Market Intelligence: US Morning Update

Research evidence excerpt

Market Intelligence: US Morning Update

Equity Research

17 June 2026 | 8:40AM EDT

Click “here” to listen to the US Morning Call. Chris Hussey

+1(212)902-7564 |

chris.hussey@gs.com

Stocks in Asia were mostly higher on Wednesday as the tech-heavy and oil-importing Goldman Sachs & Co. LLC

countries of Japan, Korea and Taiwan reversed early losses, though gains were Sarah Herr

+1(212)357-0094 | sarah.herr@gs.com

capped as investors await the FOMC decision later today (see David Mericle’s Jun-14 Goldman Sachs & Co. LLC

note, “June FOMC Preview: Leadership Transition”). In Japan, economic sentiment Kshitij Garg

improved for both manufacturers and non-manufacturers (see “Japan: June Reuters +1(212)934-7434Goldman Sachs India| kshitij.garg@gs.comSPL

Tankan: Both Manufacturers’ and Non-manufacturers’ DIs Improve to Start-of-Year

Levels”) and May trade shows that oil import volume decline is moderating (see

“Japan: May Trade: Crude Oil Import Prices Continue to Rise, But Decline in Crude Oil

Import Volume Past its Worst”).

European equities are mixed today, with the UK outperforming on the back of lower

than expected inflation (see “UK—Inflation Comes in Below Consensus in May”). In

Sweden, the central back kept the policy rate unchanged, and our economists

continue to expect a hike in December (see “Riksbank on Hold; We Continue to

Expect Steady Rates For Now and a Hike in December”).

Looking across asset classes, price action is benign across both oil and bonds today.

Consumer spending headwinds ahead. While consumer spending has held up

reasonably well on both sides of the Atlantic, and lower prices are welcome

developments, Megan Peters cautions against complacency when it comes to real

income and spending in coming months, in a fresh note overnight, “Spending