Global Equities Under Pressure as Energy Rises and Momentum Unwinds

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Global Equities Under Pressure as Energy Rises and Momentum Unwinds

Portfolio Strategy Research

20 July 2026 | 11:42AM BST

GLOBAL WEEKLY KICKSTART

Global equities fell by c.2% last week as the Momentum Balancing Innovation and Inflation: 5 multi-asset Guillaume Jaisson

+44(20)7552-3000 |

sell-off intensified (Exhibit 31). Technology led the decline strategies guillaume.jaisson@gs.com Goldman Sachs International

(5%), Asia was hit hard, with Japan, Taiwan and Korea down Global financial assets have performed strongly in the last 3 Peter Oppenheimer

3%, 6% and 9%, respectively (Exhibit 13). Europe remained years. Equities have performed particularly strongly. As a +44(20)7552-5782 | peter.oppenheimer@gs.com

resilient (Exhibit 1). Rising tensions in the Middle East result, the ‘World Portfolio’ has drifted towards US assets, Goldman Sachs International

pushed Brent back above $90/bbl, driving outperformance equities and the Tech sector. Sharon+44(20)7552-1341Bell |

in Energy and other defensive sectors (Exhibit 30). sharon.bell@gs.comGoldman Sachs International

The current AI capex boom increases the risk that falling

John Kwon profitability for mega-cap Tech stocks materially drags on +65-6654-6337 |

Macro data this week jongmin.kwon@gs.com

equity returns before benefits from AI adoption show up. Goldman Sachs (Singapore) Pte

US: New home sales report. Fed officials are not expected to

Giovanni Ferrannini

comment on monetary policy this week, reflecting the Regularly rebalanced ‘regime-neutral’ portfolios +44(20)7051-2589 |

giovanni.ferrannini@gs.com

blackout period ahead of the July FOMC meeting. outperformed the ‘World Portfolio’ over the long run and Goldman Sachs International

currently point to lower weights in equities and Tech and Elena Porfidia