Market Intelligence: US Morning Update

Research evidence excerpt

Market Intelligence: US Morning Update

Equity Research

15 July 2026 | 8:10AM EDT

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

+1(212)902-7564 |

chris.hussey@gs.com

Stocks in Asia were higher Wednesday with particular strength in Korea, Taiwan, and Goldman Sachs & Co. LLC

Japan as investors continue to position around the AI infrastructure trade ahead of Sarah Herr

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

2Q earnings season. In Mainland China, June retail sales and industrial production Goldman Sachs & Co. LLC

game in well, but higher oil prices, lower stimulus, and bad weather all contributed to Kshitij Garg

actually weaker-than expected 2Q GDP growth of 4.3% (see “China: Real GDP +1(212)934-7434Goldman Sachs India| kshitij.garg@gs.comSPL

growth slowed meaningfully in Q2 amid mixed June activity data” and “China: 70-city

average primary property price decline narrowed further in June, with Tier-1 cities

posting sequential gains”). In Japan, manufacturer’s sentiment remained flat in July

as strong semis demand was offset by uncertainty from the Middle East situation

(see “Japan: July Reuters Tankan: Manufacturers’ DI Flat, Non-manufacturers’ DI

Worsens”).

European equities are little changed this morning as the renewed spike in oil prices

(up 1% to $86/bbl overnight) continues to cloud the outlook for this energy import

dependent region. 2Q earnings season is also now underway and Alex Duval

highlights how ASML raised guidance on the back of a beter 2Q result this morning in

“ASML: 2Q26 First Take: Strong orders underpin robust EUV/DUV capacity outlook.”

Across asset classes, yields on 10-year US Treasuries are back up to 4.61% as the

weak CPI report has not carried over to rates.

Focus on: Oil.