Market Intelligence: US Morning Update

Research evidence excerpt

Market Intelligence: US Morning Update

Equity Research

24 July 2026 | 8:35AM EDT

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

+1(212)902-7564 |

chris.hussey@gs.com

Stocks in Asia traded lower on Friday, with tech-oriented markets in Japan, Korea Goldman Sachs & Co. LLC

and Taiwan losing the most ground as AI angst spilled over from US markets Sarah Herr

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

overnight. Our strategists expect the market volatility to continue, but remain Goldman Sachs & Co. LLC

positive on Japanese equities, raising their 12m target for TOPIX to 4500 (from Kshitij Garg

4400) to reflect FX assumption changes (see “Japan Weekly Kickstart: Revising 12M +1(212)934-7434Goldman Sachs India| kshitij.garg@gs.comSPL

TOPIX target to 4500 to reflect FX assumption changes”). In macro data, Japan’s new

core CPI (excludes fresh food and energy) decelerated from May (see “Japan: June

National CPI: New Core CPI Decelerates Slightly, Below Market Forecast, on

Slowdown in Food Prices”). Our economists also update a bunch of economic,

activity and policy indicators across China (see “China: GS Economic Indicators

Update” and “China Economic Activity and Policy Tracker: July 24”).

European equities are trading higher today as investors digest a constructive

Eurozone Flash PMI reading that recorded the first expansion since the Middle East

conflict began, as well as yesterday’s ECB decision to keep rates unchanged,

following which our economists raise their probability of further hikes through the

year (see Jari Stehn’s “ECB Recap—Back to the Baseline”). In the UK, retail sales

surprised to the upside as sales and warm weather provided a tailwind for clothing

and online retailers (see “UK—Retail Sales Surprise Notably to the Upside in June;