Global equities lower amid Middle East tensions and Al caution

研报英文原文证据摘录

Global equities lower amid Middle East tensions and Al caution

Portfolio Strategy Research

29 June 2026 | 1:52PM BST

GLOBAL WEEKLY KICKSTART

Global equities lower amid Middle East tensions and AI caution

Global equities fell by more than 2% last week, with all major Sector positioning and the Post Modern Cycle Guillaume Jaisson

+44(20)7552-3000 |

regions in negative territory and Asia and Emerging Markets n Technology, Industrials and Infrastructure global guillaume.jaisson@gs.com Goldman Sachs International

underperforming (Exhibit 1). Cautious AI-related narratives sector funds have garnered the lion’s share of sector Peter Oppenheimer

weighed on Technology, the weakest performer after inflows over the past several years – with a recent tilt in +44(20)7552-5782 | peter.oppenheimer@gs.com

Communication (Exhibit 3). Momentum trades have shown favour of Commodities stocks. Meanwhile, Real Estate, Goldman Sachs International

signs of reversals (Exhibit 31). Defensives and Value sectors Healthcare and, to a lesser extent, Consumer-related Sharon+44(20)7552-1341Bell |

ourperformed globally (Exhibit 30 and Exhibit 28), as our funds have seen persistent outflows. sharon.bell@gs.comGoldman Sachs International

Risk Appetite Indicator tipped down (Exhibit 11). n This strong bias to flows fits our Post Modern Cycle John Kwon

+65-6654-6337 |

where we argue the composition of returns is likely to jongmin.kwon@gs.com

Macro data this week shift further away from valuation as a driver of returns Goldman Sachs (Singapore) Pte

Giovanni Ferrannini

|US: employment report, Fed Chairman Kevin Warsh is toward EPS growth. Earnings growth and revisions have +44(20)7051-2589

giovanni.ferrannini@gs.com

Goldman Sachs Internationalexpected to speak at the ECB Forum in Sintra, Portugal.