GS EUROPEAN EXPRESS: AI and Energy | L’Oreal | RWE | Partners Group | Demographics and Demand | Macro | Global | Corporate Access

Research evidence excerpt

GS EUROPEAN EXPRESS: AI and Energy | L’Oreal | RWE | Partners Group | Demographics and Demand | Macro | Global | Corporate Access

Goldman Sachs GS EUROPEAN EXPRESS

Douglas AG (DOUn.DE): 3Q-to-date challenged as the premium beauty market remains

muted and promotional; TP to €9, Neutral

Financials

Barclays Plc (BARC.L): PRA reiterates staggered implementation of FRTB

Big Yellow (BYG.L): Competitive dynamics to drive weaker operating environment,

maintain Sell

TMT

Ionos SE (IOSn.DE): Pre-2Q26 update to estimates

Podcasts

Research Unplugged: Clean Energy: Re-pricing the US Renewable industry

GS Weekend Macro Call: Oil Update, FOMC Takeaways, Rates, FX + EM Opportunities,

TMT, Capex Supercycle, + More…

Goldman: EM Trading Weekly | Replay

Key Events Podcast

This Week in Asia-Pacific Macro: 22 - 28 June (Audio)

Macro / markets

Europe Weekly Kickstart: Equity supply is rising in Europe too - Guillaume Jaisson

notes equity issuance in Europe has materially picked up (over €200bn raised in past

12m), approaching levels last seen at the peak of the Tech bubble with activity

dominated by secondary follow-on offerings as IPO activity remains structurally weak.

While global supply concerns are rising due to intensifying US issuance and broader

funding pressures from fiscal deficits and the AI-driven capex super-cycle, European net

supply is contained once redemptions are included. He highlights balance sheets are

strong, reinforcing the opportunistic nature of issuance and the capex cycle still has

room to run with no signs of oversupply (so far), with Europe’s GSSTCAPX basket the best

performer YTD. See also: UK Weekly Kickstart: Policy uncertainty, Bond markets & UK

equities — Part 3, The turnaround?

Oil Analyst: EV Sales Acceleration Poses Downside Risk to Global Oil Demand -