Market Update US, Europe & Asia

Market Update US, Europe & Asia FSA Competence Center Equities | 4 August 2026 | Page 1 of 12

Equity Market Previous Close 1-Day (%) 1-Day (Chg) WTD MTD QTD YTD 12-Month US Dow Jones Nasdaq Mexico Brazil Europe UK France Germany Spain Switzerland Japan Hong Kong China India

Commodities Last 1-Day (%) 1-Day (Chg) WTD MTD QTD YTD 12-Month Volatility Gold Oil Thomson Reuters/Core Commodity Bloomberg Commodity Index USD/JPY EUR/USD GBP/USD EUR/CHF

Fixed Income 2s10s 10y Swap 2y 5y 10y Core Indicators (bps) Spread US Germany UK Japan -

U.S. Markets Recap Dow +1.32%, US +1.48%, Nasdaq +2.13%

Synopsis  US equities finished higher in Monday trading, ending near session highs. S&P gainers outnumbered decliners more than 2:1. Software rallied while big tech was mostly positive; five of the Mag 7 names closed up 3%+. August started up with a risk-on session, helped by several tailwinds. Most Mag 7 names rallied sharply while some cyclical pockets fared well; momentum clawed off an early session selloff in the wake of last week's big rally. Market seemed to largely look past a day of conflicting headlines about the US-Iran conflict (Trump said attacks called off for negotiations, Iran said no negotiations ongoing), though continued escalate/deescalate cycle supportive of market's view that a return to broader kinetic action is unlikely. Today's lower oil also weighed on rates amid a continued flurry of Fed credibility concern/policy uncertainty headlines. Highest ISM manufacturing print in four years supportive of the solid macro narrative. Earnings still a big bullish talking point for stocks with the latest sell-side strategist commentary highlighting the strong Q2 metrics. Also a busy day of M&A headlines. On the M&A front, FT reported AZN and BMY have discussed a merger valuing joint company near $400B, though early analyst takeaways skeptical. LNTH to be taken private by Curium for about $8B. ITGR confirmed it will be acquired by KKR

Market Update US, Europe & Asia FSA Competence Center Equities | 4 August 2026 | Page 2 of 12

for approx. $5.7B. ATKR confirmed its $3.8B acquisition by PRY. BOW to be acquired by American Family Mutual Insurance Company for $1.2B. Just a few notable earnings reporters ahead of a big week that will see 14% of the S&P report. MAR revenue light amid headwinds from the US-Iran conflict; also trimmed net unit growth guide. Weak beef results a drag on TSN, but chicken better. CNH beat and raised. Elsewhere, BABA a big gainer on strong performance talk behind Qwen3.8-Max model. FAA certified BA's 737 Max 7 after nearly a decade of delays. FERG was higher on news it will replace EA in the S&P 500. GME came under pressure on plan to reduce debt by issuing stock. VFC helped by insider purchase.  Sector Performance: Communication Svcs. +4.30%, Consumer Disc. +2.68%, Industrials +1.86%, Tech +1.62%, Materials +1.25%, Financials +0.72%, Real Estate +0.26%, Utilities +0.07%, Healthcare (0.17%), Consumer Spls. (0.31%), Energy (1.23%)

Macro  July ISM manufacturing came in at 55.6 against consensus for 54.0 and June's 53.3. New orders, production, and employment all higher. Best headline since May 2022. More optimistic demand commentary from respondents, though still some caution on supply issues, tariffs, and geopolitics. Final July manufacturing PMI printed at 53.9 vs 54.2 consensus; release noted third month of softening new orders. June construction spending down 0.1% m/m, below 0.2% forecast and May's 0.1% rise. July vehicle sales released later today. In Fedspeak, NY's Williams told Reuters "it would absolutely be appropriate" for Fed to act if inflation is not on a path back down to the 2% targets. Latest Fed SLOOS report showed banks left business lending standards largely unchanged while easing some CRE lending; demand weakened across most mortgage categories and for auto loans. Treasury's Q3 borrowing estimate came in ahead of May's forecast. Looking ahead, Tuesday brings June trade balance, factory orders and JOLTS job openings. KC Fed President Schmid speaks that evening. July ADP private payrolls and ISM services out on Wednesday. Fed Governor Cook and SF's Daly speak after the close. Thursday brings…