Tariffs, UK leadership, DSV, Staffers, Oil capex and Multi-Industry plus key research

Research evidence excerpt

Tariffs, UK leadership, DSV, Staffers, Oil capex and Multi-Industry plus key research

Equity Research

24 July 2026 | 3:25PM BST

CONNECTING THE DOTS

Tariffs, UK leadership, DSV, Staffers, Oil capex and Multi-Industry plus

key research

Couple of things that are not earnings, for variety: Sahar Islam

+44(20)7051-4935 |

sahar.islam@gs.com

n Around the World in 80 Charts podcast with our Chief US Political Economist, Goldman Sachs International

Alec Phillips. Alec takes us through the next steps for tariffs. This was recorded

earlier in the week before the final version of the Section 301 (little change to the

overall rate), but the outcome is what he outlines, and he takes us through the

nuances. Patrick Creuset takes us through why the US inventory cycle is

showing signs of being shorter than usual – worth watching as we move past

results (see his latest note with charts here). Listen here - 20 mins.

n UK Leadership shift - we sat down with macro and a few micro rate sensitive

sectors; there is a wide range of spending outcomes as we get more clarity on

policies. Listen here.

Busiest earnings week so far; see the highlights below by sub-sector. Some

snippets:

n DSV (Buy, on CL) was a key debate as weaker Road and FCF overshadowed the

earnings inflection with the beat and raise. Patrick Creuset lays out what it needs

to do next for confidence to return – execution is key over the next 2Qs. Notably,

his FY26 EBIT is unchanged (vs. the 14% decline on the day).

n Germany and data center read from staffing. Randstad was up 14% on results

showing cyclical improvement. For wider read-across, worth noting that the

conference call highlighted Germany returning to growth (manufacturing,

logistics, autos were mentioned as being firmly back in growth or improving) and