Market Intelligence: US Morning Update

Research evidence excerpt

Market Intelligence: US Morning Update

Equity Research

22 July 2026 | 8:18AM EDT

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

+1(212)902-7564 |

chris.hussey@gs.com

Stocks in Asia were refreshingly mixed Wednesday even as front-month Brent rose Goldman Sachs & Co. LLC

$3 to $94/bbl overnight — with weakness in China and India offset by some strength Sarah Herr

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

in Taiwan, Australia, and Korea. In Japan, June export growth accelerated from May Goldman Sachs & Co. LLC

and grew a touch better than expected (see “Japan: June Trade: Crude Oil Import Kshitij Garg

Prices Rise Further, but Crude Oil Import Volume Improves Significantly”). Also in +1(212)934-7434Goldman Sachs India| kshitij.garg@gs.comSPL

Japan, policy announcements point to a shift in favor of longer-term planning on

investment projects from the government as Yuriko Tanaka discusses in “Japan

Economic Flash: Basic Policies and Growth Strategy Outline Takaichi Administration’s

Fiscal Shift.”

European equities are trading higher this morning with the UK outperforming on the

back of a surprising deceleration in inflation (see “UK—Headline CPI Inflation

Marginally Below Consensus in June”). Recent retail and industrial activity in France

and Spain, however, was tepid (see “Euro Area Data Update: Softer German

Manufacturing Sales in June”).

In rates markets, yields on 10-year US Treasuries are holding steady at 4.63%.

AI and the debt issue. Amanda Lynam highlights how a lot of debt is being raised to

fund the AI revolution, and its not all being raised by clean-credit hyperscalers in

“AI-Related Debt Issuance: Framing the Scale and Scope.” Already this year, $489bn

of AI-related debt has been raised, 50% more than was raised all of last year. And