Market Intelligence: US Morning Update

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Market Intelligence: US Morning Update

Equity Research

14 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 were mixed Tuesday as investors in most markets looked through a Goldman Sachs & Co. LLC

further spike in oil prices overnight (now $87/bbl) and instead continued to position Sarah Herr

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

around the AI trade and earnings. In China, exports grew 27% yoy in June while Goldman Sachs & Co. LLC

imports grew even more, up 36% (see “China: Trade growth accelerated further in Kshitij Garg

June”). Plus, investors are also digesting Monday’s approval of a major policy +1(212)934-7434Goldman Sachs India| kshitij.garg@gs.comSPL

initiative to boost consumption — although one that will likely not have a near-term

impact (see “China: China’s 15th FYP for Expanding Consumption — Supply-Side

Push, Demand-Side Constraints”).

European equities are trading lower this morning in reaction to the higher oil prices.

Sam Dart also highlighted how European nat gas is in even shorter supply in Europe,

posing upside risk to gas prices in the Euro area in a Monday note, “European Gas

Tighter Than Crude Oil.” Giovanni Pierdomenico also updates our 2Q26 GDP growth

tracking estimate — although it remains unchanged at +0.3% — in “Euro Area Data

Update: Area-Wide Tracking Broadly Unchanged.”

Across asset classes, yields on 10-year US Treasuries continue to edge higher with

the inflation impulse from oil — now 4.62%.

Inflation nation again? In a speech at the New York Association for Business

Economics, Fed Governor Waller’s remarks reinforced a more hawkish near-term bias

at the Fed (see “USA: Governor Waller Says FOMC Will Need to Consider Raising