Market Intelligence: US Morning Update

Research evidence excerpt

Market Intelligence: US Morning Update

Equity Research

9 July 2026 | 8:19AM EDT

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

+1(212)902-7564 |

chris.hussey@gs.com

Stocks in Asia were mixed Thursday, in a bit of a reversal from the previous day Goldman Sachs & Co. LLC

moves, with Japan and Korea showing strength while Taiwan and Hong Kong lost Sarah Herr

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

ground. Tech stock volatility remains the key driver across these markets. Mainland Goldman Sachs & Co. LLC

China posted strong gains on the back of supportive inflation data (see “China: CPI Kshitij Garg

inflation softened from May to June, and PPI inflation likely peaked”). Also, China’s +1(212)934-7434Goldman Sachs India| kshitij.garg@gs.comSPL

central bank reiterated a measured easing stance at its 2Q MPC meeting, following

which we maintain our baseline of no policy rate or RRR cuts in 2026 (see “China:

PBOC reiterated its measured easing stance at Q2 MPC meeting; Governor Pan

unveiled package to support CNH market in Hong Kong”).

European equities are also trading with a positive bias this morning as investors

continue to evaluate the puts and takes on the Middle East conflict escalation. Our

economists ticked up our 2Q26 GDP growth tracking estimate on the back of firm

trade data in Germany and France (see “Euro Area Data Update: Firm Trade Data in

Germany and France”).

Across asset classes, rates remain a focus with yields on 10-year Treasuries

continuing to tick higher, now 4.59%. Interestingly, however, despite elevated of

little-to-no traffic getting through the Strait of Hormuz again, front-month Brent oil

prices are little changed overnight — holding steady around $78/bbl (see below for

more on our oil view).

Hormuz recovery stalls.