Market Intelligence: US Morning Update

Research evidence excerpt

Market Intelligence: US Morning Update

Equity Research

20 July 2026 | 8:53AM 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 Monday to begin the week as investors continue to Goldman Sachs & Co. LLC

position around the dual volatility of oil prices and the dynamic AI trade. Hong Kong Sarah Herr

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

and mainland China outperformed while Korea continued to take froth off its heady Goldman Sachs & Co. LLC

ytd run —down another 4%+ overnight (partly in a catch-up trade from markets Kshitij Garg

being closed on Friday). Our economists evaluate the boost from Korea’s historic +1(212)934-7434Goldman Sachs India| kshitij.garg@gs.comSPL

equity rally to household wealth and consumption in “Korea’s Equity Rally: Household

Wealth Gains amid Consumption Constraints.” Japan was closed for Ocean Day.

European equities are trading in a narrow range this morning as investors assess

weekend developments in the Middle East (there were none) and still -elevated

energy prices (front-month Brent is above $88/bbl). Today is a light day for macro

data, but the ECB meets on Thursday where we expect it to remain on hold (see “ECB

Preview—Keeping Options Open”). We also get a mid-month business sentiment

survey this week — the July flash PMI (see “European July Flash PMI Preview”).

Beyond oil, yields on 10-year US Treasuries start the week at 4.56% (see “Global

Rates Trader: Quick Duration Break”).

Living in a benign macro environment... with risks (and opportunities). Jan

Hatzius highlights how inflation has subsided around the world (diminishing the

likelihood that the Fed hikes rates this year) and US growth has outperformed in

1H26 in a fresh Global Views “Renewed Escalation vs.