares rise, only for broader negative market sentiment to erase those gains. Major companies will continue to release their earnings reports next week, potentially influencing the NASDAQ’s performance and broader stock market movements. Apple, Quacomm, and AMD are the main influential companies. If these companies also fail to impress investors, selling pressure on the NASDAQ could intensify significantly, particularly if Apple, the index’s second most influential stock, experiences a decline. SpaceX & Anthropic Another stock in the spotlight is SpaceX, following Anthropic. SpaceX stock fell 0.95% on Thursday and a further 2.45% after hours. Bloomberg has learned that Anthropic is SpaceX's largest single customer, accounting for more than a third of its revenue. Anthropic has also overtaken the federal government, which was thought to be the main source of income. This underscores SpaceX’s exposure to a client with the contractual ability to exit the deal as soon as next year. SpaceX currently holds a weighting of 4.70%, meaning a decline could pressure the NASDAQ. Currently, among the NASDAQ’s most influential companies, 75% are declining, and the top five most volatile stocks are all declining. Simultaneously, the VIX index is trading more than 5.00% higher on Friday, pointing towards a clear ‘risk-off’ sentiment. PCE Inflation & Economic Stability Other than earnings data, economic releases are also applying pressure on the stock market. The US economy grew faster than previously expected, while the Core PCE inflation rate continues to rise. As a result, the Federal Reserve is likely to hike on two occasions over the next six months. The US Advance GDP figure for the quarter rose from a 1.5% increase to a 3.4% and beat expectations by 0.2%. The Core PCE Price Index rose 0.3%, above the 0.2%, which the Federal Reserve would like to see as a maximum. US weekly unemployment claims also came in slightly softer adding only 195,000 claims. Simultaneously, oil prices are again on the rise as Middle East tensions increase and markets expect renewed attacks after the US midterms. Crude Oil prices are trading almost 1.00% higher on Friday and have risen above $104 per barrel. The economic releases continue to point towards high inflation and further rate hikes from global central banks. This could pressure consumer demand and the attractiveness of the stock market. NASDAQ - Technical Analysis HFM - NASDAQ 4-Hour Charts The NASDAQ has formed a bearish breakout and is now again trading below most moving averages on most charts. At the same time, the VWAP and cumulative delta data are pointing towards weakness in order flow. The price is now trading below the support level at $28,773. As a result, most indicators continue to point towards bearish sentiment, while none of the timeframes are yet to indicate an oversold price. However, in the short term, for the sell signals to be erased, the price will need to rise above $28,932.95. At this level, the price will form a bullish breakout and cross above the key moving averages. However, if the price remains below this level, the price will remain in the bearish zone for most indicators pointing towards a further decline. Key levels for the decline include the $28,250.00 psychological level and $27,086.00 support level. Key Takeaways: Disappointing earnings from Amazon, Intel, and other major companies weigh on investor sentiment. Rising Core PCE inflation and strong US economic data increase expectations of further Fed rate hikes. Escalating Middle East tensions push crude oil prices above $104 per barrel. NASDAQ breaks below key support levels, with technical indicators suggesting further downside risks. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Michalis Efthymiou HFMarkets Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

Date: 29th October 2026. NASDAQ Falls as Alphabet Earnings Disappoint and Fed Signals Further Rate Hikes. The NASDAQ's three-day streak came quickly to an end during Thursday's Asian session. The NASDAQ is not only the index trading lower, but is experiencing the largest fall. European indices and the Dow Jones are edging slightly higher while most tech-linked indices are falling. The downward price movement is a result of the Federal Reserve press conference, the FOMC vote split, and poor Alphabet earnings. At the same time, investors continue to feel the pressure from high inflation, oil prices, and bond yields. Alphabet Earnings - Alphabet Stocks Down 10% After Missing Earnings Expectations The stock has been trading 1.70% lower over the last week and fell a further 9.97% after trading hours. Alphabet stocks are now one of the few AI-stocks trading in negative territory for 2026. Alphabet's earnings report had both positive and negative figures, but investors were quick to sell due to fears over the AI trend. For investors to maintain confidence in AI-related stocks, companies must exceed expectations across all key performance metrics. The positives from the earnings report were that the company's overall revenue rose 25% year on year and beat market expectations. Google Cloud revenue also rose above previous predictions. However, the key bearish drivers came from earnings and AI spending. Net income declined approximately 25% to $26.2 billion, partly due to an $8.7 billion investment loss. Google advertising revenue reached $82 billion but missed analyst forecasts by slightly more than $1 billion, raising concerns about Search monetization. Lastly, AI capital expenditure reached $51.4 billion during the quarter, with management expecting further increases in 2027. Alphabet stocks are the third most influential component for the NASDAQ with Nvidia and Apple ranking first and second. The decline is applying significant pressure on the index and sentiment towards AI overall. Microsoft stock is reacting positively to its earnings report, but the increase is moderate and is not outweighing the importance of the Alphabet's earnings. Microsoft Earnings - Microsoft Stocks Rise 2.90% The company saw stronger earnings, revenue, and positive cloud growth, easing investor concerns about the profitability of AI. Unlike Alphabet, Microsoft's shares rallied after hours, supported by strong Azure demand and impressive cash flow. However, gains were minimal to moderate as investors remain concerned about AI in general and due to the Fed's forward guidance. Revenue reached $92.3 billion, while adjusted EPS rose 18% to $4.89, demonstrating resilient profitability. Furthermore, Azure revenue increased 48% to $33.17 billion, exceeding forecasts as demand for AI and cloud infrastructure remained strong. Microsoft forecasts Azure revenue growth of 49%-50% next quarter, alongside stronger-than-expected overall sales. The only concern for investors is AI spending. Capital expenditure reached $45.2 billion during the quarter and is expected to exceed $50 billion next quarter. Nevertheless, Microsoft stock is trading with a 15.00% gain in 2026 so far. Federal Reserve Rate Guidance The Federal Reserve kept interest rates unchanged, but adopted a hawkish outlook and a positive economic assessment. Warsh highlighted resilient consumer spending, robust capital investment, and strong productivity, suggesting the economy can withstand restrictive monetary policy. Out of the 12 members of the Federal Open Market Committee, 10 members voted for a pause, while two members for a hike. Most economists believe the Federal Reserve will hike in December, with a further hike in the first quarter of 2027. The Fed reiterated its commitment to returning inflation to 2%, signaling little willingness to tolerate persistently higher prices. However, it did advise that the decision will be data-dependent and that it will not risk an economic slowdown. Nevertheless, investors remain concerned about persistently high inflation. So far, the outcome of the Federal Reserve's rate decision and guidance is a weaker Dollar, lower Gold prices, and a downward swing among most indicators . NASDAQ - Technical Analysis and Market Expectations HFM - NASDAQ 15-Minute Chart Despite the latest events, most institutions continue to believe the NASDAQ will rise in the long term, but that the road will be 'choppy'. However, this will depend on market conditions. Key events that will impact the NASDAQ will now be the Core PCE Price Index, US GDP, and Amazon's earnings report. Higher inflation and resilient US GDP growth could reinforce rate-hike expectations, adding further pressure on the NASDAQ. This pressure could intensify if Amazon, currently the index's fifth most influential stock, also fails to meet earnings expectations. In the short term, the price of the NASDAQ is trading below moving averages and the VWAP. In addition, the price remains on the bearish side of most oscillators. However, medium-term charts remain neutral as the price remains within range-bound conditions. For bullish scenarios, the main bullish breakout level can be seen mainly at $29,637.00. Price action on the 30-minute chart will indicate clear bullish momentum at $29,800.00. Above these prices, buy signals can potentially materialize, particularly if inflation does not tick upwards. However, below $29,435.00, bearish signals could gain momentum. Key Takeaways: The NASDAQ faces renewed downward pressure following hawkish Federal Reserve guidance and disappointing Alphabet earnings. Alphabet shares declined nearly 10%, while Microsoft's stronger earnings supported a more moderate 2.9% gain. The Fed's 10-2 vote reinforced expectations of further rate hikes amid persistent inflation concerns. Upcoming US inflation, GDP data, and Amazon earnings could influence the NASDAQ's direction, with bearish momentum strengthening below 29,435. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyze the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Michalis Efthymiou HFMarkets Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

Date: 28th October 2026. NASDAQ Rebounds ahead of Earnings, US Dollar Surges as Central Banks Surprise Investors. Market developments and breaking news are unfolding at a rapid pace, driving higher volatility and significant shifts in market trends. The first market surprises come from the Reserve Bank of New Zealand and Australian inflation data. Both the Australian Dollar and New Zealand Dollar are seeing strong new trends. However, investors are also closely waiting for the Federal Reserve’s rate decision, the Bank of Canada's rate decision, the UK’s autumn budget and major technology earnings. The stock market and the US Dollar Index are particularly rising on Wednesday during the Asian session. NASDAQ Rebounds As Korean Semiconductors Boost Earnings Expectations The NASDAQ rose 1.15% on Tuesday and continues to rise by a further 0.30% this morning. Due to this rise, the NASDAQ has corrected the previous decline from last week but continues to remain more than 5% lower than its all-time high. The rebound is due to positive earnings reports from Korean semiconductor and AI-related companies. For this reason, the South Korean KOSPI is trading more than 6.50% higher this morning. South Korean chipmaker SK Hynix reported quarterly profits more than seven times higher than a year earlier, supporting confidence in demand for advanced memory chips used in AI. A direct connection cannot be seen, but the positive news is improving sentiment towards AI globally. For this reason, the NIKKEI 225, NASDAQ and S&P 500 are edging higher. However, indices which are not exposed to AI continue to struggle. Another factor supporting the NASDAQ’s upward momentum is growing investor optimism ahead of Alphabet’s and Microsoft’s earnings reports. Markets are anticipating positive financial results from both technology giants, further strengthening bullish sentiment. Alphabet stock is trading 1.30% higher in after hours and Microsoft 0.10% higher. If both companies beat earnings and revenue expectations while keeping spending under control, both stocks can rise and boost the overall sentiment towards the NASDAQ. If earnings reports do impress investors, the possibility of the NASDAQ correcting back to its previous high increases. However, risks continue to remain with key central bank decisions and oil prices again rising on Wednesday by more than 2.00%. Lastly, earnings reports from Tuesday read negative but so far is having a minimal impact on the NASDAQ and S&P 500. Boeing stocks fell more than 10% due to cautious growth expectations. Visa stocks also fell 1.75% due to disappointing earnings. NASDAQ - Technical Analysis In terms of technical analysis on the 5-Minute chart, indications remain bullish. The 90-bar simple moving average is best representing the current momentum and trend. While the price remains above this moving average, the indications remain strong. If the price is to drop below $29,716.00 (200-bar simple moving average), indications are likely to shift towards bearish in the short-term and neutral in the medium-term. USD/CHF - US Dollar Rises to a 2-Week High The US Dollar is the best-performing currency of the day and of the week, with investors turning to the currency as a safe-haven asset. Investors are also pricing in hawkish guidance for December’s Federal Reserve meeting and 2027’s path. The Federal Reserve is due to announce its rate decision at 18:00 GMT, with the press conference to follow. Markets expect the Fed to hold, partially due to avoiding hiking interest rates before the midterm elections. The pause is not likely to pressure the US Dollar, but markets will be listening closely to how the committee views rates over the next 6 months. A hawkish tone can keep the US Dollar Index comfortable above 102.00 and even move closer to 103.00. The Swiss Franc is one of the worst-performing currencies of the past week. The USD/CHF is showing a short-term bullish bias on the 15-minute chart, with buyers attempting to maintain upward momentum towards the key psychological level at 0.83400. The MACD suggests positive momentum, although a confirmed bullish crossover on the 15-minute timeframe remains to be verified. From a Bollinger Bands perspective, sustained price action above the middle band and towards the upper band would support further bullish momentum. New Zealand Dollar & Australian Dollar - RBNZ Shock Investors with a Pause The New Zealand Dollar is one of the worst-performing assets of the day and the worst-performing currency. The NZD index has fallen 1.35% after the Reserve Bank of New Zealand chose to pause rather than hike. Previously, market analysts and economists were almost solely anticipating a 0.25% hike. The shock pause prompted a sudden selloff. Of particular interest is the NZDUSD, which fell instantly to a key support level at 0.55780 and lost all gains from the past 2-weeks. Momentum indicators are indicating bearish price movement, while oscillators and price divergence are pointing towards the price being oversold. The Australian Dollar, on the other hand, is finding support from higher inflation data. The Australian inflation rate has risen from 4.0% to 4.3%, higher than previous expectations. The AUD is amongst the best-performing currencies of the day so far. Key Takeaways: Strong Korean semiconductor earnings and optimism ahead of major technology earnings support the NASDAQ’s recovery. The US Dollar reaches a two-week high as investors anticipate hawkish guidance from the Federal Reserve. The New Zealand Dollar declines sharply following the RBNZ’s unexpected decision to leave interest rates unchanged. Higher-than-expected Australian inflation strengthens the AUD and supports expectations of tighter monetary policy. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Michalis Efthymiou HFMarkets Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

Date: 27th October 2026. Gold Falters As Oil and Dollar Price Rise. Oil prices are rising again, impacting market sentiment and prompting new market trends. In particular, the US Dollar and bond yields are rising, while the stock market and Gold are declining again. Of particular interest is how the stock market and Gold are reacting after an attempt to regain bullish momentum on Monday. Investors continue to note the importance of the upcoming five central bank decisions, US economic data and key earnings reports. Furthermore, Anthropic’s IPO filing may raise more capital than any other IPO; however, this is not supporting the stock market as of yet. The NIKKEI 225 is trading higher on Tuesday, but all other indices are trading in the red. Poor stock market performance can trigger demand for ‘safe haven’ assets, but whether they turn to Gold is the question. Gold Fails to Maintain Bullish Momentum After witnessing strong declines last week, Gold prices were attempting to stabilise on Monday. On Monday, XAU/USD rose 0.45% by market close and 0.78% from the day’s open price to daily highs. However, the price is again declining during Tuesday’s Asian and European sessions. The decline currently measures 0.72% and has been falling for five consecutive hours. There are three reasons for the decline. The US Dollar, oil prices and bond market demand. This is forcing Gold prices to remain below the $4,000 psychological price and close to the support level at $3,980. The US Dollar is drawing safe-haven support from escalating Persian Gulf tensions and rhetoric from US officials. The Dollar index is also finding support from higher oil prices. President Trump indicated plans for an operation akin to "Epic Fury" following the midterm elections, while Director of National Intelligence James Clayton attributed the ongoing evacuation of US citizens to elevated risks of attacks on regional US bases. These heightened conflict risks continue to drive demand for the Dollar. Demand for Gold is likely to remain minimal while the Federal Reserve continues hiking and supporting the USD. If investors start to fear an economic downturn, investors may turn to Gold instead of the Dollar. At the same time, solid macroeconomic data underpins a hawkish Federal Reserve outlook. The US PMI data read higher than previous expectations from both the services and manufacturing sectors. Economists advise the Federal Reserve is pausing due to the midterms, and long-term rates are likely to remain elevated for the foreseeable future. While Gold was attempting to rise on Monday, the US Dollar also rose 0.35%, making Gold’s gains unmaintainable. If the US Dollar and crude oil continue to rise, more pressure is piled onto Gold. Oil & Stocks Impacting Gold Oil prices are climbing as persistent Yemeni Houthi strikes on Saudi oil facilities escalate supply risks. To mitigate further disruptions, Riyadh and Singapore plan to establish a joint underground hydrocarbon reserve on Jurong Island, with filling slated to begin as early as the second half of next year. Lastly, declines in the stock market are also pressuring demand as investors turn to selling Gold due to liquidity demands and margin calls. Highly liquid assets like bullion are frequently sold off to meet margin requirements and buffer against broader portfolio declines. XAU/USD - Technical Analysis In terms of technical analysis, Gold maintains indications of range-bound trading conditions with a bearish bias. Gold prices continue to trade below the VWAP and key moving averages. Momentum indicators continue to hold a short-term sell signal. The price on the 5-minute chart also continues to form lower lows and highs. However, these are only likely to remain below $4,010. At the same time, traders should note that the price is trading close to a key support level, and prices below $3,950.00 particularly look attractive to buyers and portfolio builders. Key Takeaways: Gold fell below the key $4,000 level due to rising oil prices, higher bond yields, and a strong Dollar. Gold’s attempted recovery on Monday proved to be brief. Escalating tensions in the Persian Gulf and robust US economic data drove safe-haven capital into the US Dollar instead of Gold while supporting a hawkish Federal Reserve outlook. Declining indices triggered margin calls and liquidity crunches, forcing institutional investors to liquidate gold positions to cover broader portfolio losses. While short-term technical indicators maintain a bearish bias below $4,010, traders remain cautious of key support levels. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Michalis Efthymiou HFMarkets Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

[B]Date: 26th October 2026.[/B] [B]Markets Brace for Five Central Bank Decisions & UK Budget.[/B] Financial markets are preparing for a pivotal week, with key developments expected to influence investors and multiple asset classes. The currency market and Gold will particularly likely to see strong volatility as five central banks confirm their rate decisions. These central banks include the Reserve Bank of New Zealand, the Bank of Canada, Federal Reserve, the European Central Bank, and the Bank of Japan. In addition to central bank decisions, the UK will also release its Autumn Budget. This is a key event for the FTSE 100, Euro and the Pound. However, the most influential event is likely to be the Federal Reserve’s rate decision and press conference on Wednesday evening. During Monday’s open, the best-performing currencies are the Euro, Swiss Franc and British Pound. The worst-performing are the US Dollar, Australian Dollar, and Japanese Yen. Euro - Moody Ratings Provides Limited Relief For European Investors The Euro is one of the best-performing currencies of the day due to opening with a bullish price gap. The price gap measures 0.15% and, so far, is holding onto its gains. The bullish price movement is due to the high bond yields, de-escalation in France, and the upcoming European Central Bank decision. France’s de-escalation, particularly the fact that the country has avoided any riots and further strikes over the weekend, has been key. In addition, Moody’s has confirmed it will not downgrade France’s credit rating. These developments are supporting investor sentiment, but long-term pressures remain. Moody’s said slower growth and a higher deficit have pushed France’s debt burden higher than previously expected, with bond yields rising more rapidly than expected. For this reason, the price of the Euro remains at risk in the long term. Investors will be paying close attention to the ECB’s press conference for comments on these developments. Technical indicators across most timeframes continue to suggest a bearish outlook, despite the day’s bullish price movement. While shorter timeframes show signs of modest bullish momentum, a decline of just 0.08% could be enough to reverse these signals. Therefore, monitoring price action remains essential in determining the market’s next direction. HFM - EURUSD 30-Minutes The US Dollar Falls But Aims to Rebound - Traders Eye Elections & Fed Guidance The US midterms are only a week away, and investors have one eye on the Federal Reserve and the other on the elections. The market expects the Federal Reserve to keep interest rates at 4.00% but comments on a December hike will impact demand. If the Fed seems particularly hawkish, the US Dollar could rise further. Oil prices are declining again on Monday, as are bond yields. The 10-year bond yield is currently trading at 4.974%, only the second time in October that the yield has fallen below 5.00%. The lower bond yields and oil prices are pressuring the US Dollar. However, both oil prices and bond yields remain high, and the price movement will depend largely on the Federal Reserve and the midterms. This afternoon’s CB Consumer Confidence Index could provide some volatility for the US Dollar. A higher-than-expected figure could support the currency. If the US Dollar Index rises to 101.66, traders will start contemplating the breakout level and resistance level. This is a key price for the US Dollar Index. So far, bullish momentum is again gaining pace for the Dollar as the European open edges closer. Great British Pound - Autumn Budget To Signal GBP Outlook The British Pound has been the best-performing currency of the past month as the UK’s economic data has outperformed previous market expectations. However, its outlook will massively depend heavily on the autumn budget. Markets will closely monitor government spending, taxation, and borrowing plans, particularly as elevated inflation and rising debt-servicing costs continue to challenge the UK economy. A fiscally disciplined budget could support sterling, while concerns over government borrowing may weigh on the currency. Investors need to feel that the UK’s economy can continue performing without prompting borrowing concerns. This is particularly vital as the Bank of England has been one of the central banks yet to increase rates. HFM - GBP/USD 30-Minute Chart Gold - More Bad News Mounts on XAU/USD Gold has fallen to its lowest level since July 2026. Gold is also now trading close to the $4,000 psychological price, which many economists have previously advised said they see as its intrinsic value. Under the current market conditions, the decline in Gold prices may seem strange. The decline is being driven by three main developments. Markets expect the Fed and most central banks to continue hiking into 2027 and struggle to bring rates down in the long term. Investors are also raising funds by selling Gold in order to cover stock market losses. Lastly, investors are turning to the bond market, which is paying high yields. In other words, investors are switching from Gold to Bonds as their preferred safe haven. In addition, high long-term oil prices are also pressuring Gold while supporting the Dollar. HFM - Gold 30-Minute Chart The key support levels can be seen between $3,943 and $4,000. For the price to maintain momentum below this level, investors would need to see a strong price driver. Key Takeaways: Five major central banks prepare to announce interest rate decisions, potentially triggering market volatility. The Euro strengthens as political tensions in France ease and Moody’s maintains its credit rating. The US Dollar weakens amid falling bond yields, while the Pound awaits the UK Autumn Budget. Gold remains under pressure near $4,000 as high bond yields and rate hike expectations weigh on demand. [B]Always trade with strict risk management. Your capital is the single most important aspect of your trading business.[/B] [B]Please note that times displayed based on local time zone and are from time of writing this report.[/B] Click [URL='https://www.hfm.com/hf/en/trading-tools/economic-calendar.html'][B]HERE[/B][/URL] to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click [URL='https://www.hfm.com/en/trading-tools/trading-webinars.html'][B]HERE[/B][/URL] to register for FREE! [URL='https://analysis.hfm.com/'][B]Click HERE to READ more Market news.[/B][/URL] [B]Michalis Efthymiou HFMarkets[/B] [B]Disclaimer:[/B] This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

[B]Date: 23rd October 2026.[/B] [B]AI Sell-Off Sparks Flight to Safety as Oil Tops $114: What Traders Need to Know.[/B] A sharp tech sell-off on Wall Street has triggered a global flight to safety. On Thursday the Nasdaq 100 fell 2.9%, its worst day since June, and the S&P 500 dropped 1.2%. Investors poured into US Treasuries, Japanese government bonds and the Yen. Asian markets opened sharply lower on Friday but recovered much of the damage by midday, and Nasdaq 100 futures edged up 0.1%. The risk backdrop remains tense. Brent crude climbed above $114 a barrel, and next week brings results from Microsoft, Amazon and Alphabet alongside decisions from the Fed, ECB and BoJ. Here is what traders need to know. Tech stocks: Asia claws back early losses Asian tech stocks staged a notable intraday recovery. South Korea's Kospi fell as much as 4.1% before paring losses to trade roughly flat, as SK Hynix reversed early weakness to rise 4%. The MSCI Asia Pacific Index trimmed a 1.1% drop to just 0.2%. The bigger picture remains weak, however: Nikkei 225: Fell as much as 2%, taking its weekly drop to almost 4%. SoftBank fell 6% and is down nearly 15% this week, while wafer maker Sumco dropped 7.8%. CSI 300: Fell about 1% and remains in a bear market, more than 20% below its late-June peak. Taiwan: Markets were closed due to a typhoon warning. In the US, the Nasdaq 100 is heading for back-to-back weekly losses for the first time since July. The Philadelphia Semiconductor Index is on track for a third straight weekly decline, its longest losing run since November 2025. Meta's spending plans revived doubts about debt-funded AI infrastructure. Is it a bubble? Opinions are split. Matsui Securities' Tomoichiro Kubota warned that the AI bubble may have started to burst, as falling share prices make it harder for AI firms to raise capital. Julius Baer's Mark Matthews disagrees, arguing that demand still far exceeds supply and that big chip corrections are buying opportunities. Blackstone President Jon Gray also rejected the bubble view, describing demand for AI as almost parabolic. Rotation into defensives Money leaving tech is flowing into defensive sectors. The S&P 500 Consumer Staples Index jumped 3.1% on Thursday to a record high and is on course for its best month since 1998. Utilities and healthcare also gained. Credit markets are showing strain too. Spreads on dollar bonds from higher-rated Asian companies widened to their highest since last July. Bonds: Biggest Treasury rally in over two years Treasuries staged their biggest rally in more than two years on Thursday. The 10-year yield fell 17 basis points and dropped below 5% for the first time in a month, as traders unwound bearish positions. The yield edged back up to around 4.97% on Friday. Three forces drove the buying: the AI sell-off, turmoil in French markets and renewed Middle East tensions. The rally has also led traders to scale back expectations of further Fed rate hikes. Not everyone expects it to last. ING analysts still see the 10-year yield returning above 5% eventually, given inflation, fiscal deficits and AI-related trends. They said the risk-off mood eases pressure on the Fed to hike next week. In Japan, the 10-year JGB yield fell 9 basis points to 2.77%, extending its rally to a fifth day on what Tokyo traders described as unusually heavy buying. FX: Different safe havens for different risks Safe-haven demand is spreading across currencies, but OCBC analysts note that each risk favours a different currency: AI jitters favour the yen. USDJPY dropped to 156.08 on Friday, the Yen's strongest level in over a month, before recovering to about 156.89. The Yen is set for a 0.7% weekly gain, its biggest since early September. Middle East tensions support oil-linked currencies. The Canadian dollar strengthened past 1.40 per US dollar, its firmest in a month. French fiscal stress supports the Swiss franc. USDCHF held near 0.8211, close to a one-month low. Elsewhere, the dollar index edged up to 101.64 after touching 101.44 on Thursday, its lowest since the start of the month. EURUSD was flat at 1.121, weighed by concerns over France's debt. AUDUSD held at 0.7015, NZDUSD rose 0.2% to 0.5695, and the offshore Yuan traded near a four-year high at 6.6729. Oil: Brent heads for third weekly gain Brent rose 1% to around $114.35 a barrel, building on Thursday's 4% surge. Intensifying Houthi attacks on Saudi Arabia have raised fears of wider supply disruption, and Oil is set for its third consecutive weekly gain. Notably, falling yields and a firmer Yen suggest markets are currently more worried about economic growth than inflation, even with Oil above $110. UK: Retail sales disappoint British retail sales fell 0.4% in September, worse than the 0.1% drop expected. Warm weather hurt clothing sales, and supermarket volumes fell. Over the three months to September, sales volumes still rose 0.7%. Consumer confidence in October posted its sharpest monthly fall since early in the COVID-19 pandemic. That comes ahead of next week's budget from finance minister John Healey and as markets weigh the Bank of England's next move. What Could Move Markets Next Week? The key question is whether this week's flight to safety holds. Next week's results from Microsoft, Amazon and Alphabet will be the first real test. Strong numbers backed by clear returns on AI spending could pull money back into tech and push Treasury yields above 5% again. Another round of disappointment would likely extend the rally in bonds, the Yen and defensive stocks. Central banks add a second layer of risk. The Fed decides on Wednesday 28 October, and markets expect a hold. This week's risk-off move has eased the pressure to hike. The BoJ follows on Friday, with Japan's inflation now above target, so any hint of a December hike could strengthen the Yen further. Investors also face the UK budget and French protests this weekend, with the US midterms close behind. Hitoshi Asaoka of Asset Management One warned that this run of events could keep markets unsettled for longer than usual. [B]Always trade with strict risk management. Your capital is the single most important aspect of your trading business.[/B] [B]Please note that times displayed based on local time zone and are from time of writing this report.[/B] Click [URL='https://www.hfm.com/hf/en/trading-tools/economic-calendar.html'][B]HERE[/B][/URL] to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click [URL='https://www.hfm.com/en/trading-tools/trading-webinars.html'][B]HERE[/B][/URL] to register for FREE! [URL='https://analysis.hfm.com/'][B]Click HERE to READ more Market news.[/B][/URL] [B]Andria Pichidi HFMarkets[/B] [B]Disclaimer:[/B] This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

[B]Date: 21st October 2026.[/B] [B]Tech Earnings Ease AI Fears, Asian Stocks Rally.[/B] Strong tech earnings are giving the AI trade a much-needed lift. Asian stocks climbed on Wednesday after better-than-expected results from SpaceX and Super Micro Computer, with Korean shares rallying as much as 4%, Japan’s Nikkei up 1.3% and Taiwan’s Taiex gaining 1.2%. Nasdaq 100 futures rose 0.8%, and European shares were set to open higher. The bigger test comes later today, when Meta and Tesla report. Meanwhile, Brent is holding above $110, Australia’s central bank has turned more hawkish, and a cluster of central bank decisions next week will keep rate expectations in focus. Here is what traders need to know. AI trade: earnings beats bring relief Results are helping to calm the AI anxiety that drove last week’s sell-off. SpaceX rose 8.1% in extended trading after its numbers, while Super Micro Computer jumped 16%. The MSCI Asia Pacific Index gained 1%, ending a two-day losing streak. Wall Street also ended Tuesday on a positive note, with the S&P 500 up 0.3% as oil prices and Treasury yields eased. Early results this season have helped steady sentiment, though investors remain selective after last week’s sell-off. AI infrastructure stocks remain volatile. Elice surged 30% in Seoul, recovering part of its record-breaking IPO slump, but Australian data-centre developer NEXTDC plunged 40% after cutting its outlook. Not everyone is convinced. Billionaires Ken Griffin and Ray Dalio have both recently warned that AI has the hallmarks of a bubble. Edward Jones’ Angelo Kourkafas takes a more balanced view, arguing that demand isn’t slowing. In his view, investors are simply becoming more selective, favouring companies with the strongest finances. Corporate highlights SpaceX and Tesla: Elon Musk said both companies have formed special committees to explore a potential merger, which would be the largest corporate tie-up ever. Netflix: The company posted its slowest revenue growth in three years and guided for a fourth straight quarter of slowing growth. CATL: Shares fell after third-quarter profit growth missed estimates. Nvidia: The chipmaker is reportedly in talks to invest hundreds of millions of dollars in Australian AI cloud firm Firmus Grid. DayOne Data Centers: The company is weighing a delay or a smaller size for its US IPO. Oil: Brent holds above $110 Brent rose 1.1% to around $110.03 a barrel after touching a five-month high in a volatile session on Tuesday. Prices briefly dipped on unconfirmed reports of renewed peace talks, then recovered after the reports were denied. Traders are balancing diplomacy against supply risks. On the diplomacy side, the Iranian president met Pakistan’s army chief, a key mediator between the US and Iran. On the risk side, Houthi attacks on Saudi infrastructure and reported vessel attacks in the Gulf continue, and US industry data showed another drop in crude stockpiles. On Ukraine, US envoy Steve Witkoff is due to meet Russian President Vladimir Putin today, following talks with Ukrainian President Volodymyr Zelenskiy in Norway that a US official described as constructive. Central banks: RBA turns hawkish, Fed hold expected RBA. RBA Deputy Governor Andrew Hauser said the inflation outlook looks materially worse, partly due to high oil prices, and that he is unsure whether rates will need to rise again in November. Markets now see roughly a 50% chance of a hike to 4.85% at the 2–3 November meeting, up from 30% at the start of the week. Goldman Sachs now expects a hike. AUD/USD hovered near a three-week high at 0.7013. Australia’s Q3 CPI, due next week, is forecast to show headline inflation at 4.0%. Fed. A Reuters poll shows most economists expect the Fed to hold on 28 October before hiking in December. CME FedWatch prices an 83% chance of a hold. The US 10-year yield edged up 1 basis point to 5.12%. BoJ. Economists also expect the Bank of Japan to hold on 30 October, with a 25bp hike in December followed by quarterly increases. USD/JPY rose 0.1% to 158.33 after Japan’s September exports grew 16.7% year on year, below estimates but supported by strong chip and AI-related demand. Next week’s lineup. The Fed, ECB and BoJ announce decisions on consecutive days from Wednesday 28 October. The Reserve Bank of New Zealand and the Bank of Canada also decide on 28 October, with markets betting on 25bp hikes from both. FX and bonds: dollar near three-week low, French risk persists The dollar index held at 101.78 after hitting a three-week low on Tuesday, as lower yields and oil prices reduced its appeal. CBA’s Carol Kong noted that tech earnings could have a big impact on the dollar, given how closely global sentiment is tied to the sector. EUR/USD: steady at 1.1229 GBP/USD: 1.33735 NZD/USD: −0.1% to 0.5677 USD/CAD: steady at 1.4064 France remains the euro’s main risk. Prime Minister Sébastien Lecornu said troops will reinforce police ahead of protests planned for Saturday. French stocks fell, and the 10-year OAT yield rose 2.7 basis points to 4.94%. That widened its spread over German Bunds to 153.1 basis points. Emerging markets. Traders are awaiting Bank Indonesia’s decision today, as the central bank tries to halt the rupiah’s slide following the MSCI-triggered market rout. Gold and crypto Gold traded near $4,120 an ounce, holding onto losses of more than 1% since the start of the week. Bitcoin rose 0.3% to about $82,989, and Ether gained 0.2% to roughly $2,453. Three things to keep in mind: Meta is today’s market mover. Its AI spending guidance could swing the Nasdaq 100 and Asian chip stocks, so expect volatility after the US close. AUD is in play. A hawkish RBA and next week’s CPI make AUD/USD sensitive to any inflation surprise. Central bank week is approaching. Five major decisions in three days mean positioning could shift quickly. Review position sizes and stop-loss levels. [B]Always trade with strict risk management. Your capital is the single most important aspect of your trading business.[/B] [B]Please note that times displayed based on local time zone and are from time of writing this report.[/B] Click [URL='https://www.hfm.com/hf/en/trading-tools/economic-calendar.html'][B]HERE[/B][/URL] to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click [URL='https://www.hfm.com/en/trading-tools/trading-webinars.html'][B]HERE[/B][/URL] to register for FREE! [URL='https://analysis.hfm.com/'][B]Click HERE to READ more Market news.[/B][/URL] [B]Andria Pichidi HFMarkets[/B] [B]Disclaimer:[/B] This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

[B]Date: 20th October 2026.[/B] [B]Yen Jumps on Record Bond Demand: Is The Tech Rebound Fading?[/B] Monday’s tech rebound has run out of steam. Asian chip stocks slid on Tuesday, Nasdaq 100 futures fell 0.4% and European shares were set to open about 0.7% lower, as caution returned ahead of this week’s megacap earnings. Currency markets told a different story. The yen snapped a two-day losing streak after a 20-year Japanese government bond (JGB) auction drew record demand, while the euro and pound gained as the US dollar slipped against all of its G10 peers. Here is what traders need to know. Yen: Record JGB Auction Demand Lifts the Currency The key event of the day. Tuesday’s 20-year JGB auction attracted bids worth 5.84 times the amount on offer, up sharply from 4.01 times last month. That sent the 20-year yield down 6 basis points to 3.71% and lifted the yen 0.2% to 158.15 per dollar. The result suggests investors who had been sitting on cash are returning to Japanese bonds. State Street’s Masahiko Loo described JGBs as an emerging relative haven from Europe’s political and fiscal turbulence. He added that the yen has held up well against the euro and Swiss franc, a sign that higher domestic yields are becoming a structural support for Japanese assets. Bank of Japan outlook. Sources told Reuters that the BoJ may nudge up its inflation forecast for fiscal 2027 at its meeting ending on 30 October, as higher oil prices feed through. Policymakers are expected to hold rates at 1.25%, a 31-year high reached after last month’s hike, unless the yen weakens sharply again. That leaves December open for another move. Many analysts expect the policy rate to reach 1.75% by June 2026. What it means for traders: Strong domestic demand for JGBs and a hawkish-leaning BoJ could limit further upside in USD/JPY, but a broad rally in the dollar could still dominate. AI trade: Asian Tech Slides as the Rebound Fails to Spread South Korea’s KOSPI, a bellwether for AI investment, fell 3.9%, with SK Hynix heading for its lowest close since April. The MSCI Asia Pacific Index dropped 1.4%. Sentiment took another hit when data-centre infrastructure firm Elice plunged as much as 33% on its Seoul trading debut. SoftBank’s credit-default swaps also rose to their highest level in nearly four years, reflecting concerns over AI-related funding. Monday’s rally on Wall Street was narrower than it looked. The Philadelphia Semiconductor Index rose 1.6%, ending an eight-session losing streak, its longest since 2008. Yet about 65% of S&P 500 stocks fell on the day, a sign that the bounce was driven by tech rather than a broad return of risk appetite. HSBC’s Frederic Neumann noted that investors in Asia remain in ‘risk-off’ mode. He flagged rising bond yields, sticky energy prices, and higher funding costs that could delay AI projects. Europe and the UK: Euro Steadies, Pound Gains on Wages Euro. EUR/USD rose 0.2% to 1.1234 despite growing unrest. French authorities imposed curfews in several cities to contain nationwide anti-government protests, and Italy said it would deploy 500 troops after two days of unrest. French bond futures edged 0.2% higher, and German Bund futures added 0.1%. French sovereign risk is being priced into European equities, but the euro’s resilience suggests markets don’t yet see it as a systemic European problem. Not everyone is optimistic. Generali’s Thomas Hempell sees a near-term euro rebound as unlikely while the Iran war drags on and French politics remain unresolved. France’s high debt and large deficit also limit how much the government can spend to calm protests. Pound. GBP/USD climbed 0.4% to 1.3351. UK regular pay, which excludes bonuses, grew 3.7% in the three months to August, slightly above the 3.6% forecast. Markets expect the Bank of England to raise rates to 4% next month, after it held back while the Fed and ECB hiked in response to the energy shock. Governor Andrew Bailey said last week that the longer the war continues, the harder it will be not to respond. Dollar, Commodities and Crypto US dollar. The US Dollar Index fell 0.2% to 101.77, near the bottom of its monthly range. CBA’s Carol Kong said investors are reluctant to take big dollar positions before the tech earnings, given how closely global sentiment is now tied to the AI trade. Other FX. AUD/USD +0.1% to 0.6989 NZD/USD +0.4% to 0.5684 USD/CAD down 0.2% to 1.40775, close to the Canadian dollar’s strongest level in a month. The loonie barely reacted after Alberta voters chose to remain part of Canada. The offshore yuan firmed 0.1% to 6.678 after the PBoC kept rates on hold, as expected. Oil. Brent climbed back above $110, trading at around $110.20 a barrel. The risk of further Iranian attacks in the Strait of Hormuz is being weighed against solid crude flows from the Gulf. Gold. Gold fell 0.5% to around $4,120 an ounce. Crypto. Bitcoin slipped 0.3% to about $81,674, and Ether eased 0.2% to roughly $2,393. What traders should watch: Three Things to Keep in Mind: Watch USD/JPY around the BoJ. Strong JGB demand and hawkish hints could support the yen, but the dollar’s direction after US earnings may matter more. Tech sentiment is fragile. A narrow rebound and weakness in Asian chipmakers point to elevated volatility around results. Review position sizes and stop-loss levels. France is the euro’s main risk. Any escalation in protests or pressure on French bonds could quickly change the euro’s tone. [B]Always trade with strict risk management. Your capital is the single most important aspect of your trading business.[/B] [B]Please note that times displayed based on local time zone and are from time of writing this report.[/B] Click [URL='https://www.hfm.com/hf/en/trading-tools/economic-calendar.html'][B]HERE[/B][/URL] to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click [URL='https://www.hfm.com/en/trading-tools/trading-webinars.html'][B]HERE[/B][/URL] to register for FREE! [URL='https://analysis.hfm.com/'][B]Click HERE to READ more Market news.[/B][/URL] [B]Andria Pichidi HFMarkets[/B] [B]Disclaimer:[/B] This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

[B]Date: 19th October 2026.[/B] [B]Nasdaq Futures Rebound After AI Sell-Off as Oil Slips: What Traders Need to Know Today.[/B] Markets are opening the week on a calmer footing. Nasdaq futures rebounded 1.3% and S&P 500 futures added 0.8% on Monday, 19 October 2026, after the tech-heavy index suffered its worst week since the April 2025 tariff shock. Oil eased from a five-month high as Washington paused new sanctions on Russia, while Treasuries, gold, and Bitcoin all edged higher. The relief may be fragile. A heavy week of megacap earnings, elevated inflation, a hawkish-leaning Federal Reserve, and the 3 November US midterms are all converging. Here is what traders need to know before the opening bell. US stocks: Nasdaq futures bounce after the AI sell-off The rebound follows a bruising week for the AI trade. The Nasdaq 100 fell 5.5% over the five sessions, and on Friday, the S&P 500 lost 1.1%, while the Nasdaq Composite dropped 2.1%. The Dow held up better, slipping just 0.3%. Chipmakers took the hardest hit. A widely followed semiconductor index logged its longest losing streak since 2008, and the VIX volatility gauge posted its sharpest jump since June. Cloud provider CoreWeave, which is backed by Nvidia, was among the most heavily sold names. The driver is a growing question mark over AI spending. Investors want proof that the huge sums going into data centres will generate adequate returns, and worries over wider credit spreads at AI infrastructure firms added to the pressure. Nvidia CEO Jensen Huang struck a calm tone, telling investors the turbulence would pass and urging them to focus on the technology’s long-term value. For traders, the key question is whether Monday’s bounce is the start of a recovery or a relief rally within a deeper correction. Several strategists see room for dip-buying, but others expect the AI wobble to keep tech volatility high and spill into the wider market. Oil: Russia sanctions waiver pulls Brent off five-month highs Brent crude fell 1.8% to around $107.90 a barrel, and WTI dropped 1.6% to about $97.40 in early trading. On Friday, Brent briefly hit $110 for the first time since May. The main trigger was President Trump’s executive order putting broad new sanctions and tariffs on Russia on hold, days before they were due to take effect. The measures fall under the Graham Act, signed last month to pressure Moscow over the war in Ukraine. The waiver could free up more Russian energy exports and follows a separate diesel supply deal with Russia aimed at lowering US fuel prices before the midterms. Secretary of State Marco Rubio said the administration will take up to 60 days to assess the economic impact. The supply picture remains tight, though. Analytics firm Kpler estimates Gulf crude flows dropped to roughly 8.5 million barrels per day on a seven-day average last week, down from over 20 million the week before, after at least 10 incidents involving commercial vessels. Shipping risk around the Strait of Hormuz and Egypt’s offer of security support to Saudi Arabia against the Houthis keep the geopolitical premium elevated. What this means for traders: oil is being pulled between a policy-driven supply boost and a fragile Middle East. Expect sharp, headline-driven moves in both directions. Asia: mixed session Asian markets were mixed as tech volatility continued. The MSCI Asia Pacific Index trimmed early losses to trade around 0.2% lower. MSCI warned that it may strip the country of emerging-market status, which could force passive funds to sell. The market is now down about 44% this year, making it the worst performer globally. In China, stronger third-quarter growth improves the chances that Beijing meets its annual target, but memory chipmaker CXMT still fell over 7% despite upbeat guidance, a sign that chip sentiment remains weak across the region. Bonds, gold, FX and crypto: safe havens in demand Treasuries. The 10-year yield dipped one basis point to 5.06%, extending a 17 bp fall last week. Treasuries are tentatively regaining their safe-haven role, a risk for investors positioned for a deeper bond sell-off. Bond volatility remains elevated. Gold. Bullion rose 0.4% to $4,181 an ounce as traders scaled back bets on a Fed rate hike this month following Friday’s remarks from Fed Chair Kevin Warsh. Forex. The euro softened against most G10 currencies after weekend protests across France, which also weighed on French bond futures and European equity futures. EUR/USD traded near 1.1231, while USD/JPY held around 158.09. Crypto. Bitcoin climbed above $82,000, gaining between 0.7% and 2% during the Asian session as risk appetite steadied. What traders should watch this week Big Tech earnings will decide whether last week’s AI sell-off was an overreaction or an early warning. Three things to keep in mind: Volatility is elevated. With the VIX and bond volatility both raised, wider swings and gaps around earnings releases are likely. Review position sizes and stop-loss levels. Watch the AI capex message. Guidance on data-centre spending from Meta could move the Nasdaq 100, chip stocks, and Asian tech indices such as the KOSPI and TAIEX together. Oil is headline-driven. Prices can swing sharply on Middle East or Russia news, so stay close to the news flow. [B]Always trade with strict risk management. Your capital is the single most important aspect of your trading business.[/B] [B]Please note that times displayed based on local time zone and are from time of writing this report.[/B] Click [URL='https://www.hfm.com/hf/en/trading-tools/economic-calendar.html'][B]HERE[/B][/URL] to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click [URL='https://www.hfm.com/en/trading-tools/trading-webinars.html'][B]HERE[/B][/URL] to register for FREE! [URL='https://analysis.hfm.com/'][B]Click HERE to READ more Market news.[/B][/URL] [B]Andria Pichidi HFMarkets[/B] [B]Disclaimer:[/B] This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

[B]Date: 16th October 2026.[/B] [B]NASDAQ Rebounds 2% as Fed Comments Boost Sentiment, DAX Outperforms.[/B] The stock market ends its four-day decline after regaining some confidence from the Federal Reserve Chair’s comments. At the IMF’s annual meeting, Kevin Warsh was clearly attempting not to create market volatility or further weaken sentiment. All indices, except the Nikkei 225, rose during the US session. Currently, the best-performing indices are European stocks, particularly the EURO STOXX 50 and German DAX. The worst-performing indices of the day so far are the Nikkei 225 and NASDAQ. Despite the rebound, investors should be aware that certain risks remain for the stock market. These include high energy prices, inflation, interest rates, and global debt risk. The NASDAQ Attempts to Rebound Despite Continued Risks & Concerns The NASDAQ rose 2.00% during the US session after declining to its lowest level since 18 September. The asset found support from a slightly dovish and confident Fed Chair, as well as positive retail sales figures. The retail sales figure rose to 0.8%, slightly lower than the previous month, but higher than market expectations. In the previous days, the market faced mounting concerns over a possible economic slowdown. For this reason, the higher retail sales figure was particularly important in calming concerns. In addition, retail sales reading higher for two consecutive months boosts expectations of a positive earnings season. During the IMF’s annual meeting, Kevin Warsh and Christine Lagarde sounded relatively confident and dovish while speaking to journalists. Federal Reserve Chair Kevin Warsh made no comments regarding higher rates or his outlook for the US economy. Investors took the lack of comments on inflation as a dovish tilt, boosting the stock market. Nevertheless, concerns and risks continue to mount for the stock market. In addition to higher consumer inflation, producer inflation again rose above expectations. Markets were expecting the Producer Price Index to rise 0.6% and core producer inflation to rise 0.3%. The final figures were more than double, with the Producer Price Index rising 1.3%. Furthermore, Warsh warned that artificial intelligence may be driving demand in the near term, and said that, as a central banker, he’s taking the new technology seriously but also ‘soberly, responsibly’. Technology companies will start to announce their earnings reports next week. NASDAQ stocks due to announce their earnings report next week: Netflix - After Market Close Tuesday - 22nd Most Influential Stock - down 20% in 2026 Intuitive Surgical - After Market Close Tuesday - 38th Most Influential Stock - down 23% in 2026 Meta - After Market Close Wednesday - 8th Most Influential Stock - up 13% in 2026 Tesla - After Market Close Wednesday - 10th Most Influential Stock - down 17% in 2026 Lam Research - After Market Close Wednesday - 19th Most Influential Stock - up 49% in 2026 HFM - NASDAQ 15-Minute Chart In terms of technical analysis, the price of the index is obtaining bullish sentiment on smaller time frames, but medium-term timeframes paint a different picture. On the 1-hour chart, the price continues to move downwards, and the upward price movement marginally forms a retracement. Monitoring the 5-minute timeframe, if the price falls below $29,879.90, the short-term buy indications will fade and the chart will become more bearish. On larger time frames, this will apply when the price falls back below $29,647.85. If the price is to decline, the main support levels can be seen at $29,433.75 and $29,000.00. The outcome of the above earnings reports will significantly influence whether the index will rise or fall. German DAX - Weaker AI Demand & Defense Spending Boosts the DAX Due to concerns regarding AI and also US inflation, investors are turning to the German DAX. The German DAX has only risen by 1.40% in 2026 and is trading at a more competitive entry price. The German DAX is known to be a more stable option when investors wish to reduce exposure to the US and AI. Concerns about excessive AI valuations and financing costs have pressured technology companies. The DAX has relatively limited exposure to major AI-related stocks, making it less vulnerable to the selloff than some technology-heavy indices. However, next week’s earnings data will impact this. If tech earnings impress, the NASDAQ could rise again while the DAX may trade sideways. German 10-year government bond yields have declined to around 3.35%, easing some pressure on equity valuations and borrowing costs. However, falling yields also reflect concerns about economic growth. Nonetheless, for now, strong performance in German stocks supports the DAX. Rheinmetall rose 3.87% on Thursday, helping support the DAX. Defence stocks have benefited from continued investor interest amid geopolitical tensions. HFM - DAX 30-Minute Chart If the DAX is to continue rising, key levels that investors will be monitoring are the 25,655.00 and 26,630.00. Key Takeaways: The NASDAQ rebounds 2% as Fed comments and stronger-than-expected US retail sales restore investor confidence. The German DAX outperforms as investors shift towards European stocks amid AI valuation concerns. High energy prices, inflation, interest rates, and global debt continue to pose risks to stock markets. Upcoming earnings from Meta, Tesla, Netflix, and other major companies could influence the NASDAQ’s next direction. [B]Always trade with strict risk management. Your capital is the single most important aspect of your trading business.[/B] [B]Please note that times displayed based on local time zone and are from time of writing this report.[/B] Click [URL='https://www.hfm.com/hf/en/trading-tools/economic-calendar.html'][B]HERE[/B][/URL] to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click [URL='https://www.hfm.com/en/trading-tools/trading-webinars.html'][B]HERE[/B][/URL] to register for FREE! [URL='https://analysis.hfm.com/'][B]Click HERE to READ more Market news.[/B][/URL] [B]Michalis Efthymiou HFMarkets[/B] [B]Disclaimer:[/B] This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

[B]Date: 15th October 2026.[/B] [B]CPI Shock Triggers ‘Risk-Off’ Sentiment: What It Means for Gold and the NASDAQ.[/B] The US inflation rate, as well as core inflation data, reads higher than analysts' previous expectations. The US inflation rose from 3.4% to 3.7%, while core inflation rose to 2.6%. Both inflation readings are 0.1% higher than previous expectations, indicating that the Federal Reserve will almost certainly hike before year-end. The reading was quick to trigger volatility and strong order flow as markets reacted. One of the most volatile assets was Gold, which fell 2.30% from high to low. However, the asset that had the most one-sided trend was the NASDAQ. The NASDAQ is currently trading at a four-week low. US Consumer Price Index Prompt ‘Risk-Off’ Market Move The issue for investors is not necessarily that inflation is too high, but that the higher-than-expected inflation reading means inflation will remain above 2% for more years. If inflation remains above 2% for much longer, economists fear that the higher rate could become the new norm, which carries economic risks. Gasoline prices surged 9.1% during September, accounting for more than half of the monthly increase, while overall energy costs rose 5.2%. Inflation also affected housing, with shelter costs increasing 0.4%, alongside higher prices for airfares, used vehicles, recreation, and education. Looking ahead, economists expect inflationary pressures to remain elevated, particularly if geopolitical tensions continue to disrupt energy supplies. Higher fuel and transportation costs could gradually affect other sectors, making inflation more difficult to control. Lastly, markets have seen a surge in demand for bonds after the CPI release, indicating a move towards safer’ assets. Gold Being Paused By Two Driving Forces Gold initially fell 1.65% immediately after the Consumer Price Index release, before declining a further 0.28% in the hours that followed. However, since this decline, Gold has risen and fully regained all previous losses. The price this morning is showing a strong upward impulse wave, but is retracing as the European session nears. The reason for the original decline is that the impact the higher inflation figure has on the Federal Reserve, the US Dollar and bond Yields. Both bond yields and the US Dollar rose to new highs for 2026. In addition, markets are now considering a Federal Reserve rate hike for October. Rate hikes, a strong Dollar, and high bond yields are known to pressure Gold. This is also one of the reasons why Gold has been in a bearish trend over the past eight weeks. However, the higher inflation reading eventually prompts a ‘risk-off’ appetite. As the ‘risk-off’ sentiment gains momentum, the mood towards gold improves. Markets are now considering an economic slowdown. The Federal Reserve’s latest Beige Book highlights sluggish consumer spending, limited economic growth across several regions and signs of a softer labour market. Now, with higher inflation and oil prices remaining above $90 per barrel, economists believe a slowdown is plausible. If employment and economic growth weaken, the US Dollar loses its attractiveness and demand for gold rises. At the same time, the Federal Reserve will not be able to hike rates further to bring inflation down, further supporting Gold. For this reason, Gold is now correcting upwards, but technical analysts advise volatility in both directions is likely as investors weigh both positive and negative elements. Investors Dump NASDAQ In Exchange For Safer Assets While the direction of Gold is less certain due to both positives and negatives, the NASDAQ is witnessing a strong decline. The NASDAQ fell 2.16% on Wednesday and a further 1.25% during this morning’s Asian session. Economists are also saying that there is a direct switch between stocks and bonds. Investors are decreasing their exposure to the stock market and particularly to the AI trend. Economists are saying that risks are mounting and strong earnings are currently not adequate to offset other risks. On one side, investors are considering higher bond yields, Fed hikes, high oil prices, and fears over AI security. So far, earnings and economic resilience have kept the market afloat. However, investors now fear an economic slowdown in 2027. As a result, investors are decreasing exposure. HFM - NASDAQ 10-Minute Chart For this reason, the NASDAQ is also showing clear bearish indications from technical analysis. The price is trading below key moving averages and the VWAP. Currently, the order flow blocks are also indicating weak demand. Price action is also indicating a downward trend as the price maintains bearish momentum. However, oscillators are mainly indicating an oversold condition The key support level on the daily timeframe is at $28,866.70. Key Takeaways: Annual inflation rises to 3.7%, while core inflation reaches 2.6%, strengthening expectations of a Federal Reserve interest rate hike before year-end. Gold rebounds from its CPI losses as increased safe-haven demand offsets pressure from bond yields and a stronger US Dollar. The NASDAQ faces sustained selling pressure as investors reduce exposure to tech stocks amid inflation concerns and weakening risk appetite. Inflation, elevated energy prices, and signs of a weakening economy increase concerns about a potential US economic slowdown in 2027. [B]Always trade with strict risk management. Your capital is the single most important aspect of your trading business.[/B] [B]Please note that times displayed based on local time zone and are from time of writing this report.[/B] Click [URL='https://www.hfm.com/hf/en/trading-tools/economic-calendar.html'][B]HERE[/B][/URL] to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click [URL='https://www.hfm.com/en/trading-tools/trading-webinars.html'][B]HERE[/B][/URL] to register for FREE! [URL='https://analysis.hfm.com/'][B]Click HERE to READ more Market news.[/B][/URL] [B]Michalis Efthymiou HFMarkets[/B] [B]Disclaimer:[/B] This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

[B]Date: 14th October 2026.[/B] [B]US Inflation in Focus: Gold, Oil, and S&P 500 Brace for Volatility.[/B] US bond yields continue to decline for a fifth consecutive day, easing pressure on stocks and gold. Though investors continue to remain cautious before the releasing of today’s Consumer Price Index. As a result, Gold and the stock market continue to struggle to maintain bullish momentum and impulse waves. A factor that is dampening market sentiment are the higher oil prices. Oil prices, along with the inflation reading, will play a key role in determining how prices move throughout the rest of the week. Brent Oil Prices Remain Stubbornly High The price of Brent oil is declining this morning but remains above yesterday’s price range. The issue for the economy is that oil prices have remained above $100.00 for an extended period as tensions in the Gulf region continue to rise. The last time the price was below $100 per barrel was on 23 September. The conflict with the Yemeni Houthis is causing travel disruptions in Saudi Arabia. Major airlines, including Etihad Airways and Qatar Airways, have cancelled or suspended flights to the country. At the same time, concerns about energy supply disruptions are making transportation more expensive. Shipping and insurance costs have increased significantly, adding further pressure to global energy markets. Rising tensions in the Middle East can affect oil supplies and transportation costs, potentially pushing oil prices higher and increasing market volatility. However, this will depend on geopolitics. If the US inflation rate reads higher than expectations and oil prices rise throughout the day, the market could quickly see ‘risk-off’ sentiment. However, if prices continue to retrace lower and inflation fails to rise above expectations, market sentiment could improve. Key levels for market sentiment include $110 per barrel and $105. Gold Falls Despite Lower Bond Yields Despite the cooling bond yields, Gold continues to struggle to maintain bullish momentum. The downward price movement is largely driven by a lack of demand before the inflation release. The US will release its inflation data for September this afternoon at 12:30 GMT. Investors are awaiting this confirmation before determining how to trade and change their portfolios. In addition to the inflation reading, investors are also paying attention to the IMF’s comments, oil prices, and the Federal Reserve. The IMF issued a statement providing a stark warning about the risk of a global economic recession. The IMF warned that US economic growth alone will not be enough to reduce the country's rising national debt and budget deficit. It called for additional measures to improve government finances. When the economy and employment remain resilient and in growth mode the US Dollar and bonds are more attractive for investors while inflation and bond yields are high, particularly as the Federal Reserve keeps hiking. However, if a recession is imminent, the mood can change and boost demand for Gold. particularly if the Federal Reserve is no longer able to hike interest rates. HFM - Gold 30-Minute Chart In the short term, a higher inflation rate will pressure Gold, while a weaker reading will support Gold. Currently, technical analysis is providing a bearish bias as the price falls and remains below moving averages. S&P 500 - The Fed's John Williams Indicate A Prolonged Pause in 2027 The S&P 500 on Tuesday was both up and down in price movement, as it is this morning. Currently, all global indices are trading slightly higher, and the VIX Index is trading lower. This provides a slight bullish bias. However, the price movement is almost entirely dependent on the upcoming inflation release. For this reason, investors should be cautious. Federal Reserve Bank of New York President John Williams said he still sees one more interest rate hike as appropriate this year. This interest rate hike is already almost entirely priced into the market. For this reason, a hike will have a minor impact. The key factor will be whether the Fed is going to continue hiking in 2027. Williams said there are still signs inflation will slow and approach the Fed’s 2% target next year, as the impact from tariffs and an energy price shock fades. He also stated that a hike will not be necessary in 2027 if the Fed hikes in December. This could be a positive factor, but only if inflation indeed falls. HFM - S&P 500 1-Hour Chart Key Takeaways: US Inflation in Focus: September’s CPI release at 12:30 GMT could drive volatility across Gold, Oil and global stock markets. Brent Oil Above $100: Rising Middle East tensions and higher transportation costs continue to fuel inflation concerns, with $105 and $110 as key price levels. Gold Struggles Despite Falling Yields: US bond yields decline for a fifth consecutive day, but Gold remains under pressure as investors await inflation data. A higher-than-expected reading could add further downside pressure. S&P 500 Awaits Direction: US indices show a slight bullish bias, supported by falling bond yields and a lower VIX. However, inflation data and expectations for future Federal Reserve rate hikes remain the main drivers. [B]Always trade with strict risk management. Your capital is the single most important aspect of your trading business.[/B] [B]Please note that times displayed based on local time zone and are from time of writing this report.[/B] Click [URL='https://www.hfm.com/hf/en/trading-tools/economic-calendar.html'][B]HERE[/B][/URL] to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click [URL='https://www.hfm.com/en/trading-tools/trading-webinars.html'][B]HERE[/B][/URL] to register for FREE! [URL='https://analysis.hfm.com/'][B]Click HERE to READ more Market news.[/B][/URL] [B]Michalis Efthymiou HFMarkets[/B] [B]Disclaimer:[/B] This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

[B]Date: 13th October 2026.[/B] [B]High Volatility Ahead of US Inflation as IMF Warns of Global Risks.[/B] The US Dollar Index is falling during Tuesday’s Asian session after rising to the highest level in six months. The decline is due to falling bond yields and markets pausing ahead of the release of the US inflation rate. The US Dollar Index has been increasing in value for almost five consecutive weeks. Investors are warning that the quick rise is prompting slightly overstretched indications unless tomorrow's inflation reads higher. Volatility in bonds, gold, currencies, and indices are also being driven by the latest statements from Broadcom and the IMF. Broadcom, the eighth most influential company in the NASDAQ and a key player in AI, has raised concerns about growing speculation in the sector. Its CEO warned that AI investing is becoming ‘casino-like’, with many investors lacking understanding and holding unrealistic expectations. As a result, the NASDAQ and S&P 500 are declining in value, while the Dow Jones is experiencing a strong gain. This is due to the Dow Jones’s exposure to defensive stocks and the banking sector. The banking sector is due to announce their earnings reports before the market opens on Tuesday. USD/CAD - The Dollar Loses Momentum as Investors Turn to Bonds The US Dollar Index is experiencing strong gains due to expectations of higher interest rates for a prolonged period. In addition, the currency is also experiencing demand due to high bond yields and its safe-haven status. At the same time, the Canadian dollar continues to come under pressure from US trade demands, weak economic growth, and political uncertainty. A key factor that is impacting safe-haven assets is the latest IMF statement. The IMF’s statement on 13 October felt more like a warning rather than a neutral statement. According to the statement, the global economy is becoming increasingly vulnerable to further shocks, particularly as government bond yields rise and public debt remains elevated. The statement also made reference to the rising energy prices and possible AI-related market risks. As a result, many safe-haven assets are increasing in value. These include, Gold, bonds, the Japanese Yen and the Swiss Franc. The US Dollar on the other hand, saw a small decline due to higher bond demand and the upcoming inflation report. Many investors will wait to see what the latest inflation figure will indicate for monetary policy. Market analysts expect inflation to rise from 3.4% to 3.6%. If the inflation figure comes in higher, the US Dollar could again see an increase. However, a lower figure or a reading line with expectations may see the daily fall continue into a correction. Without a considerable rise in inflation, the Federal Reserve is likely to pause in October. USDCAD - Technical Analysis In terms of technical analysis, on the daily timeframe, indications remain bullish, but the picture seems overstretched at such a high price. The USD/CAD has risen for six consecutive weeks, but has been struggling to rise further over the past week. Nonetheless, the shorter-term timeframes are not indicating a downward trend, and downward retracements are losing momentum. At the same time, on the short- and medium-term charts, the price continues to trade above the key moving averages. Gold Rebounds, but Inflation Remains Key Gold prices saw a strong rise this morning after declining on Monday. The key drivers were the decline in bond yields for a second consecutive day, ‘risk off’ appetite, and a slight decline in the Dollar. However, traders should note that the US Dollar Index remains elevated and above 102.00. While the short-term price action remains above 102.00, gold may struggle to maintain bullish momentum. At the same time, Gold will also be influenced by the upcoming US inflation reading. If the inflation reading is higher than expected, Gold may decline in the short term. However, a decline or slight rise will likely benefit Gold as the Fed may opt to keep rates unchanged for the rest of the year. The price of Gold was trading 0.64% higher this morning but is retracing lower as the European session nears. If the price rises above $4,194.40, bullish indications will likely remain intact. If the price falls below $4,181.00, buy signals will be erased until bullish momentum is seen again. HFM - Gold 1-Hour Chart Key Takeaways: The Dollar retreats from a six-month high as bond yields decline and investors await US inflation data. The IMF warns of growing economic vulnerabilities, while Broadcom raises concerns about excessive AI speculation. The USD/CAD remains bullish but shows signs of overextension, with upcoming inflation data likely to influence its next move. Gold benefits from declining bond yields and safe-haven demand, with $4,194.40 acting as key resistance and $4,181.00 as support. [B]Always trade with strict risk management. Your capital is the single most important aspect of your trading business.[/B] [B]Please note that times displayed based on local time zone and are from time of writing this report.[/B] Click [URL='https://www.hfm.com/hf/en/trading-tools/economic-calendar.html'][B]HERE[/B][/URL] to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click [URL='https://www.hfm.com/en/trading-tools/trading-webinars.html'][B]HERE[/B][/URL] to register for FREE! [URL='https://analysis.hfm.com/'][B]Click HERE to READ more Market news.[/B][/URL] [B]Michalis Efthymiou HFMarkets[/B] [B]Disclaimer:[/B] This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

[B]Date: 12th October 2026.[/B] [B]Dow Jones & Gold: What’s Driving the Rebound.[/B] Gold and the stock market are declining after originally increasing during this week’s market open. The u-turn comes as the US Dollar and Oil prices rebound. The recent key drivers are Russia and Ukraine’s energy ceasefire and also the tensions between Yemen and Saudi Arabia. However, markets expect more volatility and greater clarity following the release of US consumer and producer inflation data later this week. This week will also see the start of earnings season, with major US banks making their earnings reports public. So far, the Dow Jones is the best-performing US index, while the NASDAQ is witnessing the strongest decline. Dow Jones - Earnings & Inflation The Dow Jones rose 0.35% during this morning’s opening hours, rising to its highest level since 25 September. The upward price movement potentially may have been due to the better market conditions, including the weaker Dollar, lower oil prices, and the decline amongst bond yields. Investors may have also been continuing last week’s trend as the market gets ready for this week’s earnings data. However, as the European open edges closer, the positive market conditions are fading. The US Dollar’s decline has come to a halt, and oil prices have risen 2%. For this reason, markets are becoming cautious, but the VIX index remains 1% lower, maintaining a ‘risk-on’ sentiment. The main market pressures are currently coming from high bond yields and the Middle East. The geopolitical tensions in the Persian Gulf and the risk of Houthi disruptions to the Bab-el-Mandeb Strait, a key oil shipping route, remain in the spotlight. Meanwhile, easing Fed hawkishness, stabilising inflation, and signs of economic cooling weigh on prices. Currently, 82.8% of the market believes rates will remain unchanged in October. This is likely to remain the case unless inflation rises higher than the current expectations. For this reason, this week’s events will be vital in determining how the index will move in the upcoming days. Markets expect the US inflation rate to rise from 3.4% to 3.6%. If the inflation rate rises above this level, the Dow Jones can come under pressure, particularly if oil prices also remain above $90. However, if inflation does not rise to 3.6%, the Dow Jones may continue to rebound higher. The possible rebound will be particularly strong if supported by positive earnings data. Goldman Sachs Earnings Report The Dow Jones will be strongly influenced by the earnings reports of Goldman Sachs, UnitedHealth, Johnson & Johnson and JPMorgan. However, the strongest driver will be the earnings report from Goldman Sachs. Currently, Goldman Sachs stock is the most influential for the index as it holds a weight of more than 10%. This year, the stock has risen almost 6%. Analysts expect earnings per share of approximately $12.90 and revenue of $16.87 billion, representing an estimated 11.1% annual revenue increase. The bank is expected to benefit from stronger investment banking activity, particularly mergers and acquisitions, corporate advisory services, and underwriting. However, trading revenues could face seasonal pressure following an exceptionally strong second quarter, while rising operating expenses may weigh on profitability. The fundamental outlook for Goldman Sachs remains cautiously positive, supported by continued demand for investment banking services and corporate transactions. The bank has exceeded earnings expectations for four consecutive quarters, increasing expectations for another positive surprise. However, tomorrow's market reaction will depend not only on whether earnings exceed forecasts but also on trading performance, cost management, and management's outlook for Q4. If Goldman Sachs shares increase in value after tomorrow’s earnings release, the Dow Jones can also find major support. However, the upward price movement will also depend on the US Consumer Price Index as well as the less important earnings reports. Will Gold’s Rebound Continue? Gold, which has been struggling since late August, rose in value at the end of last week, taking the price to a key resistance level. The increase was partly driven by investors taking advantage of lower prices following Wednesday’s sharp decline. Additionally, expectations that the Federal Reserve will keep interest rates unchanged in October provided further support. So far this morning, the price has seen an impulse wave in both directions. In the medium term, the Consumer Price Index and Producer Price Index will help determine Gold's price action. Whereas, in the short term (Monday alone), markets will continue to monitor developments in the Middle East, bond yields, oil prices, and the US Dollar. If the US Dollar Index remains above 102.00 and bond yields record a daily gain, Gold will struggle to maintain bullish momentum. In the medium term, higher inflation rates could result in an October rate hike and potentially weaken Gold prices. Key Takeaways: Russia-Ukraine Ceasefire: Prospects of a ceasefire remain a key factor influencing global market sentiment. Corporate Earnings: Upcoming earnings reports could drive stock market volatility and influence investor confidence. Fed & Inflation: Stabilising inflation strengthens expectations that the Federal Reserve will keep interest rates unchanged in October. Middle East Tensions: Escalating geopolitical tensions raise concerns over oil supply disruptions and increased market uncertainty. [B]Always trade with strict risk management. Your capital is the single most important aspect of your trading business.[/B] [B]Please note that times displayed based on local time zone and are from time of writing this report.[/B] Click [URL='https://www.hfm.com/hf/en/trading-tools/economic-calendar.html'][B]HERE[/B][/URL] to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click [URL='https://www.hfm.com/en/trading-tools/trading-webinars.html'][B]HERE[/B][/URL] to register for FREE! [URL='https://analysis.hfm.com/'][B]Click HERE to READ more Market news.[/B][/URL] [B]Michalis Efthymiou HFMarkets[/B] [B]Disclaimer:[/B] This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

[B]Date: 9th October 2026.[/B] [B]Gold and S&P 500 Rebound: Can the Rally Continue?[/B] The market risk appetite is improving on Friday as President Trump indicates that the US will not strike Iran before the midterms. The US blockade of the Strait of Hormuz will remain intact but the US military is likely to remain inactive unless serious threats arise. Political experts say the White House will look to lower oil prices as the US midterms approach. This would be three weeks of possible calm in the Middle East. As a result, oil prices, along with bond yields, are falling slightly, allowing for ‘risk-on’ market conditions. The best-performing assets of the day are currently metals and the stock market. In addition, a key factor is earnings season, which is only a few days away. Earnings Season - OpenAI Eyes $70 Billion in Revenue by Year End The quarter’s earnings season will start on Tuesday 13 October, with major US banks and the healthcare sector announcing their reports. On Tuesday, JPMorgan, Goldman Sachs, Johnson & Johnson, and UnitedHealth Group will make their third-quarter reports public. The release will mainly impact the S&P 500 and Dow Jones, but could also affect other stocks. The S&P 500 and Dow Jones are more exposed to these sectors, but the results can impact investor sentiment in general. As a result, all global indices could experience volatility and new trends. The technology sector will start releasing quarterly earnings reports on October 21 October with Tesla and Lam Research Corporation. The three main US indices, the NASDAQ, S&P 500, and Dow Jones have struggled in the past two days, but are quickly rebounding as earnings expectations boost demand. Of particular interest are OpenAI’s latest statements regarding its revenue expectations. OpenAI expects its annualised revenue to reach or exceed $70 billion this year, compared with approximately $50 billion at the end of September. The change represents a potential 40% increase. This growth is expected to be driven primarily by rising demand for its enterprise AI services as businesses increasingly adopt artificial intelligence. The company is also reportedly seeking to raise $30 billion in new funding at a valuation of $1.4 trillion. The announcement follows concerns over OpenAI’s revenue figures, which contributed to selling pressure across technology and AI-related stocks. Despite these concerns, the latest projections highlight the rapid expansion of the AI industry and its growing importance to investor sentiment. S&P 500 Rebounds As Earnings Edge Closer The S&P 500 is trading close to 0.30% higher during this morning’s Asian session, but is still forming lower lows and lower highs. For this reason, investors will be cautious about the index’s direction and market signals. Currently, all indices are trading higher with the Nikkei 225 and NASDAQ seeing the strongest gains, while the Dow Jones is recording the weakest increase. The fact that gains can be seen across all global indices remains a positive indication. The VIX Index is trading 1.30% lower, while index components are trading higher in pre-market trading. These factors indicate a possible rebound, however, the put-call ratio and McClellan Volume Summation Index are indicating weakness in market demand. For this reason, the short-term indications remain positive, but medium-term risks remain. The medium-term outlook will also largely depend on earnings reports. If earnings fail to impress, the index could fall, particularly as its trading very close to all-time highs. HFM - S&P 500 15-Minutes Charts In the 5-minute timeframe, the price is trading above the VWAP and the moving average. This is providing a bullish indication, however, if the price falls below $7,781.50, these signals will fade. Gold Rebounds, but Will It Be Limited? Gold is seeing a strong rebound after declining on Wednesday to the lowest price since 4 August. Slightly lower bond yields and weaker US Dollar are allowing Gold to rise. However, investors should note that both the Dollar and bond yields remain extremely high, which may limit the bullish trend unless market conditions change. According to the September FOMC minutes published yesterday, all 19 Fed policymakers supported an interest rate increase, with over 60% anticipating another hike this year. The probability of a year-end hike reached 69.3%, its highest level this year. The likelihood of rates remaining unchanged in October stands at 81.2%. However, most economists believe nothing has changed in the longer-term interest-rate outlook. As the price rose 2% on Friday, Gold is now trading at a key resistance level. However, as Gold rises, the US Dollar Index is not continuing to fall. If the US Dollar Index remains above 101.80, Gold may struggle to continue the current trend. HFM - Gold 15-Minute Chart Key Takeaways: Reduced geopolitical tensions in the Middle East, alongside lower oil prices and bond yields, are supporting risk appetite. Major US banks and healthcare companies begin reporting on 13 October, with results expected to influence broader market sentiment. Global indices are recovering, supported by earnings expectations and OpenAI’s projected $70 billion annualised revenue. However, medium-term risks remain. Gold is rising 2% as bond yields and the US Dollar weaken. However, expectations of another Fed rate hike and key technical resistance could limit further gains. [B]Always trade with strict risk management. Your capital is the single most important aspect of your trading business.[/B] [B]Please note that times displayed based on local time zone and are from time of writing this report.[/B] Click [URL='https://www.hfm.com/hf/en/trading-tools/economic-calendar.html'][B]HERE[/B][/URL] to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click [URL='https://www.hfm.com/en/trading-tools/trading-webinars.html'][B]HERE[/B][/URL] to register for FREE! [URL='https://analysis.hfm.com/'][B]Click HERE to READ more Market news.[/B][/URL] [B]Michalis Efthymiou HFMarkets[/B] [B]Disclaimer:[/B] This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

[B]Date: 8th October 2026.[/B] [B]Stock Market Today: German Exports Drop, Oil Tops $102[/B] Key takeaways German exports unexpectedly fell 0.8% in August, with shipments to the US down 6.3%. Brent crude jumped above $102 on reports of possible US strikes on Iran and Hurricane Isaias. Fed minutes show most officials expect another rate hike before year-end. The 10-year Treasury yield hit 5.36%, its highest since 2002. Asian stocks fell across the board after the S&P 500 slipped from its record. Global stocks slipped further from their record highs on Thursday, October 8, 2026, as oil prices jumped above $102 a barrel, Federal Reserve minutes pointed to another rate hike this year, and fresh data showed German exports unexpectedly shrinking in August. The pullback began on Wall Street on Wednesday, when the S&P 500 fell 0.2% a day after closing at an all-time high. Thursday's oil spike, driven by a report that the White House is weighing new strikes on Iran, revived inflation fears and kept the 10-year Treasury yield near its highest level since 2002. In Europe, a surprise drop in German exports, led by a sharp fall in shipments to the United States, added to concerns about the region's growth as the euro hovers near its weakest level in over a year. German Exports Fall Unexpectedly as US Shipments Drop 6.3% German exports fell 0.8% in August compared with July, according to data released Thursday by Germany's federal statistics office, Destatis. Economists polled by Reuters had expected a 0.6% increase, making the miss a notable setback for Europe's largest economy. The biggest drag came from the United States, Germany's most important export market. Shipments to the US fell 6.3% from the previous month. Exports to other EU countries slipped 0.6%, while sales to countries outside the EU declined 1.1%. There were some bright spots. Exports to the United Kingdom jumped 16.7%, and shipments to China rose 4.7%. However, imports from China surged 11%, far outpacing export growth. Overall imports rose 0.9% on a calendar- and seasonally adjusted basis. As a result, Germany's trade surplus narrowed to €19.5 billion ($21.82 billion) in August from €21.6 billion in July. The data adds to pressure on an economy already facing a European energy shock, rising borrowing costs and fiscal stress in neighboring France. A weaker euro would normally help German exporters, but August's figures suggest that soft demand in the US is outweighing any currency advantage for now. Oil Prices Jump Above $102 on Iran Strike Report and Hurricane Isaias Brent crude climbed more than 2% early Thursday to around $102.50 a barrel, while US benchmark West Texas Intermediate rose to about $90. Both benchmarks reversed the declines seen earlier in the week, when signs of recovering Middle East exports and coordinated G7 stock releases had eased supply worries. The main trigger was a report by The Atlantic, citing unnamed officials, that the White House asked the Pentagon to prepare options for strikes on Iranian targets ahead of the November 3 US midterm elections. According to the report, the scope of the strikes is still under discussion, and a larger operation could follow the vote. Several other supply risks added to the move: Tanker attacks: Iran has stepped up strikes on vessels in the Strait of Hormuz. Houthis: Yemen's Houthis denied reports that they had lost key territory. Hurricane Isaias: More than 500,000 barrels a day of Gulf of Mexico output has been shut ahead of the storm. Low inventories: Saudi Aramco warned that global oil stocks are dangerously low and could take two years to rebuild. On the policy side, the International Energy Agency said its members back faster releases of the emergency stocks pledged in March, prioritizing diesel where possible. Fed Minutes Signal Another Rate Hike; 10-Year Yield Near 2002 High Minutes from the Federal Reserve's September meeting, released Wednesday, showed that all 19 officials supported last month's quarter-point hike, which lifted the federal funds rate to a range of 3.75% to 4% and was the Fed's first increase since July 2023. Most officials also judged that another hike would likely be appropriate before the end of the year, with many citing the risk of building price pressures. Analysts said the minutes made a further move hard to dismiss, even if the Fed waits for more data first. Adding to the concern, the New York Fed reported that consumers' one-year inflation expectations have climbed to a three-year high. The 10-year Treasury yield touched about 5.36% on Wednesday, its highest since 2002, before easing after solid demand at a $39 billion 10-year note auction.It closed near 5.28% and was trading around 5.31% to 5.32% on Thursday. A 30-year bond auction later today will provide another test of investor appetite for long-dated US debt. Bank of America strategist Savita Subramanian noted that, for the first time in decades, bonds now offer genuine competition for equities. She also warned that elevated investor optimism leaves stocks more vulnerable to disappointment. Wall Street Retreats From Records; Asian Stocks Fall Across the Board On Wednesday, the S&P 500 and Nasdaq both slipped 0.2% from their record highs, while the Dow Jones Industrial Average fell 0.7%. The MSCI World Index lost 0.5%. Tech shares cooled ahead of next week's earnings season, as investors focus on whether massive AI spending will justify high valuations. Asian markets followed Wall Street lower on Thursday, with declines in nearly every major market: Japan: The Nikkei 225 fell 0.9% to 69,438.77, slipping back below 70,000. South Korea: The Kospi lost 0.8% to 6,750.25. Hong Kong: The Hang Seng dipped 0.2% to 24,072.98. China: The Shanghai Composite edged down 0.1% to 3,840.03 as mainland markets reopened after the holiday. Australia: The S&P/ASX 200 fell 0.6% to 8,677.20. Taiwan: The Taiex dropped 0.7%. Samsung Electronics shares fell even after the company estimated a 782.5% surge in third-quarter operating profit to 107.4 trillion won, driven by higher memory chip prices. The reaction suggests that much of the good news was already priced in. US stock futures were mixed. Euro Near 16-Month Low as France's Fiscal Worries Linger The euro fell 0.6% on Wednesday to about $1.1194 and was trading near $1.12 on Thursday, close to its weakest level since mid-2025. Pressure is coming from France, where worries about high debt and deficits have pushed the 10-year bond yield to around 4.89%, compared with 3.48% for Germany. Investors have also built up record bets against the single currency. France's finance ministry said it will not change its bond-issuance strategy. The UK was not spared either. Britain's 10-year gilt yield rose 7 basis points to 5.44%, and the pound slipped to about $1.32. The dollar strengthened, with the Bloomberg Dollar Spot Index up 0.3% on Wednesday, while the yen held around 158 per dollar. In other assets, gold fell 1.4% on Wednesday to about $4,104 an ounce before recovering to around $4,144 on Thursday. Bitcoin dropped 2.5% to roughly $83,460, and ether fell 4.6% to about $2,574. Corporate News: Deere Slides, SpaceX Debt Talks, Wells Fargo Probe Shares of Deere & Co. and other farm-equipment makers fell after the Federal Trade Commission and the US Department of Agriculture launched an inquiry into industry practices, including possible anti-competitive behavior. SpaceX is in talks with banks and investors to raise $40 billion to buy Nvidia chips, which would rank among the largest debt deals tied to the AI buildout. Microsoft revealed pricing for a new flagship laptop powered by Nvidia chips, claiming it beats a comparable Apple model on certain AI tasks. Wells Fargo is under investigation by the Department of Housing and Urban Development over whether it broke fair-lending laws in a program aimed at boosting homeownership among Black Americans. In a separate incident, China reportedly obtained F-35 fighter jet parts after a UPS employee missed an email warning not to route the shipment through Hong Kong. What to Watch Today Investors will focus on today's 30-year Treasury auction, any further news on possible US action against Iran, and the path of Hurricane Isaias through the Gulf of Mexico. With oil above $102, yields near 24-year highs and the Fed leaning toward another hike, the stock market's record run faces its toughest test yet just days before third-quarter earnings season begins. [B]Always trade with strict risk management. Your capital is the single most important aspect of your trading business.[/B] [B]Please note that times displayed based on local time zone and are from time of writing this report.[/B] Click [URL='https://www.hfm.com/hf/en/trading-tools/economic-calendar.html'][B]HERE[/B][/URL] to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click [URL='https://www.hfm.com/en/trading-tools/trading-webinars.html'][B]HERE[/B][/URL] to register for FREE! [URL='https://analysis.hfm.com/'][B]Click HERE to READ more Market news.[/B][/URL] [B]Andria Pichidi HFMarkets[/B] [B]Disclaimer:[/B] This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

[B]Date: 7th October 2026.[/B] [B]Why Is Gold Falling Despite Weak US Jobs Data & a Potential October Pause?[/B] Gold is failing to gain bullish momentum, despite the Federal Reserve’s next move is likely being a pause. Last week’s Non-Farm Payrolls figure and the broader employment picture were weaker than expected. Traditionally, the weaker data would result in lower rate-hike expectations, a weaker US Dollar, and an upward trend in Gold. However, the market reaction was very different. Here, we will explore the reasons behind this response. US Employment Data & Market Reaction In October, four key employment figures gained market attention: JOLTS job openings, non-farm payrolls, average hourly earnings and the US unemployment rate. JOLTS job openings - 7.08 million vs 7.23 million expected (weaker than expected) Non-farm payrolls - 29,000 VS 89,000 expected (weaker than previous predictions) Average hourly earnings - 0.1% VS 0.3% expected (weaker than previous predictions) US unemployment rate - 4.2% VS 4.2% million expected (weaker than previous predictions) The latest US employment figures do not indicate a deterioration, but they point to a clear cooling. The employment sector remains resilient and is not necessarily pressuring the Fed to adopt a more supportive monetary policy. However, the figures are clearly coming under pressure from high inflation and geopolitical issues, which may prompt the Fed to take a stronger stance. Due to the above figures, the market now expects the Federal Reserve to pause in October and delay a rate hike until December. This would traditionally support Gold, but investors believe that the overall longer-term picture remains unchanged. For this reason, Gold remains under pressure. The Stronger Dollar and Yields One of the primary reasons Gold is struggling is the stronger US Dollar and higher bond yields. The Federal Reserve can influence short-term yields, but longer-term yields are driven by inflation, fiscal policy, and investor sentiment. For this reason, weaker employment data, combined with expectations of an October pause, is providing little support for Gold, as the longer-term yields continue to rise. Markets continue to believe that inflation will remain above 2% for years to come and that governments around the world will struggle to bring their budgets under control. Traders are also still expecting the Fed to keep hiking, despite a potential pause in October. In addition, markets also expect the geopolitical tensions to worsen after the US midterm elections. These developments are increasing investor demand for the US Dollar. The US Dollar Index is currently trading 0.45% higher and recently rose to a 78-week high. The currency has also recently overtaken the Australian Dollar as the best-performing currency of 2026. The Dollar is also finding support from the weakness in the Euro and Japanese Yen. The Euro is coming under pressure from domestic budget disagreements, while the Yen is under pressure from dovish monetary policy. While the US Dollar continues to rise, further weakness in Gold prices remains possible. Pressure on Gold Remains We can see from the above that despite weaker employment data and expectations of an October pause, Gold continues to decline. The key reasons for the weakness are higher bond yields, a stronger Dollar, and expectations for future rate hikes. In terms of price analysis, Gold remains under short-term bearish pressure after failing to sustain Tuesday’s recovery towards the $4,180.00 area. The price has slipped back towards $4,130, with the stronger US dollar and persistently elevated Treasury yields limiting upside momentum. Technically, $4,110.00 is the key immediate support zone. A convincing break below this area could expose $4,050, followed by the psychologically important $4,000 level. Currently, Gold’s price is trading below all moving averages and the day’s VWAP. At the same time, the price is trading comfortably in the RSI’s sell-zone while avoiding the oversold area for now. However, if the price rises above $4,148 in the short term or $4,170.00 in the medium term, sell signals could be erased. Tonight’s FOMC meeting minutes are likely to trigger high volatility for the US Dollar and, as a result, also impact Gold. The more hawkish the Fed’s meeting minutes sound, the more they may pressure Gold. In addition to the meeting minutes, FOMC member Mr Waller, will also speak tomorrow morning at an Istanbul economic forum. These will be the first comments from a Fed member following the weak employment data and the release of the Fed’s meeting minutes. Key Takeaways: Weak US employment data points to an October Fed pause, but not a dovish shift. Higher Treasury yields are keeping pressure on Gold despite softer labour data. A stronger US Dollar is adding further downside pressure to Gold prices. Gold remains technically bearish, with $4,110 as key support and 4,148–4,170 as resistance. The FOMC minutes and Waller’s comments could trigger the next major move in Gold. [B]Always trade with strict risk management. Your capital is the single most important aspect of your trading business.[/B] [B]Please note that times displayed based on local time zone and are from time of writing this report.[/B] Click [URL='https://www.hfm.com/hf/en/trading-tools/economic-calendar.html'][B]HERE[/B][/URL] to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click [URL='https://www.hfm.com/en/trading-tools/trading-webinars.html'][B]HERE[/B][/URL] to register for FREE! [URL='https://analysis.hfm.com/'][B]Click HERE to READ more Market news.[/B][/URL] [B]Michalis Efthymiou HFMarkets[/B] [B]Disclaimer:[/B] This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

Date: 6th October 2026. Stocks Near Records as 10-Year Treasury Yield Hits 2002 High. The stock market pushed toward record highs on Tuesday, October 6, 2026, after the Nasdaq closed at an all-time high, even as the 10-year Treasury yield hit its highest level since 2002. Investors are betting that AI-driven earnings can outrun rising borrowing costs. Wall Street closed Monday with the Nasdaq Composite at a fresh all-time high, up 1.1%, while the S&P 500 gained 0.7% to finish just shy of its own record. The Dow Jones Industrial Average added a more modest 0.2%. Chipmakers did the heavy lifting: Nvidia and Broadcom each rose 2.1%, with Nvidia's record close lifting its market value to roughly $5.76 trillion. The rally came on the same day that the 10-year Treasury yield touched about 5.35%, its highest level since 2002. In most cycles, borrowing costs at a 24-year high would weigh heavily on stock valuations. This time, investors are betting that artificial intelligence spending and corporate earnings can outrun the pressure , at least for now. The optimism carried into Tuesday, with futures for both the S&P 500 and the Nasdaq edging higher in early trading and European stock futures pointing to a firmer open. 10-Year Treasury Yield Climbs to Highest Since 2002 The selloff in US government debt has been building since mid-August, and it showed no sign of breaking. After hitting its 2002-era peak overnight, the 10-year yield held near 5.32% in Asian trading. The 30-year yield sat around 5.67% after briefly topping 5.70%, while the two-year note, which tracks Federal Reserve expectations more closely, rose to about 4.82%. The drivers are a mix of inflation and debt. A closely watched ISM survey showed the prices that service businesses pay for inputs climbing to their highest in more than four years, a sign that the energy shock from the Iran war is filtering through the economy. At the same time, US national debt has passed a record $40 trillion, and bond buyers are demanding more compensation to hold it. Bridgewater founder Ray Dalio added to the unease, warning that Treasuries could suffer if demand from China and Japan fades. Oddly, the bond slide continued even as fears of another Fed hike receded. Softer-than-expected jobs data and calls from senior policymakers for more evidence before tightening again pushed market-implied odds of a rate increase this month down to about 23%, from roughly 71% a week earlier. The Fed raised rates last month. Treasury Secretary Scott Bessent struck an upbeat tone, arguing the US can reach 3% growth while reining in spending, which he said would soon start to bend the borrowing trajectory. SpaceX Stock Jumps 7.6% on Morgan Stanley Buy Call Among Monday's standout movers was SpaceX (SPCX), which jumped 7.6% to close at $171.09 , its best finish since June , after Morgan Stanley analyst Adam Jonas urged clients to buy before a run of potential catalysts. Shares added another 1% or so in overnight trading. Jonas kept his Outperform rating and $300 price target, arguing the stock looks unusually cheap in the weeks leading up to Starship's 15th test flight. The previous flight marked a milestone: Starship reached low Earth orbit for the first time and deployed Starlink satellites. The core of his case is a sum-of-the-parts argument. In his view, investors are giving SpaceX full credit for its launch and Starlink connectivity businesses but little for its artificial intelligence ambitions, including computer deals and chipmaking. Valuing the company purely as a telecom or AI play, he said, makes it look expensive because it ignores how hard the launch business is to replicate. Jonas pointed to upcoming AI product releases, further Starship progress and new data-center contracts priced at around $30 to $50 per watt as developments that could push the shares toward his target. Asian Markets: Nikkei Tops 70,000 as Kospi Falls Asian markets took a mixed cue from Wall Street on Tuesday. Japan's Nikkei 225 climbed back above 70,000 for the first time since early July, trading around 70,322. Hong Kong's Hang Seng rose 0.8% to about 24,228, and Australia's S&P/ASX 200 added 0.6% to roughly 8,735. Mainland Chinese markets were shut for a holiday. South Korea was the weak spot. The Kospi fell about 1% to 6,936.60 as traders returned from a break, with Samsung Electronics down 1.6% and memory maker SK Hynix off 2.9%. In Tokyo, chip-testing firm Advantest gained 2%, but SoftBank Group, a major OpenAI backer, slid 2.5% after chief executive Masayoshi Son cautioned about the potential dangers of AI. Taiwan's Taiex dipped 0.1% and India's Sensex edged up 0.2%. With no major economic data due this week, analysts described the region as stuck in a lull between last month's busy run of central bank meetings and the start of US earnings season. Oil Prices Hold Near $100 as Euro Hits 17-Month Low Brent crude edged up to around $100.70 a barrel on Tuesday, clawing back part of Monday's 1.9% drop. US benchmark crude traded near $89.70. Prices remain far above the roughly $72 Brent fetched in late February, before the Iran war upended Gulf supply. Supply fears have eased somewhat. More tankers are moving through the Strait of Hormuz, flows on Saudi Arabia's East-West pipeline are recovering, and Gulf exports outside Iran rebounded to more than 81% of pre-war levels last month. The Group of Seven has also pledged to lift supplies. Still, with US-Iran tensions high, ING strategists said nervousness about fresh disruptions is keeping prices supported. In currencies, the euro hovered around $1.122 after sliding as low as $1.116 overnight, its weakest since May 2025. France is the main culprit: an underwhelming budget has sparked heavy selling of French government bonds, and the French central bank governor has warned about rising borrowing costs. Spain added to the political noise after Prime Minister Pedro Sánchez called a snap election. The gap between French and German 10-year yields narrowed to 137 basis points on Monday, offering a little relief. Deutsche Bank's Christian Nolting said he does not see a repeat of the Greek-era euro crisis, noting that the European Central Bank now has backstop tools it lacked in 2011 and 2012. Elsewhere, the dollar index held near 102.2, the dollar ticked up to about 157.96 yen, and gold slipped 0.4% to roughly $4,120 an ounce. AI Funding: OpenAI, DeepSeek and Moonshot Raise Billions The corporate headlines underlined why investors keep leaning into the AI trade. OpenAI is reportedly in talks with several funds from the United Arab Emirates, including Abu Dhabi's MGX, to anchor a $30 billion financing round. In China, DeepSeek is said to be close to raising at least 80 billion yuan (about $12 billion), well above its target, ahead of a planned listing in early 2027. Rival Moonshot AI has reportedly wrapped its final private round at a valuation near $50 billion and is eyeing a Hong Kong IPO in the first quarter. Alphabet, meanwhile, is reportedly nearing a deal to buy nuclear power from Constellation Energy. Some strategists see the stock market's resilience as partly defensive. Hitoshi Asaoka of Asset Management One described the move as resembling a flight to quality, with money heading toward companies that have strong earnings, little debt and limited exposure to the economic cycle. What's Next: Q3 Earnings Season The real test arrives next week, when the third-quarter earnings season begins. Goldman Sachs estimates consensus expectations call for S&P 500 profits to have grown about 27% last quarter, with more than half of that coming from companies benefiting from AI infrastructure spending. If those numbers land, stocks may keep shrugging off the bond market. If they disappoint, investors could quickly refocus on what Treasury yields at 24-year highs mean for valuations, and for a US economy already carrying $40 trillion in debt. Beyond the US, investors are also watching Brazil, where stocks and the real rallied after Senator Flávio Bolsonaro beat poll expectations to force a presidential runoff against incumbent Luiz Inácio Lula da Silva. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Andria Pichidi HFMarkets Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

[B]Date: 2nd October 2026.[/B] [B]Bitcoin Starts Q4 Near Key Resistance as ETF Demand and Fed Expectations Drive the Outlook.[/B] Bitcoin enters the fourth quarter trading close to recent highs, supported by improving institutional demand, stronger spot-market activity and a constructive longer-term technical structure. However, momentum has started to cool on the daily chart, leaving traders focused on whether Bitcoin can break through the next major resistance zone or enter a broader period of consolidation. With US spot Bitcoin ETF inflows strengthening and several important US economic releases approaching, Bitcoin's next major move could depend as much on developments in traditional financial markets as on crypto-specific factors. Bitcoin Technical Analysis: Longer-Term Momentum Remains Positive From a weekly perspective, Bitcoin continues to trade close to the upper Bollinger Band, suggesting that bullish momentum remains present despite the recent slowdown. The Relative Strength Index remains elevated but has not yet moved beyond the commonly watched 70 level associated with overbought conditions. Meanwhile, the Stochastic oscillator is already trading within overbought territory, making the coming weekly closes important for determining whether buyers can maintain the current momentum. The MACD also continues to support the broader bullish trend, with its histogram remaining firmly in positive territory. One particularly important technical development has been Bitcoin's move back above its 365-day moving average. According to CryptoQuant data referenced in the original analysis, this represents the first reclaim of the indicator since March 2023. Historically, the long-term moving average has attracted attention because sustained moves above it have often coincided with stronger phases of previous Bitcoin market cycles. However, historical performance does not guarantee that the same pattern will repeat. Bitcoin Daily Chart Shows Signs of Consolidation The shorter-term picture is more cautious. Bitcoin has pulled back from its latest high and is currently moving within a relatively narrow range. This suggests that the strong upward momentum seen previously has started to lose some strength. Both the RSI and Stochastic indicators are approaching elevated levels, while the MACD histogram has slipped slightly below its zero line. At the same time, the Average Directional Index, or ADX, has started moving lower. Because the ADX measures the strength of an existing trend rather than its direction, its decline suggests that Bitcoin's latest directional move is becoming less powerful. This does not necessarily signal a bearish reversal. Instead, it may indicate that the market is entering a period of consolidation while traders reassess valuations and incoming economic data. Key Bitcoin Support and Resistance Levels The immediate technical levels could become increasingly important if volatility rises. On the downside, the first significant support area sits around $83,000, followed by the psychological $80,000 level. Below this region, approximately $77,000 could also attract attention. This area is close to Bitcoin's aggregate Realized Price cited in the underlying market data, which measures the average acquisition price of Bitcoin currently held across the network. On the upside, initial resistance can be found near $85,000, followed by approximately $87,000. A potentially more important support area sits between $88,000 and $90,000. A sustained break above this region could suggest that the market is successfully absorbing the selling pressure created by existing holders. Beyond this area, approximately $96,000-$97,000 could develop into another major resistance zone. Bitcoin Levels to Watch Support: $83,000 Major psychological support: $80,000 Secondary support: approximately $77,000 Initial resistance: $85,000 Secondary resistance: $87,000 Major support zone: $88,000-$90,000 Higher resistance: approximately $96,000-$97,000 Bitcoin ETF Inflows Strengthen Institutional Demand One of the most supportive developments for Bitcoin has been the recovery in US spot Bitcoin ETF demand. US-listed spot Bitcoin ETFs recorded approximately $2.39 billion in weekly net inflows, their strongest weekly performance of 2026 according to the data cited in the original report. The significance lies not only in the size of the inflows but also in when they occurred. Demand remained relatively strong even as Bitcoin pulled back from above $87,000 towards the $83,000 area. This may indicate that institutional investors were willing to increase exposure during weaker price action rather than simply entering after strong rallies. The ETF market has also experienced a substantial improvement compared with earlier in the year. After recording a multi-billion-dollar year-to-date deficit during the summer, cumulative flows reportedly returned to positive territory. Spot-market trading volumes have also increased considerably compared with their August lows, providing another sign that participation is recovering. Continued ETF inflows could therefore remain one of the most important fundamental factors supporting Bitcoin during Q4. Options Market Points to Higher Resistance Levels Bitcoin derivatives markets are also providing useful information about investor positioning. Options activity has maintained a relatively bullish bias, with the put-to-call ratio remaining below 1 during the period covered by the report. Call options give traders the right to buy an asset at a predetermined price, while puts provide the right to sell. A lower put-to-call ratio can therefore indicate stronger demand for upside exposure, although options positioning should never be interpreted in isolation. Large positioning has also appeared around substantially higher Bitcoin strike prices for December expiry. Dealer hedging activity reportedly highlights the $95,000-$97,000 region as one of the first major resistance areas should Bitcoin extend its recovery. Bitcoin Remains Highly Sensitive to NASDAQ and Global Risk Sentiment Despite developments specific to the cryptocurrency market, Bitcoin continues to trade as part of the wider global risk environment. Recent price action demonstrated this relationship when Bitcoin, gold and the Nasdaq all declined during the same period. Bitcoin fell from around $84,500 towards $82,800, while US technology stocks and gold also came under pressure. Interestingly, the US Dollar Index also weakened during the move. That combination differs from a traditional flight-to-safety environment, in which investors would normally expect the dollar to strengthen. Instead, the simultaneous decline across several asset classes could point towards broader position reduction or deleveraging. For Bitcoin traders, this reinforces the importance of monitoring equity markets, Treasury yields and overall investor risk appetite rather than focusing exclusively on cryptocurrency developments. Federal Reserve Expectations Could Be Crucial for Bitcoin The Federal Reserve remains another major risk factor heading into the remainder of Q4. Two FOMC meetings remain during the quarter: October 27-28 and December 8-9. At the beginning of the period covered by the source material, financial markets were pricing a higher probability of another 25-basis-point increase in October than of unchanged interest rates. However, these probabilities can change rapidly following inflation, employment and economic-growth releases. Higher interest rates generally increase yields available on lower-risk assets while tightening financial conditions. This can create pressure on assets such as cryptocurrencies and growth stocks. Conversely, softer inflation or weaker economic data could reduce expectations for additional tightening, potentially improving sentiment towards risk assets. This means incoming US economic releases could become just as important for Bitcoin as crypto-specific news. US Inflation and Labour Data Come Into Focus Several important economic indicators could influence the Federal Reserve's next decision. Core PCE inflation remains particularly significant because it is one of the Fed's preferred measures of underlying inflation. A stronger-than-expected inflation reading could reinforce expectations that interest rates need to remain restrictive for longer. A weaker result, by contrast, could reduce pressure on policymakers to tighten monetary policy further. US economic growth is another factor traders will monitor closely. Strong GDP growth can demonstrate economic resilience, but it can also provide the Federal Reserve with greater flexibility to maintain higher interest rates. Labour-market data will also remain important tomorrow with NFP. If employment remains strong and unemployment stays low, policymakers may see less urgency to loosen financial conditions. Conversely, signs of material labour-market weakness could shift expectations towards a more cautious Fed stance. Bitcoin's reaction to upcoming macroeconomic releases may therefore depend heavily on how those figures change expectations for interest rates. Q4 Has Historically Been Strong for Bitcoin – But History Is Not a Guarantee The fourth quarter has historically produced some of Bitcoin's strongest returns. Bitcoin's average Q4 performance since 2013 has been particularly strong compared with other periods of the year. However, averages can be misleading. Bitcoin has also recorded weaker fourth quarters, and the structure of the cryptocurrency market has changed considerably over time. Institutional participation is significantly larger, spot ETFs have become an important source of market demand and Bitcoin is increasingly influenced by global liquidity conditions and monetary policy. Another important consideration is the gradual reduction in returns across Bitcoin's major historical cycles. Each successive cycle has produced a smaller multiple from its market low than the previous cycle. This trend could suggest that as Bitcoin matures into a larger asset class, investors may need to moderate expectations regarding the scale of future gains. Crypto Adoption Continues Despite Market Volatility While cryptocurrency prices have experienced considerable volatility, blockchain activity has remained relatively resilient. According to Chainalysis data cited in the source material, worldwide crypto activity declined only slightly over the year through June, despite a much larger fall in total cryptocurrency market capitalisation. A notable part of that activity came from areas outside speculative trading. Domestic peer-to-peer transactions expanded significantly, while international stablecoin transfers also increased. Stablecoin balances remained comparatively stable even as broader crypto asset values declined sharply, suggesting that blockchain-based payment and settlement activity may be developing independently from short-term market valuations. This distinction could become increasingly important as investors evaluate whether cryptocurrency adoption is being driven primarily by speculation or by growing financial utility. Tokenization Becomes a Larger Traditional Finance Theme Another longer-term development is the increasing interest in tokenized financial markets. US regulators have recently discussed the potential expansion of tokenized assets, on-chain financial infrastructure and round-the-clock trading. The CFTC has highlighted the possibility that financial markets could experience significant structural changes over the next decade as blockchain technology becomes more integrated into traditional finance. Regulatory developments around stablecoins, tokenized securities and 24-hour markets could therefore become an increasingly important theme for both cryptocurrency and traditional financial markets. Bitcoin Q4 Outlook: What Could Drive the Next Move? Bitcoin begins Q4 with several constructive factors behind it. Institutional ETF demand has strengthened, spot-market activity has recovered and Bitcoin's broader technical structure remains positive. However, the market is also approaching important resistance areas while short-term momentum indicators show signs of cooling. A stronger bullish scenario could develop if ETF inflows remain persistent and Bitcoin successfully breaks above the $88,000-$90,000 resistance region. A move beyond this supply zone could shift attention towards approximately $95,000-$97,000. The downside scenario would become more relevant if inflation remains elevated, Federal Reserve expectations turn increasingly hawkish or investors begin taking substantially larger profits into price strength. For now, the $83,000-$85,000 region may act as an important short-term battleground between buyers and sellers. Whether Bitcoin can defend its recent gains while absorbing overhead supply could determine if the cryptocurrency extends its recovery during Q4 or enters a broader consolidation phase. [B]Always trade with strict risk management. Your capital is the single most important aspect of your trading business.[/B] [B]Please note that times displayed based on local time zone and are from time of writing this report.[/B] Click [URL='https://www.hfm.com/hf/en/trading-tools/economic-calendar.html'][B]HERE[/B][/URL] to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click [URL='https://www.hfm.com/en/trading-tools/trading-webinars.html'][B]HERE[/B][/URL] to register for FREE! [URL='https://analysis.hfm.com/'][B]Click HERE to READ more Market news.[/B][/URL] [B]Andria Pichidi HFMarkets[/B] [B]Disclaimer:[/B] This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

[B]Date: 1st October 2026.[/B] [B]NASDAQ Hits Record High as Softer Inflation and Strong US Growth Boost Stocks.[/B] Markets had four key new economic releases to analyse and digest on Wednesday. For Gold and the US Dollar, the news was neither completely positive nor negative. However, the data was ideal to spur a bullish trend in the stock market. This morning the NASDAQ trades at a new all-time high after rising 1.22% in the Asian session and 0.23% the day before. Currently, US and Asian indices are all trading higher, while European indices continue to struggle. The best performing indices so far are the NIKKEI 225 and the NASDAQ 100. The following economic releases were the main price drivers for the latest volatility: Core PCE Price Index: 0.2% VS 0.3% (lower than previous expectations) ADP Non-Farm Employment Change: 90,000 VS 73,000 (higher than previous expectations) Final US Quarterly GDP: 2.2% VS 1.5% (higher than previous expectations) US Personal Monthly Spending: 0.9% VS 0.8% (higher than previous expectations) NASDAQ (USA100) - Economic Resilience and Lower Inflation Impels Ideal Conditions For Stocks The NASDAQ had been trading sideways in range bound conditions for a good part of the past five days. However, the latest economic releases were quick to spur a new bullish impulse wave. The NASDAQ is now trading more than 18% higher in 2026 and looks on track to complete a fourth bullish year. HFM - NASDAQ Daily Chart The Core PCE Price Index, the Federal Reserve’s preferred inflation reading, rose 3% year-on-year, coming in below 3.2% which markets were expecting. The lower inflation reading does not completely erase the possibility of an interest rate adjustment on October 28th. However, there now is a possibility of a pause until the central bank gathers further data. There is a 35% possibility of an interest rate hike in October according to the CME Group. This is significantly lower than 70% which was being advised a few days ago. However, many economists continue to advise that if tomorrow's NFP data continues to read positive, the Fed will hike. According to analysts with a hawkish view, the strong economic performance allows the Fed to tackle inflation, and even with a slightly softer PCE reading, the figure remains firmly above 2% with no real evidence to suggest 2% is achievable in the foreseeable future. Nonetheless, the softer inflation reading along with strong employment indicates less certain hikes, along with a strong economy and consumer demand. This provides ideal conditions for the stock market, particularly before the upcoming earnings season, which is two weeks away. Alphabet and Micron Stocks Boost NASDAQ’s Bullish Trend In terms of components, the top six companies are the main price drivers behind the latest price movement. These include NVIDIA, Microsoft, Apple, Alphabet, Amazon and SpaceX. All of the six most influential companies for the NASDAQ rose in value. Alphabet stocks are particularly providing support after rising more than 1% on Wednesday and a further 1.70% in after hours trading. Another key stock which is experiencing strong volatility, particularly during earnings seasons, is Micron Technology. Micron Technology issued a stronger-than-expected outlook for the current quarter, supported by booming AI-related demand. However, the company warned that higher employee compensation costs could put pressure on profit margins. The company expects fiscal first-quarter revenue of around $61.5 billion, with adjusted earnings of approximately $38.15 per share. NASDAQ (USA100) - Technical Analysis In terms of technical analysis, the NASDAQ is seeing strong bullish signals from both indicators and technical analysis. The price is trading above the day’s VWAP and all key moving averages. Bollinger bands are widening and the price is trading at the upper band indicating strong bullish momentum. However, the price is overbought on the RSI on all timeframes below the 1-hour chart and is witnessing divergence on the 4-hour chart. This indicates the possibility of the trend losing momentum and either retracing or moving sideways. The price movement in October will largely depend on oil prices, the Fed’s rate decision and earnings reports. The ideal scenario for the NASDAQ would be for Oil to continue falling below $85 per barrel, for the Fed to pause and for earnings to remain strong. HFM - NASDAQ 5-Minute Chart On the 5-minute timeframe, the bullish signals remain strong and intact for now. Bearish signals are not likely to arise on indicators unless the price falls below $30,658.50. Above this level will see bullish indications remain. Key Takeaways: The NASDAQ reached a new all-time high after the latest string of economic releases. Softer PCE inflation reduced expectations for an immediate Federal Reserve rate hike supporting stocks. Strong GDP growth and consumer spending reinforced confidence in the US economy’s resilience ahead of the upcoming earnings season. Mega-cap technology and AI-related stocks remained key drivers of the market’s advance. Of particular interest was Alphabet and Micron Technology stocks. ical signals remain mixed, with short-term bullish momentum but larger timeframes still pointing to downside risk. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Michalis Efthymiou HFMarkets Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

[B]Date: 30th September 2026.[/B] [B]Gold Rebounds Temporarily? Weaker US Data and Yields Offer Support.[/B] Gold rebounds on Tuesday as the bearish trend takes a pause and investors purchase at the lower price. Gold has now been in a downward-facing trend measuring 12.50% for five weeks. From the highest price in 2026 to now, the price is trading more than 25% lower. The price on Wednesday is trading higher, but what does the future look like for Gold? Of particular interest was the quick and sudden decline seen on Monday. Gold fell more than 4% throughout all four sessions and with no attempt to rebound. The decline took the price to seven weeks now and close to the psychological price of $4,000. This is also key when analysing the rebound over the past 24 hours, as prices often rebound after such a sharp decline. HFM - Gold 1-Hour Chart Gold - Weaker JOLTS Job Openings and Yields Allow A Rebound In the past 24 hours, gold rose close to 1.90%, which is a moderate rise, but when compared with the previous decline, the rebound remains weak. The attempt to rebound is due to price attractiveness, weaker job vacancies and weaker-than-expected inflation from certain countries. Australia, which is one of the world’s inflation hotspots, saw its inflation fail to reach previous expectations of 4.1%. The same is also being seen in the UK and Japan. As a result, Gold seems slightly more attractive. The latest JOLTS report showed US job openings falling to around 7.08 million in August 2026, down from roughly 7.3 million in July. This points to softer labour demand. Hiring was broadly stable, quits remained subdued, and layoffs stayed relatively low, suggesting that employers are becoming more cautious about adding workers rather than making large-scale job cuts. Another reason why Gold is attempting to rebound is the decline in oil prices and bond yields. Oil prices have fallen for three consecutive days, moving away from the $100 per barrel level which investors fear. Crude oil is now trading 14% lower than the most recent high. Furthermore, the US 10-year Treasury yield fell 33 basis points to 5.23% on Wednesday but remains close to its highest level since 2007. Meanwhile, the 30-year yield rose as high as 5.62%, reaching levels last seen in 2002. The slight fall in bond yields also allows for Gold to retrace higher, but the persistently high levels remain a negative. Traders should note that the rise currently does not remove all bearish signals, and pressure factors remain for Gold. In the upcoming days, key releases include the Core PCE Price Index, Final Gross Domestic Product and US Non-Farm Payroll data on Friday. Gold - Economic Release To Drive Upcoming Swings Markets are expecting the Core PCE Price Index to add a further 0.3% keeping the year on year figure at 3.3%. If the figure rises more than 0.3%, an October rate will almost become certain. However, a 0.4% rise has not been seen since February. If the Core PCE Price Index rises less than the current predictions, Gold may gain bullish momentum. The outcome of the release, along with the final GDP, will be key. The same will apply to the upcoming Non-Farm Payroll figures scheduled for Friday. A weaker figure may support Gold, while a higher figure is likely to see the bearish trend potentially continue. These three releases are likely to determine the medium-term trend. Currently, the possibility of an interest rate hike on October 28th is 45%, significantly lower than the 71% the day before. The reason for the fall is the weaker JOLTS Job Openings yesterday afternoon. However, this release is not enough to maintain momentum. In order for gold to continue to rise and rate hike expectations to fall, the NFP and PCE Index will need to fail to reach current expectations. Gold - Market Forecasts and Technical Analysis HFM - Gold 15-Minute Chart On smaller timeframes, Gold maintains a neutral position and signal from most indications. The neutral sentiment is likely to remain between $4,166.85 and $4,187.60. A breakout of these levels may see indications strengthen. On the 15-minute timeframe, the price maintains a bullish indication while the 30-minute and larger timeframes maintain a bearish signal. If the price breaks above the upper range bound area, bullish indications can materialise. Potential targets can be seen at the $4,213.60 level (at the 100-bar moving average) and $4,279.18 (Monday’s open price). To validate these indications, traders will ideally want to see weaker US data alongside rising prices across other metals. A bearish breakout will see bearish sentiment rise and fall in line with the picture seen on larger timeframes. Stronger-than-expected releases will validate the decline with indications pointing towards a decline to $4,111.50 and $4,019.00. Key Takeaways: Gold is rebounding, but the broader trend remains bearish, with prices still sharply lower over the past five weeks. Weaker JOLTS data, lower oil prices and softer Treasury yields have helped support the recent recovery. Core PCE, US GDP and Non-Farm Payrolls are likely to drive Gold’s next major move and influence Fed rate expectations. Technical signals remain mixed, with short-term bullish momentum but larger timeframes still pointing to downside risk. [B]Always trade with strict risk management. Your capital is the single most important aspect of your trading business.[/B] [B]Please note that times displayed based on local time zone and are from time of writing this report.[/B] Click [URL='https://www.hfm.com/hf/en/trading-tools/economic-calendar.html'][B]HERE[/B][/URL] to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click [URL='https://www.hfm.com/en/trading-tools/trading-webinars.html'][B]HERE[/B][/URL] to register for FREE! [URL='https://analysis.hfm.com/'][B]Click HERE to READ more Market news.[/B][/URL] [B]Michalis Efthymiou HFMarkets[/B] [B]Disclaimer:[/B] This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

[B]Date: 29th September 2026.[/B] [B]AUDUSD Falls Despite RBA Hike as Gold Drops to an 7-Week Low.[/B] The Reserve Bank of Australia increases interest rates for the fourth time taking the rate to a 15-year high. However, the Australian Dollar saw a considerable decline after the governor’s speech due to economic concerns. The best performing currencies of the day are the Japanese Yen and US Dollar. The US Dollar continues to find support from higher bond yields and expectations of further interest rate hikes. The stronger Dollar and higher yields saw a pause in the stock market’s bullish trend, but Gold saw the harshest ripple effect. Gold fell 4.00% in total on Monday taking the price to an 8-week low. AUDUSD - RBA Hikes But Economic Worries Take The AUD Lower The Australian Dollar Index is currently trading 0.44% lower during this morning Asian session and 0.50% against the US Dollar. The Reserve Bank of Australia increased its interest rate from 4.35% to 4.60% and remains the most hawkish central bank of 2026. This has been one of the primary reasons behind the bullish trend seen this year. The Reserve Bank of Australia has been particularly hawkish as inflation has remained far above its 2% target. Between 2015 to 2020, Australia’s inflation rate on average was 1.85%. Whereas the average over the past 5 years has been 4.3%. Inflation is the key reason behind the bank’s hawkish stance, however, the economy has also been weakening as a result. The fourth rate increase is expected to add around $480 per month to repayments on an average $730,000 mortgage compared with January. This equates to more than $5,000 per year. One of the reasons behind the decline and the market reaction was that the hike was already priced into the market. The second is that economists and the central bank are expecting higher rates to cause an economic slowdown. Economists now advise the possibility of a recession for Australia has risen to 35%. Higher Australian rates are also becoming a growth risk. This was the RBA's fourth increase this year, and the bank acknowledges that previous tightening is already slowing parts of the economy. That means additional hikes could eventually become negative for the Australian Dollar if investors become more worried about Australian growth. Lastly, another key factor is the strength of the US Dollar. The stronger Dollar is also placing downward pressure on Gold prices, which could further weigh on AUDUSD given Australia’s close exposure to commodity markets. HFM - AUDUSD 20-Minute Chart Gold Declines 4% To Seven-Week Low! Gold is retracing higher on Tuesday after Monday’s strong bearish decline but continues to remain low. The bullish momentum seen on Tuesday is forming a retracement but is also not indicating a stronger increase. The price action continues to remain relatively weak compared to the previous day's volatility. The decline is due to higher bonds, a strong US Dollar, rate hike expectations and also fear that oil prices will remain around $100. If oil prices remain high and rate hikes expectations continue, Gold prices may fall to the $4,000 psychological price. Another negative indication for Gold is that all metals are currently declining, despite Gold’s small upward retracement. Traders remain concerned about the lack of progress toward a peaceful settlement in the Middle East. The Wall Street Journal reported that the White House rejected Tehran’s proposal to unblock Iranian assets and ports in exchange for restoring traffic through the Strait of Hormuz. Trump later said talks could continue this week. The risk of renewed escalation in the Persian Gulf is raising concerns about further disruptions to oil supplies and prolonged inflation. This could increase expectations for tighter Federal Reserve policy, particularly as officials continue to warn about persistent price pressures. Gold (XAU/USD) - Technical Analysis HFM - Gold 20-Minutes On the 5-minute chart, AUDUSD remains under short-term pressure, with price trading below key moving averages and VWAP. The Bollinger Bands continue to reflect bearish momentum, while RSI remains below 50, indicating sellers still have the upper hand. However, if RSI moves toward oversold territory and price starts recovering above VWAP and the middle Bollinger Band, a short-term rebound could develop. On the 30-minute and 60-minute charts, the broader technical structure remains bearish. Price is still below the main moving averages, while the Bollinger Bands continue to favour the downside. RSI remains below 50 but has not yet reached deeply oversold levels, suggesting further weakness remains possible. RSI entered oversold territory on Monday but has since recovered above that level. A sustained recovery above VWAP and the short-term moving-average cluster would be needed to signal that bearish momentum is starting to weaken. Key Takeaway: The RBA raised interest rates to 4.60%, but concerns over economic growth weighed on the Australian Dollar. A stronger US Dollar and higher bond yields continue to place pressure on AUDUSD, equities and Gold. Gold declined by approximately 4%, reaching an seven-week low as expectations for tighter monetary policy increased. AUDUSD remains technically bearish, with price trading below key moving averages and VWAP. [B]Always trade with strict risk management. Your capital is the single most important aspect of your trading business.[/B] [B]Please note that times displayed based on local time zone and are from time of writing this report.[/B] Click [URL='https://www.hfm.com/hf/en/trading-tools/economic-calendar.html'][B]HERE[/B][/URL] to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click [URL='https://www.hfm.com/en/trading-tools/trading-webinars.html'][B]HERE[/B][/URL] to register for FREE! [URL='https://analysis.hfm.com/'][B]Click HERE to READ more Market news.[/B][/URL] [B]Michalis Efthymiou HFMarkets[/B] [B]Disclaimer:[/B] This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.