GLOBAL WEEKLY KICKSTART: US and Energy outperform amid resurfacing Middle East tensions

Research evidence excerpt

GLOBAL WEEKLY KICKSTART: US and Energy outperform amid resurfacing Middle East tensions

Portfolio Strategy Research

13 July 2026 | 11:50AM BST

GLOBAL WEEKLY KICKSTART

US and Energy outperform amid resurfacing Middle East tensions

Global equities were broadly flat last week. Europe and EM HALO Reloaded: From re-rating to earnings Guillaume Jaisson

+44(20)7552-3000 |

underperformed, while the US was the only major region in In Europe, our strategists recommend focusing on HALO guillaume.jaisson@gs.com Goldman Sachs International

the positive (Exhibit 1). Energy outperformed (Exhibit 3) and stocks: Heavy Assets, Low Obsolescence. Higher real Peter Oppenheimer

Brent price increased (Exhibit 4) amid resurfacing yields, geopolitical fragmentation and supply chain rewiring +44(20)7552-5782 | peter.oppenheimer@gs.com

geopolitical tensions. Our Risk Appetite Indicator (RAI) has favour tangible productive assets. Goldman Sachs International

now moderated from its elevated levels earlier in June Sharon Bell

The first phase of the HALO trade is largely complete, +44(20)7552-1341sharon.bell@gs.com|(Exhibit 11), but remains high. Goldman Sachs International

but the second phase is only beginning. Going forward,

John Kwon we expect returns to be increasingly driven by earnings, +65-6654-6337 |

Macro data this week jongmin.kwon@gs.com

with greater dispersion between winners and losers. Goldman Sachs (Singapore) Pte

US: CPI report, retail sales report, and speaking

Giovanni Ferrannini

engagements with Fed officials this week including Chairman Positioning looks challenging in the short term but +44(20)7051-2589 |

giovanni.ferrannini@gs.com

Warsh’s semiannual Congressional testimony. supportive in the long term. Tactical positioning risks exist Goldman Sachs International