European Conviction List – Directors’ Cut: July 2026 Update

Research evidence excerpt

European Conviction List – Directors’ Cut: July 2026 Update

Equity Research

1 July 2026 | 8:27AM EDT

Market Intelligence: US Morning Update

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

+1(212)902-7564 |

chris.hussey@gs.com

Stocks in Asia started 2H26 mixed amidst a flurry of macro data across the region. Goldman Sachs & Co. LLC

Japan and Mainland China saw modest gains, whereas Taiwan outperformed and Sarah Herr

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

Korea ended lower driven by moves across major tech stock in both markets. Goldman Sachs & Co. LLC

Sentiment in Japan improved as reflected in the modest rise in consumer sentiment Kshitij Garg

index and significant improvement in business conditions sentiment measured by the +1(212)934-7434Goldman Sachs India| kshitij.garg@gs.comSPL

BOJ Tankan survey (see “Japan: June Consumer Sentiment Index Improves Slightly;

Expected Inflation Remains High but No Acceleration” and “Japan: Jun BOJ Tankan:

Large Manufacturers’ DI Improves Significantly; FY2026 Capex Plan Revised Up

Sharply as Usual”). Manufacturing PMI declined in Mainland China and India (see “”

and “”). In Korea, exports accelerated to their strongest pace since early 2010 (see

“South Korea: Surprise and Broad Gains in June Exports, with a record trade surplus

of $36bn”). Hong Kong was closed for a holiday.

European equities are trading lower today, in a tight range following, yesterday’s

record close for the regional STOXX 600. The focus remains on cooling inflation

prints.

Yields on 10-year US Treasuries are holding steady following their ~10bps move up

yesterday to 4.47%. Front month Brent oil is back down to $72/bbl after its

short-lived flare up yesterday.

Broadening out across EM equities in 2H. EM equities have rallied strongly in 1H26,