Market Intelligence: US Morning Update

Research evidence excerpt

Market Intelligence: US Morning Update

Equity Research

21 July 2026 | 8:22AM EDT

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

+1(212)902-7564 |

chris.hussey@gs.com

Stocks in Asia traded mostly higher Tuesday amidst elevated volatility as Japan, Goldman Sachs & Co. LLC

Korea and Taiwan each saw 3%-4% gains overnight. In China, Hui Shan sees echoes Sarah Herr

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

of mid-2024 in the current economy with struggling consumer spending that was Goldman Sachs & Co. LLC

back then followed by stimulus efforts as she discusses in “China: Time to Ease.” In Kshitij Garg

Korea, the mid-month trade report showed a 2.3% mom decline in exports with +1(212)934-7434Goldman Sachs India| kshitij.garg@gs.comSPL

Semis flat (see “South Korea: Moderate Pullback in Early July Exports, Weighed Down

by Ex-chip Demand”).

European equities are also trading higher this morning as investors position ahead of

this week’s ECB meeting and more earnings (see Jari Stehn’s “ECB Preview—Keeping

Options Open”). In the UK this morning, the employment news was inline with

expectations with the unemployment rate holding steady at 4.9% (see “UK—Labour

Market Data Broadly in Line with Expectations”). In Germany, June fiscal spending

came in better than expected as the country continues to build out its Defense

sector and infrastructure (see “Germany: Off-Budget Funds Drive Stronger Federal

Spending in June”).

Across asset classes, rates markets remain elevated but fairly benign overnight.

Commodity markets however are moving higher. Front-month Brent is back up to

$90/bbl and Daan Struyven highlights upside risks to our forecast, estimating that a

prolonged disruption through 2027 could push Brent above $120/bbl in late 2026